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霸王茶姬、蜜雪冰城与瑞幸赢得市场，但维持优势更难

中国饮品巨头的最新财报显示，现在的关键已非门店数量，而是规模的质量。

    • 霸王茶姬位于VivoCity的旗舰店。该奶茶品牌正从倚重特许经营的结构，转向更高比例的直营模式。
    • 霸王茶姬位于VivoCity的旗舰店。该奶茶品牌正从倚重特许经营的结构，转向更高比例的直营模式。 照片：TAY CHU YI, 《商业时报》

    Lee Kok How

    Published Wed, Sep 9, 2026 · 07:00 AM

    本文由 AI 翻译，关键事实请以原文为准。

    查看原文

    中国的饮品连锁品牌在开设门店方面已做得非常出色，但它们的业务基本面是否也变得更好了？

    这个问题的影响超出了中国。对于新加坡的饮品乃至零售业者而言，这提出了一个熟悉的问题：扩张从何时开始会蚕食自身业务？

    瑞幸咖啡的最新业绩就体现了这种矛盾。在2026年第二季度，其营收同比增长28.5%，公司新增了2714家门店，总数达到36310家。

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