跟讀練習: Why Chinese Bubble Tea Chains Are Brewing Billions - 通過影片學習英語口語
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141 句
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It's sweet
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It's chewy
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And it's bubbling up into billion-dollar empires
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We have now three bubble tea IPOs that have come to the Hong Kong market
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A standard cup of bubble tea retails for roughly $5 But once you subtract the cost of ingredients,
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labour, advertising and fixed overheads like rent and utilities
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the profits shrink fast Take into account the industry's average profit margin of about 20%,
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and business owners are making about $1 in earnings per $5 cup.
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So how do all these tiny transactions add up into a billion-dollar business?
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From humble tea stalls to initial public offerings raising hundreds of millions, Chinese bubble tea brands are stirring up serious money,
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turning founders into overnight billionaires and flooding Hong Kong's stock market.
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Gu Ming there making its debut on the Hong Kong market.
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Mi Xue meaning Honey Snow making its debut in the Hong Kong market.
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Auntie Jenny, Debuting in Hong Kong market.
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But beneath the foam lies a tougher question.
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How can these brands stand out in a crowded and competitive space?
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And with everyone racing to go global, is the bubble about to burst?
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This story's origins began in Taiwan in the 1980s.
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Bubble tea, or boba, is a blend of milk tea and chewy tapioca poles.
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The drink was playful, refreshing, and quickly became a local hit.
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As Taiwan's economy grew, so did its cafe culture.
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But it was mainland China that turned bubble tea into a modern-day gold rush.
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By the turn of the century, rising middle-class incomes and urbanization filled demand for lifestyle beverages.
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The drink became a beloved symbol of Taiwanese culture and national identity, even inspiring a national bubble tea day.
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But it didn't stop at home.
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The bubble burst onto global shores like Southeast Asia, the US and even the Middle East.
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Globally, freshly made beverages, FMP market is a huge market.
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If we are talking about the market size back in 2023,
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we are talking about 779 billion market size and is expected to grow to 7.2% CAGR per year by 2028.
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Over the course of just four months in 2025, three bubble tea chains stirred up Hong Kong's IPO market.
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In February, Gu Ming fizzled, raising $232 million but closing 6.4% below its listing price on day one.
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Mishra scooped up $444 million and rocketed 47% at the bell.
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Aunty Jenny sought 75% above its listing price and raised about 35 million intraday in May.
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I think this is the right place at the right time.
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A lot of global investors, they are trying to invest in the sector less sensitive to the US tariff.
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So domestic consumption, younger generation consumption is more stable or less vulnerable sector.
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In terms of the stock price performance, they are up around 20% to 150%.
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So most of them actually outperform the relevant indices in the region.
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The key difference is the expectation of growth.
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So who's currently sipping the biggest share?
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Mi Xue now runs over 46,000 stores globally, exceeding American-grown fast food chains, McDonald's, Starbucks, and Subway.
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Once considered the gold standard of cafe culture in China, Starbucks is now steadily losing ground.
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It's interesting that Starbucks isn't just facing competition from homegrown Chinese coffee chains, but also bubble tea chains that are now selling coffee for coffee-style drinks.
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So people like to say that in China, the line between bubble tea and coffee is often blurred.
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As coffee and tea brands compete for the same consumers, the real battleground boils down to scale, pricing, and franchising.
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And that's where Chinese bubble tea chains are rewriting the playbook.
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V-Share is the most aggressive one in terms of store opening up.
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In 2024, they are growing at around 22% in new store growth, and almost 100% of their store is franchising.
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Vsher is also targeting, I would say, the budget or price cautious clientele.
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It has taken that low cost model across the borders.
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Its biggest overseas markets include Vietnam and Indonesia, and it has managed to undercut some rivals there and grab market share by pricing below their rivals.
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Auntie Jenny, I think their business model is targeting Tier 3 and Tier 4 cities.
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New store growth, we are talking about 56% plus.
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In terms of pricing, they're slightly higher than Wexuan.
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Gu Ming, I would say, is on the mid-tier side.
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We are talking about US$1.5 to US$2 per drink.
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Gu Ming is targeting in tier 2 cities.
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Among the three, they are growing the lowest.
