霸王茶姬:店销下滑及增量投入致利润承压 关注调整效果

中金公司
Sep 02

2Q25 业绩低于我们预期公司Q2 营收同比+10.2%至33.3 亿元,经调整净利润同比+0.1%至6.3 亿元,经调整净利润率同比-1.9ppt 至18.9%,业绩低于我们预期,主因同店恢复低于预期及海外市场增量投入。公司Q2 门店净增357 家至7,038 家(大中华市场门店净增318 家至6,830 家,海外门店净增39 家至208 家;加盟店净开309 家,直营店净开48 家)。2Q25...

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