现制茶饮

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建信基金:Labubu风靡全球,新消费为何持续火爆?
Xin Lang Ji Jin· 2025-10-09 09:35
漫画、动画、游戏、偶像及特摄等版权作品衍生出来的二次元周边商品。 2024年,我国谷子经济市场规模达1689亿元,同比增速高达40.6%。 专题:北京公募基金高质量发展系列活动 新时代、新基金、新价值 经过前几年的持续上涨后,消费板块已沉寂许久,而今年以来,新消费强势崛起,成为市场上"最靓的 仔"。本期《投资"建"解》,一起来前排围观当前正流行的新消费。 Q1、什么是新消费? 一代人有一代人的"茅台",所谓新消费,其实是一个相对概念。在传统消费中,其满足的是人们日常衣 食住行方面的物质需求,涉及的行业有家电、白酒、服装等;而新消费更多是满足人们的精神需求,例 如抽盲盒、养宠物等,主打一个提供情绪价值。 | 新消费 | 传统消费 | | --- | --- | | 满足人们的精神需求 | 满足人们的物质需求 | | 注重个性化、体验感,花钱买开心 | 注重实用性、产品质量 | | 产业增速快,发展潜力大 | 产业相对成熟,市场空间稳定 | | 例如盲盒、国潮黄金等 | 例如家电、白酒等 | Q2、新消费包括哪些细分领域? 谷子经济 2025年,市场规模有望增长至逾2000亿元,到2029年或将突破3000亿元。 ...
蜜雪冰城跨界卖啤酒,“雪王”的底气是什么?
Sou Hu Cai Jing· 2025-10-04 20:51
10月1日,蜜雪冰城发布公告称,已与鲜啤福鹿家达成投资及股权转让协议,以约2.97亿元人民币收购鲜啤福鹿家53%的股权。 交易完成后,鲜啤福鹿家将成为蜜雪冰城的非全资子公司,其财务数据将纳入集团合并报表。 蜜雪冰城公告 蜜雪冰城,大家都很熟悉。 江湖人称"雪王",是知名的饮品连锁品牌,全球(涵盖中国及海外12个国家)门店超过53000家,数量全球第一。 这里,重点介绍一下鲜啤福鹿家。 鲜啤福鹿家创立于2021年,主要业务是通过线下门店,为消费者提供现打现饮的鲜啤产品,主打每500ml售价6–10元的现打鲜啤,是国内首个获得国标"鲜 啤酒"认证的品牌。 数据显示,截至2025年8月31日,鲜啤福鹿家已在全国28个省、自治区和直辖市布局约1200家门店。 按门店数量计算,鲜啤福鹿家已经成为中国鲜啤连锁门店数量第一的品牌。 鲜啤福鹿家门店 一个是全球第一的茶饮连锁品牌,一个中国第一的鲜啤连锁品牌,在顶峰相会了。 蜜雪冰城,为何要收购鲜啤福鹿家? 吸引"雪王"的,是一个千亿级生意。 近年来,古老的啤酒行业,正在发生一些变化。 新一代消费者厌倦了"千篇一律"的工业化拉格啤酒,追求个性化、高品质、多元化的消费体验。 精酿 ...
