这个12月，上市不满一年的古茗（股票代码：01364.HK）收获颇丰。作为新茶饮赛道的头部品牌，古 茗双喜临门，接连荣获"港股最具投资潜力上市公司"与"2025食品饮料行业创新案例"殊荣。 获"港股最具投资潜力上市公司"殊荣，证明资本市场对古茗商业模式确定性与长期价值的高度押注。而 获"2025食品饮料行业创新案例"殊荣，则是古茗因其供应链深耕与产品研发硬实力得到的权威认证。 古茗前几年深耕浙江等地，不疾不徐地拓店，不少北方城市和一线城市的消费者对古茗还没有深入了 解，但资本市场对这个标的却爱不释手。一位资深消费投资人对此表示："古茗上市之后，不仅证明了 自己的实力，更在这个内卷的市场中树立了一个穿越周期的'标杆榜样'。它证明了在红海中依然可以通 过极致的效率与稳健的策略，跑出一条向上的优美曲线。" 2025年2月12日，古茗正式登陆港交所主板，以每股9.94港元的发行价完成上市，首日开盘价10港元， 当天市值一度突破230亿港元。不到一年，古茗股价连创新高，这个12月，古茗的总市值已经突破580亿 港元。 11月4日，高盛发布研报称，将古茗纳入亚太区确信买入名单。该行分析师预期，古茗未来两年的经调 整净利润 ...

解读新茶饮品牌 TOP50：拼口味 是幌子，供应链 才是真王牌？_ 南方+_南方plus 写字楼的取餐屏 飞速滚动，街角 的茶饮店永远排 着长队，店员3 分钟内递出一排 饮品，低糖、天 然成分成标配； 千里之外的贵州 遵义茶山，鲜茶 正通过冷链发往 全国门店；后台 系统里，AI已精 准预测出爆款销 量，误差率控制 在5%以内，库 存周转率提升 40%。这杯你随 手点的新茶饮， 从茶园到杯端， 串联着一条"看 不见"却至关重 要的供应链。 日前，2025 年"珠遵杯"中国 新茶饮（供应 链）企业品牌价 值50强榜单及专 项报告（下称 "榜单""报告"） 重磅发布。该榜 单及报告具有鲜 明的东西部协作 属性，由广东省 粤黔协作工作队 遵义工作组、南 方报业传媒集团 南方农村报社、 中国广告协会国 际传播工作委员 会、中央民族大 学新闻与传播学 院等权威机构联 合发起，突破以 往仅以门店数量 或营收为核心的 传统评价视角， 转而挖掘新茶饮 供应链企业在原 料品质、供应能 力、效率模型、 服务深度、品牌 协同、生态建设 等维度的核心评 价数据，立体呈 现2025年新茶饮 产业链的核心竞 争力格局。 当前，行业正从 高 ...

Group 1 - The Hang Seng Index fell by 1.91%, losing 490 points to close at 25,138 points, while the Hang Seng Tech Index dropped by 2.41% [1] - The Ministry of Industry and Information Technology of China announced the first batch of L3 conditional autonomous driving vehicle licenses, marking a significant step in the development of intelligent connected vehicles in China [1] - Smart driving concept stocks rose against the market trend, with Zhejiang Shibao increasing by 13.9% and Youjia Innovation rising by 9.88% [1] Group 2 - Innovative drug concept stocks declined, with notable drops in companies such as Innovent Biologics, which fell over 3.62%, and I-Mab, which decreased by 2.39% [1] - Gold stocks experienced a widespread decline, with Zijin Mining International dropping by 5.93% and Zijin Mining Group falling by 4.5% due to significant technical selling pressure [1] - Photovoltaic stocks weakened again, with New Special Energy down by 2% and Xinyi Solar decreasing by 3.6%, amid ongoing price pressures on photovoltaic glass [1] Group 3 - Oracle's second fiscal quarter results for 2026 fell short of market expectations, contributing to a continued decline in the optical communication sector, with Cambridge Technology and Yangtze Optical Fibre and Cable both dropping over 5% [1] - ZTE Corporation saw a decline of over 4%, with the company recently announcing a large share buyback amid adjustments to its AI capabilities [2] - Bole Technology fell by 11% following the submission of a new drug clinical trial application for its ophthalmic candidate CBT-199 in the U.S. [3] Group 4 - Hushang Ayi saw an increase of over 4% as the domestic new tea beverage brand expands into international markets, specifically Malaysia and the United States [4]

沪上阿姨(02589)再涨超7%，截至发稿，涨7.08%，报102.8港元，成交额6157.99万港元。 消息面上，近期，伴随奈雪的茶在美国开店，标志着该品牌开启海外市场新征程，而奈雪的茶布局美国 市场，让中国新茶饮品牌的出海阵营更加壮大。国泰海通指出，沪上阿姨实施"一体两翼"战略，其 中"一体"为"沪上阿姨"主品牌，该行测算国内开店空间1.8万家；"两翼"分别为"茶瀑布"和海外市场，测 算出"茶瀑布"国内开店空间超5000家，海外目前进军马来西亚和美国，处于发展初期，成长潜力较大。 此外，咖啡业务经历调整升级，目前整合进沪上阿姨主品牌，有望贡献单店增量。 ...

