霸王茶姬的三道选择题

Core Viewpoint - The article discusses the strategic decisions made by the company BaWang Tea Ji in response to market challenges, particularly its choice to avoid participating in the intense food delivery competition, focusing instead on long-term stability and product development [3][4][32]. Financial Performance - In Q3 2025, BaWang Tea Ji reported an overseas GMV of 303 million yuan, a year-on-year increase of 75.3%, while domestic GMV decreased to 7.6292 billion yuan from 8.1301 billion yuan in the same period of 2024 [3]. Market Strategy - The company opted not to engage in the food delivery battle, which has led to significant financial strain on many competitors, with major platforms spending over 44 billion yuan in Q3 without clear winners emerging [4][9]. - BaWang Tea Ji's decision to refrain from the food delivery competition is seen as a protective measure for its franchisees, ensuring their profitability amidst rising costs associated with delivery services [8][10]. Franchisee Perspective - Franchisees have mixed opinions on the company's decision not to participate in the food delivery competition, with some believing it may lead to missed opportunities, while others appreciate the focus on maintaining profitability [7][8]. - The company has communicated that engaging in the food delivery battle would directly impact franchisee earnings, as the profit model heavily relies on in-store sales rather than delivery [8][9]. New Business Model - Starting January 1, 2026, BaWang Tea Ji plans to implement a new business model that includes significant discounts on raw materials and a shift from a supply chain model to a GMV sharing model, which aims to align the interests of the brand and franchisees [11][12]. - This new model is expected to enhance collaboration with franchisees, allowing for shared risks and potentially higher overall GMV [12][13]. Product Development - The company has been cautious with new product launches, focusing on maintaining brand integrity and operational efficiency, with a notable product iteration occurring in November 2025 [15][18]. - Despite a slower pace in national product launches, regional innovations have been successful, indicating a strategic focus on localized market needs [19][21]. Long-term Vision - BaWang Tea Ji is positioning itself as a stable player in the market, emphasizing the importance of product development, supply chain strength, and long-term profitability over short-term gains [32][31]. - The company aims to enhance its strategic framework across brand, product, experience, and channel dimensions, preparing for future market challenges [33][34].