Group 1 - The recent wave of bubble tea companies going public does not signify the end of intense competition in the industry over the past 20 years, but rather aims to accumulate resources for future overseas expansion [1] - Bawang Chaji's market value soared to over 50 billion RMB on its debut in the US stock market [2] - This year marks the third bubble tea company to go public, following Guming and Mixue Ice City, with the latter achieving a market value approaching 200 billion RMB [3] Group 2 - The surge in bubble tea companies going public is driven by their strong performance in the capital market [5] - The business model of these bubble tea brands primarily revolves around franchising, with a significant portion of their revenue coming from selling equipment and materials to franchisees rather than direct sales to consumers [11][13] - The majority of revenue for brands like Mixue Ice City and Guming comes from franchise fees and sales of raw materials, with franchise stores making up over 99% of their outlets [17] Group 3 - The current wave of listings is essentially the capital market investing in China's supply chain, as many suppliers to these bubble tea brands have already gone public [24][25] - The capital market's interest in these brands is akin to the relationship between Apple and its suppliers, where the brand itself holds the most value in the supply chain [26][30] - The successful listings of these bubble tea brands indicate that the capital market has found an effective way to price the Chinese supply chain [34] Group 4 - The reason for the recent surge in listings is to secure financing for future expansion, particularly in overseas markets, especially Southeast Asia [36][41] - Southeast Asia presents a rapidly growing market for bubble tea, with an expected market size of around 50 billion USD by 2028 and a compound annual growth rate of nearly 20% [41] - Companies like Mixue Ice City and Guming are establishing local supply chains in Southeast Asia to support their expansion efforts [42]