1H25 业绩符合我们预期 公司公布1H25 业绩：收入25.0 亿元/同比+4.3%，归母净利润3.3 亿元/同比+37.5%，经调整净利润3.4 亿 元/同比-13.8%，业绩基本符合我们预期。 机构：中金公司 研究员：陈文博/林思婕/赖晟炜 下半年持续改善可期，产品研发成效显著，海外扩张有望提升长期空间。 短期看下半年外卖补贴退坡短期或扰动价格敏感客群，但中长期有望培育更广泛的消费群体及外卖消费 习惯，增强用户粘性；在补贴退潮背景下公司8月单店同比仍维持健康增长。长期看，公司将持续致力 于推出高质价比产品，提升供应链效率，强化数字化运营，以提升门店经营韧性及消费者体验，同时当 前海外发展稳步进行，我们预计全年门店数量有望达到30 家左右，有望打开长期空间。我们预计下半 年公司净开店数环比有望明显提升，但考虑补贴力度逐步收缩，下半年同店增幅或弱于上半年。利润 端，我们预计毛利率有望延续提升趋势，整体经调核心净利率水平有望实现提升。 盈利预测与估值 维持25/26 年 盈利预测，当前交易在14/11 倍25/26 年P/E；维持目标价12 港币，对应19/15 倍25/26 年P/E 和36%上行空间，维持 ...

1H25公司收入同比+4.3%，实现稳健增长。同店表现端，受益于5月起外卖补贴力度加大及门店网络优 化，2Q单店日均GMV创近一年新高，环比1Q+15%左右。店数端，1H25门店数量净增59家至8,444家(平 均运营门店数同比+4%)，其中四线及以下城市门店数上半年同比增长9%，其他层级城市门店数收缩， 主因公司聚焦下沉市场加密机会，通过区域激励政策加速覆盖。产品端，公司产品开发从供应链导向转 型为需求导向，上半年聚焦鲜果茶、鲜奶茶等核心品类推出55款新品，市场反馈积极。同时，上半年加 盟商经营情况有所改善，平均回本周期同比缩短1-2个月。整体看公司1H25经营方向稳健向上。 毛利率同比实现提升，精准营销助力改善转化率 受益于原材料结构优化、供应链效率提升及精细化成本管控，1H25公司毛利率同比+0.9ppt至32.6%，实 现稳健提升。销售费用率同比+1.6ppt至6.0%，主要系行业竞争加剧下公司加大市场推广投入，营销策 略从品牌形象建设转向特定人群与渠道的精准营销，推动营销转化率改善;管理费用率同比+1.2ppt至 10.3%，主因员工薪酬及第三方咨询费用支出增加;综合看净利率同比+3.1ppt至13 ...

智通财经APP获悉，中金发布研报称，维持茶百道(02555)25/26年盈利预测，当前交易在14/11倍25/26年 P/E;维持目标价12港币，对应19/15倍25/26年P/E和36%上行空间，维持跑赢行业评级。公司公布1H25业 绩，收入25.0亿元/同比+4.3%，归母净利润3.3亿元/同比+37.5%，经调整净利润3.4亿元，业绩基本符合 该行预期。 中金主要观点如下： 上半年同店表现较好，收入稳健增长 受益于原材料结构优化、供应链效率提升及精细化成本管控，1H25公司毛利率同比+0.9ppt至32.6%，实 现稳健提升。销售费用率同比+1.6ppt至6.0%，主要系行业竞争加剧下公司加大市场推广投入，营销策 略从品牌形象建设转向特定人群与渠道的精准营销，推动营销转化率改善;管理费用率同比+1.2ppt至 10.3%，主因员工薪酬及第三方咨询费用支出增加;综合看净利率同比+3.1ppt至13.0%。 下半年持续改善可期，产品研发成效显著，海外扩张有望提升长期空间 中长期外卖补贴有望培育更广泛的消费群体及外卖消费习惯，增强用户粘性;在补贴退潮背景下公司8月 单店同比仍维持健康增长。长期看，公司将持续致 ...

