这家高端茶饮连锁企业已提交纳斯达克上市申请，并报告其 2022 至 2024 年营收增长逾 20 倍 Key takeaways: ▶ 霸王茶姬已申请纽约IPO，成为中国头部高端茶饮连锁中首家没选择港交所，而选择赴美上市的 企业 ▶ 通过大规模扩张，公司过去两年营收与利润激增，但增长势头在去年末显现放缓迹象 要是问中国任何一家茶饮或咖啡连锁品牌，他们的效仿对象是谁？最不可能出现的答案应该就是星巴克。 这家美国咖啡巨头主打舒适空间和生活方式品牌形象，与中国现制茶咖行业盛行的"即买即走"快节奏文化 形成鲜明对比。 但 霸王茶姬 试图打破这一传统，想要在争奇斗艳的高端茶饮红海中开辟差异化道路。公司最新的尝试是周 三首次公开提交纳斯达克上市申请——近期多个高端茶饮连锁扎堆选择在香港上市，而霸王茶姬选择了纽 约。 霸王茶姬未披露融资目标，但据其他媒体报道，募资规模可能在5亿美元左右或更高。这或将使其成为自去 年11月自动驾驶公司小马智行在纳斯达克IPO融资约4亿美元以来，中国企业在纽约最大规模的上市交易。 公司希望通过强劲的增长故事来吸引纽约投资者，这个群体的投资品味更挑剔、但对中资消费品牌认知度 低于香港投资者。它还 ...

霸王茶姬将赴纳斯达克上市，去年交易额近 300 亿元。 北京时间 3 月 26 日凌晨，霸王茶姬向美国证券交易委员会（SEC）递交招股书，第一次清楚告诉 市场自己的策略、历程。2022 年到 2024 年，GMV 分别上涨 734.3% 和 172.9%，去年超预期地卖 出 294 亿元茶饮。在霸王茶姬定义的精品茶（premium tea，17 元以上的茶饮）品类下，霸王茶姬 市占率超 30%。去年营收和净利润分别高达 124.05 亿元 25.15 亿元，远超门店数更多的茶百道、 沪上阿姨和古茗。 蜜雪坚持做极致的低价，古茗搭建供应链能力，喜茶不断推陈出新，后起的霸王茶姬凭借自己的禀 赋选了一条不同的赛道：定义一个新的大单品、投入所有资源，"做穿" 后再尝试新东西。今年霸 王茶姬将继续推 "第二杯茶"，轻资产模式也带来更低的物流成本和库存周转天数。据招股书，霸 王茶姬预计今年开出 1000-1500 家店。4 月，霸王茶姬将开出美国第一家店。 泡泡玛特去年收入破百亿，LABUBU 所在系列创收 30 亿元。 泡泡玛特 3 月 26 日发布年报，公司收入翻倍至 130.4 亿元，首次破百亿元。LABUBU 所 ...

Core Viewpoint - The emergence of "edamame milk tea" has become a spring sensation in the beverage industry, with brands like Nayuki, Percent Tea, and Jacques Coffee promoting it, leading to significant sales success and consumer engagement [4][6][17]. Group 1: Product Launch and Popularity - "Edamame milk tea" has quickly risen to the top three in sales, with some stores even running out of stock due to high demand [4][5]. - The product features unique combinations, such as Percent Tea's "Edamame Biluo Spring with Salted Cheese," priced at 20 yuan, which combines local edamame with Biluo Spring tea and oat milk [9][10]. - Other brands have also introduced their versions, like Jacques Coffee's "Edamame Longjing" and Nayuki's "Edamame Avocado Yogurt Cup," both receiving positive feedback [12][14]. Group 2: Consumer Reception and Marketing - Social media discussions about "edamame milk tea" have surged, with over 10,000 related posts and significant engagement on platforms like Xiaohongshu [9]. - Percent Tea's marketing strategy, including a collaboration with Tesla offering a chance to win a Model 3, has attracted considerable attention and consumer interest [37][41]. Group 3: Innovation and Market Trends - The introduction of edamame as a beverage ingredient reflects a broader trend in the tea industry towards incorporating vegetables, following the popularity of fruit and vegetable teas [45]. - Edamame's versatility and mild flavor make it a more appealing alternative to other trendy ingredients like kale, which can have a stronger taste [30][32]. - The stable supply chain and lower cost of edamame compared to other trendy ingredients contribute to its attractiveness for beverage brands [34][35]. Group 4: Future Directions - The industry is expected to continue exploring unique and seasonal ingredients, with a focus on creating differentiated products that resonate with consumers [49][50]. - The emphasis will be on integrating creativity and curiosity into product development to maintain consumer interest and engagement over time [52].

