文|铑财研究院 充分选择，才会凸显充分价值。 随着2025年3月蜜雪冰城的上市，新茶饮四巨头终于齐聚港交所，不过各家悲欢似乎并不想通。 以蜜雪冰城为例，发行价202.5港元，上市当日不仅打破"上市即破发"魔咒，还暴涨43.21%，最终收于290港 元。此后整体震荡走强，截至2025年4月25日收于468.8港元，较发行价累增131.5%，市值1780亿港元。古茗也 不遑多让，2025年2月上市、发行价9.94港元，最新收盘价21.6港元，较发行价累涨117.3%，市值513.7亿港元。 玩味的是，相较"后浪"的耀人光芒，"前辈"奈雪的茶、茶百道股价热度逊色了不少。先说"新茶饮第一股"奈雪， 2021年6月上市发行价19.8港元，截至2025年4月25日收盘价0.97港元，较发行价几乎"脚趾斩"，市值仅剩16.51亿 港元。据百度股市通，仅2025年内就累跌28.68%。 "第二股"茶百道，2024年4月23日以发行价17.5港元登陆港交所，上市首日即破发，收于12.41港元，较发行价跌 29.09%。此后整体呈震荡下行态势，截至2025年4月25日股价收于8.38港元，较发行价累跌超30%，市值仅剩 123. ...

近日，新式茶饮品牌沪上阿姨正式通过港交所聆讯，即将登陆港股。沪上阿姨也是继奈雪的茶、茶百 道、古茗、蜜雪冰城后，港股市场上的第5家新式茶饮品牌。 值得注意的是，此前新式茶饮品牌一直有着上市就破发的"魔咒"，但随着蜜雪冰城的上市，"魔咒"已不 存在，同时古茗和蜜雪冰城的股价表现都极为抢眼。 因此，沪上阿姨本次的上市表现也备受市场关注。 | | | | 截至12月31日 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | 加盟店 . | 5,244 | 98.8% | 7,756 | 99.6% | 9,152 | 99.7% | | 自營店 | 63 | 1.2% | 33 | 0.4% | 24 | 0.3% | | 總計 | 5,307 | 100.0% | 7,789 | 100.0% | 9,176 | 100.0% | 同时，沪上阿姨战略性聚焦于下沉市场，按门店总数计算，沪上阿姨在中国下沉市场的中价现制茶饮店 品牌中拥有强大市场地位。 不过，新式茶饮品牌的竞争之激烈，同样让市场咋 ...

以下文章来源于茶咖观察 ，作者李彦 茶咖观察 . 壹览商业旗下茶饮咖啡行业研究机构 导读： 茉酸 奶又 又 又 推 子 品 牌 了 。 木鱼 丨 编辑 茶咖观察 丨 出品 茉酸奶又推子品牌了。 2 0 2 5 年 4 月 1 8 日，茉酸奶在上海徐家汇日月光中心广场开设了其首家"牧场奶仓"门店， 新门店采用"谷仓"设计风格，营造出"城市中心牧场"的氛围。 从门店设计看，牧场奶仓的空间设计与茉酸奶此前主打的绿色系装修风格有明显区隔，整体 转向更为温润的原木色调。 门店大量采用谷物与原生态元素进行陈设，例如裸麦束、草编器具等，并在显眼位置摆放了 牛油果等新鲜水果，营造出农场采摘的现场感。价格信息则不再使用标准灯箱，而是以手写 黑板的形式展示，带有轻松、生活化的笔触。 店内设置了开放式厨房，顾客可以看到店员现场切水果、搅拌酸奶的全过程，强调手作、可 见与新鲜的价值观。整个空间氛围更像是一处慢节奏的酸奶工作坊，而非传统饮品店。 茶咖观察发现， "牧场奶仓"在产品方面进行了丰富和创新，茉酸奶本身主打的酸奶奶昔产品 依然在线，除此之外，还新增了酸奶贝果、现制冷萃酸奶、轻酸奶系列等多款零售产品。 李彦 丨 作者 烘焙系列涵 ...

