霸王茶姬招股书（茶饮）

Core Insights - Chagee Holdings Limited, a premium tea drink brand from China, has filed for an IPO on NASDAQ, aiming to replicate the global success of coffee giants through a blend of technology and traditional tea culture [1][2] Group 1: Company Growth - Founded in 2017 in Yunnan, China, Chagee has rapidly expanded to 6,440 stores globally by the end of 2024, with 6,284 located in China, making it the largest high-end tea drink brand in the country [2][35] - The company's total sales (GMV) reached approximately RMB 29.5 billion in 2024, marking a staggering growth of over 22 times from RMB 12.9 billion in 2022 [2][35] - The majority of its stores (6271) operate under a franchise model, which has been pivotal for its rapid expansion [2] Group 2: Product Strategy - Chagee focuses on a simplified menu, with its signature tea latte series accounting for over 90% of sales, and three top-selling products representing 61% of sales in China [3] - The company employs patented extraction technology to enhance the flavor of its tea, aiming to create a unique taste experience that transcends cultural differences [3] Group 3: Technological Innovation - Chagee positions "tea technology" as a core competitive advantage, utilizing smart brewing equipment that reduces the time to prepare each cup by 30% [4] - The company has achieved full digital integration across its operations, including beverage preparation, membership management, and supply chain coordination, leading to a 179% increase in average monthly sales per store to 25,000 cups in 2024 [4] Group 4: Global Expansion - The brand has established 156 overseas stores in markets such as Southeast Asia and the UK, with a 47% year-on-year increase in overseas sales in 2024 [5] - Chagee's vision includes making tea a global lifestyle choice, with plans to enhance its overseas supply chain network and establish regional centers in major cities in Europe and North America [5] Group 5: Market Challenges - As store density increases, the company is experiencing a normalization in same-store sales, indicating a competitive market environment [6] - Chagee is enhancing customer loyalty through a membership system, achieving a repurchase rate 1.8 times higher than the industry average [6] - The upcoming IPO will primarily fund store expansion, new product development, and digital system upgrades, with the company's ability to sustain long-term value under scrutiny as the tea drink market matures [6]