霸王茶姬，上市！
Zhong Guo Ji Jin Bao·2025-04-18 00:03

Core Insights - The Chinese tea brand Bawang Chaji has officially listed on NASDAQ, becoming the first Chinese tea drink company to go public in the U.S. [2] - The IPO price was set at $28 per share, reaching the upper limit of its pricing range, resulting in a valuation of $5.1 billion, equivalent to approximately 37.2 billion RMB [2] - The company plans to expand into the North American market by 2025 [2] Financing and IPO Process - Bawang Chaji completed two rounds of public financing totaling over 300 million RMB, with the IPO process taking only about one month [4] - The approval for the U.S. listing was granted by the China Securities Regulatory Commission on March 6, 2025, followed by the submission of the prospectus on March 26, and the official listing on April 17 [5] - Major investors include XVC Fund, Fosun, and others, with XVC holding 20.3% and Fosun holding 10.6% of the company [5] Business Expansion and Financial Performance - Bawang Chaji opened its first store in Yunnan in 2017 and has rapidly expanded its presence, with store numbers projected to grow from 1,087 in 2022 to 6,440 by 2024 [7] - Revenue figures show a significant increase from 492 million RMB in 2022 to 12.4 billion RMB in 2024, with net profit turning from a loss of 90.7 million RMB in 2022 to a profit of 2.5 billion RMB in 2024 [7] - The company's GMV surged from 1.29 billion RMB in 2022 to 29.5 billion RMB in 2024, with the "original leaf milk tea" product line contributing 79%, 87%, and 91% of GMV in 2022, 2023, and 2024 respectively [7] Marketing Strategy - The success of the "big single product" strategy is evident, particularly with the popular "Boya Juexian" milk tea [9] - Marketing expenditures have been significant, with amounts rising from 73.6 million RMB in 2022 to 1.1 billion RMB in 2024, representing 15%, 5.6%, and 8.9% of net income for the respective years [9] - The company aims to leverage its overseas capital layout, with existing stores in Malaysia, Singapore, and Thailand, and plans for North American expansion in 2025 [9]