从当下来看，茶百道发展势头却远不及蜜雪冰城和古茗。财报数据显示，2025年上半年茶百道实现营收25亿元，同比增长4.33%；实现净利润3.529亿元，同 比增长37.48%。虽然营收和净利润双双增长，但在并不算大的体量下，这样的增速明显不算高。 而定位相差不大的古茗，2025年上半年实现营收56.63亿元，营收增速为41.24%；实现净利润16.25亿元，净利润增速高达121.51%。 新茶饮赛道的淘汰赛，正式拉开序幕。 2024年，头顶"新茶饮第二股"光环的茶百道，成功登陆港交所。相比于后来上市的 蜜雪冰城、古茗以及沪上阿姨，茶百道可谓占到了先机。 据报道，王霄锟来自茶商世家，对茶艺有着深入研究。奶茶店刚开起来时，其便推出了像"杨枝甘露"这样的鲜果茶产品，凭借独特口感和创新配方奶茶店逐 渐积累起了人气。而茶百道真正的转折点发生在2016年，当年茶百道开始进行全国化布局，为了加速扩张引入加盟模式。 在引入加盟模式后，茶百道实现了门店的快速扩张。2019-2021 年，在国内茶饮连锁加盟浪潮下，茶百道加盟店数量迅速扩张10倍，增加至5070家。2022 年、2023年和2024年上半年，茶百道加盟店数量又分别增 ...

【导读】美团龙珠创始合伙人朱拥华预判，现制饮品行业未来5年将新增6家上市公司 "我们投资古茗6年，现在账面盈利约50亿元，我们内部判断，这个项目最终有可能赚到100亿元。要相信那些从头到尾经历 了一个时代的公司，它们在后期的爆发力是惊人的。"在12月2日举办的咖门·2026万有饮力年度大会上，美团龙珠创始合伙 人朱拥华的一席话，再度点燃外界对新茶饮行业的想象。 （中国基金报记者郑俊婷摄） 美团龙珠是中国知名的产业投资基金，早期专注于大消费领域，投资案例包括蜜雪冰城、古茗、喜茶、Manner等。朱拥华 预判，未来5至10年，中国咖啡与茶饮市场将达到万亿元规模，且未来5年将新增6家上市公司，其中包括喜茶和茶颜悦色。 记者在现场了解到，本次大会吸引了茶饮行业和咖啡行业的数十家公司参会，既包括星巴克中国、蜜雪冰城等头部标杆， 也有泰柯茶园、麦记牛奶公司等新锐黑马。 在圆桌论坛环节，来自山东、河北、广西、福建等地的区域品牌代表共同探讨了如何将"在地化"转化为品牌的核心竞争 力。 以莫沫南路为例，这家来自山东临沂的本土品牌，只有200多家门店，却是当地消费者心中的宝藏品牌。 "快速增长结束，行业新周期开启。"饮品行业资深 ...

【导读】美团龙珠创始合伙人朱拥华预判，现制饮品行业未来5年将新增6家上市公司 中国基金报记者 郑俊婷 "我们投资古茗6年，现在账面盈利约50亿元，我们内部判断，这个项目最终有可能赚到100亿元。要相信那些从头到尾经历了一个时代的公司，它们在后 期的爆发力是惊人的。"在12月2日举办的咖门·2026万有饮力年度大会上，美团龙珠创始合伙人朱拥华的一席话，再度点燃外界对新茶饮行业的想象。 （中国基金报记者 郑俊婷摄） "快速增长结束，行业新周期开启。"饮品行业资深观察人士、咖门创始人路文兵认为，当下，一个"M型"的饮品业生态正在形成：寡头品牌持续扩张，从 万店到数万店；新生代品牌像雨后春笋一样崛起，很多都成为地方名片。而传统中腰部规模品牌，面临"双向鲸吞蚕食"。很多拥有1000—3000家门店规模 的品牌，几乎都面临"不进则退"的局面，滑落速度很快。 （中国基金报记者 郑俊婷摄） 美团龙珠是中国知名的产业投资基金，早期专注于大消费领域，投资案例包括蜜雪冰城、古茗、喜茶、Manner等。朱拥华预判，未来5至10年，中国咖啡 与茶饮市场将达到万亿元规模，且未来5年将新增6家上市公司，其中包括喜茶和茶颜悦色。 记者在现场 ...

【导读】美团龙珠创始合伙人朱拥华预判，现制饮品行业未来5年将新增6家上市公司 "我们投资古茗6年，现在账面盈利约50亿元，我们内部判断，这个项目最终有可能赚到100亿元。要相 信那些从头到尾经历了一个时代的公司，它们在后期的爆发力是惊人的。"在12月2日举办的咖门·2026 万有饮力年度大会上，美团龙珠创始合伙人朱拥华的一席话，再度点燃外界对新茶饮行业的想象。 美团龙珠是中国知名的产业投资基金，早期专注于大消费领域，投资案例包括蜜雪冰城、古茗、喜茶、 Manner等。朱拥华预判，未来5至10年，中国咖啡与茶饮市场将达到万亿元规模，且未来5年将新增6家 上市公司，其中包括喜茶和茶颜悦色。 记者在现场了解到，本次大会吸引了茶饮行业和咖啡行业的数十家公司参会，既包括星巴克中国、蜜雪 冰城等头部标杆，也有泰柯茶园、麦记牛奶公司等新锐黑马。 逐步形成"M型"生态结构 门店数量方面，截至三季度末，茶饮门店总数同比下降4%至40.8万家，咖啡门店总数同比增长12.8%至 19.3万家。 今年二、三季度，由电商平台发起的"外卖大战"令新茶饮行业和咖啡行业都深受影响。 "高岩餐观"数据显示，今年第三季度，茶饮市场整体收入同比增 ...

