现制茶饮，大概是投资人们在消费领域唯一赚到钱的赛道。 文 丨 董慧 编辑 丨 钱杨 北美时间 4 月 17 日，霸王茶姬在纳斯达克上市，股价最高涨幅超过 48%，收盘价 32.4 美元 / 股，市 值达到 59.5 亿美元，成为目前市值第二大的茶饮品牌。 现制茶饮，大概是风险投资人们在消费领域唯一赚到钱的赛道。茶饮品牌几乎都靠加盟模式扩张，只 要生意好，有成千上万的大小老板们愿意送钱来开店。只要度过风险最大的初创几年，之后完全不需 要割出股份卖给风险投资机构。但大机构们各凭本事、努力把钱塞了进去。 第一个出现的 "完美标的" 是喜茶，2016 年到 2021 年，排队见创始人聂云宸的投资人们一轮轮抬出 了惊人的 600 亿估值。从江门的一家小店开始，喜茶跳过了上一代台式奶茶的粉末聚合物，创造了芝 士茶、鲜果茶新品类，产品的名字是新颖的，门店也被打造成景观。喜茶因此成为第一家能进中国一 线购物中心、把大量门店开在星巴克旁边的本土品牌。但定位高端、坚持直营的喜茶在疫情期间受冲 击最直接。2022 年之后，喜茶降价和开放加盟，产品的差异化空间变小，公司陷入低迷，投资人们也 陷入等待。去年开始，喜茶作出一系列回归和调 ...

霸王茶姬是2017年创立于云南昆明的中国茶饮品牌。2025年3月6日，中国证监会国际合作司披露《关于 Chagee Holdings Limited（茶姬控股有限公司）境外发行上市备案通知书》，霸王茶姬成为中国证监会 启动境外上市备案制度以来，第89家通过备案的拟赴美上市的企业。 新京报讯（记者王子扬）新茶饮品牌霸王茶姬母公司茶姬控股有限公司（简称"霸王茶姬"）于北京时间 4月17日晚间在纳斯达克上市，霸王茶姬一线员工代表、加盟商伙伴和投资人伙伴共同敲钟。首个交易 日，霸王茶姬上涨15.86%，收盘价为32.44美元/股，市值突破59亿美元。 本次霸王茶姬上市，花旗集团、摩根士丹利、德意志银行、中金公司、老虎证券、富途及华盛资本担任 联席承销商。根据发行价28美元/股测算，此次募资规模为4.11亿美元。4月17日晚间11时43分，第一笔 交易产生，开盘价为33.75美元/股，涨幅20.54%。其开盘后最高涨至41.80美元/股，涨幅近50%。 获得证监会备案许可后，霸王茶姬3月26日凌晨递交招股书。2024年，霸王茶姬GMV（商品交易额）为 295亿元，较上年增加173%；营收为124.05亿元，净利润为25 ...

每经编辑 杜宇 当地时间4月17日，美股三大指数收盘涨跌不一，道指下跌527.16点，跌幅1.33%；纳指跌0.13%；标普500指数涨0.13%。 大型科技股涨跌互现，英伟达跌2.93%，谷歌、微软跌超1%，苹果、奈飞涨超1%。 据券商中国，4月17日，摩根大通在最新发布的研报中警告称，虽然在今年第一季度芯片股整体业绩还行，但受美国政府的关税政策影响，今年后半年会更 难。 摩根大通将2025年全球半导体行业的营收增速预期，从此前的同比增长10%～12%，下调至"同比持平到中个位数增长"。其中芯片设备市场寒意更甚，摩 根大通把2025年半导体设备（WFE）行业的增长预期，从原来的+5%调整为0%或小幅负增长。 | 英伟达 | | | --- | --- | | NVDA US 空 | | | 104.470 昨收 104.490 量比 0.89 101.425 | | | 100.050 市值2.47万亿 换 1.24% -3.065 -2.93% = | | | 104.450 市盈™ 33.96 额 295.15亿 | | | 相关ETF ① 纳指科技ETF 0.75% 含英伟达 12.8% > | | ...

Company Celebrates Transition to a Public Company; Shares Trade Under “CHA” TickerNEW YORK and SHANGHAI, April 17, 2025 (GLOBE NEWSWIRE) -- Chagee Holdings Limited (“CHAGEE”), a leading premium tea drinks brand unique in creating a tea beverage composed of extracted original tea leaves and dairy, rang the opening bell at The Nasdaq today, officially celebrating its transition to a public company. The company shares began trading today. Junjie Zhang, Founder, Chairman of the Board, and CEO; and Hongfei Huang ...

