Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity in 2025, with 111 companies raising a total of 250.56 billion HKD, surpassing previous forecasts and reclaiming the top position in global IPO fundraising [2][4][7] - The consumer sector has emerged as a leading player in this capital influx, with over 23 IPOs in retail and consumption, indicating strong investor interest in this area [2][4] - There is a noticeable market differentiation, where leading companies attract significant capital while second-tier brands face challenges, suggesting a return to rational valuation in the consumer sector [2][12] Industry Trends - The HKEX has experienced a surge in IPOs, with multiple companies listing on the same day, particularly in the consumer sector, which has seen a mini-peak in listings [4][5] - The second half of 2025 continued to see a robust listing pace, with major players from the new energy and technology sectors also entering the market [5][6] - The trend of "A+H" dual listings has gained momentum, with 19 new A+H companies listed, indicating a growing acceptance of this model among established firms [7][9] Market Dynamics - The current IPO boom is driven by a combination of policy support and the need for companies to address growth bottlenecks, with the regulatory environment in mainland China pushing firms towards Hong Kong [9][11] - The venture capital and private equity sectors are under pressure to provide exit opportunities, making the HKEX an attractive option for companies seeking to go public [10][11] - Companies are increasingly looking to the HKEX to enhance their global presence and access international capital, as seen with firms like Haidilao and Haitian Flavoring [18][19] Competitive Landscape - The competitive pressure in the domestic market is prompting companies to seek international capital markets, with successful IPOs providing a significant advantage in terms of funding and market positioning [11][12] - Leading companies like Mixue Ice City have set high benchmarks for capital efficiency and market performance, creating a "siphon effect" that pressures competitors [13][14] - The shift in valuation logic within the HKEX is moving towards profitability and core competitiveness, making it challenging for companies without solid financials to attract investment [16][17] Future Outlook - The HKEX is expected to maintain strong IPO momentum, with nearly 300 companies currently in the pipeline across various sectors, indicating robust future supply [7][9] - Companies must focus on building sustainable competitive advantages to thrive in an increasingly discerning market, as the evaluation criteria for IPOs become more stringent [20]

本报讯(记者李雯珊见习记者张美娜)元旦小长假带动新茶饮消费热潮，茉莉奶白销售表现尤为亮眼， 在"跨年效应"与新品上市双重推动下，2025年12月31日跨年当日，全国销量近190万杯，元旦当日延续 热度，售出153万杯。 从区域表现来看，上海、成都、杭州三城销售额位居全国前列。与此同时，茉莉奶白在海外市场表现同 样亮眼，元旦期间在加拿大正式开设多伦多CF Fairview Mall门店，开业期间日均销量达3500杯，美国 多家门店亦表现突出，展现出品牌在海外市场的强劲人气与增长潜力。产品方面，招牌产品"茉莉奶 白"与爆款果奶产品"针王草莓""针王葡萄"销量领先，三款产品合计贡献超过四成总销量。 多家位于景区与交通枢纽的门店成为业绩增长引擎。其中，上海千古情景区店、西安龙湖长乐天街店、 上海海昌海洋公园店表现最为突出，销售额环比增长均接近300%，喀什、湖州等服务旅游与出行场景 的门店也销售火热。 ...

Core Insights - The Hong Kong Stock Exchange (HKEX) has seen a significant increase in IPO activity in 2025, with 111 companies listed and total fundraising reaching 250.56 billion yuan, far exceeding previous forecasts [1][2] - The consumer sector has emerged as a leading player in this capital influx, with over 23 IPOs in retail and consumption, indicating a strong market interest [2][4] - The IPO boom is driven by multiple factors, including supportive policies and the need for companies to address growth challenges in a competitive market [9][10] Group 1: IPO Activity and Market Dynamics - In 2025, HKEX regained its position as the top global market for IPO fundraising, with a total of 1,071 billion HKD raised by June 30 [4] - The listing of major companies like Ningde Times, which raised 41.006 billion HKD, marked significant milestones in the IPO landscape [7] - The market is witnessing a trend of "A+H" dual listings, with 19 new companies achieving this status, indicating a growing interest in international capital markets [7] Group 2: Sector-Specific Trends - The consumer sector, particularly new tea brands, has shown strong performance, with companies like Mixue Ice City achieving record subscription rates and fundraising [14][15] - Emerging sectors such as AI and high-end consumer goods are also gaining traction, with companies like Drip Technology and Baima Tea making their market debut [6][4] - The presence of "first stocks" in niche markets reflects HKEX's inclusivity and investor confidence in growth potential [6] Group 3: Competitive Landscape and Challenges - The competitive pressure in the market is intensifying, with leading companies leveraging their capital to gain market share, while second-tier brands face challenges [13][14] - Companies that successfully list must demonstrate sustainable growth and core competitiveness to maintain investor interest [16][20] - The shift in valuation logic from growth narratives to profitability and core strengths is reshaping the market dynamics [17][18] Group 4: Globalization and Strategic Expansion - Companies are increasingly looking to international markets for growth, with firms like Haitian Flavor Industry aiming to enhance their global brand presence through HKEX [19] - The need for companies to adapt to global competition is driving a shift from scale-oriented strategies to value-driven approaches [19][20] - The evolving market landscape presents both opportunities and challenges for companies planning to list, emphasizing the importance of establishing core competencies [20]