2025茶饮行业市场规模、竞争格局及供需现状分析报告
Sou Hu Cai Jing· 2025-09-26 11:15
Industry Overview - In 2023, China's ready-to-drink tea market reached a scale of 258.5 billion yuan, with a compound annual growth rate (CAGR) of 19.0% from 2018 to 2023. It is expected to grow to 573.2 billion yuan by 2028, with a CAGR of 17.3% from 2023 to 2028 [1][10][21]. Growth Drivers - The growth of the ready-to-drink tea market is driven by four main factors: rising temperatures, substitution of soft drinks, release of demand in lower-tier markets, and the addictive nature of ready-to-drink tea [1][10][21]. - Rising average temperatures and an increase in extreme hot days stimulate tea consumption, as tea is often an impulsive purchase [12][16]. - Ready-to-drink tea is increasingly replacing soft drinks, with 87.4% of respondents reporting increased consumption of ready-to-drink tea and 56.2% indicating a decrease in soft drink consumption [16][21]. - The demand in lower-tier markets is gradually being met as quality ready-to-drink tea shops expand into these areas, with a growth rate of 30.7% from 2018 to 2023 [17][21]. - Ready-to-drink tea has a certain level of addictiveness, leading to high frequency and loyalty in consumption, with current consumption levels in China significantly lower than in developed countries [21][25]. Competitive Landscape - The market concentration among the top five brands (CR5) is significant, reaching 49% in 2024, with the leading brand, Mixue Ice City, holding a market share of 20.9% [1][27][32]. - The competition is characterized by a clear structure in the low-price segment, intense competition in the mid-price segment, and price reductions among high-end brands seeking survival [27][32]. - The franchise model has become the preferred expansion strategy, allowing brands to leverage local resources and reduce costs [32][62]. Market Segmentation - The low-price segment is dominated by Mixue Ice City, which has established a strong cost advantage through scale and supply chain efficiency [37][41]. - The mid-price segment is highly competitive, with brands like Gu Ming, Cha Bai Dao, and Hu Shang A Yi emerging as key players, each with unique strategies [46][55]. - High-end brands have been forced to lower prices to remain competitive, with significant changes in pricing strategies observed among brands like Heytea and Nayuki [58][60]. Future Outlook - The ready-to-drink tea market has the potential to exceed 700 billion yuan in the medium term, with a projected market size of 713 billion yuan based on population growth and increased consumption [22][26]. - The industry is expected to experience a phase of consolidation, with smaller brands being phased out as larger brands continue to expand [8][62].
AI驱动、出海加速!2025中国品牌百强总价值突破1.2万亿美元
Guo Ji Jin Rong Bao· 2025-09-16 14:09
Core Insights - The total value of the 2025 BrandZ Top 100 Most Valuable Chinese Brands reached $1.21 trillion, marking a significant 25% increase from the previous year [1] - The strong recovery of Chinese brands is attributed to four main drivers: breakthroughs in artificial intelligence innovation, stable development in the financial services sector, accelerated expansion into overseas markets, and the value return of technology giants [1] Company Highlights - Tencent topped the BrandZ list with a brand value of $197.99 billion, achieving a 53% increase due to its expansion in consumer and enterprise sectors [3] - Alibaba reclaimed the second position with a brand value of $84.35 billion, growing at a rate of 23% [3] - Moutai maintained third place with a brand value of $80.02 billion, while Douyin surged 34% to $76.20 billion, securing fourth place [3] - Huawei's brand value increased by 56% to $64.15 billion, placing it fifth overall and among the top four in annual value growth [3] - Haier, ranked sixth with a brand value of $47.77 billion, strengthened its leadership in the IoT ecosystem through an enhanced ecological brand strategy [3] Emerging Brands - The BrandZ list showcased a diverse development landscape with seven new brands, including two from the fast-food sector [6] - Mixue Ice City ranked 51st with a brand value of $3.96 billion, recognized for its high-quality supply chain and affordable brand positioning [6] - Bawang Tea Ji ranked 88th with a brand value of $1.82 billion, focusing on cultural and aesthetic representation through tea [6] - Qunar, returning to the list at 78th with a brand value of $2.20 billion, improved its brand value through enhanced online service experiences [6] Growth Leaders - The average growth rate of the leading brands this year reached 67%, indicating strong development momentum among Chinese brands [7] - Xiaomi led the growth with a remarkable 154% increase, achieving a brand value of $28.15 billion through a user-centric innovation strategy [7] - BYD ranked 18th with a brand value of $17.16 billion, experiencing a 78% increase driven by advancements in smart driving technology and strategic partnerships [7] - XPeng Motors returned to the top 100 at 80th place with a brand value of $2.18 billion, bolstered by its overseas market expansion [7] Industry Trends - Chinese brands are at the forefront of artificial intelligence applications, optimizing manufacturing processes and transforming marketing strategies [8] - The integration of smart technology into daily life is becoming increasingly seamless, with innovations in smart home solutions leading the way [8]
