在纳斯达克上市尚不满一年的霸王茶姬传出回港上市消息。 1 月 8 日，市场消息称霸王茶姬正考虑在香港上市。彭博报道称，霸王茶姬已就上市计划与投资银行展开初步沟通，融资金额或达数亿美元，交易最快有 望年内完成。霸王茶姬否认传言，称目前暂无回港上市计划。 现在的确不是霸王茶姬回港上市的理想节点。作为中国茶饮行业过去三年增长最快、且一度市值仅次于蜜雪冰城的品牌，霸王茶姬似乎正逐渐失去它的魔 力。 过去一年，霸王茶姬的营收与利润增长均明显放缓，增速已连续三个季度同比下滑。表现最差的去年第三季度，霸王茶姬甚至陷入负增长境地，当季营收 同比下降 9.4%、净利润同比下降近 4 成，季度 GMV 当季也首次同比转负。 在中国市场，霸王茶姬的核心经营指标单店月均 GMV 已经连续 7 个季度环比下滑，且同店 GMV 增长率自2024 年底以来已连续四个季度深陷负值，跌幅 在去年第三季度扩大至近 28%。 | | Sep 30, 2024 | Dec 31, 2024 | Mar 31, 2025 | Jun 30, 2025 | Sep 30, 2025 | | --- | --- | --- | --- | --- | - ...

Core Viewpoint - The financial report of Bawang Chaji, released on May 30, shows a steady performance post-IPO, but growth rates are slowing compared to previous years, indicating potential challenges ahead [1][3]. Group 1: Financial Performance - As of March 31, 2025, Bawang Chaji reported a global store count of 6,681, with 169 overseas locations. The quarterly revenue reached 3.39 billion yuan, a year-on-year increase of 35.4%, while net profit was 677 million yuan, up 13.8% [1]. - The net profit margin has declined compared to the same period last year, suggesting pressures on profitability despite revenue growth [1]. - The revenue figures for the past three years were 492 million yuan in 2022, 4.64 billion yuan in 2023, and 12.41 billion yuan in 2024, highlighting a significant slowdown in growth [1]. Group 2: Strategic Development - Bawang Chaji's growth strategy relies on three pillars: ongoing global expansion, differentiated product innovation, and a healthy user ecosystem. The brand has been expanding internationally since 2019, with significant presence in Southeast Asia [3]. - The overseas market's total GMV reached 178 million yuan, reflecting an 85.3% year-on-year growth, with 13 new overseas stores opened in Q1 2025 [3]. Group 3: Market Position and Challenges - Bawang Chaji became the first new tea brand to list on NASDAQ on April 17, 2025, with an initial market capitalization of 5.954 billion USD. However, the stock has experienced volatility, including a drop of 10.88% on May 13, 2025 [4]. - The company faces challenges due to geopolitical tensions and rising costs, prompting plans for localizing supply chains and establishing a raw material processing center at the US-Mexico border [4][5]. - The brand aims to become the "Eastern Starbucks," requiring adaptation to diverse consumer preferences beyond the Chinese demographic, particularly in the US market [5]. Group 4: Product Development and Innovation - Bawang Chaji is increasing its investment in product development, with administrative expenses rising by 62.1% year-on-year to 352.8 million yuan, primarily for R&D and talent acquisition [5]. - The tea latte series contributed 91% to GMV in 2024, indicating a heavy reliance on a few best-selling products [5]. Group 5: Expansion Goals - The company aims to open 1,000 to 1,500 new stores globally in 2025, indicating a strong commitment to expansion despite the challenges faced [6].