证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

Group 1: Event Overview - The fifth China International Consumer Products Expo (CICPE) opened on April 13, attracting over 4,100 brands from 71 countries and regions, including 65 Fortune 500 companies, marking a new record in scale [1] - The theme of this year's expo is "Sharing Open Opportunities, Creating a Better Life" [1] Group 2: Industry Trends - The tea beverage industry has seen a surge in interest in "super plant tea," particularly kale, with over 30 new products launched this year containing kale [1] - The domestic market share of kale has increased dramatically from 5% to 55% due to rising demand [1] Group 3: Company Highlights - Heytea - Heytea's "Super Plant Tea" series, launched in July last year, sold over 3.5 million cups in its first month and has reached cumulative sales of over 37 million cups by the end of December 2024 [2] - Heytea is exploring an order agriculture model with two upstream bases to enhance quality control and reduce food safety risks, establishing over 10,000 acres of cooperative orchards across China [2] Group 4: Company Highlights - Naixue - Naixue, known as the "first stock of new tea drinks" in Hong Kong, showcased its signature "Baqi Fresh Fruit Tea" series and has nearly 2,000 stores globally with over 100 million members [2] - Since its establishment in 2015, Naixue has collaborated with various well-known international IPs, launching 14 co-branded projects and over 50 products in 2024 alone, with the Harry Potter collaboration selling 400,000 units on the first day [2]

Group 1: Event Overview - The 5th China International Consumer Products Expo (CICPE) is taking place in Haikou, showcasing an increase in domestic and international exhibitors, with the introduction of a new consumer technology exhibition area [5][6] - The event features a variety of food experiences, with 24 domestic and international dining brands and a 40% increase in daily dining capacity [6][9] - The expo includes cultural activities such as the "Taste Buds Without Borders" banquet and a showcase of traditional Chinese snacks, highlighting local culinary offerings [8][12] Group 2: Transportation and Accommodation - Haikou has implemented various transportation measures, including designated routes and over 10,000 parking spaces to facilitate access to the expo [13] - A total of 84 hotels have been selected as key reception hotels, with staff trained to meet international service standards [9] Group 3: Shopping and Promotions - During the expo, Haikou will distribute 16 million yuan in consumer vouchers and host over 100 promotional activities to stimulate consumption [14] - The CDF Haikou International Duty-Free City is offering discounts and special promotions for attendees, including a 15% discount on regular-priced items [15][16]

出品丨搜狐财经 作者丨闫思羽 编辑丨李文贤 一年关闭近350家门店，2024年巨亏9.17亿元，近日公布业绩的奈雪的茶深陷多重危机。 四年间，这家以"中国星巴克"为愿景的企业市值蒸发90%，资本方太盟、天图接连减持套现，核心成员离职。 香颂资本董事长沈萌表示，资方减持和董事退出确实与企业的业绩有关，但不是唯一相关性。 2024年财报显示，奈雪的茶再度陷入巨额亏损。 公司全年营收49.21亿元，同比下滑4.7%；净利润亏损达9.17亿元。从2021年上市至今，奈雪的茶仅在2023年短暂恢复盈利1300万元。 奈雪在财报中表示，2024年度消费市场表现疲弱，而现制茶饮行业竞争加剧，导致直营门店的收益及门店经营利润率产生波动。另外，闭店损失也进一步侵 蚀了公司的利润。 经营数据显示，奈雪直营门店数量从2023年的1574家缩减至1453家，净减少121家。 曾经的"新式茶饮明星"如今面临严峻挑战，其大店模式与直营策略的弊端逐渐暴露。 中国食品产业分析师朱丹蓬表示，奈雪亏钱的根本原因就是奈雪品牌力不足以支撑其大店模式，奈雪的整个产品矩阵、团队，都无法支撑它做大店。 当大店模式遭遇消费降级，当直营策略碰上加盟狂潮，这个 ...

