霸王茶姬的“反卷”答卷:拒入补贴红海,押注品牌长期价值

前海时代Finance
Dec 05, 2025

近日,新茶饮头部品牌霸王茶姬披露2025年前三季度财报,一份“增长微承压但底气仍充足”的成绩单引发行业关注。数据显示,其前三季度净收入99.33亿元,同比增长9.5%;经调整后净利润18.1亿元,同比微降0.3%。值得注意的是,在美团、阿里“百亿补贴”搅动行业的背景下,霸王茶姬选择坚定“不参战”,并同步宣布首次现金分红12.5亿元,彰显了其锚定长期品牌价值的战略定力。战略取舍,补贴红海外的理性坚守...

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