哈喽，大家好，老庐今天得跟大伙聊个新茶饮圈的"反常操作"：古茗又在"撒钱"了，11月14日古茗董事 会扔出重磅消息，建议派发每股0.93港元的特别股息，总金额直奔22.1亿港元。 这数字有多夸张？要知道，古茗今年2月在港交所上市时，募资净额才约18亿港元。 上市不到一年，分出去的钱比融来的还多，这操作在新茶饮圈里简直少见，更别提这已是它今年第二次 大额分红，1月上市前就分了17.4亿元。 两次累计超41亿港元，创始人王云安及核心团队拿走了约30亿，这都超过了公司近一年半累计的31亿元 归母净利润。 一边给消费者搞百万免单，一边给股东豪掷数十亿，古茗这波"壕气"背后，到底是真赚钱还是在"提前 兑现"？ 分红碾压同行：新茶饮圈独一份的"大方" 在新茶饮行业，分红从来不是常态，古茗的力度更是"独树一帜"。 老庐翻遍了同行财报，茶百道2024年4月上市后3次分红合计才近11亿元，沪上阿姨今年5月上市后中期 分红仅7112万元。 而蜜雪冰城、奈雪的茶、霸王茶姬这些头部品牌，上市以来压根没搞过类似规模的分红。 要知道，古茗这两次分红加起来，已经超过了它近一年半的归母净利润，这种"把利润全分出去"的激进 策略，在行业里找不 ...

Investment Rating - The report maintains a strong buy rating for the new consumption industry [3] Core Insights - New consumption is characterized by new demand from emerging consumer groups like Generation Z and a shift from leverage-driven consumption to income-driven consumption among older demographics [5][17] - The supply side benefits from China's robust manufacturing capabilities and the internet's ability to reshape business models and efficiency [5][17] - The report highlights two main investment opportunities: aggressive new consumption sectors such as trendy toys and gold jewelry, and defensive cyclical sectors like liquor and travel [5][4] Summary by Sections New Consumption: What is New Consumption? - New consumption has gained traction in recent years, initially a term from the primary market, now widely recognized [17] - It encompasses both new demand from younger consumers and a shift in older consumers' preferences towards more rational spending [17][21] New Demand: Stars Gather to Form Light - Emotional consumption and the rise of national trends are significant drivers, with luxury attributes associated with products [46] - The report identifies key sectors: IP toys, gold jewelry, and new tea drinks, which align with current consumer trends [5][4] New Supply: Old Trees Sprout New Buds - The report emphasizes that industries with easier pathways develop first, while more challenging sectors follow as technology and information improve [33] - It discusses the efficiency gains in retail and service sectors through standardization and technological advancements [33] Investment Recommendations - The report suggests focusing on two types of opportunities: aggressive new consumption sectors (e.g., trendy toys, gold jewelry) and defensive cyclical sectors (e.g., liquor, travel) [5][4] - Specific companies to watch include Pop Mart, Mijia, and various tea brands [5][4] Emotional Consumption and National Trends - Generation Z's emotional consumption is highlighted, with a significant portion willing to pay for emotional value [21][23] - The report notes the increasing acceptance of Chinese brands among younger consumers, contrasting with older generations' preferences [21][22] Gold Jewelry Market - The gold jewelry market is projected to grow significantly, with ancient gold jewelry gaining popularity due to its cultural significance [86][87] - The market size for ancient gold jewelry is expected to reach 4,214 billion by 2028, with a compound annual growth rate of 21.8% [86][87] IP Toy Market - The report outlines the rapid growth of the IP toy market, with a projected market size of 1,741 billion by 2024, reflecting a compound annual growth rate of 13.6% [69][70] - The emotional value associated with IP toys is a key driver of consumer interest and market expansion [78][79]