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The real money is in the model.
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Most of these brands don't run the stores themselves.
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Instead, nearly every outlet is franchised.
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A franchisee pays an initial setup fee, often ranging from $30,000 to $80,000, depending on the country.
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They buy ingredients through the brand's central supply system and pay ongoing royalties.
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This could be a fixed monthly fee or a percentage of revenue.
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So how do you scale that across countries, cultures and consumers?
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To find out why franchising has become the dominant model, we spoke to Gong Cha,
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a Taiwanese-born bubble tea brand with over 2,000 stores across 28 markets globally.
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We map the world quite carefully in terms of the potential upside for our franchise.
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Number one, is the consumer ready for it?
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People are moving away from coffee into tea, particularly the younger generation.
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Our core audience is smart young women under 30, and that growing base of consumers,
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high-frequency users of category, means that we can land in countries and have a great business day one.
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Second, we look at how complex it is of the supply chain, and can we land and make sure we have a profitable business for our franchise partners.
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If you've got those two things together, consumer and a profitable model, then we're ready to go.
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But franchising isn't always a straight shot to success.
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While the parent company collects royalties, franchisees often bear the brunt of rising rents, intense competition and small margins.
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And when too many outlets pop up, maintaining a consistent customer experience across regions becomes increasingly difficult.
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The normal payback period for the business owner, for the franchisee, is between 18 to 24 months.
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At the same time, the market close rate for the franchisee is around 20% in general.
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Another issue is store location.
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Some operators are squeezed even further when new outlets open just metres away.
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In some areas, multiple niche stores are located on the same street, just 200 metres apart.
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Online complaints are growing louder, with critics accusing the company of prioritising expansion over franchisee profitability,
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shifting risks onto small business owners.
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An operator or the business owner, they face competition that there is another franchisee opening up next door to you because product differentiation is no difference.
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So if you have to differentiate it by service, the quality, maybe you know your smile.
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Their success increasingly depends on the strength of their supply chains.
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So take MeSwe for example, it's built more like a supply chain business than a T brand.
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The company's revenue actually mostly comes from selling raw materials, ingredients, packaging materials and equipment to its franchisees.
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Mieswest says it produces 60 to 100% of its ingredients in-house
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and it also has a huge procurement network buying from 38 countries
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and that allows it to source things like lemons and milk powders at rates that are lower than rivals.
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It also has its own delivery and warehouse system.
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So all this supply chain model has really allowed the company to drive down costs and also to keep profit margins healthy.
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Great bubble tea starts with great tea.
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We have built this dedicated tea plantation in Vietnam, and that way we control end-to-end supply chain.
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That helps us work with our suppliers to leverage that scale to ensure our commodity costs can be low.
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In some cases, we've had those savings and able to pass it on to our franchise partners.
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So integration is important.
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We try not to own anything because we have a capital light model.
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But at the same time, our supply partners are really on the front foot to ensure that as we enter new markets, they have the capacity to deliver the volume
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and they've figured out a way to get it to market as low cost as possible without compromising quality.
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While franchising builds reach, virality and taste build obsession.
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It's not just tea, right?
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It's your tea and you can customise everything from sweetness levels on a sliding scale, 20%, 70%.
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You can choose how much ice you have and you can choose your toppings and your tea base as well.
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Bubble tea has seen many localised or regional flavours infused into different markets.
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We've got matcha in Japan, taro in Taiwan, palm sugar in Malaysia, even durian flavours in Singapore.
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So these are all different possibilities.
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90% of our menu is global.
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We're just launching a watermelon in Korea.
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And if it works there, we'll prove the business case and then actually can roll it to other markets.
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That seems to be how we tend to innovate.
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Prove it in a market, see what kind of consumer demand is, making sure it's profitable when we roll it out around the world.
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Search the bubble tea hashtag on Instagram and you'll find more than 4 million posts.
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This has helped the drink's popularity to surge globally.
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This store is very famous.
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I want to try this bubble tea.
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I like it so much because it's very yummy.
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It's only $15.
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I think the price is really great.
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Mishue's viral mascot and jingle drove brand engagement without using pricey ads.
