在聂云宸的带领下，喜茶"以品牌为出发点"，放慢扩张节奏，不断研发新品，更换品牌logo，调整品牌 叙事，维护品牌调性，并通过品质升级挖掘客群的增量空间。 运营商财经网总编康钊表示，近年来，新茶饮行业的竞争从规模竞赛转向了品牌价值回归，喜茶主动放 缓扩张节奏，有利于维护品牌的长期价值。 运营商财经（官方微信公众号yyscjrd）—— 主流财经网站，一家全面覆盖科技、金融、证券、汽车、 房产、食品、医药、日化、酒业及其他各种消费品网站。 运营商财经网讯 近日，由国内知名财经媒体运营商财经网独家编制的"2025年度茶饮咖啡十大杰出董事长"榜单正式公 布，喜茶董事长聂云宸成功入选！ 喜茶由董事长聂云宸在2012年于广东创立，并在2018年完成了4亿元的融资，扩张速度不断加快。而在 新茶饮市场竞争越发激烈的背景下，喜茶却在今年年初叫停加盟，强调将"不参与规模内卷，回归产品 本质"。 ...

Core Insights - Heytea, once a benchmark for high-end tea drinks, is undergoing unprecedented strategic contraction, with a net decrease of 680 stores year-on-year, bringing the total to 3,930 by October 2025 [1] - The company has shifted from explosive growth in franchise stores in 2023 to announcing a halt on new franchise recruitment in 2025, emphasizing a return to product essence rather than scale [1] - The strategic shift reflects a broader industry challenge for mid-to-high-end brands in balancing brand integrity, rapid expansion, and profitability [1] Franchise Model Challenges - Heytea's franchise model, initiated in November 2022, aimed to expand into lower-tier cities but has revealed core contradictions, particularly in maintaining quality standards while pursuing efficiency and profitability [2][3] - Franchisees face high material costs, with Heytea's supply prices approximately 40% above market rates, leading to profitability issues as average sales volumes decline [3] - The company's strict operational management and quality control measures have increased costs for franchisees, complicating the sustainability of the franchise model [2][3] Market Position and Competition - Heytea's high-end brand positioning conflicts with its strategy to penetrate lower-tier markets, leading to intensified competition with other brands in the same price range [4] - The company has attempted to lower prices to compete, but this has resulted in reduced profit margins without a corresponding decrease in operational costs [5] - The overall market for new tea drinks is slowing, with growth rates dropping to 15%-20%, prompting a shift from aggressive expansion to refined operations [6] Strategic Refocus - In February 2025, Heytea announced a pause on new franchise applications, citing the need to address issues stemming from previous blind expansion and price wars that led to market saturation [6] - The company is now focusing on product innovation and enhancing customer experience, with plans to open larger stores that reflect its brand identity [6] - Heytea has also expanded its overseas presence, with over 100 international locations, although it faces challenges in supply chain management and local market adaptation [7][8]

新茶饮行业步入存量竞争期，门店更迭已成为市场常态。当蜜雪冰城、古茗等品牌持续巩固规模优势时，喜茶门店却进入收缩期——过去一年间，其新开 门店数量远不及关店数量，门店总量大幅下滑。 喜茶的加盟商们，正因盈利困局，开始撤场。 喜茶与加盟商之间的关系，正迎来新一轮"大考"：第一批加盟商的三年合约，将陆续到期。在现有生态下，双方是否会选择续约，尚不清晰。 "赚钱就干，亏钱就关。"喜茶加盟商李华（化名）接受大河财立方记者采访时这样说，他已经主动关停了一家商场店，亏损达100多万元。 事实上，过去一年间，全国范围内不少喜茶都关店落幕。据媒体报道及社交平台信息，今年以来，喜茶在山东、广东、河北、江苏等地门店出现闭店。极 海品牌监测数据显示，10月份，上海、重庆等一线城市也有喜茶门店关闭。 大河财立方记者进一步走访河南市场了解到，2025年，河南区域多家喜茶关店。在郑州，喜茶郑州正弘汇店、郑州大学店、郑州西亚斯学院店等消失；此 外，在县域市场，淮滨奥斯卡店也已撤场。 据极海品牌监测数据，2024年10月，喜茶全国总门店数为4610家；至2025年10月，门店总数减少至3930家，一年间门店净减少680家。另据壹览商业统计 数 ...

