茶饮行业过去 30 年的发展阶段是什么样的？ 茶饮行业过去 30 年经历了三个主要阶段。第一个阶段是奶精、茶粉等工业化 产品占据主导地位，这个时期供给创造需求，只要有奶茶就有市场。第二个阶 段从 1996 年至 2015 年，是缓慢发展阶段，以原材料多样化为特征，小料多 样化也是这一时期的重要变化。第三个阶段从 2016 年至今，是高度发达成熟 期，消费者对原材料要求愈发苛刻，高价鲜水果、代糖及加工程度更高的小料 层出不穷。 野村东方国际：寻求出海增量，新茶饮企业路在何方 20250702 摘要 蜜雪冰城海外营收高速增长，2022 和 2023 年同比增速分别达 900% 和 175%，远超国内水平，且盈利能力更强。霸王茶姬在新加坡门店月 销售额约 180 万元人民币，高于中国大陆平均水平 43 万元，表明海外 市场潜力巨大。 茶饮行业经历了三个阶段：工业化产品主导、原材料多样化缓慢发展， 以及消费者对高品质原料的成熟期。目前，消费者对原材料要求苛刻， 高价鲜水果、代糖及高加工小料成为趋势。 不同地区对中国茶饮品牌接受度各异。东南亚市场因热带气候和年轻人 口结构提供广阔空间，多小料和热带水果受欢迎；日韩市场需 ...

7月2日，茶咖日报的主要内容有： 澜沧古茶今起复牌，2024年亏损逾3亿元 7月2日，澜沧古茶公告，公司的H股股份恢复买卖。 今年4月1日，澜沧古茶曾公告，由于公司处于管理层人员和业务运营的调整期，需要更多时间复盘相关 的经营及管理事项，故延迟刊发2024年全年业绩，并因此停牌。6月30日晚间，澜沧古茶补发了截至 2024年12月31日止年度的全年业绩，并公告其股份即将恢复买卖。 财报显示，2024年全年，澜沧古茶的营业收入为3.61亿元，同比下滑31.5%；毛利为1.88亿元，同比下 滑46.8%；公司拥有人溢利由2023年的盈利0.8亿元，转变为2024年的亏损3.08亿元。 澜沧古茶表示，公司营业收入的下降，一方面是由于市场仍处于缓慢复苏过程，线下实体门店经营困 难。另一方面，公司产品销售主要通过线下实体经营门店完成，而电商和直播带货的快速发展对线下实 体门店的经营造成较大冲击，且近年来白牌产品凭借市场供应链资源和价格优势迅速布局，获得了部分 消费者的青睐，进一步影响了品牌产品的经营和销售。 元气森林冰茶进军印尼市场，覆盖超3万零售网点 港股茶饮股走强，奈雪的茶涨超33% 7月2日，港股茶饮股集体走强， ...

CoCo都可的出海始于2011年，是新茶饮行业第一批出海的企业，这一年喜茶还未诞生，古茗也仅仅成立一年，CoCo都可将自己的海外第一站定在了美国。 曾经在CoCo都可全球第一家店——淡水店打工的Wei，与品牌又重新有了交集，伴随着CoCo都可不断开拓国际版图，2016年Wei跟随公司前往澳大利亚悉尼 设立分公司，管理CoCo都可的澳洲区域，并于同年7月开出第一家直营门店。 同样作为区总的David与Wei的时间线类似，他负责的是CoCo都可在加拿大多伦多的区域。经历过早期新茶饮行业在国际市场开疆破土的不易，如今David也 陪伴CoCo都可在加拿大共同成长了12年。翻看CoCo都可海外市场发展的历史，"陪伴式成长"贯穿始终，从新茶饮在国际市场品类拓荒到多元深耕市场，从 产品潮流更迭到经营管理的迭代，CoCo都可与海外市场的合作伙伴唇齿相依、细水长流。 如今CoCo都可已经成为全球门店覆盖亚洲、欧洲、美洲、大洋洲、非洲五大洲的品牌，在品牌与合作伙伴的摸索下，一条属于CoCo都可自己的、友商无法 复制的海外拓张样本正在生成。Wei和David都认为，秉持着长期主义的CoCo都可，最终会成为奶茶行业的百年品牌。 " ...

Core Viewpoint - The tea beverage market is experiencing a surge in demand for green vegetables like kale and bitter melon, leading to increased prices and new opportunities for growers [1][4]. Group 1: Market Trends - The tea beverage market is incorporating more vegetable ingredients, with kale becoming a popular choice among consumers [1]. - The market's growth has led to a significant increase in the planting and harvesting of kale, with a farm in Shandong producing over 8,000 tons annually [3]. - Major tea brands are directly partnering with farms to secure supplies, indicating a shift towards more integrated supply chains [4]. Group 2: Agricultural Innovations - To meet rising demand, local farms are enhancing their planting techniques, focusing on mechanization and standardization to improve quality and yield [5]. - In Yunnan, smart farming systems are being utilized for precise management of soil and resources, showcasing advancements in agricultural technology [7]. Group 3: Industry Development - The booming tea beverage market is fostering the growth of related industries, including packaging and equipment manufacturing, with a production capacity of around 20 million sets annually [8]. - The establishment of a tea beverage industrial park in Henan has attracted over 20 related enterprises, creating more than 4,000 jobs [10]. Group 4: International Expansion - Chinese tea brands are rapidly expanding in Southeast Asia, with significant growth in countries like Indonesia, Vietnam, and Malaysia [10][12]. - A Chinese milk tea brand in Indonesia has opened over 2,000 stores since its entry four years ago, reflecting the strong demand for these products [12]. - The successful entry of Chinese tea brands into international markets highlights the cultural appeal of tea and its role in enhancing China's soft power [19].

