霸王交卷，单店失蹄

Core Viewpoint - The article discusses the recent performance and strategic positioning of Bawang Chaji, a Chinese tea brand listed on the US stock market, highlighting its financial results, market challenges, and future growth potential in both domestic and international markets [4][21]. Financial Performance - Bawang Chaji reported a total GMV of 82.3 billion RMB in Q1, a year-on-year increase of 38% [4]. - Net revenue reached 33.9 billion RMB, up 35.4% year-on-year, while net profit was 6.77 billion RMB, reflecting a 13.8% increase [4]. - The company's net profit margin decreased from 23.7% in Q1 2024 to 20.0% in Q1 2025, with same-store GMV growth rates turning negative for two consecutive quarters [4][5]. Market Positioning and Strategy - Bawang Chaji aims to differentiate itself by creating a unique product category, focusing on "modern oriental tea" rather than competing directly in the crowded milk tea market [5][10]. - The tea latte series, particularly the "Boya Jue Xian," contributed 91% to GMV in 2024, showcasing the effectiveness of its product strategy [5][14]. - The company has adopted a simplified supply chain and standardized production process, allowing for efficient operations and consistent product quality [10][15]. Expansion and Market Challenges - As of Q1 2025, Bawang Chaji had 6,681 stores globally, a 63.6% increase year-on-year, surpassing competitors like Heytea and Nayuki [22]. - Despite rapid expansion, the company faces challenges in maintaining growth, particularly in first-tier cities where market saturation is evident [21][23]. - The average monthly GMV per store in Greater China has declined from 549,432 RMB in Q1 2024 to 431,973 RMB in Q1 2025, indicating potential market saturation [22]. International Growth Potential - Bawang Chaji recognizes the importance of international markets for future growth, with plans to expand beyond Southeast Asia into higher-value markets like Europe and North America [23]. - The company opened its first North American store in Los Angeles, achieving over 5,000 cups sold on the first day, indicating strong initial demand [23]. - However, challenges such as local taste adaptation, global supply chain management, and digital capabilities remain significant hurdles for successful international expansion [23].