港股异动 | 沪上阿姨(02589)盘中拉升逾26% 公司高度重视下沉市场 上半年加盟收入大幅增长
智通财经网· 2025-09-16 02:54
Core Viewpoint - The stock price of Hu Shang A Yi (02589) surged over 26%, reflecting strong market interest and growth potential in the ready-to-drink tea market, particularly in lower-tier cities in China [1] Company Performance - As of the latest report, Hu Shang A Yi's revenue from franchise sales, franchise services, and self-operated stores for the first half of 2025 showed year-on-year changes of +10%, +3%, and -10%, respectively, totaling 1.471 billion, 283 million, and 24 million yuan [1] - The company has a total of 9,436 stores as of June 30, 2025, with a net increase of 999 stores since the beginning of the year, representing a 12% year-on-year growth [1] - The proportion of stores located in third-tier and below cities increased by 1 percentage point to 51.12% [1] Industry Insights - According to a report by Zhi Shi Consulting, the ready-to-drink tea market in China's third-tier and below cities is expected to be the largest and fastest-growing segment from 2023 to 2028, indicating significant future growth potential [1] - The company is focusing on expanding its presence in lower-tier cities, leveraging its advantages in store coverage and supply chain network [1]
沪上阿姨盘中拉升逾26% 公司高度重视下沉市场 上半年加盟收入大幅增长
Zhi Tong Cai Jing· 2025-09-16 02:51
Core Viewpoint - The stock price of Hu Shang A Yi (02589) surged over 26%, reflecting strong market interest driven by growth potential in the ready-to-drink tea market in lower-tier cities in China [1] Group 1: Company Performance - As of the latest report, Hu Shang A Yi's stock rose by 25.98% to HKD 166.3, with a trading volume of HKD 80.57 million [1] - The company reported a significant increase in revenue from franchise sales, which rose by 10% to CNY 1.471 billion, driven by network expansion and GMV growth [1] - The total number of stores reached 9,436, with a net increase of 999 stores since the beginning of the year, marking a 12% year-on-year growth [1] Group 2: Market Insights - According to a report by Zhi Shi Consulting, the ready-to-drink tea market in China's third-tier and below cities is expected to be the largest and fastest-growing segment from 2023 to 2028 [1] - The company emphasizes its focus on lower-tier cities, where it holds advantages in store coverage and supply chain networks [1] - As of June 30, 2025, stores in third-tier and below cities accounted for 51.1% of the total, reflecting a year-on-year increase of 0.8 percentage points [1]
美银解读消费 H1 财报:36% 企业超预期,核心标的一文看
Zhi Tong Cai Jing· 2025-09-05 11:06
Core Insights - The overall performance of China's consumer market in the first half of 2025 was subdued, while new consumption trends showed strong growth, a pattern observed over the past 18 months [1] - Among the companies covered by Bank of America, 36% exceeded earnings expectations, 31% fell short, and the remainder met or showed mixed results [1] Domestic Consumption Trends - Restaurant businesses primarily relying on takeout benefited from subsidy policies, with companies like Mixue Group reporting a 13% year-on-year increase in sales per store, largely driven by these subsidies [2] - The average selling price (ASP) in the restaurant and beverage sectors, particularly bottled water, has shown a downward trend, with CR Beverage experiencing an 18.5% decline in sales, nearly half attributed to falling prices [3] Channel Transformation - Companies are reporting strong sales for products customized for emerging channels like Sam's Club and discount snack stores, with some leading firms even providing OEM services for these channels [4] - The trend towards private labels is becoming more pronounced due to channel fragmentation and diminishing brand prestige [4] Consumption Highlights - Areas such as ready-to-drink beverages (sugar-free tea, energy drinks), freshly brewed tea and coffee, snacks (konjac products), outdoor activities, emotional consumption, and discount channels are performing well [5] - This aligns with Bank of America's recent report on new consumption, which emphasizes five core consumer areas: emotional value, health and wellness, diverse experiences, convenient services, and emerging channels [5] New Consumption Differentiation - Despite strong performance from some new consumption companies, market sentiment appears cautious, with Bubble Mart seen as a consensus buy, while the milk tea sector faces negative sentiment [6] Overseas Business and Shareholder Returns - The anticipated rush in orders for the second half of 2025 may lead to sequential growth slowdowns due to high base effects, with tariff-sharing mechanisms potentially limiting OEM profit margins in the short term [7] - A stable shareholder return is noted, with 4%-5% dividend yields common among covered consumer stocks, and several companies increasing dividend frequencies [8] Future Cyclical Trends - The white liquor and dairy sectors are highlighted for potential upward cycles in 2026, with investors showing interest in companies that have faced significant sales declines but are expected to clean up their profit and loss statements [9] - Conversely, the white goods and milk tea sectors are anticipated to face downward cycles, with concerns over high base effects and uncertain performance in 2026 [10]
