2025.11. 21 张俊杰(霸王茶姬) 好久没发朋友圈了,这几天,收到很多朋友 对我们婚礼的祝贺,真的很感谢大家。但确 实没想到信息传播引来了如此多的关注,也 着实让我们受宠若惊。 我与海纯相识相恋,在茫茫人海里,能够遇 到和自己灵魂契合、同频共振的另一半是人 生之幸。今年6月,我们领了证,组建了小 家庭。携手迈入婚姻殿堂,我感恩我的妻子 和亲友,也感恩命运。 但随着婚讯公开,那些关于我婚姻和创业的 谣言,比如"娶富豪的残疾女儿生了孩子"、 "拥有万亩茶园"等等不实信息又冒了出来。 这让我和家人受到了很大伤害,对霸王茶姬 的形象也产生了影响。在此,我郑重声明: 我在遇见我的妻子之前,从未有过婚姻, 本文字数：684，阅读时长大约1分钟 作者 | 第一财经 揭书宜 近日，霸王茶姬创始人张俊杰婚礼一事，成为舆论焦点。11月21日，张俊杰本人通过朋友圈证实了 这一婚讯，并透露已于今年6月登记领证。在感谢公众祝福的同时，张俊杰也表示：此前围绕他婚姻 和创业的诸多谣言，让其本人及家人受到了很大伤害，"有必要站出来说话"。 详情 "我郑重声明：在我遇见我妻子（高海纯）前，从未有过婚姻，也从未发生'茶叶富商残疾女儿'的 ...

Core Points - Zhang Junjie, the founder of Bawang Tea Ji, confirmed his marriage and addressed rumors surrounding his personal life and business [2][3][5] - The company has expanded significantly, with over 7,000 stores globally and more than 200 million registered members since its establishment in 2017 [5] - Legal actions have been taken against those spreading false rumors, resulting in penalties and public apologies from the offenders [5] Company Overview - Bawang Tea Ji was founded in 2017 by Zhang Junjie in Kunming and has rapidly grown to over 7,000 stores worldwide [5] - The company is set to go public on NASDAQ in April 2025 [5] Rumor Management - Since November 2024, various false rumors have circulated about Zhang Junjie, including claims about his marriage and family background [5] - The company has actively pursued legal recourse against rumor-mongers, leading to court actions and public retractions [5]

"我郑重声明：在我遇见我妻子（高海纯）前，从未有过婚姻，也从未发生'茶叶富商残疾女儿'的任何 故事。"张俊杰在他的朋友圈表示。 近日，霸王茶姬创始人张俊杰婚礼一事，成为舆论焦点。11月21日，张俊杰本人通过朋友圈证实了这一 婚讯，并透露已于今年6月登记领证。在感谢公众祝福的同时，张俊杰也表示：此前围绕他婚姻和创业 的诸多谣言，让其本人及家人受到了很大伤害，"有必要站出来说话"。 "我郑重声明：在我遇见我妻子（高海纯）前，从未有过婚姻，也从未发生'茶叶富商残疾女儿'的任何 故事。"张俊杰在他的朋友圈表示。 据了解，张俊杰17岁投身奶茶行业，2017年在昆明创立霸王茶姬。随后8年，霸王茶姬在全球范围内开 设了超过7000家门店，注册会员突破2亿人。2025年4月，这家企业于纳斯达克上市。 自2024年11月起，网络上关于张俊杰的谣言层出不穷，诸如"娶富豪的残疾女儿生了孩子"、"拥有万亩 茶园"等等，尤其是短视频平台被大量传播。造谣者通过反复炮制相同题材的内容，关联相关词吸引眼 球，并借此实现流量变现。 霸王茶姬方面表示，他们已使用法律手段对造谣者进行了打击。今年4月，人民法院公告网公布的一则 起诉状副本及开庭传票 ...

