奶茶店开始"卖饭"了！ 最近，牧白手作在杭州新店推出闽南芋头咸饭，引发消费者尝鲜打卡。此前，阿嬷手作也因门店摆出小碗米饭被猜测"卖饭"。 联想到前不久蜜雪冰城试点早餐计划，星巴克推20多元的"每日早餐"…… 难道"卖饭"是饮品内卷的新赛道？ 牧白手作、阿嬤手作上主食 饮品店盯上卖饭的生意？ "喝奶茶顺带吃咸饭？现在的奶茶店太会玩了！" 最近，牧白手作·茶肆全国首家商场店在杭州上城龙湖天街正式营业，令人惊讶的是，菜单上多了一个"小吃"选项，包含闽南芋头咸饭、凉拌头水紫菜、 瓯江手打鱼饼等地方风味餐食。 看到这种主食出现在奶茶店，社交平台立刻热闹起来： "这年头，不会做饭的奶茶店不是好餐馆？" 图片来源于小红书博主：小鱼大王（汉堡版），同封面首图，已获授权 最受关注的闽南芋头咸饭售价15元，品牌介绍：选用荔浦芋芯搭配黑猪五花肉、干贝、香菇等与米饭同煮，再拌入红葱油提香。 不少好奇网友尝试后给出"咸香入味、满足感超强""15块钱吃到撑"等好评。 事实上，牧白手作卖咸饭并非一时兴起，同款早就出现在其杭州塘人街首家茶肆店的线上菜单里。 无独有偶，阿嬤手作近期也因"饭"受到关注。起因是有南宁网友在门店拍到小碗米饭，引发" ...

20.9元起！米村拌饭布局轻食，轻食正成为品牌新卖点？ 最近，被不少打工人当成减脂餐的米村拌饭，在山东青岛试点上新了轻食拌饭。 在米村拌饭黄岛吾悦广场店小程序中，可看到新增了"轻食拌饭"类目，目前共有"牛油果时蔬拌饭""深海金枪鱼牛油果拌饭""照烧鸡腿肉牛油果拌饭"以 及"烤牛肉牛油果拌饭"4款产品，标签均为"沙拉"。 在价格上，轻食赛道主要分为三个区间：以Wagas为代表的人均70-100元的高端品牌，以超级碗、油梨树为代表的人均40-50元中高端品牌，及以蔓味轻 食、麦田归来为代表的人均20元左右的高性价比外卖品牌。 而米村拌饭此次推出的轻食系列，价格集中在20.9元-33.9元区间，填补了轻食品类在中端市场的空白。在相关帖子的评论区，就有不少消费者支持，并@ 米村拌饭官方账号"许愿开到家门口"。 实际上，不止米村拌饭，不少餐饮品牌都盯上了这股"轻食风"，且不约而同地选择了30元左右的价格带。 2025年年初，池奈咖喱蛋包饭官宣进行品牌升级，4月上新3款沙拉产品并公布餐品热量；6月，品牌与kepp联名，又推出了大虾荞麦轻体碗、手枪腿杂粮 超级碗、活力鸡蛋能量拌饭等轻食产品。其中，能量拌饭类产品单点价格在2 ...

Core Viewpoint - The restaurant industry in Jinan is experiencing a trend of cross-industry expansion, with beverage shops and hot pot restaurants diversifying their offerings to include light meals and snacks, responding to consumer demand for convenience and health-conscious options [2][3][4]. Group 1: Beverage Shops - Beverage shops like Tims and Luckin Coffee are expanding their food offerings, introducing items such as bagels, farmer rolls, and light meal boxes to cater to busy consumers seeking healthy lunch options [3]. - Tims has launched a "light meal" series that includes healthy lunch boxes, appealing to consumers looking for quick and nutritious meals [3]. - Luckin Coffee has created a "dessert and light meal" section in its ordering app, featuring affordable items priced under 10 yuan, enhancing its appeal to cost-conscious customers [3]. Group 2: Hot Pot Restaurants - Hot pot restaurants, particularly Haidilao, are also venturing into new product lines, such as "one-person meal" takeout options, which have become very popular, accounting for 60% of total orders in some locations [4]. - Haidilao is set to open a fried chicken store in Jinan, marking its first foray into this category, which has generated significant interest among consumers [4]. - The introduction of diverse products, including various flavors of fried chicken and snacks, reflects Haidilao's strategy to innovate and attract younger customers [4]. Group 3: Market Strategy - The cross-industry trend is driven by brands seeking to reconstruct consumer experiences and innovate products to tap into existing market potential [6]. - Haidilao's "Pomegranate Plan," set to launch in August 2024, aims to incubate new restaurant brands and promote service innovation within the industry [6]. - Experts suggest that the trend of cross-industry expansion will continue to evolve, focusing on health-conscious dining and segmented consumer experiences, posing challenges for brands to maintain quality and brand identity while meeting consumer needs [6].

