当喜茶暂停加盟引发行业热议，当蜜雪冰城收购同行拉开整合序幕，当"1分钱奶茶"在外卖平台掀起抢购潮，一连串事件预示着新茶饮赛道正 在进入一个全新的阶段。 2025年的茶饮业依然热闹非凡，但这种热闹呈现出不一样的景象。 ▲图源：喜茶合伙助手小程序&微博话题 ▲图源：喜茶官微 01、喜茶喊停"合伙申请"，增速放缓，头部品牌扎堆"踩刹车" 过去几年，茶饮赛道满是"扩张故事"，门店数破万、新店排队时长破纪录、城市密度持续加码……而如今，剧情走向开始偏移。 今年2月10日，喜茶发布主题为《不参与数字游戏与规模内卷，回归用户与品牌》的内部全员邮件，正式宣布将暂时停止接受事业合伙申请。 邮件中，喜茶将未来的战略方向定调为"更加极致地执行差异化战略，为用户带来独属于喜茶的独特品牌体验"。 这一决策迅速在行业内外引发广泛关注。发稿前，饮Sir登陆"喜茶合伙助手"小程序，依然显示"已暂停事业合伙申请"。 与暂停事业合伙申请的政策相匹配，喜茶2025年的规模增长几乎陷入停摆。窄门餐眼数据显示，喜茶2025年仅新开65家新店，而开放合伙人申 请后的2023年，喜茶新开2395家门店。 而喜茶，并非个例。 窄门餐眼数据显示，截至2025 ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the beverage industry [5] Core Insights - The new tea beverage market is transitioning from rapid growth to a more mature phase, with increasing competition leading to a shift from high-priced, heavily marketed products to a focus on frequency and sustainable operations. The performance of listed tea companies will increasingly depend on their strategic alignment with lower-tier markets [1][2] - The industry is experiencing a slowdown in store expansion, with a shift towards enhancing consumer frequency. The market is expected to grow at a CAGR of 17.59% from 2023 to 2028, indicating a transition from scale expansion to high-quality development [2][11] - The focus for value growth in tea companies will be on product innovation, strengthening supply chains, and expanding into overseas markets, particularly in Southeast Asia [3][53] Summary by Sections Industry Development Trends - The new tea beverage industry has seen rapid growth since 2015, with market size increasing from 1,878 billion yuan in 2018 to 5,175 billion yuan in 2023, reflecting a CAGR of 22.47% [11] - The industry is shifting from price upgrades to frequency enhancements as the main growth driver, with a notable increase in market concentration due to intensified competition [1][15] - The average per capita consumption of ready-to-drink beverages in China is only 22 cups, compared to 323 cups in the US, indicating significant room for growth in consumption frequency [22] Secondary Market Performance - The secondary market for new tea companies has shown significant divergence, with early entrants like Nayuki Tea and Cha Baidao facing stock price declines, while companies like Mixue Group have performed strongly post-IPO [2][28] - The IPO performance of new tea companies has been mixed, with some experiencing severe declines post-listing, highlighting the market's cautious sentiment towards high-end brands [28][30] Corporate Value Growth - Companies are focusing on product innovation by enhancing health attributes through functional ingredients, strengthening supply chains for cost efficiency, and exploring international markets for growth [3][53] - The competitive landscape is evolving, with leading companies like Mixue Group and Gu Ming leveraging their supply chain capabilities and market positioning to achieve superior profitability and cost control [49][50]

Core Insights - The new tea beverage industry is entering a consumption peak as summer approaches, with major brands launching new products to capture market share [1] - Health-conscious trends are driving the introduction of innovative products featuring fresh and healthy ingredients [1][4] Industry Trends - The order volume for beverage categories has consistently ranked first in the restaurant sector since April 20, with a 110% week-on-week increase in searches for summer-themed drinks [1] - The number of tea beverage merchants launching new products has increased by nearly 30% compared to the same period last month [4] Company Highlights - Cha Bai Dao launched its "Oriental Plant Fresh Fruit Tea" series, with the "Fresh Purple Perilla Multi-Fruit Grape" and "Rose Grape" products selling 1.8 million cups within five days [1][2] - The new product from Xi Tea, "Ying Hong. Cheese Sticky," achieved a first-day sales record of 800,000 cups nationwide, with some stores selling 1,500 cups in a single day [2] - Jasmine Milk White's "Green Mango Yellow Skin Ice Tea" sold over 100,000 cups on its first day, showcasing innovative flavor combinations [3] Consumer Preferences - Consumers are increasingly focused on health management, leading to a rise in low-sugar and low-calorie fruit and vegetable tea beverages [4] - The pairing of tea drinks with food items like fried chicken and barbecue is becoming more popular, indicating a shift in consumer dining habits [4]