公司管理层在业绩会上透露，算上已签约、在装修还未正式开业的店，古茗今年到目前将会有三千多家 门店的增长，已完成公司内部全年的门店增长指引，但"这个增长指引定的比较保守"。 当下新茶饮市场竞争激烈，不少品牌积极出海寻求新增长，蜜雪冰城已在海外开出超4700家门店，沪上 阿姨、茶百道、霸王茶姬等品牌今年都在海外市场取得显著进展；茉莉奶白、爷爷不泡茶等新晋品牌也 已将门店开到了海外。 古茗是目前唯一一家还未走出中国内地的颇具规模的新茶饮品牌。 业绩会上，有分析师就出海话题询问管理层。古茗创始人王云安认为，"出海是机会也是挑战，但机会 不像报道中说的那么可观。"他补充道，餐饮行业走向海外会遇到很多与国内不同的情况，例如运输要 求、不同国家的人文情怀等。 不过，古茗在中期财报中指出，未来将评估境外市场的机遇。公司管理层也在业绩会上表态，古茗未来 会出海，且出海的筹备动作已经开始了，但不会是近期，内部将在下周开会讨论出海议题。 8月27日晚间，古茗（01364.HK）召开2025年上半年业绩说明会。 "如果中国都开满了，没地方开了，那只能说出海的空间更大。"古茗认为，公司目前优先级仍在国内市 场的拓展，出海的泡沫可能大于 ...

Investment Rating - The report indicates a positive outlook for the tea beverage industry, particularly in overseas markets, driven by cultural confidence and localization strategies [5][25][32]. Core Insights - The domestic tea beverage market is experiencing intensified competition, prompting brands to explore new markets abroad [3][8]. - Cultural confidence is empowering tea brands to seize opportunities in overseas markets, with a focus on localization and digitalization to drive growth [5][7][25]. - The Southeast Asian market presents a fragmented landscape with fierce competition in the mid-to-low-end segments, while opportunities exist in the high-end market [32][35]. Summary by Sections Market Overview - The tea beverage market is projected to grow significantly, with a compound annual growth rate (CAGR) of 12% from 2020 to 2023, despite a decline in the domestic market [13][19]. - The report highlights the importance of adapting to local tastes and preferences in international markets, particularly in Southeast Asia [36][39]. Growth Drivers - Localization and digitalization are key drivers for the growth of tea brands in overseas markets, allowing them to better connect with consumers [7][25]. - The report emphasizes the need for brands to innovate and offer health-conscious options, such as low-sugar and low-calorie beverages, to meet changing consumer preferences [37][44]. Competitive Landscape - The Southeast Asian tea beverage market is characterized by a high degree of fragmentation, with numerous brands competing primarily in the mid-to-low-end segments [35][36]. - High-end market segments remain underdeveloped, presenting opportunities for brands like Heytea and Nayuki to expand their presence [35][36]. Regional Opportunities - In Southeast Asia, the report identifies key opportunities in health-oriented products and local flavor integration, which are crucial for market penetration [36][37]. - The report also notes that the UK market is ripe for innovation, particularly with the introduction of Asian flavors and health-focused beverages [56][57]. Strategic Recommendations - Brands are encouraged to leverage digital marketing and social media to enhance brand visibility and consumer engagement in international markets [121][125]. - The report suggests that a comprehensive understanding of local cultures and consumer behaviors is essential for successful market entry and growth [36][37].

Core Viewpoint - Bawang Chaji (CHA.US) is expanding its overseas operations by entering into a joint venture in Thailand, acquiring a 51% stake in its local subsidiary, which reflects a strategic move to enhance its market presence in Southeast Asia [2][3]. Group 1: Investment and Partnership - Thailand President Foods Co., Ltd. has invested over 142 million THB (approximately 31.19 million RMB) to acquire a 51% stake in Bawang Chaji Thailand, changing the shareholder structure [2][3]. - The partnership includes key local players from food production, logistics, and real estate, providing essential resources for the brand's expansion [3]. - Bawang Chaji previously established a joint venture in Malaysia with Magma Chain Management, indicating a trend of collaboration with local firms to facilitate market entry [4]. Group 2: Market Trends and Strategy - Analysts suggest that the joint venture model will become a crucial pathway for many restaurant brands looking to expand internationally, particularly in Southeast Asia [5]. - The Southeast Asian market is seen as a primary growth area for Chinese tea brands due to geographical advantages and cultural similarities [5]. - A report indicates that the next five years will be pivotal for the global competition of Chinese tea brands, with Southeast Asia being the preferred destination for expansion [5]. Group 3: Company Performance and Future Outlook - As of March 31, 2025, Bawang Chaji operates 6,681 tea houses globally, with 169 located overseas [7]. - The average monthly GMV for tea houses in Greater China has decreased to approximately 432,000 RMB, down from 549,400 RMB in the same period last year [7]. - The company is transitioning from a rapid growth strategy to a same-store sales growth strategy, focusing on quality and key performance indicators rather than just expansion speed [8].

01 市场竞争激烈 尽管中国现制茶饮市场规模已突破千亿元，并在持续增长，但行业增速正在放缓。根据中国连锁经营协会数据，我国现制茶饮店行业规模虽然保持增 长，但是面对2025年，新茶饮市场规模增速预计将从2023年的44.3%放缓至2025年的12.4%。 据GeoQData数据显示，2024年上半年101家连锁新茶饮品牌新开店量与去年同期持平，但闭店量却提升了近3000家。全国超过3000个品牌在市场中激战， 部分品牌选择降价以维持竞争力，喜茶和奈雪的茶将价格压至15元区间，而蜜雪冰城凭借6元柠檬水占据下沉市场，中端品牌则面临"上下挤压"的困境。霸 王茶姬虽在一二线城市占据一定市场份额，但如何在下沉市场维持竞争力仍是挑战。 近年来，国内新茶饮市场竞争日趋激烈，行业"内卷"现象明显。虽然整体市场规模仍在增长，但增速却在放缓。在这样的市场环境下，霸王茶姬虽然扩张 迅速，但业绩增长压力加大，寻求海外市场成为其突破口。 来源丨征探财经 作者丨征探君 霸王茶姬的快速扩张主要依赖于加盟模式，这一模式在助力门店数量增长的同时，也带来了一定的管理风险，尤其是食品安全问题。近年来，部分霸王茶 姬门店因食品安全问题被投诉，如何在 ...