今天分享的是：嘉世咨询：2025年中国茶品类行业简析报告 报告共计：17页 2025年中国茶品类行业简析报告总结 中国茶品类市场2024年规模已达3258亿元，正迈向高质量融合阶段，市场以内销为主导，内销量占总产量的70%左右。品类结构上，绿茶占据绝对主导地 位，2024年市场规模接近2000亿元，红茶以541亿元位居第二，乌龙茶、黑茶紧随其后，白茶和黄茶则相对小众。价格分层清晰，大众、中档、高档茶市场 规模分别为1413亿、814亿和1031亿元。 茶叶作为非标农产品，消费者面临高昂的信任成本，品牌化成为行业必经之路。2024年中国茶叶企业品牌前50名中位数高达32.1亿元，但行业中游高度分 散，全国超7万家茶企多为中小作坊，高端茶叶市场CR5仅约5.6%，呈现"重产地、轻品牌"的格局。 中国茶产业三十年历经三大发展阶段，从1990年代中期的规模扩张，到2000 - 2019年的质量效益提升，如今已步入高质量发展与全域融合阶段，数字化营销 成为常态。产业链覆盖种植、加工、品牌化及渠道建设全环节，上游茶园种植规模稳步扩大，2024年种植面积达5172万亩，单位面积产量提升至67.67公斤/ 亩；下游以线下渠道 ...

刚预计今年全年净利润下降，三得利就紧接着宣布多款产品明年涨价。 近日，南都湾财社-酒水新消费指数课题组记者注意到，酒水及饮料巨头三得利发布公告，表示将于 2026年4月1日起，对旗下187款产品进行价格调整，其中酒类方面，涉及品类包括威士忌、烧酒和进口 葡萄酒等。另外，前述提价主要针对产品的建议零售价，而非出厂价。 值得注意的是，今年4月三得利已经对旗下234款产品进行提价，上述提价正式落地，意味着三得利已完 成旗下全品类产品的涨价。 南都湾财社记者留意到，三得利的威士忌品牌山崎、白州、响的提价备受关注，这三个品牌涨价幅度在 5.6%至15.3%之间，其中高年份的响30年、山崎25年和白州25年，建议零售价都被提高至人民币约 20777元/瓶(未特别标注，单位均为人民币)，涨幅约2753.5元。据了解，这三款高年份产品在2024年大 幅提价125%之后，价格再一次上调。与此同时，山崎18年、白州18年以及响21年，这三款产品零售价 提高约300.5元/瓶，建议零售价达到约3055.46元/瓶。 对于本次涨价，三得利方面表示，主要是包材等原材料价格上调及进货成本提高，"仅凭借公司自身的 努力无法消化该成本，因此 ...

Core Viewpoint - Suntory Holdings is facing pressure on its earnings, leading to a decision to raise prices on 187 products starting April 1, 2026, following a previous price increase on 234 products in April 2023. This move is primarily driven by rising costs of raw materials and packaging [2][3]. Financial Performance - For the first three quarters of 2025, Suntory reported revenue of 58.172 billion RMB, remaining flat year-on-year, while operating profit decreased by 9.2% to 5.757 billion RMB. The third-quarter profit saw a decline of 9.9% [3]. - The company has lowered its profit forecast, expecting a consolidated net profit of approximately 3.9 billion RMB for the fiscal year ending December 2025, a decrease of about 10% year-on-year [3][4]. Product Pricing Strategy - The price increase for Suntory's whiskey brands, including Yamazaki, Hakushu, and Hibiki, ranges from 5.6% to 15.3%, with high-aged products seeing significant price hikes. For instance, the suggested retail price for Hibiki 30 Year, Yamazaki 25 Year, and Hakushu 25 Year has been raised to approximately 20,777 RMB per bottle, reflecting an increase of about 2,753.5 RMB [2][3]. Market Challenges - Suntory's growth in China has been sluggish, with its beverage segment, particularly non-alcoholic drinks like Oolong tea, becoming a core focus. However, competition in the beverage market has intensified, leading to a gradual erosion of market share [5]. - The company has been overly reliant on its sugar-free tea products, and its innovation in flavors has lagged behind competitors like Nongfu Spring and Yuanqi Forest. Additionally, the relatively rigid channel structure has hindered deeper market penetration in China [5]. Management Changes - A significant management change occurred when former chairman Takashi Shina resigned on September 1 due to allegations of violating cannabis regulations. This incident has raised concerns about the company's leadership and its impact on operations [6]. Future Outlook - Following the price adjustments, there is ongoing speculation about whether Suntory's performance will improve in the coming year, with industry analysts closely monitoring the situation [7].

