扩张与挑战交 织，霸王茶姬发 布2025年终回顾 _南方+_南方 plus 1月8日，霸王茶 姬发布《2025年 终会友回顾》， 全面复盘过去一 年的探索与成 果。同时，食品 安全风波、咖啡 因舆情争议与业 绩承压的阴影， 也让这家新茶饮 品牌的2025年充 满波折。 全球化提速 年茶叶采购量万 吨级 从报告披露信息 来看，霸王茶姬 全球化版图在 2025年实现跨越 式扩张。截至 2025年底，其门 店已覆盖中国、 马来西亚、印 尼、菲律宾、越 南、泰国、新加 坡及美国，版图 拓展至8个国 家、2大洲。此 外，随着版图延 伸，海外用户规 模也实现同步爆 发，2025年亚太 海外市场会员规 模同比增长 177%。 而供应链建设， 支撑着品牌规模 化扩张的底气。 2025年，霸王茶 姬年度茶叶采购 量突破万吨级， 覆盖六大茶系及 普洱茶重要产 区，合作茶厂数 量超100家。其 中，按年使用量 排名前五的茶系 依次为绿茶、青 茶、红茶、黑 茶、黄茶。 在众多茶品 中，"伯牙绝 弦"成为现象级 单品。报告显 示，过去一年， 超3000万茶友曾 一次下单两杯及 以上"伯牙绝 弦"。据沙利文 数据，2022年1 月至20 ...

Store Expansion - Luckin Coffee opened 198 new stores domestically, reaching a total of over 7,000 stores, with a target of 10,000 by the end of the year, shifting focus from lower-tier markets to first and second-tier cities in the Yangtze River Delta and Pearl River Delta regions [1] - Other brands also expanded, including Ningji opening four stores in Xinjiang and M Stand opening its first overseas store in Tokyo [1] Product Innovation - Tea and coffee brands are frequently launching new products, with notable releases such as Tea Baidao's ice milk series and BeanStar's red meat apple coffee [3][4] - Brands are also upgrading existing products, with Starbucks introducing a new large cup size and CoCo Douku increasing matcha concentration by 1.3 times [4] Sales Performance - Tea Baidao's ice milk series surpassed 12 million cups sold by July 25, while Ningji's new store in Urumqi generated over 80,000 yuan on its first day [5] - Cross-brand collaborations are on the rise, with partnerships like 1点点 and 卡士 launching new products [5] Technological Integration - Brands are leveraging AI technology for operational efficiency, with沪上阿姨 partnering with Ant Group's subsidiary for AI store supervision [6] - Some brands are differentiating their customer experience, with Starbucks introducing free study rooms while皮爷咖啡 implements a purchase-required seating policy [6] Supply Chain Management -库迪咖啡's new global supply chain base in Anhui has an annual capacity of 4 billion cups, while Ningji is establishing lemon bases in Guangdong and Guangxi [6] - Brands are effectively managing raw material price fluctuations, with Luckin Coffee maintaining a coffee bean price of no more than 70 yuan per kilogram, ensuring high margins for franchisees [6] Financial Insights - Nestlé reported a decline in global coffee market share and an 80 basis point drop in operating profit margin due to rising raw material costs [8] - The company爷爷不泡茶 expects a net profit of approximately 700 million yuan in 2024, aiming for a valuation of 2 to 2.5 billion yuan in upcoming financing [8]

Core Viewpoint - The valuation of BaWang Tea Ji is significantly undervalued at a 15x PE ratio compared to Starbucks' 35x PE, reflecting a misalignment in market perception regarding the global narrative of Eastern tea [1][2] Group 1: Valuation Comparison - BaWang Tea Ji's current PE ratio of 15x is substantially lower than competitors like MiXue Ice City at 42x and GuMing at 40x, indicating a potential undervaluation [1] - The market's perception of BaWang Tea Ji as merely a "milk tea company" overlooks its broader business model focused on high-frequency consumption and a standardized supply chain [1][2] Group 2: Business Performance - As of March 31, 2025, BaWang Tea Ji has expanded to 6,681 global stores, an increase of 2,598 stores year-over-year, showcasing significant growth [1] - The average monthly GMV per store reached 432,000 yuan, surpassing other brands, while maintaining a net profit margin of 20%, which exceeds the average in the industry and even Starbucks' performance in China [1] Group 3: Market Expansion - BaWang Tea Ji has successfully penetrated the overseas market, achieving a total GMV of 178 million yuan in Q1, a year-on-year increase of 85.3% [2] - The company is expanding its product lines to attract coffee consumers, with successful sales in international markets such as Singapore and Los Angeles [2] Group 4: Future Outlook - Analysts suggest that if BaWang Tea Ji's overseas business reaches a 30% share, its PE could align with Starbucks' valuation at around 35x [2] - There is speculation about a potential secondary listing in Hong Kong, which could enhance liquidity and valuation due to increased mainland investment [2]