2025年4月，顶着"新茶饮出海第一股"光环的霸王茶姬在纳斯达克敲钟，成为年内最受关注的消费类IPO之一。然 而短短半年时间，这家估值一度逼近30亿美元的明星企业，却陷入了谣言发酵、股价震荡、业绩增速放缓与品控 争议叠加的多重危机。 创始人张俊杰于2025年11月21日深夜的朋友圈辟谣，值得一提的是，在舆论风波的背后，霸王茶姬还面临着增速 放缓、扩张遇阻等挑战，不仅如此，其近年来还频繁陷入食安风波。 对此，知名危机公关专家、福州公孙策公关合伙人詹军豪指出："张俊杰打破沉默辟谣并表明已用法律维权，做法 恰当，及时止损、维护权益很有必要。企业既要重视外部谣言应对，更要加强内部管理，严格把控食品安全，以 实际行动重塑消费者信心，才能在市场竞争中长久立足。" 创始人法律追责谣言 2025年11月中旬，一张落款为天合光能创始人高纪凡夫妇的婚礼请柬在网络流传，请柬显示霸王茶姬创始人张俊 杰与天合光能联席董事长高海纯的婚宴定于 12 月 15 日，将霸王茶姬创始人张俊杰与天合光能联席董事长高海纯 的婚恋关系公之于众。 这场横跨新茶饮与光伏两大领域的"豪门联姻"，本应是资本市场津津乐道的商业佳话，却意外激活了潜伏已久的 网络 ...

多家新茶饮企业 驰援香港救灾， 总额超4000万港 元_南方+_南方 plus 近日，香港大埔 火灾牵动人心。 蜜雪冰城、喜 茶、茶百道、瑞 幸咖啡、霸王茶 姬等多家企业宣 布捐赠款项助力 香港救灾，截至 发稿前，捐款总 额超4000万港 元。 11月27日，蜜雪 冰城紧急启动捐 赠2000万港元， 用于受灾居民的 医疗救助、紧急 安置及生活救助 等救援工作。品 牌方表示，将持 续关注赈灾救援 情况，愿与社会 各界携手，帮助 受灾同胞早日渡 过难关、恢复正 常生活。 心系香港 守望相助 蜜雪冰城捐赠2000万港元 驰援香港大埔火灾 11月26日下午,香港新界大埔屋邨宏福苑多栋 住宅楼发生火灾,造成重大人员伤亡和损失,前线 救援工作牵动着全国人民的心。 11月27日,蜜雪冰城紧急启动捐赠2000万港元, 用于受灾居民的医疗救助、紧急安置及生活救助 等救援工作。 喜茶驰援香港大埔火灾救援 11月26日,香港大埔宏福苑突发火灾,灾情牵动人 心。喜茶捐赠 500万港元,支援受灾居民救助、后续安 置保障和重建等系列工作。 我们向此次火灾中遇难的香港同胞致以深切哀悼,向所 有受灾居民和家庭表达诚挚的慰问,也向每一位参与火 ...

二级市场对新茶饮巨头的动向保持着高度关注，蜜雪集团在11月27日收盘报413港元/股，总市值达1568 亿港元。这一资本表现的背景是公司正在低调测试新的业务增长点。一位接近蜜雪冰城的人士透 露，"目前'早餐计划'仅在大连、西安、南宁、杭州等城市进行部分试新"。 低价策略切入早餐消费场景 社交平台上的用户反馈显示，官方近期发布了关于早餐偏好的调查问卷。问卷内容涵盖了消费者对豆 浆、油条及咖啡等品类的喜好程度。官方小程序点单界面已在部分区域上线了"早餐系列"选项。该系列 包含五红奶、五黑奶及玉米奶等液态乳品，产品统一定价为5元。前述接近蜜雪冰城的人士指出，上线 产品包括"早餐椰椰奶等四款乳品"，且暂无大面积推广计划。 这并非该品牌首次尝试拓展早间消费时段。部分门店此前曾测试过"咖啡+烘焙"的组合模式，以拿铁搭 配三明治的套餐形式售卖，当时定价为10元。行业内其他竞争者如喜茶、奈雪的茶及古茗，过去几年也 曾推出过类似的烘焙或咖啡早餐组合。 庞大门店网络支撑业绩增长 新业务的试水依托于集团庞大的线下网络与稳健的财务数据。公司在8月27日披露的中期业绩显示， 2025年上半年实现收入148.7亿元。这一数字同比增长了3 ...

