Core Insights - The current milk tea market is undergoing a significant reshuffle, with nearly 160,000 milk tea shops disappearing nationwide over the past year, equating to approximately 438 closures daily [2][3][4] - Despite the closures, leading brands are expanding rapidly, with brands like Mixue Ice City and Gu Ming entering the market aggressively, while health-focused brands like Fulingji and Nuanyan are also expanding their presence [4][5][18] - The market dynamics reflect a dual phenomenon of intense competition among established brands and the emergence of new players, alongside the exit of some initial brands [7][28] Industry Trends - The milk tea market in Zibo has transformed from a regional phenomenon to a nationally recognized commercial model, characterized by accelerated expansion of leading chains, local brand resilience, and sustained consumer interest [18][19] - As of January 2026, Mixue Ice City has approximately 42,000 stores nationwide, while Gu Ming has reached 13,000 stores, indicating a robust growth trajectory for these brands [23][24] - The competitive landscape is shifting towards a "stock game" phase, where market players are focusing on efficiency, product quality, and genuine value rather than merely marketing and promotional tactics [30][32] Consumer Behavior - Consumer preferences are shifting from trendy brands to value-oriented choices, with a focus on taste and price, particularly among student demographics who favor promotions like "second cup half price" [30][31] - The ideal price range for consumers is between 6-15 yuan, indicating a demand for affordable yet quality products [30] Competitive Landscape - The competition is intensifying, with brands like Heytea, Nayuki, and Lele Tea facing challenges as they scale back operations, while newer brands and established players continue to grow [28][30] - The future of the milk tea market will hinge on supply chain efficiency and brand risk management, as companies strive to differentiate themselves through quality and cultural integration [32]

文 | 饮品报 2026年伊始，茶饮出海再添新动向。 就在日前，茶百道与新加坡本土知名商超品牌思家客（SG Mart）签署战略合作协议，宣布将共同推动 茶百道在新加坡市场的加速落地。 与高举高打的开店计划不同，这次合作更像是一次务实的战略联手。茶百道方面曾提及，其国际化讲 究"一地一策"。与思家客结盟，正是这一思路的直接体现，其将借助对方在新加坡成熟的渠道网络、仓 储物流等，为快速进入当地市场铺平道路。 01 牵手思家客，茶百道按下出海"快捷键" 茶百道的海外之旅源于2024年，其海外首店在韩国首尔落地。 与很多中餐品牌将首站选在东南亚或是华人聚集的街区有所不同，茶百道该店刻意避开了华人聚集区， 选择开在了首尔繁华的江南区。这更像是一个明确的战略宣示——从出海伊始，茶百道谋求的就是直面 本土主流消费者。 这种选择，为茶百道后续的海外拓展定下了基调——深度本土化。在2024年至2025年两年间，茶百道海 外业务高速开展，目前已覆盖韩国、泰国、澳大利亚、新加坡、西班牙、法国、美国等十余个国家及地 区，门店数量超过20家。 2025年7月，茶百道正式进驻新加坡市场，首次落地即双店齐发，选址于新加坡SCAPE、Nor ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 成都红旗连锁股份有限公司（以下简称"公司"）分别于2025年4月18日和2025年5月15日召开第五届董事 会第二十次会议和2024年年度股东会，审议通过了《关于续聘会计师事务所的议案》，同意继续聘任立 信会计师事务所（特殊普通合伙）（以下简称"立信"）为公司2025年度审计机构和内部控制审计机构。 具体内容详见公司2025年4月19日披露的《关于聘任会计师事务所的公告》（2025-008）。 近日，公司收到立信出具的《关于变更质量控制复核人的函》，具体情况如下： 一、本次变更质量控制复核人的情况 立信作为公司2025年度财务报表及内部控制的审计机构，原指派林建昆先生作为质量控制复核人为公司 提供审计服务。因立信内部工作安排变动，林建昆先生不再担任本次审计项目的质量控制复核人，变更 后质量控制复核人为张再鸿先生。 质量控制复核人张再鸿先生，于1994年成为注册会计师，1997 年开始从事上市公司审计，2011 年开始 在立信会计师事务所（特殊普通合伙）执业。 张再 ...

