餐饮系列研究之茶饮+咖啡深度：透过《长安的荔枝》看古茗的供应链壁垒

浙商证券股份有...2025-08-08

今年以来，茶饮赛道具备较高关注度。考虑到当前较低的渗透率水平，未来茶饮赛道的高成长性不言而喻，值得更深入的研究储备。在我们看来，京沪区域暂无门店的古茗是当前资本市场与产业认识之间预期差较大的标的，值得作为核心标的做深入剖析，并以此来揭示茶饮赛道的核心竞争战略，进而推演后续的投资逻辑。本文将借助当前热播影片《长安的荔枝》的叙事逻辑，深入解析古茗的供应链壁垒，并由此试图推演古茗后续利润率提升的动因及...

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