打工人咖啡”要上市？Manner从“否认”到“缄默

Core Viewpoint - Manner Coffee is considering an IPO in Hong Kong as early as next year, aiming to raise several hundred million dollars with a potential valuation of up to $3 billion, although the plans are still in early stages and may change [1] Group 1: Company Overview - Manner Coffee was founded in 2015, positioning itself as an affordable specialty coffee brand, with a price point of around 22 yuan per cup, competing with Starbucks and Luckin Coffee [2] - As of November 13, Manner has 2,234 operating stores nationwide, with one-third located in Shanghai and 87% in first-tier and new first-tier cities, indicating limited expansion into lower-tier markets [2] - The company has undergone five rounds of financing, with notable investors including Today Capital, H Capital, Temasek, Meituan Longzhu, and ByteDance, which has facilitated its shift from a small workshop model to large-scale expansion [2] Group 2: Expansion Plans - Manner opened its 1,000th store in North Bund in October 2023, and has announced ambitions for a total of 3,000 stores, indicating an accelerated expansion pace [3] - The brand's rapid growth is supported by a direct sales model, which requires the company to manage high operational costs, including rent and utilities [2] Group 3: Market Dynamics - The coffee and tea beverage sectors are increasingly viewed as part of the same competitive landscape, with 2025 anticipated to be a significant year for tea beverage IPOs [4] - Manner's single-store efficiency is considered high due to precise store location selection and a small store model, but the company faces challenges in balancing capital expansion efficiency with the non-standardized nature of specialty coffee [4] - The use of semi-automatic coffee machines, which require manual operation by baristas, ensures product quality but can lead to longer wait times for customers, highlighting a tension between operational efficiency and product standards [4]