以下文章来源于霞光社 ，作者唐飞 编辑丨李小天 图源丨蜜雪冰城官网 "在时代广场，花星巴克一半的价钱就能买到一杯奶茶。" 一个月前，在纽约读书的留学生们惊喜地发现，来自中国的蜜雪冰城在这里开业了。令人惊讶的不是 门店本身，而是它的价格——1美元的冰淇淋、2-3美元的奶茶。这意味着只要花星巴克大杯拿铁 霞光社 . 赋能企业全球化 来源丨 霞光社（ID：Globalinsights） 作者丨 唐飞 （约5.8美元）一半的价钱，就能喝到一杯热乎的奶茶。 同样的价格标签也在悉尼、首尔、东京等全球多地出现，换算下来，这个价格只比蜜雪冰城国内价格 略高一点。 根据最新财报，蜜雪冰城海外业务已成为其增长最快的部分，2025上半年海外净增128家门店，整体 海外门店数来到4733家。 相比之下，同样积极出海的茶饮品牌还有喜茶、茶百道和霸王茶姬，海外门店主要也多位于大型城市 的城市核心地段，但却在财报中难觅可观的海外利润数据。 血糖乱不乱，雪王说了算 12月20日，蜜雪冰城洛杉矶好莱坞店正式营业，该店位于星光大道"中国剧院"正对面，所在商圈消 费成熟。5天后，蜜雪冰城在美国纽约再开两店。 蜜雪冰城在美国的开店思路延续品牌"高质 ...

Core Insights - The opening of MIXUE (蜜雪冰城) store on Hollywood Walk of Fame is generating significant interest among Chinese netizens in Los Angeles, with promotional activities including free drink giveaways [1][3] - The store has launched a limited-time pre-sale package priced at $3.99 (approximately 28 RMB), which includes a drink and ice cream, and offers discounts for new users [5] - MIXUE has expanded internationally since opening its first overseas store in Vietnam in 2018, now operating over 4,800 stores across 11 countries, including recent openings in Kazakhstan and upcoming stores in New York and Mexico [5][6] Company Performance - As of June 30, 2025, MIXUE has established a global network of over 53,000 stores, with 48,281 in mainland China and 4,733 overseas [6] - The company reported a revenue of 14.875 billion RMB for the first half of 2025, marking a year-on-year growth of 39.32%, and a net profit of 2.693 billion RMB, up 42.94% [6] - Other tea beverage companies, such as Bawang Chaji and Cha Baidao, are also accelerating their international expansion, with Bawang Chaji's overseas GMV reaching over 300 million RMB in Q3 2023, reflecting a year-on-year increase of 75.3% [6][8] Market Trends - The adaptation of MIXUE's products to cater to Western consumer preferences includes offering customized sugar levels, with options for 120%, 150%, and 200% sweetness [5] - The competitive landscape in the tea beverage sector is intensifying, with brands like Bawang Chaji and Cha Baidao also making significant strides in overseas markets, particularly in Southeast Asia [6][8]

Core Insights - The rise of Chinese tea brands in the U.S. is reshaping consumer habits and creating new market dynamics, with a significant increase in bubble tea shops expected to reach 7,845 by 2025 from 6,636 in 2024 [1][2] - The U.S. bubble tea market is valued at $2.6 billion and is growing at an annual rate of 9.1%, indicating strong potential for expansion [2][3] - No single bubble tea brand currently holds more than 5% market share in the U.S., suggesting a fragmented market with ample opportunities for growth [3] Market Entry Strategies - Heytea aims to position itself as a premium brand, directly competing with Starbucks by opening its first overseas LAB store in Times Square, New York, with a price point of $9.9 per item, which attracted significant customer interest [4] - Bawang Chaji adopts a different approach by pricing its products lower, with a large cup priced at $5.95, aiming to capture a broader consumer base in a competitive market [4] - Mixue Ice Cream and Tea is implementing a dual-coast strategy, opening stores in high-traffic areas like Manhattan and Hollywood, focusing on offering affordable products in premium locations [5] Challenges Faced - High operational costs in the U.S., including rent and labor, pose significant challenges for Chinese tea brands, necessitating higher revenue per store to achieve profitability [8] - The investment required for a single store in the U.S. can exceed $1 million, with substantial costs associated with securing prime locations [8] - Cultural differences and consumer perceptions of tea as a sweet beverage complicate market entry, as American consumers typically prefer higher sugar content in their drinks [9][10] Future Strategies for Success - Successful market entry requires precise location selection, with data indicating that at least 30,000 shopping centers in the U.S. can support bubble tea brands [12] - Product localization is crucial, as American consumers have different taste preferences, with a growing demand for brown sugar and matcha products [14] - Brands are expanding their offerings by bundling tea with other food items, enhancing customer experience and increasing average transaction values [15] Long-term Sustainability - Establishing a localized supply chain is essential for long-term success, with brands like Heytea investing in regional warehouses to control costs and ensure product consistency [16] - Cultural integration and brand value creation are vital, as brands need to offer a unique experience that differentiates them from traditional coffee shops and fast-food tea outlets [17] - The journey for Chinese tea brands in the U.S. is expected to be a long-term endeavor, focusing on gradual brand building and cultural assimilation rather than immediate profits [17]

