2025.08. 29 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。） 推荐阅读 多地遴选小学教师转岗初中 本文字数：312，阅读时长大约1分钟 近日，蜜雪集团、古茗、茶百道、奈雪的茶、沪上阿姨5家在港上市茶饮股纷纷披露了2025年中期业绩 报告。财报显示，蜜雪集团、古茗、茶百道、沪上阿姨上半年营利双增，奈雪的茶期内利润亏损同比收 窄，但营收下滑14%。 此外，在美上市的霸王茶姬今日披露2025年第二季度财报，第二季度净收入33.32亿元，同比增长 10.2%；调整后净利润6.3亿元。 | | 2025年上半年 | | | | | --- | --- | --- | --- | --- | | 证券简称 | 营业收入 (亿元) | 同比 | 期内利润（亿元） | 同比 | | 蜜雪集团 | 148. 7 | 39. 30% | 27. 18 | 44% | ...

Core Viewpoint - Tea Baidao (02555.HK) reported a revenue growth of 4% year-on-year for the first half of 2025, achieving total revenue of 2.5 billion yuan and a profit increase of 40% to 333 million yuan, driven by supply chain cost reductions and a decrease in franchisee subsidies [1][2]. Financial Performance - Total revenue reached 2.5 billion yuan, with a year-on-year growth of 4% [1] - Gross profit amounted to 815 million yuan, with a gross margin of 32.6% [1] - Net profit increased to 333 million yuan, reflecting a 40% year-on-year growth [1] Factors Driving Profit Growth - Supply chain cost reduction: The number of national distribution centers increased to 26, with approximately 93.8% of stores achieving next-day delivery after ordering, and 95% receiving deliveries twice or more weekly, leading to an 0.9 percentage point increase in gross margin [1] - Decrease in franchisee subsidies: The company reduced material discounts and advertising subsidies from approximately 200 million yuan last year, resulting in a 2% increase in net profit margin [1] - Stagnation in expansion: The total number of stores increased to 8,444, with a net increase of only 59 stores in the first half of the year, leading to a 2-3 percentage point decrease in sales and distribution expense ratio [1] Market Position and Competition - The company is in the early stages of exploring overseas markets, with operations in 8 countries and over 40 signed stores, but revenue contribution remains below 1% [2] - Competitors are experiencing varied expansion rates, with some brands like Mi Xue Bing Cheng rapidly increasing their store count, while others like Naixue's Tea have slowed down significantly [2] - The company has approximately 3.7 billion yuan in cash and no interest-bearing debt, indicating potential for future expansion [2] Challenges Ahead - The company faced a closure of 890 stores in 2024, with higher closure rates in lower-tier cities, which could widen the gap in procurement, logistics, and marketing costs compared to competitors [3] - The long-term scale disadvantage due to stagnation in store expansion could impact the company's competitive position in the market [2][3]

Financial Performance - The total GMV for Bawang Tea Ji reached 8.103 billion yuan in Q2 2025, representing a year-on-year growth of 15.5% [1] - The net revenue for Q2 was 3.332 billion yuan, an increase of 10.2% year-on-year [1] - Adjusted net profit for Q2 was 630 million yuan, with an adjusted net profit margin of 18.9% [1] - For the first half of the year, the cumulative adjusted net profit was 1.31 billion yuan, up 6.8% year-on-year [1] - Costs improved, with raw material, storage, and logistics costs decreasing by 1.5% year-on-year in Q2 [1] Membership and Customer Base - As of June 30, the registered membership of Bawang Tea Ji exceeded 200 million, reaching 207 million, with a net increase of 14.55 million members quarter-on-quarter, and a year-on-year growth of 42.7% [1] International Expansion - The overseas business has become a significant growth engine, with Q2 GMV reaching 235 million yuan, a year-on-year increase of 77.4% and a quarter-on-quarter growth of 31.8% [1] - As of June 30, Bawang Tea Ji had a total of 7,038 stores globally, including 208 overseas stores located in Malaysia (178), Singapore (16), Indonesia (8), Thailand (5), and the United States (1) [1] Management Changes - Bawang Tea Ji announced a new North American management team, appointing Emily Chang as Chief Business Officer and Aaron Harris as Chief Development Officer [2] - Emily Chang previously served as CEO of VML West, a subsidiary of WPP, while Aaron Harris held a senior development vice president position at Dutch Bros Coffee before joining Bawang Tea Ji [2]

