现制饮品行业深度报告：掘金新茶饮时代：聚焦供应链、高坪效与强品牌

Industry Overview - The ready-to-drink (RTD) beverage industry refers to beverages made on-site according to consumer demand, characterized by freshness, customization, and convenience [3] - The RTD beverage market is rapidly expanding, with tea-based drinks accounting for the largest share, while the freshly ground coffee segment is growing quickly [3] - The industry is experiencing a shift towards value-for-money products, with chain expansion accelerating and brands aiming for 10,000 stores [3] - The market is segmented into high-end, mid-range, and budget segments, with different competitive dynamics in each [3] Market Trends - The RTD beverage market in China grew from RMB 148.8 billion in 2017 to RMB 421.3 billion in 2022, with a CAGR of 23% [21] - The tea-based RTD segment is the largest, accounting for 50% of the market in 2022, with a size of over RMB 210 billion [24] - The freshly ground coffee segment grew at a CAGR of 38% from 2017 to 2022, reaching RMB 130 billion in 2022 [24] - The market is expected to reach RMB 1,031.2 billion by 2027, with tea-based drinks projected to grow to RMB 511.8 billion and coffee to RMB 371.5 billion [24] Competitive Landscape - High-end market: Heytea and Naixue dominate, forming a duopoly [38] - Mid-range market: Intense competition with lower concentration, brands like Chabaidao and Guming leading [38] - Budget market: Rapid expansion through franchising, with Mixue Bingcheng leading the way [38] - Brands are expanding overseas, particularly in Southeast Asia, leveraging cultural similarities and supply chain advantages [34] Key Players Mixue Bingcheng - Largest RTD beverage chain in China with over 36,000 stores globally as of Q3 2023 [41] - Focused on lower-tier cities, with 75% of stores in second-tier and below cities [42] - Revenue CAGR of 74% from 2019 to 2022, with Q1-Q3 2023 revenue reaching RMB 15.39 billion [44] - Built a comprehensive supply chain system with five production bases and extensive logistics network [46] Chabaidao - Mid-range tea brand targeting young consumers, with over 7,800 stores as of end-2023 [48] - Revenue primarily from sales to franchisees, accounting for 95% of total revenue in 2023 [50] - High takeout penetration, with takeout accounting for around 60% of sales [55] Chayan Yuese - Differentiated brand with Chinese cultural elements, operating 627 stores mainly in Hunan and surrounding provinces [58] - Focus on direct operation model, maintaining high product and service quality [58] - Challenges in nationwide expansion due to high costs and supply chain issues [58]