Core Insights - In 2025, the Chinese new tea beverage industry is at a critical turning point from "scale expansion" to "value cultivation" [3] - New consumer demands and development models are emerging, reshaping the future direction of the tea beverage industry [3] Group 1: Market Dynamics - The "0 Yuan Milk Tea" promotion, driven by massive subsidies, sparked a temporary surge in the tea beverage market, significantly impacting brand operations [3] - According to Zhejiang Securities, the average single-store sales revenue for Mixue Group reached 278,000 yuan in the first half of the year, a year-on-year increase of 13.2% [3] - Tea Baidao reported that promotional activities boosted store sales, with a second-quarter average daily GMV reaching its highest level in nearly a year, up approximately 15% from the first quarter [3] Group 2: Brand Expansion and Challenges - Gu Ming's store count increased from about 9,914 at the beginning of 2025 to over 12,000 by the end of August, maintaining an average of 7 new store openings per day [3] - However, the sustainability of the delivery war is questioned due to low profit margins and potential losses [3][5] - Naixue's financial report indicated that delivery service fees paid to third-party platforms reached 200 million yuan, rising from 6.7% to 9.2% of total revenue year-on-year [4] Group 3: International Expansion - Overseas markets are becoming a crucial source of growth for tea brands, with Ba Wang Cha Ji becoming the first new tea company to list on NASDAQ in April 2025 [7] - Ba Wang Cha Ji opened its first U.S. store in May, selling over 5,000 cups on the first day, and entered the Philippines market in August, selling over 23,000 cups in three days [7] - Other brands like Mixue Ice City and Tianlala are also expanding internationally, with Mixue covering 12 countries and over 4,700 overseas stores [7] Group 4: Health Trends - The "Skinny Milk Tea" trend is emerging as a new growth engine in the industry, with kale becoming a core ingredient [8] - The price of kale surged from 0.8 yuan per jin in 2024 to 3.5 yuan per jin in March 2025, reflecting a price increase of over 300% due to rising demand [9] Group 5: Market Segmentation - The pearl milk tea segment is gaining traction, with brands like Bao Jin Zhu focusing on low-cost, single-product strategies, rapidly expanding to over 1,800 stores in four years [10][12] - These brands are achieving significant sales, with single-store daily revenues between 1,500 and 1,800 yuan, and a projected 80% growth in store count for 2025 [12] Group 6: Industry Transition - The new tea beverage industry is shifting from quantity to quality, with brands like Heytea and Naixue closing underperforming stores and slowing down expansion [13][14] - As of October 2025, Heytea's store count decreased by 680 to 3,930, while Naixue closed 160 stores, reducing its total to 1,638 [13] - The focus is now on enhancing single-store value, tightening franchise management, and upgrading product structures [14]

Core Insights - A new "thousand-store brand" has emerged in the tea beverage market, focusing on rural and town markets in Guangdong and Guangxi, with over 1800 stores opened in the past two years, and plans to expand into Shanghai and Shenzhen [2][4][22] Market Positioning - The brand has successfully penetrated the saturated tea beverage market by targeting less competitive areas such as urban villages and towns, contrasting with competitors who focus on urban commercial districts [10][12] - The brand's first store opened in August 2021 in Zhongshan, Guangdong, and has since replicated its model across the region, with over 200 stores in urban villages alone [12] Business Model - The brand operates primarily through "couple-run stores," avoiding professional franchisees, which allows for lower labor costs and higher commitment from store owners [6][16] - The average price for a cup of their signature brown sugar pearl milk tea is 7 yuan, with a product range that includes over 40 SKUs, all priced below 10 yuan [15][13] Product Differentiation - The brand emphasizes a unique product offering with a focus on soft and flavorful pearls, which are made using a special process to enhance taste [20] - Over 50% of sales come from the brown sugar pearl milk tea, indicating a strong focus on a single product line while maintaining a diverse menu [20] Expansion Strategy - As the market in Guangdong and Guangxi becomes saturated, the brand is looking to expand into new regions like Shenzhen and Shanghai to sustain growth [22] - The founder acknowledges the need for a more structured approach to expansion and has relocated the headquarters to Guangzhou to facilitate this transition [24] Industry Insights - The brand's success highlights that there are alternative paths to growth in a competitive market, suggesting that traditional methods can still yield significant results [26] - The current market dynamics indicate a shift in business models, where companies that can predict future market trends and adapt their strategies accordingly will thrive [26]

Core Insights - A new "thousand-store brand" has emerged in the tea beverage market, focusing on rural and town markets in Guangdong and Guangxi, with over 1800 stores opened in just four years, aiming to surpass 2000 stores this year [1][6][17] - The brand, known as "Baojinzhu," has successfully identified market gaps despite the saturation of the tea beverage market, employing a unique strategy of targeting less competitive areas [1][20] Market Strategy - The brand focuses on opening "couple-run stores," avoiding professional franchisees, which allows for lower operational costs and higher commitment from owners [3][12] - By leveraging word-of-mouth marketing through family and friends, the brand has expanded rapidly without relying on social media or traditional marketing channels [3][20] Product Offering - Baojinzhu offers a diverse menu with over 40 SKUs, primarily featuring old brown sugar pearl milk tea priced at 7 yuan per cup, ensuring affordability and variety for a wide customer base [11][9] - The brand emphasizes a "soft and chewy" texture for its pearls, which are made using a unique production process that enhances flavor absorption [16] Financial Performance - Individual stores reportedly achieve daily revenues exceeding 2000 yuan, with some stores generating over 10,000 yuan in peak sales [3][8] - The low rent and labor costs in rural areas contribute to an annual profit of approximately 200,000 yuan per store [3][12] Expansion Plans - With the saturation of the Guangdong and Guangxi markets, Baojinzhu is now expanding into cities like Shenzhen and Shanghai to sustain growth [17][19] - The founder acknowledges the need for a corporate transformation to support this expansion, focusing on improving brand management and operational efficiency [19][20]