12月12日，21财经·南财快讯记者以租铺咨询者身份实地探访一处商业铺位，了解到该铺位上一任长租 客为喜茶加盟店，经营一年半后，在今年五六月份因亏损数十万元而"突然"退租。当前，喜茶加盟申请 仍处暂停状态。 据出租方透露，喜茶已在此租了一年半左右，今年五六月份搬离，"他们可能经营方面不善。听说好像 加盟费这些之类的都亏了几十万。突然跟我说这个铺子不租了，搞得我们很被动。" 记者了解到，喜茶已暂时停止接受事业合伙申请。喜茶表示，在新茶饮品牌高度同质化、门店供大于求 的当前，为了更好地为用户创造差异化的产品和品牌体验，经过深思熟虑，喜茶决定暂时停止接受事业 合伙申请。 据报道，有加盟商称，部分门店亏损超100万元，闭店源于加盟初期体系不完善、部分物料加价40%等 问题，高成本持续挤压利润空间。 数据显示，2024年10月至2025年10月，喜茶全国门店从4610家缩减至3930家，一年净减少了680家，截 至11月门店数稳定在3946家左右。 ...

数据显示，2024年10月至2025年10月，喜茶全国门店从4610家缩减至3930家，一年净减少了 680家，截至11月门店数稳定在3946家左右。 据出租方透露，喜茶已在此租了一年半左右，今年五六月份搬离，"他们可能经营方面不善。 听说好像加盟费这些之类的都亏了几十万。突然跟我说这个铺子不租了，搞得我们很被动。" 记者了解到， 喜茶已暂时停止接受事业合伙申请 。喜茶表示，在新茶饮品牌高度同质化、门 店供大于求的当前，为了更好地为用户创造差异化的产品和品牌体验，经过深思熟虑，喜茶 决定暂时停止接受事业合伙申请。 出品丨21财经客户端 21世纪经济报道 编辑丨黎雨桐 见习编辑 林芊蔚 实习生齐心淳 小米回应"小米公司不让卖小米"，当事人致歉 销量飙涨，多家门店卖断货，价格翻倍！水银温度计即将停产 SFC 21君荐读 作者丨叶映橙 见习记者林建民 视频丨柳润瑛 据报道，有加盟商称，部分门店亏损超100万元，闭店源于加盟初期体系不完善、部分物料加 价40%等问题，高成本持续挤压利润空间。 12月12日，21财经·南财快讯记者以租铺咨询者身份实地探访一处商业铺位，了解到该铺位上 一任长租客为喜茶加盟店，经营一年半后 ...

（原标题：喜茶一年关店超650家，有加盟店亏损数十万"突然"离场） 12月12日，21财经·南财快讯记者以租铺咨询者身份实地探访一处商业铺位，了解到该铺位上一任长租 客为喜茶加盟店，经营一年半后，在今年五六月份因亏损数十万元而"突然"退租。当前，喜茶加盟申请 仍处暂停状态。 记者了解到，喜茶已暂时停止接受事业合伙申请。喜茶表示，在新茶饮品牌高度同质化、门店供大于求 的当前，为了更好地为用户创造差异化的产品和品牌体验，经过深思熟虑，喜茶决定暂时停止接受事业 合伙申请。 据报道，有加盟商称，部分门店亏损超100万元，闭店源于加盟初期体系不完善、部分物料加价40%等 问题，高成本持续挤压利润空间。 数据显示，2024年10月至2025年10月，喜茶全国门店从4610家缩减至3930家，一年净减少了680家，截 至11月门店数稳定在3946家左右。 据出租方透露，喜茶已在此租了一年半左右，今年五六月份搬离，"他们可能经营方面不善。听说好像 加盟费这些之类的都亏了几十万。突然跟我说这个铺子不租了，搞得我们很被动。" ...

