Core Insights - The takeaway from the article is the impact of the subsidy war on the tea beverage market, highlighting the contrasting fortunes of different brands as the market shifts from a subsidy-driven boom to a more challenging environment. Group 1: Market Dynamics - The subsidy war initiated a surge in orders for tea beverage shops, but as subsidies ceased, many small businesses faced a drastic drop in orders, leading to potential closures [1][2] - Major brands like Mixue Ice Cream and Nai Xue's Tea managed to achieve growth through delivery channels, while many smaller players struggled significantly [1][2] Group 2: Brand Performance - Gu Ming, recognized for its rapid expansion, saw its store count rise from approximately 9,914 in early 2025 to over 12,000 by August, but faced challenges in maintaining daily sales [6] - Mixue Ice Cream emerged as a significant winner, reporting a 39.3% year-on-year revenue increase to 14.87 billion yuan and a net profit growth of 44.1% to 2.72 billion yuan in the first half of 2025 [6] - Kudi Coffee also benefited, with sales on platforms like JD surpassing 80 million orders, becoming the first beverage brand to exceed 100 million orders on the platform [7] Group 3: Challenges Faced - Nai Xue's Tea exemplified the "increased revenue without increased profit" dilemma, with 48.1% of its revenue relying on delivery orders, leading to a 14.4% year-on-year revenue decline to 2.178 billion yuan [8] - The tea beverage industry is experiencing a rapid increase in store numbers, with 26,000 new stores opened in the third quarter alone, while approximately 150,000 stores closed in the past year [9][10] - The industry is undergoing intense competition, with brands forced to expand rapidly, leading to a situation where financial performance does not reflect the apparent growth in market presence [10]