据华尔街日报援引高盛的分析报告，蜜雪冰城管理层在路演中确认：尽管外卖平台的高额补贴在2025年 上半年有效提振了销量和门店利润，但公司预计这种补贴水平将逐步回归正常。一个明确的信号是，其 7月份的外卖销售增长速度已较6月份有所放缓。 另一角度来看，自今年3月在港上市募资4.44亿美元后，蜜雪冰城始终是市场宠儿。今年3月3日，蜜雪 冰城在港交所上市，开盘市值突破1000亿港元。上市后，公司股价接连上涨，并且在6月5日创出618.5 港元/股的高价。 截至6月底，公司以加盟为主的三线及以下城市门店网络同比增长超20%，总数突破53,000家。今年上 半年，向加盟商销售物料设备的主营业务收入达145亿元人民币，同比增长39.6%。 不过，庞大的门店和加盟商规模，除了给蜜雪冰城带来飙升的业绩，还有管理方面的挑战。今年315期 间，湖北经视曝光了蜜雪冰城宜昌凝聚新天地门店的食品安全问题，该门店未按规定，使用隔夜柠檬和 橙子切片制作招牌饮品。另外，门店的卫生状况也令人堪忧。店内有苍蝇飞虫，飞虫甚至出现在奶茶杯 盖中。 截至10月6日港股收盘，蜜雪集团（2097.HK）股价报376港元/股，当日下跌1.42%。拉长时间线来 ...

不过，庞大的门店和加盟商规模，除了给蜜雪冰城带来飙升的业绩，还有管理方面的挑战。今年315期 间，湖北经视曝光了蜜雪冰城宜昌凝聚新天地（301277）门店的食品安全问题，该门店未按规定，使用 隔夜柠檬和橙子切片制作招牌饮品。另外，门店的卫生状况也令人堪忧。店内有苍蝇飞虫，飞虫甚至出 现在奶茶杯盖中。 来源：股市行情 据华尔街日报援引高盛的分析报告，蜜雪冰城管理层在路演中确认：尽管外卖平台的高额补贴在2025年 上半年有效提振了销量和门店利润，但公司预计这种补贴水平将逐步回归正常。一个明确的信号是，其 7月份的外卖销售增长速度已较6月份有所放缓。 另一角度来看，自今年3月在港上市募资4.44亿美元后，蜜雪冰城始终是市场宠儿。今年3月3日，蜜雪 冰城在港交所上市，开盘市值突破1000亿港元。上市后，公司股价接连上涨，并且在6月5日创出618.5 港元/股的高价。 截至6月底，公司以加盟为主的三线及以下城市门店网络同比增长超20%，总数突破53,000家。今年上 半年，向加盟商销售物料设备的主营业务收入达145亿元人民币，同比增长39.6%。 截至10月6日港股收盘，蜜雪集团（2097.HK）股价报376港元/股， ...

人民财讯9月16日电，外卖补贴大战对新茶饮行业有何影响？近期，相关上市公司业绩说明会中频频谈 及这一问题。整体来看，积极参与补贴大战的品牌，短期内销售呈现明显增长；部分未参加外卖大战的 品牌，单店数据下滑较为明显。不过，多家上市新茶饮公司高管在业绩会上提到了外卖补贴的弊端。 证券时报记者采访获悉，补贴大战给行业发展埋下隐忧：一方面，消费者易形成"价格依赖"，进而冲击 品牌产品价格体系；另一方面，加盟商需分摊补贴成本，陷入增收不增利困境，影响长期稳定。展望下 半年，外卖补贴退坡已成定局，头部品牌正通过差异化上新及优化门店运营效率，提质增效，留住消费 者。 ...

