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品牌主动营造场景、区域限定创造稀缺、IP内容强化情感:新茶饮成……
Xin Lang Cai Jing· 2025-10-04 05:34
随处可见的新茶饮店和咖啡店为顾客提供"舌尖上的满足",也为顾客提供了社交与休息的场景 文/图 羊城晚报全媒体记者 廖梦君 当久违的假期如约而至,在国庆节、中秋节双重节日的加持下,门票经济、餐饮经济、演出经济等多种 形态的消费模式百花齐放,全方位满足游客与消费者的多元需求。其中,奶茶、果茶、咖啡等新茶饮品 类表现尤为抢眼,各品牌纷纷以新品发布、限定联名、区域专属等多种方式,为双节消费热潮再添一把 火,推动了"品牌+文旅"的双向奔赴。 新茶饮,不仅是节庆消费的重要参与者,更成为许多消费者休闲生活的"固定搭子"。与此同时,以"品 牌创始店+限定经济+IP联动"为抓手的本土新茶饮品牌,正通过与城市文旅的深度融合,悄然改写"消费 引流"的叙事逻辑。 用"情感认同"吸引顾客 火热的中秋国庆双节,不仅点燃了人们的消费热情,也放大了日常生活中的消费惯性,形成强烈的市场 需求。对不少都市人而言,逛街、会友、小憩时点上一杯咖啡或奶茶,已成为一种自然而然的生活节 奏。这一节奏,在假期氛围的烘托下,被放大数倍。 在深圳一家奈雪门店外,从事外贸行业的张先生正边喝奶茶边与朋友闲谈。他坦言自己并无固定偏好的 茶饮品牌,但出门会友或工作间隙 ...
“A+H”第五次冲击上市,八马茶业能否打破“上市即巅峰”诅咒?
Sou Hu Cai Jing· 2025-09-18 13:42
Core Viewpoint - Eight Horses Tea Co. is attempting its fifth IPO, aiming to list on the Hong Kong Stock Exchange after multiple failed attempts in the A-share market [2][6][5]. Company Overview - Eight Horses Tea plans to issue up to 29.13 million shares and convert 43.99 million shares held by 106 shareholders for overseas listing [2]. - The company has faced significant challenges in its previous IPO attempts, including three failed attempts in the A-share market and a recent failed submission due to regulatory issues [6][4]. Financial Performance - Eight Horses Tea reported revenues of 18.18 billion yuan in 2022 and 21.22 billion yuan in 2023, with a modest growth of 0.98% in the first three quarters of 2024 [9][10]. - The company's gross margin for franchise sales has declined from 51.25% in 2019 to 43.8% in 2022, indicating a significant drop of 8.86 percentage points over two years [10]. Market Position and Challenges - The company has seen a slowdown in the growth of its franchise network, with only 39 new franchisees added in the first three quarters of 2024, compared to 106 in 2022 [10]. - Despite the challenges in offline growth, Eight Horses Tea has experienced notable online revenue growth, achieving 5.53 billion yuan in the first three quarters of 2024, a 14.49% increase year-on-year [11]. Strategic Initiatives - Eight Horses Tea plans to expand its store network by adding 1,500 new stores over the next three to five years and has launched a sub-brand "Little Horse Tea Fun" to diversify its product offerings [10]. - The company is attempting to adapt to market trends influenced by the new tea beverage sector, which has seen a dual-channel growth model [11].