流传的婚礼请柬显示，张俊杰和高海纯的婚宴定于12月15日举行，发出该请柬的邀请人为天合光能创始人高纪凡、吴春艳夫妇，婚宴地址则在高纪凡的老家 江苏常州。 两家上市公司的市值总计超600亿元。 近日，光伏龙头天合光能（688599.SH）创始人高纪凡之女高海纯与霸王茶姬（CHA.NASDAQ）创始人张俊杰的结婚请柬在网上流传。 11月21日，第一财经记者从知情人士证实了这一消息。 2025年4月17日，霸王茶姬在美国纳斯达克上市。在2025年10月28日发布的《胡润百富榜》中，张俊杰以135亿元财富首次上榜，成为榜单最年轻的"黑马"。 8月29日晚间，霸王茶姬公开了2025年第二季度财报。财报显示，第二季度，霸王茶姬全球门店数达到7038家。霸王茶姬二季度总GMV（商品交易总额）达 81.031亿元，同比增长15.5%；净收入33.319亿元，同比增长10.2%；调整后净利润为6.298亿元，对应的调整后净利率为18.9%。 公开资料显示，高海纯自2025年1月至今，担任天合光能联席董事长。2025年3月，其正式出任天合富家联席总裁，与其父亲高纪凡同台搭档。高海纯曾经也 是从天合光能的基层岗位做起，先后历任投资 ...

南都湾财社记者当晚从天合光能相关负责人处证实了这一消息：双方已登记结婚，将于近期举行婚礼， 感谢大家的祝福。 霸王茶姬创始人张俊杰 天合光能于1997年在江苏常州创立，为国内最早进入光伏领域的企业之一，它和隆基绿能、晶科能源、 晶澳科技，被视为光伏组件第一梯队的四小龙。天合光能目前的主要业务为光伏产品、储能业务、系统 解决方案、数字能源服务。 财报显示，2025年前三季度，天合光能收入同比下降了20.87%至189.14亿元，净亏损为42.01亿元，上 一年同期亏损为8.47亿元。对于亏损，天合光能在2025年半年报中指出，光伏行业技术红利与价格战并 存的格局，导致企业盈利承压，产业链整体仍处于普遍亏损状态。 这场联姻始于一场青年企业家学习活动。相关负责人表示，双方相识于青年企业家学习活动，已登记结 婚，由于此事属于个人事务，也期待大家给予一定的私人空间。双方公司均为上市公司，目前尚未有任 何关联交易或商业合作。 据南都湾财社记者了解，张俊杰自幼失学，10岁时父母相继离世，从奶茶店打工起步，2017年在云南创 立霸王茶姬，30岁时带领霸王茶姬登陆纳斯达克。 高海纯是天合光能董事长高纪凡的女儿，毕业于美国布朗大 ...

11月20日，网传结婚请柬显示，霸王茶姬创始人张俊杰与天合光能联席董事长高海纯将在12月15日在江 苏常州举办婚宴。 11月20日上午，南都湾财社记者向霸王茶姬相关负责人求证，截至发稿，对方仍在核实中。同一时间， 南都湾财社记者以投资者身份联系天合光能投资者关系部，天合光能投资者关系部工作人员表示，"不 清楚，这是她私人的事情，跟公司没有关系"。记者尝试联系高海纯本人，未能获得回应。另据智通财 经多方求证，上述结婚请柬为真，两人已于今年6月订婚。 在消息传出当天，截至11月20日收盘，天合光能股价下跌5.06%，报19.15元。对此，天合光能投资者关 系部工作人员告诉记者，这与高海纯结婚一事没有关系，主要是当天组件行业股价都下跌很多。而霸王 茶姬因在美股上市，消息传出时尚未开盘。 天合光能和霸王茶姬两家公司当前总市值超过600亿元，天合光能市值更高，营收规模更大，但是自去 年起陷入巨额亏损。在光伏产业面临价格走低、甚至击穿成本的困境时，高海纯现在主导的解决方案被 寄予厚望，被视为企业新的增长曲线。 根据张俊杰此前的公开演讲及多份公开资料，张俊杰现年30岁，自幼没有上过学，10岁时，父母就相继 离世，之后他去奶 ...

