智通财经APP获悉，华西证券发布研报称，古茗（01364）凭借其高质价比产品策略、区域加密的门店 网络及自建冷链供应链，组成了规模与效率的正向循环。公司业绩持续增长稳健，未来有望通过品类拓 展与品牌力提升支撑单店销售，同时加盟政策优化将驱动门店规模实现翻倍以上增长空间，预计2025 年-2027年EPS分别为1.16/1.21/1.45元，对应PE分别为17.4/16.7/14.0倍，首次覆盖给予公司"买入"评级。 投资建议 华西证券主要观点如下： 市场规模 自创立以来，古茗致力于提供新鲜美味、口味一致、价格亲民的高品质饮品，历经15年稳步发展现已成 为茶饮行业的头部品牌之一;截至2025年6月底，全国门店总数达11179家，覆盖200余个城市。公司以加 盟模式为主，收入主要来自向加盟商销售货品及设备以及提供服务，2025H1，实现收入56.63亿 元/+41.2%，经调整净利润10.86亿元/+42.4%，经调整净利率19.2%/+0.2pct。 竞争壁垒 不同于其他茶饮品牌，公司具有独特的战略打法——采用货架型高频上新的产品策略和区域加密扩张的 门店策略，并自建冷链物流体系打造供应链壁垒。区域加密扩张策略 ...

Core Viewpoint - Company has established itself as a leading brand in the tea beverage industry through a high-quality price ratio product strategy, a regionally encrypted store network, and a self-built cold chain supply chain, resulting in a positive cycle of scale and efficiency [1] Market Size - Since its establishment, the company has focused on providing fresh, delicious, consistent, and affordable high-quality beverages, growing steadily over 15 years to become one of the top brands in the tea beverage industry; as of June 2025, the total number of stores nationwide is expected to reach 11,179, covering over 200 cities [1] - The company primarily operates through a franchise model, generating revenue mainly from selling goods and equipment to franchisees and providing services; in the first half of 2025, it achieved revenue of 5.663 billion yuan, a year-on-year increase of 41.2%, with an adjusted net profit of 1.086 billion yuan, up 42.4%, and an adjusted net profit margin of 19.2%, an increase of 0.2 percentage points [1] Competitive Barriers - The company differentiates itself from other tea beverage brands by employing a high-frequency product launch strategy and a regionally encrypted expansion strategy, along with a self-built cold chain logistics system to create supply chain barriers [2] - The dense store network resulting from the regional encryption strategy helps shorten transportation distances, reduce warehousing and logistics costs, and ensure high-frequency delivery of ingredients, achieving a "two-day delivery" service in the industry, fulfilling the brand's "freshness" promise; cost savings from improved supply chain efficiency can be directly converted into pricing advantages, supporting the brand's high-quality price ratio strategy and enhancing franchisee profitability, which in turn promotes further store growth and cost dilution [2] Future Outlook - Although the company, as a brand owner, does not directly participate in the revenue sharing of franchise stores, its revenue is closely related to the GMV of franchise stores, making the improvement of single-store sales and the increase in the number of stores the core drivers of the company's performance growth [3] - In the short term, single-store sales are expected to grow rapidly due to the external delivery competition; even if delivery subsidies slow down, the company can still support single-store sales through product and scenario expansion and brand enhancement [3] - Following a policy adjustment in February this year that boosted confidence among new franchisees, the pace of store openings has accelerated significantly; with continued regional encryption and penetration into untapped areas, the company is projected to have over 35,000 store openings in mainland China, indicating more than double the current growth potential [3] Investment Recommendations - The company is expected to achieve revenues of 12.458 billion yuan, 15.677 billion yuan, and 18.434 billion yuan from 2025 to 2027, representing year-on-year growth of 41.7%, 25.8%, and 17.6%, respectively; net profit attributable to the parent company is projected to be 2.768 billion yuan, 2.888 billion yuan, and 3.450 billion yuan, with year-on-year growth of 87.3%, 4.3%, and 19.5% [4] - EPS is expected to be 1.16 yuan, 1.21 yuan, and 1.45 yuan, with the latest stock price (closing price on November 14 at 22.3 HKD, exchange rate 1 HKD = 0.91 CNY) corresponding to PE ratios of 17.4, 16.7, and 14.0 times [4] - The company is given a "buy" rating for the first coverage [4]