Core Insights - Multiple tea brands are expanding into the U.S. market, with notable openings from Nayuki, ChaHalo, and TeaByDo, while Mixue is preparing to open its first store in New York's Chinatown [2][6][8] - The U.S. tea market is seen as having significant growth potential, akin to the early stages of the domestic tea market, despite the challenges posed by complex regulations [5][22] - The competitive landscape in Southeast Asia has prompted brands to seek new growth opportunities in the U.S., where the tea market is less saturated compared to coffee [21][36] Market Entry and Expansion - Several tea brands, including ChaHalo and TeaByDo, have opened stores in areas with high Chinese populations, such as Flushing, New York, which is becoming a hub for tea shops [6][8] - Mixue, which has a strong presence in Southeast Asia, is also entering the U.S. market, although it has recently reduced its overseas store count by over 160 due to operational adjustments in Indonesia and Vietnam [2][13] - The U.S. currently has fewer than 8,000 tea shops compared to over 45,000 coffee shops, indicating a potential market gap for tea brands [5][22] Consumer Preferences and Pricing - The pricing of tea drinks in the U.S. ranges from approximately $5.25 to $8.90, which is generally higher than local brands, reflecting the positioning of Chinese tea brands in the market [9][28] - U.S. consumers are increasingly seeking diverse beverage options, moving from coffee to tea, which presents an opportunity for tea brands to capture a growing market segment [28][36] Challenges in the U.S. Market - The complexity of U.S. regulations and the lengthy store setup process, often exceeding one year, pose significant challenges for tea brands entering the market [5][29][33] - Brands must adapt to local consumer preferences and operational requirements, which differ from their home markets, necessitating a tailored approach to product offerings and marketing strategies [30][35] - The high costs associated with compliance, local sourcing, and real estate in prime locations add to the operational challenges faced by tea brands in the U.S. [35][36] Strategic Insights - Brands like ChaHalo are focusing on the U.S. as a key market due to its relatively relaxed competition and strong consumer purchasing power, aligning with the broader strategy of cultural export [9][21] - The entry of tea brands into the U.S. market is expected to continue, particularly in areas with significant Chinese communities, although the pace of expansion may be slower compared to Southeast Asia [36][37]

Core Insights - The company, Mixue Ice City, is set to open its second store in North America on the Hollywood Walk of Fame in Los Angeles, following its first store in Manhattan, New York [1][5]. Store Details - The new store will occupy 752 square feet (approximately 69.86 square meters) and is currently under renovation, with an expected opening by the end of this year or early next year [1]. - The location at 6922 Hollywood Boulevard is strategically positioned across from major tourist attractions, including the TCL Chinese Theatre and Madame Tussauds, attracting approximately 10 million visitors annually, translating to an estimated daily foot traffic of about 27,400 [3]. Market Context - The Hollywood retail sector is experiencing a recovery, with the retail vacancy rate decreasing from 9% to 8% over the past year, indicating a resurgence in commercial activity [6]. - In contrast, other areas of Los Angeles have seen a significant increase in retail vacancies, with 1.7 million square feet of space being vacated during the same period [6]. Expansion Plans - Mixue plans to open an additional 5 to 10 stores in Los Angeles next year, targeting high streets, shopping centers, complexes, and airports [7]. - The company is also considering franchise opportunities, with store sizes ranging from 500 to 3,000 square feet, and has shown interest in locations previously occupied by Starbucks [7]. Financial Performance - The latest financial report indicates that Mixue achieved revenue of 14.875 billion yuan and a net profit of 2.718 billion yuan in the first half of the year, representing year-on-year growth of 39.3% and 44.1%, respectively [7]. - As of June 30, Mixue's global store network surpassed 53,000 locations across 12 countries, with 4,733 stores located overseas, marking an increase of 128 stores compared to the previous year [7]. Global Strategy - Mixue has made significant strides in international expansion, with recent openings in Kazakhstan and Brazil, and plans to establish a global business support center by 2025 to enhance operational efficiency [8][14]. - The U.S. market is seen as a critical battleground for Chinese tea brands, with over 45 brands having opened nearly 15,000 stores overseas, particularly in key urban areas [8][14]. Competitive Landscape - The U.S. tea beverage market is projected to grow at an annual rate of 9.1%, with potential for 5 to 10 times the current store count, expected to exceed $8 billion by 2030 [14]. - The absence of a dominant national player in the tea beverage sector presents an opportunity for Chinese brands to establish a foothold in the market [14].