Core Viewpoint - The concept of price increases based on supply and demand has become a key logic for fund managers to outperform the market and identify potential high-growth stocks [1][2]. Group 1: Price Increase as a Signal for Investment - Price increases are viewed by fund managers as a sign of corporate expansion and competitive strength, often leading to excess returns [2]. - The price of Moutai liquor has risen from 499 RMB to approximately 1169 RMB from January 2011 to November 2023, significantly benefiting funds heavily invested in it [2]. - Companies like Bilibili, Meitu, and Tencent Music have also seen positive investment cycles due to membership price increases, with Meitu's net profit reaching 467 million RMB in the first half of the year, a 71.3% year-on-year increase [2]. Group 2: Risks of Price Decrease - The decline in prices can indicate either an industry recession or a competitive "elimination round," posing risks for non-leading companies [3]. - A notable example is the significant losses incurred by funds that invested heavily in Nayuki Tea during a price decline cycle, leading to its market value dropping to less than 2 billion HKD [3]. Group 3: Fund Flows and Market Trends - In a climate of rising risk aversion, companies with price increase expectations have become attractive investment targets [4]. - Recent data shows that the top-performing funds are concentrated in resource and new energy themes, with some funds achieving returns of up to 31% in a month due to price increases in related commodities [4]. Group 4: Sensitivity to Price Increase Logic - There has been a significant influx of funds into chemical ETFs, reflecting investor sensitivity to price increase logic, despite some ETFs experiencing net value losses earlier in the year [5]. - The asset size of the Jianxin Chemical ETF grew from 604 million RMB to 1.099 billion RMB from June to September 2023, indicating strong investor interest [5]. Group 5: Long-term Investment Strategies - Fund managers are focusing on sectors with price increase potential, such as non-ferrous metals, which are expected to see upward price trends due to supply constraints [6]. - The technology sector is also benefiting from price increases, with major memory suppliers planning to raise prices by up to 30% to meet the growing demand driven by AI [6]. Group 6: Caution in Competitive Industries - Some fund managers advocate for caution in industries experiencing price competition, such as the AI large model sector, where price reductions have been announced [7].

Group 1 - The price increase logic has become a key strategy for fund managers to outperform the market and identify potential stocks, especially during year-end risk aversion periods [1][2] - Fund managers view price hikes as a strong indicator of corporate expansion and competitive strength, leading to significant returns, as seen with Kweichow Moutai and other stocks like Bilibili and Tencent Music [2][3] - The price increase of Kweichow Moutai from 499 RMB to approximately 1169 RMB from January 2011 to November 2023 has provided substantial returns for funds heavily invested in it [2] Group 2 - The decline in prices within certain industries, such as the milk tea sector, signals potential risks and has led to significant losses for funds that invested heavily in stocks like Nayuki's Tea [3] - The strategy of observing price trends (both increases and decreases) is effective for assessing the profitability of companies across various industries [3][4] - Recent data shows that funds focused on resource themes and new energy have seen strong performance, with some funds achieving returns of over 31% in the past month [4][6] Group 3 - The recent surge in prices for chemical products, such as the 68% increase in the price of ethylene carbonate, reflects the strong correlation between price hikes and investor interest [5][6] - The influx of capital into chemical ETFs indicates a high sensitivity among investors to price increase logic, despite some ETFs experiencing net value losses earlier in the year [6] - Fund managers are optimistic about sectors like non-ferrous metals, anticipating upward price movements due to supply constraints and competitive advantages [7] Group 4 - The focus on price increase logic has led some fund managers to adopt a cautious approach towards industries facing price competition, such as the AI sector, where price cuts have been announced [8]

