Core Viewpoint - The new tea beverage industry is experiencing a significant differentiation among leading companies following a series of IPOs, indicating a shift into a more competitive phase characterized by homogenization and over-expansion issues [1][10]. Company Performance - Companies like Gu Ming and Mi Xue Group have seen substantial stock price increases post-IPO, with Gu Ming rising by 149.50% and Mi Xue Group by 137.93% as of May 9 [2][3]. - In contrast, companies such as Nai Xue's Tea and Cha Bai Dao have faced significant declines in stock prices, with Nai Xue's Tea down 94.39% and Cha Bai Dao down 44.51% since their respective IPOs [2][7]. - The stock performance of Ba Wang Cha Ji and Hu Shang A Yi has also been weaker compared to their peers, with Ba Wang Cha Ji showing a modest increase of 14.29% and Hu Shang A Yi at 27.74% [3][5]. Market Trends - The new tea beverage market is projected to reach a scale of 354.72 billion yuan in 2024, with a stable growth forecast of 6.4% year-on-year, potentially exceeding 400 billion yuan by 2028 [14]. - The industry is transitioning from a growth phase focused on market share acquisition to a more mature phase emphasizing differentiation and refined strategies [14][16]. Challenges and Issues - The industry faces challenges such as product homogenization, excessive store expansion, and declining operational efficiency, leading to a "impossible triangle" scenario where companies struggle to balance scale expansion, cost control, and brand differentiation [10][12][16]. - Some companies have reported significant drops in net profit, with Cha Bai Dao experiencing a 58.55% decline in 2024, while Nai Xue's Tea reported substantial losses [8][12]. Strategic Directions - Companies are increasingly focusing on differentiation strategies, with Mi Xue Group leveraging its supply chain capabilities to gain competitive advantages [16]. - Expansion into overseas markets is a key strategy for many leading new tea beverage companies, with Ba Wang Cha Ji already testing its first North American store shortly after its IPO [17].

Core Viewpoint - The rapid rise and fall of Hu Shang A Yi's stock price post-IPO reflects a significant shift in the new tea beverage industry from aggressive expansion to a more rational approach, highlighting the challenges faced by the company and the sector as a whole [1][2]. Group 1: IPO and Market Reaction - Hu Shang A Yi's IPO was highly successful, with an oversubscription rate of 3616.83 times and over 940 billion HKD in frozen funds, marking it as the highest new stock subscription in Hong Kong after regulatory changes [2]. - On its first trading day, the stock price surged by 74.68% to 197.6 HKD, but subsequently dropped by 8.78% the following day, leading to a cumulative decline of over 20% within a week [1][2]. - By early June, the stock price had fallen to around 125 HKD, representing a nearly 37% decrease from its peak [1]. Group 2: Financial Performance and Challenges - In 2024, Hu Shang A Yi reported a revenue of 3.285 billion HKD, a year-on-year decline of 1.9%, and a net profit of 329 million HKD, down 15.2% [4]. - The company's business model heavily relies on a franchise system, with 99.7% of stores operated by franchisees, leading to a significant drop in single-store GMV from 1.559 million HKD in 2023 to 1.37 million HKD in 2024, a decrease of 12.12% [4][5]. - The closure rate of franchise stores increased to 12.7% in 2024, with over 1,000 stores shutting down, significantly higher than the industry average of 4% [4]. Group 3: Competitive Landscape and Market Dynamics - The new tea beverage industry is experiencing a slowdown, with a projected growth rate of only 8.2% in 2024 and further decline to 7.5% in 2025, leading to intense price wars among leading brands [6]. - Hu Shang A Yi faces challenges in both low-price and mid-to-high-end markets, struggling against competitors like Mi Xue Bing Cheng and Xi Tea, which have established stronger market positions [6]. - The company's reliance on third-party suppliers and inadequate cold chain coverage hinder its ability to reduce costs, making it difficult to compete on price with rivals [5][6]. Group 4: Future Outlook and Strategic Considerations - The company must focus on optimizing its supply chain and digital commitments, potentially allocating 60% of its IPO proceeds to these areas to regain growth momentum [6]. - Reducing food waste to levels comparable to competitors and leveraging scale procurement could help Hu Shang A Yi improve its cost structure and competitive positioning in the market [6].

