前言 两平方米的极小空间曾容纳创始人的咖啡理想，而今能否承载资本市场的巨大野心？ 11月18日，针对外媒关于Manner咖啡考虑最早2026年在香港上市的报道，Manner咖啡官方表示不予置评。这已是该品牌近年来至少第二次面对IPO传闻。 2021年，有报道称Manner咖啡计划2022年在香港交易所上市，预计募集资金3亿美元。创始人韩玉龙回应称，无相关计划。 相比2021年官方直接否认赴港上市的明确态度，此次的不予置评似乎暗示着某些变化正在发生。 资本宠儿—— 从今日资本到美团、字节跳动 Manner咖啡于2015年在上海创立，以极小门店模式和精品咖啡平价化的策略在咖啡市场独树一帜。 01 2018年，今日资本以8000万元投资了Manner，持股高达40%。在资本加持下，Manner从上海南阳路的一家2平米小店，开始了规模化扩张。 控股型投资的今日资本与创始人韩玉龙之间最终因"意见不统一"而分道扬镳。今日资本从这次投资中拿到了约7亿美元的高额回报。 随后，美团龙珠资本与字节跳动相继成为Manner的投资方。 据悉，2021年，Manner完成由美团龙珠资本独家投资的2亿美元融资，投后估值接近20亿美元。 ...

Core Insights - The Chinese coffee market is experiencing a pivotal moment in 2024, with Manner Coffee planning to open 1,000 new stores within a year, contrasting with the slower growth of Starbucks and the aggressive pricing strategies of Luckin and Kudi [1][8] - Manner's rapid expansion is a significant shift from its previous cautious approach, where it only opened three stores in its first three years [5][6] - The expansion strategy is driven by Manner's brand positioning and consumer habits, aiming to enhance customer experience and reduce wait times [2][3] Company Strategy - Manner Coffee currently has over 2,000 stores nationwide, with approximately 73.9% located in first-tier cities, and plans to continue expanding despite market saturation [2] - The company utilizes a unique pricing strategy, offering coffee at 15-20 yuan per cup, which is about half the price of Starbucks, thus appealing to young consumers [5][6] - Manner's expansion may be capital-driven, with potential new partnership models on the horizon, although recent financing activities have been absent [3][7] Market Dynamics - The overall coffee market in China is slowing down, with first and second-tier cities nearing saturation, making it challenging for brands to find new high-quality locations [2][8] - Manner's approach differs from other brands that rely heavily on online orders, as it encourages in-store consumption through promotions like discounts for bringing reusable cups [2][3] - The competitive landscape is evolving, and Manner's ability to maintain its core competencies while scaling operations will be crucial for its long-term success [3][8]