霸王茶姬2026年第二季度财报电话会纪要

发布时间：2026-08-30 一、AI总结内容 一、核心要点 1. 公司2026年第二季度聚焦高质量增长，将核心逻辑锚定为回归用户本质、打磨触点，适配茶饮行业结构性变化（供给端从增量到存量博弈、需求端价值观重构、渠道端外卖驱动公寓扩张）。 2. 二季度总收入34.15亿元，同比增2.5%、环比降3.7%；GAAP净利润4.65亿元，净利润率13.6%，同比大幅提升；Non-GAAP净利润4.89亿元，净利润率14.3%，环比稳定。 3. 二季度总GMV76.6亿元，环比降3.3%；中国区GMV71.56亿元，环比降4.5%；海外GMV5.04亿元，环比增18.2%、同比增114.3%，核心增长引擎地位稳固。 4. 二季度全球门店达7639家，净增108家，其中中国区7240家、海外399家，首次进入韩国市场，首三日门店销量破1.6万杯；海外覆盖8个市场，亚太区域博亚系列新品带动整体杯量增52%。 二、业务进展 1. 新品投放：单季上新17款创历史新高，覆盖原液鲜奶茶、茶特调、柠檬奶、抹茶吉拉朵等，经典款回归带动消费增长，试点吉拉朵门店线下GMV提升超20%。 2. 品牌建设：与阿那亚戏剧节、湖北省博物馆（首家主题店）合作，二季度末注册会员2.57亿，活跃会员复购率43%以上，超78%订单来自复购会员。 3. 运营优化：Non-GAAP管理费用率9.1%（同比降4.1pct、环比降2.5pct），Non-GAAP营销费用率8.8%，资源集中投放核心用户价值方向。 4. 门店拓展：中国区优先质量、海外有序扩张，直营门店883家，其余为加盟门店，韩国新开门店表现验证品牌区域竞争力。三、战略规划 1. 2026年是调整与企稳年，核心任务是筑牢可持续增长根基，而非追求规模高速扩展。2. 下半年聚焦落地上半年成果，延续上新节奏，优化会员体系与门店体验，坚持中国区质量优先、海外有序扩张，升级设备保障产品一致性。3. 同店趋势改善：Q3七月同店低个位数下滑（较上半年收窄），八月有望同比转正，回暖趋势具可持续性，驱动因素为新品贡献与服务细节打磨。 四、股东回报 1. 去年Q4实施1.77亿美元特别分红，将股东回报作为资本配置核心考量。2. 2026年自由现金流健康，正审慎研究常态化多元化股东回报方案（含常规分红），后续将及时披露董事会审议结果。 二、音频原文（转写） Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Chaji's second quarter 2026 earnings conference call. We will be hosting a question and answer se ssion after management's prepared remarks. Please note that today's event is being recorded. With that, I will now turn the call over to the first speaker today, Ms. Alicia Guo, investor relations director of the company. Please go ahead, ma'am. Thank you. Hello, everyone, and welcome toChaji's second. Quarter twenty twenty six earnings call with us today are mister Junjie Zhang,our CEO, mister Aden Yin, our COO, and mister Aaron Huang, our CFO. The company's financial andoperating results were released by the Newswearearlier today and are currently available online. Before we continue, I refer you to our safe harbor statement in the earnings price release, which applies to this call. Any forward looking statements that we make on this call are based onassumptions as of today. and CHADGEE does not undertake any obligations to update these statements. also, This call includes discussions of. certain non-GAAP financial measure. Please refer toour earnings release. which contains a reconciliation of non-GAAP measure to GAAP measure. withthat. I will turn the call to our CEO, Mr. Junjie Zhang. please go ahead, sir. hello大家好 欢迎参加霸王茶姬2026年第二季度财报电话会。 Hello everyone. Welcome to the strategy second quarter 2026 earnings call. 进入2026年。我们战略聚焦听本质。专注做好用户关心的每一件事儿。一季度完成组织产品。 与营销线路的梳理。为该数量增产出机。二季度。外部环境。 是有些波动啊。但这恰恰验证了我们的判断。穿越周期的根本。还是在于。 用户发自内心的认可。市场越复杂。又要回归于本质。竞争越激烈。 又要把用户的触点做到极致。二季度所有工作围绕这一逻辑展开。不是被动的去应对。而是在变化中更聚焦的。 坚持。我们一贯的路径。as we entered 2026. our strategy hasstayed focused. on a fundamentals. of the busine ss. centered on doing well by the things our consumers truly care about. In the first quarter. We completed a systematic review of our organization. product. and marketing roadmap. laying thefoundation for high quality growth. while the external environment so some volatility in the second quarter. These changes have only reinforcedour conviction. the ability to navigate cycles.ultimately comes down to genuine consumer recognition. the more complex the market. the more important it is to return to the fundamentals. themore intense of competition the more important.it is perfect Every consumer touch point. all ofour work in the second quarter was built aroundthis. logic not as reactive response. but as amore focused commitment to our proven path. 茶饮行业啊，正在经历结构性的演变。 供给端呢？当前鲜奶茶赛道啊，可以说是群雄逐鹿。核心玩家悉数入局。行业竞争格局已经从增量的 共荣。 现在转向了存量的博弈。竞争烈度。啊，极度上升。需求端呢？ 代替价值。整个价值观也被重构。呃，品牌叙事逻辑要进行迭代。过去高格调的和大城市的这种核心的逻辑，现在已然失效了。 当下用户所追求的呢，更多是自我的表达、个性的彰显和回归本质的心灵疗愈。所以，品牌应该化作和个体共鸣的温柔触点，以真诚、贴心的细致、细腻的方式来回应用户。渠道端呢外卖大战驱动下，消费习惯发生了迁移，公寓市场大幅度的扩大。那现在已经成为各大品牌的主要战场之一了。 在流量端呢分发的路径逐渐现在多元化、碎片化，要求品牌在精确追随用户迁移和高效配置资源上有更大的要求。the tea beverage industry is going through a structure. change. on the supply side. The freshmilk tea category is now crowded with more players. and a competitive landscape has shaped. fromshared growth. in an expanding market to competition over a safe space. raising the intensity of competition. on the demand side. Shifting generational value require brands to find new ways of telling their story. The old playbook. built on high profile positioning. and loud marketing.has lost its effectiveness. what customer are lo oking for today. it is individual self-expression. and a genuine sense of comfort. Brands need to become a gentle checkpoint. that resonates. with the individual. connecting through sincerity.and responding. to consumers with care. on thechannel side. intensified competition among delivering platforms is free shaping consumer behavior. The public domain has expanded meaningfully.and become a. key competitive arena. for brent.Meanwhile. traffic distribution has become increasingly deep diversified and fragmented. Brandsmust closely track where consumers are moving.and allocate resources efficiently. 那面对这些变化呢，我们主要从四个维度。 在构建我们的能力。第一呢。提升核心的能力。在前台