近日，有加盟商向茶咖观察透露，酸奶罐罐已被茉酸奶收购，创始人及初创团队已离场，原定的出海计划搁浅。另一位加盟商证实，早在11月便已有相关传 闻，其门店也在同期停业。同时，茶咖观察也向另一位接近该品牌的人士证实了该消息，但酸奶罐罐内部尚未出现大规模人事调整。 茶咖观察就此事向酸奶罐罐创始人郑志禹求证，未获正面回应。 值得注意的是，茉酸奶自身近期也刚完成一场权力更迭：创始人赵伯华卸任全部职务并清空股份，彻底离场；原联合创始人、加盟商出身的顾豪成为控股股 东及法定代表人。与此同时，乳企君乐宝以21.43万元出资获得了茉酸奶运营主体42.86%的股权。 出品/茶咖观察 作者/蒙嘉怡 编辑/薛向 图源/小红书@酸奶罐罐 酸奶赛道开始进入整合期。 | | 持股详情 | | © 个查查 | | --- | --- | --- | --- | | 君乐宝(河北)企业管理有限公司 | | | | | 持股企业 | | | | | 上海伯邑餐饮管理有限公司 | | | | | 股东类型 | | 持股比例 | | | 企业法人 | | 42.86% | | | 首次持股日期 | | 关联品牌产品 | | | 2023-12-13 ...

近日，有加盟商向茶咖观察透露，酸奶罐罐已被茉酸奶收购，创始人及初创团队已离场，原定的出海计划搁浅。另一位加盟商证实，早在11月便已有相关 传闻，其门店也在同期停业。同时，茶咖观察也向另一位接近该品牌的人士证实了该消息，但酸奶罐罐内部尚未出现大规模人事调整。 茶咖观察就此事向酸奶罐罐创始人郑志禹求证，未获正面回应。 值得注意的是，茉酸奶自身近期也刚完成一场权力更迭：创始人赵伯华卸任全部职务并清空股份，彻底离场；原联合创始人、加盟商出身的顾豪成为控股 股东及法定代表人。与此同时，乳企君乐宝以21.43万元出资获得了茉酸奶运营主体42.86%的股权。 双方的变动几乎同步发生，行业整合正在加速。 酸奶罐罐怎么了 酸奶罐罐成立于2023年，是茶饮品牌桂桂茶内部孵化的项目。2023年4月29日，其首店在上海美罗城开业，产品定价介于13至22元之间。 品牌创立初期野心勃勃，郑志禹在2023年接受媒体采访时表示，计划在2024年实现千店规模，希望三年内拓展至3000家门店，并力争成为行业第二。但极 海数据显示，截至2024年12月，酸奶罐罐全国门店总量为314家，与目标相距甚远。 今年6月，酸奶罐罐相关负责人曾对外透露，品牌 ...

以下文章来源于霞光社 ，作者刘景丰 霞光社 . 赋能企业全球化 一场深刻的改变正在发生。 作者/刘景丰 来源/霞光社 （ID：Globalinsights） "我们总共3 0个房间，2 9个房间住着来考察的中国人。" 一家在哈萨克斯坦最大城市阿拉木图的酒店老板告诉霞光社。 这家酒店的老板是福建人，因看好阿拉木图的商机，他只身来到这里，于今年9月开了 这家主要服务华人的酒店。 "这还不是旺季。今年九月刚开业那会儿，酒店的房间提前好几天就被订出去了。" 这是出海中亚热最微观的体感之一。更宏观的数字也呈现了这种趋势：来自同程旅行的 数 据 显 示 ， 今 年 前 11 个 月 ， 中 国 赴 哈 萨 克 斯 坦 人 数 超 过 8 7 . 6 万 人 次 （ 2 0 2 4 年 全 年 为 6 5 . 5 万 人 次 ） ； 此 外 ， 1 2 月 初 至 新 年 假 期 期 间 ， 中 国 主 要 城 市 飞 往 哈 萨 克 斯 坦 的 机 票 预订量较去年同期更是增长超5 0 %，酒店预订量增长超8 0 %。 如此看来，今年赴哈萨克斯坦的中国人或将接近百万之众。 除了"人"的流动外，货物的流动同样高涨。今年1 ...

