作者/薛向 出品/茶咖观察 头图/源自网络 2025年，中国茶饮市场将剑指7000亿规模，CR5占比逼近50%，巨头效应愈发显著。当跑马圈地的狂飙突进告一段落，真正的战役悄然转向，后台效率的无 声角逐已成为决定品牌生死的"胜负手"。 翻开上市品牌财报，"供应链效率"已成为高频词，其深度、广度与精细化程度，不再是幕后支撑，而是品牌掌控定价权、保持盈利持续性、实现健康增长的 核心密码与生死线。 *图片来自网络 隐形成本高：深挖供应链的三大"效率洼地" 在看似繁荣的表象之下，高昂的"隐性成本"正悄然蚕食着连锁茶饮品牌的利润。品牌在高速扩张时埋下的供应链基础薄弱隐患，在规模效应下集中爆发，形 成三大核心"效率洼地"： 1、扩张之"重"：区域走向全国，物流网络复杂性陡增。仓租跨区价差、干线物流成本、多温区损耗叠加（尤其是鲜果、乳制品），使全国性单店物流成本 普遍高于深耕区域。规模并未自动带来成本优势，反而可能拖累。 2、断货/库存之"痛"：原料鲜度高、保质期短的特性让库存管理如履薄冰。断货损失客流与口碑，过量囤货则直接报废贬值，损耗率居高不下是常见痛点。 如何平衡"缺"与"废"的损耗率，始终是行业的致命弱点。 面对截然 ...

Core Insights - The article discusses the rising trend of collecting and trading milk tea packaging, with some individuals making significant profits from selling these items on second-hand platforms [2][5][8]. Group 1: Market Trends - There is a growing market for milk tea packaging, with prices ranging from 1 yuan to over 100 yuan for limited edition items [2]. - Some sellers offer bulk deals, such as 50 bags for 59.9 yuan, indicating a diverse pricing strategy in the market [2]. Group 2: Consumer Behavior - Consumers are motivated by limited editions and collaborations with popular IPs, leading to high resale values for certain items, such as a cup sleeve from a collaboration that sells for 40 yuan [5]. - Collectors often purchase multiple drinks to obtain specific packaging, with one individual reporting a collection of over 1,000 bags, driven by new product releases [8]. Group 3: Social and Psychological Aspects - The act of collecting milk tea bags is compared to stamp collecting, serving as a social activity among peers [8]. - The phenomenon reflects a broader trend where young consumers seek emotional fulfillment and a sense of ritual through collecting, which can alleviate anxiety [9]. Group 4: Marketing Implications - Brands are leveraging limited edition packaging to enhance consumer loyalty and create a secondary market, with predictions that packaging collection could become a new marketing strategy in the beverage industry [9].

发挥政府引导作用，激发社会参与热情，变"单向管理"为"共同治理"。老街焕新必然带来人口集聚。基 础设施如何改造？环境整治怎样长效？商业经营与居民生活怎样和谐共赢？发展起来以后的问题，避不 开、绕不过，要依靠制度创新来破解。曲靖市麒麟区组建片区专职城市管理及综合执法分队，并通 过"每周二民情恳谈"机制收集群众意见，解决实际问题。同时，鼓励成立社区商户联盟，引导商户自发 制定诚信经营标准。强化难题共商、责任共担、利益共享的机制，基层治理才能形成强大合力。 《 人民日报 》（ 2025年11月13日 05 版） 留下"原住民"，也引入新居民，把"沉睡资源"变"创业资产"。老街区成了创新创业的孵化器，也成了年 轻人的打卡地、聚集地。年轻人，既是消费市场的主力，也是创新创业的先锋。如今，已有不少本地人 回到西门街。作为当地土生土长的90后，创业者保鑫将中药材巧妙融入现代茶饮，打造了一个交织着药 香与茶韵的复合空间，让传统文化以更时尚的方式触达生活，吸引不少游客。年轻人创业，消费者打 卡，增加本地就业，人气带来商机、商机再聚人气，新供给与新消费形成正循环。以产业吸引人、以政 策留住人，不仅老街区能"活"起来，各种新业态也 ...