Core Viewpoint - The concept of price increases based on supply and demand has become a key logic for fund managers to identify potential high-performing stocks, especially during year-end risk aversion periods [1][4]. Group 1: Price Increase as a Stock Selection Logic - Price increases are viewed as a strong indicator of corporate expansion and competitiveness, often leading to excess returns for investors [2][3]. - The price of Moutai liquor has risen from 499 yuan to approximately 1169 yuan from January 2011 to November 2023, significantly benefiting funds heavily invested in it [2]. - Internet companies like Bilibili, Meitu, and Tencent Music have also seen positive investment cycles due to membership price increases, with Meitu's net profit in the first half of this year reaching 467 million yuan, a year-on-year increase of 71.3% [2]. Group 2: Impact of Price Decrease on Investment Decisions - The decline in prices within certain industries can signal dangerous trends for non-leading companies, as it may indicate either a recession or a competitive "elimination round" [3]. - Funds that heavily invested in Nayuki Tea faced significant losses as the industry entered a price-cutting phase, leading to its removal from major fund holdings [3]. Group 3: Fund Flows and Market Trends - The expectation of price increases has attracted significant capital into specific sectors, particularly during times of heightened risk aversion [4][5]. - Recent data shows that funds focused on resource themes and new energy have performed well, with some achieving returns of up to 31% in the past month, closely linked to price increase news in related industries [4]. - The rapid growth of chemical ETFs, despite previous underperformance, indicates strong investor sensitivity to price increase logic [5][6]. Group 4: Long-term Investment Strategies - Fund managers emphasize the importance of price increase logic in their investment strategies, particularly in sectors like non-ferrous metals, where supply constraints are expected to drive prices higher [7]. - In the technology sector, rising prices for memory chips, driven by increased demand from AI applications, are expected to support strong performance in tech growth stocks [7].

Core Viewpoint - The article discusses the phenomenon of young entrepreneurs in China who, despite facing significant financial risks, are determined to start their own businesses, often leading to failure and debt. It highlights the common pitfalls and the influence of fast-track recruitment companies that exploit these aspiring entrepreneurs [5][101]. Group 1: Entrepreneurial Trends - A new wave of entrepreneurs is emerging, willing to incur substantial debt to open businesses, particularly in the food and beverage sector, such as tea and burger shops [5][11]. - Many entrepreneurs are drawn to the idea of starting their own businesses without conducting proper market research, leading to poor decision-making and financial losses [16][17]. - The article illustrates various entrepreneurial archetypes, including those who rely on loans and leverage to start their businesses, often resulting in significant debt [16][34]. Group 2: Common Pitfalls - Entrepreneurs frequently fall victim to fast-track recruitment companies that promise easy success but often lead to financial ruin [101][105]. - Many aspiring business owners lack basic business acumen, such as understanding market demand and competition, which contributes to their failures [17][94]. - The article provides examples of individuals who invested heavily in franchises without proper due diligence, leading to rapid financial losses [20][24][88]. Group 3: Case Studies - A case study highlights a woman who lost 900,000 yuan in just six days after opening a poorly chosen franchise, illustrating the risks of blind entrepreneurship [20][24]. - Another example features a man who invested 100,000 yuan in a lavishly designed tea shop but faced daily losses due to poor location and competition from established brands [34][36]. - The article also discusses a woman who opened a juice shop next to a popular brand, believing her product would attract customers despite the overwhelming competition [70][79]. Group 4: Market Dynamics - The article emphasizes the saturation of the food and beverage market, particularly in the tea and coffee segments, where established brands dominate and new entrants struggle to survive [111][105]. - It notes that many entrepreneurs are misled by the allure of trendy brands and fail to recognize the realities of market competition [89][120]. - The influence of social media and fast-track recruitment companies exacerbates the issue, as they promote unrealistic success stories that entice individuals to invest without proper understanding [120][121].