Core Points - The 17th Cross-Strait Tea Expo was held in Wuyishan, Fujian, attracting over 850 exhibitors, including 173 from Taiwan [1] - The theme of this year's expo is "Three Teas Coordination and Integrated Development," featuring 2,300 exhibition booths and an exhibition area of 48,000 square meters [1] - The Taiwan pavilion had 200 booths, a 14.3% increase from the previous year, highlighting the deepening exchanges in the tea industry across the strait [1] Industry Insights - The expo serves as an important platform for economic and cultural exchanges in the tea industry between the two sides, with many exhibitors reporting valuable networking opportunities [1] - Activities during the expo focus on enhancing exchanges, particularly among youth, with over 10 events planned to promote interaction and cultural appreciation [2] - The event is co-hosted by various industry organizations from both sides, indicating strong collaborative efforts in promoting tea culture [2]

Core Viewpoint - The article highlights the historical significance of Wuyi Mountain in the development of tea culture in China, particularly as the birthplace of Oolong and black tea, emphasizing its unique fermentation techniques and global influence [1] Industry Summary - Wuyi Mountain is recognized as the origin of black tea and Oolong tea, marking a pivotal moment in Chinese tea history during the late Ming and early Qing dynasties [1] - The fermentation techniques developed in Wuyi Mountain have been praised for their uniqueness, contributing to the global reputation of Chinese tea [1] - The article suggests that tea serves as a cultural bridge between the East and West, showcasing the blend of tradition and modernity in Chinese tea culture [1]

Core Insights - Eight Horse Tea achieved impressive results during this year's "Double 11" shopping festival, maintaining a strong growth trajectory across multiple platforms and product categories [1][2][10] Performance Highlights - Eight Horse Tea ranked first in sales for tea categories on major platforms like Tmall and JD for two consecutive years, showcasing its leading position in the industry [2] - The company dominated various tea categories, including Oolong tea for 11 years, and achieved first place in Red tea, Tieguanyin, Dahongpao, and Chenpi Gua Pian during this year's event [4] - On JD, Eight Horse Tea also secured first place in Red tea and Tieguanyin categories, reflecting its strong product appeal [6] Multi-Channel Strategy - Eight Horse Tea excelled in local lifestyle platforms, ranking first in tea categories on Meituan, Dazhong Dianping, Douyin, Taobao Flash Sale, and JD Instant Delivery during the "Double 11" event [8] - The company's success is attributed to its ability to understand consumer trends, effectively linking online engagement to offline sales, and driving traffic to over 3,700 Eight Horse chain stores [10] Innovative Retail Model - As the leading tea chain brand in China, Eight Horse Tea has developed a unique "direct sales + franchise" and "online + offline" multi-channel sales system [10] - The introduction of the "City Living Room" model transforms traditional tea stores into comprehensive spaces for product display, cultural experience, and social interaction [11] Cultural Shift in Consumption - The outstanding performance of Eight Horse Tea during "Double 11" reflects a deeper transformation in the Chinese consumer market, with a growing trend towards health-conscious and culturally rich tea consumption [15] - The shift from alcohol-centric social gatherings to tea-centric interactions signifies a change in consumer behavior and lifestyle, positioning Eight Horse Tea favorably for future market competition [15]

Core Insights - Eight Horses Tea achieved impressive results during the 2025 Double 11 shopping festival, maintaining a strong growth trajectory and leading in multiple categories across various e-commerce platforms [1][2][3] Group 1: Multi-Category and Multi-Platform Leadership - Eight Horses Tea ranked first in sales across multiple categories on major platforms like Tmall and JD, continuing its dominance in the tea industry [2] - The company has held the top position in Tmall's Oolong tea category for 11 consecutive years and achieved first place in red tea, Tieguanyin, Dahongpao, and Chenpi Gua Pian categories [2] - On JD, Eight Horses Tea also excelled, securing first place in red tea and Tieguanyin categories during the Double 11 event, highlighting its strong consumer appeal [2] Group 2: Breakthroughs in Local Life Platforms - Eight Horses Tea topped the tea category rankings on local life platforms such as Meituan, Dazhong Dianping, Douyin, and Taobao Flash Sale during the Double 11 event [3] - The company's success is attributed to its understanding of consumer trends and effective online-to-offline integration, driving traffic to over 3,700 stores nationwide [3] Group 3: Integrated Channel Development - Eight Horses Tea has established a unique "direct + franchise" and "online + offline" sales system, leveraging its extensive network of over 3,700 stores [4] - The introduction of the "City Reception Hall" model transforms traditional tea shops into comprehensive spaces for product display, cultural experiences, and social interactions [4][6] Group 4: Strong Supply Chain Support - The company is building logistics distribution centers in cities like Shenzhen, Anxi, and Zhengzhou, equipped with "dark warehouses" for 24-hour operations [9] - This supply chain capability allows for efficient order processing, with a maximum daily capacity of 13,000 orders, ensuring next-day delivery for 70% of the country [9] Group 5: Shifts in Consumer Behavior - The outstanding performance of Eight Horses Tea during Double 11 reflects a deeper transformation in the Chinese consumer market towards healthier and culturally rich tea consumption [10][12] - The trend of "meeting over tea" is becoming a new social norm, replacing traditional drinking culture with a focus on health and elegance [12]