12月9日，有网友透露，喜茶加两份小料后，门店将给产品自动升杯。新浪财经问询了喜茶方面，截至 发稿前暂无回应。官方客服表示，"情况属实，自动升杯无需额外付费。" 客服还表示，在500ml的茶饮中额外添加2份及以上小料（仅双倍果肉、或小料区加料），会使用650ml 杯型出品，以保证更好的饮用体验；下单650ml茶饮加料两份及以上会默认分装小料，定制杯型茶饮不 参与升杯。 12月9日，有网友透露，喜茶加两份小料后，门店将给产品自动升杯。新浪财经问询了喜茶方面，截至 发稿前暂无回应。官方客服表示，"情况属实，自动升杯无需额外付费。" 同时客服也解释，茶饮按原有标准量制作，更换杯型出现不满杯属于正常现象。 责任编辑：杨赐 同时客服也解释，茶饮按原有标准量制作，更换杯型出现不满杯属于正常现象。 责任编辑：杨赐 客服还表示，在500ml的茶饮中额外添加2份及以上小料（仅双倍果肉、或小料区加料），会使用650ml 杯型出品，以保证更好的饮用体验；下单650ml茶饮加料两份及以上会默认分装小料，定制杯型茶饮不 参与升杯。 ...

Core Insights - The recent ownership battle for Starbucks' China operations has concluded, highlighting a trend where foreign brands are being acquired by local capital in China [1][2] - This trend is not isolated, as seen with McDonald's China operations, which have thrived under local management after being acquired [3][10] Group 1: Market Dynamics - The competition between foreign brands' "slow operations" and local capital's "fast strategies" is evident in the Chinese market, leading to a clash of business logics [2][4] - The Chinese coffee market is growing at an annual rate of approximately 15%, with the industry scale expected to exceed 300 billion yuan by 2024, making it an attractive target for investment [3][10] Group 2: Case Studies - McDonald's China, after being acquired, increased its store count from 2,400 to over 7,100, becoming one of the fastest-growing markets globally [3][10] - Starbucks is viewed as a valuable asset due to its potential for operational improvement, particularly in its "third space" model, which lags behind competitors like Luckin Coffee [3][10] Group 3: Strategic Approaches - Local capital's "fast strategy" is characterized by rapid market adaptation and efficiency, contrasting with the slower, more methodical approach of foreign brands [4][5] - The difference in market growth rates—4.19% for the U.S. restaurant market from 2001 to 2020 versus 11.43% for China's restaurant market from 2010 to 2019—illustrates the need for different operational strategies [5][8] Group 4: Consumer Behavior and Market Potential - The saturation of high-tier cities in the coffee market contrasts with the growth potential in lower-tier cities, where local brands are increasingly focusing their efforts [10][12] - The rise of digital platforms and changing consumer perceptions in lower-tier cities have made them ripe for expansion, with local brands effectively targeting price-sensitive consumers [10][12] Group 5: Long-term Considerations - The rapid expansion of local brands, while beneficial in the short term, poses risks of brand dilution and profitability challenges in the long run [13][14] - The balance between maintaining brand integrity and adapting to local market dynamics is crucial for sustained success [15][16]