现制茶饮,跨界抢了乳企市场丨消费参考
2 1 Shi Ji Jing Ji Bao Dao· 2025-09-03 01:08
Group 1 - The takeaway from the news is that the competition in the food delivery market is impacting the dairy industry, particularly affecting companies like Mengniu and Yili, with Mengniu's revenue declining while Yili's revenue shows growth despite challenges [1][2] - Mengniu's revenue for the first half of 2025 decreased by 6.95% to 41.567 billion yuan, with liquid milk revenue down by 11.2% to 32.19 billion yuan [1] - Yili's revenue increased by 3.37% to 61.933 billion yuan, although its liquid milk revenue fell by 2.1% to 36.13 billion yuan [1] Group 2 - The overall sales of dairy products across all channels dropped by 9.6% in June 2025, with offline sales declining by 12.7% [1] - Yili noted that the demand for liquid milk remains stable, but packaging liquid milk is under pressure due to the rise of ready-to-drink tea beverages [1][2] - Yili expressed confidence in the long-term growth potential of liquid milk, citing factors such as aging population and health awareness driving demand [2] Group 3 - The financial performance of tea beverage companies like Mixue Ice City and Luckin Coffee is strong, with Mixue's revenue growing by 39.3% to 14.87 billion yuan and Luckin's revenue increasing by 47.1% to 12.36 billion yuan in the second quarter [1] - Yili believes that the pressure from ready-to-drink tea beverages is manageable and that the impact of such competition will weaken over time [2]
古茗(01364.HK):业绩超预期 门店扩张与单店经营提升
Ge Long Hui· 2025-08-28 14:04
Core Insights - The company reported strong performance in H1 2025, with revenue reaching 5.663 billion yuan, a year-on-year increase of 41.2%, and net profit attributable to shareholders at 1.626 billion yuan, up 121.5% [1] - Adjusted net profit, excluding the impact of fair value changes from preferred shares and listing expenses, was 1.086 billion yuan, reflecting a 42.4% year-on-year growth [1] - The company is expanding its store network aggressively, with a total of 11,179 stores by the end of H1 2025, a 17.5% increase year-on-year [1] Business Performance - Revenue from product sales and equipment reached 4.496 billion yuan, a 42% increase year-on-year, accounting for 79% of total revenue [1] - Franchise management service revenue was 1.159 billion yuan, up 39% year-on-year, making up 20% of total revenue [1] - Direct store sales were 0.08 billion yuan, reflecting a 14% year-on-year increase [1] Store Expansion - The company opened 1,570 new stores in H1 2025 while closing 305, indicating a steady expansion of its store network [1] - The company is focusing on penetrating lower-tier markets, which presents significant growth potential [1] Operational Improvement - Total GMV for H1 2025 was 14.094 billion yuan, a 34% year-on-year increase, with average daily GMV per store at 7,600 yuan, up 21% [1] - The average daily cup sales per store reached 439 cups, a 17% increase year-on-year, with an average cup price of 17.25 yuan, up 3% [1] - The company has optimized its brand matrix, with registered members reaching 178 million and quarterly active members at 50 million [1] Profit Forecast and Investment Rating - The company is expected to accelerate market share capture due to its expanding store network and improving same-store performance [1] - Profit forecasts for 2025-2027 have been raised, with net profits projected at 2.685 billion, 2.495 billion, and 2.881 billion yuan respectively, corresponding to PE ratios of 19, 20, and 18 times [1] - The investment rating is maintained at "Buy" [1]
中金:首予茶百道“跑赢行业”评级 有望实现较好业绩增长
Zhi Tong Cai Jing· 2025-08-28 09:36
Core Viewpoint - CICC has initiated coverage on Cha Bai Dao (02555) with an "outperform industry" rating and a target price of HKD 12, based on a relative valuation method with projected P/E ratios of 19x and 15x for the next two years [1] Company Summary - CICC forecasts that Cha Bai Dao's earnings per share will be RMB 0.59 and RMB 0.72 for the next two years, representing a compound annual growth rate of 50% [1] - The company is expected to achieve significant performance growth through continuous store expansion, supported by a balanced product matrix and store layout [1] - Cha Bai Dao has established a comprehensive franchise management system, which includes franchisee selection, store location, new store guidance, and operational management [1] Industry Summary - The ready-to-drink tea industry is anticipated to maintain rapid growth, with the mainstream market segment priced between RMB 10 to 20 [1] - Industry leaders are expected to continue expanding their market share due to economies of scale [1] - Cha Bai Dao's core competitive advantages include a diverse and balanced product matrix that continues to attract consumers, as well as supply chain capabilities that support a nationwide balanced layout [1]