Core Viewpoint - The company, Cha Bai Dao, is set to open its first store in North America in Flushing, Queens, New York, which is the largest Chinese community in the U.S. [1] Group 1: Expansion Strategy - Cha Bai Dao aims to provide fresh, made-to-order tea products to global consumers [1] - The company utilizes a standardized store operation system and a global supply chain network to ensure consistency in products and services across its international locations [1] Group 2: Recent Developments - In July, Cha Bai Dao entered the Singapore market, opening two stores on the first day, with an average customer wait time exceeding 2 hours [1] - The company's first store in France was opened in May in the 13th district of Paris [1]

Core Viewpoint - The article discusses the international expansion strategy of the tea brand "柠季" (Ningji), emphasizing a controlled and deliberate approach to entering overseas markets, particularly the United States and Southeast Asia, while adapting to local consumer preferences and operational challenges [7][14][38]. Group 1: International Expansion Strategy - 柠季 has opened 3 overseas stores and signed contracts for 18 more, with a focus on the U.S., Malaysia, Cambodia, Australia, New Zealand, and Singapore [6][21]. - The brand's founder, 汪洁, emphasizes that global expansion is not about replicating domestic success but about understanding and adapting to local markets [7][8]. - The U.S. market is viewed as a "developing country" for tea, with potential for growth, despite the slower pace of store openings compared to domestic expansion [14][19]. Group 2: Market Entry and Adaptation - The first overseas store in the U.S. was opened in July 2023, after extensive research and adaptation of the brand name to "BOBOBABA" to fit local recognition [8][14]. - In contrast to the U.S. market's slow pace, Southeast Asia is characterized by a "speed war," with a higher number of stores planned and opened in a shorter timeframe [20][21]. - 柠季's strategy includes testing models in less central locations to minimize risks and costs before expanding to more prominent areas [23][24]. Group 3: Operational Challenges - The brand faces significant operational challenges in the U.S., including lengthy approval processes and the need for bilingual documentation, which contrasts sharply with the faster pace of operations in China [16][18]. - The team is adapting to local cultures and consumer preferences, such as offering products that cater to the Muslim population in Malaysia [27][28]. - 柠季's internal structure allows for flexibility and adaptation, with a focus on building a strong foundational team before scaling operations [30][31]. Group 4: Future Trends and Goals - The company anticipates a trend towards consolidation and mergers in the tea industry, with larger brands acquiring smaller ones to enhance their market position [32][38]. - Future expansion plans include exploring markets in Brazil and Mexico, leveraging existing infrastructure from platforms like Meituan and Didi [33][38]. - The overarching goal is to ensure that overseas operations not only succeed commercially but also represent Chinese brands positively on the global stage [36][38].

Core Insights - The company, 柠季, has opened its first overseas store "BOBOBABA" in Los Angeles, California, marking its entry into the international market with a focus on bubble tea [1] - The company has a total of 3 operational overseas stores and has signed contracts for 18 additional locations across various countries, including Australia, New Zealand, Malaysia, and Singapore [1][2] - The founder, 汪洁, emphasizes a strategic approach to international expansion, prioritizing a measured pace rather than rapid replication of domestic success [2][3] Expansion Strategy - The company plans to expand internationally with a focus on the U.S. market, which is seen as a "developing country" for bubble tea, while also exploring opportunities in Southeast Asia [7][12] - The initial strategy involved waiting for established brands to test the waters before entering the U.S. market, allowing for a more refined approach [3][6] - The company has adopted a "test model" strategy in Southeast Asia, opening stores in less central locations to minimize risk and gauge local consumer preferences [15][19] Market Challenges - The U.S. market presents unique challenges, including slower operational processes and complex regulations, which require a longer planning and execution timeline compared to domestic operations [9][10] - The company has faced difficulties with local regulations, such as lengthy approval processes for signage and store design, which can take 6 to 12 months [11][10] - In contrast, the Southeast Asian market is characterized by a faster pace of expansion, with a significant number of stores already planned or opened [13][14] Product Localization - The company emphasizes the importance of localizing its product offerings to cater to regional tastes, such as introducing halal-certified products in Malaysia and adapting menu items for the U.S. market [17][19] - The branding and product names have been adjusted to resonate better with local consumers, avoiding direct translations that may confuse [17][9] - The company aims to create a balance between maintaining its brand identity and adapting to local market preferences [20][22] Organizational Structure - The company has a diverse leadership team with backgrounds in technology and operations, which aids in navigating the complexities of international expansion [21][22] - The internal culture promotes flexibility and creativity, allowing teams to adapt to local market conditions without rigid performance metrics in the early stages [22][27] - The company is focused on building a strong foundation before scaling, ensuring that the operational model is sustainable and replicable [31][28] Future Outlook - The company plans to continue exploring new markets, including Brazil and Mexico, while also considering potential acquisitions to enhance its market presence [23][28] - The founder predicts a trend towards consolidation in the industry, with larger brands acquiring smaller ones to strengthen their market position [27][28] - The emphasis will remain on a gradual and thoughtful approach to both international expansion and potential mergers and acquisitions [30][31]

