研究报告 Research Report 23 Nov 2025 茶百道 Sichuan Baicha Baidao Industrial (2555 HK) 首次覆盖：产品创新驱动业务优化，改革成效已然显现 Product Innovation Driving Business Optimization, Reformation Results Witnessed: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$6.72 目标价 HK$9.30 HTI ESG 4.6-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.93bn / US$1.28bn 日交易额 (3 个月均值) US$2.29mn 发行股票数目 1,478mn 自由流通股 (%) 15% 1 年股价最高最低值 HK$11.60-HK$6.72 注：现 ...

近期，茶颜悦色做了一些调整。11月中旬，茶颜悦色宣布将继续布局咖啡市场。茶颜悦色官方微信号显 示，茶颜悦色将于12月18日在全国门店推出新的子品牌"茶颜咖啡"，届时将推出9款咖啡饮品，一次性 在茶颜悦色所有门店上线。与此前推出的咖啡品牌"鸳央咖啡"以独立门店形式运营不同，"茶颜咖啡"将 在其已有的茶饮门店中推出。据茶颜悦色集团总经理助理熊晓青在近期一次活动上分享，目前茶颜悦色 在湖南、湖北、重庆和江苏等地拥有超过1200家自营门店，并推出多个子品牌，包括鸳央咖啡、古德墨 柠（青柠乳茶）、小神闲茶馆以及昼夜诗酒茶·艺文小酒馆，旨在覆盖消费者全天消费需求。 编辑 唐峥 校对 王心 新京报讯（记者王子扬）10月20日，新京报记者了解到，现制饮品行业再有上市传闻，涉及新茶饮品牌 茶颜悦色、连锁咖啡品牌MANNER。根据消息，两家企业都计划在港股上市，目前仍在筹划阶段。对 于该事件，MANNER表示，不予置评；茶颜悦色方面称，暂时没有接到管理层的相关消息。 据消息称，"字节跳动系"中国连锁咖啡品牌MANNER正考虑最早2026年在港股上市，筹资规模可能达 数亿美元，估值最高可达30亿美元。MANNER此次IPO（首次公 ...

国研网报告显示，现制咖啡赛道预计到2025年市场规模将接近1300亿元。市场仍在增长，但对于具体品 牌来说境遇各有不同。伴随着头部茶饮品牌加码咖啡线、低价连锁加速开店、外卖平台补贴大战此起彼 伏，作为国内连锁咖啡品牌第一的瑞幸，同样面临行业竞争压力。 今年的咖啡市场正在经历剧烈洗牌。 《每日经济新闻》记者（以下简称"每经记者"）注意到，年初古茗等茶饮品牌低价布局下沉咖啡市场， 暑期库迪咖啡借外卖补贴获得喘息机会，10月底星巴克中国出售60%股权并推出"县城计划"加码下沉市 场，这些市场行为均加剧了咖啡市场的竞争态势。 图片来源：每经记者 张建 摄 11月17日晚间，瑞幸发布2025年第三季度财报，其报告期内营收同比增长50.2%至152.9亿元。值得一提 的是，虽然瑞幸的规模仍在快速增长，但这一财季却出现了"增收不增利"的情况。 首先，瑞幸仍以高速扩店、扩大规模为核心策略。从财报来看，第三季度，瑞幸的门店达到29214家， 月均交易用户破1.12亿，这种网络密度带来的覆盖与履约优势是其最重要的护城河，也是推动营收增长 的核心动力。 更值得关注的是，瑞幸联营门店所贡献的营收，在瑞幸的收入结构中愈发关键。 截至2 ...

