核心观点国内现制茶饮行业未来有望在人均消费杯数和粘性上进一步提升,赛道的成长空间仍较大,主要基于头部原料健康化及供应链掌控力提升趋势、产品品类迭代升级、规模化和可得性提升、品类的海外拓展优势大、精细化管理带来人货场逻辑重塑;公司凭借国内领先的规模优势和产业链深耕优势,综合竞争壁垒较高,全球化势能厚积薄发,有望持续推进行业发展和全球布局。摘要现制茶饮消费频次和粘性迎发展新阶段,供应链和渠道价值凸显...
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