出海。 作者 I 周佳丽 报道 I 投资界PEdaily 中国茶饮赴美第一股诞生了。 投资界-天天IPO获悉，北京时间4月17日晚间，茶姬控股有限公司（简称：霸王茶姬）正式在纳斯达克挂牌上市， 成功筹集4.11亿美 元。此次IPO，霸王茶姬发行价28美元， 开盘大涨至33 .75美元，市值一度冲破7 5亿美元（约超540亿元人民币）。 这是首个登陆美股的中国新茶饮品牌，年仅3 0岁的创始人张俊杰站上敲钟舞台。他来自云南，草根出身却成功逆袭：没上过学，早年 间在奶茶店当学徒，摸爬滚打直到2017年创办霸王茶姬，从云南茶马古道走向世界——目前已在全球开出超64 00家门店，GMV超100 亿元。 左为：霸王茶姬董事会主席、CEO张俊杰 眼前的世界变化不断，此时赴美上市吹响了出海号角，尤其引人注目。 30岁，他IPO敲钟 霸王茶姬开出了6400家 张俊杰称得上是近年商业江湖中让人惊讶的存在。 这位来自云南的年轻创始人鲜少对外谈起自己的早年经历。直到20 24年5月，霸王茶姬在上海开了一场发布会，外界才渐渐知晓张俊杰 和霸王茶姬演绎了一个怎样的逆袭故事。 那天，他回忆起自己的草根出身：没有学历、没有家庭背景。如今则是 ...

Company Overview - Chagee Holdings Limited is a leading premium tea drinks brand that serves healthy and delicious freshly-made tea drinks, founded in 2017 [6] - The company has transformed traditional tea culture into a modern lifestyle experience by leveraging cutting-edge technology and innovative branding [6] Initial Public Offering (IPO) Details - Chagee announced the pricing of its initial public offering of 14,683,991 American Depositary Shares (ADSs) at an initial price of US$28.00 per ADS, aiming for gross proceeds of approximately US$411.2 million before underwriting discounts and commissions [1] - The offering includes a 30-day option for underwriters to purchase an additional 2,202,598 ADSs to cover over-allotments [1] - The ADSs are expected to begin trading on the Nasdaq Global Select Market under the symbol "CHA" on April 17, 2025, with the closing of the offering anticipated on April 21, 2025 [2] Underwriters and Regulatory Filings - Citigroup Global Markets Inc., Morgan Stanley Asia Limited, and Deutsche Bank AG, Hong Kong Branch are acting as representatives of the underwriters for the transaction, with additional underwriters including China International Capital Corporation Hong Kong Securities Limited, Tiger Brokers (NZ) Limited, Moomoo Financial Inc., and Valuable Capital Limited [3] - The company's registration statement on Form F-1 relating to the offering was filed with the U.S. Securities and Exchange Commission and declared effective on April 16, 2025 [4]

划重点 ① 霸王茶姬以强劲业绩（GMV 295亿元、20.27%净利率、6440家门店）赴美 IPO，通过"文化 出海"战略和本土化生产，试图成为中国茶饮品牌国际化的先行者。 ② 蜜雪冰城凭借"供应链即霸权"（ 97%收入来自供应链，12小时冷链覆盖90%国土）的模式成 功占领下沉市场，证明了低价策略背后是极致的供应链管理能力。 ③ 星巴克中国陷入"第三空间保卫战"的困境（市场份额下降 8%），面临定价权丧失和文化代 差双重挑战，反映出中国茶饮品牌正在重构行业话语权。 RockFlow 本文共4181字， 阅读需约16分钟 霸王茶姬 IPO 在即，股票代码为"CHA"。作为新茶饮的佼佼者，其展现出令人瞩目的增长数据：2024 年 GMV 同比增 173% 达 295 亿元，净利润 率 20.27% 领先行业，两年内门店数增长近 6 倍至 6440 家。 这些亮眼数据背后，离不开霸王茶姬的三个重要洞察： 规模化与标准化的完美平衡 在中美关系紧张、监管趋严的背景下，霸王茶姬选择赴美 IPO 具有标志性意义。其"文化出海"理念和本土化生产策略，或将为中国消费品牌的国际 化提供新范式。 霸王茶姬此次 IPO 不仅是一 ...

