11月28日，霸王茶姬发布2025年Q3财报，海外市场成为亮点，本季海外GMV为3.03亿元，同比增长75.3%；但另一面，受市场竞争影响和扩张速度放缓影 响，国内GMV为76.292亿元，对比2024年同期81.301亿元有所减少。 虽未卷入外卖大战，但仍在一定程度上受其波及，霸王茶姬本季度承压。 事实上，为参与外卖大战，国内众多平台和品牌燃尽了大量的弹药，却仍未有赢家出现——三大平台Q3在外卖大战的开支至少超过了440亿元，利润大幅 下滑；部分茶饮咖啡品牌作为重要参与者，因为大额的配送费支出，也出现增收不增利的情况。 相较多数茶饮品牌，霸王茶姬似乎是较为特殊的一个。本季度，面对前所未有的复杂格局，面对摆在眼前的多个选择题，霸王茶姬选择在规模上克制，在 产品研发、门店模型上多有打磨，做一个稳健性选手，为长远的存量战场做足后续准备。 01. 选择加盟商还是羊毛党？ 下半年以来，霸王茶姬许多问题都被置于台面讨论。 彼时公司给她的真实反馈是——不参与外卖大战，因为会直接影响加盟商实收。 拆解霸王茶姬的加盟模式算法，事实清晰明了。现有算法下，门店原材料成本占比高，霸王茶姬的利润也主要来自于售卖原材料的差价。如果参与 ...

寻找穿越周期的真正答案。 11月28日，霸王茶姬发布2025年Q3财报，海外市场成为亮点，本季海外GMV为3.03亿元，同比增长75.3%；但另一面，受市场竞争影响和扩张速度放缓 影响，国内GMV为76.292亿元，对比2024年同期81.301亿元有所减少。 虽未卷入外卖大战，但仍在一定程度上受其波及，霸王茶姬本季度承压。 事实上，为参与外卖大战，国内众多平台和品牌燃尽了大量的弹药，却仍未有赢家出现——三大平台Q3在外卖大战的开支至少超过了440亿元，利润大幅 下滑；部分茶饮咖啡品牌作为重要参与者，因为大额的配送费支出，也出现增收不增利的情况。 Q3过去，外卖战的结果已经呈于纸面。对于一些茶饮品牌而言，本季度所跑出的营收和规模，实则是用利润换取的结果。而平台的补贴政策也在不断紧 缩，从早期的平台出钱，逐渐转向和品牌、加盟商共同补贴，对参战的商家而言，自己的单杯盈利空间仍在缩减。 相较多数茶饮品牌，霸王茶姬似乎是较为特殊的一个。本季度，面对前所未有的复杂格局，面对摆在眼前的多个选择题，霸王茶姬选择在规模上克制，在产 品研发、门店模型上多有打磨，做一个稳健性选手，为长远的存量战场做足后续准备。 选择加盟商还是羊 ...

【大河财立方 记者 郝楠楠】11月28日晚间，霸王茶姬（NASDAQ: CHA）公布了2025年第三季度财报。财报显示，截至今年9月30日，霸王茶姬全球门店数 达到7338家。第三季度总GMV达79.30亿元，净收入32.08亿元，经调整后净利润为5.03亿元。截至9月30日，霸王茶姬小程序注册会员用户数达到2.22亿，同 比增长36.7%。 值得注意的是，本季度霸王茶姬的海外业务持续增长，海外GMV超3亿元，同比大增75.3%，环比增长27.7%，海外GMV连续两季度同比增长超75%。 海外GMV连续两季度大涨超75%， 成为重要增长引擎 财报信息显示，霸王茶姬已实现连续11个季度盈利。截至2025年9月30日，公司现金、现金等价物、受限现金、定期存款共91.42亿元，且无任何有息负债， 现金流健康。 本季度，霸王茶姬的海外业务持续增长，海外GMV超3亿元，同比大增75.3%，环比增长27.7%。海外GMV连续两季度同比增长超75%，已成为公司重要的 增长引擎。 在国内，面对市场波动，霸王茶姬坚定选择"高质量发展"。第三季度，"外卖大战"持续激烈，霸王茶姬克制"参战"，不以低价换市场，会员数依然保持增 长， ...

Core Insights - Bawang Chaji (NASDAQ: CHA) reported its Q3 2025 financial results, showing a total GMV of 7.93 billion yuan and net revenue of 3.21 billion yuan, with adjusted net profit of 503 million yuan [2] - The company has achieved profitability for 11 consecutive quarters and has a healthy cash flow with total cash and equivalents amounting to 9.14 billion yuan and no interest-bearing debt [2] - The board declared a special cash dividend of approximately 177 million USD, equating to 0.92 USD per share for shareholders [2] Group 1: Financial Performance - As of September 30, 2025, Bawang Chaji's global store count reached 7,338 [2] - The registered member count for the company's mini-program reached 222 million, reflecting a year-on-year growth of 36.7% [2] - The overseas GMV exceeded 300 million yuan, marking a year-on-year increase of 75.3% and a quarter-on-quarter growth of 27.7% [3] Group 2: International Expansion - Bawang Chaji entered the Philippines and Vietnam markets during Q3, with overseas store count reaching 262 [3] - The company opened three stores in the Philippines on August 29, 2025, selling over 23,000 cups in the first three days [3] - In Malaysia and Singapore, the company launched popular new products and activities, achieving significant sales milestones [3] Group 3: Product Innovation and Market Strategy - In Q3, Bawang Chaji introduced new products like "Dian Olive" vitality light fruit tea and regional limited editions that gained popularity [5] - The company opted for "high-quality development" amidst market volatility, maintaining member growth without engaging in price wars [4] - The largest "super tea warehouse" opened in Hong Kong, showcasing innovative tea-making methods and enhancing consumer experience [4]

