Core Viewpoint - The company is adjusting its market strategy in the competitive tea beverage industry, focusing on slowing down store expansion and avoiding direct participation in price wars to alleviate same-store operational pressures [1][3]. Group 1: Market Strategy - The company has decided to slow down its store expansion pace for 2025 to relieve pressure on same-store operations [1]. - The CEO emphasized that subsidizing price wars is not a sustainable strategy, and its impact will gradually diminish [1]. - The company is avoiding direct involvement in the current delivery battle, focusing instead on marketing activities related to customized products [1]. Group 2: Financial Performance - For the period from April to June, the company's total GMV reached 81 billion RMB, with net revenue of 33.32 billion RMB, reflecting a year-on-year growth of approximately 10 to 15% [2]. - The adjusted net profit for the quarter was 6.3 billion RMB, with a profit margin of 18.9% [2]. - However, the average monthly GMV for stores in China decreased by 24.8% year-on-year, indicating challenges in operational efficiency [2]. Group 3: International Expansion - The company is shifting focus to overseas markets, particularly North America, where it has opened two stores and appointed a new management team for further expansion [3]. - In the overseas market, the company added 39 new stores from April to June, with overseas GMV growing by 77.4%, significantly outpacing overall business performance [3]. - The "谷香焙茶" product has become a phenomenon in Southeast Asia, especially in Malaysia and Singapore, exceeding profit expectations [3]. Group 4: Product Innovation - The company has launched a new product line called "第二杯茶," focusing on freshly brewed tea and tea lattes, which has performed well in test stores in Shanghai [5]. - The fresh tea series has achieved a GMV contribution of 15%, with an average additional contribution of about 80 cups per store per day [5]. - The management plans to consider the replication of this successful model in 2026 after confirming the profitability of individual stores [5].