它不是常见的抹茶，也不来自任何果汁，而是以往超市蔬菜区更常见的"羽衣甘蓝"。这份原本属于沙拉和西餐配菜的绿色叶子，被榨进了杯中，成为新茶 饮行业里最出人意料的主角。而在此之前，羽衣甘蓝在国内市场的批发价不足一元，甚至经常滞销。于是，当它被做成饮品推向大众时，外界很难不产生 怀疑：一款卖不动的菜，换成果蔬茶就能卖得动吗？ 市场的反映却超乎预期。第一杯羽衣甘蓝果蔬茶自面世后，迅速点燃市场，随后各类品牌跟进，由羽衣甘蓝主导的各类产品迅速成为一股消费趋势。一时 间，不仅餐饮品牌争先恐后地将其写进菜单，甚至连零售行业也随处可见它的身影。 2024年夏天，一抹陌生的绿色开始在茶饮品牌的菜单上蔓延。 这一切的起点可以追溯到2024年7月。彼时，喜茶率先在茶饮中尝试加入羽衣甘蓝，并在两个月后将其系列化为"超级植物茶"。自此，这种曾因口感受限 而停留在健康小众圈层的蔬菜，开始进入主流消费视野。 一年后，这股绿色风暴仍未停止—— 日前喜茶在"超级植物茶"上新一周年之际公布全系列累计销量突破一亿杯。那么，这场堪称近年来现象级别的消费 热潮，究竟是怎么发生的？ 一次反直觉式成功 羽衣甘蓝的风靡，是新茶饮赛道少见的反直觉式成功。 在此 ...

从网红到长红，这杯草凭什么火了一年？ 2024 年夏天，一抹陌生的绿色开始在茶饮品牌的菜单上蔓延。 它不是常见的抹茶，也不来自任何果汁，而是 以往 超市蔬菜区 更常见 的 "羽衣甘蓝"。这份 原本属于沙拉和西餐配菜的绿色叶子，被榨进了杯中，成为 新茶饮行业里最出人意料的主角。 而在此之前，羽衣甘蓝 在国内市场 的批发价不足一元，甚至经常 滞销 。 于是，当它被做成饮 品 推向大众时，外界 很难不产生 怀疑：一款卖不动的菜， 换成果蔬茶就 能卖得动 吗 ？ 市场的反映却超乎预期 。 第一杯 羽衣甘蓝 果蔬 茶自面世后，迅速点燃市场，随后各类品牌跟进， 由羽衣甘蓝主导的各类产品 迅速成为 一股消费趋势 。一时间 ， 不仅餐饮品牌争先恐后地将其写进菜单，甚至连零售行业也随处可见它的身影。 这一切的起点可以追溯到 2024年7月。 彼时 ，喜茶率先在茶饮中尝试加入羽衣甘蓝，并在两个月后将其系列化为 "超级植物茶"。自此，这种曾因口感受 限而停留在健康小众圈层的蔬菜，开始进入主流消费视野。 一年后，这股绿色风暴仍未停止 —— 日前喜茶在 "超级植物茶" 上新一周年之际公布全 系列累计销量突破一亿杯。 那么， 这场 堪称 ...

Core Insights - The tea beverage industry must seek new growth avenues as reliance on delivery subsidies diminishes [2][4] - Despite the external challenges, several tea brands reported significant growth in their financial results, contrasting with the declining profits of major delivery platforms [5][6][10] Group 1: Impact of Delivery Subsidies - The delivery subsidy war has significantly boosted user demand for tea brands, with Luckin Coffee reporting a 31.6% year-on-year increase in average monthly transaction customers, reaching 91.7 million [5][6] - Luckin Coffee's GMV for Q2 reached 14.2 billion yuan, a 46.2% year-on-year increase, while net income rose to 12.359 billion yuan, marking a 47.1% increase [6] - Other brands like Gu Ming also experienced substantial growth, with a 121.5% year-on-year increase in net profit, reaching 1.625 billion yuan [8] Group 2: Challenges Post-Subsidy - The sustainability of high order volumes for tea beverages is in question as delivery subsidies fade, raising concerns about the operational viability of newly opened stores [4][18] - Brands like Nayuki Tea have faced declines in revenue, with a 14.4% year-on-year drop, despite a significant contribution from delivery orders [10] - The rapid expansion of store numbers has led to increased competition and operational challenges, as seen with Ba Wang Tea Ji, which reported a 1.5% decline in GMV [10][21] Group 3: Market Dynamics and Strategies - The delivery subsidy war has intensified competition among major platforms, with significant investments from JD, Meituan, and Alibaba to attract consumers [13][15] - Tea brands have adopted various strategies to leverage seasonal demand, including launching new products and optimizing supply chains [12][18] - The industry is exploring new growth avenues, such as expanding product lines and international markets, with brands like Luckin and Mi Xue Bing Cheng leading overseas expansion efforts [22][24][25]

