营收利润双增、毛利率下降，茶百道卖咖啡交了“学费”Double increase in revenue and profit, decrease in gross profit margin, Tea Baidao paid "tuition fees" for selling coffee

【大河财立方 记者 郝楠楠 何凤娟】8月28日，茶百道发布2026年中期业绩公告。报告期内，公司实现营收利润双增长，现磨咖啡业务也取得新进展，咖啡机覆盖超2700家门店。

与此同时，受咖啡业务影响，今年上半年茶百道毛利率由上年同期的32.6%降至30.0%，应收款项及预付款项由去年年末的2.065亿元增至3.687亿元，贸易应收款项周转天数从1.9天拉长至8.6天。

营收利润双增，全球门店达8863家

财报显示，2026年上半年，茶百道实现收入26.55亿元，同比增长6.2%；期内利润3.45亿元，同比增长3.5%；经调整净利润3.48亿元，同比增长2.3%。

从收入结构来看，销售货品及设备仍是核心收入来源，报告期内实现收入25.24亿元，同比增长7.0%，占总营收95.0%；特许权使用费及加盟费收入8101.6万元，同比下降19.5%，占总收入3.1%；其他收入5014.9万元，同比上涨22.0%。

截至2026年6月30日，茶百道全球门店总数达到8863家，较2025年同期的8465家增长4.7%。境外门店由去年同期的21家大幅增至72家，现已覆盖13个国家和地区，韩国为最大海外市场，拥有32家门店，马来西亚、新加坡分别布局9家、7家门店，报告期内新进入加拿大、新西兰及越南市场。

今年上半年，茶百道国内门店同比增长4.1%至8791家。具体来看，下沉市场依旧是增长主力，三线及以下城市门店同比增长7.2%至4099家，占总门店数量约46.6%。

不过，茶百道在一线城市门店在持续收缩，从2024年同期的852家降至2025年同期的784家，进一步减少至今年上半年的772家。

超2700家门店卖咖啡，毛利率下降、账期变长

现制咖啡，是茶百道今年上半年重点布局的业务，现磨咖啡机已覆盖超2700家门店。但从财报数据看，茶百道的咖啡卖得不太容易。

上半年，茶百道毛利率由上年同期的32.6%下降2.6个百分点至30.0%，公司解释称主要系大力发展现制咖啡业务，向加盟商让利所致。

再看资金一侧，截至6月30日，茶百道贸易及其他应收款项、按金及预付款项由去年年末的2.065亿元增至3.687亿元，半年增加约1.6亿元；贸易应收款项周转天数从1.9天拉长至8.6天。半年报称，主要是由于发展现制咖啡业务过程中，应收若干加盟商的设备销售款项增加。

在消费终端，茶百道则选择了用低价策略打开市场。某团购平台上，茶百道上线的咖啡特惠5次卡团购，19.9元即可喝到5杯美式咖啡，折合单杯3.76元。不过，依托供应链优势与全自动咖啡机的稳定出品，茶百道可有效控制边际成本，为低价策略提供支撑。

但关键在于，这笔投入的回报周期，眼下还没有答案。一方面，瑞幸、库迪、幸运咖等专业咖啡选手在供应链效率、品牌心智、产品创新能力等方面都更有优势；另一方面，古茗、蜜雪冰城、沪上阿姨、甜啦啦等新茶饮同行们，也在抢夺咖啡消费市场：古茗在13500家门店配备了咖啡机，蜜雪冰城约6000家门店也都卖起了现磨咖啡。

茶百道在半年报中表示，2026年下半年，公司将坚定推进多品类发展策略，在巩固现制茶饮核心优势的基础上，持续丰富产品矩阵，拓展多元消费场景。现制咖啡方面，将有序深化门店覆盖，持续推进产品研发及市场推广，提升门店经营活力。

业内人士指出，新茶饮品牌加码咖啡，核心在于通过引入高频刚需品类，提升整体坪效和时段利用率，奶茶+咖啡双业务协同已经成为新茶饮行业趋势，但能否真正形成协同效应，仍有待市场验证。

(责任编辑：李荣)

On August 28th, Chabaidao released its 2026 interim performance announcement. During the reporting period, the company achieved dual growth in revenue and profit, and made new progress in its freshly ground coffee business, with coffee machines covering over 2700 stores.

At the same time, affected by the coffee business, the gross profit margin of Chabaidao in the first half of this year decreased from 32.6% in the same period last year to 30.0%. Accounts receivable and prepayments increased from 206.5 million yuan at the end of last year to 368.7 million yuan, and the turnover days of trade receivables extended from 1.9 days to 8.6 days.

