现制茶饮猛攻下，香飘飘或出现上市以来最大半年报亏损。近日，香飘飘发布的上半年业绩预亏公告，预计2025年上半年实现营收10.4亿元左右，同比下降 约12.2%；归属于上市公司股东的净利润将亏损9739万元左右，亏损扩大2.3倍。自2021年奈雪的茶登陆港交所成为"新茶饮第一股"以来，一批头部茶饮企业 相继排队IPO，仅2025年就有古茗、蜜雪冰城、霸王茶姬、沪上阿姨四家登陆资本市场。面对现制茶饮品牌的冲击，香飘飘试图加快转型，今年试水了首家 线下门店，推出现泡茶和果茶新品，但收效不明显，下半年业绩压力依旧会很大。 预亏近亿元 近日，香飘飘发布的2025年半年度业绩预亏公告显示，营收和净利润预计双降。其中预计营收10.35亿元左右，与上年同期相比减少1.44亿元左右，同比下降 12.21%左右。财务部门初步测算，预计报告期内实现归属于上市公司股东的净利润将出现亏损。与上年同期相比，将增加亏损6789万元左右，至亏损9739 万元左右。 对于业绩预亏的主要原因，香飘飘表示，2025年上半年度，受到外部消费环境、消费习惯及消费需求的变化影响，公司传统冲泡产品在旺季销售承压，叠加 春节时点相比上年度有所提前，一季度的 ...

Core Viewpoint - The Chinese ready-to-drink tea market is experiencing remarkable growth, with HSBC highlighting Guming and Mixue as standout brands due to their scalability and competitiveness, with a more favorable outlook for Guming's growth potential [1][20]. Market Overview - The market size of China's ready-to-drink tea is projected to reach RMB 211.5 billion by the end of 2023, significantly surpassing the ready-to-drink coffee market at RMB 151.5 billion [3]. - The market is highly fragmented, with approximately 660,000 tea shops and 4,000 to 5,000 brands, resulting in a low survival rate [3]. Company Analysis Mixue - Mixue is positioned as a low-cost market leader, with some products priced as low as RMB 7 [7]. - It has over 46,000 stores in China and nearly 5,000 overseas, making it the largest fast-food chain by store count globally [7]. - Despite its strong market position, its current valuation reflects its advantages, leading to a neutral rating. The expected compound annual growth rate (CAGR) for net profit from 2024 to 2027 is 17.4%, with a price-to-earnings growth (PEG) ratio of approximately 1.67, indicating limited attractiveness [8][9]. Guming - Guming targets the mid-range market, focusing on fresh fruit tea, and has established a self-operated cold storage supply chain, creating a strong competitive barrier [10][15]. - It has a higher single-store profitability, with a payback period of 16 months, compared to Mixue's longer payback period [12][20]. - Guming's average annual gross merchandise volume (GMV) per store is RMB 2.4 million, significantly higher than Mixue's RMB 1.4 million [16]. - The average GMV per transaction for Guming is RMB 27.9, while Mixue's is RMB 11.6, reflecting their different market positioning [19]. - Guming's expected net profit CAGR from 2024 to 2027 is 24.4%, with a PEG ratio of approximately 1.03, suggesting better growth potential and investment value, leading to a "buy" rating [15]. Competitive Landscape - Both companies have ambitious expansion plans, with Mixue aiming for 100,000 stores in China and Guming targeting 30,000 to 40,000 stores [20]. - HSBC's end-game model indicates that Guming may have a higher net profit growth potential (34%) post-2027 compared to Mixue (26%) despite the difference in store numbers [20][21]. Investment Considerations - The report provides a clear analytical framework for investors, indicating that while Mixue wins in scale, its high valuation limits upside potential, whereas Guming shows superior growth potential and investment value through its product and supply chain strategies [20].