Core Viewpoint - Bawang Chaji has submitted its IPO prospectus for a listing on NASDAQ, marking a significant event for the new tea beverage sector and potentially paving the way for the brand's global expansion [1][24]. Group 1: Financial Performance - Bawang Chaji's revenue has seen exponential growth, with figures of RMB 492 million in 2022, RMB 4.64 billion in 2023, and projected RMB 12.4 billion in 2024, representing a growth of over 24 times in three years [2][3]. - The company reported a net loss of RMB 90.7 million in 2022, but rebounded to a net profit of RMB 803 million in 2023, with projections of RMB 2.515 billion in 2024, reflecting a year-on-year growth of over 200% [3]. Group 2: Market Dynamics - The tea beverage market is expanding, with a compound annual growth rate (CAGR) of 21.7% from 2019 to 2024, significantly outpacing other beverage categories [4]. - By 2028, the market size for freshly brewed tea beverages is expected to exceed RMB 400 billion, indicating a robust demand for new tea brands [6]. Group 3: Expansion Strategy - Bawang Chaji has rapidly expanded its store count from 1,087 in 2022 to 6,440 in 2024, nearly doubling its presence each year [6]. - The company maintains a low store closure rate of 0.5% in 2023 and 1.5% in 2024, compared to competitors like Guming and Mixue Ice City, which have higher closure rates [7]. Group 4: Supply Chain and Operational Efficiency - Bawang Chaji's supply chain efficiency is highlighted by a logistics cost that accounts for less than 1% of its total GMV, and an inventory turnover period of just 5.3 days, the lowest among major tea beverage companies [8]. - The company employs a "super single product" strategy, focusing on a simplified product offering that enhances operational efficiency and contributes to high average monthly sales per store of RMB 512,000 [8]. Group 5: Brand Positioning and Innovation - Bawang Chaji aims to redefine modern tea drinking experiences, positioning itself as the "Eastern Starbucks" and focusing on creating a global tea culture [11][14]. - The company is innovating in tea preparation with automated brewing equipment, improving service speed to 8 seconds per cup and reducing flavor variance [18]. Group 6: Global Expansion Plans - Bawang Chaji has opened its first overseas store in Malaysia in 2019 and plans to open 1,000 to 1,500 new stores globally by 2025, supported by a growing overseas supply chain network [21][22]. - The brand's narrative of "tea beverage globalization" is gaining traction among international investors, shifting focus from mere financial metrics to the brand's storytelling potential [24].

Core Viewpoint - Bawang Chaji has submitted its prospectus for an IPO in the US, aiming to become the first Chinese tea beverage stock on the US market, with plans to open 1,000 new stores this year and explore opportunities in the US market [1][7]. Financial Performance - Bawang Chaji's net income for the past three years was RMB 0.49 billion, RMB 4.64 billion, and RMB 25 billion, with year-on-year growth rates of 843.8% and 167.4% for 2023 and 2024 respectively [3][4]. - The company reported a net profit margin of 20.3% for 2024, with a significant increase in operating capital from RMB 1.193 billion in 2023 to RMB 3.142 billion in 2024 [4][5]. Revenue Sources - The majority of Bawang Chaji's revenue comes from sales to franchisees, accounting for 83.5%, 94.7%, and 93.8% of total revenue over the past three years [3][4]. Store Expansion - As of the end of 2024, Bawang Chaji operates 6,440 stores, a year-on-year increase of 83.4%, with 6,284 located in China and 156 overseas [6]. - The company plans to open at least 1,000 new stores this year and aims to expand its presence in the US market [1][7]. Market Position - Bawang Chaji holds a market share of 20.3% in the Chinese tea beverage sector, making it the largest brand in terms of store network size among premium tea beverage brands [6]. - The company has a competitive advantage in high-tier cities, with 696 stores in first-tier cities and 3,110 in new first-tier and second-tier cities [6]. Competitive Landscape - The tea beverage market is becoming increasingly competitive, with several brands like Mixue, Gu Ming, and Nayuki having gone public recently [7]. - Bawang Chaji has invested heavily in marketing, with sales and marketing expenses rising significantly over the past three years [8]. Future Plans - The funds raised from the IPO will be used to expand store networks in China and overseas, develop new products, and enhance technological investments [7][9]. - The company aims to enhance automation and standardization in its operations, with plans to introduce automated tea-making machines to improve efficiency [9].