证券时报记者采访获悉，补贴大战给行业发展埋下隐忧：一方面，消费者易形成"价格依赖"，进而冲击 品牌产品价格体系；另一方面，加盟商需分摊补贴成本，陷入增收不增利困境，影响长期稳定。展望下 半年，外卖补贴退坡已成定局，头部品牌正通过差异化上新及优化门店运营效率，提质增效，留住消费 者。 外卖战拉动订单增长 新茶饮上市企业半年报收官，外卖补贴对行业的影响也浮出水面。整体看，积极参与的品牌短期内拉动 门店销售额明显增长。 外卖补贴大战对新茶饮行业有何影响？近期，相关上市公司业绩说明会中频频谈及这一问题。 整体来看，积极参与补贴大战的品牌，短期内销售呈现明显增长；部分未参加外卖大战的品牌，单店数 据下滑较为明显。不过，多家上市新茶饮公司高管在业绩会上提到了外卖补贴的弊端。 今年上半年，蜜雪集团实现营收148.75亿元，同比增长39.3%，期内净利润增长44.1%至27.18亿元，营 收和净利润规模居行业首位。 据浙商证券（601878）测算，上半年蜜雪集团平均单店贡献商品销售收入27.8万元，按年增长13.2%， 受益于外卖战对于订单量的拉动。 "公司凭借广阔的门店布局和成熟的线上运营能力，我们和加盟商伙伴把握住了这次 ...

Core Viewpoint - The article discusses the challenges faced by small and medium-sized restaurant businesses in the context of aggressive subsidy strategies by food delivery platforms, leading to reduced profit margins and difficult choices regarding participation in these subsidy programs [1][2][3][4][5] Group 1: Impact of Subsidies on Profit Margins - Many restaurants are experiencing significantly reduced profit margins due to the high costs associated with participating in subsidy programs, with one example showing a gross profit of only 1 yuan on a dish that costs 10 yuan to make [1] - The burden of subsidies is largely borne by the merchants, with one restaurant owner indicating that they cover 7 yuan of the 11 yuan subsidy offered to consumers, while the platform only covers 4 yuan [1] - Service fees charged by platforms further erode profits, with one restaurant owner paying 5.47 yuan in service fees on a 28.8 yuan order [1] Group 2: Order Volume vs. Profitability - Restaurant owners face a dilemma where opting out of subsidy programs leads to a drastic drop in order volume, as evidenced by one owner noting a decrease from 30 orders to just a few when subsidies were removed [2] - Despite an increase in order volume for some restaurants, the overall revenue has not improved, leading to frustration among owners who feel overwhelmed by the increased workload without corresponding financial benefits [3] - The competitive landscape is shifting, with some owners expressing hope that as platforms compete for consumers, they may eventually also compete for merchants, potentially improving conditions for restaurant owners [2] Group 3: Strategic Shifts in Business Models - Some restaurant owners are choosing to focus on dine-in services rather than delivery, as the costs associated with delivery are unsustainable, with one owner stating that they had to close their online store due to losses [4] - The trend of moving away from delivery services is also seen in the decision of some owners to invest in creating a loyal customer base through dine-in experiences rather than relying on delivery platforms [4][5] - The competitive environment has led to increased commission rates from platforms, with one owner noting that their commission has risen from 5% to nearly 10% for self-delivery, and others facing rates above 20% for platform delivery [5]

2025 年刚开年，所有人都以为京东外卖会是彻底改写外卖市场格局的那一个狠角色。 然而，半年过去，从京东开始，外卖市场被激起一道又一道涟漪，美团加大补贴力度，淘宝正式发布闪购，将饿了么硬生生拉 回牌局。 外卖大战卷来了一块钱的奶茶，十元以内的饭菜，也同时为淘宝闪购卷来了超 2 亿的日活，为京东的季度活跃用户带 来了 40% 的同比增幅，为美团二季度带来了超 6400 万的日均单量。 企业砸钱补贴的战火，烧到消费者这里便是狂欢的篝火。有人调侃， " 最想减肥的时候偏偏遇上了最便宜的外卖。" 低价外卖， 指引消费者做出最经济实惠的消费选择，要么点外卖送到家，要么站在奶茶店门口，点个外卖再跟骑手说自取，毕竟一杯奶茶 现场点单 20 元，用上大额券至少能把价格打下一半。 而另一边，堂食成了食物链最底端。 外卖出单机器疯狂运转，骑手匆忙取餐赶着送手里的一堆单子，后厨忙得团团转，但坐在 门店里吃饭的顾客却寥寥无几。 知危走访了 10 余家餐饮门店，发现外卖和堂食之间确实存在差异， 外卖打得火热，而堂食却似乎身处寒冬。 " 我们家有很多熟客，都转线上订外卖了，现在每天到店或者堂食的人非常非常少。" 广东某咖啡简餐店主北北 ...

