Core Viewpoint - The article discusses the intense competition in the Chinese tea beverage market, particularly during the recent delivery wars among major platforms like JD, Meituan, and Ele.me, highlighting the impact of subsidies on consumer behavior and brand dynamics [2][3][12]. Group 1: Market Dynamics - During the recent delivery wars, JD's tea drink orders reached nearly 50% of its total orders, while Taobao's tea drink orders accounted for 25% [6]. - The competition has led to a significant increase in sales for brands like Kudi, which achieved 100 million orders with 200 million yuan in subsidies from platforms [12]. - The tea beverage industry is experiencing a rapid elimination process, with over 160,000 tea shops closing in the past year [8][40]. Group 2: Consumer Behavior - Consumers are benefiting from the price wars, with many enjoying low-cost tea drinks, leading to a surge in consumption [11][12]. - The article notes that consumers are becoming accustomed to lower prices, which may affect their willingness to pay normal prices once the subsidies end [19][20]. - The perception of tea drink prices has shifted, with consumers now viewing previous prices as inflated, leading to a potential decline in sales for higher-priced products [20][21]. Group 3: Brand Positioning - New brands like Jasmine Milk White are leveraging platform resources to gain visibility and sales, achieving significant order growth during the subsidy period [13][16]. - Jasmine Milk White's unique positioning and product development strategies have allowed it to stand out in a crowded market [32][35]. - However, the brand faces challenges in maintaining price integrity and brand strength amidst intense competition and consumer price sensitivity [25][38]. Group 4: Industry Challenges - The tea beverage market is increasingly saturated, with a net decrease of 54,000 tea shops in the past year, indicating a tough competitive landscape [40]. - The article highlights the difficulty of differentiating products in a market where many brands offer similar items, leading to a homogenization of offerings [43]. - Jasmine Milk White's limited number of stores (1,300) compared to competitors like Mixue Ice City (over 33,000) poses a significant challenge for scaling and market presence [45]. Group 5: International Expansion - To seek growth, Jasmine Milk White is expanding into overseas markets, with plans to open stores in the U.S. and Thailand, having already established 19 overseas locations [46]. - The brand is adopting a "cross-border + local" supply chain model to ensure quality and compliance in its international operations [47]. - However, the brand faces challenges related to food safety and customer service, as evidenced by complaints and operational issues in its stores [48][49].

Core Viewpoint - The implementation of new quantitative regulations has led to a noticeable decrease in trading volume in the A-share market, with a total turnover of 1.23 trillion yuan today compared to 1.45 trillion yuan on the previous trading day, yet the market remains stable with limited selling pressure and some sectors, particularly the power sector, showing strong performance [1]. Group 1: Market Performance - A-shares experienced a significant reduction in trading volume, with the Shanghai Composite Index closing in the green despite the overall market's cautious sentiment [1]. - The power sector saw a remarkable surge, with over ten stocks, including Shaoneng Co., Huayin Power, and Shimao Energy, hitting the daily limit [1][2]. Group 2: Power Sector Dynamics - The power index rose by 1.65%, with notable gains from companies such as Shaoneng Co. (10.07%), Huayin Power (10.02%), and Shimao Energy (10.01%) [2][3]. - The ongoing high temperatures have led to increased electricity demand, particularly for air conditioning, benefiting power companies' generation and revenue [7]. Group 3: Factors Driving Power Sector Growth - High temperatures have prompted the Central Meteorological Observatory to issue yellow heat warnings, leading to sustained high electricity loads and improved power supply-demand dynamics [6]. - The commissioning of the largest thermal power plant in China, the No. 8 unit of the Zhejiang Beilun Power Plant, has further bolstered electricity supply during peak demand periods [6]. - Positive earnings forecasts, such as Huayin Power's projected net profit increase of 3600.7% to 4423.07% for the first half of 2025, have attracted short-term speculative interest in the power sector [6]. Group 4: Broader Sector Impacts - The high temperatures have also positively impacted other sectors, including home appliances, beverages, and environmental services, with increased sales of cooling devices and beverages [10]. - The logistics sector is experiencing mixed effects, with cold chain logistics benefiting while general freight is under pressure due to decreased transportation efficiency in extreme heat [10].

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]

6月21日夏至当天，香港天文台录得的最高温度追平了1980年的"最热夏至"。而共享这"热浪"的，还有港交所。 三年河东，三年河西。赴港IPO热浪袭来。截至上半年，已有43家顺利登陆港股，而去年同期仅为30家。与此同时，上半年港股IPO募集资金达到1067.14亿 港元，超过去年全年的876.77亿港元，募资规模位居全球榜首。 以新消费、硬科技等企业为代表，闯关港交所早已超越单纯融资行为，成为观察港股生态变迁的窗口。从2023年的冰点到2024年的拐点，再到2025年的沸 点，天时、地利、人和氤氲在一起，促成这场IPO盛宴的到来。 何以至此？钱从哪来，走向何方？千军万马赴港上市的热潮之下，是昙花一现，还是繁花再现。 | 最新發佈 > 日期 | 申請人 | | --- | --- | | 04/07/2025 | 濰柴雷沃智慧農業科技股份有限公司 | | | 04/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 20/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 | | | 前提交文件: | | | 20/06/2025 整體協調人公告 - 委任 吧 | | 03/07/2 ...

