中国餐饮_FMD 专家会议要点：单位经济压力；补贴退坡；依托空白市场 + 利好加盟政策扩张门店-China Restaurants_ FMD expert call takeaways_ UE pressure; Subsidy retreat; Store expansion on white-spacefavorable franchise policy

16 December 2025 | 8:02PM HKT Equity Research China Restaurants: FMD expert call takeaways: UE pressure; Subsidy retreat; Store expansion on white-space/favorable franchise policy On Dec 16, we hosted an expert session on China's freshly made drink (FMD) market, with a franchisee who runs multiple milk tea shops in Zhejiang/Shanghai province, including Chagee, Chapanda, Fridayeve, etc. Key takeaways: 1) Subsidy retreat and lingering UE pressure: The expert expects subsidies to retreat in the mid/long run. U ...