Naixue's Tea closes stores on a large scale, with only 62 locations remaining in Chengdu. Since its IPO, the company has accumulated losses exceeding 2 billion yuan.

Sichuan Daily full-media reporter Wang Mi

Nayuki, the tea brand that was once hailed as the “No. 1 stock for new-style tea drinks,” is currently undergoing the most intense contraction since its IPO.

Recently, topics about Nayuki shutting down a large number of stores last year topped the trending search lists, drawing market attention. Netizens lamented: “Remember back then, we waited in line for 6 hours just to have a cup of Boqi Strawberry.” A reporter’s on-site visit found that in Chengdu, Nayuki has only 62 stores left. Among them, the Chengdu IFS store has closed recently. Nayuki’s first Chengdu Nayuki PRO store—Fortune Center also has shut down, showing the extent of its contraction.

Nayuki’s Chengdu IFS store has closed.

With Bawang Chaji disclosing its full-year 2025 financial report on the evening of March 31, the “Six Little Dragons” in the new-style tea-drinks segment—Mixue Bingcheng, Gu Ming, Tea Bai Dao, Ayi Shanghai, Nayuki, and Bawang Chaji—have all released their annual performance. Based on the financial report figures, the industry has entered a crucial period of intense differentiation and reshaping of the competitive landscape.

“Two-sided” performance: Gu Ming’s net profit doubles, while Nayuki remains loss-making

In terms of revenue scale, Mixue Bingcheng, relying on its high value-for-money and a global network of nearly 60,000 stores, stands firmly in the top spot with 33.56 billion yuan in revenue and 5.93 billion yuan in net profit, earning about 16.25 million yuan net per day on average.

Gu Ming, meanwhile, leads the industry with astonishing growth speed. In 2025, revenue reached 12.91 billion yuan, up 46.9% year over year, while net profit rose to 3.12 billion yuan, up 108.6%. Bawang Chaji’s financial report shows that in 2025 its total GMV was 31.58 billion yuan, its net revenue was 12.91 billion yuan, and its adjusted net profit was 1.91 billion yuan. It has achieved profitability for 12 consecutive quarters.

Ayi Shanghai maintained steady growth: full-year revenue was 4.466 billion yuan, up 36% year over year, and net profit was 501 million yuan, up 52.4%. Tea Bai Dao’s full-year revenue was 5.395 billion yuan, with net profit up 71.2% year over year to 821 million yuan.

As for Nayuki, it is the only brand among the six that is still loss-making. In 2025, revenue was 4.331 billion yuan, down 12% year over year, and net losses were 241 million yuan. Although losses narrowed significantly by 73.8% compared with 2024, cumulative losses since its IPO have still exceeded 2 billion yuan, and the brand has not yet escaped the quagmire of losses.

In a battle over existing market share, store strategies diverge

Amid industry-wide price pressure and competition, each company’s stance on expansion is starkly different.

Mixue Bingcheng chose to keep “claiming territory” during the industry’s low point. In 2025, it added about 13,000 net new stores. With its global store count nearing 60,000, it expanded against the trend by leveraging high value-for-money and a strong supply chain. Gu Ming reversed its earlier cautious approach, adding about 3,640 net new stores in 2025. It restarted high-speed expansion with the funds raised through listing.

Bawang Chaji, in contrast, adopted a strategy of “improving quality domestically and accelerating overseas.” Among its net increase of 115 stores in the fourth quarter of 2025, overseas stores accounted for 83. By the end of 2025, its overseas store count had reached 345, covering 7 countries. Ayi Shanghai opened 3,654 new stores and closed 1,383, resulting in a net increase of about 2,273.

Tea Bai Dao added only 226 net stores for the full year, proactively “stomping the brakes.” Nayuki, meanwhile, is the only listed brand among the six whose total store count net decreased. It closed more than 152 underperforming direct-operated stores during the year, while加盟 stores increased only slightly by 13 to 358 stores.

Going overseas becomes a shared choice; scenario upgrades break the cycle of price wars

Facing competition for existing demand in the domestic market, overseas markets have become a common direction for new-style tea brands seeking incremental growth.

Mixue Bingcheng entered the U.S., launching in New York and Los Angeles in December 2025, and in 2026 it will move ahead with opening its first store in Brazil. It has already entered 14 countries. Bawang Chaji’s overseas business has seen high-speed growth for multiple consecutive quarters. In the fourth quarter of 2025, overseas GMV reached 370 million yuan, up 84.6% year over year and up 23.9% quarter over quarter. It has recorded high-speed year-over-year growth for three consecutive quarters. Gu Ming, Ayi Shanghai, and Nayuki are all accelerating their Southeast Asia expansion, leveraging their supply-chain advantages to seize blank markets.

At the same time, to break away from low-price price wars, leading brands have been pushing hard to upgrade store scenarios. Mixue Bingcheng launched its Snow King Castle store and is building a “retail + cultural tourism” value chain. Bawang Chaji, in 2026, will open dedicated zones for its “Morning Series” and “Evening Series,” expanding into diverse scenarios such as weddings, gatherings, and conferences.

Food industry analyst Zhu Danpeng said: “In the future, product innovation, supply-chain efficiency, global expansion and localized layout, and differentiated scenario experience will determine who ultimately wins in the reshuffling of the new-style tea-drinks market.”

来源：Sichuan Daily