亮相成都IFS、对话蜀茶圈,珠遵新茶饮破浪蓉城
Nan Fang Nong Cun Bao· 2025-09-12 11:04
Core Viewpoint - The "New Tea Drink Zhu-Zun Creation" initiative aims to promote high-quality development of the tea industry in the Zhu-Zun region, leveraging regional cooperation and cultural integration to expand market reach and enhance brand recognition [9][40][87]. Group 1: Event Overview - The "New Tea Drink Zhu-Zun Creation" event was held at the Chengdu International Financial Center, showcasing the vibrant tea culture and its integration into modern lifestyle [2][3][4]. - The event gathered nearly a hundred representatives from the tea and new tea drink industry chains across Sichuan, Zhuhai, and Zunyi, including notable brands like Bawang Tea Ji and Nayuki Tea [14][15]. Group 2: Economic Impact - The total output value of the Zunyi new tea drink industry cluster is projected to reach 718 million yuan in 2024, with expectations to exceed 1 billion yuan by 2025 [41]. - The initiative aims to establish Zunyi as a national new tea drink supply chain center, promoting inter-provincial cooperation and resource sharing [39][40]. Group 3: Industry Collaboration - A strategic cooperation agreement was signed between the Zhu-Zun New Tea Drink Research Institute and the Sichuan Tea Circulation Association to foster innovation and resource integration within the tea industry [74]. - The event emphasized the importance of collaboration among industry organizations, research institutions, and enterprises to enhance the value chain and drive industry upgrades [46][47]. Group 4: Market Trends - The tea industry is transitioning from traditional hot drinks to ready-to-drink beverages, with a focus on high-value functional products, reflecting the evolving consumer preferences [49][50]. - The initiative aims to address new consumption trends and enhance the competitiveness of the tea industry through technological advancements and industrialization [51][52]. Group 5: Regional Advantages - Zunyi, located on the world’s tea production golden line, benefits from a unique geographical environment that supports high-quality tea cultivation [57][59]. - The region is recognized as a key area for high-quality green tea and red tea production, with advantages in quality control and innovative upgrades [59][60].
成都才是真正的奶茶之都
3 6 Ke· 2025-09-12 00:01
Core Insights - Chengdu has emerged as a significant hub for new tea beverage brands, with a competitive landscape where brands vie for dominance in the bustling Chunxi Road commercial area [3][5][6] - The city is characterized by a vibrant consumer market, with a high Engel coefficient of 32.8% for food and beverage spending, indicating a strong preference for dining and leisure activities among its residents [6][8] - Chengdu's tea culture and favorable economic conditions have fostered the growth of numerous local brands, which are now expanding nationally and internationally [11][20][24] Consumer Market Dynamics - Chengdu is one of six cities in China with a retail sales total exceeding 1 trillion yuan, alongside major first-tier cities [6] - The city has over 10,000 new-style shops, including more than 6,000 tea beverage stores, reflecting a diverse and growing market [7][8] - The local population's preference for tea-based drinks has led to a significant demand for new tea beverages, further supported by government initiatives to boost consumption [12][14] Brand Development and Competition - Major brands like ChaBaiDao, Shuyi Shaoxian Cao, and Bawang Chaji have established their headquarters in Chengdu, leveraging the city's resources for expansion [5][8][20] - The competitive landscape is marked by the rapid emergence of local brands such as Li Shanshan Tea and Chen Duoduo, which are gaining traction in the market [24][26] - The supply chain advantages in Chengdu, including lower costs and access to quality raw materials, have enabled brands to establish production bases in the city [19][21] Supply Chain and Logistics - Chengdu's geographical location provides a strategic advantage for supply chain management, facilitating lower costs and efficient distribution networks [15][18] - The city is a key player in the tea supply chain, with significant tea production and processing capabilities, supporting the needs of new tea beverage brands [15][17] - Major brands are investing heavily in local supply chain infrastructure, with ChaBaiDao planning to invest 10 billion yuan in a supply chain headquarters [19] Global Expansion and Future Prospects - Chengdu is positioned as a gateway for brands looking to expand internationally, with established logistics networks supporting global distribution [20][21] - Local brands are not only targeting domestic markets but are also exploring opportunities in international markets, with some already entering countries like South Korea and the United States [21][23] - The ongoing development of Chengdu as a "tea capital" is expected to continue, with local brands aiming to establish a global presence while promoting Chinese tea culture [23][26]
“清凉经济”乘“热”而上