值此之际，霸王茶姬正式推出伯牙绝弦·花香款。升级后的伯牙绝弦·花香款由福建、四川、云南三地的 烘青绿茶茶坯，配以来自广西横州优质茉莉鲜花，平均经六次传统手工窨制后，让新鲜茉莉花香自然渗 入茶叶之中。此次伯牙绝弦·花香款推出，实际上是伯牙绝弦持续迭代的里程碑之一。沙利文数据显 示，从2022年1月1日至2025年6月30日，伯牙绝弦累计销售超12.5亿杯。 北京商报讯（记者 郭缤璐）11月17日，霸王茶姬迎来创立8周年日，目前全球门店数超7000家。回望8 年历程，从昆明出发，霸王茶姬一路将门店开到成都、广西、天津、河北、福建、北京、上海、杭州等 全国省市；2018年成立海外事业部，2019年在马来西亚开出首家海外门店，到如今门店覆盖马来西亚、 美国、泰国、新加坡、印尼、越南、菲律宾等国家和地区。 ...

Core Insights - The popularity of "solid mango pomelo sago" has surged in the tea beverage market, following the trend set by "milk skin candied hawthorn" [1][19] - Major brands like 7 Fen Tian and Xian Mang Duo have quickly launched their versions of solid mango pomelo sago, achieving impressive sales figures [3][5] - The product's success reflects a consumer demand for more substantial and comforting food options during economic uncertainty [20] Sales Performance - 7 Fen Tian sold over 10,000 units within three days of launching the solid mango pomelo sago, with some stores selling nearly 300 units in a single day [1][3] - On its first day, the total national sales reached approximately 250,000 cups, leading to stock shortages in many stores [5][10] - Xian Mang Duo reported selling 350 units on its launch day, prompting an early closure due to depleted raw materials [3] Market Response - The rapid success of solid mango pomelo sago has prompted other brands to join the trend, with many seeking to capitalize on the product's popularity [8][10] - Social media buzz around the product has led to over 600 million views on platforms like Douyin, indicating strong consumer interest [7] - Various brands are exploring different versions and adaptations of the product to meet consumer demand [8][19] Consumer Behavior - The trend indicates a shift in consumer preferences towards more substantial and visually appealing food items, as seen with the solid mango pomelo sago's rich ingredients and vibrant presentation [20] - Brands are responding to consumer requests for the product, with some initially hesitant but ultimately deciding to launch due to high demand [12][17] - The phenomenon reflects a broader trend of seeking "comfort food" during challenging economic times, similar to the "ice cream economics" observed in past recessions [20]

Core Viewpoint - The similarity in taste between tea products from Tea Yan Yue Se and Gu Ming is attributed to both brands being produced by the same manufacturer, Zhejiang Shui Cang Food Technology Co., Ltd, which is a common practice in the tea industry [1][6]. Group 1: Consumer Reactions - Online discussions reveal mixed opinions among consumers regarding the taste similarities, with some noting the close flavor profiles while others emphasize the normalcy of contract manufacturing in the industry [4]. - Some consumers advocate for a rational perspective, suggesting that as long as product quality is assured, the similarities should not be a concern [4]. Group 2: Company Operations - Tea Yan Yue Se confirmed that there is no direct partnership with Gu Ming, and the tea in question is a rebranded contract product, which is a standard practice in the industry [6]. - Gu Ming acknowledged that Zhejiang Shui Cang Food Technology Co., Ltd provides manufacturing services not only for itself but also for other brands, leading to similar taste profiles among different products [6]. Group 3: Manufacturer Insights - Zhejiang Shui Cang Food Technology Co., Ltd is a key part of Gu Ming's digital light food and beverage raw material processing base, with a projected tea and tea product output of over 7,000 tons and a revenue of 700 million yuan in 2024, reflecting a year-on-year growth of approximately 37% [6]. - The company is jointly owned by Gu Ming Technology Group Co., Ltd and Xu Zhou Kun Hang Enterprise Management Partnership (Limited Partnership) [6].

