Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][22]. Core Insights - The company is positioned in a growth phase with improved profitability and high growth potential in new business models. The net profit forecasts for 2025 and 2026 have been raised to 1.0 billion and 1.4 billion RMB, respectively, reflecting optimism about the company's expansion and profit recovery [4][22]. - The "马上住" community store model is compared to the tea beverage industry, highlighting similarities in brand standardization and service enhancement to address consumer trust issues. The tea beverage sector has reached a mature stage, while "马上住" is still in the growth phase, indicating significant market potential [2][10][21]. Summary by Sections Company Overview - The company has launched the "马上住" one-stop service system since 2016, with strategic upgrades leading to a comprehensive service ecosystem. The goal is to provide a seamless home renovation experience, with plans to expand the number of community stores significantly by 2026 [9][21]. Financial Projections - Revenue projections for the company are as follows: 12,476 million RMB in 2023, with a growth rate of 10.03%, and expected to reach 16,212 million RMB by 2027. The net profit is projected to grow from 174 million RMB in 2023 to 1,759 million RMB by 2027, indicating a robust growth trajectory [8][22]. Market Comparison - The initial investment for a "马上住" store is approximately 100,000 RMB, significantly lower than the average costs for tea beverage stores, which range from 170,000 to 800,000 RMB. The average payback period for "马上住" stores is around 6 months, suggesting a favorable investment environment [3][16]. Competitive Landscape - The report emphasizes the importance of establishing a strong supply chain and human resource management to support rapid expansion. The company aims to leverage its existing brand recognition and operational standards to create a competitive edge in the home renovation market [21][22].

Core Insights - The company, Hu Shang A Yi, aims to expand its store count to 10,000 but currently has 9,436 stores, falling short of its target [1][5] - In the first half of the year, Hu Shang A Yi reported revenue of 1.818 billion yuan, a year-on-year increase of 9.7%, and a net profit of 203 million yuan, up 20.9% [1] - The new tea beverage industry is highly competitive, with Hu Shang A Yi lagging behind competitors like Gu Ming and Mi Xue Group in terms of store expansion [1][5] Store Expansion and Financial Performance - Hu Shang A Yi added only 260 new stores in the first half of the year, with 905 new openings and 645 closures, indicating a slowdown in expansion [5][19] - In comparison, Gu Ming added 1,265 stores, reaching a total of 11,179, while Mi Xue Group opened 6,535 stores, totaling 53,014 [1][5] - The company has reduced franchise fees and offered subsidies to attract new franchisees, but this has not resulted in the expected growth [6][19] Franchisee Relations and Challenges - Franchisees have reported increasing tensions with the company, citing forced inventory purchases and aggressive promotional strategies that reduce their actual revenue [2][12] - Many franchisees claim that their actual revenue is only 60-65% of their sales, leading to dissatisfaction and some considering leaving the brand [12][13] - The company has been criticized for high material costs and a lack of responsiveness to franchisee feedback, which has contributed to store closures [15][20] Market Context and Competitive Landscape - The tea beverage market is experiencing significant competition, with a total of 429,000 tea beverage stores in China, and a decline in the number of stores over the past year [15] - Hu Shang A Yi's financial metrics, including a net profit margin of only 10% and a significant drop in cash reserves, indicate challenges in maintaining competitiveness [16][19] - The company has tightened its franchise policies and reduced subsidies, reflecting a strong pressure to improve performance in a competitive market [16][19]

