Core Viewpoint - The new-style tea beverage market is undergoing a new round of differentiation, with brands sacrificing profits for market share amid intense competition, while leading companies are shifting towards deeper strategic battles [1][2]. Group 1: Company Performance - Bawang Chaji, the only overseas-listed tea beverage leader, recently released its second quarterly report post-IPO. Despite a decline in revenue and net profit in Q3, the company showed solid performance in store expansion, reduced closure rates, overseas market growth, robust cash flow, and a surge in membership numbers [3]. - The overseas GMV of Bawang Chaji reached over 300 million yuan in Q3, with a continuous year-on-year growth exceeding 75% for two consecutive quarters. The company opened 54 new stores overseas and entered the Philippine and Vietnamese markets, with over 200 stores in Malaysia [5][6]. Group 2: Strategic Intent - The CFO of Bawang Chaji emphasized that the overseas market has become an "important growth engine" for the company, reflecting a strategic shift as domestic market competition intensifies [6]. - The company aims to achieve long-term value through three key factors: product localization, careful store location and density control, and patience in organizational and capital allocation [7][8][9]. Group 3: Domestic Market Challenges - In the domestic market, competition is fierce, and Bawang Chaji's revenue declined by approximately 9.4% year-on-year in Q3, with same-store GMV showing significant decline due to the company's restrained participation in the delivery subsidy war [11][12]. - The company is focusing on three defensive strategies: enhancing product quality and menu upgrades, improving store experience to convert traffic into brand loyalty, and maintaining a stable franchise ecosystem to avoid systemic collapse [13]. Group 4: Long-term Strategy - Bawang Chaji's approach is not merely to survive but to actively position itself by leveraging brand premium, overseas replication, scalability, and cash flow management for long-term sustainability [15].