Core Insights - The "Double Eleven" shopping festival serves as a significant indicator of new consumption trends in China, highlighting the rise of domestic brands and cultural products [1][2]. Group 1: Domestic Brand Performance - On Tmall, the beauty brand Proya ranked first in sales, with 9 out of the top 10 clothing brands being domestic [2] - On JD.com, the original Chinese brand Sanji Black Flower saw a sales increase of over 10 times, while the Hanfu brand Chixia's sales grew by 300% year-on-year [2] - The popularity of domestic products is reflected in consumer reviews, with terms like "high quality" and "national pride" frequently mentioned [2]. Group 2: Cultural and Traditional Products - The sales of cast iron pots that incorporate intangible cultural heritage techniques increased by 127.9% on Douyin during the festival [2] - Tmall reported that the traditional gold shop's sales reached 2.9 billion yuan, with products like diamond butterfly chains and Vajra pestle rings becoming bestsellers [2]. - The integration of traditional craftsmanship with modern design is driving consumer interest in high-quality cultural products [3]. Group 3: Consumer Behavior and Trends - Consumers are increasingly focused on craftsmanship, materials, and cultural significance, making national trends a vital part of high-quality living [3]. - The rise of cultural confidence and identity among consumers is reshaping consumption patterns, with a growing preference for products that reflect traditional culture [5][6]. Group 4: Industry Innovation and Cross-Industry Integration - National trends are evolving beyond mere representation of Chinese elements, becoming a blend of modern design, industrial manufacturing, and cultural expression [6]. - The digital strategy in cultural industries is guiding traditional cultural innovation, with consumers willing to pay for products that combine craftsmanship, culture, and practicality [6]. - The emergence of new Chinese brands and the revitalization of old brands are indicative of a cultural awakening in the industry [6]. Group 5: Global Expansion and Cultural Exchange - The growth of national trends is supported by new cultural business models, with exports of holiday goods and toys exceeding 50 billion yuan, reaching over 200 countries [7]. - The success of domestic games and films on global platforms highlights the international appeal of Chinese culture [7]. - National trends are not just about product export but also about the dissemination of cultural values and identity [7]. Group 6: Challenges and Recommendations - There are concerns regarding product homogenization, aesthetic convergence, and a lack of innovation within the national trend market [8]. - Experts suggest the need for a robust intellectual property protection system and industry standards to foster healthy development [8]. - Collaboration between leading brands, design institutions, and cultural research organizations is recommended to enhance innovation and cultural recognition [8].

Core Viewpoint - The stock of Hu Shang A Yi (02589.HK) has shown significant volatility, with a recent surge of 28.96% to HKD 116.9 per share, marking a rebound of over 45% from its lows since listing [1][3]. Group 1: Company Developments - Hu Shang A Yi announced a ten-year H-share incentive plan, with a cap of 5% of the total share capital, aimed at incentivizing core talent through restricted stock [3]. - The company is launching a sub-brand "Tea Waterfall" targeting Gen Z and students, focusing on products priced below 10 yuan, differentiating from the main brand [3]. - As of now, Hu Shang A Yi has 10,739 stores nationwide, an increase of 1,303 stores from 9,436 in June, achieving its "10,000 store plan" set by the founder in April 2023 [3]. Group 2: Financial Performance - The average daily GMV per store for Hu Shang A Yi was 4,109 yuan in 2022, 4,270 yuan in 2023, and 3,753 yuan in 2024 [4]. - For the first half of 2025, the company reported a gross profit of 572 million yuan, a 10.4% increase from 518 million yuan in the same period last year, maintaining a gross margin of 31.4% [4]. Group 3: Industry Context - The challenges faced by Hu Shang A Yi reflect a broader trend in the new tea beverage industry, transitioning from rapid growth to a more refined operational focus [5]. - The tea beverage industry is entering a "Warring States" period, with growth rates slowing down and competitive dynamics intensifying, leading to a forecasted revenue growth rate of 28%, 19%, and 15% for 2025-2027, with net profit growth rates of 46%, 33%, and 17% respectively [5].

Core Viewpoint - The company "沪上阿姨" (Hushang Ayi) has seen a significant stock price increase of over 20%, currently trading at 106.1 HKD, with a trading volume of 48.31 million HKD, following the announcement of a ten-year H-share incentive plan aimed at retaining core talent [1] Group 1: Company Developments - The company plans to adopt a ten-year H-share incentive plan with a cap of 5% of the total share capital to incentivize core talent through restricted stock [1] - As of now, "沪上阿姨" has successfully entered the "10,000 store club" with a total of 10,739 stores nationwide [1] Group 2: Brand Strategy - On October 17, the singer Mao Buyi became the spokesperson for the new tea brand "茶瀑布" (Chapu Bu) under "沪上阿姨" [1] - The new brand "茶瀑布" will officially launch in March 2024, targeting Generation Z and student demographics, focusing on products priced below 10 HKD, creating a distinct positioning from the main brand "沪上阿姨" [1]

