Core Viewpoint - The article discusses the contrasting fortunes of new tea beverage brands, particularly focusing on the rise of brands like Mi Xue Ice City and the decline of Nayuki, highlighting the challenges faced by Nayuki in a competitive market [4][12][39]. Group 1: Market Overview - The new tea beverage market is experiencing a wealth wave, with brands like Mi Xue Ice City achieving a market capitalization of 178 billion, while Nayuki's market value has plummeted over 90% from 300 billion to approximately 2 billion HKD [4][12]. - The overall market for ready-to-drink tea beverages in China is projected to grow from 3,127 billion in 2024 to 3,689 billion in 2025, with a growth rate of about 17.97% [39]. Group 2: Nayuki's Journey - Nayuki's tea was launched in November 2015, aiming to create a high-end tea experience inspired by Starbucks' "third space" concept [5][6][7]. - Despite initial success and becoming the first unicorn in the new tea beverage sector with a post-investment valuation of 6 billion in 2018, Nayuki's fortunes reversed after its IPO in 2021 [11][12]. - From 2018 to 2024, Nayuki's revenue grew from 1.087 billion to 4.921 billion, but it incurred a cumulative net loss of nearly 6.2 billion during the same period [14]. Group 3: Challenges Faced by Nayuki - Nayuki's heavy reliance on a direct sales model has led to high operational costs, with labor and rent accounting for 41.7% of total costs, while the operating profit margin is only 7.8% [20][21]. - The brand's market share has drastically declined from 17.7% in 2021 to 1.2% in 2024, with single-store sales dropping from 30,000 to less than 10,000 [14][24]. - Nayuki's high-end positioning has become a liability as consumer preferences shift towards cost-effective options, leading to a significant drop in foot traffic and sales [24][26]. Group 4: Competitive Landscape - Other brands like Mi Xue Ice City and Ba Wang Cha Ji have successfully adopted a franchise model, allowing for rapid expansion and lower operational costs, contrasting with Nayuki's struggles [27]. - Nayuki's attempt to open franchise opportunities came too late, with high initial fees deterring potential franchisees, resulting in a closure of nearly 350 stores in the past year [28][37]. Group 5: Recent Developments and Future Strategies - Nayuki is attempting to pivot towards health-focused products and has launched a new line of sugar-free beverages, but competitors quickly matched these offerings, diluting Nayuki's unique selling proposition [39][40]. - The company is also exploring the light meal segment and has initiated a brand upgrade, simplifying its name and logo in an effort to rejuvenate its market presence [39][41].

Group 1 - The core viewpoint is that Cha Bai Dao has successfully opened its first store in Paris, marking its entry into the French market as the first Chinese new tea beverage brand to do so [1][2] - The popular product "Yang Zhi Gan Lu" has received positive feedback from consumers, indicating that the quality matches that of domestic offerings [1] - The company plans to expand its overseas presence with additional stores in Paris while focusing on operational quality and long-term brand value [1] Group 2 - The opening event attracted significant local consumer interest, with reports of long queues and a first-week sales figure of nearly 500,000 [2] - Cha Bai Dao is implementing a replicable model for overseas expansion and aims to enhance operational efficiency in key markets [1] - Positive evaluations of Cha Bai Dao's overseas business have been noted in recent reports from institutions like Huaxi Securities and Industrial Securities [1]

Core Insights - The "Super Plant Tea" series from Heytea has sold over 100 million cups since its launch one year ago, utilizing nearly 3 million pounds of fresh kale [1][3] - The series has sparked a consumer trend, making kale a popular ingredient in the beverage industry, and has led to the introduction of eight new products in just six months [3][6] - Heytea's innovative approach has positioned it as a leader in the new tea beverage market, influencing product development trends across the industry [9][11] Product Development - Heytea launched the "Champion Slimming Bottle" during the 2024 Paris Olympics, which quickly became a bestseller and was later renamed the "Kale Slimming Bottle" [4] - The company has introduced several popular products, including the "Fire-Reducing Slimming Bottle" and "Beetroot Beauty Bottle," contributing to a total of eight new offerings in the past six months [6] - The introduction of the "Mati Energy Slimming Ice" marks the first use of mate tea in the "Super Plant Tea" series, enhancing consumer experience [6] Market Impact - The "Super Plant Tea" series has not only achieved high sales but has also influenced the direction of product innovation in the new tea beverage sector from 2024 to 2025 [9] - Kale has emerged as a trending ingredient, gaining visibility across various consumption scenarios, including tea, coffee, retail, and dining [9][11] - Heytea's commitment to quality has led to partnerships with high-standard planting bases to ensure zero pesticide residues in kale, establishing a traceable quality management system [11] Consumer Engagement - The "Kale Cucumber" bottled version of "Super Plant Tea" quickly became the top-selling new beverage at Sam's Club, indicating strong consumer demand [8] - The product has gained significant attention on social media, being frequently included in consumer "must-buy" lists [8] Industry Leadership - Heytea's differentiation strategy has allowed it to create multiple new product categories since its inception, with "Super Plant Tea" being the latest exploration [9] - The success of the "Super Plant Tea" series has prompted other brands to follow suit, incorporating super plants like kale and beetroot into their product lines [9][11]

Core Viewpoint - The company "野人先生" (Mr. Wildman) has successfully navigated the challenges faced by high-end frozen dessert brands in China, achieving significant growth through innovative products and a franchise model, while maintaining a high gross margin of 60% [2][15][17]. Company Performance - 野人先生 has experienced a steep growth curve in recent years, contrasting with the decline of other high-end brands like Häagen-Dazs, which the founder attributes to a lack of innovation and local adaptation [2][3]. - The company has expanded its store count significantly, reaching 1,000 locations by August 2025, surpassing Häagen-Dazs [9]. Market Trends - The traditional Italian ice cream market in China is growing, with a projected market size of over 120 billion yuan in 2024, reflecting a 10% year-on-year increase, which is higher than the overall ice cream market growth of 5.2% [8]. - Consumer preferences are shifting towards products with a high quality-to-price ratio, leading to a decline in demand for overpriced, low-differentiation products [3][10]. Pricing Strategy - 野人先生's ice cream products are priced between 28-38 yuan, which is considered high but relatively lower compared to competitors like Venchi and Dal Cuore [10][13]. - The company employs promotional strategies, such as a "buy one get one free" offer after 9 PM, to attract a broader consumer base while reinforcing its brand image of fresh, made-to-order products [10]. Competitive Landscape - The company faces pressure from new entrants in the tea beverage market, which are beginning to offer Italian ice cream products, potentially threatening 野人先生's market share [16][18]. - Despite its current success, the company must build a robust competitive advantage to withstand seasonal fluctuations in demand and increasing competition [18]. Financial Metrics - 野人先生 maintains a gross margin of approximately 60%, which is significantly higher than competitors in the tea beverage sector, indicating strong profitability [15][17].

作者 | 第一财经 揭书宜 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、潼南等主产区建立稳定合作，兼具订单式采购与仓储能力。在今年国内柠檬价格猛 涨期间，蜜雪冰城冰鲜柠檬水并未涨价。 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。 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。 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 ...

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]