Core Viewpoint - The recent subsidy wars among food delivery platforms have significantly impacted the ready-to-drink tea and coffee market, leading to unsustainable growth driven by external incentives rather than organic demand [1][5][8]. Group 1: Market Dynamics - The competition among major food delivery platforms like Meituan, Alibaba, and JD has intensified, resulting in substantial subsidies that have disrupted the pricing structure of the ready-to-drink tea and coffee market [2][3]. - In the first half of 2025, major brands such as Luckin Coffee, Gu Ming, and Mi Xue Ice City reported a combined revenue of 55 billion yuan, an increase of 13.5 billion yuan year-on-year, largely attributed to these subsidies [1][3]. Group 2: Financial Performance - Luckin Coffee reported a net income of 21.22 billion yuan in the first half of 2025, a 44.6% increase year-on-year, with a net profit of 1.78 billion yuan, up from 788 million yuan in the previous year [3]. - Gu Ming achieved a revenue of 5.663 billion yuan in the same period, marking a 41.2% year-on-year growth, while Mi Xue Ice City expanded its store count significantly, contributing to its revenue growth [3][4]. Group 3: Sustainability Concerns - Analysts express concerns regarding the sustainability of the growth driven by delivery subsidies, suggesting that the impressive financial results may not be replicable in the absence of such incentives [5][8]. - The reliance on delivery platforms has led to a decline in dine-in orders, which are more profitable for stores, raising questions about the long-term viability of the current business model [9]. Group 4: Future Strategies - The market regulator has indicated a shift towards more sustainable practices, urging platforms to control subsidies and enhance service quality, which may lead to a decline in sales growth for tea and coffee brands [7][10]. - Companies are now focusing on improving in-store efficiency, increasing customer retention, and exploring international markets as part of their long-term strategies [9][10].

21世纪经济报道记者贺泓源、实习生李晴 外卖大战似乎正在进入下个节点。 2025年9月9日，市场监管总局召开例行发布会，针对近期外卖平台补贴争议，市场监管总局新闻发言人 王秋苹介绍，市场监管总局已经及时约谈主要外卖平台，相关平台快速响应，集体发声，承诺严守法律 法规，杜绝不正当竞争，抵制恶性补贴，推动行业规范有序发展。 下一步，市场监管总局将密切关注外卖行业竞争情况，要求提升服务质量，严守食品安全底线，保障消 费体验；督促平台合理控制补贴，避免冲击正常价格体系；推动平台加大对商家的扶持力度，提高骑手 权益保障，构建消费者、商家、骑手、平台多方共赢的良性生态。 客观上，外卖补贴已影响互联网巨头经营。 在二季度，受外卖补贴影响，美团、阿里巴巴、京东三家平台在净利润方面均有大幅下滑。其中，美团 净利润暴跌近90%，京东下滑近50%，阿里降幅也达到18%。 财报显示，外卖三巨头二季度在外卖大战中营销开支至少300亿元。 同天，美团宣布大众点评正式"重启"品质外卖服务。 种种变化都预示着，外卖大战到了新阶段。 有正在迅速扩张的新兴咖啡品牌创始人就告诉21世纪经济报道记者，外卖补贴的峰值是在今年7月初， 现在补贴金额明显 ...

