行业近况25 年品牌分化持续，4Q25 外卖退坡下现制饮品好于预期，部分正餐边际改善。看好现制饮品头部品牌维持好于行业的同店和开店表现，关注部分品牌调改效果和新品牌潜力。评论分化持续，4Q25 外卖退坡下现制饮品表现好于预期，部分正餐迎来边际改善。我们估计4Q25 沪上/古茗/茶百道/瑞幸/奈雪同店收入分别同比增长超20%/接近20%/双位数/10%/3%；锅圈同店同比增速高单位数；海底捞受益于...
Source Link行业近况25 年品牌分化持续，4Q25 外卖退坡下现制饮品好于预期，部分正餐边际改善。看好现制饮品头部品牌维持好于行业的同店和开店表现，关注部分品牌调改效果和新品牌潜力。评论分化持续，4Q25 外卖退坡下现制饮品表现好于预期，部分正餐迎来边际改善。我们估计4Q25 沪上/古茗/茶百道/瑞幸/奈雪同店收入分别同比增长超20%/接近20%/双位数/10%/3%；锅圈同店同比增速高单位数；海底捞受益于...
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