8月21日晚间，天润乳业（600419）披露2025年半年报，报告期公司实现营业收入13.95亿元，受牛只减 值影响，实现归属于上市公司股东的净利润-2185.64万元，实现归属于上市公司股东的扣除非经常性损 益的净利润5779.12万元，同比增长141.32%。 据介绍，2025年上半年，全国乳制品产品较上年同期下滑0.3%，市场价格战进一步加剧。面对市场压 力，在线上方面，天润乳业着手成立电商子公司，专注于自营线上零售业务，整合传统电商、直播电 商、社群营销等渠道资源，直接触达消费者，构建有效互动桥梁。子品牌佳丽电商向直营模式转型，已 完成京东超市签约及天猫、抖音C端的供应链搭建。 线下方面，天润乳业品牌体验店首次入驻乌鲁木齐天山国际机场，布局航空出行消费场景，让往来旅客 品尝地道"疆味"；公司与中石油新疆销售有限公司联合定制7款产品全面入驻中石油各门店，实现全疆 覆盖；新农有机纯牛奶产品进入盒马鲜生渠道，进一步打通从牧场到餐桌的有机消费链路。同时，乌鲁 木齐地区天润乳业工厂店数量由14家快速扩张至41家，积累会员万余名。 此外，天润乳业构建新媒体传播矩阵，深耕微信、微博、小红书等自媒体平台，聚焦新品种草 ...

Core Viewpoint - The Chinese tea beverage industry is facing intensified domestic competition and is increasingly looking to international markets for growth opportunities, particularly in Southeast Asia, while also exploring potential in Europe, America, and Japan [1][2]. Group 1: Domestic Challenges - The new tea beverage market in China has grown from 42.2 billion yuan in 2017 to 193.3 billion yuan in 2023, with a compound annual growth rate (CAGR) of 28.87% [2]. - The industry is entering a "ten-thousand store era," with the chain rate rising from 41.2% in 2020 to 55.2% in 2022, leading to increased market saturation and homogenization [2][3]. - Price wars and innovation fatigue are prevalent, with over 2,000 new products launched from the second half of 2023 to July 2024, but the average shelf life of new products is only about half a month [2][3]. - Major brands are experiencing performance pressure, with companies like Cha Bai Dao reporting a 10% revenue decline and a 59.7% drop in net profit in the first half of 2024 [2][3]. Group 2: Opportunities and Challenges in International Markets - Chinese tea brands face multiple challenges when expanding overseas, including high operational costs due to reliance on domestic supply chains and competition from established coffee brands like Starbucks [3][4]. - Cultural differences in consumer preferences are significant, especially in the U.S. where tea shops account for only 5% of beverage outlets, compared to coffee shops [3][4]. - However, favorable policies such as the Regional Comprehensive Economic Partnership (RCEP) and local government support are creating opportunities for expansion [4][5]. Group 3: Global Strategy and Market Focus - Southeast Asia is identified as the primary market for expansion due to its strong Chinese community and favorable climate for cold beverages, with Indonesia leading with a market size of 1.6 billion USD [5][6]. - Brands like Mixue Ice City are aggressively expanding in Southeast Asia, with nearly 4,000 stores as of September 2023, while facing competition from local brands [5][6]. - The U.S. market presents high costs and significant cultural barriers, but key coastal areas like California and New York are seen as critical entry points for new tea brands [7][8]. - The Japanese and Korean markets are slower to penetrate, dominated by Taiwanese brands, but there is potential due to a young consumer base [8][10]. Group 4: Future Trends - The global trend towards health-conscious consumption is driving demand for transparent ingredient sourcing and healthier options, with 40% of overseas consumers prioritizing food safety [11][12]. - Brands must balance localization and differentiation, adapting products to local tastes while maintaining their unique identity [11][12]. - Digital transformation is essential for reducing operational costs and enhancing efficiency across the supply chain [11][12]. Group 5: Collaborative Expansion and Standards - The industry is exploring a "group expansion" model, where leading companies collaborate with government and associations to facilitate international growth [13]. - The establishment of industry standards, such as food safety guidelines, is crucial for ensuring safe and compliant international operations [13].

