流水10000元，到手6000元？新茶饮“五小龙”现状：业绩两重天，加盟亏上天

Core Viewpoint - The new tea beverage industry is experiencing significant performance divergence among key players, with some brands thriving while others struggle with losses and closures [6][8]. Group 1: Financial Performance - In 2025, the financial results of the new tea beverage companies show stark differences, with Gu Ming leading in net profit growth, while Nayuki continues to face substantial losses, accumulating over 2 billion yuan since its IPO [6][8]. - Mixue Ice City achieved a revenue of 33.56 billion yuan, a year-on-year increase of 35.2%, and a net profit of 5.93 billion yuan, up 33.1%, averaging a daily net profit of approximately 16.25 million yuan [6][7]. - Gu Ming reported a revenue of 12.91 billion yuan, a 46.9% increase, and a net profit of 3.12 billion yuan, growing by 108.6%, leading the industry in profit growth [6][7]. - Hu Shang A Yi's revenue reached 4.47 billion yuan, up 36%, with a net profit of 500 million yuan, increasing by 52.4% [6][7]. - Cha Bai Dao's revenue was 5.4 billion yuan, a 9.7% increase, with a net profit of 820 million yuan, up 71.2%, but with a slowing revenue growth rate [6][7]. - Nayuki's revenue fell to 4.33 billion yuan, down 12%, with a net loss of 239 million yuan, although this was a 74% reduction from the previous year [6][7]. Group 2: Market Dynamics - The industry is transitioning from a phase of rapid growth to a structural differentiation where strong players thrive while weaker ones contract [8]. - As of March 31, 2026, stock performance reflects this divergence, with Mixue Ice City and Gu Ming seeing significant stock price increases, while Hu Shang A Yi, Cha Bai Dao, and Nayuki have all experienced substantial declines [8]. - Mixue Ice City closed at 293 HKD, up 44.7% from its IPO price, while Gu Ming rose 174.7% to 27.3 HKD. In contrast, Nayuki's stock plummeted 95.8% to 0.83 HKD [8]. Group 3: Expansion Strategies - Mixue Ice City and Gu Ming are pursuing aggressive expansion strategies, with Mixue adding approximately 13,000 stores in 2025, bringing its total to nearly 60,000 [12][18]. - Gu Ming increased its store count by about 3,640 in 2025, nearly tripling its previous year's growth [12]. - Hu Shang A Yi opened 3,654 new stores but closed 1,383, resulting in a net increase of 2,273 stores, with a high closure rate of 12% [12]. - Nayuki is the only brand to see a net decrease in store count, closing over 150 underperforming stores in 2025 [12]. Group 4: Operational Challenges - The industry faces challenges such as intense price competition and a saturated market, leading to declining single-store profitability and increased closure rates [10][11]. - A franchisee reported that the effective revenue from daily sales has decreased significantly due to rising delivery costs and increased competition, making profitability increasingly difficult [10]. - The operational model is under pressure, with many new franchisees struggling to achieve profitability, leading to store closures or transfers [10]. Group 5: Future Trends - Brands are increasingly looking to international markets for growth opportunities, with Mixue Ice City already entering the U.S. market and expanding into Southeast Asia [16][18]. - To enhance profitability, brands are focusing on upgrading store experiences and differentiating their offerings, with Mixue and HiTea leading in innovative store concepts [18]. - The industry is shifting from a focus on rapid expansion to a deeper emphasis on value creation, product innovation, and supply chain efficiency [18].