Group 1: Beverage Sales Performance - Multiple tea and coffee brands reported exceeding sales expectations during the "first cup of autumn" event on August 8, with Luckin Coffee selling over 20 million cups on that day [1] - Luckin Coffee's new products and collaborations have gained significant attention, with the "Yuyi Light Body Fruit and Vegetable Tea" selling over 11.2 million cups within two weeks of its launch [1] - Bawang Chaji reported a 200% month-on-month increase and a 28% year-on-year increase in sales for the "first cup of autumn" event [1][2] Group 2: New Product Launches - Hou Shang A Yi launched the "Rich Osmanthus Rice Mochi Milk Tea," which sold nearly 550,000 cups within two days of its release [2] - Tian La La's external sales reached over 20 million yuan, marking a historical peak, with a 500% increase in daily sales [2] Group 3: Coffee Auction Records - The Panama Specialty Coffee Association announced a record auction price of over $30,000 per kilogram for a batch of washed Geisha coffee, totaling $604,000 for 20 kilograms [3] Group 4: Expansion Plans - KFC's coffee brand, Kenuo Coffee, aims to expand to 1,700 stores by 2025, increasing its previous target of 1,500 stores [4][5] - Yum China reported a 4% year-on-year revenue growth to $2.8 billion in Q2, with operating profit reaching a historical high of $304 million [5] Group 5: Incident Reporting - A tragic incident involving a delivery truck from Kudi Coffee resulted in two fatalities, prompting responses from both Kudi Coffee and Tea Yan Yue Se regarding the ongoing investigation [6]

Group 1: Sales Performance - Multiple tea and coffee brands reported exceeding sales expectations during the "first cup of autumn" event on August 8, with Luckin Coffee selling over 20 million cups on that day [1] - Luckin Coffee's new products and collaborations have garnered significant attention, with the "Yuhui Light Body Fruit and Vegetable Tea" selling over 11.2 million cups within two weeks of its launch [1] - Bawang Tea Ji reported a 200% month-on-month increase and a 28% year-on-year increase in sales for the "first cup of autumn" event [1][2] Group 2: New Product Launches - Hou Shang A Yi launched the "Rich Osmanthus Rice Mochi Milk Tea," which sold nearly 550,000 cups within two days of its release [2] - Tian La La's external sales reached over 20 million yuan, marking a historical peak, with a 500% increase in daily sales [2] Group 3: Market Expansion and Financial Performance - KFC's coffee brand, Kenuo Coffee, aims to expand to 1,700 stores by 2025, up from a previous target of 1,500 stores [4][5] - Yum China reported a 4% year-on-year increase in total revenue to $2.8 billion for Q2, with operating profit reaching a record high of $304 million [5] Group 4: Incident Report - A tragic incident involving a delivery truck from Kudi Coffee resulted in two fatalities, prompting responses from both Kudi Coffee and Tea Yan Yue Se regarding the ongoing investigation [6]

Core Insights - Luckin Coffee achieved a remarkable sales milestone by selling over 20 million cups on August 7, coinciding with the "first cup of milk tea in autumn" promotional event [1] - The company has launched several new products and collaborations that have garnered significant attention in the industry, including the Yu Yi Light Body Fruit and Vegetable Tea, which sold over 11.2 million cups within two weeks of its release [1] - The collaboration with the popular drama "The Lychee of Chang'an" led to the Lychee Cold Brew series selling out shortly after its launch [1] Product Performance - The Light Milk Tea series has accumulated sales of over 300 million cups in its first year, outperforming many signature products from other tea brands [1] - The "Morning Coffee, Afternoon Tea" all-day consumption strategy has been recognized as a significant success for the company [1] Operational Strengths - Luckin Coffee focuses on high quality, convenience, and cost-effectiveness in its coffee and tea products, with improvements in product innovation, standardization, and supply chain management [1] - The recent surge in sales is attributed to the company's excellent store operations, robust supply chain system, and mature delivery system, enabling it to effectively seize industry opportunities and accelerate growth [1]

Group 1 - On August 8, Luckin Coffee achieved a daily sales volume exceeding 20 million cups, with Shanghai, Shenzhen, Beijing, Guangzhou, and Hangzhou being the top five cities for sales on this day [1] - In Shanghai alone, sales surpassed 1 million cups, with the highest-performing store located at Lujiazui Zhengda Plaza selling 2,691 cups [1] Group 2 - Luckin Coffee's recent product launches and collaborations have garnered significant attention, including the "Yuhui Light Body Fruit and Vegetable Tea," which sold over 11.2 million cups within two weeks of its release [3] - The company also reported that the "Lychee Ice Brew" series, in collaboration with the popular drama "Chang'an's Lychee," sold out within two days [3] - The "Green Sand Latte," launched in July, achieved sales of over 9 million cups in its first week [3] - As of August 4, the light milk tea series has accumulated total sales exceeding 300 million cups in its first year [3]

