Core Viewpoint - The article discusses the stark contrast in China's consumer market in 2025, highlighting a significant divide between thriving companies and those that have collapsed, marking a shift from a "growth at all costs" mentality to a focus on efficiency and sustainability in business models [5][6][11]. Group 1: Market Dynamics - In 2025, the consumer market experienced a "violent clearing," with many once-prominent unicorns collapsing, signaling the end of an era characterized by unsustainable growth strategies [6][8]. - The year 2025 is described as a "tombstone" for new consumption, as the last illusions surrounding high prices and influencer-driven brands were shattered, exemplified by the downfall of brands like Zhong Xuegao [8][9]. - The collapse of established giants like Christine and Xu Li Shan reflects a failure to adapt to changing consumer preferences and market conditions, leading to their eventual exit from the market [9][10]. Group 2: Survivors and New Trends - Despite the failures, a new wave of companies thrived in 2025, particularly in the new tea beverage sector, with brands like Mixue Ice City and Tea Baidao successfully going public [15][16]. - The success of these companies is attributed to their focus on supply chain efficiency and cost control, moving away from traditional notions of craftsmanship to a more industrialized approach [16][17]. - The "lipstick effect" emerged as consumers shifted spending from large purchases to small, affordable pleasures, benefiting brands like Bubble Mart and new tea beverage companies [18]. Group 3: Investment Landscape - The investment landscape in 2025 saw a dramatic reduction in financing activities, with only 74 rounds of funding compared to 133 in the previous year, indicating a shift away from reckless spending [23][24]. - The restaurant sector remained a focal point for investment, accounting for 45 out of the 74 financing rounds, as capital sought safety in high-frequency, essential consumer needs [24][26]. - Brands that demonstrated strong supply chain control and technological integration, such as those in the coffee sector, began to attract significant investment, reflecting a new focus on efficiency and innovation [27][28]. Group 4: Future Outlook - The article suggests that the consumer market in 2026 will prioritize global distribution over domestic expansion, as companies seek to leverage their efficiencies in international markets [31][32]. - The survival of brands in the coming years will depend on their ability to adapt to changing consumer behaviors and market conditions, emphasizing the importance of supply chain management and genuine consumer engagement [33][34].

Core Viewpoint - The article highlights the growing trend of Chinese businesses expanding into Central Asia, particularly Kazakhstan, as a new frontier for trade and investment opportunities, driven by increasing consumer demand and digital transformation in the region [5][6][7]. Group 1: Market Trends - In the first eleven months of this year, over 876,000 Chinese tourists visited Kazakhstan, with a significant increase in flight and hotel bookings, indicating a strong interest in the region [5]. - The number of China-Central Asia freight trains has also surged, with 13,089 trains operating and 1,031,695 TEUs shipped, reflecting a 30.6% year-on-year growth [5]. - Kazakhstan is transitioning from a "marginal market" to a "foreign trade growth pole" for Chinese enterprises, with sectors like infrastructure, renewable energy, and cross-border e-commerce leading the charge [6]. Group 2: E-commerce Growth - Kazakhstan has become a leader in e-commerce within Central Asia, with an internet penetration rate of 92.9% and a mobile connection rate of 128%, leading to a stable online shopping habit among consumers [13]. - E-commerce's share of retail has increased from 0.5% in 2013 to 14.1% in 2024, with the market size reaching approximately 3.156 trillion tenge (around $6.5 billion), growing by 33% year-on-year [13]. - Local and international e-commerce platforms, including Kaspi.kz and Alibaba's AliExpress, are thriving, facilitating smooth transactions and product availability for consumers [13][14]. Group 3: Consumer Behavior and Preferences - The influx of Chinese brands, such as new tea beverage companies, is indicative of a broader consumption upgrade in Kazakhstan, where local consumers are increasingly open to foreign products [24][29]. - The demand for electric vehicles is rising, with Chinese brands like BYD and Li Auto becoming more visible on the streets, as Kazakhstan's government plans to promote new car purchases through incentives [30][35]. - Local consumers are showing a preference for products that resonate with their cultural context, emphasizing the need for brands to adapt their marketing strategies to local tastes and preferences [22]. Group 4: Challenges and Considerations - Despite the opportunities, Chinese businesses face challenges in establishing trust and credibility with local consumers, who often prefer to buy from local retailers due to past negative experiences with Chinese companies [36][37]. - The article emphasizes the importance of local partnerships and understanding the market dynamics to navigate the complexities of doing business in Kazakhstan [42]. - The evolving regulatory environment and the need for localized strategies are critical for success in this emerging market [43].

