胡润研究院：新茶饮品牌所使用的茶叶量已占到中国茶叶总产量的近10% 金十数据5月19日讯，胡润研究院发布《2025胡润中国新茶饮品牌TOP20》，蜜雪冰城、古茗、霸王茶 姬、喜茶、沪上阿姨、茶百道、奈雪的茶等新茶饮企业上榜。在胡润全球独角兽及未来独角兽榜单中， 中国企业占据了全球食品饮料行业47家企业中的一半以上，达到26家，其中新茶饮品牌是榜单中的重要 组成部分。同时，新茶饮产业已深度融入中国茶产业链条，新茶饮品牌所使用的茶叶量已占到中国茶叶 总产量的近10%。 ...

近年来，中国新茶饮品牌加速上市，掀起资本市场的关注热潮。这些品牌凭借创新产品和商业模 式，在东南亚市场迅速走红，赢得了当地消费者的喜爱。然而，中国新茶饮品牌出海之路并非一帆 风顺，品牌应当如何面临全球供应链建设的挑战？如何在海外市场实现长期稳定盈利？又如何进行 欧美成熟市场的开拓？近期，野村东方国际证券必选消费首席分析师周悦琅接受第一财经电视频道 《财经夜行线》采访，深入剖析中国新茶饮品牌的出海策略与应对之道。 本文转自第一财经，请点击"阅读原文"查看原文。 本文转载自： 第一财经 原文链接： https://www.yicai.com/video/102607786.html 免责声明 向上滑动阅览 本文系转载自 第一财经。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 ...

Core Viewpoint - RUU coffee, a brand under the parent company of Ningji, has opened franchise opportunities in February 2023, targeting only Changsha and Shanghai, with an estimated investment cost of around 340,000 to 370,000 yuan [1][2][4]. Group 1: Franchise and Investment Details - The franchise fee for RUU is 69,800 yuan, with a three-year contract and a 20,000 yuan deposit refundable without interest upon contract termination [2]. - The total estimated investment for opening a RUU store, excluding rent and transfer fees, is approximately 340,000 to 370,000 yuan, which includes various service fees and construction costs [2][4]. - RUU has registered in January 2022 and opened its first store in May 2022, with a current total of 8 stores across Changsha, Shanghai, and Hengyang [2]. Group 2: Dual-Store Model - RUU is experimenting with a dual-store model alongside Ningji, where existing Ningji franchisees can upgrade to a dual-store format after a period of operation [4][5]. - The dual-store model allows RUU to leverage Ningji's customer base and reduce costs, as existing franchisees can upgrade their stores for an additional investment of 150,000 to 200,000 yuan [4][6]. - The dual-store concept has seen RUU open 4 locations in Shanghai and Changsha, primarily branding them under Ningji, which may limit RUU's brand visibility [5][6]. Group 3: Market Position and Challenges - RUU's market recognition remains low, with an average daily order volume of only around 20, indicating challenges in consumer awareness and engagement [7][10]. - The competitive landscape is tough, with established brands like Luckin Coffee and Kudi dominating the 10-30 yuan price range, which RUU is targeting [10][11]. - RUU's reliance on Ningji for customer traffic may hinder its ability to develop a distinct brand identity and market positioning, raising concerns about long-term sustainability [10][11].

Core Viewpoint - The new tea beverage industry is experiencing a significant IPO boom in 2025, with multiple brands like Hu Shang A Yi, Mi Xue Bing Cheng, and Ba Wang Cha Ji successfully listing on stock exchanges, marking a shift from rapid expansion to efficiency-driven competition [4][6][15]. Group 1: IPO Trends - 2025 is referred to as the "Year of New Tea Beverage IPOs," with four major brands completing their listings in just four months [4]. - Hu Shang A Yi's stock opened 68% higher than its issue price, while Mi Xue Bing Cheng saw a subscription rate of 1145 times [1][4]. - The IPO wave is a response to slowing industry growth and tightening financing conditions, making public offerings a strategic necessity for these companies [6][12]. Group 2: Market Dynamics - The growth rate of China's new tea beverage market is projected to decline from 18.8% in 2023 to around 12% in 2024, with the total number of stores reaching 464,000 and over 20,000 closures [6]. - The industry is shifting from expansion through new store openings to competition based on existing market share, leading to a focus on operational efficiency [6][20]. - The financing environment has become challenging, with only 18 investment events in 2024, prompting companies to seek IPOs as a vital funding source [6][10]. Group 3: Company Performance - Hu Shang A Yi reported a revenue of 3.348 billion yuan in 2023, with a growth rate of 52.3%, but faced a decline to 3.285 billion yuan in 2024, marking a 1.9% decrease [16]. - Ba Wang Cha Ji achieved a GMV of 30 billion yuan in 2024, with rapid store expansion, indicating ongoing growth despite market challenges [17]. - Mi Xue Bing Cheng's revenue for 2024 was 24.829 billion yuan, a 22.3% increase, but its income heavily relies on franchisee purchases rather than direct consumer sales [18][25]. Group 4: Competitive Challenges - The industry faces severe homogenization and a slowdown in innovation, with new product introduction rates decreasing from an average of 6.2 days per item in 2023 to 7.2 days in 2024 [22]. - The reliance on franchise models has led to disparities in profitability among stores, with some locations struggling to generate sufficient revenue [20][25]. - Increased competition has resulted in franchisee dissatisfaction, with many facing challenges in profitability and market saturation [25]. Group 5: Future Directions - Companies are encouraged to focus on deepening market penetration and enhancing operational efficiency, particularly in lower-tier cities [27]. - Supply chain management is identified as a critical competitive advantage, with companies like Mi Xue Bing Cheng and Ba Wang Cha Ji optimizing their supply chains to reduce costs [29]. - The future of the new tea beverage industry will depend on balancing efficiency with brand loyalty and consumer engagement, moving beyond mere price competition [31].

