点评：今年以来，现制饮品市场竞争愈发激烈，企业发展普遍面临挑战。得益于供应链能力、品牌建设 和门店运营不断强化，蜜雪集团上半年整体保持高质量发展势头，下沉市场深耕与海外布局成效显现。 NO.2Tims天好中国第二季度实现营收3.49亿元 连锁咖啡品牌Tim Hortons中国业务(简称"Tims天好中国")公布了2025年第二季度财报。第二季度，公司 实现营收3.49亿元，系统销售额同比增长1.4%至4.095亿元。其中，特许经营与零售业务贡献了稳定的 现金流和盈利。财报显示，第二季度，Tims天好中国的食品业务收入同比增长8.6%，占比从2024年第 二季度的32.5%提升至本季度的35.2%，创历史新高。 丨 2025年8月28日星期四丨 NO.1蜜雪集团全球门店数超5.3万家 蜜雪集团公布2025年中期业绩。上半年蜜雪集团收入为148.7亿元，同比增长39.3%，毛利为47.1亿元， 同比增长38.3%，净利润为27.2亿元，同比增长44.1%。核心财务指标均实现双位数增长。截至2025年6 月30日，蜜雪集团全球门店数增至53014家，较去年同期新增9796家门店，门店规模再创新高。 点评：从战略落地 ...

蜜雪集团公布2025年中期业绩。上半年蜜雪集团收入为148.7亿元，同比增长39.3%，毛利为47.1亿元， 同比增长38.3%，净利润为27.2亿元，同比增长44.1%。核心财务指标均实现双位数增长。截至2025年6 月30日，蜜雪集团全球门店数增至53014家，较去年同期新增9796家门店，门店规模再创新高。 每经记者｜丁舟洋 每经编辑｜文多 丨 2025年8月28日 星期四 丨 NO.1 蜜雪集团全球门店数超5.3万家 新茶饮品牌古茗在港交所发布中期业绩报告。报告显示，2025年上半年，古茗收入约为56.63亿元，同 比增长41.2%，净利润约为16.26亿元，同比增长约120%，净利润金额超去年全年。2025年上半年，古 茗GMV（商品交易总额）约141亿元，单店日均GMV约为7600元，较去年同期的6200元增长22.6%。 点评：古茗2025年上半年业绩报告展现出规模扩张与单店效率共振的强劲增长态势，在新茶饮存量竞争 中走出了差异化突围路径。不过，公司的外卖依赖也暗藏隐忧，因为平台补贴若如预期收窄，可能影响 增长持续性。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风 ...

Core Viewpoint - Tim Hortons China has been operating for six years without achieving profitability, with a significant decline in revenue and ongoing losses despite a growing number of stores [1][8]. Group 1: Financial Performance - In Q1 2025, Tim Hortons reported revenue of 300 million RMB, a year-on-year decrease of 9.5%, and a net loss of 58.9 million RMB, which is nearly a 50% reduction in loss compared to the same period last year [1]. - The revenue from self-operated stores in Q1 2025 was 255 million RMB, down 14% from 296 million RMB in Q1 2024 [1]. - The number of new stores opened in Q1 2025 was only 2, while 7 underperforming self-operated stores were closed, resulting in a total of 1,024 stores across 84 cities as of March 31, 2025 [1]. Group 2: Sales and Orders - The total number of orders decreased from 10.3 million in Q1 2024 to 8.8 million in Q1 2025, a decline of 14% [2]. - The average order value also fell by 1.9% year-on-year [2]. - Same-store sales have been declining for five consecutive quarters, with a slight improvement in Q1 2025 showing a decrease of 6.5% compared to previous quarters [3]. Group 3: Cost Management - In Q1 2025, food and packaging costs for self-operated stores were 77.5 million RMB, down 24.6% from 102.7 million RMB in Q1 2024 [5]. - Rental and property management fees decreased by 12.9%, and payroll and employee benefits as a percentage of revenue fell from 20.5% to 19.4% [5]. - Marketing expenses also saw an 11.8% reduction year-on-year due to the growing brand influence [6]. Group 4: Business Strategy - Tim Hortons is actively expanding its franchise business, with the number of franchise stores increasing from 302 to 455 year-on-year, averaging one new franchise store opening every two days [7]. - The company is implementing a "coffee + warm food" strategy to differentiate itself in the market, aiming to enhance consumer experience and expand its product offerings [8][10]. - However, this strategy involves higher operational costs and complexity, which may limit the speed of expansion despite creating a differentiated market position [10].

Core Viewpoint - Tims China is struggling to maintain competitiveness in the rapidly growing Chinese coffee market, facing significant financial challenges and competition from both international and local brands [1][2][12] Financial Performance - In 2024, Tims China reported a revenue decline of 10.8% to 1.391 billion yuan, with a net loss of 409 million yuan, although the loss narrowed by 53% year-on-year [3][12] - The company has total assets of 1.564 billion yuan and total liabilities of 2.397 billion yuan, indicating a state of insolvency [3][4] - Tims China received a total of $65 million in financing from its parent company and shareholders to support operations [4][5] Market Position and Competition - The Chinese coffee market is projected to grow at a compound annual growth rate of 17.14%, reaching 265.4 billion yuan by 2024, with strong competition from Starbucks, Luckin Coffee, and other local brands [1][2] - Tims China has been unable to achieve the scale necessary to compete effectively, with a total of 1,022 stores as of December 31, 2024, falling short of its expansion targets [6][11] Strategic Initiatives - To improve profitability, Tims China is increasing its focus on franchise operations, having opened franchise opportunities in major cities and launched a "county-level franchise" plan [6][8] - The company is also adjusting its product offerings to include lower-cost items to attract consumers in lower-tier cities, although this strategy may compress margins [8][10] Challenges and Risks - Tims China faces challenges in differentiating its product offerings, as its "coffee + warm food" model is easily replicable by competitors [10][12] - The company has raised prices on some products, which has led to consumer dissatisfaction and potential loss of market share [9][10] - The long-term viability of Tims China is in question, with concerns about whether its parent company, RBI, will continue to provide financial support if profitability does not improve [11][12]