Core Insights - The company, Hu Shang A Yi, is preparing for the peak season of tea beverages by launching supportive policies for franchise partners, particularly targeting young entrepreneurs [2] - The company is innovating its product offerings to align with market trends, focusing on health and dietary needs [3][4] - A robust support system for franchisees is established, covering site selection, supply chain, operations, and marketing [5][6][7] Group 1: Franchise Support Initiatives - Hu Shang A Yi announced several promotional policies to alleviate financial burdens on franchise partners, including a reduction of 20,000 yuan in brand authorization fees and a 30% down payment on equipment costs, with the remaining amount payable in 12 months interest-free [2] - The company aims to empower young entrepreneurs and franchise partners in Shandong by providing policy support and brand empowerment [2] Group 2: Product Innovation - Starting in 2024, the tea beverage industry is undergoing a health transformation, with Hu Shang A Yi upgrading its product standards to include a new "Super Fruit and Vegetable Tea Series" that provides 20% to 35% of the daily dietary fiber requirement for adults [3][4] - The launch of the new product line generated significant consumer interest, achieving over 10 million views on social media within 12 hours [4] Group 3: Operational Support - Hu Shang A Yi has developed a comprehensive support system for franchisees, utilizing big data and established models to assist in site selection, thereby increasing the success rate of new openings [5] - The company maintains a global direct sourcing supply chain to ensure consistent quality and timely delivery of raw materials, which is crucial for efficient store operations [5] - Regular training programs are conducted to enhance the operational management and standardized service capabilities of franchise stores [6] Group 4: Marketing Strategies - The company actively organizes national and regional marketing campaigns and collaborates with well-known IPs to drive traffic and stimulate consumer interest [7] - The combination of attractive franchise policies, innovative product offerings, and solid operational support is driving Hu Shang A Yi's scalable growth, with over 9,100 stores across more than 300 cities by the end of 2024 [7]

6月10日，星巴克在中国市场罕见下调饮品价格。 旗下包括星冰乐、冰摇茶、茶拿铁在内的数十款非咖啡饮品集体调价，大杯平均降幅达5元。星巴克中 国表示，这三大系列是其非咖啡产品线的王牌产品。 《IT时报》记者走访上海市中心多家星巴克门店发现，线下门店咖啡品类饮品仍维持原价，数十款非咖啡饮品已经降价。之后，记者在多个外卖平台发 现，星巴克部分饮品已降至10元级。淘宝闪购平台上，星巴克一款"红茶拿铁"售价降至11元，众多消费者在社交平台晒单，称喝到了如此便宜的星巴克饮 品。 两个月前，外卖平台突然"搅局"咖啡、奶茶价格战，将瑞幸、库迪等品牌原本低至9.9元、8.8元的产品价格进一步拉低。但彼时，星巴克尚未加入这场高 强度"内卷"。"现在，9.9元的瑞幸我都觉得贵。我在各大外卖平台轮番比价下单，基本叠加平台红包后，单杯瑞幸5元左右就能买到。"一位网友向记者展 示其在美团外卖的点单记录：一杯"熊猫陨石拿铁"叠加"神抢手"兑换券，价格低至5.9元。 一直以来，星巴克凭借独特的咖啡文化和高价位策略，在市场中占据稳固地位。然而，当前国内咖啡与茶饮市场竞争已趋白热化。瑞幸、库迪等国产品牌 的迅速崛起，以及一系列降价举措，对星巴克 ...

单靠品牌力的"星巴克"，撬不动千亿茶饮市场？ 据悉，从今日（6月10日）起，星巴克数十款产品将集体"降价"。 此次调价主要围绕三大王牌品类——星冰乐、冰摇茶、茶拿铁，都是"非咖"产品。 平均价格降幅在2～6元左右，顾客最低23元就可以买一杯。 曾一度抵制"价格战"的星巴克，为何这次开启大幅降价？ 而此次降价，似乎也在表明，光靠品牌力，似乎已经很难让年轻人为40元一杯的星巴克非咖饮品买单了。 一、星巴克降价！数十款产品均价降幅约5元 昨天星巴克降价的消息，迅速引爆餐饮圈。 今天起，星巴克中国7685家门店的数十款非咖啡饮品，都将换上新的价格标签。 1、"非咖"产品集体降价，最高降6元 此次调价中，星巴克非咖品类的单品，率先打破 "30元价格带"。 在调价前，星巴克非咖饮品价格带集中在 30～40 元区间，仅少数单品如冰摇柠檬茶触及 29 元。 | ( | | (0) 专星送 | < | 专星送 | | --- | --- | --- | --- | --- | | | 选择更换配送门店 | × | 选择更换配送门店 | × | | ●管庄: | | | ● 管庄: | | | | 北京常通路第一咖啡店 = 立即 ...

Core Insights - SEVENBUS, a tea beverage brand, is undergoing a significant downsizing, with fewer than 20 stores remaining nationwide, a drastic reduction from nearly 400 at its peak [2][17][18] - The brand, which originated in Xiamen and gained popularity for its unique soy milk tea, has struggled to maintain its market position due to high pricing strategies and failure to adapt to consumer preferences [5][10][22][30] Company Overview - SEVENBUS was established in April 2015 and quickly expanded beyond Fujian province, reaching over 400 stores across more than 20 provinces by 2021 [10][12] - The brand's peak popularity was marked by long queues and high sales, such as 120 million yuan in the first month of a new store opening in Chongqing [13][14] Current Situation - As of now, SEVENBUS has closed many locations, with only two stores operating in its home city of Xiamen [17][20] - The brand's pricing strategy has been a significant factor in its decline, with average product prices remaining above 20 yuan, despite a market trend towards lower prices [22][30][32] Market Analysis - The tea beverage market is increasingly competitive, with leading brands like Heytea and Nayuki lowering prices to attract cost-sensitive consumers [30][31] - SEVENBUS's inability to keep up with market trends and consumer demands has led to a loss of loyal customers and market share [35][36] Future Outlook - The future of SEVENBUS remains uncertain as it faces challenges in finding a new direction for growth amidst a competitive landscape [38][39]