Core Insights - Tims China reported a decline in revenue and same-store sales in Q1 2025, despite growth in franchise operations, indicating ongoing profitability challenges amid industry slowdown and intense competition [1][2][3] Revenue and Sales Performance - Tims China achieved revenue of 300.7 million RMB (41.4 million USD) in Q1 2025, a decrease of 9.5% from 332.1 million RMB (46.1 million USD) in the same period of 2024 [2] - Same-store sales fell by 7.8%, with direct store revenue declining by 14% to 254.8 million RMB (35.1 million USD) [2] - The number of franchise stores increased from 302 to 455 year-over-year, contributing to a 28.6% growth in franchise revenue, reaching 46 million RMB [2] Profitability Challenges - Adjusted EBITDA loss narrowed to 29.3 million RMB, improving by 44% year-over-year, but operational losses remained at 85 million RMB [3] - Cost reductions were significant, with direct store costs and expenses decreasing by 19%, including a 24.6% drop in food and packaging costs [5] Strategic Initiatives - Tims China is focusing on cost-cutting measures and expanding its franchise model, having opened more franchise locations and reduced entry barriers for new franchisees [5][6] - The company introduced 25 new products aimed at enhancing its competitive edge, particularly in the lunch segment [6] Market Position and Competition - Tims faces structural challenges in its business model, with a need to develop competitive coffee and food offerings to strengthen its market position [7] - The competitive landscape is intensifying, with major players like Starbucks and Luckin Coffee adopting aggressive pricing strategies, further complicating Tims' market positioning [7][8] Expansion Strategy - Tims plans to open over 200 new stores this year, focusing on high-tier cities and enhancing special channel expansions, including new airport franchise stores [8]

Core Viewpoint - Tims China is facing significant operational challenges, with a decline in revenue and same-store sales, despite some improvements in cost management and expansion efforts [1][3][7]. Financial Performance - In Q1 2025, Tims China reported revenue of 300.7 million RMB, a year-on-year decrease of 9.5% [1]. - The operating loss narrowed to 85 million RMB from 121.3 million RMB in the same period last year [1]. - Adjusted EBITDA was -29.3 million RMB, an improvement from -52.3 million RMB year-on-year [1]. - Same-store sales fell by 7.8%, with self-operated store sales down 6.5% due to a 14.0% drop in order volume and a slight decrease of 1.9% in average transaction value [3]. Market Competition - The coffee industry in China is experiencing intensified competition, with major players like Luckin Coffee and Starbucks implementing aggressive pricing and marketing strategies [2][3]. - Tims China is competing against established brands that have a stronger market presence, which affects its attractiveness to potential franchisees [7]. Strategic Initiatives - Tims China has implemented cost-cutting measures, reducing costs and expenses by 19.0% compared to the previous year, with significant reductions in food and packaging costs by 24.6% [4]. - The company is expanding its franchise model, with 455 franchise stores as of March 31, 2025, up from 302 a year earlier [4]. - Tims China plans to open over 200 new stores this year, focusing on high-tier cities and special channel layouts [5]. Product and Service Innovation - Tims China is enhancing its product offerings by introducing lunch options, such as the "Light Bagel Lunch Box" series, to increase foot traffic during lunch hours [6]. - The company is also collaborating with brands like Oatly to launch health-oriented products, contributing to a 25.7% increase in registered members, reaching 25.15 million [6]. Challenges Ahead - Despite progress in franchise expansion and product innovation, Tims China faces ongoing challenges in establishing a strong brand presence and competing effectively in a crowded market [7].