6月12日，新茶饮头部品牌喜茶上新以岭南特色水果"黄皮"为核心原料的季节性饮品"奇香黄皮桃"，其背后 反映的是新茶饮行业持续深化供应链建设、推动地域特色原料突破区域限制、走向全国消费市场的显著趋 势。 支撑这一趋势的核心是行业日益成熟的深度供应链体系：其一是品牌深度参与原料从种植、采摘、加工到 配送的全链条，进行严格品质管理，确保风味与供应的稳定性；其二是通过自建、共建及订单农业等模 式，在全国优质产区布局专属种植基地（如桑葚、小台农芒、多种葡萄、杨梅等超万亩合作果园），保障 长期、安全、高品质的原料供应。其三是行业依托研发和供应链实力，不断挖掘和应用如高原牦牛乳、潮 汕南姜、滇西酸木瓜、木姜子、英德红茶、柑普、藏茶等更多元的区域特色原料，将其融入产品创新，让 消费者得以便捷体验不同地域的风物。 新茶饮行业正通过系统性的供应链创新与差异化的产品研发，持续打破地域农产品的流通壁垒，不仅丰富 了自身的产品矩阵和消费者体验，更有效促进了地方特色农业经济的发展，成为连接地域风物与全国市场 的重要桥梁。未来，这一趋势预计将随行业对特色原料挖掘的深入和供应链能力的持续强化而进一步深 化。 文｜记者 廖梦君 图｜受访者供图 ...

以下文章来源于智象出海 ，作者王玮 智象出海 . 深度研究新经济出海。 题图来自：视觉中国 中餐出海正在美国掀起新一波高潮。 4月，霸王茶姬和茉莉奶白在洛杉矶的门店开启试营业，紫燕百味鸡在纽约法拉盛、唐人街连开两 店。5月，沪上阿姨在美国法拉盛的美东首店完成装修，开始试营业，库迪咖啡也在纽约布鲁克林正 式开启了美东首家门店的试营业。而奈雪的茶在法拉盛的门店及瑞幸在曼哈顿的两家门店，开业时间 也已提上了日程。 看起来，中国餐饮出海美国已经度过了漫长的准备期和基础建设时期，2025年和2026年将进入门店 扩张期，成为落地关键年。 那么，是谁在帮助"喜茶们"在远隔重洋的美国站稳脚跟？随着中餐品牌出海，越来越多的在美华人开 始从下游服务这些品牌。 智象出海从选址、装修、营销等多个环节与中餐出海美国的参与者们交流，他们服务过瑞幸、紫燕百 味鸡、袁记云饺等多个中餐品牌在美国的落地，从他们的口述中，还原中餐落地美国的细节。 胡北辰，32岁：选址是一件很 Local的事 wefood餐饮咨询平台高级顾问、易升资本创始合伙人 我们团队在美国深耕餐饮行业多年，中西餐都做，基本上都是大体量门店，80%做主流市场，我们在 美东、美 ...

