2026年马年春节，新茶饮消费市场迎来了名副其实的"最强春节档"。 在史上最长的9天假期与"年节经济"的双重催化下，行业呈现出供需两旺的火热局面，多个品牌业绩实现爆发式增长。 茉莉奶白全国门店GMV同比提升超130%，部分门店增幅环比节前高达790%，累计售出近千万杯茶饮。甜啦啦部分门 店业绩环比增长超1500%，超千家乡镇店业绩环比增长超800%。 春节期间，21世纪经济报道记者走访多家新茶饮门店发现，等待的消费者和外卖骑手络绎不绝。"平时其实会比较克 制喝奶茶，但春节期间，几乎是每天一杯，奶茶、果茶等轮着喝。"在广西过年的消费者吴女士说道，"过年总忍不住 对自己好一点。" "不仅白天生意好，过年大家睡得晚，夜里我们都还有订单进来。"广东省的茶百道加盟商余先生告诉21世纪经济报道 记者，今年春节门店全程不打烊，整体业绩较平日显著增长，余先生算了一笔账，扣除假期新增的人力、水电、物料 等成本，今年春节"不打烊"一共带来约5万元的额外利润。 旅游拉动 21世纪经济报道记者 易佳颖 "虽然春节要守店，不能回家，但收入也是大大增加。"这也是聂店长第三个留守门店的春节，她直言，在春节当月收 入可增加一万多元，对于自愿 ...

21世纪经济报道记者 易佳颖 茉莉奶白方面也表示，部分三四线城市及景区门店更因文旅消费带动涨幅较大。贵阳龙洞堡机场T2航 站楼出发层店、湖州太湖服务区东区店等交通枢纽门店销量亦实现显著增长。此外，"小众游"也成为关 键词，茶百道数据显示，甘肃嘉峪关、四川阿坝州、湖北潜江、山西朔州、广西贵港等"小众目的地"进 入销量增幅前十，有景区门店销量涨幅高达4500%。甜啦啦重庆荣昌、山西忻州古城、河北广府古城等 门店业绩环比增幅均超1500%。 寒假与史上最长的9天春节假期叠加，旅游市场格外火热，拉动了新茶饮品牌的销量。 茶百道数据显示，重庆、成都、上海、北京、杭州等五大旅游热门城市销量领跑。无独有偶，在这些城 市，霸王茶姬的销量也持续稳居全国前列。茉莉奶白在上海、成都、重庆、杭州、北京、深圳、苏州、 温州、广州、南通等城市表现突出，门店销量跻身全国前十。 霸王茶姬位于景区、高速服务区及交通枢纽的重点门店表现尤为突出，销量较假期前增长超 200%。茉 莉奶白宁波熊出没欢乐港湾店、上海千古情景区店和上海海昌海洋公园店日均营业额环比节前涨幅均超 160%。 "可以说是，意想不到的业绩增长。知道春节生意好，但没想到会这么好。 ...

21世纪经济报道记者易佳颖 2026年马年春节，新茶饮消费市场迎来了名副其实的"最强春节档"。 在史上最长的9天假期与"年节经济"的双重催化下，行业呈现出供需两旺的火热局面，多个品牌业绩实 现爆发式增长。茉莉奶白全国门店GMV同比提升超130%，部分门店增幅环比节前高达790%，累计售出 近千万杯茶饮。甜啦啦部分门店业绩环比增长超1500%，超千家乡镇店业绩环比增长超800%。 春节期间，21世纪经济报道记者走访多家新茶饮门店发现，等待的消费者和外卖骑手络绎不绝。"平时 其实会比较克制喝奶茶，但春节期间，几乎是每天一杯，奶茶、果茶等轮着喝。"在广西过年的消费者 吴女士说道，"过年总忍不住对自己好一点。" "不仅白天生意好，过年大家睡得晚，夜里我们都还有订单进来。"广东省的茶百道加盟商余先生告诉21 世纪经济报道记者，今年春节门店全程不打烊，整体业绩较平日显著增长，余先生算了一笔账，扣除假 期新增的人力、水电、物料等成本，今年春节"不打烊"一共带来约5万元的额外利润。 "今年比去年忙多了，去年日均才2000多杯。今年业绩增长的另一来源于24小时营业。春节期间，夜间 订单都相比平时翻了一倍。"她详细说道，"深夜订 ...