Core Viewpoint - The company reported a revenue of 2.5 billion CNY in H1 2025, reflecting a 4.3% year-on-year increase, while the net profit attributable to shareholders rose by 37.5% to 326 million CNY, indicating strong financial performance despite a decline in adjusted net profit [1] Group 1: Financial Performance - In H1 2025, the company achieved a revenue of 2.5 billion CNY, up 4.3% year-on-year, and a net profit of 326 million CNY, up 37.5% [1] - Adjusted net profit was 340 million CNY, down 13.8%, with an adjusted net profit margin of 13.6%, a decrease of 2.9 percentage points [1] - The company proposed a mid-term dividend of 266 million CNY, translating to 0.18 CNY per share, with a payout ratio of 80% [1] Group 2: Product Innovation and Sales Growth - The company launched 55 new products and upgraded 9 existing products in H1 2025, with popular items like Lychee Ice Milk driving sales [1] - The sales revenue from products, equipment, franchise fees, and other income were 2.309 billion CNY, 48 million CNY, 101 million CNY, and 41 million CNY respectively, with year-on-year changes of +7.8%, -62.1%, +2.4%, and +52.0% [1] - Estimated single-store product sales revenue was approximately 270,000 CNY, reflecting a 3.7% increase [1] Group 3: Store Expansion and Quality Improvement - The company added 49 new domestic stores in H1 2025, bringing the total to 8,444, focusing on improving operational quality [1] - Store additions in various city tiers included a net decrease of 6 in first-tier cities, an increase of 6 in new first-tier cities, and a net increase of 62 in lower-tier cities [1] - The company also expanded its overseas presence, adding 7 new stores in H1 2025, totaling 21 stores across countries including South Korea, Malaysia, Thailand, Australia, Hong Kong, Macau, and Spain [1] Group 4: Cost Management and Efficiency - The company improved its gross margin to 32.6%, an increase of 0.9 percentage points year-on-year and 1.9 percentage points quarter-on-quarter [1] - Sales expense ratio, management expense ratio, and R&D expense ratio were 6.0%, 10.3%, and 0.6%, with year-on-year changes of +1.6 percentage points, +1.2 percentage points, and flat, respectively [1] - The company achieved a quarter-on-quarter improvement in cost ratios, with sales expenses down by 5.5%, management expenses down by 1.3%, and R&D expenses down by 0.2% [1] Group 5: Investment Outlook - Based on the mid-term performance, the company adjusted its revenue forecasts for 2025-2027 to 5.747 billion CNY, 6.267 billion CNY, and 6.866 billion CNY, respectively [1] - The net profit forecasts for the same period were adjusted to 872 million CNY, 1.002 billion CNY, and 1.132 billion CNY [1] - The latest stock price corresponds to a price-to-earnings ratio of 13, 12, and 10 times for the years 2025, 2026, and 2027, respectively, maintaining a "buy" rating [1]

来源：运营商财经网 运营商财经网 实习生周颖/文 近日，茶百道公布2025年中期业绩报告，报告显示，茶百道今年上半年实现营收和利润的双双增长，表 现十分亮眼，扭转了茶百道去年业绩下滑的态势，茶百道由此注意到了副总经理易瑞。 2024年4月茶百道正式在港交所主板挂牌上市，这也意味着茶百道为登陆港交所的"加盟制茶饮第一 股"，而茶百道也不负众望，今年上半年业绩表现亮眼。据茶百道2025年中期业绩报告，公司上半年实 现总营收25亿元，同比微增4%，期内利润增至3.33亿元，同比增长40%，毛利率提升0.9个百分点至 32.6%，营收和利润双双增长，提升了公司的盈利能力。 从门店规模来看，今年上半年，茶百道全国门店数增至8444家，去年同期为8385家，半年净增59家门 店。同时，茶百道注册会员数达1.6亿，同比增长超40%。 | | 截至6月30日止六個月 | | | --- | --- | --- | | | 2025年 | 2024年 | | | 人民幣千元 | 人民幣千元 | | 收入 | 2,499,550 | 2.395.829 | | 毛利 | 814,762 | 760.056 | | 税前利潤 | ...

Core Insights - Tea Baidao held a mid-term performance conference for 2025, revealing significant achievements in various areas [1] - The company plans to deepen its market presence in Korea and Southeast Asia while also entering the US and France [2] Store Performance - In Q2, Tea Baidao's average daily GMV per store reached its highest level in a year, increasing approximately 15% compared to Q1 [1] - The company has opened 21 stores in seven overseas markets, including 11 in South Korea and 4 in Malaysia, with a total of 30 overseas stores operational and 15 under construction [1] Product Development - In Q2, new product sales accounted for 28% of total sales volume, indicating a strong product innovation strategy [1] - The company has established a dedicated overseas product team to quickly respond to regional market demands and customize products based on local consumption habits [2] Strategic Expansion - Tea Baidao aims to develop multiple business models for overseas markets, including single stores, key accounts, agents, joint ventures, and national companies [2] - The long-term goal is to establish a representative group of overseas market stores within three to five years [2]