"珠遵新茶饮"入 选中国品牌案 例！粤黔协 作"链"出农业更 高附加值_南方 +_南方plus 5月10日，2025 世界品牌莫干山 大会在浙江省湖 州市德清县举 行。其中，"'珠 遵新茶饮'—— 粤黔协作珠海· 遵义共同打造全 国首个新茶饮供 应链区域公用品 牌"案例，成功 入选"2025我喜 爱的中国品牌案 例"，并在大会 上发布。 进会（隶属于国 家市场监督管理 总局）发起，结 合品牌规划、品 牌塑造、品牌运 营、品牌推广、 品牌维护、品牌 自中央调整广东 省珠海市对口帮 扶贵州省遵义市 以来，通过叠加 区位、市场、物 流、电商、金融 等优势，两地选 择新茶饮赛道， 以工业化思维抓 农业，创新"政 府+科研机构+企 业+茶农"省际合 作协作模式，共 同在遵义打造全 国新茶饮供应链 中心，打造全国 首个新茶饮供应 链区域公用品 牌"珠遵新茶 饮"，力争实 现"让遵义茶农 每斤茶叶增收一 块钱"目标，解 决中国茶业产能 过剩问题，培育 和壮大新茶饮产 业集群，走出了 一条产业协作、 品牌强农、共同 富裕的新路径。 据了解，自2023 年创办以来，世 界品牌莫干山大 会吸引了世界各 地超万名行业精 英、专家学 ...

| 证券简称 | 上市时间 | 发行价 | 5月9日收盘价 变动率 | 当前总市值 | | --- | --- | --- | --- | --- | | 奈雪的茶 2021年6月30日 | | 19.8港元 | 1.11港元 | -94.39% 18.93亿港元 | | 茶百道 | 2024年4月23日 | 17.5港元 | 9.71港元 | -44.51% 143.5亿港元 | | 古茗 | 2025年2月12日 | 9.94港元 | 24.80港元 | 149.50% 589.8亿港元 | | 蜜雪集团 | 2025年3月3日 | 202. 5港元 | 481.80港元 | 137.93% 1829亿港元 | | 霸王茶姬 2025年4月17日 | | 28美元 | 32美元 | 14.29% 58.74亿美元 | | 沪上阿姨 2025年5月8日 113.12港元 | | | 144.50港元 | 27.74% 151.50亿港元 | | 图为:6家新茶饮上市企业股价变化 | | | 数据来源:东财Choice | | 头部新茶饮企业在2025年迎来上市"盛宴"。自2月以来，古茗、蜜雪集团、霸王茶姬、 ...

Core Viewpoint - The company "沪上阿姨" successfully listed on the Hong Kong Stock Exchange, achieving a significant opening and closing price increase, reflecting strong market interest and potential for growth in the tea beverage sector [1] Company Overview - Founded by the couple 单卫钧 and 周蓉蓉, "沪上阿姨" has a product pricing range of 7 to 22 HKD, focusing on unique offerings like blood glutinous rice milk tea [1] - After the IPO, the founders control 78.78% of the company, with their net worth exceeding 130 billion HKD [1] - The IPO raised 195 million HKD, marking "沪上阿姨" as the fourth new tea beverage company to go public this year [1] Financial Performance - The company reported revenues of 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY for the years 2022, 2023, and 2024 respectively, with corresponding adjusted net profits of 154 million CNY, 416 million CNY, and 418 million CNY [1] - The gross merchandise volume (GMV) for the first half of 2024 exceeded 5 billion CNY, with an expected annual revenue surpassing 10 billion CNY [1] Market Position and Strategy - "沪上阿姨" is the third largest tea beverage brand in terms of store count, with 8,437 stores opened by June 2024, and focuses on the lower-tier market [1] - The company has a strong franchise model, with 5,455 franchisees, about 30% of whom operate multiple stores [1] - The company emphasizes product innovation, launching over 100 new products annually from 2022 to 2024, and has a loyal customer base with 1.15 million registered members on its WeChat mini-program [1] Competitive Landscape - The tea beverage industry is highly competitive, and "沪上阿姨" aims to enhance its supply chain capabilities, which currently have room for improvement compared to competitors like "蜜雪冰城" [1] - The funds raised from the IPO will support the company's future growth and capability enhancement initiatives [1]

