对赴港上市“不予置评”的Manner咖啡，能否讲好资本新故事？

Core Viewpoint - Manner Coffee is considering an IPO in Hong Kong by 2026, with the company remaining non-committal on the matter, indicating potential changes in its stance compared to previous denials of such plans [1][3]. Company Overview - Founded in 2015 in Shanghai, Manner Coffee has distinguished itself in the coffee market with a small store model and a strategy of making premium coffee affordable [3][5]. - Manner Coffee has expanded rapidly, growing from a 2-square-meter store to a significant presence in the market, with a total of 2,245 stores projected by November 2025 [7][10]. Financial Backing and Growth - In 2018, Manner received an investment of 800 million yuan from Today Capital, acquiring a 40% stake, which later yielded approximately 700 million USD in returns [5]. - Manner raised 200 million USD in 2021 from Meituan Longzhu Capital, leading to a post-investment valuation of nearly 2 billion USD [5]. - Despite the pandemic, Manner opened 264 new stores in 2022 and plans to open 666 more in 2024, nearly doubling its store count [7]. Business Model - Manner's unique business model focuses on minimizing costs through small store sizes, allowing it to offer handcrafted coffee at prices between 15 to 25 yuan [15][16]. - The average daily sales per store reached 8,000 yuan with a gross margin of 50%, and the company maintains a net profit margin exceeding 10%, surpassing that of Starbucks [15][16]. Industry Landscape - The Chinese coffee market is transitioning from rapid growth to refined operations, characterized by a three-dimensional competitive landscape: high-end premium, mid-range efficiency, and low-end scale [19][20]. - Major players include Starbucks in the high-end segment, Luckin and Kudi Coffee in the mid-range, and Mixue Ice City in the low-end market [20]. IPO Environment - If Manner proceeds with its IPO, it will navigate a reformed Hong Kong IPO market, which has introduced new rules aimed at enhancing pricing and distribution mechanisms for new stocks [23]. - The new regulations provide a more flexible environment for emerging consumer brands like Manner [23][25].