ZHESHANG SECURITIES·2025-06-12 13:34Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The differentiation in the tea beverage sector continues, with most brands stabilizing their average transaction value month-on-month [2] - The report highlights the net store opening trends and average transaction value trends across various brands in the tea beverage and western fast food sectors [3][4] Summary by Relevant Sections Tea Beverage Sector - Net store openings from January to May 2025 show significant variations among brands, with Mixue Ice City leading with 4,001 new stores (12% increase), while brands like Shuyi Burned Fairy Grass and Coco都可 experienced declines of 324 stores (-6%) and 282 stores (-7%) respectively [2] - The average transaction value for tea beverage brands shows mixed results, with some brands like Mixue Ice City and Black Dragon Hall experiencing a year-on-year decline of 2.1% and 6% respectively, while others like Tea Yanyue Color saw a slight increase of 3% [3][7] Western Fast Food Sector - The western fast food sector shows strong overall store expansion, with KFC and McDonald's adding 431 (4%) and 149 (2%) stores respectively, while brands like Wallace and Pizza Hut saw minimal changes [5] - Average transaction values for western fast food brands have shown slight declines, with KFC at -0.3% and Pizza Hut at -1.7% year-on-year [6] Coffee & Hot Pot Sector - The coffee sector, particularly Luckin Coffee, has shown robust growth with 1,604 new stores (7% increase), while hot pot brands like Haidilao and Jiumaojiu have seen slight contractions [9][10] - Average transaction values for coffee brands like Luckin Coffee and Starbucks have remained relatively stable, with minor fluctuations [11] Other Food Categories - The report indicates a contraction in the store count for brands in the pickled fish and snack sectors, with brands like Purple Swallow and Absolute Duck experiencing significant declines in store numbers [13][14] - Average transaction values in these categories have also faced pressure, with many brands reporting year-on-year declines [15]