Core Viewpoint - The "cooling economy" is thriving due to the increasing demand for cooling products and services in response to high temperatures, creating significant market opportunities [1][2][3]. Group 1: Cooling Products and Market Trends - Air conditioning sales have surged, with JD.com reporting a more than twofold year-on-year increase in air conditioner sales since July, and installation rates increasing over threefold [1]. - Other cooling appliances like portable fans, dehumidifiers, and ice makers have also seen sales double across various e-commerce platforms [1]. - The demand for cooling food and beverages has risen sharply, with carbonated drinks and ice cream sales increasing over 75% since the start of summer [2]. Group 2: Night Economy and Consumer Behavior - The night economy has become a significant aspect of the cooling economy, with 60% of urban consumption occurring at night, leading to a doubling of night orders in 127 cities since July [2]. - Various local governments are implementing policies to support night economy initiatives, enhancing consumer experiences through diverse nighttime activities [2]. Group 3: Innovation and Market Dynamics - The "cooling economy" is driven by both consumer demand for innovative and comfortable cooling solutions and suppliers' responses to market needs through new product development [3]. - Innovative products such as smart wearable air conditioners and graphene cooling patches are emerging, showcasing the integration of modern technology and materials into everyday items [3]. Group 4: Policy Support and Future Outlook - To further enhance the "cooling economy," local governments are encouraged to expand the supply of quality products and services, promote integration across various sectors, and support technological advancements [4]. - The "cooling economy" is viewed as a sustainable long-term economic model that can provide new growth opportunities for businesses and stimulate local economic development [4].
当对手都在做下沉,蜜雪冰城旗下“幸运咖”反向打入一线城市
Di Yi Cai Jing· 2025-07-26 08:03
Group 1 - The Chinese freshly brewed coffee market is experiencing rapid growth, providing significant opportunities for brands like Luckin Coffee [4] - Luckin Coffee is focusing on expanding into first and second-tier cities, aiming for a target of 10,000 stores by early 2025, with nearly 7,000 stores currently covering over 300 cities [1][3] - The brand's product pricing ranges from 6 to 8 yuan, and it has achieved profitability in first-tier cities while continuously refining its store model [1][3] Group 2 - Luckin Coffee has made substantial investments in core raw materials, directly sourcing Arabica coffee beans from regions like Brazil, Ethiopia, and Indonesia [3] - The company benefits from a strong supply chain, allowing for cost control and stable supply, particularly after signing a 4 billion yuan procurement agreement with Brazil [3] - The pricing strategy of Luckin Coffee is seen as a "thin profit, high sales" model, which may face challenges when applied to the more complex competitive landscape of first and second-tier cities [3]
古茗(01364):深度报告:深渠长流,万店耕新
Changjiang Securities· 2025-07-24 11:11
Investment Rating - The report assigns a "Buy" rating for the company [5][14]. Core Insights - The current landscape of the tea beverage industry is thriving, driven by the delivery battle and the peak season, with the company positioned as a leading player in the ready-to-drink tea market. The company is expected to achieve significant revenue growth, with projected revenues of 110.3 billion, 127.5 billion, and 147.0 billion yuan for 2025-2027, and net profits of 19.4 billion, 22.8 billion, and 26.5 billion yuan respectively [5]. Company Overview - The company, founded in 2010 in Zhejiang, has established itself as a leader in the ready-to-drink tea market, focusing on supply chain efficiency to support store expansion. As of 2024, the company achieved revenues of 87.91 billion yuan, a year-on-year increase of 14.54%, with adjusted net profits reaching 14.93 billion yuan, up 5.69% [9][21]. Market Position - The ready-to-drink tea market has evolved beyond basic product functionality, becoming a medium for young consumers to express lifestyle and values. The company holds a 9% and 18% market share in the overall and mass market segments respectively, ranking second overall and first in the mass market [10]. Competitive Advantages - The company has built a robust competitive edge through comprehensive support for franchisees and optimized supply chain management, allowing for profitable expansion without sacrificing quality. The company boasts the largest cold chain logistics infrastructure in the industry, with an average delivery cost of 0.9% of GMV, lower than the industry average of 2% [11]. Future Growth Potential - The company employs a regional density strategy, aiming for 500 stores per province as a key scale node. It currently operates in eight provinces, capturing 25% of the mass ready-to-drink tea market. The company has significant room for expansion, with estimates suggesting over 9,866 potential new stores in a neutral scenario and up to 19,314 if it continues to expand into currently unentered cities [12]. Financial Overview - The company has demonstrated resilient financial performance, with revenues of 87.91 billion yuan in 2024, driven by store expansion and increased demand for products. The revenue structure remains stable, with product sales accounting for nearly 80% of total revenue [38]. The adjusted net profit margin has shown fluctuations but remains competitive within the industry [43].
