“打工人咖啡”要上市？Manner从“否认”到“缄默”

Core Viewpoint - Manner Coffee is reportedly 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 [1] Company Overview - Manner Coffee was founded in 2015, positioning itself as an affordable premium coffee brand, with a single cup priced around 22 yuan, competing with Starbucks and Luckin Coffee [5] - As of November 13, Manner has 2,234 operational stores, with one-third located in Shanghai and 87% in new first-tier and first-tier cities, indicating limited expansion into lower-tier markets [5] - The company has undergone five rounds of financing, with notable investors including Today Capital, H Capital, Temasek, Meituan Longzhu, and ByteDance [5] Expansion Plans - Manner has been expanding through a direct-operated model, which incurs high operational costs, but the three rounds of financing have laid the foundation for further expansion [6] - In October 2023, Manner opened its 1,000th store in North Bund, and the brand has announced ambitions for its 3,000th store [6] Market Context - 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 IPOs in the tea industry [8] - Seeking capital is seen as essential for brand building, stabilizing expansion, and maintaining market share amid intensifying competition [8] Operational Challenges - Manner faces a balance between capital expansion efficiency and the non-standardized nature of premium coffee [9] - The company’s single-store profitability is relatively high due to precise store location choices and a small store model, but the use of semi-automatic coffee machines can lead to longer wait times for customers [9] - An incident in 2024 highlighted the tension between customer expectations for quick service and the operational realities faced by baristas, bringing attention to the challenges of maintaining product quality while meeting demand [10]