10年开出7297间门店后，拥有中国第四大现制茶饮店网络的沪上阿姨，向港交所提交上市申请书，正式 发起IPO冲刺。 这是继茶百道、古茗控股、蜜雪冰城之后，又一家准备在香港上市的现制茶饮企业。在此之前，奈雪的 茶已经在港交所上市。 十年开出7000余间门店 99.3%门店为加盟 2月14日，港交所披露了沪上阿姨的上市申请文件。文件显示，2023年前三季度，公司期内溢利3.24亿 元，同比增长12.8%。截至2023年9月30日，公司是覆盖最多中国城市的中国中价现制茶饮店品牌。 文件显示，沪上阿姨于2013年开设了第一家门店，售卖五谷奶茶——一款加入谷物作配料的奶茶，并以 此迈开扩展中国北方地区门店网络的步伐。公司于2019年开始提供鲜果茶，得以在全国各地快速扩张。 2021年5月，沪上阿姨升级全新的鲜果茶战略。 目前，沪上阿姨已推出"沪上阿姨""沪咖""轻享版"三大品牌，能够提供多款由优质原叶茶、现磨咖啡 豆、酸奶、鲜果、NFC果汁、牛奶及多种谷物等其他食材制成的健康现制饮品。 在经营模式上，沪上阿姨采用以加盟店为主的形式进行快速规模化扩张。截至2023年9月30日，沪上阿 姨一共有7297间门店。文件显示，目 ...

从"纤体瓶"到"超模水"，从"瘦瘦轻畅杯"到"控糖小绿瓶"，最近一段时间以来，多家新式茶饮品牌纷纷 推出了主打瘦身、健康的果蔬饮品，而这些产品的主要原料，均是一款名为羽衣甘蓝的蔬菜。 羽衣甘蓝是一种原产于地中海沿岸的蔬菜，此前由于味道苦涩、口感欠佳而更多作为观赏性的作物。被 新式茶饮品牌"捧红"后，羽衣甘蓝成为"网红"，身价也倍增。有菜农表示，羽衣甘蓝以前的售价仅几毛 钱一斤，如今已经涨到了3.5元一斤，而且"长一茬就能卖一茬"。 其实，羽衣甘蓝的"出圈"和走红，在新式茶饮行业中并非第一次。几年前，一款小众的水果油柑也曾风 靡一时，备受年轻人的喜爱。油柑与羽衣甘蓝一样，口感酸涩，味道不易被大众接受，但在"刮油解 腻""清热降火"等宣传功效的包装下，也迅速成为了各家品牌的热销产品。如今，油柑的热度刚刚退 去，羽衣甘蓝又闪亮登场，变化的是食材品种，不变的是新式茶饮的健康生意经。 羽衣甘蓝等新食材的走红，主要源于消费者的需求变化及对健康饮食的日益推崇。随着生活水平的提 高，人们早已告别了大鱼大肉、高糖高脂的饮食习惯，更加偏好营养均衡、低卡路里、低负担的饮食结 构。羽衣甘蓝富含维生素、膳食纤维等营养要素，主打低热量、 ...

每经编辑 杜宇 当地时间4月17日，美股三大指数收盘涨跌不一，道指下跌527.16点，跌幅1.33%；纳指跌0.13%；标普500指数涨0.13%。 大型科技股涨跌互现，英伟达跌2.93%，谷歌、微软跌超1%，苹果、奈飞涨超1%。 据券商中国，4月17日，摩根大通在最新发布的研报中警告称，虽然在今年第一季度芯片股整体业绩还行，但受美国政府的关税政策影响，今年后半年会更 难。 摩根大通将2025年全球半导体行业的营收增速预期，从此前的同比增长10%～12%，下调至"同比持平到中个位数增长"。其中芯片设备市场寒意更甚，摩 根大通把2025年半导体设备（WFE）行业的增长预期，从原来的+5%调整为0%或小幅负增长。 | 英伟达 | | | --- | --- | | NVDA US 空 | | | 104.470 昨收 104.490 量比 0.89 101.425 | | | 100.050 市值2.47万亿 换 1.24% -3.065 -2.93% = | | | 104.450 市盈™ 33.96 额 295.15亿 | | | 相关ETF ① 纳指科技ETF 0.75% 含英伟达 12.8% > | | ...

艾媒咨询《2024-2025年中国新式茶饮行业发展现状与消费趋势调查分析报告》显示，2024年中国新式茶饮市场规模约为3547.20亿元，同比增长6.4%，消费 者需求从"尝鲜"转向"品质"，市场竞争从门店数量扩张转向效率与差异化的较量。 随着行业整体步入深水区，茶百道的最新业绩报告却揭示了其破局之道。据财报数据，2024年茶百道实现总营收42.9亿元，截至2024年12月31日新增加盟商 1348名，门店规模稳步提升，门店数同比增长7.6%，注册会员数达到1.39亿，其中活跃会员数达5929万，用户粘性高于行业平均水平。 这份财报的背后，是茶百道通过"产品力+供应链"构建核心壁垒，以"数字化+国际化"驱动未来发展，形成的一套完整战略闭环。各方面持续发力之下，茶百 道不仅巩固了当前市场领先地位，更为长远发展奠定了坚实基础。 产品力与供应链双轮驱动 构建核心竞争壁垒 新茶饮行业最大的痛点在于产品同质化，而茶百道凭借"经典爆款+高效创新"成功突围。 依托领先的研发能力，茶百道早在上市前就形成了由经典茶饮、季节性茶饮和区域性茶饮构成的丰富产品矩阵，前者靠明星单品吸引消费者复购，后二者则 保证消费者能在时间和空间维度 ...

