Core Viewpoint - The launch of the "Five Colors Slow Nourishment" plan by the tea brand "Hushang Ayi" aims to address the dual needs of health nourishment and emotional support in a fast-paced society, combining traditional wisdom with modern psychology to promote a balanced lifestyle [1][3][10] Industry Trends - The new tea beverage industry is transitioning from "traffic competition" to "value competition," with the market expected to reach 3,547.2 billion yuan in 2024 and potentially exceed 4,000 billion yuan by 2028 [3] - There is a growing consumer demand for "health functions" and "emotional value," driven by increasing rates of depression and anxiety globally, highlighting the urgent need for health and emotional support solutions [3][11] Company Initiatives - The "Five Colors Slow Nourishment" plan reflects the brand's commitment to health and social needs, integrating traditional dietary wisdom with modern tea experiences to create a more meaningful consumer connection [4][10] - The company has expanded from one store in 2013 to 9,436 stores by mid-2025, maintaining its focus on using healthy ingredients to support consumers [5][10] Product Development - The plan introduces the "Five Colors Slow Nourishment Bottle," which combines traditional Chinese dietary principles with modern nutrition, featuring products like the "Five Yellow High-Fiber Nourishment Bottle" and the upcoming "Five Black Revitalizing Nourishment Bottle" [5][10] - The new products aim to provide a rich and enjoyable experience while promoting the philosophy of "slowly coming, naturally good state" [5] Community Engagement - The company will host three offline public health lectures in collaboration with the Shanghai Huailan Psychological Counseling Center, focusing on stress relief, emotional support, and dietary health [8] - This initiative aligns with the public's strong demand for mental and physical health support, reflecting a societal shift towards achieving balance in a high-pressure environment [8][11] Future Outlook - The "Five Colors Slow Nourishment" plan is seen as a starting point for the company to integrate the "slow nourishment" concept into everyday consumer experiences, contributing to the "Healthy China 2030" strategic goals [13]

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]

9月19日，喜茶「超级植物茶」迎来上新一周年。据官方数据显示，「超级植物茶」全系列产品已售出 超1亿杯，喜茶坚持采用新鲜的羽衣甘蓝每日现榨，截至目前已使用近300万斤的新鲜羽衣甘蓝，而喜茶 首创的系列产品「羽衣纤体瓶」与「去火纤体瓶」持续热卖至今，成为新茶饮菜单上的经典产品选项。 作为喜茶的新晋人气品类，「超级植物茶」自去年以来持续引发消费热潮。延续系列灵感，喜茶深入探 寻全球超级植物，不断为消费者打造差异化的健康茶饮选择，不仅推出了多款人气单品，持续引领新茶 饮的产品研发趋势，还推动了健康小众原料的普及与品质升级。在「超级植物茶」的带动下，羽衣甘蓝 成为当下最炙手可热的明星原料之一。 基于品类探索，喜茶不断研发拓展产品形态的边界，将人气现制茶饮的产品灵感延续到了瓶装产品中， 带来了首款瓶装「超级植物茶」—— 羽衣甘蓝青瓜，上新后迅速成为山姆酒水饮料品类新品销量第一 名，并连续登上山姆各类热销榜单，成为继喜茶特浓抹茶、50%果汁茶后的又一款爆款瓶装产品，为消 费者带来超越场景限制的「超级植物茶」体验。在社交媒体平台上，喜茶羽衣甘蓝青瓜也频频占据消费 者热议话题，被许多消费者列入"山姆必买清单"。 持续差异化引 ...

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].

外卖补贴大战对新茶饮行业有何影响？近期，相关上市公司业绩说明会中频频谈及这一问题。 整体来看，积极参与补贴大战的品牌，短期内销售呈现明显增长；部分未参加外卖大战的品牌，单店数 据下滑较为明显。不过，多家上市新茶饮公司高管在业绩会上提到了外卖补贴的弊端。 （原标题：外卖补贴大战埋下隐忧？新茶饮留客出新招） 整体看，在本轮外卖大战中，新茶饮行业成为最大获益方成为共识。一家头部新茶饮公司高管李哲（化 名）对证券时报记者表示，二季度的外卖补贴大战中，各平台推出的优惠券，其针对的价格带以20元左 右为主，而这正是新茶饮与快餐的定价区间；相较于餐品，茶饮本身具备消费频次高、客单价较低、出 餐环节简单等属性，这些因素共同促使新茶饮品牌成为承接本轮补贴红利的赢家。 证券时报记者采访获悉，补贴大战给行业发展埋下隐忧：一方面，消费者易形成"价格依赖"，进而冲击 品牌产品价格体系；另一方面，加盟商需分摊补贴成本，陷入增收不增利困境，影响长期稳定。展望下 半年，外卖补贴退坡已成定局，头部品牌正通过差异化上新及优化门店运营效率，提质增效，留住消费 者。 外卖战拉动订单增长 新茶饮上市企业半年报收官，外卖补贴对行业的影响也浮出水面。整体 ...