新茶饮行业IPO提速 4000亿赛道迎来新变局

Core Insights - The competition in the new tea beverage industry is intensifying, with a surge in IPO activities among key players [1][4]. IPO Activities - Since 2025, three new tea beverage companies have successfully listed on the Hong Kong and US stock markets, including Gu Ming, which went public on February 12, 2025, and Mi Xue Group, which listed on March 3, 2025 [2][3]. - The company "Hushang Ayi" plans to list on May 8, 2025, further contributing to the IPO wave in the industry [2]. Market Growth Potential - The new tea beverage market in China is expected to grow significantly, with projections indicating a market size exceeding 400 billion yuan by 2028 [4]. - Despite a decrease in the total number of tea beverage stores in the country, leading companies have managed to increase their store counts, showcasing their competitive strength [4]. Expansion into Lower-Tier Markets - Major brands like Mi Xue Group and Gu Ming are focusing on expanding into lower-tier cities, where they have captured a significant market share [5]. - The distribution of stores shows that 65% to 80% of their locations are in second-tier cities and below, indicating a strategic shift towards these markets [5]. Financial Performance Disparities - Mi Xue Group reported a net profit of 4.454 billion yuan in 2024, a 39.8% increase year-on-year, while Ba Wang Cha Ji saw a remarkable 213.3% growth in net profit, reaching 2.515 billion yuan [6]. - In contrast, Naixue's Tea reported a loss of 919 million yuan, and Cha Ba Dao experienced a revenue decline of 13.8% with a significant drop in net profit [6]. Market Reactions - The stock market has reacted differently to various tea beverage brands, with Mi Xue Group's market value approaching 200 billion HKD, while Naixue's stock price has plummeted from 19.8 HKD to 1.06 HKD [6]. Business Models - Different companies employ varied business models, with Naixue's Tea relying heavily on direct sales from its stores, while others like Mi Xue Group and Ba Wang Cha Ji utilize franchise models to generate revenue [7][8]. - The supply chain plays a crucial role in the valuation of these companies in the capital market, as it underpins their operational efficiency and product offerings [7][8]. International Expansion - Mi Xue Group has expanded its presence outside mainland China, with 4,895 stores internationally by the end of 2024, focusing on Southeast Asia [9]. - Ba Wang Cha Ji also increased its overseas stores from 95 to 156, primarily in Southeast Asian markets, capitalizing on the region's acceptance of Chinese tea culture [9].