Core Insights - The company reported significant improvements in store performance, with average daily GMV per store reaching the highest level in nearly a year, up approximately 15% quarter-over-quarter [1][2] - The company achieved revenue and profit growth in the first half of the year, with total revenue of 2.5 billion yuan, a year-on-year increase of 4%, and a profit of 333 million yuan, up 40% year-on-year [1] - The company launched 55 new products in the first half of 2025, with the "True Fresh Ice Milk" series selling nearly 20 million cups [1] Store Network and Performance - The number of stores increased to 8,444, with franchise partners reaching 5,833 and total registered members exceeding 160 million [1] - The company has optimized its store network, with a notable improvement in the operating conditions of franchise partners, reducing the average payback period by 1-2 months [2] - The company has tailored product offerings for specific regions, such as Shanghai, and plans to replicate successful strategies in other areas [2] Supply Chain and Product Development - The company is focusing on centralized and standardized production for more SKUs, enhancing supply chain capabilities [1] - The number of national warehousing centers has increased to 26, covering an area of 220,000 square meters [1] - The shift in product development strategy has moved from supply chain-driven innovation to consumer demand-driven development [2] Market Coverage - The company's store distribution spans first to fourth-tier cities, with the proportion of stores in fourth-tier and below cities increasing by 9% year-on-year [1]

Core Viewpoint - The naming of milk tea products has become increasingly complex and artistic, leading to consumer confusion and discussions on social media about the trend of difficult-to-understand names [1][5][21] Group 1: Consumer Reactions - Many consumers express frustration over the complexity of milk tea names, comparing ordering to "unpacking a blind box" and noting that names are often too long and hard to remember [1][5] - Some consumers adopt a more tolerant attitude, stating that they prioritize the visual appeal and sound of the names, even if they are difficult to understand [3][5] Group 2: Trends in Naming - The trend of complex naming in the milk tea industry reflects a broader phenomenon where names are becoming longer and more literary, increasing the cognitive load on consumers [5][21] - Despite the criticism, there are also new product names that resonate well with consumers, often featuring more concrete and distinctive descriptions that trigger purchase desires [6][8] Group 3: Effective Naming Strategies - Successful milk tea names often incorporate "uncommon yet familiar" fruits, creating a sense of novelty and anticipation among consumers [8][9] - Including specific varieties and origins in product names serves as a quality endorsement, providing consumers with a sense of trust and traceability [12][13] - Associating names with familiar flavors or popular snacks can lower the barrier for trying new products, as seen with names that evoke traditional desserts [14][16] Group 4: Evolution of Naming Practices - The evolution of milk tea naming reflects changing consumer demands, transitioning from straightforward names to those that entice consumers to try new flavors [21] - While creative names can enhance product appeal, there is a risk of overemphasizing novelty at the expense of product quality, which can hinder customer retention if expectations are not met [21]

Investment Rating - The report maintains a "Buy" rating for the company [2][10]. Core Insights - In H1 2025, the company achieved revenue of 5.66 billion, a year-on-year increase of 41.2%, and adjusted profit of 1.09 billion, up 42.4% year-on-year. The growth is significantly driven by the competitive landscape in the takeaway market, which is expected to further enhance performance in Q3 [2][6]. - The company has a clear growth strategy with substantial room for store expansion, focusing on densely populated regions and leveraging a self-controlled supply chain for efficiency. High R&D investment supports rapid product innovation, which is anticipated to contribute to steady revenue growth [2][10]. - The company’s total GMV reached 14.1 billion, reflecting a 34.4% year-on-year increase, with average daily GMV per store at 7.6 thousand, up 21.2% year-on-year. The number of cups sold per store per day increased by 17% to 439 cups, while the average price per cup rose by 3% to 17.3 [10][11]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross profit of 1.79 billion, a 41.0% increase year-on-year, and an adjusted core profit of 1.14 billion, up 49.0% year-on-year [6][10]. - The gross margin for H1 2025 was 31.5%, slightly down by 0.1 percentage points year-on-year, while the adjusted profit margin improved by 0.2 percentage points to 19.2% [10][11]. Store Expansion - The company opened 1,570 new stores in H1 2025, a 105.2% increase year-on-year, bringing the total number of stores to 11,179, which is a 17.5% increase year-on-year. The distribution of stores across different city tiers shows a significant focus on lower-tier cities, with 81% of stores located in second-tier and below [10][11]. Product Development - The company launched 52 new products in H1 2025, demonstrating its strong R&D capabilities. The number of registered members on the company’s mini-program reached 178 million, with 50 million active members, indicating high consumer engagement [10][11]. - The company has equipped over 8,000 stores with coffee machines, achieving a coverage rate of approximately 72%, and introduced 16 new coffee products, which are expected to contribute to sales growth [10][11].

