霸王茶姬进入菲律宾市场，上半年海外市场增速超国内

Core Insights - Bawang Tea Ji has officially entered the Philippine market with the opening of three stores in the Manila metropolitan area, selling over 23,000 cups in the first three days [3][4] - Southeast Asia is a primary overseas market for Bawang Tea Ji, marking the Philippines as its seventh international market, with a total of 208 overseas stores as of June 30 [4][5] - The company's overseas market GMV reached 235.2 million yuan in Q2, a year-on-year increase of 77.4% and a quarter-on-quarter growth of 31.8% [5] Expansion Strategy - Bawang Tea Ji's overseas store expansion includes markets in Malaysia (178 stores), Singapore (16), Indonesia (8), Thailand (5), and the USA (1), with additional presence in Vietnam [4] - The company is strategically targeting Southeast Asia due to lower labor costs and a significant Chinese population, which is conducive for new tea beverage enterprises [6] Financial Performance - In Q2, the average monthly GMV per store in the Chinese market was 404,350 yuan, with same-store GMV decreasing by 23% year-on-year [5] - The decline in same-store sales is attributed to exceptionally strong performance in Q2 2024 and intensified price competition on delivery platforms, leading to temporary customer diversion [5]