Core Insights - Bawang Chaji has opened its first campus store at Tsinghua University, achieving over 2,200 cups sold on the opening day, making it the top GMV store nationwide that day [1] - The brand has expanded to nearly 200 universities across China, with over 2 million student members by June 2025, indicating strong market penetration [1] - The student consumer market is significant, with over 47 million students and an estimated annual consumption of 850 billion yuan in 2024 [1] Industry Overview - The competition in the campus beverage market is intensifying, with multiple brands like Heytea, Gu Ming, and Tims entering the space [1] - As of December 2024, at least 35 tea and coffee brands have opened over 9,000 campus stores, representing 6.15% of total stores [1][3][4] Brand Performance - Among coffee brands, Luckin Coffee leads with 1,256 campus stores, while Bawang Chaji has 67 campus stores, which is a small percentage of its total 5,699 stores [3][4] - The majority of campus stores are operated by tea brands, with Mixue Ice City having 2,162 campus stores, followed by Sweet Lala with 1,286 [4] Consumer Behavior - Students prioritize cost-effectiveness, with many brands adjusting their pricing strategies to remain competitive within campus environments [5] - The demand for a "third space" for studying drives students to frequent beverage shops, especially during exam periods [5] - Students are open to trying new products, as evidenced by Sweet Lala's successful trial of a new product that sold over 1 million cups in three days [5][6] Operational Insights - Campus stores benefit from lower labor costs by employing part-time students, which can save significant expenses compared to hiring full-time staff [6][7] - The operational model for campus stores varies, including independent stalls in cafeterias and partnerships with school administrations, which can complicate entry into the market [8][9] Challenges - High rental costs and management fees in campus locations can significantly increase operational expenses, making profitability challenging [9] - The seasonal nature of campus dining, with limited operational months, poses additional challenges for maintaining consistent revenue [9]