霸王茶姬（CHA）今日盘中股价大跌6.41%，引发市场关注。此次下跌发生在公司发布2025年第三季度财报后，财报显示其营收和净利润均出现下滑。
财报数据显示，霸王茶姬第三季度净收入为32.08亿元，同比下降9.4%；净利润为3.98亿元，同比下滑38.5%。同时，公司同店月均GMV连续七个季度下滑，2025年三季度为37.85万元，较去年同期下降28.3%。管理层将部分原因归咎于国内外卖平台的价格战，导致消费者对价格敏感，但公司坚持不参与价格战以维护品牌定位。
尽管霸王茶姬在海外市场表现亮眼，海外GMV连续两个季度同比增长超75%，但目前海外业务仅占总GMV的3.8%，难以抵消国内市场的疲软。此外，公司产品上新节奏放缓，过度依赖核心单品“伯牙绝弦”，也引发了市场对其长期增长潜力的担忧。
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