"第三季度在现制饮品行业快速扩容的市场机遇下，我们聚焦规模增长的核心战略，持续产生积极成效。第三季度，公司收入延续强劲增长势头，自营同 店销售再次实现双位数增长。"在今晚召开的业绩电话会上，瑞幸咖啡联合创始人、首席执行官郭谨一说。 根据这家在国内拥有最多门店的咖啡连锁公布2025年第三季度财报，期内，其实现总净收入为152.871亿（人民币，下同），同比增长 50.2%；GAAP营业 利润为17.77亿元，同比增长12.9%; 自营门店同店销售额增长14.4%，较2024年同期下降13.1%的情况显著改善；净新开门店数为3008家，门店总数达 29214家。 此外，在业绩会上，郭谨一就财报细节、外卖大战等进行了解读。针对不久前瑞幸被指正推进美股主板上市的传言，他今天在会上表示，"我们会持续关 注美国资本市场，公司目前对于重返主板上市没有明确的时间表。" 联营店破万 复盘第三季度的表现，郭谨一表示，"面对中国咖啡行业持续增长的消费需求，我们加速门店覆盖，主动抢占市场空间，保持行业领先的开店速度，继续 加快高线城市优质点位的布局和拓展下沉市场的节奏，持续扩大门店网络规模。" 财报显示，瑞幸第三季度净新开门店300 ...

Core Viewpoint - The article highlights the active international expansion of Chinese companies, particularly from Henan province, showcasing their efforts in embracing globalization and enhancing their global presence through various strategies and innovations [7][11][18]. Group 1: Company Expansion Stories - Thinking of international markets, companies like SiNian Foods have successfully entered overseas markets, with their products now available in 149 Sam's Club locations across 15 states in the U.S. by 2025 [8][9]. - The beverage brand Mixue has opened over 53,000 stores globally, with more than 4,700 located overseas, significantly impacting the global beverage market [9]. - Weihu Group has expanded its international footprint, exporting products to over 170 countries and regions, with a focus on internationalization, digitalization, and green development [9][10]. Group 2: Economic Trends and Data - In the first ten months of the year, Henan province exported machinery and electrical products worth 317.23 billion yuan, a 28.6% increase, accounting for 65% of the province's total exports [11]. - The export of "new three types" products reached 23.35 billion yuan, with electric vehicle exports alone growing by 254.4% [11]. - The number of companies in Henan with import and export achievements increased by 3,600 from 2020, with a target of adding over 1,000 more in the current year [17]. Group 3: Strategic Developments - Companies are increasingly focusing on supply chain management to support their overseas operations, as seen with Mixue establishing localized warehousing and distribution networks in four countries [12]. - The shift from merely exporting products to exporting entire ecosystems, such as the complete set of equipment for tunnel construction, marks a significant evolution in export strategies [12]. - The emphasis on strategic planning, brand empowerment, and compliance reflects the growing strength and scale of Henan enterprises in the global market [18].

Group 1: JD's New Initiatives - JD has launched a new ready-to-drink beverage brand called "Qixian Coffee," which uses fresh milk and aims to expand rapidly in Beijing, opening 3 to 5 new stores weekly, with plans to cover major urban areas by the end of the year [1] - JD's independent delivery app will enhance its market share in the instant delivery sector, while the introduction of JD Review and JD True List aims to increase user engagement and platform transparency, reflecting JD's long-term strategy in the local lifestyle market [2] Group 2: Pet Food Market Adjustments - The founder of Hema, Hou Yi, announced the closure of several physical stores for the pet food brand "Paitexiansheng," citing a significant gap between operational results and initial entrepreneurial goals, with plans to focus on online business instead [3] - The competitive landscape in the pet food market poses challenges for physical store operations, and this strategic shift will allow for resource optimization and improved operational efficiency [3]

编辑丨钉钉 11月17日，京东集团创始人刘强东宣布京东正式推出旗下现制饮品品牌"七鲜咖啡"，称"只用鲜奶"， 并面向全国招募合作商。 目前，七鲜咖啡已在北京落地，正以每周新开3至5家门店的速度拓展，预计在今年年底覆盖北京主要 城区。 记者｜ 陆涵之 ...