12月26日，知名新茶饮品牌霸王茶姬陷入一场始料未及的舆论风暴。 事件的起因颇具荒诞色彩：某自媒体将茶叶中天然存在的"咖啡因"与严管的"精神类管制药物"进行强行关联，抛出"准毒品"这一耸人听闻的指控，这让缺 乏专业辨识能力的公众引发了非理性恐慌。受此影响，"霸王茶姬 咖啡因"词条迅速登上微博热搜，并导致其股价当日出现大幅波动。 在茶行业专家看来，这不仅仅只是针对单一品牌，而是对整个新茶饮行业的"污名化"伤害。面对风波，霸王茶姬于26日晚间在其官方账号回应：强调产品 合规，并宣布启动法律程序维权。27日下午，中国茶叶流通协会也通过其官方账号及时科普茶与咖啡因的知识。 在情绪退潮之后，这场关于"咖啡因"的风波，折射出的正是中国新茶饮行业在迈向标准化进程中，亟需跨越的科普鸿沟。 浙大茶叶研究所所长王岳飞：将茶饮与毒品绑定的说法，是对中国茶文化的污蔑 近年来，新茶饮中的咖啡因话题频繁登上社交媒体热点。霸王茶姬、喜茶、古茗、茶百道、奈雪的茶、爷爷不泡茶、茶颜悦色……几乎所有知名茶饮企 业，都曾被反馈"喝了睡不着"。在业内人士看来，这场风波折射出的是公众对"茶"这一基础饮品认知的断层。 《中国消费者咖啡因认知及态度调查( ...

作者 | 唐飞 编辑|刘景丰 新茶饮热度再起，这种热度不仅局限在新品和新口味上，更进一步传递到二级市场。 继去年8月，茶百道正式向港交所递交上市申请后，蜜雪冰城和古茗也在今年初，陆续向港交所递交上市申请。 盘古智库高级研究员江瀚认为，这两家公司都是新茶饮行业的重要参与者，其上市将进一步推动新茶饮行业的发展和竞争。此外，这也可能会引起其他新 茶饮品牌的关注和跟进，从而加剧行业的竞争。 "可以说，很快就会有新茶饮企业上市，这是毋庸置疑的事实。茶饮产业的未来充满了机遇，但也同样面临着诸多考验。品牌不仅需要在外部市场竞争中 保持敏锐洞察力，还需要在内部持续修炼内功，确保品质、创新与服务始终与消费者需求相匹配。只有这样，才能在茶饮市场中获得自己的一席之地，真 正获得长期的竞争力。"江瀚称。 外界称，2023是新茶饮的爆发年。门店数量可以直观反应这种爆发势头，头部20家新茶饮品牌门店数量已经从2022年底的78324家门店，扩张至2023年底 的103783家门店，一年内净增加32%。 高增长下，行业内卷加剧，开店抢位战激烈竞逐，餐饮供应链"控本增效"的重要作用日渐显著，更成为"万店时代"茶饮人的底气。 卷出天际，争当新 ...

