2元一支的甜筒，均价8元的奶茶，撬动超1 3 0 0亿的市值，靠1杯柠檬水，每天从加盟商口袋掏 走近3 0 0万！ 3月3日，蜜雪冰城在港交所上市，成为继奈雪的茶、茶百道、古茗后第四家上市的新茶饮企 业。蜜雪集团( 0 2 0 9 7 .HK)打破了新茶饮企业"上市即破发"的行业魔咒，截至3月7日收盘， 一 周累计上涨7 5 . 3 1%，市值突破1 3 4 8亿港元，1个蜜雪冰城市值=4 8个奈雪的茶。 （ 注 ： 奈 雪 的 茶 最 新收盘 市值2 8 亿港元 ） | | 奈雪的茶 | 茶间道 | 合 古著 古容 | 23 25 7K1 | | --- | --- | --- | --- | --- | | 上市时间 | 2021年6月30日 | 2024年4月23日 | 2025年2月12日 | 2025年3月3日 | | 募资规模 ( ( ( ) ) | 50.94 | 25.86 | 18.13 | 34.55 | | 发行价 (港元/股) | 19.8 | 17.5 | 9.94 | 202.5 | | 二同直日股价 涨跌幅 | -13.54% | -26.86% | -6.44%% | 43.2 ...

"请你公司补充说明以下事项，请律师核查并出具明确的法律意见: 一、关于股权架构设立的合规性， 请说明：（1） 2023年10月，北京茶姬短时间内增资后减资的原因、对价、定价依据及公允性，相关决策程序履行及税费缴纳情 况， 是否涉及虚假出资、抽逃出资，是否符合《公司法》和税收相关法律法规。（2）2021年2月，Hniken HK Holding Limited增资北京茶姬的对价、定价依据及公 允性、支付手段、支付期限， 履行外商投资程序情况。 （3）2023年10月，CHAGEE INVESTMENT受让北京茶姬股权的对价、定价依据及公允性、支付手段、支 付期限、税费缴纳情况。（4）发行人搭建离岸架构和返程投资涉及的境外投资、外商投资、外汇管理、税务等监管程序履行情况，并就合规性出具结论性意见。 2025年3月7日，证监会公布了《境外发行上市备案补充材料要求（2025年2月28日—2025年3月6日）》，对宁德时代、霸王茶姬、老乡鸡、海天味业、一亩田、新 代科技、维立志博7家公司出具补充材料要求。 其中，就近期新受理的 茶姬餐饮（即霸王茶姬） ，补充材料要求如下： 二、关于股东， 请说明： （1）持有发行人5% ...

Investment Rating - The report does not explicitly provide an investment rating for the restaurant industry Core Insights - The report analyzes the product innovation trends in the restaurant industry, focusing on six representative segments: Western fast food, noodle dishes, tea beverages, coffee drinks, bakery, and hot pot [3][18] - In January 2025, a total of 530 new products were launched across these segments, reflecting a 39.0% decrease compared to December 2024 [11][14] - The slowdown in new product launches is attributed to the proximity of the Spring Festival, with 150 out of 329 monitored brands introducing new products, accounting for 45.6% of the sample [9][7] Summary by Relevant Sections Overall New Product Overview - In January 2025, the total number of new products across six categories was 530, down 39.0% from December 2024 [11][14] - The number of new brands launching products decreased across all categories, with the most significant drop in noodle dishes and hot pot, which saw declines of 46.5% and 40.0%, respectively [9][14] Western Fast Food - In January, 19 Western fast food brands launched 88 new products, with a focus on social and leisure-oriented items like pizza, desserts, and snacks [25][24] - Innovations primarily centered around filling and flavor, with 37.2% of new products focusing on these aspects [29][28] Noodle Dishes - The noodle segment emphasized a "slow-cooked" broth style, with 35.7% of new products falling into this category [33][33] - The main innovation focus was on toppings, which accounted for 50.0% of new product developments [33][33] Tea Beverages - Tea beverage innovations included a variety of categories, with milk tea products making up over 40% of new launches [37][36] - Key innovation areas were in ingredients, particularly the use of green tea (51.4%) and dairy products (92.0%) [41][45] Coffee Drinks - Coffee drink innovations were led by latte products, which comprised 60.3% of new offerings [53][52] - The focus was on milk bases and coffee liquid innovations, with significant use of high-quality coffee beans from various regions [58][60] Bakery - The bakery segment saw a rich variety of new products, with cakes being the most prevalent, accounting for 52.9% of new launches [73][72] - Many products were themed around the Spring Festival, emphasizing festive and auspicious elements [73][72] Hot Pot - Hot pot innovations were primarily in the area of side dishes, which accounted for 35.5% of new products, with a notable focus on desserts and beverages [75][74] - Brands are increasingly integrating desserts and drinks into their hot pot offerings to enhance the dining experience [75][74]