Group 1: Company Overview - Jiahe Foods specializes in the research, production, and sales of powdered oils, coffee, plant-based products, and others, with powdered oils being its core product [2][3] - The revenue from powdered oils accounted for over 70% from 2020 to 2022, although it dropped below 70% in 2023, generating a historical high of 1.926 billion yuan [2] Group 2: Market Dynamics - The new tea beverage industry has shifted towards stock competition, requiring brands to innovate raw materials for differentiation, while consumer preferences have evolved towards higher quality [3] - The market share of powdered oils is being pressured as tea brands prefer to eliminate powdered oils as a marketing strategy due to health concerns [3] Group 3: Financial Performance - In 2024, Jiahe Foods experienced a significant decline in powdered oil revenue, dropping by 39.82% to 1.159 billion yuan, with overall revenue decreasing by 18.68% to 2.31 billion yuan and net profit halving by 67.43% to 83.9372 million yuan [1][3] - The first quarter of 2024 saw a dramatic net profit drop of 91.46% to 3.9064 million yuan, attributed to rising costs and declining sales [1] Group 4: Product Performance - Powdered oil production and sales volumes fell by 36.73% and 36.99% respectively in 2024, with inventory levels decreasing by 7.07% [4] - The coffee business is expected to become a second growth driver, with plans to invest 750 million yuan in expansion, aiming for significant production capacity in various coffee products [8] Group 5: Cost and Profitability - The gross margin for the coffee business improved to 16.26% in 2024, but remains lower than the 20.51% margin for powdered oils [9] - Sales expenses surged by 75.14% to 156 million yuan in 2024, significantly impacting profitability, with management indicating a need to control overall expense ratios [10]

今天， 大消费板块爆发，A股三大指数集体收涨 ，超3900只个股飘红。 截至收盘，上证指数涨0.42%，深证成指涨0.87%，创业板指涨1.11%。全市场成交额近1.18万亿元，较 上一交易日增加136亿元。 板块方面，美容护理、啤酒、铜缆高速连接、服装家纺等板块涨幅居前。 今天， 大消费板块集体爆发。美容护理、啤酒、饮料制造、烟草、旅游及酒店等板块涨幅靠前 。若羽 臣涨停，创历史新高；潮宏基、长白山等多股涨停。 | 板块统计 | | | | | | --- | --- | --- | --- | --- | | 実部 | 行业 | 概念 | 风格 | 地域 | | 9区间回顾 | | | 涨幅 ◆ 主力净流入 ◆ | 领涨股名称 ▶ | | 美容护理 | | 3.92% 18527.11万 水羊股份 | | | | 881182 | | | | | | 啤酒概念 | | 3.85% 27705.13万 品渥食品 | | | | 885780 | | | | | | 铜缆高速连接 | | | 2.90% 87602.05万 | 太辰光 | | 886073 | | | | | | 服装家纺 | | | 2.7 ...

2025年以来，新茶饮赛道可谓赚足眼球，成为了资本市场上最吸引目光的赛道。行业头部企业的接连上 市，不仅标志着该行业从"野蛮生长"迈向"理性成熟"的新阶段，也反映出市场对茶饮消费长期价值的认 可。 近日，有着"中国新茶饮美股第一股" 霸王茶姬(CHA.US)交出了上市后首份财报。据财报显示，2025年 第一季度，霸王茶姬实现净收入33.9亿元（人民币，下同），同比增长35.4%；公司总GMV达82.3亿 元，同比增长38%；公司净利同比增长13.8%至6.77亿元。 国际化布局不断深入，第二增长曲线成功打开 近年来，我国茶饮市场增长迅猛。据艾瑞咨询数据显示，2024年中国茶饮市场规模为 8189 亿元，2019- 2024 年的CAGR为11.5%，处于高速成长期，预计 2028 年市场规模将达到 1.1万亿元， 2024-2028 年的 CAGR为7.7%。而在此之中，又以现制茶饮增速最快。数据显示，2024年中国现制茶饮市场规模为2727 亿元，2019-2024 年现制茶饮规模的CAGR高达21.7%，预计 2024-2028 年现制茶饮规模 CAGR为 11.8%。虽然未来增速有所放缓，但仍快于整体茶 ...