Core Insights - Baima Tea's stock price has experienced significant volatility since its listing, with a peak increase of 86.7% on the first day, followed by a nearly 50% decline in the subsequent trading days, resulting in a market capitalization drop of approximately 53.72 billion HKD [1][2] Company Overview - Baima Tea is a national chain brand enterprise engaged in the research, design, standard output, and retail of various tea products, covering all categories of tea and related products [1] - According to its prospectus, Baima Tea ranks first in high-end tea sales revenue in China for 2024 and holds multiple segment sales championships [1] Market Position - Despite leading positions in several segments of the high-end tea market, Baima Tea's market share is relatively low, accounting for 1.7% of the total market, which is projected to reach 103.1 billion CNY in 2024 [2] - The top five companies in the high-end tea market collectively hold a market share of 5.6% [2] Franchise Expansion - There are signs of slowing expansion among Baima Tea's franchisees, with a significant decrease in the number of new franchise stores added in 2024 compared to 2023 [2] - The number of directly franchised stores increased by only 5 in 2024, a sharp decline from 265 in 2023 [2] Financial Performance - For the first half of 2025, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decline of 4.2%, and a net profit of 120 million CNY, down 17.8% year-on-year [4] - The revenue decrease is attributed to a reduction in sales from self-operated offline stores [5] Stock Liquidity - Baima Tea announced a full circulation plan for H-shares shortly after its listing, which involves converting 31.9331 million domestic shares into H-shares, potentially increasing the total tradable shares from 52.9869 million to 84.92 million [5]

Investment Rating - The report indicates a positive outlook for the oolong tea industry, with expectations of market expansion and growth driven by new tea beverage consumption upgrades and cultural promotion [4][6]. Core Insights - The oolong tea market in China is projected to grow from 261.2 billion yuan in 2021 to 327.5 billion yuan in 2024, with an expected market size of 418.0 billion yuan by 2029, reflecting a growth rate higher than the industry average [4][6][35]. - The increase in demand for freshly brewed tea and the integration of new tea beverages and tea tourism are revitalizing the oolong tea industry, leading to a consistent rise in sales [5][6]. Summary by Sections Industry Overview - Oolong tea is produced through unique processing techniques involving withering, oxidation, and drying, primarily in regions like Fujian and Guangdong [3][21]. - The industry has evolved significantly since the Song Dynasty, with major growth occurring post-1980s due to market liberalization and increased domestic consumption [24][26]. Market Size - The oolong tea market is expected to continue expanding, with a forecasted market size of 418.0 billion yuan by 2029, following a steady growth trajectory from 261.2 billion yuan in 2021 [4][35]. - The overall tea market in China is projected to grow from 3,045.9 billion yuan in 2020 to 5,021.7 billion yuan by 2029, indicating a robust demand for tea products [35]. Production Structure - The total area of tea plantations in China has increased from 4,338.7 million mu in 2015 to 5,149.8 million mu in 2023, with a steady annual growth rate of 2%-3% [56][60]. - The total production of dry tea has risen from 2.278 million tons in 2015 to 3.340 million tons in 2023, reflecting a consistent increase in market demand [66]. Export and Import Analysis - China’s oolong tea exports significantly exceed imports, indicating a strong international market presence, particularly in countries like Japan and Malaysia [36][39]. - The export value of oolong tea is concentrated in specific regions, with Fujian leading in both export volume and value [42].

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Views - Eight Horse Tea, a leader in the high-end tea market, has recently listed on the Hong Kong Stock Exchange, indicating strong market confidence [10][11] - The company's revenue has shown growth, but profits have declined, with 2024 and 2025H1 revenues at 2.143 billion and 1.063 billion RMB respectively, reflecting a year-on-year change of +1% and -4% [15][18] - The online sales channel is increasingly important, with its revenue share rising from 19% in 2020 to 35% in 2025H1 [23] - The offline channel remains the primary revenue source, with a significant increase in franchise stores, which now account for 76% of total revenue [24][30] - The tea market is experiencing growth, particularly in the high-end segment, which is expected to reach 128.4 billion RMB by 2028, growing at a CAGR of 4.0% [29][35] Summary by Sections Weekly Industry Insights - Eight Horse Tea is recognized as a prominent national chain brand in the tea industry, focusing on high-end tea products and targeting younger consumers [10] - The company has a rich heritage, with its founder being a representative inheritor of a national intangible cultural heritage project [11] Market Performance Review - For the week of October 27 to November 2, the Shenwan retail index increased by 1.63%, while the Shanghai Composite Index rose by 0.11% [33] - Year-to-date performance shows the Shenwan retail index up by 3.88%, compared to a 17.99% increase in the Shanghai Composite Index [37] Company Financials - In 2025H1, the company's gross profit margin was 55%, slightly down by 0.2 percentage points, while the net profit margin was 11%, down by 1.9 percentage points [18][22] - The company's offline revenue decreased by 5% year-on-year, while online revenue saw a slight decline of 2% [23][27] Market Trends - The overall tea market in China was valued at 334.7 billion RMB in 2023, with a CAGR of 5.1% from 2019 to 2023 [29] - High-end tea market growth is outpacing the overall market, indicating a shift in consumer preferences towards premium products [29][35]