财报显示，蜜雪集团、古茗、茶百道、沪上阿姨上半年营利双增。 近日，蜜雪集团、古茗、茶百道、奈雪的茶、沪上阿姨5家在港上市茶饮股纷纷披露了2025年中期业绩报告。财报显示，蜜雪集团、古茗、茶百道、 沪上阿姨上半年营利双增，奈雪的茶期内利润亏损收窄，但营收下滑14%。 | | 2025年上半年 | | | | | --- | --- | --- | --- | --- | | 证券简称 | 营业收入 (亿元) | 同比 | 期内利润（亿元） | 同比 | | 蜜雪集团 | 148. 7 | 39. 30% | 27. 18 | 44% | | 古茗 | 56. 63 | 41. 20% | 16. 26 | 120% | | 茶百道 | 25 | 4% | 3.3 | 39.50% | | 奈雪的茶 | 21. 78 | -14.4% | -1. 19 | | | 沪上阿姨 | 18. 18 | 9.70% | 2. 03 | 20. 90% | | | | | 截至2025年6月30日财务数据 第二则经 | | 此外，在美上市的霸王茶姬今日披露2025年第二季度财报，第二季度净收入33.32亿元，同比增长10. ...

Core Viewpoint - The financial performance of Mixue Ice City and Gu Ming shows significant revenue and profit growth, yet their stock prices have declined sharply, indicating market skepticism about the sustainability of this growth [1][2][3]. Group 1: Financial Performance - Mixue Ice City reported a revenue of 14.9 billion, a 39.3% increase, and a net profit of 1.887 billion, a 44.1% increase, with a slight decline in gross margin from 31.9% to 31.6% [10][11]. - Gu Ming's revenue increased by 41.2% and net profit surged by 119.8%, indicating strong performance comparable to Mixue Ice City [2]. Group 2: Stock Price Reaction - Despite strong financial results, Mixue Ice City's stock price fell by 10.49% and Gu Ming's by 7.33% over two trading days [3]. - The decline in stock prices is attributed to investor concerns over the sustainability of growth amid increased competition in the food delivery sector [8][13]. Group 3: Market Competition - The intense competition in the food delivery market, particularly the "takeaway war" involving major players like Meituan, JD, and Alibaba, has led to significant financial strain on companies, impacting their stock valuations [8][12]. - The market is transitioning to a phase with reduced subsidies, which may negatively affect sales growth for companies like Mixue Ice City [12][14]. Group 4: Long-term Growth Concerns - The growth rate of new store openings for Mixue Ice City has slowed, with a net increase of only 128 stores compared to a decrease of 162 stores from the previous year [18][22]. - The rising closure rate of stores, now at 2.55%, indicates a shift towards a more challenging operating environment [22][23]. - Concerns about the performance of the Lucky Coffee brand, which has not disclosed specific operational data, suggest potential weaknesses in future growth prospects [24][25][26]. Group 5: Valuation Implications - A potential decline in growth rates could lead to a significant revaluation of the company's stock, as seen in the example of Haidilao, which experienced a drastic drop in market value after its growth phase ended [27][28]. - The market may begin to value Mixue Ice City based on average consumer industry PE ratios if it fails to establish new growth trajectories [27].

Core Viewpoint - Sichuan Baicha Baidao Industrial Co., Ltd. (referred to as "Cha Baidao") reported a total revenue of 2.5 billion yuan for the first half of 2025, reflecting a year-on-year growth of 4% and a profit increase to 333 million yuan with a gross margin of 32.6% [1] Financial Performance - Total revenue for the first half of 2025 reached 2.5 billion yuan, marking a 4% increase compared to the previous year [1] - Profit for the period rose to 333 million yuan, with a gross margin of 32.6% [1] Supply Chain and Operational Efficiency - Cha Baidao has made significant progress in supply chain capability construction, enhancing operational efficiency while effectively reducing overall operational costs [1] - The number of national warehousing and distribution centers has increased to 26, with approximately 93.8% of stores achieving next-day delivery after placing orders [1] - About 95% of stores receive delivery services two or more times a week, with over 500 stores in cities like Beijing, Shanghai, Chengdu, and Chongqing offering nighttime delivery [1] - The distribution rate of fruits across stores has improved to 80%, positioning Cha Baidao as one of the few tea brands capable of high-frequency delivery of perishable goods like fresh milk and fruits nationwide [1] Competitive Advantage - According to a recent report by CICC, Cha Baidao's supply chain capabilities that support a balanced national layout have become its core competitive advantage, leading to an "outperforming the industry" rating [1]