古茗(01364):区域深耕成就万店规模,打造中端茶饮高成长新范式
Guoxin Securities· 2025-07-08 14:47
Investment Rating - The report assigns an "Outperform" rating to the company [4][6]. Core Insights - The company is the leading brand in the mid-range ready-to-drink tea segment, achieving a store count of 9,914 by the end of 2024, making it the largest in its category [1][16]. - The mid-range ready-to-drink tea market is projected to reach approximately RMB 161.5 billion in 2025, with a CAGR of 20.8% from 2024 to 2028, indicating strong growth potential [2]. - The company has a robust growth strategy focusing on store expansion and improving same-store sales, with expectations of net store additions of 2,100, 2,350, and 2,450 in 2025, 2026, and 2027 respectively [3][4]. Summary by Sections Company Overview - Founded in 2010, the company has expanded rapidly across China, with a significant presence in 17 provinces and a focus on franchise operations [1][16]. - The company went public on February 12, 2025, marking a significant milestone as the first Zhejiang tea company to list [1][16]. Market Analysis - The mid-range tea segment is characterized by intense competition, with the company holding the largest market share as of 2023, followed closely by other brands [2][14]. - The report emphasizes the importance of supply chain management and product innovation to maintain competitive advantage in a crowded market [2][15]. Growth Drivers - The company’s growth is driven by a dual strategy of expanding its store network and enhancing the average sales per store, with a projected average GMV of RMB 2.34 million per mature franchise store [3][4]. - The company aims to reach a store count of 27,000 by 2030 under a neutral scenario, with revenue and profit projections of RMB 29.3 billion and RMB 5.3 billion respectively [3][4]. Financial Projections - Revenue is expected to grow from RMB 87.9 billion in 2024 to RMB 113.3 billion in 2025, reflecting a growth rate of 28.9% [5][36]. - Adjusted net profit is projected to increase from RMB 15.4 billion in 2024 to RMB 20.1 billion in 2025, representing a growth of 30.1% [5][36]. Investment Recommendation - The report suggests a target PE ratio of 32-35x for 2025, with a market capitalization range of RMB 64.2 billion to RMB 70.2 billion, indicating a potential upside from the current share price [4][6].