Investment Rating - The report indicates a strong investment potential in the new tea beverage industry, particularly in overseas markets, highlighting the rapid growth of companies like Mixue Ice City and BaWangChaJi [1][2]. Core Insights - The tea beverage industry has evolved through three main stages: industrialized products, gradual diversification of raw materials, and a mature phase where consumers demand high-quality ingredients [4]. - The overseas market presents significant growth opportunities, with Mixue Ice City achieving a staggering 900% and 175% year-on-year revenue growth in 2022 and 2023, respectively [2][3]. - Different regions exhibit varying acceptance levels for Chinese tea brands, necessitating tailored strategies for market entry and expansion [5][6]. Summary by Sections Industry Development Stages - The tea beverage industry has undergone three key phases over the past 30 years: dominance of industrialized products, slow diversification of raw materials, and a current phase characterized by high consumer expectations for quality [4]. Regional Market Dynamics - Southeast Asia offers vast potential due to its tropical climate and youthful demographic, while Japan and South Korea require adaptations to cater to aging populations and seasonal preferences [5][11]. - The North American and European markets present both challenges and opportunities, with a need to expand consumer awareness beyond the Asian demographic [13]. Strategic Approaches for Expansion - Companies are adopting three main strategies: large-scale expansion in Southeast Asia, refined operations in Japan and South Korea, and premium positioning in North America and Europe [6][9]. - The supply chain is crucial for successful overseas expansion, requiring local sourcing and global procurement strategies [14][15]. Local Adaptation Strategies - Chinese tea brands are implementing localization strategies, including partnerships with local firms and adjusting pricing to fit local income levels [17][18]. - The pricing strategy varies significantly across regions, with brands like Mixue Ice City focusing on affordability in Southeast Asia while premium brands target higher-income consumers in Japan and South Korea [18]. Future Trends - The future of the tea beverage industry is expected to be driven by health-conscious trends and global expansion, with a focus on diverse consumer demands and supply chain efficiency [19][20].

Group 1 - The core viewpoint of the article is that the Chinese ready-to-drink tea industry is transitioning from homogeneous competition to global expansion and structural upgrades, with a focus on health and cultural recognition in consumer demand [11] - The current state of the domestic tea beverage market is characterized by intense competition and saturation in lower-tier markets, leading to the conclusion that international expansion is essential for growth [2][3] - The overseas revenue growth of tea beverages is showing a rapid increase, indicating a potential second growth curve for tea companies [2] Group 2 - The Southeast Asian market is identified as a promising area for high-density replication of ready-to-drink tea, supported by a favorable climate and a large young population [5] - In 2023, the annual consumption of new tea beverages in Southeast Asia reached $3.66 billion, with Indonesia leading at $1.6 billion [5] - The coffee-drinking culture in Japan and South Korea presents a challenge for tea beverages, necessitating strategies to penetrate these markets [8] Group 3 - The article emphasizes the importance of adapting pricing strategies to align with the income levels of overseas consumers [9] - Companies are encouraged to enhance product innovation capabilities driven by health upgrades and consumer demand segmentation [11] - Establishing a global supply chain to ensure quality and cost-effectiveness is crucial for maintaining competitive advantages [12] Group 4 - The article outlines a tiered international expansion strategy, suggesting high-density penetration in Southeast Asia, gradual market entry in Japan and South Korea, and a premium approach in the U.S. and Europe [14][15] - The need for consumer education and brand recognition in the U.S. and European markets is highlighted, as the current density of tea beverage stores is low compared to coffee shops [8]