2025.09. 18 本文字数：678，阅读时长大约2分钟 据农业农村部全国农产品批发市场价格系统显示，截至2025年9月17日，全国柠檬平均批发价为15 元/公斤，比去年同期的每公斤7.83元/公斤已经高出将近一倍。 第一财经记者从业内人士了解到，当下新茶饮行业原料常见的柠檬主要有三类：黄柠檬、青柠檬和香 水柠檬。柠檬水使用得较多的是黄柠檬。 蜜雪冰城中报显示，上半年实现收入148.7亿元，同比增长39.3%；净利润27.2亿元，同比增长 44.1%。 微信编辑 | 雨林 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 作者 | 第一财经 揭书宜 近日，不少消费者在社交平台上反映，在蜜雪冰城多地多个门店买不到柠檬水，而这种情况此前几乎 没有出现过，柠檬水为蜜雪冰城"镇店之宝"。 9月18日，第一财经记者从一位接近蜜雪冰城的人士处了解到，近日蜜雪冰城个别地区的部分门店原 料 ...

当下新茶饮行业原料常见的柠檬主要有三类：黄柠檬、青柠檬和香水柠檬。 据农业农村部全国农产品批发市场价格系统显示，截至2025年9月17日，全国柠檬平均批发价为15元/公 斤，比去年同期的每公斤7.83元/公斤已经高出将近一倍。 第一财经记者从业内人士了解到，当下新茶饮行业原料常见的柠檬主要有三类：黄柠檬、青柠檬和香水 柠檬。柠檬水使用得较多的是黄柠檬。 蜜雪冰城中报显示，上半年实现收入148.7亿元，同比增长39.3%；净利润27.2亿元，同比增长44.1%。 近日，不少消费者在社交平台上反映，在蜜雪冰城多地多个门店买不到柠檬水，而这种情况此前几乎没 有出现过，柠檬水为蜜雪冰城"镇店之宝"。 9月18日，第一财经记者从一位接近蜜雪冰城的人士处了解到，近日蜜雪冰城个别地区的部分门店原料 波动，源于近期一批进口柠檬受天气影响延期到港，同时川渝柠檬已经进入采摘期，因需储存一段时间 优化口感，导致了部分区域出现供应紧张的情况，但柠檬整体储备非常充足。目前，大量进口柠檬即将 到港，储存的柠檬也经过评测满足使用标准，陆续下发门店，柠檬缺货情况将很快恢复。 该人士称，蜜雪冰城在柠檬供应链上早有深耕，通过雪王农业在安岳、潼南 ...

Core Viewpoint - The company "沪上阿姨" is launching a differentiated strategy called "五色慢养" to address the increasing homogenization in the new tea beverage market, aiming to integrate health and psychological well-being into its product offerings [1][2]. Group 1: Strategic Development - The company has evolved its strategic approach since entering the market in 2013, initially introducing blood glutinous rice milk tea, then shifting to fresh fruit tea innovations in 2019, and planning to release a dietary nutrition upgrade white paper in 2025 [2]. - The "五色慢养" plan is seen as a deepening of the company's health strategy, aligning with industry trends, with projections indicating the Chinese new tea beverage market will reach 354.72 billion yuan in 2024 and exceed 400 billion yuan by 2028 [2]. Group 2: Product Offerings - The company is launching the "五色慢养瓶" series, which includes the already released "五黄高纤慢养瓶" and the upcoming "五黑焕发慢养瓶" [2]. Group 3: Financial Performance - In the first half of the year, the company reported revenue of 1.818 billion yuan, a year-on-year increase of 9.7%, with a gross profit of 572 million yuan, up 10.4% from the previous year, and an adjusted net profit of 244 million yuan, reflecting a 14.0% growth [3]. - The company's store count reached 9,436 by the end of June, an increase of nearly 1,000 stores compared to the same period last year, with over 51.1% of stores located in third-tier cities and below [3].

Core Insights - The takeaway from the article is that while the recent food delivery subsidy war has led to short-term sales growth for new tea beverage brands, it has also created long-term concerns regarding pricing dependency and profitability for franchisees [1][5][6]. Group 1: Impact of Delivery Subsidies - Brands actively participating in the subsidy war have seen significant short-term sales increases, with companies like Mixue Group reporting a revenue of 14.875 billion yuan, a year-on-year growth of 39.3% [2]. - The average single-store sales revenue for Mixue Group reached 278,000 yuan, up 13.2% year-on-year, benefiting from the increased order volume due to the subsidy war [2]. - Other companies like Nayuki Tea reported that third-party delivery platforms contributed approximately 44.2% to their direct store revenue, with a year-on-year increase in delivery revenue of 7.5% [2]. Group 2: Concerns and Challenges - The subsidy war has led to a "price dependency" among consumers, which could disrupt the pricing structure of brands in the long run [1][5][6]. - Franchisees are facing a dilemma where they must share the costs of subsidies, leading to a situation where revenue increases do not translate into profit, thus affecting long-term stability [1][6]. - Companies like Bawang Chaji, which chose not to participate in the subsidy war, reported a significant decline in single-store performance, with a 25% year-on-year drop in average monthly GMV [3][7]. Group 3: Strategic Responses - As subsidies are expected to decrease, leading brands are focusing on product differentiation and optimizing store operations to retain consumers [1][8]. - Companies are increasing their investment in product innovation and digital tools to enhance operational efficiency and reduce costs [8][9]. - Bawang Chaji plans to introduce a new menu and automation equipment to improve operational efficiency and reduce labor costs by the end of the year [9].

