Core Viewpoint - The article discusses the challenges faced by Heytea as it shifts from a rapid expansion model to a more cautious approach, emphasizing product innovation over scale, which contrasts with the industry's trend towards standardization and efficiency [5][14][20]. Group 1: Franchise Decisions - In November 2022, Heytea opened its franchise model, and now, three years later, the first contracts are expiring, leading to critical decisions for franchisees regarding renewal [6][5]. - Heytea announced a pause on new franchises in February 2023, following a significant number of underperforming stores being closed, with over 500 stores shut down in a year, a rate higher than other brands in the industry [7][8]. - Franchisees expressed frustration over the closures, feeling that the company's management decisions were detrimental to their businesses, leading to a breakdown of trust [9][11]. Group 2: Strategic Shift - Heytea's decision to pause franchise expansion is seen as a response to management pressures from rapid growth and negative publicity surrounding franchise operations [12][13]. - The company aims to focus on product innovation to maintain brand reputation and profitability, moving away from aggressive scaling [14][20]. - By 2025, Heytea is expected to be more restrained in its operations, having reduced its franchise and collaboration activities [15][16]. Group 3: Market Position and Competition - Other tea brands like Gu Ming and Mi Xue Bing Cheng are achieving success through standardization and efficiency, while Heytea struggles with maintaining its unique product quality amidst operational challenges [20][21]. - Despite initial success, Heytea's rapid expansion led to management difficulties, with the company now facing the question of how to balance product ideals with operational costs [21][22]. Group 4: Franchise Management Challenges - The initial franchise model was not fully prepared for the scale of operations, leading to management confusion and operational inefficiencies [48][49]. - Franchisees reported high operational pressures due to strict quality control measures, which increased labor and material costs, making profitability challenging [95][96]. - The company has faced criticism for high material costs and stringent operational standards, which have led to franchisee dissatisfaction and operational difficulties [97][98]. Group 5: Future Outlook - As the first batch of franchise contracts nears expiration, the future of Heytea's franchise model remains uncertain, with potential for increased closures if franchisees choose not to renew [105][107]. - The company is attempting to regain franchisee trust through support measures, but the underlying operational challenges and franchisee concerns persist [104][90]. - The article concludes that while Heytea is a strong brand, it must address the needs of its franchisees to ensure long-term success and sustainability [110].

文丨徐煜萌 编辑丨钱杨 《晚点 LatePost》获悉，霸王茶姬今年净利润预计超过 20 亿元。去年，这一数字是 8 亿多元。据一位接 近茶颜悦色的人士，茶颜悦色去年净利润超过 6 亿元，今年净利润略高于去年。据喜茶投资方，喜茶今年 净利润约 6 亿-8 亿元。 "茶饮最好的五年过去了。" 四年前，霸王茶姬将总部从昆明迁向成都，后逐步开放加盟。今年增长也主要来自门店扩张。霸王茶姬去年 底门店数为 3511 家，近日突破 6000 家，排进茶饮品牌前五。 仍坚持全部直营的茶颜悦色，门店数从去年底的 500 多家增加至现在的 710 家，目前在古风景点密集的南京 已有近 50 家。门店数量增长没有带来等比例的利润增长。 我们从业内了解到，喜茶今年二季度同店销售额下滑 30%。下滑一定程度受到疫情开放带来的高基数和前年 底开放加盟的影响。 多位市场人士估计，霸王茶姬今年同店下滑 30% 以上。在快速扩张带来的利润飙升之下，我们访谈的几位不 同城市加盟商说，他们的霸王茶姬门店销售额不及去年同期六成。 行业整体同店下滑是奶茶店加密和价格战等原因共同导致。 "2019 年到 2023 年很热闹，" 一位投行人士对我们说， ...