上 市 公 司 公 司 研 究 / 公 司 深 度 茶饮 2025 年 07 月 09 日 霸王茶姬 (CHA) ——高端现制茶饮第一，打造全球化的现代东方茶品牌 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 7 月 8 日 | | --- | --- | | 收盘价（美元） | 28.01 | | 纳斯达克 100 指数 | 22702.25 | | 52 周最高/最低（港币） | 41.80/25.26 | | 美股市值（亿美元） | 53 | | 流通股数（百万股） | 118 | | 汇率（美元/人民币） | 7.17 | 一年内股价与基准指数对比走势： 资料来源：Bloomberg 相关研究 《蜜雪集团（02097）深度：现制茶饮第一， 平价锚定，供应链为基》 2025/05/07 《古茗（01364）深度：大众现制茶饮第一， 最大规模冷链赋能》 2025/04/09 证券分析师 贾梦迪 A0230520010002 jiamd@swsresearch.com 联系人 贾梦迪 (8621)23297818× jiamd@swsresearch.com 投资要点： 财务数据及 ...

Group 1: Luckin Coffee Expansion - Luckin Coffee, China's largest coffee chain, is planning to expand into the U.S. market, with its store count in mainland China already more than double that of Starbucks [1] - Despite a previous financial scandal that led to its delisting from NASDAQ, Luckin Coffee has made a strong comeback, leveraging unique flavors and significant discounts [1] - The company is set to open its first store in downtown Manhattan, which is seen as a critical test market for international brand expansion, particularly for Chinese brands [1][2] Group 2: Business Model and Challenges - Luckin Coffee's business model is centered around technology, allowing Chinese consumers to order via WeChat, which enhances efficiency compared to traditional coffee shop experiences [2] - Analysts estimate that while prices in the U.S. will still be lower than Starbucks, the price gap will be smaller than in China [2] - The high cost of labor and the need for diverse payment methods in New York could increase operational costs for Luckin Coffee [2] Group 3: Tea Industry Developments - Tea Baidao launched a new lychee drink series that sold 50,000 cups within an hour of release, showcasing strong consumer demand [3] - The company utilizes fresh lychee fruit from Guangdong, employing modern supply chain techniques to ensure freshness during transportation [3] - Tea Baidao has improved its supply chain efficiency, with 92% of stores achieving next-day delivery and 95% receiving multiple deliveries per week [4] Group 4: Campus Market Potential - Bawang Chaji opened its first campus store at Tsinghua University, achieving over 2,200 cups sold on the opening day, indicating strong potential in the student market [5] - The brand has established a presence in nearly 200 universities across China, with popular products making up a significant portion of sales [5] Group 5: Investment in Tea and Coffee Industry - Zhejiang Fino Group has initiated a tea and coffee industrial park project with an investment of approximately 4 billion yuan, expected to generate an annual output value of 5 billion yuan upon completion [6] - The project includes a smart factory focused on various beverage products, with a planned annual capacity exceeding 180,000 tons [6] Group 6: Lavazza's Strategic Partnerships - Lavazza has renewed its collaboration with Lamborghini, following a successful initial partnership, to create a unique coffee product tailored for the luxury automotive brand [7] - The brand has established a significant presence in China, opening over 100 stores in major cities since its entry into the market [7]

以港股上市的茶百道为例，6月12日，茶百道上新荔枝系列饮品"荔枝冰奶""海盐荔枝冰茶"，主打"只使 用荔枝鲜果现榨"。茶百道数据显示，荔枝系列上市一小时就卖出五万杯，当天中午销量突破十万杯， 登顶全国所有区域门店，成为今年夏季以来茶饮行业的爆款之一。 在业内看来，校园消费市场潜力巨大。从大学生群体对茶饮的消费习惯来看，健康与口感的双重需求、 消费场景的便利性，以及品牌联名等创新营销的吸引力，成为影响决策的主要因素。 据霸王茶姬相方面介绍，在高校市场，霸王茶姬的经典产品伯牙绝弦、桂馥兰香、万里木兰杯占比接近 60%，成为最受学生欢迎的三款饮品。同时，霸王茶姬3月推出的轻因·伯牙绝弦、轻因·花田乌龙等新品 也广受好评，反映出大学生群体对新品的强烈尝鲜意愿。截至2025年6月11日，霸王茶姬校园店会员数 已超200万，其中云南、四川、浙江三地学生会员数量位居全国前三。 值得一提的是，4月以来，京东、美团、饿了么纷纷宣布启动百亿补贴计划，低至个位数，甚至免单的 茶饮券使外卖平台日均订单量飞涨。与此同时，趋近饱和的茶饮行业凭借出餐速度快，受众群体多且正 值夏季饮品销售旺季等优势，头部品牌近期销量增长明显。 随着盛夏脚步 ...

以下文章来源于咖新社 ，作者蟹蟹 咖新社 . 中国饮品行业专业新媒体。定向邀约超 140+新茶饮连锁品牌创始人关注本平台。 同步在｜小红书 | 视 频号 | 今日头条 | 等平台发布。 作 者 | 蟹蟹 来源 | 咖新社 导语：要知道，此前众多网友迫不及待手动艾特"自家"茶饮品牌要求赶紧联名，换来的也不过 是品牌方单边"蹭流量"。 一天官宣两个！新茶饮行业热闹了，霸王茶姬、库迪接连宣布将与《哪吒2》联名！ 霸王茶姬官宣联名《哪吒2》，设计师主打听劝 在与《哪吒2》联名这件事情上，最近风头正盛的可谓是库迪，网上传的沸沸扬扬说两家即将合 作，但官方一直未回应，真假性存疑。 就在网友纷纷猜测满怀期待时，没想到一声不吭的霸王茶姬早已在背后闷声干大事，没有一点消息 流出，今天中午突然官宣："和电影《哪吒之魔童闹海》，加上好友啦！"这也意味着，霸王茶姬成 为新茶饮行业首个与该电影合作的品牌。 是的，不是那个被石矶娘娘"钦点"的一点点，也不是豪气免费送100万杯薄荷奶绿的益禾堂，而是 稳坐国潮头把交椅的霸王茶姬，要与票房破百亿的国产动画电影联名了！ 品牌官方账号发帖：终于牵到吒儿、丙丙的手啦！接下来就让我们携手去山河社稷图 ...