Group 1: Chinese New Tea Beverage Industry - Chinese new tea beverage brands like Bawang Chaji, Mixue Ice City, Nayuki, and Heytea are expanding internationally, particularly in Malaysia, by combining cultural elements with their products to enhance their appeal [2][3] - The Malaysian market is witnessing a significant increase in the market share of Chinese tea brands, which are transitioning from passive followers to active participants in the global market, showcasing strong cultural attraction [2] - The incorporation of Chinese visual elements such as characters and traditional patterns into brand identity enhances brand recognition and consumer loyalty, reflecting cultural confidence and creativity of Chinese enterprises in overseas markets [3] Group 2: Chinese Television Dramas - Chinese historical dramas like "Journey to the West," "Empresses in the Palace," and "Nirvana in Fire" have gained immense popularity in Vietnam, with viewers discussing plots and characters passionately [4][5] - The cultural values portrayed in these dramas resonate deeply with Vietnamese audiences, fostering a better understanding of Chinese history and traditions [5] - The ongoing cultural exchanges between China and Vietnam are strengthening the ties between the two nations, enhancing mutual understanding and friendship [5] Group 3: Chinese Trendy Toy Industry - Chinese trendy toy brands such as Pop Mart are rapidly expanding in the UK, with plans to open additional stores, reflecting a growing market presence [6] - The sales of blind boxes from Chinese brand Miniso are increasing significantly, with a reported 63% growth in the past year in the UK [6] - Trendy toys are increasingly incorporating Chinese cultural elements, with brands like 52TOYS achieving success in Thailand by creating culturally inspired products that resonate with local consumers [6][7] - The success of these brands highlights the potential of Chinese creative products in the global market, showcasing the ability to connect emotionally with consumers [7]

Group 1: Chinese Tea Beverage Industry - The rise of Chinese tea beverage brands like Bawang Chaji, Mixue Ice City, and Nayuki Tea in overseas markets, particularly in Malaysia, showcases a successful blend of culture and product innovation [2][3] - Malaysian consumers appreciate the unique flavors and cultural elements of these tea beverages, which differ from local brands, enhancing the cultural appeal of Chinese products [2][3] - The incorporation of traditional Chinese visual elements into branding has been identified as a strategy to increase brand recognition and consumer loyalty in foreign markets [3] Group 2: Chinese Cultural Products in Film and Television - Chinese historical dramas have gained significant popularity in Vietnam, with shows like "Nirvana in Fire" and "The Story of Yanxi Palace" resonating deeply with local audiences [4][5] - The themes of loyalty, family values, and respect for tradition in these dramas have struck a chord with viewers, leading to increased interest in Chinese culture and language [4][5] - Cultural exchanges through media are strengthening the ties between China and Vietnam, fostering mutual understanding and friendship [5] Group 3: Chinese Trendy Toys Industry - Chinese trendy toy brands like Pop Mart are expanding rapidly in the UK, with plans to open additional stores, reflecting a growing demand for these products [6][7] - The success of blind box toys in the UK market, with sales increasing by 63% for Miniso, indicates a strong consumer interest in Chinese cultural elements [6][7] - The integration of traditional Chinese stories and aesthetics into trendy toys is seen as a way to tap into a broader market potential, appealing to emotional needs of consumers [7]

