新茶饮上市背后：流水的品牌，铁打的供应链

Group 1 - The new tea beverage industry is experiencing a resurgence, with significant interest in new products and flavors, leading to increased activity in the secondary market [2] - Major players like Cha Bai Dao, Mi Xue Bing Cheng, and Gu Ming have submitted IPO applications, indicating a competitive push in the new tea beverage sector [2][3] - The number of stores for the top 20 new tea brands has increased by 32% from 78,324 at the end of 2022 to 103,783 by the end of 2023, reflecting a strong growth trend [2] Group 2 - New tea brands are aggressively pursuing the "10,000 stores" goal as a strategy to capture market share, with Gu Ming reaching 9,001 stores and Mi Xue Bing Cheng leading with 36,000 stores [3][5] - The expansion into lower-tier markets is a key focus, with significant growth in delivery orders from fourth and fifth-tier cities, showing increases of 30% and 36% respectively [5][8] - The price competition in the tea beverage market has intensified, with many brands offering products at promotional prices around 9.9 yuan, reflecting a shift in consumer behavior towards value [7][14] Group 3 - The profitability of tea beverage brands is under pressure, with net profit margins for mature brands ranging from 10% to 15%, significantly lower than expected [8][11] - Companies like Nai Xue's Tea have faced substantial losses, with cumulative losses of 808 million yuan from 2020 to 2022, highlighting the financial challenges in the industry [8][11] - The supply chain has become a critical factor for success, with brands like Mi Xue Bing Cheng generating 98% of their revenue from selling materials and equipment to franchisees, emphasizing the importance of a robust supply chain [15][16] Group 4 - The new tea beverage industry is expected to see a gradual decline in growth rates, with projected market growth rates of 13.4%, 6.4%, and 5.7% from 2023 to 2025 [8] - The industry is characterized by low barriers to entry and high product homogeneity, leading to intense competition and price wars among brands [14][21] - Future trends in the industry are expected to focus on product innovation, supply chain optimization, and channel expansion, with a growing emphasis on the importance of supply chain management [21][22]