Core Viewpoint - Bawang Chaji, a tea brand focusing on milk tea, has faced declining revenue and profits since its NASDAQ listing in April 2025, with a significant drop in same-store GMV and overall financial performance [1][4][5]. Financial Performance - In Q3 2025, Bawang Chaji reported a net revenue of 3.208 billion yuan, a 9.4% decrease from 3.541 billion yuan in Q3 2024, and a continuous decline from the previous two quarters [1][4]. - The company's operating profit for Q3 2025 was 454.4 million yuan, with an operating profit margin of 14.2%, down from 794.3 million yuan and 22.4% in the same quarter of 2024 [4]. - Adjusted net profit for Q3 2025 was 502.8 million yuan, a 22.23% decrease from 646.6 million yuan in Q3 2024, with a net profit margin of 12.4% [4]. Business Model and Market Strategy - Bawang Chaji's revenue from franchise tea houses in Q3 2025 was 2.8116 billion yuan, down from 3.299 billion yuan in the same quarter of 2024, attributed to price sensitivity among consumers due to delivery platform subsidy wars [1][4]. - The company has maintained a "big single product, high repurchase" strategy, focusing on its flagship product "Boya Juexian," which has generated significant sales but faces challenges in sustaining consumer interest without new product introductions [2][9]. Market Competition - The competitive landscape for new tea drinks has intensified, with brands like Heytea and Nayuki expanding into lower-tier cities and increasing competition [7]. - Bawang Chaji has rapidly opened stores, reaching a total of 7,338 locations by September 30, 2025, with 6,971 being franchise stores, which may dilute per-store revenue [7][20]. Product Development and Innovation - The company has been slow in product innovation, with only eight new products launched in 2025, including variations of its flagship product, which may hinder its ability to attract repeat customers [9][10]. - Bawang Chaji plans to enhance its product matrix and introduce a 4.0 menu to explore new consumption scenarios and improve brand experience [14]. International Expansion - Bawang Chaji has successfully expanded internationally, with 262 overseas stores as of Q3 2025, particularly in Southeast Asia, where it has seen a 75.3% year-over-year increase in overseas GMV [16][17]. - The brand has become popular in Malaysia, leveraging local partnerships and marketing strategies to achieve record sales [17]. Customer Engagement and Retention - The company has achieved 11 consecutive quarters of profitability, with a stable cash flow and no interest-bearing debt, indicating a healthy financial position despite domestic market challenges [20]. - As of September 30, 2025, Bawang Chaji had 222 million registered members, a 36.7% increase year-over-year, and a low store closure rate of 0.3% [20].
霸王茶姬：困于“伯牙”？
3 6 Ke·2025-12-03 13:57