Core Insights - The new tea beverage industry is experiencing significant growth, with six listed companies reporting total revenue exceeding 33 billion yuan and profits over 5 billion yuan in the first half of the year [2] - The competitive landscape is shifting due to aggressive price wars on delivery platforms, impacting the market dynamics of new tea beverages [2] - The performance of listed companies varies widely, indicating a divergence in market vitality and operational strategies [2][9] Group 1: Industry Performance - In the first half of 2025, six listed new tea beverage companies achieved a total revenue of over 33 billion yuan, with profits exceeding 5 billion yuan, reflecting ongoing industry growth [2] - The competitive environment has intensified, with major platforms like Meituan, JD, and Ele.me engaging in subsidy wars, leading to a test of supply chain resilience and brand loyalty among new tea companies [2] - The market is transitioning from rapid expansion to a focus on quality and efficiency, as companies adapt to changing consumer preferences and competitive pressures [9] Group 2: Company Rankings and Financials - The vitality ranking of listed new tea beverage companies for the first half of 2025 shows that Mixue Ice City leads with a revenue of 14.875 billion yuan, a 139.3% increase, and a net profit of 2.718 billion yuan, up 144.1% [3] - Other notable companies include Guo Mei with 5.663 billion yuan in revenue (up 141.2%) and Hu Shang A Yi with 1.818 billion yuan (up 19.7%) [3] - Naixue's Tea reported a revenue decline of 14.4% to 2.178 billion yuan, with a significant net loss reduction of 73.1% to 118 million yuan, indicating ongoing challenges despite operational adjustments [15] Group 3: Market Dynamics and Strategic Shifts - The new tea beverage sector is witnessing a shift from aggressive store expansion to a more measured approach, with companies like Guo Mei slowing their growth rate while focusing on product development and marketing [10] - Mixue Ice City continues to expand rapidly, adding nearly 9,796 stores in the first half of the year, while Cha Bai Dao has significantly slowed its growth, adding only 59 stores [12] - The competitive landscape is increasingly characterized by a divide between strong and weak players, with predictions of a more pronounced market consolidation by 2025 [15]

Core Viewpoint - The recent takeaway subsidy war has significantly impacted the new tea beverage industry, with participating brands experiencing short-term sales growth while non-participating brands face declining single-store performance [1] Group 1: Impact of Subsidy War - Brands actively involved in the subsidy war have shown a noticeable increase in sales in the short term [1] - Brands that did not participate in the subsidy war have seen a significant decline in single-store data [1] Group 2: Concerns Raised by Industry Leaders - Several executives from listed new tea beverage companies highlighted the drawbacks of the subsidy war during earnings calls [1] - The subsidy war may lead to consumer "price dependence," which could disrupt the pricing structure of brand products [1] - Franchisees are burdened with the cost of subsidies, leading to a situation where revenue increases do not translate into profit, affecting long-term stability [1] Group 3: Future Outlook - A reduction in takeaway subsidies is anticipated in the second half of the year [1] - Leading brands are focusing on differentiated product launches and optimizing store operational efficiency to enhance quality and retain consumers [1]

Core Insights - The takeaway from the recent news is that the takeaway subsidy war has significantly impacted the new tea beverage industry, with both positive short-term sales growth for participating brands and long-term concerns regarding pricing and profitability [1][5][8] Group 1: Impact of Subsidy War - Brands actively participating in the subsidy war have seen a notable increase in sales, while those not participating have experienced a decline in same-store data [1][2] - For instance, Mixue Group reported a revenue of 14.875 billion yuan, a year-on-year increase of 39.3%, with net profit rising 44.1% to 2.718 billion yuan, leading the industry [2] - Naixue's Tea indicated that third-party delivery platforms contributed approximately 44.2% to direct store revenue, with a year-on-year increase in delivery revenue of 7.5% [2] Group 2: Concerns and Challenges - The subsidy war has raised concerns about long-term sustainability, as it may lead to consumer price dependency and affect the pricing structure of brands [1][5][6] - Companies like Bawang Chaji, which chose not to participate in the subsidy war, reported a significant decline in same-store performance, with a 25% drop in average monthly GMV [3][7] - The pressure on franchisees to share subsidy costs has created a situation where increased revenue does not translate into increased profits, leading to operational challenges [5][6] Group 3: Future Strategies - As the subsidy war cools down, brands are focusing on product innovation and operational efficiency to retain consumers and stabilize pricing [8][9] - Companies are investing in new product development, with Tea Baidao reporting that new product sales accounted for 28% of total sales in the second quarter [8] - The industry is shifting from rapid expansion to quality improvement, with a focus on optimizing store models and controlling costs for sustainable growth [9]