5月30日晚，不久前赴美上市的霸王茶姬发布了上市以来首份季度财报，GMV、净收入和利润等关键 经营数据均取得双位数增长。除此之外，财报还披露霸王茶姬小程序会员数突破1.9亿，品牌在海外 市场也颇有收获。 近年来新茶饮的日子过得颇为艰难，国内高线城市开发过度，商业街区频现奶茶一条街。产品同质 化、价格战和创意的枯竭已经让不少品牌增长失速，甚至走进衰退轨道。以东南亚的为代表的海外市 场，对于陷入极度内卷和增长焦虑的新茶饮而言显得极为诱人。 然而， 国内市场固然是卷生卷死， 海外也并非一马平川， 对企业的组织管理、供应链水平和文化适应能力都是巨大的挑战。仅以开设 更多门店、缓解增长焦虑为出发点，很难把出海"玩明白"。 霸王茶姬在维持国内市场可观盈利能力的同时，在海外市场也呈现站稳姿态，在新茶饮赛道供给侧拥 挤的当下，其商业模式和战略选择仍然值得一看。 持续爆发的"赚钱力" 霸王茶姬3月公开的招股书中，已经向市场展示了这家新茶饮企业强劲的赚钱能力。 2022-2024年，霸王茶姬每年都以接近翻倍的速率扩张着门店数量；三年间营收从4.92亿元增长至 124亿元，净利润从亏损4800万元增至25亿元。闭店率仅1.5%，低 ...

作者/李彦 编辑/木鱼 出品/茶咖观察 临近暑期，新茶饮开店总量回升。 4月，壹览商业长期跟踪的26家新式茶饮连锁品牌共新开门店1857间，较3月环比增长25.05%，但相较去年同期同比减少34.22%。现存门店总数达到112252 间，较上月增加1569家。 门店存量竞争态势，也在五大新茶饮集团的年度变化中体现得淋漓尽致。过去一年，古茗、茶百道、沪上阿姨、霸王茶姬、益禾堂这五家品牌在门店规模上 此消彼长，市场格局悄然生变。 数据显示，截至2025年3月，古茗现有门店9702家，虽然仍稳居第二。茶百道门店数量8049家，是五大集团中近期门店存量下滑趋势最明显的品牌。沪上阿 姨虽4月开店数量190家，但整体门店数量依然没有明显变动，反而少了7家。 一直保持扩张态势的霸王茶姬在4月开店回归了年前的速度，4月开出门店87家，还有部分未被统计进第三方数据平台的门店也在4月开出；益禾堂现存门店 数量5948，扭转了此前门店量减少的势头。 | 蜜雪冰城 | 784 | 627 | | --- | --- | --- | | 古著 | 77 | 80 | | 茶百道 | 73 | 58 | | 书亦烧仙草 | 24 | 5 ...

新华财经北京5月29日电 茉莉花茶啤酒、茶叶花生酥、时令鲜果茶……在近日举行的2025北京国际茶业 展上，琳琅满目的创新茶产品成为展会一大亮点。传统茶业正通过产品创新、文化赋能和跨界融合，探 索出一条高质量发展的新路径。 传统茶业玩转新潮流 "给我拿一盒茶粽，再拿一箱茉莉花茶精酿啤酒！"家住北京南五环的李先生，一大早便赶来北京展览馆 展会现场，中华老字号吴裕泰展区里一系列"跨界"创新茶产品吸引了他的注意力。 "今年新推出的茉莉花茶精酿啤酒很受消费者欢迎，备的货两天半就卖完了，现在公司正给我们紧急补 货。"吴裕泰前门旗舰店店长付代娣说。 面对消费市场新变化，我国茶业产业链进一步延伸，产品结构更加多元化。 "茶啤酒、茶食品等深加工产品和新茶饮业态快速发展，带动了茶产业综合产值提升。"安徽农业大学茶 树生物学与资源利用国家重点实验室主任宛晓春说。 "大家都知道吴裕泰卖茶叶，同时我们也做茶粽、茶饼干、茶口香糖。时代在变化，消费者喜欢什么， 我们就做什么，要紧跟潮流。"付代娣介绍，今年有了这款茶啤酒，为销售带来了新的增长点。 新茶饮激发市场新活力 "奶霜香茉""金桂乌龙"……在中华老字号张一元的展台前，几款新茶饮吸引了 ...