Core Viewpoint - The tea and coffee industry is facing significant challenges as consumer preferences shift towards lower-priced options, leading to a "new normal" where prices are capped at around 10 yuan, impacting profitability for many businesses [7][22][28]. Group 1: Industry Challenges - Many tea and coffee shop owners are experiencing a decline in business, with daily revenues often falling below the critical threshold of 1,000 yuan [5][19]. - The rapid increase in the number of tea and coffee shops has led to intense competition, with many businesses struggling to survive as consumer spending habits change [12][19]. - The industry is witnessing a "great escape" as independent entrepreneurs are disappearing, while chain stores are thriving due to their ability to leverage economies of scale and marketing resources [19][20][27]. Group 2: Market Dynamics - The tea and coffee market is evolving from a high-growth phase to a more mature stage, with a focus on consumer dependency and market penetration [12][16]. - Data shows that the revenue growth rate for the coffee and tea sector remains strong compared to other food and beverage categories, indicating potential for continued expansion despite current challenges [16]. - The shift in consumer behavior towards lower-priced drinks has created a new competitive landscape, where businesses must adapt to survive [22][28]. Group 3: Business Strategies - Successful operators are finding ways to innovate and reduce costs, such as developing simpler product lines that cater to the new consumer preferences while maintaining quality [35][36]. - Franchise opportunities are becoming more attractive as new brands offer lower entry costs and support during challenging market conditions [37][38]. - Identifying the right location and brand is crucial for success, as demonstrated by operators who have thrived by aligning with popular local brands and understanding community demographics [30][39].

天眼查App显示，近日，深圳市芊旴茶饮有限公司成立，法定代表人为金鑫钰，注册资本1万人民币， 经营范围为一般经营项目是：食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食 品）；保健食品（预包装）销售；互联网销售（除销售需要许可的商品）。（除依法须经批准的项目 外，凭营业执照依法自主开展经营活动），许可经营项目是：餐饮服务（不产生油烟、异味、废气）； 餐饮服务；小餐饮、小食杂、食品小作坊经营；食品互联网销售；互联网直播技术服务；出版物互联网 销售；酒类经营。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关 部门批准文件或许可证件为准）。 ...

Core Viewpoint - The article discusses the recent challenges faced by the tea brand Cha Bai Dao following the launch of its new product, Solid Mango Sago, which has been criticized for issues such as bundling sales and price increases amid performance pressures [2][10]. Product Launch and Sales Issues - The Solid Mango Sago gained significant attention, with reported sales of nearly 250,000 cups on its first day [4]. - However, customers have raised concerns about the product being set as "not available for single order" on delivery platforms, suggesting bundling sales practices [5][6]. - Many stores have shown the product as sold out, leading to accusations of "hunger marketing" [6][10]. Price Increase and Cost Pressures - The price of Solid Mango Sago was increased from 19 yuan to 22 yuan, with a promotional discount bringing the effective price to 21 yuan [9]. - The price hike is attributed to rising costs of key ingredients, particularly the Kate Mango, which has been in short supply [9][10]. Financial Performance and Strategic Adjustments - In the first half of 2024, Cha Bai Dao reported a revenue decline of 10% and a net profit drop of 59.7% compared to the previous year [11]. - The company has since seen a recovery, with total revenue reaching 2.5 billion yuan, a 4% increase year-on-year, and net profit rising to 333 million yuan, a 40% increase [11]. - Cost-cutting measures have included a reduction in R&D expenses and a decrease in employee numbers from 2,319 to 2,133 [11]. Store Expansion and Market Strategy - The pace of store expansion has slowed significantly, with only 59 new stores opened in the first half of 2024, compared to 1,431 new stores in the same period of 2023 [11][12]. - The company is focusing on optimizing store operations, resulting in a reduction of stores in first and second-tier cities while expanding in lower-tier markets [12]. - Cha Bai Dao has also begun to emphasize overseas expansion, opening 21 international stores in various countries [12][13].