霸王茶姬的三道选择题

Core Viewpoint - The financial report for Q3 2025 from Bawang Chaji highlights significant growth in overseas markets, with overseas GMV reaching 303 million yuan, a year-on-year increase of 75.3%. However, domestic GMV decreased to 7.6292 billion yuan compared to 8.1301 billion yuan in the same period of 2024, indicating challenges in the domestic market due to competition and slowed expansion [1]. Group 1: Market Competition and Strategy - Bawang Chaji has chosen not to participate in the ongoing food delivery wars, which has led to a unique position compared to other brands that have heavily invested in this area without clear winners emerging. The company aims to maintain stability and prepare for long-term competition by refining product development and store models [2][4]. - The company’s decision not to engage in the food delivery battle is debated among franchisees, with some believing it may lead to missed opportunities, while others argue that it protects profit margins from the high costs associated with delivery subsidies [5][6]. - The company has maintained a low store closure rate of 0.3% over three consecutive quarters, significantly lower than the industry average of 2%-10%, indicating healthy operational performance [8]. Group 2: New Business Model and Product Development - Starting January 1, 2026, Bawang Chaji will implement a new business model that includes significant discounts on raw materials and a shift from a supply chain model to a GMV revenue-sharing model, which aims to align the interests of the brand and franchisees [9][10]. - The company has been cautious in launching new products, focusing on maintaining brand integrity and operational efficiency. Recent product iterations, such as the new floral version of the popular "Boya Juexian," reflect this strategy [12][14]. - Despite a slower pace in national product launches, regional innovations have been successful, with new products gaining popularity in specific markets, indicating a strategic focus on localized offerings [15][17]. Group 3: Long-term Vision and Market Positioning - The new tea beverage market is characterized by rapid growth, with over 415,000 stores nationwide and a high chain rate of 55.2%. Bawang Chaji's strategy to remain calm and focus on long-term value rather than short-term gains positions it well for future competition [20][22]. - Franchisees have shown loyalty to Bawang Chaji, with many reporting stable or increasing sales, particularly in regions where the brand has established a strong presence. This loyalty is attributed to the brand's focus on product quality and value [22]. - The company is committed to enhancing its strategic approach across brand, product, experience, and channel dimensions, which, combined with the new business model, is expected to drive significant improvements in store performance [23].