Core Insights - The "Double Eleven" sales report reflects a significant shift in the Chinese consumer market, moving from a focus on GMV (Gross Merchandise Volume) to operational quality [1] - Instant retail is evolving from a "new battlefield" to a "new infrastructure," primarily driving growth through the migration of existing consumption scenarios rather than pure incremental creation [1] - Investment paradigms are shifting towards controlling stakes and deep empowerment, as evidenced by recent transactions such as the acquisition of a majority stake in Starbucks China by Boyu Capital and a $350 million joint venture between CPE Yuanfeng and Burger King [1][10] Investment Trends - L Catterton's managing director, Jin Yongbo, emphasizes a notable shift towards controlling investments, favoring companies with strong brand power, product strength, and healthy cash flow, rather than high-risk startups [1][11] - The firm has managed approximately $37 billion in equity capital and has invested in over 300 consumer brands globally, indicating a broad investment strategy across various sectors [2] Instant Retail Dynamics - Instant retail is reshaping the retail landscape, with nearly two-thirds of the market share held by Meituan, Ele.me, and JD.com, leveraging their existing delivery networks [5] - About 70% of current order volumes are derived from demand shifts from traditional e-commerce or physical stores [6] - Different industries respond variably to instant retail, with food and beverage sectors benefiting more than apparel and beauty, which require longer decision-making times [6] Consumer Brand Investment - The investment focus remains on sectors like food and beverage, beauty and personal care, and pet care, which account for nearly 80% of L Catterton's portfolio [9] - The rise of domestic beauty brands in China is notable, with many capturing significant market shares in both mass and premium segments [9] - The aging population and health-conscious trends are driving growth in the health and wellness sector, creating new consumption scenarios [10] M&A Activity and Strategic Insights - Recent mergers and acquisitions in the consumer sector indicate a trend towards consolidation, particularly as major brands reach organic growth ceilings [11] - Successful investment strategies involve deep engagement in the operational aspects of portfolio companies, as seen in L Catterton's approach with brands like Heytea [10] - The shift towards controlling stakes in mature companies reflects a broader market realization that initial capital-intensive strategies for startups have not yielded scalable success [11]

Group 1: Theft Incident - The Louvre Museum in Paris experienced a shocking theft on October 19, where four suspects used a mechanical lift to access the Apollo Gallery and stole eight valuable items in just four minutes [1][3] - The stolen items included a necklace and earrings from Napoleon to Marie Louise, a brooch belonging to Empress Eugénie, and a sapphire set [5] - The incident has raised concerns about the security of French museums, with the Interior Minister acknowledging the overall vulnerability of these institutions [5] Group 2: Political and Economic Context - The theft has sparked strong political reactions in France, with President Macron calling it an "attack on our history" and other political leaders expressing their outrage [3] - France is currently facing a political crisis, with a "hung parliament" situation leading to difficulties in passing government proposals, which has weakened President Macron's authority [6] - The country's fiscal situation is concerning, with a deficit of 5.8% of GDP and a national debt of 114% of GDP, the third highest in the Eurozone [6][7] Group 3: Impact on Consumer Behavior - The rising cost of living has led nearly half of the French population to change their consumption habits, favoring lower-priced goods [13] - Supermarket sales in France fell by 4.1% in the first half of 2023 compared to the previous year, marking a historic low [13] - The emergence of low-cost platforms like Temu, which has a market penetration rate of 11.9%, reflects the shift in consumer preferences towards affordability [13] Group 4: Social Dynamics and Class Disparities - The growing wealth gap and class divide in France have contributed to a decline in the middle class, with poverty rates reaching their highest level since 2013, affecting approximately 15% of the population [10][12] - The political landscape is increasingly influenced by extreme political parties, reflecting deep societal fractures [9][10] - Young people in France are gravitating towards anti-consumerism and sustainability, impacting their purchasing decisions [12][22] Group 5: Market Opportunities for Brands - French luxury brands dominate the global market, with companies like LVMH, L'Oréal, and Hermès leading in various sectors [12] - The outdoor lifestyle trend in France presents opportunities for businesses in camping and garden furniture, with a projected market growth rate of 6.9% annually [18] - Chinese brands like Huawei and TCL have successfully penetrated the French market by leveraging local partnerships and adapting to consumer preferences [19][20]