Group 1: Nayuki Tea's Financial Performance - Nayuki Tea reported a net loss of RMB 118 million for the first half of 2025, closing 160 stores [1] - Revenue for the period was RMB 2.178 billion, a decrease of 14.4% year-on-year; adjusted net loss narrowed by 73.1% [1] - Direct store revenue accounted for 87.8% of total revenue, with an average daily sales per store of RMB 7,600 and 296.3 orders [1] Group 2: Yili Group's Market Insights - Yili Group's management noted that the substitution of packaged liquid milk by freshly made tea drinks has peaked, with diminishing impact expected [2] - The company emphasized that consumer demand for liquid milk remains unchanged despite the competition from tea drinks [2] Group 3: Sinopec Easy Coffee Expansion - Sinopec Easy Coffee opened its 1,000th store in Shanghai, marking a significant milestone in its "on-the-go coffee" model [3] - The brand has expanded to cover 23 provinces and 107 cities, leveraging its extensive network of gas stations and convenience stores [3] - Future strategies include enhancing quality, expanding scenarios, and increasing network coverage to become China's largest travel coffee brand [3] Group 4: Bawang Tea's Community Engagement - Bawang Tea launched a "Pet-Friendly Season" initiative, engaging 135 stores and promoting pet welfare through various activities [4][5] - The initiative saw participation from approximately 45,000 tea lovers, contributing over 90,000 "companionship points" for animal rescue efforts [5] - Bawang Tea aims to explore innovative models of "tea + public welfare" as part of its mission [5] Group 5: Tims Coffee's Revenue Breakdown - Tims Coffee reported a 4.9% year-on-year decline in total revenue to RMB 349 million for Q2 2025, while system sales increased by 1.4% to RMB 409.5 million [6] - Food sales grew by 8.6%, accounting for 35.2% of system sales, driven by a differentiated strategy of "coffee + fresh meals" [6] - The company faced increased marketing costs due to the launch of 43 new products, including 15 food items, and a 3.4% rise in delivery costs [6]

Core Viewpoint - Tea Baidao (02555.HK) reported a dual growth in revenue and profit for the first half of 2025, indicating a positive trend in the company's performance [1] Financial Performance - The company achieved a revenue of 2.5 billion yuan, representing a year-on-year growth of 4% [1] - Profit for the period increased to 333 million yuan [1] Product Development - During the first half of the year, Tea Baidao launched 55 new products, with several becoming market highlights, such as Bamboo Fragrance Oolong, Fresh Purple Mint Grape, and Lychee Ice Milk [1] - The efficiency of research and development and the rate of successful products have significantly improved [1] Market Impact - The "True Fresh Ice Milk" series, a pioneering product by Tea Baidao, has sold nearly 20 million cups, becoming a phenomenon in the market and leading the industry's health transformation [1] - The continuous enrichment of the product matrix and the steady improvement of market reputation have resulted in a registered membership of 160 million, reflecting a year-on-year growth of over 40% [1]

今日，茶百道（2555.HK）发布2025年半年报，实现营收利润双增长，上半年总营收25亿元，同比增长 4%，期内利润增至3.33亿元，同比增长40%。茶百道通过强化产品创新、优化运营效率、夯实供应链能 力，推动单店业绩提升，在高线到低线城市均已形成完善布局的同时持续优化门店网络，报告期内门店 数增至8444家，在全国拥有26座仓配中心，门店水果统配率提升至80%，注册会员数1.6亿。分析人士 指出，茶百道上半年迎来业绩拐点，从"秋天第一杯奶茶"等营销节点战绩可判断，茶百道在第三季度延 续了上半年的强劲势头，预计其核心能力的持续强化将为品牌注入长期增长动能。 （原标题：茶百道半年报：经营稳健复苏，业绩迎来拐点） ...

Core Viewpoint - Cha Bai Dao (02555.HK) reported a growth in both revenue and profit for the first half of the year, with revenue reaching 2.5 billion yuan, a year-on-year increase of 4%, and profit rising to 333 million yuan [1] Group 1: Financial Performance - The company achieved a revenue of 2.5 billion yuan in the first half of the year, reflecting a 4% year-on-year growth [1] - Profit for the period increased to 333 million yuan [1] Group 2: International Expansion - Cha Bai Dao has established stores in 8 countries and regions, with over 40 signed store agreements [1] - In South Korea, the company has obtained franchise qualifications and currently operates 18 stores [1] - The company is expanding its presence in South Korea beyond the capital area, including a new store in the tourist destination of Jeju Island, and has plans for its first stores in France and the United States [1]