7月2日，近日，第七届科技无障碍发展大会（以下简称为"2025TADC"）在北京举行。本届大会公布 了"2025'可及'信息无障碍优秀案例"，对国内无障碍领域的优秀产品、项目进行表彰。 霸王茶姬"'线上+线下'全渠道无声门店，助力特殊人群经济和银发经济打造新质生产力"项目，凭借在 线下门店完善无障碍设施，帮助听障人士就业，对线上点单系统实施无障碍、适老化改造等举措，入 选"2025'可及'信息无障碍优秀案例"，获成果影响力奖。据了解，霸王茶姬是获得此奖项的唯一新茶饮 品牌。一同入选成果影响力优秀的案例还有："南方航空官网无障碍适老化改造"、"滴滴无障碍出行服 务"、"京东APP无障碍适配及机制创新"、"vivo信息无障碍：大模型驱动的行业实践"。 霸王茶姬"无声门店"项目自2024年启动。全球首家无声门店已于2024年1月在浙江杭州开业，随后拓展 至广州、上海、长沙、兰州等地。霸王茶姬无声门店的店员主要由听障人士组成，他们被称为"无声伙 伴"。无声伙伴不只从事后厨工作，还可以直接面对消费者。2025年4月17日，霸王茶姬在纳斯达克上 市，现场敲钟的5位一线员工代表中，有2位是听障员工，分别来自中国湖南和新加坡 ...

近日，第七届科技无障碍发展大会（以下简称为"2025TADC"）在北京举行。本届大会公布了"2025'可 及'信息无障碍优秀案例"，对国内无障碍领域的优秀产品、项目进行表彰。 霸王茶姬"'线上+线下'全渠道无声门店，助力特殊人群经济和银发经济打造新质生产力"项目，凭借在 线下门店完善无障碍设施，帮助听障人士就业，对线上点单系统实施无障碍、适老化改造等举措，入 选"2025'可及'信息无障碍优秀案例"，荣获成果影响力奖。（注："可及"是"可触达"、"可获得"的意 思，是信息无障碍领域中的核心概念。）据了解，霸王茶姬是获得此奖项的唯一新茶饮品牌。一同入选 成果影响力优秀的案例还有："南方航空（600029）官网无障碍适老化改造"、"滴滴无障碍出行服 务"、"京东APP无障碍适配及机制创新"、"vivo信息无障碍：大模型驱动的行业实践"。 霸王茶姬无声门店的店员主要由听障人士组成，他们被称为"无声伙伴"。无声伙伴不只从事后厨工作， 还可以直接面对消费者。有的无声伙伴通过自身努力，从制茶师晋升为店长助理，负责员工排班、库存 管理等工作。值得一提的是，2025年4月17日，霸王茶姬在纳斯达克上市，现场敲钟的5位一线员工 ...

Group 1 - The tea beverage market is experiencing a trend towards incorporating green vegetables like kale and bitter melon, leading to increased demand and higher prices for these vegetables, creating new opportunities for farmers [1][5][9] - In Shandong, a kale farm has seen a surge in labor demand, employing around 150-160 workers daily and paying over 20,000 yuan in wages [3][5] - The kale farm is adopting advanced agricultural techniques, including mechanization and standardized planting methods, to enhance quality and yield, aiming for an annual production of over 8,000 tons [11][9] Group 2 - The new tea beverage trend is driving the development of a comprehensive industrial chain, with significant growth in related sectors such as coffee and jam production [14][16] - A tea beverage brand reported a sales increase of approximately 30% to 50% in the first quarter, leading to full utilization of production lines and boosting the growth of upstream and downstream enterprises [16][18] - The tea beverage industry is creating numerous job opportunities, with one county attracting over 20 related enterprises and generating more than 4,000 jobs [22] Group 3 - Chinese tea brands are rapidly expanding in overseas markets, particularly in Southeast Asia, with significant increases in store numbers and consumer demand [21][23] - A Chinese tea brand in Indonesia sold over 4,000 cups on its opening day and has expanded to five stores within four months, indicating strong market acceptance [25][27] - The success of Chinese tea brands abroad is attributed to their understanding of local consumer preferences and efficient supply chain management [29][31] Group 4 - The tea beverage market is witnessing a health trend, with a 507% increase in searches for "fruit and vegetable juice" and a 210% increase in order volume [35][39] - The demand for beverages containing kale has surged, with a 44-fold increase in delivery volume, while drinks with bitter melon have seen an 11-fold increase [37][39] - Regional specialty drinks are gaining popularity nationwide, with significant increases in search volumes for unique local ingredients [39]