Core Viewpoint - The Chinese ready-to-drink tea industry is experiencing significant capital activity, with brands like Bawang Chaji aiming for an IPO in the U.S. to capitalize on market opportunities and enhance their global presence [1][3][12]. Industry Overview - The new-style tea beverage market in China is projected to maintain steady growth, potentially exceeding 400 billion yuan by 2028 [1]. - The competition among mid-tier brands has intensified, with several brands, including Nayuki and Cha Bai Dao, pursuing IPOs to secure funding for expansion [3][4]. Company Highlights - Bawang Chaji, despite being a relatively new brand, ranks fourth in total sales in the Chinese ready-to-drink tea market, with a GMV of 10.8 billion yuan in 2023 [4]. - The company plans to raise between 200 million to 300 million USD through its IPO, which will be used to expand its store network and enhance supply chain capabilities [7][11]. Expansion Strategy - As of March 2025, Bawang Chaji operates 6,306 stores globally, with plans to enter the U.S. market by opening stores in California [8]. - The brand's product strategy focuses on high-quality offerings and efficient supply chain management, including sourcing over 13,000 tons of raw tea leaves [7][11]. Market Challenges - The tea beverage industry is facing challenges such as price wars and competition from cross-industry players like coffee brands entering the tea market [11][12]. - Bawang Chaji's ability to manage costs and maintain product quality amidst rising raw material prices will be crucial for its success [11]. Future Outlook - The IPO of Bawang Chaji represents a shift in the new tea beverage industry from rapid growth to a more rational capital approach, highlighting the importance of balancing cultural export with business sustainability [12].

你在家自己一泡就能喝的东西，已经折磨疯了无数品牌，大家都发现这产品一开局直接BOSS 战，贴脸先给你仨de buff。 变浑，变色，变味。 因为茶叶里面的成分真的太太太太复杂了，它PH值变了会变浑，浓度变了还是会变浑，温度变 了会变浑，茶的种类变了还是会变浑。 这是半佛仙人的第1757篇原创 1 之前翻后台，有朋友问了一个很有意思的问题。 我国的茶叶好，大家也爱喝茶，这东西也不贵，为啥原味茶这几年才火，之前几十年火的都是 有糖茶、有汽茶，乃至啤酒茶这些东西？ 哎呀老师这个问题非常简单啊，就是难做啊，太难了啊。 就难到什么程度呢？ 你就是泡好了放着不动，它里面咖啡碱茶黄素茶红素都会自己互相作用变浑。 三体都比它稳定，哥谭都比它单纯，哪吒比它乖巧听话还可人。 茶你解决了，你会发现泡茶的水质也有要求，添加剂怎么配，瓶子怎么设计更是难题。 哪怕你装瓶出场了，你会发现运向经销商再运给终端门店，最后卖到消费者手中的过程就跟击 鼓传雷一样刺激。 因为你搞不好，它被阳光一照，气温一变，路上一颠，货架一存，那个变色变味变质程度会非 常感人； 消费者都会夸你真是个东西，他就买你瓶茶水，你就送他去直视古神。 所以茶饮企业卷了二三十 ...

