"一杯幽兰拿铁，半杯都是国风"——在长沙街头排过茶颜悦色长队的人，都懂它的独特魅力。如今，这个靠"新中式"出圈的茶饮品牌，正从消费市场走向资 本舞台。随着港股上市筹备进入关键期，茶颜悦色的每一步动作都牵动着行业神经，这场资本突围战，不仅是它自身的跃迁，更藏着新茶饮行业的未来密 码。 上市提速：从美股到港股的战略转向 最近，茶饮界又有大动作！茶颜悦色母公司湖南茶悦文化产业发展集团有限公司，正快马加鞭地推进港股上市计划。从 2023 年开始，茶颜悦色的上市传闻 就没停过，一会儿说要赴美上市，一会儿又传要在港股敲钟。这次改道港股，明显是在主动适应资本市场环境。 据媒体2025年11月最新报道，茶颜悦色已与中金公司、摩根士丹利签署上市保荐框架协议，计划募集5亿—8亿美元资金，用于供应链升级及全国化布局，当 前机构给出的估值区间为48亿—55亿美元（未获官方确认）。相比之前赴美上市的传闻，港股市场对内地消费品牌的文化认同感更强，政策也更便利—— 2025年5月央行、外管局联合发布的境外上市资金管理新规，明确简化募集资金调回流程，为企业赴港上市提供了政策支持。再看看蜜雪冰城（2025年5月港 股上市）、古茗（2025年1 ...

Core Viewpoint - The report from Huachuang Securities indicates that Guming (01364) is a leading player in the domestic mid-range tea beverage market, with potential for stable performance growth driven by new product categories, store expansion, and cost reduction in raw materials [1] Group 1: Company Performance and Projections - The company is expected to achieve revenue of 111.59 billion, 134.19 billion, and 158.18 billion yuan for the years 2025-2027, with year-on-year growth rates of 26.9%, 20.3%, and 17.9% respectively [1] - The projected net profit attributable to shareholders is 24.87 billion, 26.25 billion, and 31.55 billion yuan for the same period, with year-on-year growth rates of 68.2%, 5.5%, and 20.2% respectively [1] - The target price for the stock is set at 27.84 HKD, with a "recommended" rating reflecting confidence in its growth potential as a leader in the fresh tea beverage industry [1] Group 2: Market Position and Strategy - As of the end of 2023, the company ranks second in the national ready-to-drink tea market and first in the mid-range segment, having expanded to 11,179 stores through franchising [2] - The company offers a diverse range of fresh tea products priced between 10-18 yuan, successfully penetrating lower-tier markets with a strategy of "fresh and accessible" offerings [2] - Key competitive advantages include a robust supply chain that supports rapid store expansion and a strong cold chain logistics system, enabling the company to deliver fresh fruits and milk to stores within two days [2] Group 3: Industry Trends and Insights - The ready-to-drink beverage industry is characterized by price differentiation, operational efficiency, and the integration of tea and coffee products [3] - The market size for ready-to-drink tea is projected to exceed 600 billion yuan by 2035, driven by expanding consumer demographics and increasing frequency of consumption [3] - The competitive landscape is shifting, with weaker brands exiting the market, creating structural expansion opportunities for leading brands like Guming [3] Group 4: Growth Drivers - The coffee business is expected to become a new growth engine, with over 8,000 stores covered by mid-2025 and significant potential in lower-tier cities [4] - Store expansion is anticipated to continue, with many domestic provinces and overseas markets still underdeveloped, allowing for replicable success based on supply chain advantages [4] - There is considerable room for cost reduction in key agricultural raw materials, which will enhance profit margins as scale effects and supply chain efficiencies improve [4]

报告中称，现制饮品行业格局呈现价格带分化、运营能力为王、茶咖融合等特征：1)市场规模与结构： 规模上，公司招股书显示2023年现制茶饮市场规模2115亿元，其中10-20元大众价格带占比51.3%，为最 大且增速最快的细分市场;受消费人群边界扩张、产品健康新鲜化替代升级，及全渠道高频触达下的频 次提升驱动，现制茶饮市场预计2035年将突破6000亿元，外卖大战亦验证茶饮高频消费潜力。2)竞争格 局：现制茶饮门店正面临存量重构，中腰部及以下弱势品牌加速出清，为古茗等头部品牌创造结构性扩 张机会。高端品牌喜茶、奈雪的茶仍在尝试溢价，平价市场由蜜雪依靠规模垄断，大众价格带因毛利 高、市场空间广阔成为竞争主战场。现饮产品品类高频创新迭代，短期内品类红利创造结构性机会，长 期来看供应链效率与规模效应是关键壁垒。3)品类趋势：鲜果茶、轻乳茶将步入成熟期，茶咖融合加 速，中国人均咖啡消费量大约为日韩的1/15，低线市场潜力巨大。 增长前瞻：1)咖啡业务：截至2025年6月30日已覆盖超8000家门店，低线城市咖啡渗透率仍低，古茗有 望凭门店网络与供应链优势，将咖啡培育为新增长引擎。2)门店扩张：一方面存量市场有望持续加密， ...

中新网杭州10月2日电 题：台湾咖啡师和他的"茶与咖" 作者 钱晨菲 10月2日，在浙江杭州上城区南星凤凰里文创园，"咖享上城 啡尝时尚"2025年"味美浙江·饮在杭州"咖啡 文化嘉年华正在举行。来自各地的60家咖啡品牌主理人齐聚，特色咖啡吸引民众打卡。 与热闹的人潮不同，台湾咖啡师李毅是"慢"的，他不疾不徐，完成着一杯杯手冲咖啡。"稍等一下就能 闻到香气，这是来自台湾阿里山邹筑园庄园的'索恩那'咖啡豆，这款豆年产量仅100公斤。"李毅说。 168元一杯的手冲价格，依然吸引着络绎不绝的客人。忙碌之余，李毅总爱耐心向客人分享自己的理解 ——咖啡也能像茶一样，喝出产地风土与品种个性。 "我平时在上海，但很乐于到各地参加咖啡节。我特别惊讶大家对精品咖啡的接受度。"李毅一边调整手 冲壶，一边回忆四年来在大陆的经历。"我喜欢用'茶'来解释咖啡，这让原本对产区、烘焙度感到陌生 的消费者，瞬间有了共鸣。" "我的家乡产茶，在台湾我们从小就有喝茶的习惯，但这并不影响我同样喜爱咖啡。中浅烘的咖啡豆， 就像白茶一样发酵度低，能喝到更多本身的香气。深烘的则类似重发酵茶，风味更浓郁。"李毅说。 更令他惊喜的是，这些年，越来越多消费者 ...