智通财经APP获悉，茶饮股表现强势，截至发稿，沪上阿姨(02589)涨17.05%，报96.8港元；蜜雪集团(02097)涨8.98%，报420港元；古茗(01364)涨7.98%，报23.28港元；茶百道(02555)涨5.18%，报7.31港元。
消息面上，根据久谦数据，截至2025年9月全国共有52.3万家茶饮门店，9月净增0.5万家。2025年9月茶饮行业平均月店效为19.51万元，同比增长2.1%。虽然9月外卖补贴环比略有收缩，蜜雪冰城、古茗9月店效增速却实现环比逆势上涨，体现出较强的经营阿尔法。
银河证券发布研报称，新茶饮龙头FY25PE在Q3回调后已回归合理区间，该行预计在同店增长及开店驱动下，Q3-Q4蜜雪、古茗仍可实现高双位数的利润增长，全年业绩可符合预期。展望26年，该行认为行业投资主线将聚焦于份额提升，蜜雪、古茗受益于更强的品牌势能，预计2H26在外卖平台补贴策略退出后份额将获得更多市场份额。
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