成都红旗连锁股份有限公司 关于审计机构变更质量控制复核人的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 成都红旗连锁股份有限公司（以下简称"公司"）分别于2025年4月18日和2025年5月15日召开第五届董事 会第二十次会议和2024年年度股东会，审议通过了《关于续聘会计师事务所的议案》，同意继续聘任立 信会计师事务所（特殊普通合伙）（以下简称"立信"）为公司2025年度审计机构和内部控制审计机构。 具体内容详见公司2025年4月19日披露的《关于聘任会计师事务所的公告》（2025-008）。 近日，公司收到立信出具的《关于变更质量控制复核人的函》，具体情况如下： 一、本次变更质量控制复核人的情况 立信作为公司2025年度财务报表及内部控制的审计机构，原指派林建昆先生作为质量控制复核人为公司 提供审计服务。因立信内部工作安排变动，林建昆先生不再担任本次审计项目的质量控制复核人，变更 后质量控制复核人为张再鸿先生。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002697 证券简称：红旗连锁 公告编号：2026-003 张再鸿先生近三年 ...

当天，红旗连锁月季街分场店长魏嘉容代表一线员工上台发言。新华西乳业总经理史晓光、华润雪花啤 酒成都现代零售总经理崔小兵、天府好粮油品牌运营总监谭发敏作为红旗连锁的优秀供应商代表依次上 台发言，并表达了继续深化合作、保障优质商品供应、共同服务好广大消费者的美好意愿。 在捐赠仪式上，曹世如以个人名义向红旗连锁帮困互助基金捐赠200万元，此笔善款将用于帮扶该公司 部分家庭困难的职工。 （文章来源：证券日报） 本报讯 2月10日下午，成都红旗连锁股份有限公司（以下简称"红旗连锁"）2026年迎新春活动在成都举 行。四川省商业投资集团有限责任公司（以下简称"四川商投集团"）党委副书记、董事贺德颖，红旗连 锁总经理曹世如以及红旗连锁董事、高管、各片区负责人及100名优秀门店店长代表欢聚一堂，共迎新 春、共话发展。活动现场，曹世如以个人名义向红旗连锁帮困互助基金捐赠200万元。 曹世如在新春致辞中表示，2025年，是红旗连锁融入四川商投集团大家庭的首个完整年度。红旗连锁 以"融合"为根基、以"创新"为引擎，在集团"放权不放责、赋能不干预"的信任和支持下取得了多项可喜 的成绩。展望2026年，红旗连锁将锚定目标、勇毅前行；坚 ...

证券代码：002697 证券简称：红旗连锁 公告编号：2026-003 成都红旗连锁股份有限公司 关于审计机构变更质量控制复核人的公告 立信作为公司 2025 年度财务报表及内部控制的审计机构，原指派林建昆先 生作为质量控制复核人为公司提供审计服务。因立信内部工作安排变动，林建昆 先生不再担任本次审计项目的质量控制复核人，变更后质量控制复核人为张再鸿 先生。 质量控制复核人张再鸿先生，于 1994 年成为注册会计师，1997 年开始从 事上市公司审计，2011 年开始在立信会计师事务所（特殊普通合伙）执业。 张再鸿先生近三年未受到任何刑事处罚，未因执业行为受到证监会及其派 出机构、行业主管部门等的行政处罚或监督管理措施，未因执业行为受到证券交 易所、行业协会等自律组织的自律监管措施、纪律处分。不存在违反《中国注册 会计师职业道德守则》对独立性要求的情形。 本次变更过程中相关工作安排已有序交接，变更事项不会对公司 2025 年度 财务报表审计和 2025 年末财务报告内部控制审计工作产生不利影响。 二、备查文件 立信出具的《关于变更质量控制复核人的函》。 特此公告。 本公司及董事会全体成员保证信息披露的内容真实 ...

