马来西亚之外，霸王茶姬出海多点开花。 作者 | 钟艺璇 编辑 | 乔芊 36氪独家获悉，霸王茶姬2025年门店扩张具体目标为——中国内地1000+家，中国香港50家，东南 亚地区100+家，美国10家。 2025年，霸王茶姬也终于开始在马来西亚之外的全球门店集中发力，但增长目标相对保守。 截止2024年底，霸王茶姬全球门店数达到6440家，其中海外门店156家，绝大多数位于马来西亚 （148家）。借助"直营＋合资"模式以及知名运动员李宗伟的推广，霸王茶姬在马来西亚实现了规模 化扩张。一位头部茶饮品牌的海外区域经理告诉36氪，"我们的团队还一起去过马来西亚，就是为了 考察霸王茶姬的经验。" 但单个区域的突破，并不全然代表全球化能力。从去年开始，霸王茶姬开始将视线转移到中国香港、 印度尼西亚、新加坡乃至美国，在当地已经拥有个位数的少量门店。和中国内地相同，霸王茶姬在中 国香港及海外继续沿用了"高举高打"的风格，即核心商圈点位，做体验感大店，甚至不惜重金租用门 前场地做展厅，例如今年4月开业的霸王茶姬首家北美门店，其选址就位于美国洛杉矶人气商场 Westfield Century City，紧邻比佛利山庄和西洛杉矶 ...

Core Insights - The company reported total revenue of $3 billion in Q1 2025, a year-on-year increase of 1% (2% excluding foreign currency effects) [1] - Adjusted net profit reached $292 million, reflecting a 2% year-on-year growth (3% excluding foreign currency effects) [1] Store Expansion - The company added a net of 247 new stores in Q1 2025, with franchises accounting for 25% of the new openings [1] - By brand, KFC added 295 new stores (41% franchise), while Pizza Hut added 45 new stores (33% franchise) [1] - The total number of stores reached 16,642, with KFC at 11,943 and Pizza Hut at 3,769 [1] - The new brand, KFC Coffee, achieved a milestone of 1,000 stores, with potential for further expansion leveraging KFC's resources and membership system [1] Sales Performance - System sales increased by 2% year-on-year, primarily driven by a 4% contribution from net new stores [2] - Same-store sales remained flat, with KFC's same-store sales holding steady and Pizza Hut's same-store sales also unchanged [2] - KFC's same-store transaction volume grew by 4%, while average ticket price declined by 4% due to a broader price range [2] - Pizza Hut saw a 17% increase in same-store transaction volume, with a 14% decline in average ticket price, attributed to more cost-effective product offerings [2] Profitability - The cost structure improved, with raw material costs decreasing, leading to an increase in operating profit margins [3] - KFC's restaurant-level profit margin rose by 0.5 percentage points to 19.8%, driven by lower raw material prices and operational efficiencies [3] - Pizza Hut's restaurant-level profit margin increased by 1.9 percentage points to 14.4%, also benefiting from reduced raw material costs and automation [3] - Overall, the company's core operating profit margin grew by 0.8 percentage points to 13.4% [3] Future Outlook - The company is expected to add 1,600 to 1,800 new stores in 2025, maintaining a high opening pace [4] - Projected net profits for 2025-2027 are $989 million, $1.06 billion, and $1.127 billion, respectively, with corresponding PE ratios of 17, 16, and 15 [4]

Core Viewpoint - The article discusses the recent IPO of "沪上阿姨" (Hushang Auntie) on the Hong Kong Stock Exchange, highlighting its rapid growth, challenges in the competitive new tea beverage market, and the potential risks associated with its business model and market conditions [4][6][21]. Group 1: Company Overview - "沪上阿姨" was founded by a couple, 单卫钧 and 周蓉蓉, and has a product pricing range of 7-22 RMB, focusing on various tea beverages [4][5]. - The company went public on May 8, with a closing price of 158.4 HKD, marking a significant increase and a market capitalization of approximately 16.6 billion HKD [4][6]. - After the IPO, the founders retained 78.78% of the company's shares, with their net worth exceeding 13 billion HKD [5]. Group 2: Financial Performance - The IPO raised 1.95 billion HKD, making "沪上阿姨" the fourth new tea beverage company to go public this year [6]. - The company's gross merchandise volume (GMV) reached 10.7 billion RMB in the previous year, with a year-on-year growth of about 10% and a slight increase in gross margin to 31.3% [15]. - However, the net profit for 2024 is projected to be 329 million RMB, a decrease of approximately 59 million RMB compared to the previous year, and the average GMV per store dropped from 1.6 million RMB in 2023 to 1.4 million RMB [16]. Group 3: Market Challenges - The new tea beverage market is becoming increasingly crowded, with "沪上阿姨" facing challenges in maintaining its growth trajectory [7][20]. - The company has a high reliance on franchise stores, with 99.7% of its over 9,000 stores being franchises, leading to concerns about the quality and profitability of these outlets [22][23]. - The franchise model has shown vulnerabilities, as evidenced by a closure rate of 7.7%, the highest among major brands, and issues related to food safety and hygiene [25][26]. Group 4: Strategic Initiatives - The company plans to use IPO proceeds for digital upgrades, supply chain enhancements, and store expansion to strengthen its brand competitiveness [14]. - "沪上阿姨" aims to penetrate lower-tier cities, where over half of its stores are located, and is focusing on rapid product innovation to capture market share [28][29]. - New product lines and sub-brands, such as "轻享版" and "茶瀑布," are being introduced to target different market segments and price points [32][34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