Core Viewpoint - JD.com is launching a significant subsidy program for its food delivery service, aiming to invest over 10 billion yuan within a year to attract users and enhance service quality [1][2]. Group 1: Subsidy Program - JD.com will officially launch a 10 billion yuan subsidy program for its food delivery service on April 11, 2023, utilizing a dual mechanism of "universal subsidies + direct discounts on popular products" [1]. - The program will offer subsidies of up to 20 yuan to all users, covering various well-known restaurant brands such as McDonald's, Haidilao, and others [1]. - PLUS members and university students can additionally draw coupons worth 25-20 yuan, with a daily limit of 100,000 coupons [1]. Group 2: Quality Assurance and Partnerships - JD.com aims to provide high-quality food delivery services that families can trust, as emphasized by JD's founder Liu Qiangdong during a meal with NIO's founder Li Bin [1]. - The company has initiated a recruitment program for quality dining merchants, offering a commission waiver for those who join before May 1, 2025 [1]. Group 3: Employment and Benefits for Delivery Riders - Starting March 1, 2025, JD.com will gradually provide full-time delivery riders with social insurance and housing fund contributions, becoming the first platform to do so for food delivery riders [2]. - As of March 20, 2023, JD.com has signed formal labor contracts with over 10,000 full-time riders [2]. Group 4: Stock Performance - As of April 10, 2023, JD Group's stock (9618.HK) rose by 3.66%, with a closing price of 141.70 HKD per share, resulting in a market capitalization of 451.1 billion HKD [2].

今天分享的是：2025中国消费者生活方式演进趋势系列报告-酒水饮料篇 以下为报告节选内容 中国消费者生活方式 演进趋势系列报告 报告共计：53页 《中国消费者生活方式演进趋势系列报告—【酒水饮料篇】》聚焦酒水和饮料细分市场，探讨其发展趋 势，为企业和消费者提供洞察与建议。 1. 行业发展态势：2024年Q3，饮料、酒类消费增速在食品饮料大类中名列前茅，展现出强劲的市场需 求和扩张潜力。 2. 味型之变：随着消费者健康意识提升，轻养生酒类和健康属性饮料备受青睐，如低度酒、添加食药同 源成分的酒以及低糖、代糖饮料等。同时，口味异化促使小众轻奢水果、经典药食融入酒水饮料，DIY 调酒和自制饮品流行，技术升级则让产品更天然、健康，如NFC、HPP技术以及天然代糖的应用。 3. 品牌之变：头部品牌通过产品细分实现高端化、年轻化和延展化，如洋河、古井贡酒等推出高端产 品，茅台、五粮液等丰富产品线迎合年轻消费者。新兴品牌借助情绪经济和质感生活理念加速入场，如 江小白、RIO等通过社交媒体和跨界营销吸引年轻群体。此外，品牌包装设计理念变革，酒类注重艺术 化、年轻化和趣味使用设计，水饮则通过玩跨界、玩文案、玩"收集"来吸引消费 ...

海底捞需要寻找新的增长点。3月25日，海底捞公布2024年全年度业绩报告显示，2024年海底捞实现营 业收入427.55亿元，同比上升3.1%；净利润47.00亿元，同比增长4.6%。核心经营利润为62.30亿元，同 比上升18.7%。收入、净利润实现连续两年增长，去年业绩创历史新高，但增速有所放缓。 海底捞拥有足够雄厚的试错资金，即使子品牌不盈利也不太会影响主业。只是，面包生意还是一门好生 意吗？红餐大数据显示，截至2024年12月，烘焙赛道新增门店10.3万家，关店9.5万家，净增只有8000 家。 烘焙赛道永远不缺新玩家。 日前，海底捞被爆进军烘焙界，将于"五一"前在杭州西湖银泰开出名为"SHUA BAKERY"的面包店首 店。目前，该门店正在装修，商场现场围挡上写着"海底捞旗下烘焙品牌"、"全国首店"的字样。 海底捞跨界推出的餐饮子品牌很多，为了鼓励内部创新，去年8月份曾专门推出了"红石榴计划"。至今 内部孵化了包括焰请烤肉铺子、火焰官BarBecue、小嗨爱炸、小嗨火锅、苗师兄鱼虾锅等在内的11个餐 饮品牌。 北京一家泸溪河门店员工向Tech星球表示，周末生意好的时候，一天能卖600盒。一盒装有6个 ...