史诗级大爆单 作者：内参君 AI大战给奶茶店带来1000万单 2月6日，千问APP上线"春节30亿免单"，发放奶茶免单卡，茶饮店又迎来了一场史诗级爆单。 ▲千问上线奶茶免单卡，图源网络 据官方介绍，千问APP免单卡可在全国30多万家奶茶店使用，蜜雪冰城、瑞幸咖啡、霸王茶姬、奈雪的茶、沪上阿姨、茶百道、库迪咖啡等茶饮咖啡品牌 支持使用。 可以说， 这场奶茶"狂欢"是真正意义上的席卷全国。当日不少用户在社交媒体晒出用千问下单的"第一杯AI奶茶"。 "一下子来了500单！店里人手根本不够，外卖小哥都自己动手打包了。"在天津某霸王茶姬店里，单子已经堆满了桌面，"工作人员的胳膊都快抡冒烟 了……" ▲部分店铺外卖单子都没了，只有号码牌 内参君楼下的一点点，即使在11点左右关闭线上店铺，到下午两点，仍然有多杯未做。内参君询问今天卖了多少单，店员称："太忙了，还没来得及看， 比平时多出好几倍。" 一年内史诗级大爆单2次 餐饮人真的"吃饱了"！ 其实，在2月6日的这一场奶茶大战前，餐饮行业早已被"外卖大战"席卷近半年。 2025年7月5日，餐饮行业打了一场可以说是载入史册的外卖大战，同样是茶饮品类、同样是史诗级大爆单、同样是 ...

"马上雪王"彩瓷。 "马上旺"彩瓷。本栏图片均为受访者供图 迎马年新春，洛阳三彩"现象级"爆发： 高家三彩联名蜜雪冰城的"马上雪王"、张家彩窑携手旺旺集团的"马上旺"彩瓷、洛阳三彩艺复刻的"白 马寺的马"等文创产品销售火爆，非遗技艺载体成为年轻人追捧的"社交通货"…… 上市即售罄、门店排长队的热度背后，是传统文化IP与现代商业逻辑的深度融合，也折射出洛阳文旅经 济转型的新路径、新活力——以文创为抓手，撬动消费升级，构建文旅融合发展的新增长极。 IP联动打造"爆款引擎" 2月8日，洛阳神都十三坊"洛阳有礼"门店内，"马上生花"系列布艺小马、三彩摆件"马上来财"等马年文 创受到年轻人热捧。网络上，关于"马上雪王"的讨论热度居高不下。 作为国家级非物质文化遗产唐三彩烧制技艺代表性传承人，高水旺带领团队与蜜雪冰城的合作，从最初 的文化科普视频拍摄，升级为联名文创开发，历时1个多月打磨产品细节，最终实现市场与口碑的双重 突破。 洛阳文旅集团相关负责人高震宇表示，这类跨界联名本质上是"文化IP商品化"的成功实践。国民消费品 牌拥有庞大的用户基数、成熟的渠道体系和极强的市场渗透力，而洛阳三彩承载着独特的文化稀缺 性，"非遗 ...