"含A量"飙升：A+H模式成龙头出海新范式 2025年，维多利亚港畔的上市锣声格外密集——全年117家企业敲钟登场，平均每两个交易日便有一声清脆回响。 伴随这密集的节奏，香港交易所以预计超2800亿港元的IPO募资总额，时隔多年重夺全球新股融资榜首。恰逢港 交所成立二十五周年，这场"王者归来"不仅是一次规模上的胜利，更标志着港股市场核心叙事的根本性转变：从 昔日的"估值洼地"，正加速跃升为汇聚中国优质资产与新经济动能的"产业高地"。 驱动这一跃迁的，是两大结构性力量："含A量"的显著提升与"向新力"的强劲迸发。 2025年港股IPO市场的最大亮点之一，是A股优质企业集体"南下"。据德勤预测，全年港股IPO募资额达2863亿港 元（约360亿美元），其中近半数来自A股公司——19家A股上市公司成功登陆港股，合计募资1399.93亿港元，占 比高达48.9%。 尤为引人注目的是，在募资前十大的IPO中，6家为"A+H"双上市企业：动力电池巨头宁德时代、医药龙头恒瑞医 药、调味品白马海天味业，以及三一重工、赛力斯、三花智控等行业领军者。仅这六家便贡献了1033亿港元，占 全年总额的36%以上。此外，募资第二的紫金黄 ...

惊蛰研究所 . 探索发现新经济。 本文来自： 惊蛰研究所 ，作者：白露，题图来自：AI生成 自2020年以来，无数品牌如履薄冰，消费市场也经历了显著的动荡。但是2025年的消费市场，很难 再用"复苏""疲软"这样简单的词语来概括。 以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 一方面，在宏观消费层面，价格敏感、理性消费的消费者越来越多， 人们对性价比的追求达到极致 。另一方面，在细分消费领域，演唱会一票难求、文旅市场持续火热，情绪价值在不同赛道被反复标 价…… 这些现象也真实表明：消费没有消失，只是换了一种方式存在。而这种方式的核心要素就是"活人 感"。 一、吃：一笔关于体验的精细账 线下餐饮行业的激烈竞争由来已久，即便不考虑大的市场变化，每年的网红单品迭代、现象级品牌出 圈足以为一次行业年终盘点贡献足够多的案例素材。但在2025年，最值得关注的变化并不是某个单 一品牌或是单一业态的改变，而是从消费决策到市场供给产生的一连串变革。 对于大多数以线下实体经营为主的餐饮品牌和商家，最焦虑的仍然是线下客流下滑的问题。天财商龙 数据显示，2025年前八个月店均客流为5681人/月，仅较2024年同期下滑0.66% ...

"奶茶等于毒品"这个引爆性的比喻，瞬间点燃了公众深层的健康焦虑。过去关于"失眠"、"心悸"的个体 感受，仿佛瞬间找到了罪魁祸首。 当天美股开盘，霸王茶姬股价应声跳水，盘中暴跌超14%，市值瞬间蒸发约2亿美元。 对此，霸王茶姬火速反击：先声明已启动法律程序，再发长文科学解释。 针对市场恐慌，上海禁毒办也亲自下场科普："抛开剂量谈毒性都是耍流氓"，为市面上的咖啡因饮品正 名。那么一杯霸王茶姬究竟含有多少咖啡因？ 一句网络指控，让一家市值百亿的明星公司，在几个小时里，市值蒸发超14亿元。 这不是商战片，而是发生在霸王茶姬身上的"惊魂一刻"。 最近，一篇将"高浓度咖啡因饮料"与"准毒品"划等号的帖子上了热搜。 公开数据显示，一杯580ml的大杯"伯牙绝弦"含有约117毫克的咖啡因。而一杯473ml星巴克冰美式的咖 啡因是183毫克。 对此有网友辣评，"按这逻辑，星巴克岂不是'大毒枭'？" 但问题来了：为什么一个看起来这么夸张的指控，不仅上了热搜，还直接撼动了股价？ 这其实暴露了一个普遍的认知盲区：很多人根本没意识到，奶茶中是含有咖啡因的，这是茶叶自带的天 然成分。 说到底，一次次风波正倒逼行业走向透明。未来的竞争，不 ...

Core Viewpoint - The recent discussions around caffeine content in milk tea have sparked public concern, highlighting a significant gap in consumer awareness regarding caffeine in tea-based beverages [1][4][16]. Group 1: Caffeine Awareness - Many consumers are unaware that milk tea contains caffeine, with over 52.15% not knowing that tea also has caffeine [4]. - Tea is a major source of caffeine for adult consumers in China, contributing 74.80% to caffeine intake, significantly more than other sources like coffee [3][10]. Group 2: Caffeine Safety and Regulation - Caffeine in food is fundamentally different from controlled substances, and approved caffeine in food products meets national safety standards [5][10]. - The safe daily caffeine intake for healthy adults is established at 400 mg, which allows for the consumption of one cup of milk tea without health concerns [11]. Group 3: Industry Response and Consumer Education - The new tea beverage industry is evolving towards transparency, with brands like Heytea and Bawang Tea Princess introducing caffeine grading systems and low-caffeine products [14][19]. - Recent public discourse has served as an educational opportunity, raising awareness about caffeine content and the need for caution among specific demographics such as children and pregnant women [16][19].