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Taking a different approach, Haiti and Naishue leaned into limited edition drops.
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luxury packaging, and branded collaborations.
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Brands are constantly innovating how they connect with customers, with loyalty programs, delivery-only stores, and even robotic tea makers.
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So how long can the sugar rush last?
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While stores are opening up, they're also closing down.
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According to Chinese state media securities Times, Mi Xue, Auntie Jenny, Gu Ming,
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and Cha Penda saw a store closure rate of between 4.2% and 11.4% in 2024.
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With more chains flooding the market and menus starting to look the same, some chains have shuttered stores due to overexpansion,
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intense price wars and stiff competition.
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Real estate's a big drag on a business like ours and so is labour.
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I think it's moving away from larger footprint, experiential stores that are heavy on rent, heavy on labour, to more stores that are in the way, on the way.
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How we never get competitors, always a good thing and our new technology can deliver beverages at pace.
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The next frontier may not be another storefront.
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It could be premiumisation, health innovation or even AI-powered tea shops.
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The only question now is who'll survive the next wave?
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Whether that's robotic technology that might help us, whether that's a low labour model that'll ensure maximum profitability, we're already getting there.
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Key trends like energy or inclusions that are good for you, functional benefits, better for UT and having fun.
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I think those things will be at the forefront of innovation.
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That's the category of the future.
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關於本課
在這一節中，學習者將通過分析和討論中國奶茶產業的快速發展，來提升英語聽說能力。通過聆聽影片中的內容，您將能夠練習專業詞彙、瞭解商業運作模式，並通過具體例項加深對英語口語的理解。特別是通過學習該行業的獨特表達，您將掌握如何在更復雜的對話中自信地交流。
關鍵詞彙與短語
- 泡沫茶 - 指一種包含奶茶和木薯球的飲品
- 首次公開募股（IPO） - 公司首次在公眾市場上出售股票的過程
- 利潤 - 企業收入減去成本後的盈利
- 咖啡文化 - 社會對咖啡飲品及其飲用場所的偏好
- 全球化 - 企業或品牌拓展至國際市場的過程
- 市場份額 - 一個品牌在整體市場中所佔的比例
- 連鎖經營 - 一種經營模式，允許企業的多個分店以相同的品牌和經營方式運作
- 消費者 - 購買和使用商品和服務的人
練習建議
在觀看影片時，建議您結合英語影子跟讀的方法進行練習。您可以將影片的速度調節至適合您的水平，慢慢跟讀內容。這種英語口語練習可以幫助您更好地掌握髮音和語調。
具體來說，您可以嘗試在影片放慢的情況下重複每一句話，尤其是在重要的關鍵詞彙和短語處，及時停頓並重申，以加強對這些表達的理解和記憶。
另外，記得關注影片中對於行業競爭和商業模式的描述，這不僅可以提高您的聽力理解，也能使您在討論類似主題時更加自信。運用所學的詞彙，隨心所欲地與他人交流，逐步提升您在真實對話場景中的表現。
通過這類影片內容，讓看YouTube學英語成為提高語言能力的有效途徑，持續的練習將幫助您顯著改善提高英語發音的能力。
影片中的語法
說話人最常用的結構，並附上影片中的原話：
| 結構 | 影片中的用法 |
|---|---|
| 現在完成時 have/has + 過去分詞 — 過去發生但與現在仍有關聯的事 | have come · has taken · has managed |
| 被動語態 be + 過去分詞 — 強調發生了什麼，而不是誰做的 | is expected · is often blurred · is franchised |
什麼是跟讀法？
跟讀法 (Shadowing) 是一種有科學依據的語言學習技巧，最初開發用於專業口譯員的培訓，並由多語言者Alexander Arguelles博士普及。這個方法簡單而強大：您在聽英語母語原聲的同時立即大聲重複——就像是一個延遲1-2秒緊跟說話者的影子。與被動聽力或語法練習不同，跟讀法強迫您的大腦和口腔肌肉同時處理並模模擬實的講話模式。研究表明它能顯著提高發音準確性，語調，節奏，連讀，聽力理解和口語流利度——使其成為雅思口語備考和真實英語交流最有效的方法之一。