Core Insights - The recent subsidy war among food delivery platforms has significantly impacted the ready-to-drink beverage market, leading to a temporary surge in sales but raising questions about the sustainability of this growth [1][6][9] Industry Overview - The ready-to-drink tea and coffee sector has seen a dramatic price drop, with many brands offering products below 10 yuan due to aggressive subsidies [2][7] - Major brands like Luckin Coffee, Gu Ming, and Mi Xue Bing Cheng reported substantial revenue increases in the first half of 2025, with total revenue reaching 550 billion yuan, a year-on-year increase of 135 billion yuan [1][3][4] Financial Performance - Luckin Coffee reported a net income of 212.24 billion yuan, a 44.6% increase year-on-year, while Gu Ming achieved 56.63 billion yuan in revenue, up 41.2% [3][4] - Other brands also showed growth, with Mi Xue Bing Cheng at 148.75 billion yuan (39.3% increase) and Ba Wang Cha Ji at 67.25 billion yuan (21.6% increase) [4] Market Dynamics - The rapid expansion of store numbers has been a key driver of revenue growth, with Mi Xue Bing Cheng adding over 5,700 stores in the first half of the year [5][8] - The reliance on subsidies has raised concerns about the long-term viability of sales growth, as many brands may struggle to maintain performance without these incentives [5][7] Regulatory Environment - The State Administration for Market Regulation has indicated a focus on monitoring the competitive landscape of the food delivery industry, emphasizing the need for quality service and fair pricing [1][6] - The regulatory body has urged platforms to control subsidies to avoid disrupting the normal pricing structure, which could lead to a decline in consumer demand once subsidies are removed [6][7] Strategic Shifts - Brands are beginning to shift focus towards in-store sales and improving operational efficiency to mitigate the impact of fluctuating delivery orders [8] - There is a growing consensus among leading brands to enhance digital operations and supply chain management to better meet consumer demands and improve profitability [8][9]

Core Viewpoint - The recent subsidy war among food delivery platforms has significantly impacted the ready-to-drink beverage market, leading to a surge in sales for various brands, but the sustainability of this growth is in question as regulatory scrutiny increases [1][5][9]. Industry Overview - The competition in the ready-to-drink beverage sector intensified during the summer, with major platforms like Meituan, Alibaba, and JD.com engaging in aggressive subsidy strategies, resulting in a chaotic pricing environment where many drinks were sold for as low as a few yuan or even for free [1][5]. - The market regulator has expressed concerns over the impact of these subsidies on the normal pricing system and has called for improved service quality and food safety [1][9]. Financial Performance - In the first half of 2025, seven listed beverage brands reported a combined revenue of 55 billion yuan, an increase of 13.5 billion yuan year-on-year [1]. - Luckin Coffee reported a net income of 21.22 billion yuan, a 44.6% increase year-on-year, while other brands like Gu Ming and Mi Xue Ice City also saw significant revenue growth [6][7]. Growth Drivers - The revenue growth for these brands is attributed not only to subsidies but also to factors such as store expansion and improved single-store efficiency [8]. - Mi Xue Ice City added over 5,700 new stores in the first half of the year, with a significant portion located in lower-tier cities [8][12]. Challenges Ahead - Analysts express skepticism about the sustainability of the sales growth driven by subsidies, suggesting that a return to normal pricing could lead to a sharp decline in order volumes [10][12]. - The heavy reliance on delivery subsidies has raised concerns about the long-term health of franchise operations, as many orders have shifted from dine-in to delivery, impacting profitability [10][12]. Strategic Shifts - In response to the changing landscape, brands are focusing on enhancing in-store dining experiences and optimizing operational efficiency to mitigate the impact of fluctuating delivery volumes [12]. - Companies are also exploring international markets and enhancing digital operations to better understand consumer needs and improve supply chain efficiency [12][13].