Core Viewpoint - The article discusses the recent developments of the tea brand "霸王茶姬" (BaWang Tea Princess) as it prepares for an IPO in the United States, highlighting its rapid expansion and competitive positioning in the beverage market [1][2]. Company Developments - BaWang Tea Princess plans to issue up to 64,731,929 shares for its IPO, aiming to raise between $200 million and $300 million, with Citigroup and Morgan Stanley managing the listing [2]. - The company has experienced significant growth, with a total sales volume (GMV) ranking fourth in the Chinese ready-to-drink tea market, following brands like 蜜雪冰城 (Mixue Ice City) and 古茗 (Gu Ming) [2][3]. - As of March 2025, BaWang Tea Princess has opened over 6,306 stores globally, with a focus on expanding into overseas markets such as Malaysia, Thailand, and Singapore [3][6]. Market Position and Strategy - The brand has adopted a franchise model and aggressive marketing strategies to fuel its rapid expansion, with plans to use IPO funds to enhance store growth and supply chain capabilities [3][6]. - In 2024, BaWang Tea Princess introduced new store formats and a sub-brand "第二杯茶" (Second Cup Tea), focusing on traditional Chinese tea products [7][8]. Financial Performance - In 2023, BaWang Tea Princess reported total sales of 10.8 billion yuan, with expectations to exceed 20 billion yuan in net profit for 2024 [12]. - The average monthly sales per store reached 483,000 in 2023, with a same-store growth rate of 88% [12]. Competitive Landscape - The company faces challenges from established competitors like 瑞幸 (Luckin Coffee) and emerging brands, intensifying competition in the tea beverage sector [10][11]. - The market is experiencing a downward trend in product pricing while raw material costs are rising, leading to a quality-price ratio struggle [11].

很多人对于古茗扩张方式不解，是因为没按照便利店打法理解它。 文 丨 徐煜萌 编辑 丨 钱杨 20 多岁的王云安关于自己的未来有一个预言。那时他刚创业，在浙江温岭的大溪镇开奶茶店。他看了一 个纪录片叫《食品技术》，讲怎么做果汁、怎么做汉堡，"当时就被震撼了"。下一个想法是——我的能 力干这个够，不过需要花十多年实现。 10 多年后的 2025 年，他创立的茶饮品牌古茗达到一万家店，在香港上市，计划在未来扩张到三四万 家。 上市之前，王云安回答《晚点 LatePost》关于未来古茗要成为谁的问题。"成为雀巢这样技术驱动的公司 让我更兴奋。" 他举例子，"（茶饮品牌）大家都叫 'XX 餐饮管理有限公司'，只有我们后面挂了个 '科 技'，我们是 '古茗科技有限公司'。" 蜜雪冰城是可怕的对手。在 2022 年意识到茶饮和咖啡是一个赛道后，瑞幸自然也是可怕的对手。但基 于自己核心能力推演，王云安觉得真正的对手不是它们，而是瓶装饮料。 "我能把这种新鲜的东西成本控制得接近常温。" 王云安说。这是古茗在 15 年中建立的核心能力。目前 古茗菜单上，超过三成的产品是用现切果肉制成的水果茶、果蔬茶。剩下含牛奶的产品，用的是需要 ...

