智通财经网·2026-01-26 07:13Core Viewpoint - The report from Guojin Securities indicates that the per capita consumption frequency of ready-to-drink beverages in China is expected to maintain a compound annual growth rate (CAGR) of 22.4% from 2024 to 2026, leading to a projected market size growth of over 22% by 2026 [1][2] Group 1: Market Growth and Trends - The increase in consumption frequency is driving market size growth, indicating that the industry is entering the later stage of its growth cycle [2] - The per capita consumption frequency of ready-to-drink beverages in China was 22 cups in 2023, with a CAGR of 22.4% from 2018 to 2023 [2] - The market size is expected to continue growing due to the sustained increase in consumption frequency, with a forecasted market size growth of over 22% year-on-year by 2026 [1][2] Group 2: Competitive Landscape - Head brands are solidifying their advantages through supply chain and product capabilities, while smaller brands are gradually being eliminated due to insufficient supply chain advantages [3] - In the high-price segment, Ba Wang Cha Ji is strengthening its leading position with brand power and product quality, expecting to have around 7,000 stores by Q4 2025, a 13% year-on-year increase [3] - In the mid-price segment, Gu Ming is leveraging regional strategies and product innovation to achieve over 10,000 stores, while competitors like Cha Bai Dao and Hu Shang A Yi are following closely [3] Group 3: Supply Chain and Operational Efficiency - Head brands are establishing cost advantages and risk resilience through scale procurement and deep penetration into upstream supply chains [4] - Efficient cold chain coverage and high-frequency delivery ensure the freshness of raw materials for head brands, while a dense warehousing and distribution network provides cost advantages [4] - The focus on supply chain-driven head chain brands is crucial as industry concentration increases and competition intensifies [5]