李彦丨作者 木鱼丨编辑 茶咖观察丨出品 6月28日，贵阳茶饮品牌去茶山在杭州开出浙江首店。开业当天上午，社交平台上就被"排队盛况"刷屏。有网友表示，当天排队数量超过3000杯。 创立于贵州贵阳的去茶山，是近年新茶饮行业典型走"地方食材特色"路线的品牌。招牌产品是贵州铜仁抹茶、刺梨气泡水、干酪普洱鲜奶茶等，整体价格带 位于20-30元。装修将黑灰色系与原木风相结合，试图营造出"贵州山野"的氛围。小程序显示，去茶山目前全国直营门店有55家。过去几年，他们在重庆、 成都、深圳、上海等地开首店时，都曾出现过类似的"开业爆单"场景。 那么，这家店究竟是真火爆还是营销做到了极致？开业后的第三天，茶咖观察到杭州中心商场首店现场看了看。 线上排队3000杯，线下设置8张凳 一小时出杯400 不过，相较于产品，茶咖观察认为，去茶山的「爆单机制」更值得关注。 新茶饮界"网红品牌"来杭州，前期爆单是常态。例如上海的红茶公司、阿嬷手作。按照以往看，这类品牌更偏爱"限定数量截单"，例如排队300杯后台就会 停止接单，还想点单的消费者需要等到单量减少至200杯左右，门店重新开放下单，才能重新点单去"抢剩下100杯"的额度。 去茶山没有给 ...

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。 " ...

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 ...

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]

近来，新茶饮行业发展迅猛，成为消费市场中的重要力量。有调查显示，2024年中国新式茶饮市场规模 达3547亿元，预计到2028年有望突破4000亿元。新茶饮不仅是休闲解渴之新宠，更成为社交打卡的热门 标配。 新茶饮之新，在产品内核，在技术赋能。其突破传统茶叶、开水的简单搭配，大量引入鲜果、芝士、鲜 奶、坚果等配料，提供给消费者层出不穷的味蕾享受。例如，贵州品牌去茶山将刺梨、折耳根、糯米等 特色食材融入饮品，形成独具特色的"贵州野味"，展现出"为一杯茶赴一座城"的品牌效应。新茶饮还革 新现代工艺或引入活态非遗技艺，比如，霸王茶姬通过"数智冷链仓配系统"实现精准控温，茉沏联合虎 丘三花茶窨制技艺非遗代表性传承人，以古法窨制工艺锁住茶花双香。 另一方面，强化创新，在创产品、技术、文化之新上下功夫。新茶饮企业须把创新贯穿企业全生命周 期，加大产品研发力度，推动原料与工艺的科技化重构。例如，爷爷不泡茶将湖北恩施玉露、孝感米 酿、咸宁桂花等土特产通过现代科技酿成新茶饮，让小众农产品转化为全国性爆款饮品。顺应健康消费 趋势，研发低糖、低脂、纯天然原料的茶饮，参与制定相关健康标准，满足消费者对健康的诉求。深耕 数智化，在省时 ...

观茶|近20元一 斤！新茶饮或面 临"柠檬危机"_ 南方+_南方plus 夏天是水果类茶 饮旺季，柠檬价 格都会有不同程 度上涨，今年却 涨得特别厉害。 不少柠檬茶饮加 盟商在社交媒 体"抱怨"柠檬价 格"疯涨似黄 金"。据央视财 经报道，今年四 川安岳黄柠檬价 格达15元一斤， 比去年同期的3- 4元一斤翻了3-5 倍，广东江门香 水柠檬将近20元 一斤，去年同期 价格仅5元一 斤。 我国为世界柠檬 主要产区之一。 四川安岳作 为"中国柠檬之 都"，产量占全 国80%以上，以 尤力克柠檬为 主。广西、海 南、云南等地以 香水柠檬和青柠 为主。 柠檬涨价背后， 市场供需失衡为 主因。受极端天 气影响，近两年 柠檬主产区普遍 减产。而我国柠 檬出口量激增， 安岳柠檬近半月 出口量接近去年 旺季2个月水 平，导致市场货 源紧张。夏季饮 品消费旺季来 临，柠檬作为新 茶饮的核心原 料，需求大幅增 长。此外，国际 贸易中的关税调 整、冷链运输的 成本和损耗率， 进一步加剧了柠 檬价格波动。 同。 对于自主品牌与 中小品牌而言， 因依赖市场采购 柠檬，成本压力 直接传导至经营 端，面临更大的 利润亏损风险。 按照一杯柠 ...