对标咖啡赛道估值，成为"中国版星巴克"。 本文为IPO早知道原创 作者｜苏打 微信公众号｜ipozaozhidao 据「IPO早知道」消息，北京时间3月26日凌晨，霸王茶姬正式向美国证券交易委员会（SEC）公开 提交招股书。 招股书显示，2024年，霸王茶姬GMV为295亿元（人民币，下同）；2024年营收124.05亿元；净 利润25.15亿元；净利润率20.3%。截至2024年底，霸王茶姬全球门店数达到6440家，同比2023 年增长83.4%。 2024年 ，霸王茶姬 单店月均GMV达51.2万元 ， 远超同业水平 ，单店月均出杯量达2 .5 万杯， 全球注册会员数已达1 .77 亿。 据艾瑞咨询数据，以 GMV 衡量，中国现制茶饮料市场复合年增长率为 21.7%，预计到 2028 年将 达到 4260 亿元，其中高端现制茶饮料细分市场GMV 可达 1,671 亿元人民币，占现制茶饮料市场 总量的 31.7%。以"精品"茶饮为定位，霸王茶姬有望成为该细分市场中的最大赢家之一。 值得一提的是，霸王茶姬赴纳斯达克上市的股票代码定为"CHA"，以对标咖啡现代化过程。 全球视角下，科技热潮正令中国资产步入估值上 ...

Group 1: Blue Bottle Coffee's Strategic Moves in China - Blue Bottle Coffee's global CEO, Karl William Strovink, has taken on the role of legal representative for Blue Bottle Coffee (China) Co., Ltd, indicating the company's strong commitment to the Chinese market [1][2] - The company has faced challenges in entering the Chinese market, including trademark disputes that delayed its operations until this year, when it finally established its management team [2] - The change in legal representation is seen as a significant signal of Blue Bottle Coffee's intent to intensify its efforts in the Chinese specialty coffee market, with plans for future store expansions [2][3] Group 2: Investment and Expansion in the Coffee Industry - Xi Dian Cha Yun, a tea supply chain brand, has completed a 30 million yuan Series A financing round, which will be used for supply chain upgrades, product innovation, and market expansion [4] - Bo Wen Technology plans to invest 16 million yuan in a coffee plantation project in Yunnan, marking a strategic move to develop a full coffee industry chain from planting to sales [5][6] - The establishment of a fully-owned subsidiary in Yunnan for coffee cultivation is part of Bo Wen Technology's broader strategy to enhance its competitiveness in the agricultural processing sector [6] Group 3: Technological Innovations in Coffee Service - COFE+, the world's first 5.5 generation fully intelligent robot coffee kiosk, has been launched in Lushan, offering a unique coffee experience with zero human labor and minimal waste [7] - The robot barista can prepare over 50 different beverage flavors and customize drinks based on individual preferences, catering to a wide range of consumer tastes [7][8] - COFE+ utilizes high-quality ingredients and aims for near-zero waste in its operations, showcasing a significant advancement in the coffee service industry [8]