Market Overview - The U.S. stock market experienced a strong rebound after early fluctuations, with all three major indices closing higher. The Nasdaq Composite Index rose by 0.67% to 23025.59 points, the Dow Jones Industrial Average surged by 1.43% to 47112.45 points, and the S&P 500 Index recorded a 0.91% increase to 6765.88 points. Market sentiment showed significant improvement, driven by rising expectations for Federal Reserve interest rate cuts and potential major adjustments in the AI industry [1]. Federal Reserve Rate Cut Expectations - A key factor driving the market's strength is the increasingly clear signal of a shift in the Federal Reserve's monetary policy. According to the CME FedWatch Tool, the market currently estimates an 82.7% probability of a 25 basis point rate cut at the December meeting, a significant increase from approximately 40% the previous week. This shift was catalyzed by dovish comments from New York Fed President and FOMC Vice Chair John Williams, who indicated that there is still room for rate cuts in the near term [2]. - Historical data suggests that a low interest rate environment typically supports risk assets, especially ahead of the year-end holiday shopping season, leading investors to anticipate a "Santa Claus Rally" [2]. AI Industry Developments - A report about Meta potentially collaborating with Google to use Google's Tensor Processing Units (TPUs) in its data centers has caused significant volatility in tech stocks. Following this news, Google's Class A and C shares rose by 1.53% and 1.62%, respectively, nearing a market capitalization of $4 trillion. However, this potential partnership has put pressure on AI chip leader Nvidia, with concerns that a shift to customized ASIC solutions by major tech companies could weaken demand for general-purpose GPUs. Nvidia's stock fell over 7% at one point, ultimately closing down 2.59% [4]. - Nvidia publicly responded to these concerns, emphasizing the significant advantages of its products in terms of performance, versatility, and substitutability compared to ASICs. The broader implications of this development for other major players in the AI chip industry, such as Microsoft and Amazon, are being closely monitored [4]. Wealth of Tech Giants - The strong performance of tech stocks has significantly increased the personal wealth of Google co-founders Larry Page and Sergey Brin, with net worths reaching $268.4 billion and $248.8 billion, respectively, making them the second and third richest individuals globally. Google's stock has surged by 73% year-to-date, positioning the company as a standout winner in the AI wave [5]. - Other major tech stocks also saw gains, with Meta rising by 3.78%, Amazon by 1.5%, and Broadcom by 1.87%. Microsoft and Apple experienced slight increases, while Tesla saw a modest rise of 0.39% [5]. - In contrast, Chinese concept stocks displayed mixed performance, with the Nasdaq Golden Dragon China Index rising by 0.35%. Notable gainers included autonomous driving company Hesai Technology, which surged by 10.98%, while companies like NIO, Alibaba, and Baidu faced declines ranging from 1% to 4% [5].

Core Viewpoint - The emergence of "solid mango sago" reflects the new tea beverage industry's struggle to differentiate itself in a saturated market, seeking new growth points through innovative product forms [3][5]. Industry Trends - The solid mango sago has gained significant popularity, with brands like Tea Baidao reporting sales of nearly 250,000 cups on its first day of launch [4]. - Various brands, including Tea Baidao, Hushang Ayi, and others, have introduced their versions of solid mango sago, indicating a trend of cross-industry collaboration and product diversification [4][5]. - The competition in the new tea beverage sector is intensifying, leading to a phenomenon of "old products with new forms" as brands innovate to capture consumer interest [5]. Product Innovation - The solid mango sago features fresh mango, live yogurt, and various toppings, enhancing the product's flavor profile and consumer appeal [4]. - The shift from liquid to solid forms is seen as a necessary evolution in a highly competitive market, allowing brands to extend their product offerings and create new consumption scenarios [5][9]. Market Dynamics - Despite the initial success, the profit margins for solid mango sago are relatively low, with costs associated with ingredients and preparation impacting profitability [7]. - Industry experts express caution regarding the solid mango sago trend, suggesting that while it may offer short-term benefits, it could dilute brand focus and quality in the long run [8][9]. - The transition to solid forms may complicate supply chains and operational efficiency, potentially leading to a decrease in scale advantages for brands [9].

