整理 | 美股研究社 2025年的3月，中国现制茶饮行业正经历着前所未有的资本躁动。当蜜雪冰城以"雪王"IP打破 港股破发魔咒时，另一家成立仅7年的品牌——霸王茶姬，也因中国证监会披露其赴美IPO备案 而成为焦点。 iiMediaResearch（艾媒咨询）数据显示，预计未来几年中国新式茶饮市场规模将维持小幅但稳 定的增长态势，到2028年有望突破4000亿元。 在此背景下，霸王茶姬选择此时冲刺美股，不仅折射出新茶饮企业对资本市场估值差异的敏锐 判断，更揭示了行业"出海淘金"的新趋势。 继蜜雪冰城、古茗等头部品牌扎堆港股后，主打高端化、国际化的霸王茶姬，试图通过纳斯达 克或纽交所的资本平台，开启中国茶饮全球化叙事的新篇章。 资 本 押 注 下 的 " 出 海 淘 金 " 霸 王 茶 姬 追 赶 上 市 潮 当下，新茶饮市场中的腰部品牌竞争已进入白热化的关键时期，纷纷冲刺IPO成为新一轮竞争 的焦点。早在2021年6月，奈雪的茶便率先在港股成功上市。 随后，2024年茶百道在港交所上市，茶颜悦色也曾传出上市计划，且拟上市地点从港股变更为 美股。步入2025年，古茗、蜜雪冰城先后赴港上市并取得成功，沪上阿姨也在稳 ...

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 ...

Core Viewpoint - The successful IPO of Mixue Ice City has broken the trend of first-day stock price declines for tea beverage companies in Hong Kong, with a significant opening increase of 29.38% and a closing price rise of over 43.2% on March 3, 2023, leading to a market capitalization exceeding 1,093 billion HKD [1][2]. Group 1: Market Performance and Comparisons - Mixue Ice City achieved an oversubscription rate of 5,266 times prior to its IPO, setting a record for Hong Kong IPOs with a frozen capital scale of 1.82 trillion HKD [1]. - Despite the enthusiasm surrounding Mixue Ice City's listing, other tea beverage companies like Nayuki, Cha Bai Dao, and Gu Ming experienced declines in their stock prices on the same day, indicating a lack of positive impact from Mixue's performance [2][9]. - The market is observing whether Mixue Ice City can maintain its market capitalization above 1 trillion HKD in the coming years, similar to the trajectory of Pop Mart, which saw significant fluctuations in its market value post-IPO [2][7]. Group 2: Business Model and Operational Insights - Mixue Ice City's business model is fundamentally different from other tea brands, relying on a first-party supply chain with 100% self-produced core ingredients and a self-sufficient rate exceeding 97%, which allows for better profit margins [4][5]. - The company operates over 45,000 stores, leveraging its production capabilities to maintain profitability even in a competitive pricing environment, unlike many competitors who rely on cooperative models [5][6]. - The net profit margins for Mixue Ice City have been stable, with figures of 14.7% in 2022, 15.8% in 2023, and 18.7% in the first three quarters of 2024, indicating a consistent but not explosive growth trajectory [6]. Group 3: Future Challenges and Market Dynamics - Moving forward, Mixue Ice City faces challenges in expanding its store presence in lower-tier cities and overseas markets, as well as competing in new business areas like coffee [6][7]. - The overall tea beverage market is experiencing intense competition characterized by homogenization, with brands struggling to differentiate themselves and maintain consumer interest [9][10]. - The current market dynamics suggest that many tea brands are caught in a cycle of following trends and marketing gimmicks, which may undermine their long-term viability and consumer loyalty [10].