Core Viewpoint - The article discusses the challenges faced by the tea brand Cha Bai Dao due to aggressive expansion and marketing strategies, highlighting the need for better management and response to public relations crises [1][5][10]. Marketing and Public Relations - Cha Bai Dao's recent public relations crisis stemmed from a marketing blunder involving its celebrity spokesperson, leading to significant backlash from fans [1][5]. - The brand's reliance on celebrity endorsements and aggressive marketing strategies has resulted in increased distribution and sales expenses, with growth rates of 193%, 134%, and 140% from 2022 to the first half of 2024 [9]. - The company has faced criticism for its handling of promotional materials and the management of its franchisees, which has led to consumer dissatisfaction [10][11]. Franchise Management Issues - Cha Bai Dao's rapid expansion through a franchise model has revealed significant management shortcomings, particularly in supply chain control and franchisee oversight [11][15]. - The number of franchise stores has increased dramatically, reaching 8,376 by the first half of 2024, but this growth has not translated into revenue increases, with a reported 9.4% decline in revenue to 24.22 billion yuan in the first half of 2024 [12][17]. - The company has implemented various incentives to attract new franchisees, including significant fee reductions, but this has not alleviated the operational challenges faced [14][15]. Financial Performance - Cha Bai Dao's net profit for the first half of 2024 dropped by 59.7% to 2.37 billion yuan, with projections indicating a potential annual decline of up to 60% [17]. - The rapid increase in franchise locations has led to a higher closure rate, with the closure rate rising from 0.2% in 2021 to 2.9% in the first half of 2024 [17]. - The brand's focus on quantity over quality in its franchise model has raised concerns about sustainability and long-term profitability [17].

Core Viewpoint - The rapid expansion of the tea brand Jasmine Milk White has raised food safety concerns, highlighting management vulnerabilities that need to be addressed to maintain consumer trust and brand integrity [1][5][6]. Expansion and Management Issues - Jasmine Milk White has opened over 1,000 stores nationwide and more than 10 overseas since its first store in Shenzhen in 2021, indicating a significant growth trajectory [5][6]. - The brand's expansion strategy includes a shift to a franchise model, which has contributed to its rapid growth [6]. - Recent food safety incidents, including a consumer finding a plastic bag in their drink, have prompted the brand to close the affected store for rectification and to enhance operational oversight across all locations [5][7]. Consumer Trust and Brand Image - The food safety issue has sparked discussions on social media, with mixed consumer reactions regarding the brand's response and the need for thorough quality control [5][8]. - Experts suggest that Jasmine Milk White must implement strict internal reforms, improve employee training on food safety, and enhance communication with consumers to rebuild trust [7][9]. Market Context and Future Strategies - The tea beverage market in China is becoming increasingly competitive, with brands needing to differentiate themselves to survive in a saturated market [8]. - Industry forecasts predict that the new-style tea market will maintain stable growth, potentially exceeding 400 billion yuan by 2028 [8]. - To thrive amidst competition, Jasmine Milk White should focus on quality control, product innovation, and establishing a robust brand reputation [9].

Group 1: Company Issues - The incident involving a customer finding a complete plastic bag in a drink from Jasmine Milk Tea has led to the closure of the affected store and an official apology from the company, which acknowledged operational negligence [1] - Jasmine Milk Tea, established in May 2020, has received multiple rounds of investment from notable investors including Alibaba Local Life and Waterdrop Capital [2] Group 2: Industry Developments - The third White Tea Trading Conference and Fuding White Tea Industry Promotion Week has commenced, highlighting Fuding as a key production area for white tea in China, with a projected industry output value of 15.518 billion yuan in 2024 [4][5] - Fuding's white tea brand value is estimated at 7.066 billion yuan, ranking fourth among regional public tea brands in China, and the region has over 3,100 tea processing enterprises providing more than 100,000 jobs [5] Group 3: Market Trends - China Tea Co. has withdrawn its IPO application, marking the end of its five-year journey to go public, which reflects a broader trend of companies in the food and beverage sector retracting IPOs amid tightened regulations [6][7] - The company reported revenues of 1.634 billion yuan in 2019, increasing to 2.434 billion yuan in 2022, with a net profit of approximately 201 million yuan in the first half of 2022 [7] Group 4: Coffee Market Expansion - Sinopec's Easy Joy coffee has opened its 500th store, indicating significant growth in its market presence and a strategic focus on convenience for consumers [8] - Easy Joy coffee aims to enhance consumer experience by providing freshly brewed coffee at gas stations, targeting the fast coffee market and expanding its national network [8]