Core Insights - The takeaway from the recent news is that the takeaway subsidy war has significantly impacted the new tea beverage industry, with both positive short-term sales growth for participating brands and long-term concerns regarding pricing and profitability for franchisees [1][5][6]. Group 1: Impact of Subsidy War - Brands actively participating in the subsidy war have seen a notable increase in sales, while those not participating have experienced a decline in same-store performance [1][2]. - For instance, Mixue Group reported a revenue of 14.875 billion yuan, a year-on-year increase of 39.3%, with net profit rising 44.1% to 2.718 billion yuan, leading the industry [2]. - Naixue's Tea indicated that third-party delivery platforms contributed approximately 44.2% to direct store revenue, with a year-on-year increase in delivery revenue of 7.5% [2]. Group 2: Concerns and Challenges - The subsidy war has raised concerns about consumer price sensitivity, leading to a potential dependency on discounts, which could harm brand pricing structures in the long run [5][6]. - Franchisees face challenges as they must share the burden of subsidy costs, leading to a situation where revenue increases do not translate into profit [5][6]. - Companies like Bawang Chaji, which chose not to participate in the subsidy war, reported a significant decline in same-store performance, with a 25% drop in average monthly GMV per store in the Greater China region [3][7]. Group 3: Future Strategies - As the subsidy war cools down, brands are focusing on product innovation and operational efficiency to retain consumers and stabilize pricing [8][9]. - Companies are increasing their R&D efforts to launch differentiated products and leveraging digital tools to optimize operations and reduce costs [8][9]. - For example, Bawang Chaji plans to introduce a new menu and automation equipment to enhance operational efficiency and reduce labor costs [9].

Group 1: New Energy - The new energy sector is experiencing significant growth, supported by government policies, with a recent investment of 250 billion aimed at energy storage, targeting an installed capacity of 180 million kilowatts by 2027, equivalent to half of the Three Gorges Dam [3] - The bidding volume for energy storage systems surged by 2158% year-on-year in August, indicating strong demand and expansion among leading companies like CATL and Sungrow [3] - Wind and solar power sectors are also advancing, with the Ministry of Industry and Information Technology promoting large-scale land-based and offshore wind projects, and component manufacturers seeing orders extending into next year [3] Group 2: Artificial Intelligence - The AI sector is transitioning from speculative hype to tangible investments, with a Gartner report predicting that by 2025, open-source GenAI models will dominate, allowing small and medium enterprises to adopt AI at lower costs [4] - The Ministry of Industry and Information Technology plans to introduce a "AI + Manufacturing" initiative, enhancing factory efficiency through self-repairing robots and parameter adjustments [4] - Institutional investors have been increasing their positions in AI and semiconductor sectors, indicating a strategic shift towards "hidden champions" in smart manufacturing rather than just high-flying computing stocks [4] Group 3: Consumer Upgrade - Experts predict that service consumption will be the biggest growth area over the next five years, with the new tea beverage market exceeding 200 billion, significantly benefiting local farmers [5] - High-end medical and elderly care services are gaining attention due to a growing population over 60 years old, with substantial policy support for community elderly care facilities and remote medical services [5] - The smart home sector is also on the rise, with penetration rates of smart appliances from companies like Haier and Midea surpassing 40%, reflecting a shift towards selling lifestyle solutions rather than just appliances [5] Group 4: Pharmaceutical and Biotechnology - The pharmaceutical sector has faced challenges, with a 14% decline in 2024 and a modest 5.2% increase in the first eight months of this year, leading to a near 15-year low in price-to-book ratios at 5% [6] - The sector is showing signs of recovery as negative factors have been exhausted, with improved performance in pharmaceutical companies and breakthroughs in innovative drug exports [6] - For conservative investors, high-dividend pharmaceutical leaders offer attractive returns, while risk-takers may find potential in cutting-edge fields like gene editing and cell therapy, which could yield significant returns [7]

Core Insights - The new tea beverage industry experienced significant growth in the first half of this year, with six listed companies collectively generating over 30 billion in revenue and exceeding 5 billion in net profit, indicating a thriving market [1] Industry Overview - The new tea beverage sector is showing a stark contrast in performance among companies, with some rapidly advancing while others are lagging behind, highlighting an increasing divergence within the industry [1]