Core Viewpoint - The article discusses the remarkable growth and expansion of BaWang ChaJi, a tea beverage company, which is set to go public in the U.S. after achieving significant milestones in store count and sales volume over the past few years [2][3]. Group 1: Company Growth and Expansion - BaWang ChaJi has grown from a small tea shop in Southwest China to a company with 6,500 stores and a GMV that has increased by dozens to hundreds of times in the past two years [2]. - The company achieved a GMV of over 2 billion in 2020, with a net profit exceeding 10 million, indicating its profitability before significant expansion [7]. - After securing over 300 million in financing, BaWang ChaJi aggressively expanded, aiming to reach 1,000 stores by the end of 2022 [12][13]. Group 2: Key Financing and Strategic Decisions - A pivotal financing round in late 2020 allowed BaWang ChaJi to buy back shares from other partners, which was crucial for its control and future growth [9][10]. - XVC, an early-stage VC, recognized BaWang ChaJi's potential and invested over 100 million, marking it as their largest initial investment [9][10]. - The company’s strategy focused on rapid expansion, even during the pandemic, which was uncommon in the conservative restaurant industry [12]. Group 3: Product Strategy and Market Positioning - BaWang ChaJi's flagship product, the "BoYa JueXian," sold 230 million cups in 2023, showcasing its popularity and market acceptance [17]. - The company has maintained a focus on standardization in its product offerings, which has been a key factor in its operational efficiency [21][22]. - Despite the competitive landscape, BaWang ChaJi has successfully captured market share from rivals like ChaYan YueSe, leveraging its aggressive expansion strategy [15][31]. Group 4: Challenges and Market Dynamics - The company faced challenges during its rapid expansion, including initial sales declines in some regions and the need for effective brand recognition [13][14]. - BaWang ChaJi's pricing strategy has raised concerns among investors, especially with competitors entering the market with lower-priced alternatives [28]. - The tea beverage industry is characterized by a high turnover of consumer preferences, making it essential for companies to innovate and adapt [28].

Core Viewpoint - The new-style tea beverage industry in China is in need of standardized regulations to ensure healthy development and consumer safety [1] Industry Standards and Regulations - The new-style tea beverage industry currently lacks unified and detailed national standards, including product classification, raw material usage regulations, and production process standards [1] - It is suggested that relevant authorities expedite the formulation of comprehensive industry standards to clarify definitions, ingredient usage limits, and operational procedures for stores [1] - Establishing these standards aims to ensure product quality stability and safety, provide clear consumer guidance, and promote fair competition and orderly development within the market [1]

Group 1: Anta's Strategy - Anta's CEO Xu Yang aims to surpass Nike in China within three years, focusing on brand repositioning and global expansion [2] - The strategy includes "upward branding, downward pricing, and outward market expansion," targeting high-end markets while maintaining a presence in the mass market [3] - Anta plans to open 100,000 new positions globally, contrasting with competitors like Nike and Adidas, which are downsizing [3] Group 2: Nestlé's Acquisition - Nestlé has acquired the remaining 40% stake in the snack brand Xu Fu Ji, achieving full ownership [4][5] - Xu Fu Ji is a significant player in the Chinese snack market, contributing to Nestlé's growth in this sector [5] Group 3: 7-Eleven's Ownership Uncertainty - The acquisition of 7-Eleven faces challenges due to the founding Ito family struggling to secure funding for their buyout plan [6][7] - 7-Eleven's sales growth has slowed, with a reported 3.8% increase in sales for the fiscal year ending February 2024 [8] Group 4: Starbucks' Potential Stake Sale - Starbucks is in discussions with several private equity firms and Chinese companies regarding a potential stake sale, with an estimated valuation exceeding $1 billion [21] Group 5: Shiseido's Market Strategy - Shiseido plans to expand its product offerings in China, focusing on high-functionality products and extending its sales network to mid-sized inland cities [23] Group 6: Rituals' Expansion in China - The Dutch personal care brand Rituals is expanding its presence in China, having opened multiple stores in high-end shopping areas [24] Group 7: Salted Fish's Southeast Asia Strategy - Salted Fish is accelerating its overseas expansion by investing in a production base in Thailand, focusing on core products like konjac and potato chips [26] Group 8: Yonghui Supermarket's Board Changes - Yonghui Supermarket is undergoing board member changes, with the founder of Miniso potentially becoming the largest shareholder following a significant acquisition [25][27]