Core Viewpoint - The new tea beverage industry is experiencing a significant differentiation among leading companies following a series of IPOs, indicating a shift into a more competitive phase characterized by homogenization and over-expansion issues [1][10]. Company Performance - Companies like Gu Ming and Mi Xue Group have seen substantial stock price increases post-IPO, with Gu Ming rising by 149.50% and Mi Xue Group by 137.93% as of May 9 [2][3]. - In contrast, companies such as Nai Xue's Tea and Cha Bai Dao have faced significant declines in stock prices, with Nai Xue's Tea down 94.39% and Cha Bai Dao down 44.51% since their respective IPOs [2][7]. - The stock performance of Ba Wang Cha Ji and Hu Shang A Yi has also been weaker compared to their peers, with Ba Wang Cha Ji showing a modest increase of 14.29% and Hu Shang A Yi at 27.74% [3][5]. Market Trends - The new tea beverage market is projected to reach a scale of 354.72 billion yuan in 2024, with a stable growth forecast of 6.4% year-on-year, potentially exceeding 400 billion yuan by 2028 [14]. - The industry is transitioning from a growth phase focused on market share acquisition to a more mature phase emphasizing differentiation and refined strategies [14][16]. Challenges and Issues - The industry faces challenges such as product homogenization, excessive store expansion, and declining operational efficiency, leading to a "impossible triangle" scenario where companies struggle to balance scale expansion, cost control, and brand differentiation [10][12][16]. - Some companies have reported significant drops in net profit, with Cha Bai Dao experiencing a 58.55% decline in 2024, while Nai Xue's Tea reported substantial losses [8][12]. Strategic Directions - Companies are increasingly focusing on differentiation strategies, with Mi Xue Group leveraging its supply chain capabilities to gain competitive advantages [16]. - Expansion into overseas markets is a key strategy for many leading new tea beverage companies, with Ba Wang Cha Ji already testing its first North American store shortly after its IPO [17].

Core Viewpoint - The rapid rise and fall of Hu Shang A Yi's stock price post-IPO reflects a significant shift in the new tea beverage industry from aggressive expansion to a more rational approach, highlighting the challenges faced by the company and the sector as a whole [1][2]. Group 1: IPO and Market Reaction - Hu Shang A Yi's IPO was highly successful, with an oversubscription rate of 3616.83 times and over 940 billion HKD in frozen funds, marking it as the highest new stock subscription in Hong Kong after regulatory changes [2]. - On its first trading day, the stock price surged by 74.68% to 197.6 HKD, but subsequently dropped by 8.78% the following day, leading to a cumulative decline of over 20% within a week [1][2]. - By early June, the stock price had fallen to around 125 HKD, representing a nearly 37% decrease from its peak [1]. Group 2: Financial Performance and Challenges - In 2024, Hu Shang A Yi reported a revenue of 3.285 billion HKD, a year-on-year decline of 1.9%, and a net profit of 329 million HKD, down 15.2% [4]. - The company's business model heavily relies on a franchise system, with 99.7% of stores operated by franchisees, leading to a significant drop in single-store GMV from 1.559 million HKD in 2023 to 1.37 million HKD in 2024, a decrease of 12.12% [4][5]. - The closure rate of franchise stores increased to 12.7% in 2024, with over 1,000 stores shutting down, significantly higher than the industry average of 4% [4]. Group 3: Competitive Landscape and Market Dynamics - The new tea beverage industry is experiencing a slowdown, with a projected growth rate of only 8.2% in 2024 and further decline to 7.5% in 2025, leading to intense price wars among leading brands [6]. - Hu Shang A Yi faces challenges in both low-price and mid-to-high-end markets, struggling against competitors like Mi Xue Bing Cheng and Xi Tea, which have established stronger market positions [6]. - The company's reliance on third-party suppliers and inadequate cold chain coverage hinder its ability to reduce costs, making it difficult to compete on price with rivals [5][6]. Group 4: Future Outlook and Strategic Considerations - The company must focus on optimizing its supply chain and digital commitments, potentially allocating 60% of its IPO proceeds to these areas to regain growth momentum [6]. - Reducing food waste to levels comparable to competitors and leveraging scale procurement could help Hu Shang A Yi improve its cost structure and competitive positioning in the market [6].

