四年融资空窗后，Manner上市传闻再起

Core Viewpoint - Manner Coffee, a Chinese coffee chain, is considering an IPO in Hong Kong as early as 2026, aiming to raise several hundred million dollars with a potential valuation of up to $3 billion [2][6]. Company Overview - Founded in 2015 in Shanghai, Manner Coffee is positioned as a premium coffee chain under Shanghai Yinhai Industrial Co., Ltd. The brand's main products include latte, espresso, and concentrated coffee, with prices ranging from 15 to 25 yuan [7]. - As of November 20, 2025, Manner Coffee operates 2,234 stores nationwide, ranking sixth among coffee brands in terms of store count [9]. Financial Performance - Manner Coffee reportedly achieved a net profit of approximately 300 million yuan last year, although the company declined to comment on this information [7][12]. - The company has undergone five rounds of financing between October 2018 and June 2021, with investors including H Capital, Meituan Longzhu, ByteDance, and Temasek [7][8]. Market Position and Expansion - Manner Coffee's potential IPO may reflect the company's urgent need for capital and the early investors' desire for an exit strategy [8]. - The company has recently conducted internal surveys regarding franchise intentions, indicating a possible shift in its approach to franchising, although no formal plans have been announced [9]. Competitive Landscape - Manner Coffee's store count is significantly lower than leading competitors such as Luckin Coffee, which has 27,930 stores, and Starbucks China with 8,382 stores [9]. - Both Manner Coffee and Starbucks China operate under a direct sales model, while Starbucks is expanding aggressively with plans to sell up to 60% of its stake to a private equity firm [9]. Internal Management Challenges - Recent incidents involving employee grievances over bonus distributions and labor relations have raised concerns about internal management practices [10][12]. - The company needs to ensure that its management quality keeps pace with its expansion efforts to maintain competitiveness in a rapidly evolving market [12].