奶茶店，够了｜商业头条No.103

Core Insights - The tea beverage industry in China is experiencing a significant slowdown after a period of rapid expansion, with many brands facing challenges in maintaining profitability and growth [1][3][25]. Group 1: Industry Overview - The tea beverage market has seen a surge in the number of businesses, with over 1.1 million companies expected by 2025, and a total of 131,000 stores for 30 representative brands as of September [6]. - The growth rate of new store openings has drastically decreased, with major brands like Bawang Chaji seeing a drop from 20%-49% to single digits [3][6]. - The overall market size is projected to reach 350 billion yuan by 2024, but the growth rate has slowed from over 20% pre-pandemic to 6.4% [6]. Group 2: Brand Performance - Bawang Chaji's new store openings have significantly declined, with only 228, 318, and 246 new stores in the first three quarters of the year, compared to previous years' openings of 600-800 [3]. - Other brands like Tea Baidao and Heytea are also experiencing reduced growth, with Tea Baidao's store count increasing by only 0.7% year-on-year [6]. - Bawang Chaji reported a 9.4% decline in net revenue and a 22.3% drop in adjusted net profit in Q3 [25]. Group 3: Franchisee Challenges - Franchisees are struggling with declining profit margins, with some reporting net profit rates dropping by over 50% [3][20]. - High rental costs and increased competition are making it difficult for franchisees to maintain profitability, with many unable to find suitable locations for new stores [8][11]. - The introduction of new tax regulations has further increased the financial burden on franchisees, as reported revenues are now based on pre-discount prices [29]. Group 4: Market Dynamics - The saturation of the market has led to a decrease in consumer interest, with many opting for lower-priced alternatives [20]. - Brands are facing innovation fatigue, with a lack of new product offerings leading to consumer disengagement [12][18]. - The competitive landscape has intensified, with many brands launching similar products, making it hard for consumers to differentiate between them [19][20]. Group 5: Strategic Responses - In response to these challenges, brands are focusing on optimizing supply chains and product differentiation to improve profitability [31]. - Bawang Chaji is implementing a new joint venture model to reduce costs for franchisees, aiming to increase their gross margins [32]. - Brands are also looking to expand internationally, with Bawang Chaji and Heytea seeing significant growth in overseas markets [33][37].