Core Viewpoint - Chagee Holdings Limited, known as Bawang Chaji, is preparing for an IPO on NASDAQ under the ticker symbol CHA, aiming to raise between $381.78 million and $411.15 million by issuing 14.68 million ADSs at a price range of $26 to $28 each [3][4]. Company Overview - Bawang Chaji, established in 2017, is a leading high-end tea beverage brand in China, inspired by the global coffee shop trend since the 1970s [7]. - The company operates the largest network of high-end tea shops in China, with 6,440 locations as of December 31, 2024, of which 6,284 are in China [7]. - Bawang Chaji's total sales revenue (GMV) reached RMB 10.8 billion in 2023 and RMB 29.5 billion in 2024, marking it as the fastest-growing brand among tea beverage companies with over 1,000 stores in China from 2022 to 2024 [7]. Financial Performance - The company's revenues for the years 2022, 2023, and 2024 were RMB 4.92 billion, RMB 46.40 billion, and RMB 12.41 billion, respectively, with net profits of RMB -1.45 billion, RMB 7.25 billion, and RMB 2.38 billion [16][18]. - Bawang Chaji's revenue from franchised teahouses was RMB 3.37 billion in 2024, while revenues from company-owned teahouses reached RMB 773.21 million [18]. Shareholder Structure - The company has two classes of shares: Class A shares with one vote per share and Class B shares with ten votes per share [11]. - Junjie Zhang holds 19.90% of Class A shares and 38.65% of Class B shares, making him the largest shareholder [11][12]. Management Team - The management team includes Junjie Zhang as Chairman and CEO, Dengfeng Yin as COO, and Hongfei Huang as CFO, among others [15][14]. Underwriting and Legal Advisors - The underwriting team for the IPO includes Citigroup, Morgan Stanley, Deutsche Bank, and others, with KPMG serving as the auditor [18].

Core Viewpoint - The tea brand Bawang Chaji is seeking to raise $411 million through an IPO in the U.S., despite market volatility caused by U.S. tariff policies [1][3]. Company Overview - Bawang Chaji was founded in 2017 and has become the largest and fastest-growing premium tea brand in China, with a network of 6,440 stores as of December 31, 2024 [4][5]. - The company has a significant presence in China, with 6,284 stores, and 156 overseas [5]. Financial Performance - Bawang Chaji's revenue has shown remarkable growth, with figures of RMB 4.92 billion, RMB 46.40 billion, and RMB 124.06 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 193.24% [12]. - The net income for 2024 is projected to be RMB 25.15 billion, with a net profit margin of 20.3%, outperforming competitors like Mixue and Gu Ming [8][16]. - The average monthly sales per store increased from 8,981 cups in 2022 to 25,099 cups in 2024, with average monthly GMV rising from RMB 177,500 to RMB 511,700 [8]. Market Position and Strategy - Bawang Chaji's growth strategy includes a focus on a "super single product" approach, with its signature tea latte contributing significantly to its revenue [19]. - The company has maintained a low store closure rate of 0.5% in 2023 and 1.5% in 2024, indicating strong operational stability [11][16]. Expansion Plans - The company plans to open 1,000 to 1,500 new stores in 2025, which is about half of the previous year's expansion rate [11]. - Bawang Chaji's rapid expansion has led to a significant increase in store numbers, with a growth of 83.4% from 3,511 stores in 2023 to 6,440 stores in 2024 [7]. Challenges and Risks - Despite strong growth, Bawang Chaji has experienced a decline in same-store sales growth, with a drop of 18.4% in Q4 2024 [11][12]. - The increasing density of stores in certain regions has led to market saturation, impacting same-store GMV [13][15]. - The brand faces competition from similar products launched by rivals, which could dilute its market share and affect customer loyalty [19].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 映 恩生 物 港股｜上市在即 据IPO早知道消息，Duality Biotherapeutics, Inc.（以下简称"映恩生物"）计划于2025年4月15日 正式以"9606"为股票代码在港交所主板挂牌上市。 映恩生物计划在本次IPO中发行15,071,600股股份。其中，香港公开发售1,507,200股股份，国际发 售13,564,400股股份。 值得注意的是，映恩生物在本次IPO发行中总计引入十余家基石投资者，累计认购规模6500万美元 （5.05亿港元）——BioNTech SE(Nasdaq: BNTX)认购500万美元、礼来认购500万美元、清池资 本（Lake Bleu Prime）认购500万美元、TruMed Investment认购1000万美元、富国基金认购 1000万美元、易方达基金认购800万美元、汇添富基金认购600万美元、磐京基金认购500万美元、 MY.Alpha Management认购500万美元、Exome Asset Management认购400万美元、苏 ...