根據2025年中期業績報告顯示，奈雪的茶在2025年上半年關閉160家經營狀況不佳的門店，其中包括132家直營店與28家加盟店。這一連串的收縮動作，被外界視為品牌在市場環境轉變下進行的結構調整，也反映出整個高端茶飲市場正在面臨壓力。

從財務表現來看，該品牌在2025年上半年的集團收入約為21.78億元人民幣，較去年同期下降約14.4%。即使在調整相關財務項目後，整體營運仍然處於虧損狀態。營收與獲利同步下滑，顯示品牌在當前市場競爭環境中正面臨明顯的經營壓力。

市場定位方面，高端茶飲品牌近年遭遇消費環境變化的衝擊。隨著消費者趨向更理性的支出習慣，以價格優勢著稱的 蜜雪冰城 等品牌迅速擴張，吸引大量對價格敏感的客群。為了應對市場變化，奈雪的茶也嘗試調整價格策略，將平均客單價壓低至30元人民幣以下。然而，即便價格有所下調，門店的日均訂單量仍未出現明顯提升，顯示單純依靠降價並未能有效刺激需求。

在國際市場方面，品牌也積極推動海外布局，陸續進入泰國與新加坡等市場，希望透過海外擴張尋找新的成長動能。不過，部分市場觀察者與網友認為，如果無法先解決中國本土市場的盈利壓力以及產品同質化問題，僅靠拓展海外市場恐怕難以從根本上扭轉整體業績的下滑趨勢。

此外，加盟模式的門檻也被認為限制品牌的擴張速度。與多數連鎖茶飲品牌相比，奈雪的茶加盟成本相對較高，單店投資金額大約需要150萬元人民幣。較高的資金門檻，使得潛在加盟商的數量受到一定限制，也降低了品牌快速擴張門店規模的能力。

值得注意的是，這種收縮現象並非單一品牌的個案。另一家高端茶飲龍頭 喜茶 在2025年也出現明顯的門店縮減，全年淨減少約680家門店。這一趨勢顯示，整個「高端茶飲」賽道正在進入一輪激烈的市場洗牌期，各品牌正面臨新的競爭格局與市場考驗。

According to its mid-year financial report for 2025, Nayuki closed 160 underperforming stores in the first half of the year, including 132 directly operated outlets and 28 franchise locations. This wave of closures has been widely interpreted as a structural adjustment in response to shifting market conditions and reflects the growing pressure facing the premium tea beverage sector.

From a financial perspective, the company reported revenue of approximately RMB 2.178 billion in the first half of 2025, representing a year-on-year decline of about 14.4%. Even after accounting adjustments, the company remained in a loss-making position. The simultaneous decline in both revenue and profitability highlights the operational challenges the brand is currently facing in an increasingly competitive market.

The brand’s premium positioning has also come under pressure amid changing consumer behavior. As consumers become more price-conscious, lower-priced chains such as Mixue Bingcheng have rapidly expanded and captured a large share of price-sensitive customers. In response, Nayuki attempted to adjust its pricing strategy by lowering its average order value to below RMB 30. However, even with this price reduction, the average daily order volume at stores did not show significant improvement, suggesting that lowering prices alone was insufficient to stimulate demand.

International expansion has been another strategy pursued by the company. The brand has been actively entering overseas markets such as Thailand and Singapore in an effort to find new sources of growth. However, some market observers and online commentators argue that if the company cannot resolve its profitability challenges in the domestic market or address the issue of product homogenization, overseas expansion alone is unlikely to reverse the overall decline in performance.

Another factor affecting expansion is the relatively high threshold for franchise investment. Compared with many competing tea chains, the cost of opening a Nayuki franchise is significantly higher, with a single store requiring an investment of around RMB 1.5 million. This high financial barrier limits the pool of potential franchisees and reduces the brand’s ability to scale rapidly through franchising.

Notably, this contraction is not unique to a single company. Another major premium tea brand, Heytea, also experienced a significant reduction in store numbers in 2025, with a net decrease of about 680 outlets within a year. This trend suggests that the entire premium tea beverage segment is entering a period of intense market reshuffling, as brands across the sector face a new competitive landscape and mounting pressures.