消息面上，近期，伴随奈雪的茶在美国开店，标志着该品牌开启海外市场新征程，而奈雪的茶布局美国 市场，让中国新茶饮品牌的出海阵营更加壮大。国泰海通指出，沪上阿姨实施"一体两翼"战略，其 中"一体"为"沪上阿姨"主品牌，该行测算国内开店空间1.8万家；"两翼"分别为"茶瀑布"和海外市场，测 算出"茶瀑布"国内开店空间超5000家，海外目前进军马来西亚和美国，处于发展初期，成长潜力较大。 此外，咖啡业务经历调整升级，目前整合进沪上阿姨主品牌，有望贡献单店增量。 智通财经APP获悉，沪上阿姨(02589)再涨超7%，截至发稿，涨7.08%，报102.8港元，成交额6157.99万 港元。 ...

Core Insights - The marriage between Zhang Junjie, CEO of Bawang Chaji, and Gao Haichun, co-chairman of Trina Solar, symbolizes a convergence of two distinct business models and generational paths in Chinese enterprises [4][6][7] - Bawang Chaji has seen significant growth, with revenue increasing from 1.9 billion RMB to 30 billion RMB in 2024, and the number of stores exceeding 6,200 globally [3][10] - Trina Solar, despite being a leading player in the photovoltaic industry, is currently facing challenges due to industry downturns, with a reported revenue decline of 20.87% year-on-year [18][40] Group 1: Company Profiles - Bawang Chaji, a rising star in the new tea beverage sector, has a market capitalization of approximately 25.05 billion USD (176 billion RMB) and has maintained profitability for 11 consecutive quarters [10][11] - Trina Solar, a veteran in the photovoltaic industry, has a market capitalization of 39.4 billion RMB and is experiencing significant financial strain, with a net profit loss of 4.2 billion RMB in the first three quarters of 2025 [8][18] - Bawang Chaji's financial metrics for the first half of 2025 include a revenue of 9.52 million USD and a net profit margin of 11.22%, while Trina Solar's metrics show a gross margin of 5.45% and a net margin of -9.16% [10][18] Group 2: Industry Context - The new tea beverage industry, represented by Bawang Chaji, is highly competitive, with many brands struggling to maintain growth amid price wars and market saturation [30][34] - The photovoltaic industry, where Trina Solar operates, is currently facing overcapacity and price wars, leading to a significant drop in component prices, which fell by 62% from 1.95 RMB/W to 0.74 RMB/W [15][18] - Trina Solar's strategic approach has focused on long-term sustainability, avoiding high leverage and aggressive expansion during market peaks, which has allowed it to survive industry downturns better than many competitors [22][24][42] Group 3: Future Outlook - Bawang Chaji is exploring international markets for growth, with 208 overseas stores as of the second quarter of 2025, although its overall scale remains small [35] - The photovoltaic industry is anticipated to reach a turning point, with efforts underway to consolidate and reduce excess capacity, which may lead to improved conditions for companies like Trina Solar [36][40] - The marriage between Bawang Chaji and Trina Solar may represent a strategic asset reorganization, potentially allowing both companies to leverage each other's strengths for future growth [7][44]

数据显示，2024年10月至2025年10月，喜茶全国门店从4610家缩减至3930家，一年净减少了 680家，截至11月门店数稳定在3946家左右。 据出租方透露，喜茶已在此租了一年半左右，今年五六月份搬离，"他们可能经营方面不善。 听说好像加盟费这些之类的都亏了几十万。突然跟我说这个铺子不租了，搞得我们很被动。" 记者了解到， 喜茶已暂时停止接受事业合伙申请 。喜茶表示，在新茶饮品牌高度同质化、门 店供大于求的当前，为了更好地为用户创造差异化的产品和品牌体验，经过深思熟虑，喜茶 决定暂时停止接受事业合伙申请。 出品丨21财经客户端 21世纪经济报道 编辑丨黎雨桐 见习编辑 林芊蔚 实习生齐心淳 小米回应"小米公司不让卖小米"，当事人致歉 销量飙涨，多家门店卖断货，价格翻倍！水银温度计即将停产 SFC 21君荐读 作者丨叶映橙 见习记者林建民 视频丨柳润瑛 据报道，有加盟商称，部分门店亏损超100万元，闭店源于加盟初期体系不完善、部分物料加 价40%等问题，高成本持续挤压利润空间。 12月12日，21财经·南财快讯记者以租铺咨询者身份实地探访一处商业铺位，了解到该铺位上 一任长租客为喜茶加盟店，经营一年半后 ...