在资本市场，以"三朵金花"为代表，包括宠物经济、医美化妆、疗愈经济、新饮品等行业或细分领域， 被统一称为"悦己消费"，即相关消费行为通常以满足消费者情感价值、个性化需求及自我提升为核心。 过去一年时间，"三朵金花"股价均实现翻倍甚至数倍增长，整个"悦己消费"也成为资本市场最火热的概 念。 每经评论员杜恒峰 在混杂着不解、怀疑、惊叹、遗憾的声音中，6月12日泡泡玛特盘中股价摸高至283.4港元，再创历史新 高，总市值一度突破3800亿港元；同为港股"三朵金花"的老铺黄金，收盘价上涨5.66%至914港元，总市 值1578亿港元，将周大福这样的老牌巨头甩在了身后；另一朵"金花"蜜雪集团收盘价也维持在历史高 位，总市值2023亿港元。 事实上，"悦己消费"也为企业摆脱"内卷式"竞争提供了新的思路，泡泡玛特不需要卷价格，蜜雪集团也 不是想要通过低价垄断新茶饮市场。正是对自身市场清晰的定位、对产品和服务的极致打磨，由此形成 的竞争力不仅仅适用于中国市场，也能在国际市场闯出一片天地。 契合年轻消费者需求、有增长、不内卷、有国际化潜力，这是"悦己消费"估值迭创新高的定价逻辑。消 费市场竞争残酷，消费者偏好、预算分配也随时在 ...

Core Insights - The new seasonal drink "Qixiang Huangpi Peach" launched by Heytea highlights the trend of the new tea beverage industry deepening supply chain construction and promoting regional specialty ingredients to break geographical limitations and reach the national consumer market [1][6] Industry Trends - The success of Huangpi fruit is not an isolated case; the new tea beverage industry has become a significant force in promoting the nationalization of regional specialty agricultural products, with various fruits like Sangshen and Balele also leveraging the new tea beverage channels to expand beyond their local markets [3][6] - The core of this trend is the increasingly mature deep supply chain system within the industry, which includes strict quality management throughout the entire process from planting to delivery, ensuring flavor and supply stability [4][6] Supply Chain Innovations - Brands are deeply involved in the entire supply chain, including planting, harvesting, processing, and distribution, to ensure high-quality raw material supply [4] - The industry is establishing exclusive planting bases in high-quality production areas through self-built, co-built, and contract farming models, ensuring long-term, safe, and high-quality raw material supply [4][6] - The industry continuously explores and applies diverse regional specialty ingredients, integrating them into product innovation to provide consumers with convenient experiences of different regional flavors [4][6] Economic Impact - The new tea beverage industry is breaking down barriers to the circulation of regional agricultural products through systematic supply chain innovation and differentiated product development, enriching its product matrix and consumer experience while effectively promoting the development of local specialty agricultural economies [6][7]

Group 1 - The new tea beverage market is entering a traditional consumption peak with significant benefits from the recent "subsidy war" among delivery platforms [1][2] - Tea Baidao launched a new lychee series, achieving over 50,000 cups sold within an hour and surpassing 100,000 cups by noon on the launch day, marking it as a summer hit [1] - Tea Baidao has improved its supply chain, with approximately 92% of stores achieving next-day delivery and 95% receiving multiple deliveries weekly [2] Group 2 - Bawang Chaji is expanding its presence in campus markets, with a new store at Tsinghua University achieving over 2,200 cups sold on its opening day, ranking first among its nationwide stores [2][3] - The classic products of Bawang Chaji account for nearly 60% of sales in campus stores, indicating strong demand among students [3] - The tea beverage industry is experiencing a price war, but recent reports suggest a stabilization in the market, benefiting brands through delivery platform subsidies [3]