Double increase in revenue and profit, with 8863 global stores

According to the financial report, in the first half of 2026, Chabaidao achieved a revenue of 2.655 billion yuan, a year-on-year increase of 6.2%; Profit during the period was 345 million yuan, a year-on-year increase of 3.5%; Adjusted net profit was 348 million yuan, a year-on-year increase of 2.3%.

From the perspective of revenue structure, the sale of goods and equipment remains the core source of income. During the reporting period, the company achieved a revenue of 2.524 billion yuan, a year-on-year increase of 7.0%, accounting for 95.0% of the total revenue; The revenue from franchise and franchise fees was 81.016 million yuan, a year-on-year decrease of 19.5%, accounting for 3.1% of the total revenue; Other income was 50.149 million yuan, a year-on-year increase of 22.0%.

As of June 30, 2026, the total number of Tea Path stores worldwide reached 8863, an increase of 4.7% compared to the same period in 2025 with 8465 stores. The number of overseas stores has increased significantly from 21 in the same period last year to 72, covering 13 countries and regions. South Korea is the largest overseas market with 32 stores, while Malaysia and Singapore have set up 9 and 7 stores respectively. During the reporting period, new markets have entered Canada, New Zealand, and Vietnam.

In the first half of this year, Chabaidao's domestic stores increased by 4.1% year-on-year to 8791. Specifically, the sinking market remains the main driver of growth, with stores in third tier and below cities increasing by 7.2% year-on-year to 4099, accounting for approximately 46.6% of the total number of stores.

However, Chabaidao's stores in first tier cities continue to shrink, from 852 in the same period of 2024 to 784 in the same period of 2025, further reducing to 772 in the first half of this year.

Over 2700 stores selling coffee, with a decrease in gross profit margin and longer payment terms

Freshly brewed coffee is a key business focus of Chabaidao in the first half of this year, with freshly ground coffee machines covering over 2700 stores. However, according to the financial report data, it is not easy for Cha Baidao's coffee to sell.

In the first half of the year, the gross profit margin of Chabaidao decreased by 2.6 percentage points from 32.6% in the same period last year to 30.0%. The company explained that this was mainly due to the vigorous development of its freshly brewed coffee business and the concession of profits to franchisees.

Looking at the funding side, as of June 30th, the accounts receivable, deposits, and prepayments of Chabaidao Trading and other receivables increased from 206.5 million yuan at the end of last year to 368.7 million yuan, an increase of approximately 160 million yuan in the first half of the year; The turnover days for trade receivables have been extended from 1.9 days to 8.6 days. The semi annual report stated that the main reason was the increase in equipment sales receivables from several franchisees during the development of the freshly brewed coffee business.

At the consumer end, Chabaidao has chosen to open up the market with a low price strategy. On a certain group buying platform, Chabaidao launched a coffee discount with 5 card group purchases. You can drink 5 cups of American coffee for 19.9 yuan, which is equivalent to 3.76 yuan per cup. However, relying on the advantages of the supply chain and the stable production of fully automatic coffee machines, Chabaidao can effectively control marginal costs and provide support for low price strategies.

But the key is that there is currently no answer to the return cycle of this investment. On the one hand, professional coffee players such as Luckin Coffee, Kudi Coffee, and Lucky Coffee have advantages in supply chain efficiency, brand awareness, and product innovation capabilities; On the other hand, new tea beverage peers such as Guming, Mixue Bingcheng, Hushang Auntie, and Tianlala are also competing for the coffee consumption market: Guming has equipped 13500 stores with coffee machines, and about 6000 stores in Mixue Bingcheng are also selling freshly ground coffee.

Chabaidao stated in its semi annual report that in the second half of 2026, the company will firmly promote a multi category development strategy, consolidate the core advantages of freshly made tea drinks, continuously enrich the product matrix, and expand diversified consumer scenarios. In terms of freshly brewed coffee, we will deepen our store coverage in an orderly manner, continue to promote product research and development and market promotion, and enhance the vitality of our store operations.

Industry insiders point out that the core of the new tea beverage brand's emphasis on coffee lies in introducing high-frequency essential products to improve overall efficiency and time utilization. The synergy between milk tea and coffee has become a trend in the new tea beverage industry, but whether it can truly form a synergy effect still needs to be verified by the market.

(Editor in charge: Li Rong)