逆势开出了2000家店，今年更是翻倍增长！这是新茶饮品牌茉莉奶白在2025年交出的成绩单。 茶饮行业整体承压背景下，茉莉奶白用逆势扩张，验证了其独特商业模式的成功。这不仅是渠道的胜 利，还是其多年深耕创意内容和IP运营后市场给予的自然反哺。 不同于其他新茶饮品牌，茉莉奶白品牌有着强烈的人格化特征——原创IP"茉莉"，一个拥有花色头发与 灵动大眼睛的小女孩。这个经常在社交媒体上刮起旋风的IP，早就成为茉莉奶白品牌价值的载体。收 集"茉莉"冰箱贴、参与联名活动、体验季节限定产品，已经成为"茉莉控"们的日常。 新茶饮的竞争已经进入下半场，单靠产品创新或门店扩张，已经难以构建持久的品牌壁垒。茉莉奶白用 自身实践，向市场提供了一个范本：以文创思维重塑品牌，将激发怎样的增长潜力？茉莉奶白正在打开 的，正是这样一个充满想象力的新空间。 不只卖奶茶 还卖情绪 从"秋天第一杯"奶茶，到超级蔬果的健康打卡热潮，新茶饮已经超越了单纯的解渴功能，成为一种典型 的情绪消费。年轻一代消费者购买的不仅是茶饮本身，更是其背后所承载的情感慰藉、社交连接和生活 仪式感。 视觉体验是情感消费的重要起点。茉莉奶白独特的"摩登东方茶"理念，注重门店空 ...

一则"世纪婚礼"的消息引爆财经圈与社交网络。 新茶饮代表品牌霸王茶姬创始人张俊杰，与光伏巨头天合光能"光二代"高海纯喜结连理。这场被外界解 读为"奶茶+阳光"的跨界联姻，不仅是一场资本与家族的结合，背后更是中国两大热门赛道——新茶饮 与光伏产业在2025年截然不同的发展轨迹与投资逻辑。 公开资料显示，2017年6月至今，高海纯历任天合光能战略投资部副总经理、天合富家能源股份有限公 司董事长；2024年6月至今，她担任天合光能董事；2024年12月至今担任天合光能解决方案事业群总 裁；今年1月3日，高海纯成为天合光能联席董事长。 张俊杰为90后，原名张军，霸王茶姬创始人、董事长兼CEO。霸王茶姬官网显示，2017年11月，该品牌 成立于云南，门店数量已突破6000家。 当资本市场对"风口"的追逐趋于理性，我们不禁要问，在2025年这个关键节点，新茶饮与光伏，谁才是 真正的增长引擎？ 张俊杰与高海纯的婚姻，表面上是两位90后创业精英的结合，实则暗含两大产业生态的战略耦合。张俊 杰从云南街边奶茶店起步，八年打造全球超7000家门店、估值超370亿元的茶饮帝国；高海纯作为"光伏 女神"，自布朗大学归国后深耕家族企业， ...

古茗也看上了"糖水"这门生意。 近日，红餐网观察发现古茗在全国门店上新了"桃胶木薯炖奶""芋泥麻薯炖奶"两款糖水。两款产品一经 发售，就吸引不少消费者打卡，不少门店甚至出现卖断货的现象，并在社交平台也掀起了一波不小的热 度。 小红书数据显示，上线短短几天，仅"古茗桃胶木薯炖奶"这一话题便吸引2.2万户发帖讨论，浏览量更 是超700万次。 主打正宗产地原料与慢炖鲜活风味，或许正是古茗这两款糖水火爆出圈的原因。据了解，其"桃胶木薯 炖奶"选用湖北溏心桃胶、广西防城港等地黄心木薯、福建古田银耳，经60分钟慢炖后，再加入黑糖珍 珠、小丸子及冷链鲜奶制成；"芋泥麻薯炖奶"则以广西荔浦等地槟榔芋头为基底，搭配米麻薯、小丸 子、西米及冷链鲜奶，尽显甜糯口感。 △图片来源：古茗小红书账号截图 消费价格上，两款糖水主打走性价比路线，小程序售价分别为18元、16元起。不少网友好评表示，"下 午3点半快乐是古茗给的！"古茗糖水这赛道你算是闯进去了！""古茗你去开糖水铺吧！"…… 近期同样在门店卖糖水的还有CoCo都可。据红餐网了解，CoCo都可11月初在门店上新了"琥珀桃胶"系 列糖水产品，并引起不少网友打卡。其中的"琥珀桃胶糖水 ...