Core Viewpoint - The tea beverage industry is experiencing significant performance differentiation among brands, with Mixue and Guming leading in growth while Nayuki continues to struggle with losses [1][2]. Group 1: Financial Performance - Mixue Group reported a revenue of 14.875 billion and a net profit of 2.718 billion, both achieving approximately 40% growth [1]. - Guming achieved a net profit of 1.626 billion, a remarkable increase of 119.8%, with revenue growing by 41.2% to 5.663 billion [1]. - Nayuki's revenue declined by 14.4% to 2.178 billion, with an adjusted net loss reduced by 73.1% to 117 million [1][6]. Group 2: Market Dynamics - The "takeaway war" has significantly influenced revenue growth, but the sustainability of this growth is uncertain as competition returns to rationality [2][8]. - Guming's CEO expressed concerns that long-term reliance on takeaway subsidies is detrimental to franchise operations and industry health [2]. Group 3: Store Expansion - Guming opened 1,570 new stores in the first half of 2025, more than double the 765 opened in the same period last year, reaching a total of 11,179 stores [4]. - Mixue also expanded its store count to 53,014, adding 9,796 stores in the same timeframe [4]. - In contrast, Shàngshàng Auntie saw a slower growth rate, with a net increase of only 260 stores [6]. Group 4: Revenue Sources - Guming's revenue breakdown shows that 79.4% comes from product and equipment sales, while franchise management services contribute 20.5% [5]. - Mixue's product and equipment sales reached 14.495 billion, accounting for over 97% of total revenue [5]. Group 5: Cost and Profitability - Nayuki faces high cost pressures, with material costs at 34.1% and employee costs at 29.8% of revenue, leading to profitability challenges [6]. - Mixue aims to maintain a long-term gross margin target of around 30% as it scales operations [6]. Group 6: Future Growth Strategies - Brands are exploring coffee as a growth avenue, with Mixue's subsidiary Luckin Coffee seeing a 164% increase in new store openings [10]. - Guming has introduced coffee products in over 8,000 stores, with coffee sales accounting for about 15% of some franchisees' revenue [10]. - The competitive landscape in the coffee market raises questions about the ability of new tea beverage brands to capture market share [10].
新茶饮半年业绩分化，奈雪的茶掉队