Group 1 - The core point of the article is that Hu Shang A Yi (02589) has seen a significant stock price increase, rising over 20% and currently trading at 106.1 HKD with a transaction volume of 48.31 million HKD [1] - The company announced a ten-year H-share incentive plan, with a cap of 5% of the total share capital, aimed at incentivizing core talent through restricted stock [1] - As of now, Hu Shang A Yi has reached a total of 10,739 stores nationwide, successfully entering the "10,000-store club" [1] Group 2 - On October 17, the celebrity Mao Bu Yi became the spokesperson for Hu Shang A Yi's new tea brand, Cha Pu Bu [1] - The new brand "Cha Pu Bu" will officially launch in March 2024, targeting Generation Z and student demographics, focusing on products priced below 10 HKD, creating a distinct positioning from the main brand [1]

Core Insights - The trend of collecting milk tea packaging has gained significant popularity, with individuals sharing their collections online and some making substantial profits from selling these items [1][3][6] - The second-hand market for milk tea bags and related items has emerged, with prices ranging from 1 yuan to over 100 yuan for limited edition items, indicating a growing interest in these collectibles [3][5] Market Trends - The second-hand trading platforms are seeing a surge in listings for milk tea bags, cups, and related accessories, with some sellers capitalizing on limited editions and collaborations to drive prices up [3][5] - Data indicates that the coffee industry is projected to exceed 1 trillion yuan by 2025, while the new-style tea beverage market is expected to reach 354.72 billion yuan in 2024, highlighting the expanding market for these beverages beyond mere consumption [6] Consumer Behavior - Young consumers are increasingly motivated by the emotional and social value associated with collecting milk tea packaging, with some individuals reporting extensive collections and profits from reselling [6][8] - The phenomenon of "packaging collection" is seen as a potential new marketing strategy within the tea beverage industry, with brands exploring limited edition packaging to enhance consumer engagement and loyalty [7][8]

Core Insights - The rise of "golden milk tea" has become a significant social trend among young consumers, with brands like Cha Baidao launching promotional activities that integrate gold-themed products [1][4][5] - Traditional gold brands are actively exploring collaborations with tea beverage companies to appeal to younger consumers, shifting the perception of gold from a mere asset to a symbol of emotional satisfaction and social recognition [4][9][18] Industry Trends - The collaboration between gold brands and tea drinks is seen as a strategy to attract a younger demographic, with products like the 0.1-gram golden cake piece becoming popular entry points for young consumers to engage with gold investment [5][9] - The trend is supported by social media, with platforms like Xiaohongshu witnessing a surge in discussions and engagement around gold-themed tea drinks, indicating a growing interest in gold consumption among the youth [15][17] Market Dynamics - Young consumers aged 18 to 34 contribute over one-third of gold jewelry sales, reflecting a shift in consumer behavior towards valuing personal expression and social sharing over traditional asset preservation [17][18] - The sales performance of gold brands during promotional events, such as the "Double 11" shopping festival, highlights the increasing market potential, with Old Puhuang's Tmall flagship store achieving over 300 million yuan in sales within ten minutes [17][18]

Core Insights - The tea beverage industry is experiencing a significant downturn, with many franchise stores closing down due to a combination of high operational costs and declining consumer spending [1][2][4] - The number of tea beverage stores has increased dramatically, but this expansion is not sustainable as many new stores are failing shortly after opening [2][4][11] - The industry is witnessing a shift from individual franchisees to more professional "super franchisees" who can manage multiple brands and adapt quickly to market changes [15][17] Industry Trends - The tea beverage market saw a 32.5% increase in store numbers from 78,324 at the end of 2022 to 103,783 by the end of 2023, despite a decline in consumer spending [2][4] - Price wars have erupted, with brands like Heytea and Nayuki reducing prices significantly, leading to a departure from the previous pricing norms [4][6] - The closure of stores is becoming a common trend, with many brands experiencing high turnover rates among their franchisees [11][12] Market Dynamics - The supply chain and brand loyalty are critical factors, with brands like Gu Ming showing high equipment resale value due to better management and profitability [6][11] - Overexpansion has led to a decline in brand reputation for some companies, such as Heytea, which has had to halt franchise openings and focus on store quality [6][8] - Regional market differences are evident, with certain areas like Jiangxi being difficult for new brands to penetrate due to strong local competition [12][14] Equipment Recovery and Services - The second-hand equipment recovery market is booming, with companies like the Octopus team expanding their operations significantly to accommodate the influx of closed store equipment [4][18] - The industry is evolving from simple equipment recovery to providing comprehensive services, including store planning and operational consulting [22] - The emergence of collaborative networks among equipment recovery companies is fostering a more supportive industry environment [22] Future Outlook - The tea beverage industry is undergoing a transformation, with a focus on sustainability and efficiency as it moves away from rapid expansion to a more stable operational model [20][22] - The trend of offering second-hand equipment on a rental or installment basis is likely to grow, reflecting a shift in how businesses manage costs [18][20] - The ongoing consolidation and "survival of the fittest" mentality may ultimately benefit the industry by promoting healthier competition and innovation [22][23]