Core Viewpoint - The report from Huachuang Securities indicates that Guming (01364) is a leading player in the domestic mid-range tea beverage market, with potential for stable performance growth driven by new product categories, store expansion, and cost reduction in raw materials [1] Group 1: Company Performance and Projections - The company is expected to achieve revenue of 111.59 billion, 134.19 billion, and 158.18 billion yuan for the years 2025-2027, with year-on-year growth rates of 26.9%, 20.3%, and 17.9% respectively [1] - The projected net profit attributable to shareholders is 24.87 billion, 26.25 billion, and 31.55 billion yuan for the same period, with year-on-year growth rates of 68.2%, 5.5%, and 20.2% respectively [1] - The target price for the stock is set at 27.84 HKD, with a "recommended" rating reflecting confidence in its growth potential as a leader in the fresh tea beverage industry [1] Group 2: Market Position and Strategy - As of the end of 2023, the company ranks second in the national ready-to-drink tea market and first in the mid-range segment, having expanded to 11,179 stores through franchising [2] - The company offers a diverse range of fresh tea products priced between 10-18 yuan, successfully penetrating lower-tier markets with a strategy of "fresh and accessible" offerings [2] - Key competitive advantages include a robust supply chain that supports rapid store expansion and a strong cold chain logistics system, enabling the company to deliver fresh fruits and milk to stores within two days [2] Group 3: Industry Trends and Insights - The ready-to-drink beverage industry is characterized by price differentiation, operational efficiency, and the integration of tea and coffee products [3] - The market size for ready-to-drink tea is projected to exceed 600 billion yuan by 2035, driven by expanding consumer demographics and increasing frequency of consumption [3] - The competitive landscape is shifting, with weaker brands exiting the market, creating structural expansion opportunities for leading brands like Guming [3] Group 4: Growth Drivers - The coffee business is expected to become a new growth engine, with over 8,000 stores covered by mid-2025 and significant potential in lower-tier cities [4] - Store expansion is anticipated to continue, with many domestic provinces and overseas markets still underdeveloped, allowing for replicable success based on supply chain advantages [4] - There is considerable room for cost reduction in key agricultural raw materials, which will enhance profit margins as scale effects and supply chain efficiencies improve [4]

Core Viewpoint - The report from Huachuang Securities indicates that Guming (01364) is a leading player in the domestic mid-range tea beverage market, with potential for stable growth driven by new product categories, store expansion, and cost reduction in raw materials [1] Company Overview - Guming ranks second in the ready-to-drink tea market nationwide and first in the mid-range segment as of the end of 2023, with 11,179 stores opened through franchising by the first half of 2025 [2] - The company offers a diverse range of ready-to-drink tea products priced between 10-18 yuan, along with newly launched fresh coffee products, successfully penetrating lower-tier markets [2] Competitive Advantages - Guming employs a robust expansion strategy, opening stores in regions where supply chain coverage exists, achieving over 500 stores in nine provinces, with 41% of stores located in towns away from city centers [2] - The company has one of the strongest cold chain systems among leading tea brands, capable of delivering fresh fruits and milk to lower-tier city stores every two days, covering 97% of its stores [2] Industry Trends - The ready-to-drink beverage industry is characterized by price differentiation, operational efficiency, and the integration of tea and coffee [3] - The market size for ready-to-drink tea is projected to exceed 600 billion yuan by 2035, driven by consumer demand for healthier and fresher products [3] Growth Prospects - The coffee business is expected to become a new growth engine, with over 8,000 stores covered by June 30, 2025, and low penetration in lower-tier cities [4] - Store expansion opportunities exist both in existing markets and untapped domestic and overseas markets, leveraging supply chain advantages [4] - There is significant potential for cost reduction in key agricultural raw materials, which may enhance profit margins as scale effects deepen [4]

Core Viewpoint - The report from CITIC Securities indicates a differentiated recovery in the service sector consumption by 2025, influenced by macroeconomic factors, wealth effects, competitive dynamics, and policy guidance [1] Demand Side - The expectation of a K-shaped recovery trend remains, with leading brands in the mid-range consumer segment benefiting from a low base effect [1] - The demand for overseas expansion is transitioning from pilot exploration to large-scale replication [1] Supply Side - Normalized supply innovation is expected to enhance emotional value premiums, with policy guidance playing a positive role [1] - AI empowerment is anticipated to improve efficiency and optimize costs [1] Investment Recommendations - Three main investment lines are suggested: 1. Companies in the gaming and ready-to-drink beverage sectors with high demand elasticity during recovery [1] 2. Quality targets in the leisure travel sector [1] 3. Leading companies in cyclical sectors that are stable and have growth potential [1]