Core Insights - The price of kale has surged from 0.8 yuan per jin two years ago to 3.5 yuan per jin, indicating a significant increase in demand for kale-based products [1] - New products featuring kale, such as Heytea's "Slimming Bottle," have quickly gained popularity, with 100,000 jin of kale consumed in a month, and Luckin Coffee's kale tea selling 11.2 million cups in just two weeks [1] Group 1: Nutritional Value and Perception - Kale is a nutrient-rich vegetable, high in dietary fiber, vitamin C, and calcium, but it does not have magical weight-loss properties [3][5] - The consumption of kale juice can lead to the loss of dietary fiber and minerals, and many kale-based drinks are often high in calories due to added ingredients [3][4] - The perception of kale as a health food is largely driven by marketing, rather than its actual health benefits [6][8] Group 2: Marketing and Consumer Behavior - The marketing of kale products often emphasizes terms like "slim" and "light," which may mislead consumers regarding their health benefits [6][9] - Young consumers are increasingly drawn to kale products due to their trendy branding and perceived health benefits, despite the lack of substantial evidence supporting these claims [10] - The market for light meals in China has grown significantly, with over 14,000 related businesses established, and a high percentage of consumers regularly consuming light foods [10][11]

Investment Rating - The report assigns a "Buy" rating for the stock, expecting a relative return of over 20% within the next six months [11] Core Insights - The company achieved total net revenue of 12.359 billion yuan in Q2 2025, representing a year-on-year growth of 47.1%. Product sales revenue was 9.491 billion yuan, up 44.9%, while franchise store revenue reached 2.867 billion yuan, growing by 55.0% [1][3] - The company continues to expand its store network, adding 2,109 new stores in Q2 2025, bringing the total to 26,206 stores. The average monthly transaction customer count increased by over 22 million, reaching 91.7 million, a year-on-year growth of 31.6% [2][3] - The company reported a Non-GAAP net profit of 1.399 billion yuan in Q2 2025, with a net profit margin of 11.3%. The operating profit for self-operated stores was 1.922 billion yuan, with an operating profit margin of 21.0% [4] Revenue Summary - The company’s revenue growth is driven by both self-operated and franchise stores. Self-operated store revenue reached 9.136 billion yuan, up 45.6%, while same-store sales growth was 13.4%. Franchise store revenue was 2.867 billion yuan, up 55.0% [3] - The company has launched several innovative products, contributing to increased sales, including the "Feather Light Fruit and Vegetable Tea" which sold 11.2 million cups within two weeks of launch [3] Profit Summary - The profitability of franchise stores has improved, and the company is strengthening its supply chain. A long-term procurement agreement has been signed with Brazil, and a new roasting facility is expected to increase annual roasting capacity to 155,000 tons [4] Investment Recommendations - The report suggests that the company will benefit from the growth strategy focused on scale, with a positive outlook on the coffee and new tea beverage sectors. Short-term attention is recommended on new products and supply chain optimization [5]

Macro Economic Overview - The Federal Reserve maintained a hawkish stance, with the economic description shifting from "steady expansion" to "slowing" [2] - The market's expectation for interest rate cuts in 2023 has decreased from 46 basis points to 36 basis points [5] - The U.S. PCE inflation rebounded in June, with core PCE prices rising 2.8% year-on-year, marking a four-month high [4] Industry Insights - The technology sector is seeing mixed performance, with high-end models showing strong demand while overall industry demand remains weak [6] - Companies focusing on high-end flagship models and component upgrades are expected to benefit from anticipated strong demand in the second half of 2025 [6] Company Analysis - China National Pharmaceutical Group (1177 HK) is undergoing a significant transformation with a focus on innovative drug development, particularly in oncology and metabolic diseases, with a target price of HKD 9.40 [7][10] - Meta Platforms (META US) reported a 22% year-on-year revenue increase to USD 47.5 billion, driven by AI-enhanced advertising, with a target price raised to USD 860 [10] - Microsoft (MSFT US) exceeded expectations with a revenue of USD 76.4 billion for FY25, growing 18.1% year-on-year, and raised its target price to USD 601.5 [11] - Luckin Coffee (LKNCY US) showed strong sales growth of 47% year-on-year, with a target price of USD 44.95, despite rising costs [12][14]