证券研究报告|社会服务 [Table_Title] 现制饮品行业系列报告二：从"规模之战" 到"价值之锚" [Table_ReportType] ——社会服务行业深度报告[Table_ReportDate] 投资要点： 行业发展趋势：门店扩张步伐放缓，展望消费频次提升。新茶饮行业从 规模化扩张转向高质量发展，门店增速放缓但人均消费杯量较海外仍有 巨大提升空间，驱动因素从价格升级切换至消费频次提升。同质化竞争 加剧背景下，市场集中度持续提高，马太效应显现，拥有强大供应链管 控能力、深耕下沉市场并具备清晰品牌定位的头部企业更具竞争优势。 二级市场表现：股价走势分化，下沉市场占优。二级市场表现显著分化， 凸显"高端承压、下沉占优"的行业趋势。早期上市企业如奈雪的茶、 茶百道普遍遭遇破发，2025 年蜜雪集团上市后强势表现重振信心。业 绩对比表明，深耕下沉市场的蜜雪集团、古茗等展现出更优的费用控制 和盈利水平。当前二级市场情绪已从初期的狂热转向理性，更关注企业 真实的经营能力与盈利模式的可持续性。 企业价值增长：产品创新、供应链强化与海外拓展。行业迈入精细化运 营阶段，企业价值增长依靠三大核心驱动力。产品创新上，竞争 ...

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]