Core Insights - The article highlights the successful financing of Henan Juan Tea Restaurant Management Co., Ltd., which received a loan of 9.7 million yuan from the Industrial and Commercial Bank of China, enabling the company to expand its operations rapidly [1][2][4]. Group 1: Company Overview - Henan Juan Tea, established in 2017, has differentiated itself in the competitive tea beverage market by integrating local elements and focusing on product innovation [2][3]. - The company is transitioning from a regional leader to a national player, requiring significant capital for expansion into new markets [2][4]. Group 2: Financing Challenges and Solutions - The company faced cash flow challenges due to high costs associated with store renovations and equipment, with each store requiring an investment of around one million yuan [2][4]. - Traditional financing methods were inadequate for the company's asset-light business model, prompting the need for tailored financial solutions [2][4]. Group 3: Innovative Financial Support - The Jinshui District has implemented a "three-port linkage" system (Fund Port + Financial Port + Trade Port) to provide customized financing solutions for small and micro enterprises [5][6]. - The district's financial services have achieved a loan coordination of 45 billion yuan for nearly 10,000 enterprises in 2024, with a success rate of 93.8% for credit approvals [6][5]. Group 4: Economic Impact - Following the financing, Henan Juan Tea opened eight new stores in Wuhan and Changsha within two months, creating 120 jobs and projecting annual revenue to exceed 200 million yuan [4][6]. - The company is also investing in upstream tea farmers by establishing a 500-acre ecological tea garden, which is expected to increase the annual income of 200 farmers by 30,000 yuan each [4][6].

极氪、领克整合工作继续，吉利控股和沃尔沃汽车退出股东序列。 据天眼查信息，2 月 12 日，沃尔沃、吉利控股退出了领克汽车科技有限公司股东行列。 去年 9 月，吉利集团发布《台州宣言》后，开始一系列内部整合。极氪控股领克是标志之一，去年 11 月，吉利公告，沃尔沃原持有的领克 30% 股份会出售给极氪，整合后，极氪对领克的持股比例 为 51%，成为领克最大股东。 两个品牌重新划分了产品路线，领克将主攻 20 万及以上市场，小型车聚焦纯电、中大型车聚焦混 动；极氪主攻 30 万以上市场，以中大型车为主，中型车主做纯电，大型车主做电混。2025 年，极 氪和领克的销量目标是 71 万台，要比去年增长近 40%。它们已经共享研发、供应链等资源，据我 们了解，领克即将上市的 SUV 900 的高阶智驾系统由极氪智驾团队提供。 四家中国品牌在东南亚卖了 6050 万部手机。 据 Canalys 数据，东南亚市场去年卖出了 9670 万部智能手机，大约是中国市场的三分之一，其中 约 6050 万部来自四家中国品牌，分别是 OPPO 约 1690 万部、vivo 约 1260 万部、小米约 1550 万 部、传音约 155 ...

"五年前，茶饮品牌创始人们关心的是产品与加盟管理；三年前，他们关注的是资本运作和供应链建设；现在，他们 更在意第二曲线与品牌内涵的升华" 文丨 姚兰 编辑丨高洪浩 国内现制茶饮行业的竞争日趋激烈，霸王茶姬是过去一年成长最快的一家。 我们了解到，霸王茶姬 2023 年营收突破 40 亿元，净利润在8 亿—10 亿元。2022 年，它的营收约 为 5 亿元，亏损约 4800 万元。 比霸王茶姬历史更悠久的竞争对手们——2023 年，蜜雪冰城前三季度收入超百亿元，净利润近 2 亿元；古茗前三季度收入超 55 亿元，净利润超 10 亿元；茶百道全年收入超 55 亿元，净利润超 1 亿元；奈雪的茶全年收入超 50 亿元，净利润为 0.21 亿元；沪上阿姨前三季度收入超 25 亿元，净 利润超 3 亿元。 2020 年中霸王茶姬只有不到 200 家门店。一位来自长沙的消费投资人回忆其看项目时的心态称，霸王 茶姬虽说要做 "东方星巴克"，但感受不到与茶颜悦色有什么区别。当时，诞生于长沙的新中式茶饮品 牌茶颜悦色虽未大举扩张，却已在互联网有颇高的讨论热度。 据天眼查，新式茶饮融资总金额在 2021 年达到 178.19 亿元 ...