Core Viewpoint - The company reported strong revenue growth in Q3, driven by an expanding store network and increased consumer demand in the coffee market, with a total net revenue of RMB 15.287 billion, a year-on-year increase of 50.2% [1][12]. Financial Performance - Total net revenue for Q3 reached RMB 15.287 billion, up 50.2% year-on-year [12]. - GAAP operating profit was RMB 1.777 billion, reflecting a 12.9% increase [12]. - Same-store sales grew by 14.4%, a significant improvement from a decline of 13.1% in the same period last year [1]. - The company achieved a monthly average of over 100 million transacting customers, with a total of 420 million customers by the end of Q3 [12]. Store Expansion - The company opened 3,008 new stores in Q3, bringing the total number of stores to 29,214 [3][12]. - In China, 2,979 new stores were added, with a total of 29,096 stores, including over 10,287 franchise stores [3][6]. - The international market saw a net addition of 29 stores, totaling 118, with significant growth in Singapore and the U.S. [6][8]. Market Strategy - The company is focusing on expanding its store network to enhance delivery capabilities and meet growing consumer demand, particularly in high-tier cities and lower-tier markets [3][6]. - The CEO emphasized the importance of maintaining a strong digital operation and understanding customer preferences to drive long-term growth [17]. Competitive Landscape - The coffee industry in China is experiencing rapid growth, driven by increased consumer demand and significant subsidies from delivery platforms [9][11]. - The CEO noted that while the rise in delivery orders has impacted profit margins, it is a temporary phase in the industry's development [9][11]. Future Outlook - The company anticipates challenges in same-store growth due to fluctuating market conditions and high international coffee bean prices [17]. - The focus will remain on long-term strategic development, product innovation, and enhancing customer service to capture market opportunities [17].

Core Insights - The emergence of "solid mango pomelo sago" as a trending dessert has captured significant attention on social media platforms, leading to a surge in DIY attempts and industry-wide responses [1][3][6] - The product features a base of halved mango topped with yogurt and garnished with grapefruit, sago, and other toppings, transforming the traditional dessert into a portable version [1][6] Industry Response - Tea Baidao, a new tea beverage brand, responded to consumer demand by launching its version of solid mango pomelo sago, achieving nearly 250,000 cups sold on the first day of release [6] - The brand engaged with consumers on social media, providing tutorials for recreating the dessert, which resulted in overwhelming requests for an official version [3][6] Consumer Behavior - The popularity of the dessert reflects a shift in consumer roles, where they are not just passive recipients of trends but active creators and disseminators of new food ideas [6] - The discussions on social media platforms indicate a strong consumer interest and engagement, with many expressing excitement and frustration over product availability [6]

Core Insights - The article highlights the rapid international expansion of Cha Bai Dao, positioning it as one of the fastest-growing brands in the tea beverage industry since its official overseas launch in 2024 [3][4] - The company's strategy focuses on "precise sowing" and "deep cultivation," emphasizing a tailored approach to different markets rather than a one-size-fits-all strategy [13][21] Expansion Strategy - Cha Bai Dao's overseas journey began in South Korea, a choice that diverged from the common trend of entering Southeast Asia first, aiming for quicker localization [5][6] - Within two years, the brand has signed over 20 stores in South Korea, with plans to open 50 more by next year [6][9] - The company has also successfully opened its first store in France, achieving sales exceeding 1 million yuan in the first month [11][12] Market Adaptation - The brand's customer base in South Korea consists of over 70% local consumers, with a high repurchase rate of 45%, indicating successful localization efforts [9][10] - Cha Bai Dao employs a "one location, one strategy" approach, customizing its product offerings based on local preferences and market conditions [15][16] Product Innovation - The company has developed a three-tier product structure for international markets, including classic domestic favorites, differentiated products, and localized offerings tailored to specific regions [16][17] - The supply chain strategy combines local sourcing for fresh ingredients with established domestic supply chains for other materials, ensuring efficient operations [17][18] Long-term Vision - Cha Bai Dao aims for global brand and supply chain integration, aspiring to leverage experiences and influence across different international markets [23] - The company emphasizes the importance of educating consumers about Chinese tea culture as part of its long-term strategy for global brand establishment [22]