Core Insights - Bawang Chaji Holdings reported a strong performance in Q3 2025, with a total GMV of 7.93 billion yuan and net revenue of 3.21 billion yuan, marking a healthy financial position with no interest-bearing debt [1][2] Financial Performance - As of September 30, 2025, the company achieved a total of 7,338 global stores and a net profit of 503 million yuan, continuing a streak of 11 consecutive profitable quarters [1] - The company has a robust cash position with 9.14 billion yuan in cash and equivalents, and it announced a special cash dividend totaling approximately 177 million USD, equating to 0.92 USD per share for eligible shareholders [1] International Expansion - Bawang Chaji's overseas GMV exceeded 300 million yuan, showing a year-on-year increase of 75.3% and a quarter-on-quarter growth of 27.7%, becoming a significant growth driver for the company [2] - The company entered the Philippines and Vietnam markets in Q3 2025, with a total of 262 overseas stores by the end of the quarter [2] Membership Growth and Product Innovation - The registered member count reached 222 million, reflecting a year-on-year growth of 36.7%, despite a competitive e-commerce environment [3] - The company opened its largest "Super Tea Warehouse" in Hong Kong, featuring innovative tea preparation methods, and launched several themed stores in mainland China to enhance customer experience [3] - New product offerings included region-specific items that gained popularity, such as "Red Mandarin Flavor" in Guangdong and "Panda and Flower" collaboration products in Sichuan and Tibet [3]

Core Insights - Bawang Chaji (NASDAQ: CHA) reported its Q3 2025 financial results, showing a total GMV of 7.93 billion yuan and net revenue of 3.21 billion yuan, with adjusted net profit reaching 503 million yuan [1] - The company has achieved profitability for 11 consecutive quarters and has a healthy cash flow with total cash and equivalents amounting to 9.14 billion yuan and no interest-bearing debt [1] - The board announced a special cash dividend totaling approximately 177 million USD, with each ordinary share or ADS receiving 0.92 USD [1] International Business Growth - Bawang Chaji's overseas GMV exceeded 300 million yuan, marking a year-on-year increase of 75.3% and a quarter-on-quarter growth of 27.7%, becoming a significant growth engine for the company [2][3] - The company entered the Philippines and Vietnam markets during Q3, with overseas store count reaching 262 [3] - In Malaysia and Singapore, the company launched popular new products and activities, achieving record sales figures [3][5] Domestic Market Strategy - In response to market fluctuations, Bawang Chaji is focusing on "high-quality development" and has maintained membership growth to 222 million, a year-on-year increase of 36.7% [6] - The company opened the largest "super tea warehouse" in Hong Kong, enhancing customer experience with innovative tea preparation methods [6] - Product innovation includes the launch of regionally popular items, such as "Dian Olive" vitality tea and limited-edition products tailored to local tastes [6]

Core Insights - Bawang Chaji (CHA.US) reported its Q3 2025 financial results, showing a total GMV of 7.93 billion yuan and net revenue of 3.21 billion yuan, with adjusted net profit of 503 million yuan [1] - The company has achieved profitability for 11 consecutive quarters and has a healthy cash flow with total cash and equivalents amounting to 9.14 billion yuan and no interest-bearing debt [1] - The board declared a special cash dividend of approximately 177 million USD, equating to 0.92 USD per share for shareholders [1] Group 1: Overseas Business Growth - Bawang Chaji's overseas GMV exceeded 300 million yuan, marking a year-on-year increase of 75.3% and a quarter-on-quarter growth of 27.7%, becoming a significant growth engine for the company [2] - The company entered the Philippines and Vietnam markets during Q3, with overseas store count reaching 262 [2] - In Malaysia, Singapore, and Thailand, Bawang Chaji launched popular new products and activities, achieving record sales in these regions [2] Group 2: Membership and Domestic Expansion - The number of registered members reached 222 million, reflecting a year-on-year growth of 36.7%, despite a competitive e-commerce environment [5] - Bawang Chaji opened the largest "Super Tea Warehouse" in Hong Kong, enhancing customer experience with innovative tea-making methods [5] - The company introduced various regional limited products that gained popularity, showcasing its commitment to product innovation [5]

Core Insights - Apple beverages have surged in popularity, with numerous brands launching new products, including Bawang Tea, Mixue Ice City, and Tea Hundred Road, leading to significant sales figures [1][2][4] - The previously underestimated apple has become a sales driver, with the Jasmine Milk White's "Needle King Apple" selling 9.8 million cups since its launch in August 2024 [8][10] Industry Trends - Various tea and coffee brands are creatively incorporating apples into their offerings, such as Bawang Tea's "Chuan Shang Xing Ge" and Pi Ye Coffee's "Sweetheart Apple Latte" [2][4] - The introduction of new apple beverages is frequent, with nearly 10 new products appearing monthly, indicating a strong trend in the beverage industry [6] Consumer Behavior - Social media discussions around apple beverages have gained traction, with the topic "Apple is not a boring fruit" reaching 150 million views [8] - Promotions, such as Mixue Ice City's offer for customers who shout "You are my little apple," have successfully driven sales of apple drinks [4] Product Development - The use of advanced preservation technologies and improved supply chain logistics has enhanced the flavor and freshness of apple beverages, addressing previous concerns about oxidation and taste [11][13] - The health benefits of apples, including dietary fiber and vitamins, align with consumer preferences for low-sugar and natural ingredients, contributing to the rise of apple drinks [15][17] Marketing Strategies - Seasonal marketing strategies leverage the apple's association with autumn and its symbolic meanings, creating a strong consumer connection [17][21] - The versatility of apples allows for innovative combinations with spices and lesser-known fruits, expanding the potential for new product development [21][23]