中国新茶饮（供 应链）企业 TOP50揭 晓！"媒体+智 库"视角勾勒产 业双价值标杆_ 南方+_南方plus 12月12日，2025 大湾区农产品交 易会暨土特产精 品博览会（下称 "大湾区农交 会"）在广州广 交会展馆盛大启 幕。开幕式上， 2025年"珠遵杯" 中国新茶饮（供 应链）企业品牌 价值50强榜单及 专项报告（下 称"榜单""报 告"）重磅发 布，全景覆盖需 求侧精准洞察、 核心原料品质管 控、基础设施升 级迭代、全链条 服务体系构建、 品牌软实力培育 五大维度，立体 呈现2025年新茶 饮产业链的核心 竞争力格局，为 行业高质量发展 提供生动的实践 注解。 本次榜单由广东 省粤黔协作工作 队遵义工作组、 南方报业传媒集 团南方农村报 社、中国广告协 会国际传播工作 量。新茶饮供应 链战略端从 "规 委员会、中央民 族大学新闻与传 播学院等权威机 构联合发起，分 为品牌引领力、 风味源动力、全 链护航力、链路 整合力、生态协 同力5个类别。 榜单打破以往仅 看门店数量或营 收的传统视角， 转而挖掘新茶饮 供应链企业原料 品质、供应能 力、效率模型、 服务深度、品牌 协同、生态建设 等多维度核心 ...

Core Insights - The Chinese new tea beverage market has grown to over 350 billion yuan, transitioning from rapid expansion to a critical transformation phase focused on quality and efficiency [1][2] - The industry is experiencing a slowdown in growth, with a projected market size of 354.7 billion yuan in 2024, reflecting a year-on-year growth rate of only 6.4%, significantly lower than the 24.9% compound annual growth rate from 2017 to 2022 [2] - Key future directions for the industry include health-oriented products, digital transformation, and increased market concentration among leading brands [1][4] Market Dynamics - The market is characterized by a "total increase, declining growth rate, and differentiated landscape," with the total number of tea beverage stores exceeding 415,000, but a net decrease of 39,000 stores in the past year due to closures [2] - Leading brands like Mixue Ice City and Bawang Chaji are expanding despite market challenges, with Mixue Ice City reaching 53,000 global stores and Bawang Chaji increasing its store count by over 40% [2][3] Financial Performance - Mixue Ice City went public in March 2025, achieving a market capitalization of 148.3 billion HKD and generating revenue of 14.875 billion yuan with a net profit of 2.718 billion yuan in the first half of 2025 [3] - In contrast, mid-tier brands like Heytea and Nayuki are facing revenue declines, with Heytea's revenue dropping by 1.9% and Nayuki's by 4.7% [3] Quality Improvement Focus - The industry is shifting from scale expansion to quality enhancement, with health, digitalization, globalization, and market differentiation as core features driving this transition [4] - The use of sugar substitutes in milk tea is projected to reach 61.3% by 2025, with a significant increase in the consumption of erythritol and plant-based ingredients [4] Digital Transformation - Digitalization is becoming essential, with leading brands enhancing their supply chain management and operational efficiency through technology [5][8] - The average capacity utilization rate of tea beverage raw material production has increased to 89.4%, and the application of blockchain technology in sourcing is on the rise [5] Global Expansion - Leading brands are accelerating their international expansion, with Bawang Chaji achieving an overseas GMV of over 300 million yuan, marking a 75.3% year-on-year growth [6] - Mixue Ice City has over 4,800 overseas stores, demonstrating the replicability of its business model in Southeast Asia [6] Challenges and Opportunities - The industry faces challenges such as raw material price volatility, severe product homogenization, and rising compliance costs [7] - To remain competitive, brands are diversifying their supply chains and leveraging technology to mitigate risks and enhance operational resilience [8] Future Outlook - The tea beverage industry is expected to enter a phase of category integration, digital empowerment, and initial globalization from 2026 to 2030, with a market size projected to exceed 1.05 trillion yuan, reflecting a 19% year-on-year growth [9] - The market is moving from a phase of "wild growth" to "refined cultivation," indicating a profound change in growth logic driven by health demands, digitalization, and globalization [9]

中国经济网编者按：证券时报今日发布的报道指出，顶着"新茶饮第一股"光环上市的奈雪的茶 （02150），在登陆港股四年多后，正深陷经营困局。公司股价自上市后一路走低，累计跌幅超过 90%，多次跌破1港元沦为"仙股"，市值已不足20亿港元。这与港股新茶饮板块整体活跃的表现形成了 较大反差。 新民周刊12月8日发布的报道指出，奈雪明星代言营销模式遭质疑。消费者对奈雪代言营销动作的 冷淡乃至质疑，折射出当下新茶饮竞争逻辑的深刻变化，即市场已从营销声量的比拼，更多转向对产品 真实价值与消费体验的精细化角逐。 证券时报：奈雪的茶市值缩水90% 据证券时报今日发布的报道《昔日"资本宠儿"市值缩水90% 奈雪的茶高端之路为何难行？》，顶 着"新茶饮第一股"光环上市的奈雪的茶（02150），在登陆港股四年多后，正深陷经营困局。公司股价 自上市后一路走低，累计跌幅超过90%，多次跌破1港元沦为"仙股"，市值已不足20亿港元。这与港股 新茶饮板块整体活跃的表现形成了较大反差。 的核心客群是大众消费者，定价难以支撑高端定位。在千亿规模的现制饮品市场中，奈雪的茶能否摆脱 高端定位的枷锁，适应行业"性价比为王"的新逻辑，仍有待时间检验。 ...