古茗：慢就是快！茶饮界也有“Costco”？

Core Viewpoint - The article analyzes the competitive landscape of the tea beverage industry, focusing on four major players: Gu Ming, Cha Bai Dao, Hu Shang A Yi, and Mi Xue Bing Cheng, particularly examining their business models and supply chain strategies to identify potential winners in the market [1][4]. Group 1: Business Model Analysis - Gu Ming, Cha Bai Dao, and Hu Shang A Yi were initially regional brands that expanded nationally through a franchise model, with nearly 10,000 stores each by 2024 [4][5]. - The core product offerings of these brands are similar, focusing on fresh milk tea and fresh fruit tea, with prices generally between 10-20 yuan [4][5]. - All four brands utilize a franchise model, generating revenue primarily through franchise fees and sales of ingredients and materials to franchisees [7][11]. Group 2: Supply Chain Comparison - Mi Xue Bing Cheng has the strongest supply chain, leveraging direct sourcing and self-production to minimize costs, while Gu Ming follows closely with a robust supply chain and its own cold chain logistics [13][15]. - Cha Bai Dao and Hu Shang A Yi have weaker supply chains, relying heavily on third-party logistics, which limits their cost control and can lead to quality inconsistencies [16][18]. - The supply chain capabilities significantly impact the brands' resilience during market pressures, with Mi Xue Bing Cheng and Gu Ming showing stability, while Cha Bai Dao and Hu Shang A Yi face declining same-store sales [16][18]. Group 3: Expansion Strategies - Gu Ming employs a unique regional densification strategy, focusing on achieving critical scale within provinces before expanding to neighboring areas, contrasting with the national spread of its competitors [19][20]. - This strategy allows Gu Ming to maintain a high density of stores in key provinces, enhancing supply chain efficiency and reducing logistics costs [24][25]. - Gu Ming's approach has resulted in a significant market share in its initial provinces, with over 25% in Zhejiang, Fujian, and Jiangxi, and a dominant position in the mid-range price segment [28][29]. Group 4: Product Development Strategy - Gu Ming adopts a fast-fashion approach to product development, quickly introducing and iterating on popular items while maintaining a high research and development investment [30][31]. - This strategy allows Gu Ming to respond effectively to changing consumer preferences, achieving a high acceptance rate for new products and a quarterly repurchase rate of 53% [31][32]. - The competitive advantage lies in the ability to provide high-quality products at competitive prices, driven by an efficient supply chain [32][36].