证券研究报告·公司点评报告·医药商业 一心堂（002727） 2024 年年报及 2025 年一季报点评：利润短 期承压，省外扩张成效显著 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,380 | 18,000 | 20,189 | 22,307 | 24,490 | | 同比（%） | (0.29) | 3.57 | 12.16 | 10.49 | 9.79 | | 归母净利润（百万元） | 549.44 | 114.14 | 642.45 | 717.17 | 797.64 | | 同比（%） | (45.60) | (79.23) | 462.87 | 11.63 | 11.22 | | EPS-最新摊薄（元/股） | 0.94 | 0.19 | 1.10 | 1.22 | 1.36 | | P/E（现价&最新摊薄） | 15.24 | 73.37 | 13.03 | 11.68 | 10.50 | ...

公司还是中国餐饮行业中，极少数实现全年同店销售额正增长的企业。更具象征意义的是，第1,000家门店 的开业，使其跻身中国三家千店规模的比萨连锁品牌之列。 尽管成绩斐然，达美乐中国仍然会受到宏观经济放缓的影响。在消费者日趋审慎的当下，这种需求疲软正 冲击多个行业的市场。 中国政府正通过多项刺激措施力图扭转局面，其中提振消费的举措持续加码。上个月早些时候召开的全国 两会传递积极信号，维持2025年GDP增长目标在5%左右，与去年持平，为经济企稳注入信心。 达美乐中国的战略布局与政策导向不谋而合，去年业绩显示，公司计划今年加速开店步伐，重点拓展众多 尚未深度开发的低线城市。继去年新增240家门店、以1,008家的总数突破千店里程碑后，公司表示2025年力 争再开300家新店。 公司为这项雄心勃勃的扩张计划安排了5.7亿元人民币（约合7,860万美元）的资本开支预算。这一相对克制 的投入，得益于其门店惊人的投资回报速度。异域风情餐饮品牌引爆消费热潮，新城市的消费者慕名打卡 门店。2023年圣诞节至2024年底期间，达美乐中国在18个新城市开设的80家门店，平均投资回收期在12个 月以内，远低于全球平均3年以上的周期。 ...

以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 作者丨初夏 惊蛰研究所 . 探索发现新经济。 将投中网设为"星标⭐"，第一时间收获最新推送 来源丨惊蛰研究所 2025年开年以来，新茶饮赛道好消息不断，古茗、蜜雪冰城先后成功挂牌上市，沪上阿姨、霸王茶 姬也传言IPO在即。然而作为现制饮品另一条赛道的咖啡，却是不同光景。 下沉的不只是市场。 从头部品牌的价格厮杀到新玩家的跨界搅局，从连锁门店的疯狂扩张到精品咖啡的黯然收缩。咖啡赛 道的2025没有"春和景明"，只有从"烈火烹油"转向"文火慢炖"的行业竞争环境。 当满大街的咖啡香气，无法掩盖行业的"苦味"，咖啡品牌们对"苦尽甘来"的渴望也越发强烈。 但是对于国内的咖啡企业来说，上游的原料涨价只是加剧价格竞争的客观因素，来自内部友商的压迫 感更为致命。 价格战常态化，推动竞争升维 2025年的春天还没到，咖啡赛道价格战的号角就已经吹响。 元旦前夕，瑞幸咖啡发布了三条针对加盟商的补贴政策，内容包括下调原料供货价、新增学校定点补 贴、给予营业额较低门店补贴，并且三项政策已于2025年1月1日起生效。瑞幸的"补贴三板斧"看似 是为了扶持加盟商，增加线下门店的竞争力，但从另 ...