Ancient Tea CEO Wang Yun'an: In the long run, the large-scale subsidy war for food delivery is not good for the operation of franchised stores.

On the evening of August 27, Gu Ming held a performance briefing for the first half of 2025. The impact of the delivery war triggered by the three Internet giants, Taobao, Meituan, and JD.com, this summer on new tea drink brands has become the focus of investors' attention. Gu Ming's founder and CEO, Wang Yun'an, stated at the performance meeting that in the long run, the delivery subsidy war is not good for franchise stores' operations and is not conducive to the long-term development of the industry. After the subsidy tide recedes, brands still need to return to normal business rhythms. In July of this year, delivery platforms launched a "zero-dollar purchase" activity, which only takes place on Saturdays and has about a 4-5 yuan impact on each order for Gu Ming. Wang Yun'an mentioned that brands with lower average prices benefit more from this activity. Gu Ming revealed that competition from delivery platforms mainly began in the second quarter, with minimal impact in the first quarter; the activity intensified in July but had limited impact on the first half of the year overall. Since August, the subsidy intensity from delivery platforms has decreased.