（左至右）厚芋泥波波奶茶、海盐芝士厚乳拿铁、咸酪厚抹｜图源：（左至右）沪上阿姨、瑞幸咖啡、喜茶 11月11日，北京，汉堡王。图源：视觉中国 消费需求转向意义认同。Z世代已成为主力消费群体，78%偏好融合本土文化元素的产品，65%将餐饮视为社交场景，62%高度关注健康成分。标准化的 全球菜单难以满足这种复合需求，而本地化改造后的品牌往往更具黏性。 2025年11月，汉堡王中国与私募机构CPE源峰成立合资公司，引发关注。这并非孤例——星巴克引入博裕资本、麦当劳携手中信资本、百胜中国联合春华 资本……一系列看似孤立的动作共同指向一个趋势，即 跨国企业在中国的战略重心正在从"复制全球模式"，转向"深耕本地创新"。这不仅是战术调整， 更是一场系统性范式跃迁。 为何转变？ 三重结构性动因 制度环境倒逼深度嵌入。中国监管体系持续完善，《反间谍法》实施细则等新规对数据合规、供应链透明提出了更高的要求。如某国际快餐品牌就曾因未 能及时响应食品安全标准而受罚，而具备本土运营能力的对手则快速调整、规避风险。 其中 最大的差异点在于本土资本扎根中国大地，对政策语境的理解更深，他们不仅带来资金，更带来了制度适配性。 市场竞争进入存量博 ...

Core Viewpoint - The new tea beverage company, Hushang Ayi, has reported strong revenue and net profit growth in its first financial report since going public, reflecting its successful expansion into lower-tier markets and robust supply chain management [1][2]. Financial Performance - For the first half of 2025, Hushang Ayi achieved a revenue of 1.818 billion yuan, a year-on-year increase of 9.7% - Gross profit reached 572 million yuan, up 10.4% - Net profit was 203 million yuan, growing by 20.9% - Adjusted net profit stood at 244 million yuan, a 14.0% increase - Basic earnings per share were 1.97 yuan, reflecting a 19.4% growth - The company plans to distribute an interim dividend of approximately 71.12 million yuan, pending shareholder approval [2][3]. Market Strategy - Hushang Ayi has focused on expanding its presence in lower-tier markets, with 51.1% of its stores located in third-tier cities and below as of June 30, 2025 - The company has increased its total number of stores to 9,436, adding nearly 1,000 stores year-on-year [3][4]. Supply Chain and Franchise Support - The company operates a comprehensive supply chain network, including 13 logistics bases, 4 equipment warehouses, 7 fresh produce warehouses, and 14 cold chain warehouses - Hushang Ayi supports its franchisees through a standardized and digitalized management system, providing assistance in site selection, store opening, and ongoing operational support [3][6]. Brand and Product Innovation - Hushang Ayi has developed a multi-brand strategy, including its main brand, Hushang Ayi, and two others: Tea Waterfall and Huka, targeting different market segments - The company launched 136 new products in the first half of 2025, focusing on health-oriented beverages that appeal to younger consumers [7][8]. - Marketing efforts have generated significant attention, with products like the "Dark Night Rose" series achieving approximately 300 million online exposures and strong sales [9]. Capital Market Recognition - Hushang Ayi has been included in the Hang Seng Composite Index, indicating strong market recognition of its business performance and value [1][9].