Core Viewpoint - The article discusses the recent surge in orders for milk tea shops due to the "AI War" initiated by the Qianwen APP, which offered a massive promotion leading to over 10 million orders in just 9 hours, highlighting the intense competition in the food and beverage industry and the challenges faced by businesses in managing such demand [5][7][21]. Group 1: AI War and Its Impact - The Qianwen APP launched a "Spring Festival 3 billion free orders" campaign, resulting in a nationwide frenzy for milk tea, with major brands like Mixue Ice City and Luckin Coffee participating [6][7]. - Within 9 hours of the campaign, over 10 million milk tea orders were placed, causing stock prices of several tea brands to rise significantly, with Gu Ming increasing over 5% to reach a record high [7]. - The article notes that this is the second major order surge within a year, indicating a pattern of intense promotional activities in the restaurant industry [8]. Group 2: Previous Delivery Wars - The article references a previous "Delivery War" that occurred on July 5, 2025, which also resulted in overwhelming order volumes, with some stores reporting a 230% increase in orders compared to normal [9][10]. - Following the Delivery War, many restaurant operators expressed concerns about the sustainability of such high demand and the negative impact on service quality [10][12]. - Regulatory actions were taken to address the chaotic competition in the delivery sector, aiming to create a healthier market environment for the restaurant industry [11][12]. Group 3: Characteristics of the Milk Tea Market - The milk tea market is characterized by its ability to attract young consumers, with a projected market size of 354.72 billion yuan in 2024, growing at 6.4% annually [17]. - The consumer base primarily consists of young women aged 22-30, with a high frequency of purchases, making milk tea a low-cost, high-repurchase category [17][18]. - The efficiency and high turnover of milk tea shops make them attractive to platforms seeking to acquire users at a lower cost [19]. Group 4: Financial Implications for Businesses - Despite the surge in orders, the profitability of milk tea shops remains challenging, as the sudden influx of orders can overwhelm staff and disrupt service quality [21][22]. - Many businesses struggle to manage the increased demand, leading to longer wait times and potential customer dissatisfaction, which can harm long-term customer loyalty [23][25]. - The article emphasizes the need for businesses to balance leveraging platform promotions for growth while maintaining their operational integrity and customer experience [27].

Core Insights - The consumer index data from Worldpanel indicates that the sales of China's urban fast-moving consumer goods market will grow by 1.5% year-on-year in 2025, maintaining a stable development trend [1] - The contribution rate of final consumption expenditure to economic growth has reached 52.0%, an increase of 5.0 percentage points compared to 2024, making it the main driver of economic growth [2] - The retail market is experiencing a dual trend of "acceleration" and "braking," with retailers focusing on high-potential areas while optimizing existing resources [13][15] Market Performance - In 2025, the sales growth rate in the eastern and northern regions will exceed the overall growth rate, with lower-tier cities showing a sales growth rate of 1.9%, indicating ongoing potential in the sinking market [1] - The beverage and food categories are leading growth, with annual sales increasing by 3.6% and 3.1% respectively [1] - The modern channel sales in urban areas will see a slight decline of 0.3% in 2025, with small supermarkets capturing the demand for daily household consumption [4] Retailer Dynamics - Walmart has surpassed the Gao Xin Retail Group, with its Sam's Club maintaining rapid sales growth, increasing its market share in modern channels by 1 percentage point compared to the previous year [4] - The top ten retailers are experiencing a continuous decline in market share, with a 0.7 percentage point drop in modern channels [5] - Local retailers like Anhui Hejiafu and Hubei Huangshang are maintaining their market share in modern channels, showcasing their competitive edge [8] Consumer Behavior Trends - The consumer demand is diversifying, with new consumption scenarios emerging, particularly in out-of-home dining, which is expected to see a 6% year-on-year increase in customer flow in 2025 [2] - The penetration rate of the pre-positioned warehouse model has reached 9%, a year-on-year increase of 2.2 percentage points, indicating a shift in consumer shopping habits towards instant delivery [10] - The retail industry is evolving towards a "near-field optimization and far-field expansion" model, focusing on precise consumer engagement and comprehensive coverage [9] Strategic Shifts - Retailers are increasingly focusing on developing private labels, with the penetration rate of private brands reaching 56.8%, up over 11 percentage points from the previous year [14] - The discount retail format remains popular among consumers, with penetration rates for bulk snack stores and discount stores increasing by 4.8 and 2.9 percentage points respectively [14] - The integration of online and offline channels is deepening, with platforms like Taobao and JD.com transforming into comprehensive service platforms [17][18] Future Outlook - The retail market is expected to continue its dual path of "acceleration" and "braking," with ongoing adjustments and optimizations [15] - The focus will shift towards building emotional connections with consumers and enhancing demand response efficiency, moving from merely meeting needs to anticipating them [11][12] - The competition in the retail sector will become more complex and diverse, requiring brands and retailers to innovate and enhance service experiences to maintain competitive advantages [20][21]