Core Viewpoint - Tea Baidao is rapidly expanding its international presence, focusing on a strategy of "precise sowing and deep cultivation" to establish itself as a global brand [5][16]. Group 1: International Expansion Strategy - Tea Baidao officially began its international expansion in 2024, choosing South Korea as its first market, which is considered a bold move compared to other brands that typically target Southeast Asia first [7][8]. - In just two years, Tea Baidao has signed over 20 stores in South Korea, with plans to open 50 more by next year, demonstrating a fast-paced growth strategy [10][12]. - The brand's localization strategy has proven effective, with over 70% of its customers in South Korea being locals and a high repurchase rate of 45% [12][16]. Group 2: Market Entry and Product Strategy - Tea Baidao's entry into the French market was marked by the opening of its first store in Paris, which achieved sales exceeding 1 million yuan in its first month [12][13]. - The company is also preparing to enter the Vietnamese market, leveraging its experience from other countries to ensure efficient store setup [13][16]. - The brand employs a three-tier product strategy for international markets: classic products, differentiated products tailored to local tastes, and fully localized products developed using local ingredients [21][22]. Group 3: Operational Challenges and Adaptation - The company faces challenges in adapting to different regulatory environments, such as stringent food safety standards in South Korea, which can complicate the store opening process [20][21]. - Tea Baidao emphasizes the importance of local market research and adapting strategies to fit the unique characteristics of each market, rather than applying a one-size-fits-all approach [20][21]. - The brand's supply chain strategy combines local sourcing for fresh ingredients with established domestic supply chains for other materials, allowing for quick response times to store needs [22][23]. Group 4: Long-term Vision and Cultural Integration - Tea Baidao aims for long-term global brand and supply chain integration, aspiring to create a network where experiences and resources can flow between international locations [27]. - The company is committed to educating international consumers about Chinese tea culture, which is seen as essential for establishing a lasting presence in foreign markets [26][27]. - The brand's approach to partnerships emphasizes long-term collaboration, requiring franchisees to undergo extensive training at the headquarters to ensure quality and consistency [26][27].

Core Insights - The new tea beverage industry has experienced a decline in the emergence of "hit products" over the past few years, with brands struggling to replicate past successes like cheese tea and dirty tea [2][8] - The market has evolved, and new brands are exploring different avenues for growth, while the industry faces challenges such as flavor homogenization and changing consumer preferences [8][9] Industry Growth and Trends - The new tea beverage industry saw a compound annual growth rate of 24.9% from 2017 to 2022, with the market size expected to exceed 354.7 billion yuan by 2024 and over 500,000 stores established [7] - The initial success of brands like Heytea and Naixue's Tea was driven by high-quality, freshly made products that attracted a young consumer base [4][5] Challenges in Product Innovation - The difficulty in creating new hit products is attributed to severe flavor homogenization, with many brands using similar ingredients and supply chains [8] - The rapid replication of successful products by competitors has made it challenging to develop unique offerings that can achieve widespread popularity [8][9] Consumer Behavior and Preferences - Consumers have become more discerning, with 73.09% of them sticking to 1-2 brands and showing reluctance to try new products due to perceived low value [9] - Increased health consciousness has led to a decline in the frequency of purchases, as consumers are more cautious about high-calorie drinks [9] Strategic Responses from Brands - Brands are diversifying their offerings by expanding into food and creating a full-day product ecosystem, with many introducing baked goods and light meals to complement their tea products [10][12] - Some brands are focusing on upgrading core products and optimizing supply chains to enhance cost efficiency and product quality [12] Localization and Emotional Value - Newer brands are adopting localized strategies, emphasizing regional flavors and ingredients to create unique identities [15] - Emotional value is becoming a significant factor in consumer choices, with brands like Luckin Coffee and Bawang Tea Princess successfully connecting with consumers through quality and cultural narratives [17]

Core Insights - The article discusses the global expansion of Chinese milk tea brands, highlighting their cultural significance and impact on consumer behavior [3][12][21] - It emphasizes the role of supply chain efficiency and logistics in supporting the international growth of these brands [6][21] - The phenomenon of milk tea's popularity abroad is described as a "cognitive revolution," reshaping consumer habits and cultural perceptions [12][13][20] Group 1: Cultural Impact - The expansion of milk tea brands is seen as a gentle yet profound reshaping of global consumer culture and taste psychology [3][12] - Milk tea serves as a low-cost cultural entry point, allowing for easier acceptance and integration into foreign markets compared to other products [8][20] - The article notes that milk tea has become a symbol of identity and cultural expression among Asian communities in the U.S. [15][16] Group 2: Supply Chain and Logistics - Chinese milk tea brands benefit from a robust supply chain, allowing for quick distribution and freshness of ingredients [6][21] - The logistics capabilities in China enable brands to maintain a competitive edge in international markets, with examples of efficient cold chain logistics [6][21] - The ability to adapt supply chains for local sourcing while maintaining product quality is crucial for success in foreign markets [6][20] Group 3: Market Dynamics - The article highlights the importance of creating a unique consumer experience in milk tea shops to build brand loyalty and recognition [12][20] - It discusses the challenges of balancing cultural authenticity with local adaptation in marketing strategies [19][20] - The success of milk tea brands in the U.S. is attributed to their ability to appeal to younger consumers and create a trendy lifestyle image [11][12]