近期，乐乐茶新品"苹果糖"系列陷入品质争议，社交平台上"粘牙""价不配位"的吐槽声持续发酵，将这一茶饮品牌推向舆 论焦点。 公开信息显示，12月19日起，多地消费者陆续反馈相关产品问题，12月20日晚，乐乐茶官方发布致歉声明，承认因"考虑 不周、准备不足"导致出品不稳定，同步采取下架不合标产品、责令门店整改及处罚违规门店等措施。 这场风波不仅暴露了乐乐茶单品品控的漏洞，更折射出品牌在规模扩张过程中可能存在的运营失衡问题，值得行业关注。 消费者反馈集中爆发 致歉但整改细节存疑 从消费者反馈及品牌官方自查结果来看，"苹果糖"系列的问题呈现多元化且覆盖面较广。乐乐茶小程序显示该系列核心产 品"凤梨苹果糖"单杯定价24元，额外添加一颗"苹果糖"需另行支付9.9元，高价定位对应的却是普遍的品质瑕疵。 据智通财经报道，乐乐茶2025年计划将全国门店数增长至700家，但壹览商业数据显示，其2024年6月在营门店量达到546 家的峰值后便持续下滑，截至2025年10月9日在营门店仅425家，扩张进度未达预期。 | 品牌 | | 现有门店总量 9月新开门店 9月关店门店 | | 净福长 | 9月净墙长率 | | --- | - ...

2025.12.25 本文字数：2468，阅读时长大约4分钟 作者 |第一财经 揭书宜 在好莱坞的星光大道，蜜雪冰城新店正对中国剧院开业；而在国内任意一家奶茶店，消费者可能正用勺 子品尝一杯"固体杨枝甘露"。这一"外扩"一"内卷"的场景，勾勒出2025年新茶饮行业的两大突围路径。 当国内市场陷入"一条街十家店"的同质化红海，2025年的新茶饮巨头们一边把出海目标从东南亚转向消 费力更强的欧美，寻求品牌全球化；另一边则是将饮品"固体化""甜品化"，以拓宽消费场景。 资本狂热但差异化难寻 2025年可以说是"中国茶饮资本元年"，这一年，有四家茶饮企业陆续上市。从2021年奈雪的茶成为"新 式茶饮第一股"，到2025年蜜雪冰城、霸王茶姬、沪上阿姨等品牌争相登陆资本市场，新茶饮的资本盛 宴仍在上演。 近年来，我国新茶饮消费市场规模不断扩大。中国连锁经营协会新茶饮委员会联合美团新餐饮研究院发 布的研究报告显示，今年国内新茶饮消费市场规模有望突破2000亿元。 然而，资本盛宴下，茶饮市场正从增量竞争转向存量博弈。无论是在一线城市上海的吴江路步行街，还 是在四线小城的核心商圈，"500米一条街10家奶茶店"成为常态，品牌们 ...

Core Viewpoint - The new tea beverage industry in China is experiencing two main paths of breakthrough in 2025: expanding internationally towards stronger consumer markets in Europe and America, and innovating product forms by solidifying and sweetening beverages to broaden consumption scenarios [3][5]. Group 1: Market Expansion and Capital Trends - 2025 is marked as the "capital year" for Chinese tea beverages, with four companies going public, including popular brands like Mixue Ice City and Bawang Tea [5]. - The domestic new tea beverage market is expected to exceed 200 billion yuan in 2025, indicating significant growth in consumer demand [5]. - The market is shifting from incremental competition to stock competition, with a saturation of tea shops in urban areas, leading brands to seek differentiation [6]. Group 2: Product Innovation and Consumer Trends - Brands are increasingly introducing differentiated products such as Thai milk tea and solid desserts, responding to the saturated market and changing consumer preferences [6]. - The popularity of solid desserts like "solid mango sago" has surged, with sales exceeding 8 million cups since its launch, indicating a shift towards more visually appealing and substantial products [7]. - The trend of "light health" among younger consumers is driving the popularity of sugar water products, which are perceived as healthier alternatives compared to traditional milk teas [7]. Group 3: International Expansion Strategies - New tea brands are increasingly targeting North America for expansion, moving away from the highly competitive Southeast Asian market [10][11]. - The establishment of a robust overseas supply chain is identified as a significant challenge for brands looking to expand internationally [11]. - Successful internationalization requires understanding and catering to local consumer preferences, with a focus on creating a genuine global brand presence [12].