Core Viewpoint - The recent IPO of "沪上阿姨" on the Hong Kong Stock Exchange has shown a significant initial surge in stock price, but the subsequent decline raises concerns about the competitive landscape and financial performance of new tea beverage companies [1][3]. Group 1: Market Performance - "沪上阿姨" opened at HKD 190.6 per share, a 68.5% increase from the issue price, with a market capitalization exceeding HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1]. - On the second day, the stock price fell to HKD 160, closing at HKD 144.5, a decrease of 8.78% [1][3]. Group 2: Industry Competition - The new tea beverage market is highly saturated, with many established players like "奈雪的茶," "古茗," "茶百道," "蜜雪冰城," and "霸王茶姬" already in the space, leading to intense competition [4]. - The presence of over 40,000 stores for "蜜雪冰城" and nearly 10,000 for "沪上阿姨" indicates significant scale but also highlights the competitive pressures within the industry [4]. Group 3: Financial Performance - "沪上阿姨" is experiencing a decline in revenue and profits, with projections indicating a 15% drop in profit for 2024, which is significantly lower than competitors like "蜜雪冰城" [4]. - The valuation of "沪上阿姨" is considered high relative to its financial performance, especially when compared to "蜜雪冰城" and "霸王茶姬," which are viewed as having more reasonable valuations based on their earnings growth [4]. Group 4: Future Outlook - The industry is expected to see continued mergers and acquisitions as companies strive for efficiency and scale amidst fierce competition [5]. - The performance of new tea beverage companies post-IPO will heavily depend on their ability to grow profits, with significant disparities in valuations based on financial results [4][5].

作为饮料赛道的常青选手，柠檬的视觉和味觉已经成为一种符号，根植于当代消费者的认知中。而今年 的柠檬，以柠檬液的形态再次卷起一股新消费浪潮。 社交媒体上对于"柠檬液"的关注度颇高，小红上关于"柠檬液推荐"的话题有104万篇笔记，还有更多测 评、科普，以及搭配咖啡、养乐多、水果、椰汁等DIY创意饮品，"柠檬液的100种喝法"合集更是带动 了年轻人踊跃尝鲜。 图片来源：小红书@Asher 以下文章来源于天下网商 ，作者天下网商 天下网商 . 记录互联网商业的人物和故事。 天气转热，夏季饮品抢跑热销。 过去一年在电商平台，柠檬液品类销售额同比增长了1200%，成为冲饮类目中的明星产品。公开资料 显示，柠檬液在主流电商平台的年销售额约为10亿，排名前三的品牌分别是水獭吨吨、柠檬共和国和 王饱饱。 柠檬液品类的热销与消费者的健康意识升级紧密相关，为了帮助消费者实现"每天一杯柠檬水"的健康生 活方式，品牌商家通过技术迭代、供应链优化等动作，让柠檬液产品实现差异化优势，在有一定饱和度 的柠檬市场开辟出了新增量。 饱和市场里的新增量 人类对于柠檬的应用，历史悠久。早在17世纪的法国巴黎，就已有商人在街头贩卖柠檬水了。在中 国， ...

Core Viewpoint - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, becoming the fifth new tea beverage company in the Hong Kong market, with a significant first-day price increase of 68.5% from the issue price [1] Group 1: Company Performance - On its first trading day, Hu Shang A Yi opened at HKD 190.6 per share, reaching a market capitalization of over HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1] - The company's store count is projected to reach 9,176 by the end of 2024, representing a 73% increase from 2022, with 50.4% of stores located in third-tier cities and below [1] - Revenue for Hu Shang A Yi from 2022 to 2024 is forecasted at CNY 2.199 billion, CNY 3.348 billion, and CNY 3.284 billion respectively, with adjusted net profits of CNY 154 million, CNY 416 million, and CNY 418 million during the same period [1] Group 2: Market Context - The new tea beverage market in China is expected to exceed CNY 400 billion by 2028, but has shifted from an incremental market to a stock market since 2022, leading companies to focus on high-quality development rather than just expansion [1] - The stock performance of new tea beverage companies has shown significant divergence, with notable gains for Gu Ming, Mi Xue Ice City, and Ba Wang Tea Ji, while earlier entrants like Nai Xue's Tea and Cha Bai Dao have seen substantial declines in their stock prices [2] - The initial success of Hu Shang A Yi's listing is attributed to the confidence instilled in the market by Mi Xue Ice City, indicating a "domino effect" among new tea brands [2]