【英文】霸王茶姬招股书（茶饮）

Company Overview and Development History - Chagee Holdings Limited, established in 2017, is headquartered in the Cayman Islands and operates through subsidiaries in China and overseas, with no variable interest entity structure [1] - As of the end of 2024, the company has a total of 6,440 stores globally, with 6,284 in China and 156 overseas, making it the largest premium fresh tea brand in China [1] Business Model and Core Advantages - The company employs a "franchise-focused, company-owned" model, with 6,271 franchise stores and 169 company-owned stores as of the end of 2024 [2] - The core product, tea latte, contributed 79%, 87%, and 91% to the gross merchandise volume (GMV) from 2022 to 2024, respectively [2] - The company leverages a "tea technology" strategy to develop automated tea-making equipment, enhancing product standardization and operational efficiency through digital systems [2] Financial Performance and Market Size - The company's net revenue increased from RMB 491.7 million in 2022 to RMB 12.4 billion (approximately USD 1.7 billion) in 2024, representing a compound annual growth rate (CAGR) of over 200% [3] - Net profit transitioned from a loss of RMB 90.7 million in 2022 to a profit of RMB 2.5 billion (approximately USD 344.5 million) in 2024 [3] - The GMV surged from RMB 1.3 billion in 2022 to RMB 29.5 billion in 2024, with the Chinese fresh tea drink market expected to grow from RMB 1,022 billion in 2019 to RMB 4,260 billion by 2028 [3] International Expansion and Future Plans - The company began international expansion in 2023, establishing subsidiaries in Southeast Asia and the UK, with plans to use raised funds for further domestic and international store network expansion [4] - Future initiatives include upgrading product development, enhancing overseas supply chains, and increasing technological investments to support business operations [4] Shareholding Structure and Corporate Governance - The company has an AB share structure, with founder Junjie Zhang holding over 90% of voting rights through B shares, which may limit the influence of minority shareholders [5] - As a "controlled company," it is exempt from certain NASDAQ corporate governance rules, which could impact governance dynamics [5]