Core Viewpoint - The ongoing "subsidy war" in the food delivery sector is leading to a phase where certain tea beverage companies are emerging as potential "winners," with significant revenue growth reported across major players despite varying net profit performances [1][2]. Group 1: Company Performance - Major tea beverage companies, including Mi Xue Bing Cheng, Gu Ming, Cha Bai Dao, and Hu Shang A Yi, all reported positive revenue growth in the first half of the year, with Mi Xue Bing Cheng achieving over 100 billion yuan in revenue, marking a 39.3% year-on-year increase [1][2]. - Gu Ming's revenue reached 56.63 billion yuan, a 41.2% increase, while Hu Shang A Yi, despite having the lowest revenue at 18.18 billion yuan, showed a growth rate of 9.7% [1][2]. - Cha Bai Dao was the only company to report a decline in net profit, with a year-on-year decrease of 13.81% [1][2]. Group 2: Market Dynamics - The "subsidy war" has led to a significant increase in order volumes for tea beverage companies, particularly benefiting those with a large number of stores, such as Gu Ming, which added 1,663 new stores, bringing its total to 11,179 [3][4]. - Mi Xue Bing Cheng also capitalized on this trend, increasing its global store count to 53,014, with a net profit of 27.18 billion yuan, reflecting a 44.1% increase [2][4]. - In contrast, Cha Bai Dao's slow expansion, with only 59 new stores added, limited its ability to leverage scale effects, leading to increased marketing expenditures to maintain market share [5][6]. Group 3: Competitive Strategies - Gu Ming's low delivery costs and effective supply chain management allowed it to maintain profitability despite the competitive landscape, with delivery costs being less than 1% of total GMV [3][4]. - Cha Bai Dao's increased marketing expenses, which rose by 42.7% to 150 million yuan, were aimed at countering market competition and launching new products [5][6]. - Bawang Chaji, which chose not to participate in the subsidy war, faced customer attrition, reporting a significant drop in same-store GMV by 23% [6][7]. Group 4: Long-term Outlook - The long-term sustainability of the current growth driven by subsidies remains uncertain, as companies must navigate the transition from subsidy dependence to value-based competition [7][8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.5 billion yuan in H1 2025, representing a year-on-year increase of 4.3%, and a net profit attributable to shareholders of 326 million yuan, up 37.5% [2] - The company continues to innovate its product offerings, launching 55 new products and upgrading 9 existing ones in H1 2025, which has positively impacted sales [3] - The company is focusing on improving the quality of its domestic stores while actively expanding its overseas business, with a net increase of 49 domestic stores and 7 overseas stores in H1 2025 [4] - Cost management and supply chain optimization have led to an improvement in the company's cost-to-income ratio, with a gross margin of 32.6%, up 0.9 percentage points year-on-year [5] - The company has adjusted its earnings forecast for 2025-2027, expecting revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan respectively, with net profits of 872 million, 1.002 billion, and 1.132 billion yuan [6] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2.5 billion yuan, a 4.3% increase year-on-year, and a net profit of 326 million yuan, a 37.5% increase [2] - The adjusted net profit was 340 million yuan, reflecting a decrease of 13.8%, with an adjusted net profit margin of 13.6%, down 2.9 percentage points [2] Product and Sales Growth - The company launched 55 new products and upgraded 9 existing products in H1 2025, contributing to a 7.8% increase in product sales [3] - The sales from single stores averaged approximately 270,000 yuan, marking a 3.7% increase [3] Store Expansion and Quality Improvement - The company added 49 new domestic stores, bringing the total to 8,444, while also expanding its international presence with 7 new stores, totaling 21 overseas locations [4] Cost Management and Efficiency - The gross margin improved to 32.6%, with a year-on-year increase of 0.9 percentage points, and a sequential increase of 1.9 percentage points [5] - The sales expense ratio, management expense ratio, and R&D expense ratio were reported at 6.0%, 10.3%, and 0.6% respectively, with a notable reduction in the sequential expense ratios [5] Earnings Forecast - The revised earnings forecast for 2025-2027 includes revenues of 5.747 billion, 6.267 billion, and 6.866 billion yuan, and net profits of 872 million, 1.002 billion, and 1.132 billion yuan respectively [6]