Summary of Gu Ming's Conference Call Company Overview - **Company**: Gu Ming - **Industry**: Beverage (Tea and Coffee) Key Points and Arguments Sales Performance and Growth - Gu Ming expects same-store sales to grow in Q4, driven by reduced delivery subsidies, new product launches, and a low base from last year due to delivery price increases [2][3] - In January to September 2025, actual revenue for franchisees increased year-on-year, but the growth rate was lower than that of GMV [2][5] - The company achieved a 20% growth rate in 2025, with Q3 also showing strong performance [24] Franchisee Profitability - Franchisees' actual revenue has been increasing, but profit margins are under pressure due to high delivery ratios and low actual revenue rates [4][21] - The delivery revenue rate is around 60%, while non-delivery remains stable at 85% [4] - Gu Ming is focusing on improving dine-in sales to enhance franchisee profitability [4][18] Expansion Plans - The company aims to reach 20,000 stores by 2027, with a target of opening approximately 3,000 new stores in 2026 [2][7][11] - Despite the competitive delivery market, franchisee willingness to open new stores has declined since May 2025 [8][9] - Gu Ming plans to expand in existing regions and invest more resources in new areas like Guangdong and Guangxi [9][10] Product Strategy - New product launches, including hot drinks and coffee, are being introduced to adapt to seasonal changes, especially in northern markets [12][17] - The company has over 10,000 coffee outlets and aims to increase user retention and purchase frequency through promotional activities [23] Market Dynamics - The competitive landscape includes ongoing delivery wars among platforms like Ele.me, Taobao, and Meituan, affecting franchisee revenue [4][15] - Gu Ming does not plan to initiate price wars but will respond to competitive pressures as necessary [28] Seasonal Adjustments - The company has introduced seasonal products to address winter demand, such as hot drinks and specific tea varieties [12][17] - Sales of fruit tea are higher in summer, while milk tea sales increase in winter [13] Digital and Supply Chain Developments - There are no significant updates on supply chain upgrades or digital systems; automation is still in the testing phase [35] Breakfast and New Product Initiatives - Gu Ming is testing breakfast products in select locations, with plans to expand offerings in 2026 [32][33] - The pricing strategy for new breakfast items is being developed, with a focus on maintaining profitability for franchisees [33] Financial Outlook - The company is monitoring franchisee profitability closely and may consider price adjustments or other measures if profitability declines significantly [20][21] Conclusion - Gu Ming is positioned for growth with a focus on expanding its store network, enhancing franchisee profitability, and adapting its product offerings to seasonal demands. The company is navigating a competitive landscape while maintaining a strategic approach to market expansion and product innovation.

Core Insights - The beverage industry is experiencing a surge in matcha products, with major brands like Mixue Ice City, Nayuki, and others launching new offerings that cater to the autumn and winter seasons, indicating a shift in consumer preferences towards richer flavors [1][3][5] Group 1: Market Trends - Major brands have introduced a variety of matcha products since September, with notable launches including "Thousand Eye Matcha Cheese Rice Cake" and "Thousand Eye Matcha Coconut Daifuku" by Hu Shang A Yi, which combine matcha with unique ingredients to enhance flavor [1][3] - The trend of matcha products has evolved from a refreshing summer offering to a more robust and rich flavor profile suitable for colder seasons, with brands focusing on creating comforting and hearty beverages [7][8] Group 2: Product Innovations - New matcha products are increasingly incorporating ingredients like rice cakes and cheese, moving away from lighter combinations to more indulgent pairings that enhance the overall taste experience [10][12] - The term "Thousand Eye" has become a standard in new matcha products, indicating a focus on quality and refinement, with brands emphasizing the use of finely milled matcha from Zhejiang Jing Mountain [12][14] Group 3: Consumer Preferences - The versatility of matcha allows it to be paired with various ingredients, including fruits and dairy, making it adaptable to different beverage formats and appealing to a broader consumer base [15][17] - The industry is recognizing that matcha's appeal extends beyond seasonal boundaries, with brands actively developing new products that leverage matcha's rich flavor profile for autumn and winter [19]

Core Viewpoint - The recent "subsidy war" in the food delivery market has led to unprecedented discounts, significantly increasing order volumes and consumer excitement in Taizhou, with platforms like JD, Meituan, and Ele.me competing aggressively [1][2][7]. Consumer Experience - Consumers have reported experiencing substantial discounts, with offers such as "18 yuan off 18 yuan" and even zero-cost meals becoming common [2][4]. - One consumer shared that they spent only 0.4 yuan on a drink and 8.3 yuan on a meal due to these discounts, highlighting the extreme affordability during this period [5][6]. Market Dynamics - The food delivery platforms have seen a surge in order volumes, with Taobao Flash Purchase and Ele.me reporting over 80 million daily orders, including more than 13 million non-food orders [9]. - Despite the initial high level of subsidies, there has been a noted decrease in discount intensity as of July 9, yet order volumes remain high, particularly for popular chain restaurants and beverage shops [7][9]. Industry Impact - The surge in orders has overwhelmed many businesses, with some reporting daily orders increasing by 20 to 30 [9]. - While the profit margins for coffee shops have remained stable, the competition has pressured the profit margins of chain restaurants and other food services [10].