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新茶饮行业分化
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2025上半年新茶饮,有人卷出头,有人直接出局?
Hu Xiu· 2025-09-14 00:00
Core Insights - The new tea beverage industry experienced significant growth in the first half of this year, with six listed companies collectively generating over 30 billion in revenue and exceeding 5 billion in net profit, indicating a thriving market [1] Industry Overview - The new tea beverage sector is showing a stark contrast in performance among companies, with some rapidly advancing while others are lagging behind, highlighting an increasing divergence within the industry [1]
新茶饮半年报:行业分化态势加剧 外卖业务将回归常态
Core Insights - The new tea beverage industry is experiencing significant differentiation, with leading companies leveraging scale and supply chain advantages to maintain market leadership, while other brands face increasing competition [1] - Overseas expansion has become a crucial strategy for major brands amid intensified domestic competition [4] - The impact of the recent delivery service subsidy wars has been limited on overall performance, with expectations for the delivery business to normalize [5][6] Revenue Summary - Mixue Group reported revenue of 14.875 billion yuan, a year-on-year increase of 39.3%, leading the industry [1] - Bawang Chaji achieved revenue of 6.725 billion yuan, ranking second, while Guming reported 5.663 billion yuan, with a growth rate of 41.2% [1] - Other brands like Cha Baidao and Hushang Ayi reported revenues of 2.5 billion yuan and 1.818 billion yuan, respectively, while Nayuki's Tea saw a decline in revenue to 2.178 billion yuan, down 14.4% [1] Profitability Overview - Mixue Group's profit increased by 44.1% to 2.718 billion yuan, maintaining its leading position [2] - Guming's profit surged by 121.5% to 1.625 billion yuan, driven by refined operations and supply chain optimization [2] - Other brands reported varying profit growth, with Cha Baidao at 333 million yuan (up 39.5%) and Hushang Ayi at 203 million yuan (up 20.9%), while Nayuki's Tea reduced its adjusted net loss to 117 million yuan, a 73.1% improvement [2] Store Expansion Insights - Mixue Group expanded its global store count to 53,014, with 9,796 new stores added in the first half of the year, 57.6% of which are in third-tier cities and below [2] - Guming became the second brand to exceed 10,000 stores, reaching 11,179 locations, with 1,570 new openings [2] - Nayuki's Tea reduced its store count to 1,638, closing 160 stores as part of its optimization strategy [2] Supply Chain Developments - Mixue Group has achieved 100% self-production of core beverage ingredients, establishing five production bases and over 70 smart production lines [3] - Guming has 98% of its stores implementing a "two-day delivery" cold chain, with an 85% direct sourcing rate [3] - Cha Baidao has increased its distribution centers to 26, ensuring next-day delivery for approximately 93.8% of its stores [3] Overseas Expansion Strategy - As of mid-year, Mixue Group has 4,733 stores outside mainland China, with a net increase of 128 stores, covering 12 overseas countries [4] - Bawang Chaji expanded its overseas store count to 208, with a GMV of 235.2 million yuan in Q2, a 77.4% year-on-year increase [4] Delivery Business Trends - The recent delivery service subsidy wars have had a limited impact on the new tea beverage industry, with brands like Mixue Group and Cha Baidao seeing increased order volumes [4] - Nayuki's Tea reported a 7.5 percentage point increase in revenue from delivery orders, indicating a growing reliance on this channel [4]
新茶饮行业半年报盘点:竞争加剧业绩分化明显
Zheng Quan Ri Bao· 2025-09-01 16:14
Core Viewpoint - The new tea beverage industry is experiencing significant changes in the first half of 2025, with leading brands achieving substantial revenue and profit growth, while smaller brands face increasing competitive pressure, leading to a more pronounced industry differentiation [1][7]. Revenue and Profit Summary - Mixue Group achieved a revenue of 14.875 billion yuan, becoming the only company in the new tea beverage sector to surpass 10 billion yuan in revenue [2] - Bawang Chaji ranked second with a revenue of 6.725 billion yuan, followed by Guming with 5.663 billion yuan, and Cha Baidao with 2.5 billion yuan [2] - Mixue Group also led in net profit with 2.718 billion yuan, while Guming's net profit growth reached 119.8%, the fastest among the brands [2] - Cha Baidao's profit increased to 333 million yuan, a year-on-year growth of 39.5%, and Hushang Ayi's net profit grew by 20.9% [2] - Although Nayuki's Tea remains in a loss position, its adjusted net loss narrowed by 73.1% to 117 million yuan, indicating improvement [2] Store Expansion and Market Position - As of June 30, 2025, Mixue Group's global store count reached 53,014, with an addition of 9,796 stores in the first half of the year [3] - Guming became the second brand to exceed 10,000 stores, with a total of 11,179 stores, and opened 1,570 new stores in the first half of the year [3] - Bawang Chaji has 7,038 stores globally, while Cha Baidao's store count increased to 8,444 [3] - Hushang Ayi added 260 franchise stores, bringing its total to 9,436, while Nayuki's Tea reduced its store count to 1,321, a decrease of 132 stores [3] Supply Chain and Overseas Expansion - Supply chain capabilities are crucial for performance growth, with Mixue Group achieving 100% self-sourcing of core beverage ingredients [4] - Guming has 98% of its stores implementing a "two-day delivery" cold chain, while Hushang Ayi has established a comprehensive logistics network [4] - Cha Baidao has expanded its national distribution centers to 26, achieving a high-frequency cold chain supply network [4] - Mixue Group has expanded its overseas presence to 4,733 stores across 12 countries, with a focus on the Americas and Central Asia [6] - Bawang Chaji has expanded its overseas store network to 208, while Cha Baidao has established a presence in eight countries, including South Korea and Spain [6] - Nayuki's Tea plans to accelerate its overseas expansion but has not disclosed specific store numbers or regions yet [6] Industry Trends and Future Outlook - The new tea beverage industry is showing clear signs of differentiation, with leading brands leveraging their advantages to maintain market leadership, while smaller brands face heightened competition [7] - Future growth for new tea companies will depend on continuous efforts in product innovation, supply chain optimization, and market expansion to adapt to changing market demands [7]