Core Insights - The rise of IP collaborations in the new tea beverage sector has transformed from a simple marketing tactic to a core battleground for brand traffic acquisition [1][20] - Despite the apparent excitement, many collaborations are becoming financially unviable, with increasing marketing expenditures and insufficient product innovation leading to a "loss-making" scenario [1][20] - In the first half of 2025, there were 72 IP collaboration events in the new tea beverage industry, showcasing a mix of successful and failed partnerships [1][3] Industry Trends - The new tea beverage market is experiencing a significant increase in IP collaborations, with brands like Luckin Coffee and Heytea adopting different strategies, leading to a clear industry differentiation [1][12] - The majority of collaborations are driven by anime, game, and character IPs, which account for nearly 40% of the total collaborations [3][4] - The trend of using celebrity IPs is evolving, with brands moving towards emotional asset management rather than just image licensing, as seen in collaborations with stars like Wang Junkai [6][20] Marketing Dynamics - Marketing expenditures for new tea brands have surged, with companies like Luckin Coffee spending up to 1.92 billion yuan in Q1 2025, reflecting a 49.3% year-on-year increase [12][13] - The effectiveness of these marketing strategies is showing diminishing returns, with brands experiencing a decline in search volume despite initial spikes in sales [14][20] - The reliance on IP collaborations is leading to a cycle where brands may prioritize marketing costs over product innovation, risking long-term brand health [16][20] Strategic Shifts - Some brands are reevaluating their approach to IP collaborations, with Heytea notably adopting a "no collaboration" strategy in the first half of 2025 to focus on high-end market positioning [1][18] - The industry is witnessing a shift towards more sustainable and meaningful partnerships, as brands seek to align with IPs that resonate with their core values and customer demographics [20] - Future success in IP collaborations will depend on brands' ability to balance short-term traffic gains with long-term brand equity, emphasizing the need for strategic selection and value co-creation [20]

Core Insights - The sudden popularity of lemon milk has captured significant attention on social media, with over 9.3 million views on related posts, prompting major brands like Mixue and Hushang Auntie to introduce their own versions of lemon milk drinks [1][3][5] - Lemon milk is not a new concept, particularly in regions like Zhejiang and Guangdong, where it has been a staple beverage for years, leading to a surge in local store sales as the trend spreads nationally [7][12] Brand Responses - Mixue has launched new lemon milk products in select regions, including the Snow King Lemon Milk and Lemon Milk Coffee, responding to consumer demand for nationwide availability [1][5] - Hushang Auntie introduced the Modern Little Iron series, featuring refreshing lemon milk drinks that quickly became the second most repurchased item in the month of June [5][11] Market Trends - The trend towards lemon milk reflects a broader consumer shift towards refreshing flavors, particularly in summer, as consumers seek alternatives to traditional sweetened beverages [9][20] - The rise of lemon milk indicates a growing market for fruit-flavored dairy products, with brands exploring innovative combinations to enhance flavor profiles and consumer appeal [20][22] Technical Developments - Advances in production techniques have addressed the common issue of curdling in lemon milk, allowing for a smoother consumer experience and broader market acceptance [12][14] - Brands are utilizing methods such as temperature control and ingredient optimization to minimize curdling, which has historically limited the popularity of lemon milk [14][16] Consumer Preferences - There is a noticeable fatigue with traditional light milk tea flavors, prompting consumers to seek out new and exciting options like fruit-infused dairy beverages [16][18] - The introduction of fruit flavors into milk tea is expected to create a more dynamic and refreshing drinking experience, appealing to a wider audience [22]

Group 1 - The core viewpoint of the report is that the company, Mixue Group, is expected to maintain strong same-store sales growth and store openings in the domestic market, leading to an upward revision of net profit forecasts for 2025 and 2026 by 7% to 5.45 billion and 6.51 billion yuan respectively [1] - The current stock price corresponds to a P/E ratio of 33 and 28 times for 2025 and 2026, with an 18% increase in the target price to 555 HKD, indicating an upside potential of 8% [1] - The company is expected to benefit from a stable consumption environment and product upgrades, with same-store sales growth in 2025 projected to exceed the 1% level of 2024 [4] Group 2 - In Q2, most tea beverage brands experienced rapid same-store sales growth, with brands like Gu Ming and Cha Bai Dao recording double-digit percentage growth [3] - The recent easing of price competition on delivery platforms is expected to improve the competitive landscape in the long term, although it may cause short-term disruptions to same-store sales [3] - The company has signed over 6,000 stores nationwide as of June 27, compared to nearly 4,000 at the end of 2024, indicating a strong expansion strategy [4] Group 3 - The company is actively exploring overseas markets, with plans to open its first store in Brazil in 2025 and establish a supply chain factory for localized production [5] - The company is also focusing on product innovation and supply chain capabilities in markets like Indonesia and Vietnam, which are currently in an adjustment phase [5] - The company aims to maintain strong profitability despite potential margin pressures from its long-term strategy of mutual benefit with franchisees [4]