Investment Rating - The report maintains a "Recommended" rating for the social services industry, highlighting positive trends and growth potential in various sectors [4]. Core Insights - The report emphasizes the strong performance of the new tea beverage sector, particularly following the "phenomenal IPO" of Mixue Ice City, which achieved a subscription rate of 5125 times and raised HKD 1.77 trillion. This has led to a reevaluation of the overall market valuation for the new tea beverage industry [2][9]. - In the travel sector, the expansion of international business is seen as a key driver for OTA platforms, with expectations for long-term profitability improvements despite short-term cost pressures [3][10]. - The education sector is experiencing growth driven by AI technology, with Duolingo reporting a 39% year-on-year revenue increase in Q4 2024, indicating a positive trend in the commercialization of AI in education [6][8]. Industry Dynamics and News Education - Duolingo's Q4 2024 revenue reached USD 210 million, up 39% year-on-year, with an adjusted EBITDA of USD 52.3 million and an EBITDA margin of 25% [6][8]. - Chinese education companies are accelerating their AI and specialized model applications, with notable developments from companies like Good Future and Doushen Education [8]. Chain Services - The tea beverage sector is expected to see a valuation reassessment due to the strong market performance of Mixue Ice City, with stock prices for brands like Gu Ming and Nayuki increasing by 79.5% and 23.7% respectively [2][9]. - Brands are adjusting franchise requirements to enhance operational quality and profitability, with Mixue adopting a "couple store" model for rural outlets [9][40]. Tourism - Ctrip reported Q4 2024 revenue of CNY 12.7 billion, a 23% year-on-year increase, with international business expected to significantly enhance profitability in the long run [3][10]. - The report highlights the ongoing recovery in the tourism sector, with international travel bookings surpassing pre-pandemic levels [10]. Market Performance - The social services industry saw a month-on-month increase of 3.8%, outperforming the CSI 300 index by 1.8 percentage points, with education and professional services leading the gains [43][44]. - The report notes a significant interest in AI applications within the education sector, which is expected to drive further growth and innovation [43]. Key Stock Predictions and Valuations - The report includes earnings predictions for key companies, recommending stocks such as Gu Ming, Nayuki, and Ctrip, with expected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [50].

数十年只练一招，一招制胜。 作者 | 杨亚飞 编辑 | 乔芊 2017年，一位刚 进入茶饮行业 两年的年轻创业者跑去问 蜜雪冰城CEO 张红甫，怎么才能开 出1000 多家店 。张红甫回答 ， 其实 他们前十年只开了1家店，而开到1000多家店，用了17年的时间 ——这 个答案多少出乎提问者的意料。 "一切都是跌跌撞撞熬出来的。" 张红甫说。 蜜雪冰城 的确有一段漫长的 蛰伏 期， 但 厚积的结果 并非薄发，此后他们又花了十年， 以几乎每年 开出"一家竞争对手"的速度， 将门店数提升到 惊人的 4.6 万家 ，比行业二三四五名加起来还多。在 定价 6 元（约1 美元）以内的现制饮品里，蜜雪冰城已经没有对手。 如果再加上创始人两兄弟的 农民出身和 草根背景， 这 像 极了 一个商战版的爽文故事——新手村隐 忍十余载，出村后一路升级打怪，再回首已是武林至尊。 在 低 门槛的茶饮行业， 蜜雪冰城是 从"死人堆"里杀出的最大 "幸存者"，他们的门店数在去年Q3超 过星巴克，登顶全球第一。这是大池子里长出的大鱼，2024年全球前20名餐饮连锁品牌，有8家现制 饮品公司，且其中6家诞生于中国。 极少一部分幸运儿提前分享了 ...

以下文章来源于咖新社 ，作者蟹蟹 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 | 蟹蟹 来源 | 咖新社 导语：要知道，此前众多网友迫不及待手动艾特"自家"茶饮品牌要求赶紧联名，换来的也不过 是品牌方单边"蹭流量"。 一天官宣两个！新茶饮行业热闹了，霸王茶姬、库迪接连宣布将与《哪吒2》联名！ 霸王茶姬官宣联名《哪吒2》，设计师主打听劝 在与《哪吒2》联名这件事情上，最近风头正盛的可谓是库迪，网上传的沸沸扬扬说两家即将合 作，但官方一直未回应，真假性存疑。 就在网友纷纷猜测满怀期待时，没想到一声不吭的霸王茶姬早已在背后闷声干大事，没有一点消息 流出，今天中午突然官宣："和电影《哪吒之魔童闹海》，加上好友啦！"这也意味着，霸王茶姬成 为新茶饮行业首个与该电影合作的品牌。 是的，不是那个被石矶娘娘"钦点"的一点点，也不是豪气免费送100万杯薄荷奶绿的益禾堂，而是 稳坐国潮头把交椅的霸王茶姬，要与票房破百亿的国产动画电影联名了！ 品牌官方账号发帖：终于牵到吒儿、丙丙的手啦！接下来就让我们携手去山河社稷图 ...