作者/李彦 编辑/木鱼 出品/茶咖观察 临近暑期，新茶饮开店总量回升。 4月，壹览商业长期跟踪的26家新式茶饮连锁品牌共新开门店1857间，较3月环比增长25.05%，但相较去年同期同比减少34.22%。现存门店总数达到112252 间，较上月增加1569家。 门店存量竞争态势，也在五大新茶饮集团的年度变化中体现得淋漓尽致。过去一年，古茗、茶百道、沪上阿姨、霸王茶姬、益禾堂这五家品牌在门店规模上 此消彼长，市场格局悄然生变。 数据显示，截至2025年3月，古茗现有门店9702家，虽然仍稳居第二。茶百道门店数量8049家，是五大集团中近期门店存量下滑趋势最明显的品牌。沪上阿 姨虽4月开店数量190家，但整体门店数量依然没有明显变动，反而少了7家。 一直保持扩张态势的霸王茶姬在4月开店回归了年前的速度，4月开出门店87家，还有部分未被统计进第三方数据平台的门店也在4月开出；益禾堂现存门店 数量5948，扭转了此前门店量减少的势头。 | 蜜雪冰城 | 784 | 627 | | --- | --- | --- | | 古著 | 77 | 80 | | 茶百道 | 73 | 58 | | 书亦烧仙草 | 24 | 5 ...

香飘飘Meco杯装果茶官宣时代少年团为全新品牌代言人 5月27日，茶咖日报的主要内容有： 茶饮股集体走强，蜜雪集团市值超越泸州老窖 5月27日消息，港股三大指数震荡走高，截至收盘，恒生指数(23381.99, 99.66, 0.43%)涨0.43%，报 23381.99点，恒生科技指数(5182.6, 24.95, 0.48%)涨0.48%，国企指数涨0.38%。 盘面上，科网股普涨，美团涨超2%，网易涨超1%，京东集团跌1%；CXO概念股齐涨，维亚生物(1.86, 0.21, 12.73%)涨超12%；啤酒股集体上涨，青岛啤酒股份(55.2, 2.10, 3.96%)涨近4%；茶饮股走强，蜜雪 集团涨近10%，股价飙升至 579 港元创历史新高，总市值突破2198亿港元，反超泸州老窖，达洋河股份 两倍。目前蜜雪集团市盈率高达45倍，已远超多家一线白酒品牌。作为港股"新贵"，蜜雪集团3月3日上 市后，至今累计涨超160%，均远超恒生指数同期涨幅。 参考灼识咨询，2025年现制茶饮市场规模约3109亿元，2023-2028年复合增速约19.7% 维持高速成长。 2023年CR5为49%（GMV口径），蜜雪冰城份 ...

Core Viewpoint - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, becoming the fifth new tea beverage company in the Hong Kong market, with a significant first-day price increase of 68.5% from the issue price [1] Group 1: Company Performance - On its first trading day, Hu Shang A Yi opened at HKD 190.6 per share, reaching a market capitalization of over HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1] - The company's store count is projected to reach 9,176 by the end of 2024, representing a 73% increase from 2022, with 50.4% of stores located in third-tier cities and below [1] - Revenue for Hu Shang A Yi from 2022 to 2024 is forecasted at CNY 2.199 billion, CNY 3.348 billion, and CNY 3.284 billion respectively, with adjusted net profits of CNY 154 million, CNY 416 million, and CNY 418 million during the same period [1] Group 2: Market Context - The new tea beverage market in China is expected to exceed CNY 400 billion by 2028, but has shifted from an incremental market to a stock market since 2022, leading companies to focus on high-quality development rather than just expansion [1] - The stock performance of new tea beverage companies has shown significant divergence, with notable gains for Gu Ming, Mi Xue Ice City, and Ba Wang Tea Ji, while earlier entrants like Nai Xue's Tea and Cha Bai Dao have seen substantial declines in their stock prices [2] - The initial success of Hu Shang A Yi's listing is attributed to the confidence instilled in the market by Mi Xue Ice City, indicating a "domino effect" among new tea brands [2]

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 ...