在新茶饮行业频繁上新几乎成为"标配"的当下，霸王茶姬的节奏显得并不急。 近日，霸王茶姬全国门店同步上新"归云南"系列。这是霸王茶姬时隔半年后推出的又一款全国性新品。"霸王茶姬的 新品让我想家了。"一位云南游子在社交平台发帖表示，霸王茶姬新系列"归云南"让她瞬间想到了家乡的味道。 在小红书、微博等社交平台上，不少消费者用"终于等到上新""熟普入奶茶有点惊喜"来形容这次新品。与行业常见的 水果、风味创新不同，"归云南"选择了一条更慢，也更重的路径：以冰岛熟普与勐海熟普为核心茶底，强调茶叶本身 的产地、拼配与风味结构。 对于霸王茶姬来说，"归云南"不仅是一次产品的迭代。作为霸王茶姬在三季度财报电话会后推出的首款全国新 品，"归云南"更像是品牌在八周年节点，对其"高质量增长"战略的一次落地式回应。 在新茶饮行业竞争日趋激烈的当下，狂奔8年的霸王茶姬主动选择慢下来，延续高质量发展战略，回到一杯好茶本 身，在茶底中寻找高价值的"慢变量"。 霸王茶姬修筑新内功 "归云南"含金量还在上升 在中国茶叶体系中，冰岛普洱并不算"年轻"。冰岛茶区位于云南临沧，因产量有限、风味干净细腻，在普洱茶市场中 长期被视为高端茶代表。尤其是熟普 ...

"500米一条街10家奶茶店"成为常态。 在好莱坞的星光大道，蜜雪冰城新店正对中国剧院开业；而在国内任意一家奶茶店，消费者可能正用勺 子品尝一杯"固体杨枝甘露"。这一"外扩"一"内卷"的场景，勾勒出2025年新茶饮行业的两大突围路径。 当国内市场陷入"一条街十家店"的同质化红海，2025年的新茶饮巨头们一边把出海目标从东南亚转向消 费力更强的欧美，寻求品牌全球化；另一边则是将饮品"固体化""甜品化"，以拓宽消费场景。 资本狂热但差异化难寻 近年来，我国新茶饮消费市场规模不断扩大。中国连锁经营协会新茶饮委员会联合美团新餐饮研究院发 布的研究报告显示，今年国内新茶饮消费市场规模有望突破2000亿元。 然而，资本盛宴下，茶饮市场正从增量竞争转向存量博弈。无论是在一线城市上海的吴江路步行街，还 是在四线小城的核心商圈，"500米一条街10家奶茶店"成为常态，品牌们逐渐意识到，疯狂扩张已难以 为继。 在此背景下，各品牌必须更频繁且快速地寻找差异化产品。泰奶、西域咸奶茶、糖水类产品在2025年频 繁出现在各品牌的菜单上。 喜茶在2025年凭借"咸酪泰奶冰"引爆品类，另茶、梧桐姥姥等品牌也推出泰奶产品。此外还有大量自制 泰 ...

近日，有媒体报道称，多位网友在社交平台吐槽这款新品，称其糖衣软塌、严重粘牙，实物与宣传图相差甚远，被直指为"照骗"。这款单杯售价达26元，额 外加一颗苹果糖还需9.9元的新品，因其欠佳的品控迅速引发热议。 此次新品在全国门店出现的普遍性品控问题，无疑为其急速加盟扩张的模式敲响了警钟。当管理半径随着加盟店数量迅速扩大时，如何确保每一家门店、每 一杯产品的品质稳定，成为乐乐茶必须面对的严峻挑战。 面对大量负面反馈，乐乐茶于12月20日晚间紧急发布致歉声明。声明中，乐乐茶将问题归因于自身"考虑不周、准备不足"，导致全国各门店的"苹果糖"系列 产品出品极不稳定。 尤其在当前竞争异常激烈的新茶饮赛道，一次糟糕的产品体验，足以让消费者转而投向其他品牌。 乐乐茶在声明中详细列举了消费者集中投诉的五大问题：包括苹果没有裹上糖、裹糖太少导致氧化、糖裹得太厚口感过粘、糖浆温度过高影响色泽，以及顶 部装饰漏放或摆放不标准等。 此次新品翻车事件，恰逢乐乐茶加速扩张的关键时期。其计划在2025年将全国门店数从现有的400多家增长至700家，并将团队和资源重点投入到加盟事业 中。 当消费者满怀期待地咬下乐乐茶新品"苹果糖"时，等来的可能 ...