Core Insights - The introduction of the 1 yuan ice cup by brands like Mixue Ice City, Guming, and Shuyi Burned Fairy Grass marks a new trend in the beverage market, transforming a simple product into a platform for brand engagement and customer interaction [3][9][33] - The ice cup phenomenon is not just about low-cost beverages; it represents a shift towards a convenience store model, where brands aim to enhance customer loyalty and increase transaction frequency [33][34] Group 1: Market Dynamics - Mixue Ice City launched the 1 yuan ice cup with a capacity of 660 ml, leading to high demand and supply chain challenges, indicating a genuine market interest rather than a mere marketing gimmick [3][7] - Guming and Shuyi Burned Fairy Grass followed suit, with Guming offering a 500 ml ice water cup and Shuyi implementing a purchase incentive strategy to boost sales [9][13] - The trend of ice cups is recognized as a growing market opportunity, particularly in first-tier cities, while also having significant potential in lower-tier markets [15] Group 2: Financial Implications - The cost structure for Mixue Ice City's ice cup reveals a minimal profit margin, with production costs around 0.5 yuan per cup, highlighting the financial strain on the supply chain [7][8] - Despite the low profitability of the ice cup, it serves as a marketing tool to drive additional sales of higher-margin products like milk tea and ice cream [8] Group 3: Consumer Behavior - The ice cup has evolved into a DIY beverage container for young consumers, allowing them to create personalized drinks, which enhances its appeal beyond a simple refreshment [8][20] - Social media platforms are amplifying the popularity of ice cups, with various DIY combinations becoming trending topics among younger demographics [20][24] Group 4: Industry Trends - The ice cup is becoming a staple in convenience stores and retail chains, with significant sales growth reported, particularly in coffee ice cups, which saw a 60% increase [24][30] - The overall market for ice products and beverages is projected to exceed 63 billion yuan by 2026, indicating a robust growth trajectory for this segment [30]

Core Viewpoint - The article discusses the recent strategic shift of dairy companies, particularly New Dairy (002946.SZ), entering the beverage market to address short-term performance anxieties and connect with younger consumers [1][3]. Group 1: Company Strategy - New Dairy announced its entry into the beverage sector during its investor conference on June 10, 2025, aiming to make beverages its third core business alongside low-temperature fresh milk and yogurt [1]. - The company reported a revenue of 10.67 billion yuan in 2024, a slight decrease of 2.9% year-on-year, while its net profit reached 540 million yuan, marking a 24.8% increase [1]. - The company plans to leverage its expertise in low-temperature products to enter the beverage market, focusing on low-sugar and no-sugar tea drinks, as well as products targeting weight management [1][2]. Group 2: Industry Trends - The new tea beverage market in China is experiencing significant growth, with a market size exceeding 350 billion yuan in 2024, reflecting a year-on-year increase of 6.4% [2]. - Major dairy companies are increasingly moving beyond their roles as suppliers, launching their own new tea and innovative beverage products [2][4]. - The dairy industry is facing a decline in traditional dairy product sales, with a 6.9% drop in overall dairy sales and a 7.1% decrease in liquid milk sales in the first quarter of 2025 [3]. Group 3: Consumer Insights - The shift towards new tea and innovative beverages is partly driven by the need to alleviate performance growth anxieties amid a declining dairy market [3][4]. - The changing consumer landscape, particularly among younger generations, emphasizes the importance of product quality, emotional value, and personalized expression, prompting dairy companies to adapt to these evolving demands [5].

Group 1 - The core viewpoint is that dairy companies are increasingly entering the innovative beverage market to connect with the challenging young consumer demographic [1][2] - New Dairy (002946.SZ) announced its official entry into the beverage sector during its investor conference, aiming to make beverages its third core business alongside low-temperature fresh milk and yogurt [2][4] - The company achieved a revenue of 10.67 billion yuan in 2024, a slight decrease of 2.9% year-on-year, while its net profit reached 540 million yuan, marking a growth of 24.8% [2][4] Group 2 - The new beverage market is experiencing rapid growth, with the new-style tea beverage market in China expected to exceed 350 billion yuan in 2024, reflecting a year-on-year growth of 6.4% [3] - Many dairy companies, including New Dairy, are no longer satisfied with being mere suppliers and are launching their own innovative beverage products [4][6] - The first quarter of 2025 saw a decline in the domestic dairy product market, with overall sales down by 6.9%, indicating a need for dairy companies to seek new growth avenues [4][6] Group 3 - Dairy companies are leveraging their regional brand influence, distribution networks, and cold chain logistics to enter the beverage market, which has relatively controllable entry costs [6] - The shift in consumer demographics is prompting dairy companies to adapt to the changing market, focusing on quality, emotional value, and personalized expression to meet the needs of younger consumers [6]

