5家头部茶饮品牌上半年关店超1500家，行业打响“单店保卫战”

Core Viewpoint - The tea beverage industry is transitioning from rapid growth to a more stable and health-focused competition, with an emphasis on profitability and growth quality rather than just expansion speed [5][6][21]. Group 1: Financial Performance of Leading Brands - Gu Ming emerged as the biggest winner in the recent financial report season, achieving a revenue growth of 41.2% and an adjusted profit growth of 42.4%, outpacing its revenue growth [11]. - Ba Wang Cha Ji, despite maintaining the top position with revenue of 6.725 billion and profit of 1.307 billion, showed a concerning trend with a revenue growth of only 21.6% and an adjusted profit growth of just 6.8% [11]. - Hu Shang A Yi reported a profit growth of 14.0% but a revenue growth of only 9.7%, indicating potential fatigue in growth [11]. - Cha Bai Dao faced a challenging situation with a mere 4.3% revenue growth and a 13.8% decline in adjusted net profit [11][12]. Group 2: Store Opening and Closing Trends - Over 1,500 stores were closed among five leading tea brands in the first half of the year, indicating a significant shift in operational strategies [14]. - Gu Ming led in net store openings with an increase of 1,265 stores, while Hu Shang A Yi and Cha Bai Dao exhibited a high frequency of opening and closing stores [16]. - The aggressive expansion without proper management of single-store profitability has led to many franchisees facing difficulties, resulting in store closures [16][18]. Group 3: Market Strategy and Positioning - The tea beverage industry is entering a new cycle characterized by structural adjustments, where brands are shifting focus from rapid expansion to sustainable profitability [21]. - Ba Wang Cha Ji and Cha Bai Dao are focusing on high-tier cities, while Gu Ming and Hu Shang A Yi are targeting lower-tier markets for growth [23]. - The competition in lower-tier markets is becoming increasingly intense, with a shift from price wars to deeper operational capabilities, particularly in supply chain management [24]. Group 4: Online and Offline Channel Strategies - The reliance on online platforms for sales is growing, with Cha Bai Dao and Nai Xue's Tea investing heavily in online channels, while Gu Ming adopts a more cautious approach [25][26]. - The external pressures from online platforms create a dual-edged sword for brands, providing significant order volume but also leading to high commission and marketing costs [26]. - The new cycle in the tea beverage industry emphasizes the need for brands to establish a stable and reliable single-store profitability model [26].