EPISODE · Apr 20, 2026 · 8 MIN
奈雪的弯路，到底错在哪？
from AI解研说
当蜜雪冰城、古茗赚得盆满钵满，奈雪却在亏损的泥沼里挣扎。从率先上市的风光无限，到股价跌破1港元的狼狈；从差异化的双品类打法，到亲手砍掉核心的现烤业务；从坚持直营的“第三空间”梦，到向加盟模式低头的妥协，奈雪的每一步选择，都藏着新茶饮行业的残酷真相。本期我们拆解奈雪2025年财报背后的隐忧，探讨高端茶饮的护城河究竟在哪里，以及当“饮茶先”成为奢侈，我们还能期待一杯奶茶带来的松弛感吗？
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