股价大跌，一度冲上热搜！有人称“喝了一晚上睡不着”，霸王茶姬发长文回应“咖啡因”争议

Core Viewpoint - Bawang Chaji is facing public scrutiny due to concerns over caffeine content in its beverages, leading to significant stock price fluctuations and discussions on social media platforms [1][3][14]. Group 1: Public Controversy - A social media post claimed that high-caffeine drinks like Bawang Chaji's are akin to "quasi-drugs," sparking widespread debate among users who reported insomnia and palpitations after consumption [1][3]. - Bawang Chaji's stock fell over 15% on December 26, reaching a record low, before closing down 2.54% at $11.90 per share, with a total market value of $2.21 billion [3][6][7]. Group 2: Company Response - Bawang Chaji has stated that the claims are malicious fabrications damaging to its reputation, and legal action is being pursued [3]. - The company emphasized that its caffeine content is comparable to that of a latte and significantly lower than that of an Americano, highlighting the presence of beneficial compounds in tea [9][12]. Group 3: Product Innovation and Financial Performance - Bawang Chaji introduced a new product, "Light Caffeine. Boya Jue Xuan," which reduces caffeine content by approximately 50% while incorporating natural herbal elements [11][12]. - The company reported a total GMV of 7.93 billion yuan and net revenue of 3.208 billion yuan for Q3 2025, with overseas GMV growing by 75.3% year-on-year [15][16]. - Despite ongoing store expansion, same-store sales in domestic and overseas markets have declined, indicating pressure on GMV [16].