Core Viewpoint - The recent viral video of a Mxue Ice City employee crying while working has sparked discussions about the working conditions and pressures faced by employees in the fast-food and beverage industry, particularly in the context of the company's rising stock prices and popularity due to its low-priced lemon water product [1][3][5]. Group 1: Employee Experience and Working Conditions - The employee's emotional breakdown was initially attributed to overwhelming work demands, but later clarified to be due to personal issues unrelated to work [5][9]. - Employees report long hours, with some working over 10 hours a day, often without breaks, especially during peak hours [13][21]. - The company has a policy discouraging employees from discussing negative aspects of their work experience publicly [5][9]. Group 2: Company Performance and Market Position - Mxue Ice City has seen significant stock price increases, with a nearly 5% rise following the viral incident, and over 20% increase in stock price over the past 20 days [3][9]. - The company has established itself as a leader in the lemon water market, capturing 80% of the market share and selling 11 billion cups in the first nine months of 2024 [26][28]. - Mxue Ice City operates over 46,000 stores globally, with a focus on maintaining low prices, exemplified by its 3 yuan lemon water [9][26]. Group 3: Financial Metrics and Employee Compensation - Mxue Ice City reported a revenue of 153.93 billion yuan in 2023, with an average revenue per employee of 237.2 thousand yuan, ranking second among major tea beverage companies [21][22]. - The average annual salary for employees is reported at 105,000 yuan, but actual earnings can vary significantly based on location and store performance [21][22]. - Employees often do not receive overtime pay or benefits, leading to disparities in compensation across different regions and stores [22][24]. Group 4: Franchise Model and Challenges - The majority of Mxue Ice City stores are franchises, with franchisees bearing significant operational risks and costs, while the company profits from selling raw materials to these franchises [36][37]. - The process to become a franchisee has become increasingly competitive, with a low acceptance rate of around 5% for applicants [33][34]. - Franchisees face pressure from rising operational costs and competition, which can lead to conflicts between franchisees and the company regarding pricing and product offerings [36][37].

Group 1 - The core viewpoint of the articles highlights the rising trend of kale-based beverages in the new tea drink industry, with brands like Heytea, Nayuki, and Luckin Coffee leading the charge in promoting health-focused products [1][9] - Kale is being marketed as a low-sugar, low-calorie ingredient, appealing to health-conscious consumers, and has become a significant trend in the beverage sector [1][9] - The new tea drink industry is not only innovating in product offerings but is also extending its focus to the agricultural supply chain, emphasizing the importance of sourcing high-quality, pesticide-free ingredients [1][4][14] Group 2 - The supply chain for fruits and vegetables in the new tea drink sector is undergoing a transformation, moving towards customized sourcing and cultivation to ensure consistent quality and flavor [2][4][5] - Companies like Heytea are establishing direct partnerships with farms to control the cultivation process, ensuring that their standards for pesticide use and fruit quality are met [5][14] - The trend of using niche ingredients, such as kale, is seen as a potential key to creating popular products, with many brands quickly following suit once a successful item is launched [9][10] Group 3 - The cultivation of kale in China is expanding, with a focus on its dual role as both a food ingredient and an ornamental plant, which has contributed to its popularity in urban areas [8][9] - The industry is facing challenges related to pesticide residues, particularly with kale's structure making it susceptible to pests, necessitating innovative pest control methods [10][14] - New tea drink brands are investing in advanced cleaning technologies and processes to ensure that their products meet zero pesticide residue standards, which is becoming a competitive differentiator in the market [10][13][14]