Core Insights - The article discusses the competitive landscape of the new tea beverage industry, focusing on two major players: Mixue Ice City and霸王茶姬 (BaWang Tea Princess) [10] - It highlights the recent IPO of Mixue Ice City in Hong Kong and the upcoming IPO of BaWang Tea Princess in the US, indicating a significant shift in the global market for tea beverages [7][10] Mixue Ice City - Mixue Ice City debuted on the Hong Kong stock market at a price of 202.5 HKD per share, with a first-day market capitalization exceeding 98 billion HKD, making it the largest IPO in Hong Kong's history [3] - The company operates 46,479 stores globally, with over 57% located in lower-tier cities, capitalizing on the consumption potential of these markets [4] - Mixue's revenue model heavily relies on supplying raw materials and equipment to franchisees, with a gross margin of 31.2% and a net margin of 18.7%, significantly outperforming competitors like Nayuki Tea [4] - The company has invested in building a robust supply chain, with five production bases and 34 warehouses, achieving a logistics coverage of 12 hours and a low waste rate of 0.3% [5] - Mixue plans to use 66% of its IPO proceeds for supply chain upgrades to support its global expansion strategy [5] BaWang Tea Princess - BaWang Tea Princess filed for an IPO in the US, aiming to become the first Chinese tea beverage brand listed on the Nasdaq under the ticker "CHA" [7] - The company reported a GMV of 29.5 billion CNY in 2024, a 173% year-on-year increase, with a net profit of 2.515 billion CNY and a net margin of 20.3% [7][8] - BaWang focuses on high-end markets, with 6,440 stores, primarily in tier-one cities, and a monthly average GMV per store of 512,000 CNY [8] - The brand's flagship product, "Bo Ya Jue Xuan," has sold over 600 million cups, contributing significantly to its market presence [8] - BaWang aims to expand globally, planning to open 1,000 to 1,500 new stores in 2025, with its first North American store in Los Angeles [9] Industry Dynamics - The competition between Mixue Ice City and BaWang Tea Princess illustrates a differentiated market strategy, with Mixue focusing on affordability and franchise expansion, while BaWang targets premium positioning and cultural branding [10] - The evolution of competition in the tea beverage industry is shifting from price wars to supply chain capabilities, with both companies investing heavily in their supply chain management [11] - The global tea beverage market is projected to grow significantly, with a compound annual growth rate of 7.2% from 2023 to 2028, driven by increasing consumer demand for health-oriented beverages [13] - The Chinese new tea beverage market is expected to exceed 200 billion CNY by 2025, reflecting its growing popularity as a lifestyle choice [14]