八点半“输血”36家门店,仲家汇能否“绝地求生”
Qi Lu Wan Bao Wang· 2025-07-08 03:27
Core Viewpoint - The collaboration between Zhongjiahui and Baidianban aims to revitalize Zhongjiahui's struggling operations through a "managed franchise" model, but the long-term success remains uncertain due to significant debt and market competition [1][11]. Group 1: Collaboration Details - Starting from July 8, 36 stores will begin trial operations under the joint management of Zhongjiahui and Baidianban, with the first eight stores opening [6][11]. - The products in these stores are supplied by Baidianban, and the operational systems have been integrated into Baidianban's framework [4][11]. - The partnership is described as a "managed franchise," meaning that while both brands will operate together, Zhongjiahui is not selling its stores outright [6][11]. Group 2: Financial Challenges - Zhongjiahui is facing severe financial difficulties, with over 100 stores closed and around 120 still operational [7][8]. - The company has accumulated debts exceeding 111.6 million yuan, with ongoing legal disputes and a significant number of suppliers reporting unpaid invoices [8][10]. - The company has seen a drastic reduction in staff, with over half of its employees leaving due to unpaid wages and social security [10]. Group 3: Market Context - Baidianban's interest in Zhongjiahui stems from its established locations in prime areas of Jinan, which are valuable for expanding its market presence [12]. - The convenience store market in Jinan is highly competitive, with established brands like Orange Convenience and 7-Eleven posing significant challenges to Baidianban's growth [14]. - The previous expansion efforts of Zhongjiahui, including the acquisition of Unified Yinzuo, led to its current financial troubles, highlighting the risks associated with aggressive growth strategies [15].
古茗王云安,不学蜜雪冰城张红超
Sou Hu Cai Jing· 2025-07-07 04:43
Group 1 - Company Overview: Founded in 2010 by Wang Yunan in Zhejiang, Guming specializes in fruit tea, milk tea, and coffee, targeting the "small town youth" demographic with affordable pricing between 10-20 RMB [1][3] - Ownership Structure: Wang Yunan holds 43.21% of shares, making him the largest shareholder, while co-founders Qi Xia and Ruan Xiudi hold 19.78% and 13.74% respectively [1] - Funding History: Prior to its IPO, Guming secured two rounds of financing from notable investors including Sequoia China, Meituan, Tencent, and others [1] Group 2 - Revenue Growth: In 2024, Guming reported revenue of 8.79 billion RMB, reflecting a 14.5% year-on-year increase, but a significant decline from the previous year's 38.1% growth [4][6] - Profitability Concerns: The adjusted net profit grew only 5.7% to 1.54 billion RMB, indicating a decline in core business profitability despite a nominal increase in net profit [5][6] Group 3 - Market Saturation: The tea beverage market is experiencing high saturation, with over 410,000 milk tea shops nationwide and a closure rate of 60% in lower-tier cities, leading to reduced customer acquisition and retention for Guming [7][9] - Competitive Landscape: Guming faces intense competition from both high-end brands like Heytea and Nayuki, which have entered the lower price segments, and low-cost competitors like Mixue Ice City [9][12] Group 4 - Innovation Challenges: Guming launched 85 new products in 2024, but none became a hit, leading to a decline in customer loyalty and increased competition in a market characterized by product homogeneity [11][12] - Strategic Dilemmas: The company is caught in a strategic bind due to price wars and a lack of unique selling propositions, making it difficult to attract new customers and retain existing ones [12][13] Group 5 - Franchise Expansion Issues: Guming's franchise growth has slowed, with new store openings dropping from 2,597 in 2023 to 1,587 in 2024, while closures increased significantly [17][23] - Store Performance Metrics: Single-store GMV decreased from 2.47 million RMB in 2023 to 2.36 million RMB in 2024, reflecting a decline in sales efficiency [19][21] Group 6 - Shift to Coffee: Guming is pivoting towards the coffee market as a second growth curve, recognizing the trend of coffee becoming a mainstream beverage and leveraging its existing infrastructure [25][28] - Operational Strengths: The company has a robust supply chain and a high "second store rate" among franchisees, indicating confidence in the brand and providing a buffer for operational adjustments [24][29] Group 7 - Market Positioning: Guming aims to integrate coffee and tea offerings, creating a "tea-coffee integrated" experience to meet diverse consumer demands and enhance brand loyalty [34][35] - Future Growth Strategy: The company is focused on breaking category boundaries and embracing market trends to navigate the challenges of a saturated market and achieve sustainable growth [35]