0:00 21世纪经济报道记者 刘婧汐、易佳颖 广州、上海报道 在五家茶饮披露24年年报中，奈雪的茶掉队明显。 奈雪的收入从 2023 年的 51.64 亿元跌到 49.21 亿元，净利润更是从 2023 年盈利 2090 万元，变成 2024 年亏损 9.19 亿元。 想当年，奈雪的茶和喜茶可是新茶饮市场的先锋。奈雪更是成为新茶饮第一股，客单价近百元。 可这才过去几年，市场风向就 180 度大转弯。现在消费者都追求 "性价比""质价比""心价比"，想要物有 所值甚至物超所值。蜜雪冰城客单价低至个位数，正好迎合了这股潮流。 那奈雪的茶该怎么办呢？是继续坚守高端市场，还是跟风打价格战？其实，它可以学学零售业的新样板 —— 胖东来。胖东来的消费可不便宜，但它靠精细化运营打出了一片天。关键就在于它控制规模，不 盲目扩张，一直守着河南市场。 对奈雪的茶来说，和雪王拼价格不占优势，胖东来小而精的发展模式或许更值得借鉴。这样既能守住高 端市场，又不用去低端市场和雪王抢生意。 市场是有周期性的，说不定哪天新茶饮高端市场又火起来了，到时候奈雪的茶们说不定就能重新夺回优 势！大家觉得奈雪的茶能不能成功呢？欢迎在评论区留言讨论！ ...

Core Viewpoint - The article discusses the transformation of underground commercial spaces in shopping malls, particularly focusing on the B1 level, highlighting the shift in consumer preferences and the emergence of new business models that cater to younger demographics and experiential consumption [3][4][5]. Group 1: Transformation of Underground Commercial Spaces - The B1 level of shopping malls is evolving into a "living laboratory" for consumers, with a significant increase in stores related to trendy items, plants, and pop culture, moving away from traditional dining options [3][4]. - In Shanghai, the underground commercial street is being revitalized by young designers who are transforming spaces into trendy destinations, indicating a broader trend of underground consumption [4][5]. - Data shows that by 2024, the number of adjusted underground commercial stores in benchmark malls across the country will exceed 5,800, indicating a significant shift in the retail landscape [5][6]. Group 2: Consumer Behavior and Preferences - Consumers are increasingly drawn to unique and experiential shopping environments, with a focus on aesthetics and novelty, leading to a decline in traditional retail formats [8][9]. - The underground commercial spaces benefit from lower rental costs (30%-40% lower than above ground) and high foot traffic due to proximity to transportation hubs, enhancing profitability [9][10]. - A "fragmented consumption formula" is emerging, where low average transaction values and high conversion rates are key to success in these underground spaces [10]. Group 3: Challenges and Opportunities - Despite the growth, underground commercial spaces face challenges such as high construction costs and strict safety regulations, which can limit the types of businesses that can operate there [18][19]. - The competition among food and beverage brands is intensifying, with many traditional dining establishments struggling to adapt to the new consumer landscape, leading to a high turnover rate of restaurants in malls [15][16]. - The article notes that while underground commercial spaces are thriving, not all businesses will succeed, as factors like location, consumer preferences, and market saturation play critical roles in determining success [20][21].

早在成立之初的时候，霸王茶姬就频频被吐槽和星巴克"撞脸"。 最开始，大部分人把霸王茶姬称为"东方星巴克"，多少带着几分嘲讽意味——星巴克的logo用绿色主色调，霸王茶姬就 把红色作为主题色；星巴克以西方海妖为标志，它就换上中国传统戏剧脸谱；甚至，门店设计中刻意复刻的"第三空 间"概念，也颇有几分向巨头"抄作业"的痕迹。 霸王茶姬vs星巴克的LOGO对比 图片来源：霸王茶姬官网 霸王茶姬的崛起速度，可以作为消费品牌的典范。2022-2024年，霸王茶姬全球门店数量从1087家，暴增至6440家，年复 合增长率达143%。2024年，霸王茶姬的财务指标尤为突出，GMV同比增长173%至295亿元，营收124.05亿元，净利润 直到霸王茶姬的CEO张俊杰提出"我们要成为东方的星巴克"，这个外号才有了正面的含义。在2024年的国际茶日论坛 上，霸王茶姬首次将"成为东方星巴克"升级为战略目标，提出"通过标准化、全球化路径，让中国茶饮成为世界级消费 品" 更令人意外的是，一直跟在星巴克身后抄作业的霸王茶姬，居然还真抄成学霸了。 25.15亿元，把蜜雪冰城、奈雪、喜茶等同行都远远甩在后面。 2025年3月6日，多家媒体报道 ...