新华财经北京9月19日电（记者丁雅雯）记者19日从茶百道获悉，茶百道法国首家门店日前在巴黎正式 开业。同时，第二、第三家门店也已在规划之中。茶百道相关负责人表示，未来海外业务的成功不仅取 决于门店数量，更取决于单店运营质量及品牌的长期价值。茶百道将以可复制的模型稳步拓展海外新 店，并在重点市场提升运营效率。 茶百道的出海步伐是当前中国茶饮品牌全球化布局的一个缩影。近年来，随着国内茶饮市场竞争持续加 剧，出海寻找新增量已成为头部品牌的共同选择。除茶百道外，蜜雪冰城、喜茶、奈雪的茶等品牌也纷 纷加速海外市场开拓，从东南亚到欧美、澳新，中国茶饮的全球"地图"正在迅速扩张。有报告显示，全 球现制茶饮市场潜力巨大，尤其是在亚洲和欧美华人聚集区，消费者对新式茶饮的接受度不断提高，为 中国品牌出海提供了广阔空间。 随着茶百道境外门店网络扩张加速，华西证券、兴业证券等机构在近期的研报中均对其境外业务给予积 极评价。分析师指出，茶饮行业出海已从试探阶段步入规模化、系统化拓展时期，供应链能力和品牌运 营效率将成为决定海外盈利能力的核心因素。成功布局海外市场，不仅有助于品牌打开新的增长通道， 也将进一步反哺其国内市场的品牌形象与综 ...

Core Viewpoint - Gu Ming (01364.HK) reported strong financial performance for the first half of 2025, with revenue of 5.663 billion and a net profit attributable to shareholders of 1.625 billion, reflecting year-on-year growth of 41.2% and 121.5% respectively [2] Group 1: Financial Performance - The company achieved a revenue of 5.663 billion, marking a year-on-year increase of 41.2% [2] - Net profit attributable to shareholders reached 1.625 billion, showing a significant year-on-year growth of 121.5% [2] Group 2: Store Expansion - As of the end of the first half of the year, Gu Ming had a total of 11,179 stores, making it the second-largest brand in China's ready-to-drink tea market [2] - The company plans to add over 3,000 new stores this year, having already met its internal growth guidance for the year [2][3] - Gu Ming adopts a cautious approach to store expansion, focusing on increasing store density within single provinces to achieve scale effects and reduce supply chain costs [3] Group 3: Market Strategy and International Expansion - Gu Ming is currently the only major ready-to-drink tea brand that has not yet expanded internationally [2] - The management indicated that while the company is preparing for international expansion, it remains a lower priority compared to domestic market growth [3] - The founder expressed that international expansion presents both opportunities and challenges, and the potential benefits may be overstated compared to the risks involved [2][3]

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 ...