文/梧桐兄弟 3月6日，证监会网站公告，茶姬控股有限公司（"霸王茶姬"）境外发行上市获证监会备案，公司拟发行不超过64,731,929股普通股并在美国纳斯达克证券交易所或 纽约证券交易所上市。 霸王茶姬拟募集资金未直接披露，但此前市场传闻其IPO目标为2-3亿美元（约合人民币14.5-21.7亿元） 此外，根据公开报道，霸王茶姬自成立以来经历了多轮融资，具体融资情况如下： 1、2020年，霸王茶姬完成天使轮，投资方为复星集团、XVC等机构； 2、2021年1月，霸王茶姬完成约1.6亿元的A轮融资，由XVC和复星集团投资方联合领投； 3、2021年5月，霸王茶姬再完成一轮约1.6亿元的融资，投资方主要由琮碧秋实领投，XVC跟投。 霸王茶姬谋求海外上市并不是孤例。 近年来，茶饮品牌纷纷境外上市，其中蜜雪冰城、茶百道、古茗已于近期完成香港上市；沪上阿姨也已递表，正在谋求香港上市。 | 维度 | 蜜雪冰城 | 茶自道 | 古茗 | 沪上阿姨 | | --- | --- | --- | --- | --- | | 最新市 | 1093亿港元(港股上市后) | 152.2亿港元(港股上 | 271亿港元(港股 | 40- ...

团结全中国最想当老板的人，重新创造中国的时代饮料。 文 丨 刘梓元 公司的形式风格、价值主张来自它的创办者们。而这些人的个性与品格则由他们仅有一次的人生经历所 塑造。生活如何塑造他们，他们就如何塑造自己的公司。 1990 年前后，河南商丘，卖冰棍儿的吆喝着经过田间地头。一个四五岁大的孩子哭着闹着要吃，父亲买 了一块，递给他前先沾了一层盐巴，试图戒掉一个孩子对冰棍的渴望。在那个时候，北京街头的年轻人 有的已经穿上耐克鞋、走进肯德基，但对于靠体力赚钱的农村家庭，几毛钱一支的冰棍还是奢侈品。 这是蜜雪集团首席执行官张红甫早年的回忆。做便宜但美味的食品像是在反哺童年，也可以说是个人经 历激发同理心，形成一个愿景：为钱不多但渴望美味的人提供可靠选择。 1997 年，他的哥哥张红超做 "寒流刨冰"，五毛到一块五的产品上浇了果酱和时令水果；2003 年在 "蜜 雪冰城" 名字下开家常菜馆，酸辣土豆丝 1.5 元一盘，鱼香肉丝 5 元一盘。前十年，门店都开在大学周 边，主流顾客是没什么钱的苦学生。一般餐厅的鱼香肉丝放 2-3 两生肉，张红超放 4 两，在对手发起 "低价竞争" 后，他们给餐品反直觉地涨价五毛，但生肉用量提升到 ...

以下文章来源于咖新社 ，作者张壹 咖新社 . 中国饮品行业专业新媒体。定向邀约超 140+新茶饮连锁品牌创始人关注本平台。 同步在｜小红书 | 视 频号 | 今日头条 | 等平台发布。 作 者 | 张壹 来源 | 咖新社 导 语：商场在选择品牌时，不仅要考虑流量，还必须权衡品牌之间的竞争关系，尤其是在消费 者需求趋向多样化的今天。 蜜雪冰城，作为近年来最具爆发力的品牌之一，以其超高性价比迅速占领了国内市场。不管是在街 头巷尾还是校园附近，蜜雪冰城几乎无处不在。但是，它却在一线城市的大型商场中很少见到。 最近，有网友在社交平台发文：来了！蜜雪冰城来了！再仔细一看，原来是南京城北万象汇蜜雪冰 城打围入驻了，该博主喜大普奔的四处宣告，并称有种县城做题家入赘京城官二代的既视感，喜悦 之前溢于言表。不过从图片中雪王打围的范围可以看出，这家门店确实是家气派宽敞的大店。 但问题也出现了，不少网友疑惑那么火的品牌，进个商场真就那么不容易吗？ 评论区给出了答案： 就雪王这价格，根本没人 会去喝其他奶茶了，商场一旦引进它，周围的品牌就得凉凉。 蜜雪冰城依靠价格优势吸引大量学生和年轻消费者，这无疑会挤占其他奶茶品牌的市场份额。尤其 ...