Core Viewpoint - Tims China (THCH.NASDAQ) reported a decline in revenue for the first quarter of this year, marking the fourth consecutive quarter of revenue drop, although net losses have narrowed significantly compared to the previous year [1][3]. Revenue Breakdown - Total revenue for the first quarter was 301 million RMB, a year-on-year decrease of 9.45%, with a net loss of 58.94 million RMB, which is a 58.73% improvement from the previous year [1]. - Revenue from self-operated stores fell by 14.0% to 255 million RMB, accounting for 84.72% of total revenue [3]. - The decline in revenue is attributed to the closure of underperforming restaurants and a same-store sales drop of 6.5% [3]. Store Performance - The number of self-operated stores decreased to 569 as of March 31, 2025, a net reduction of 7 stores [3]. - The company has experienced a continuous decline in same-store sales growth, with a reported drop of 11.7% for self-operated stores in the first quarter [4]. Cost Management - Food and packaging costs for self-operated stores decreased by 24.6% to 77.5 million RMB, with this cost representing 30.4% of self-operated store revenue, down from 34.7% year-on-year [4]. Profitability - Operating profit from self-operated stores increased by 647.83% to 17.2 million RMB, with the contribution margin rising by 5.9 percentage points to 6.7% [5]. Product Strategy - Tims China has expanded its product line by introducing lighter meal options, reinforcing its differentiation strategy in the "coffee + freshly prepared food" segment [5]. Franchise Growth - Other revenue, primarily from franchising and e-commerce, grew by 28.6% to 46 million RMB, driven by the expansion of franchised stores, which increased by 153 to 569 [8]. - As of March 31, Tims China had a total of 1,024 stores in the country, ranking eighth among domestic coffee brands [8].

Core Viewpoint - Tims China is struggling to achieve profitability despite its efforts to differentiate itself in the highly competitive coffee market through a "coffee + warm food" strategy, while facing significant financial challenges and competition from established brands like Luckin Coffee [3][4][15]. Financial Performance - In 2024, Tims China reported total revenue of 1.391 billion RMB, a decrease of 10.8% year-on-year, with a net loss of 409 million RMB, although this represented a significant reduction in losses compared to previous years [8][21]. - The company’s cash and cash equivalents decreased by 16.08% to 184.2 million RMB by the end of 2024, compared to 219.5 million RMB in the previous year [21]. - Tims China’s total liabilities reached 2.397 billion RMB, with short-term borrowings amounting to 381 million RMB, indicating increased financial pressure and liquidity challenges [22]. Business Strategy - Tims China has shifted its focus to franchise operations, with a total of 1,022 stores by the end of 2024, of which 576 are company-owned and 446 are franchised, marking an increase of 163 franchise stores within a year [11][12]. - The company aims to enhance its profitability by closing unprofitable stores and optimizing its operational efficiency, alongside establishing a strategic position for its franchise business [22][15]. Market Competition - The coffee market in China has become increasingly competitive, with Tims China facing challenges from various brands engaging in price wars and expanding their product offerings [9][24]. - Tims China’s same-store sales growth has shown a decline, with a notable drop of 21.7% in the third quarter of 2024, reflecting the intense competition and market saturation [12][27]. Product Development - Tims China has introduced a "light bagel burger lunch box" series to attract customers during lunch hours, aiming to increase foot traffic and sales [4][28]. - The company has also revamped its store model to include "made-to-order" counters, allowing customers to see the preparation process, which is expected to enhance customer experience and drive sales [28][29]. Supply Chain Management - Tims China is leveraging its parent company RBI's global coffee supply chain to stabilize and reduce costs associated with coffee bean procurement, while also sourcing local coffee beans from Yunnan [24][25]. - The company has established partnerships with various suppliers to ensure a steady supply of ingredients, which is crucial for maintaining operational efficiency in a competitive market [32].

Core Viewpoint - The coffee market is evolving as brands like Tims are introducing lunch options, indicating a shift towards offering all-day dining experiences to enhance customer engagement and increase sales [4][14]. Group 1: New Product Launches - Tims has launched a "light bagel lunch box" series, focusing on the lunch segment with a balanced meal including a bagel, salad, and a healthy drink, priced around 35 yuan, which aligns with consumer expectations [5][6]. - The new product saw a sales performance of 176% of the expected target within the first three days, particularly popular in first-tier cities like Shanghai and Hangzhou [6]. Group 2: Industry Trends - More coffee shops are adding lunch items to their menus, with examples including Kudi Coffee and Manner, which offer affordable meal options [8][9]. - The trend reflects a broader strategy among coffee brands to diversify their offerings and cater to the lunch market, which has become increasingly competitive [18]. Group 3: Market Challenges - Rising coffee bean prices and increased operational costs have pressured coffee shops, leading to a shift from expansion to survival strategies [12][20]. - Starbucks has reported a decline in same-store sales, with a 4% drop globally and a 6% drop in China, indicating challenges even for leading brands [12][14]. Group 4: Strategic Implications - Analysts suggest that adding lunch options can meet core customer needs and enhance customer loyalty, potentially leading to increased average transaction values [14][15]. - However, the coffee market's competitive landscape poses risks, as brands must balance expanding their food offerings without diluting their core coffee identity [21].