以下文章来源于商业弧光 ，作者李佳琪 商业弧光 . 听风者，捕光人，最准点的商业节拍 桎梏&崩塌 奈雪长期坚持直营模式，试图复制星巴克"第三空间"的体验，但这一策略在成本控制上遭遇了致命挑战。财报显示，其员工成本占比达29.2%，原材 料成本36.8%。截至2024年底，奈雪直营店占比仍高达81%，而同期蜜雪冰城、茶百道加盟店占比均超90%。重资产模式下，奈雪单店日均订单量从 2018年的363单锐减至2024年的270单，客单价从32.4元降至26.7元，单店日销售额一线城市从1.27万元腰斩至8900元，新一线城市从9500元降至6800 元。直营模式的成本黑洞正在吞噬利润。 更大的打击是：曾以"茶饮界爱马仕"自居的奈雪，主打20-35岁女性客群，但这一战略在消费理性化趋势下面临"崩塌"。2024年，茶颜悦色、沪上阿 姨等品牌通过价格下探抢占市场，10元以下产品占比纷纷提升，侧面加剧了奈雪30元以上的主力价格带与下沉市场需求的严重脱节。艾媒数据显示， 2024年新茶饮市场30元以上产品份额仅占12%，而10-20元区间占比达58%。奈雪试图通过"瘦瘦小绿瓶"等健康概念产品突围，但其成本结构难以支撑 性价比 ...

海外行业报告 | 行业动态研究 港股周报（2025.05.06-2025.05.09） 证券研究报告 南向资金加码美团等低估值龙头，关注港股龙头公司 下周财报披露 本周港股三大指数上涨，本周港股通 4 个交易日共净买入 67.716 亿元，年初至今净买入 5755.18 亿元，相当于 2024 年全年净买入 7440.3081 亿元的 77.35%；南向资金重点加仓美团（63.71 亿）等。当前互联网公司处于估值相对低位，小米、腾讯、阿里巴巴、美团、百度、拼多多、京东、 快手 25 年（阿里巴巴为 FY26）PE 分别为 28/ 17/ 12/ 11/ 9/ 8/ 7/ 6。 AI 方面，5 月 8 日星动纪元宣布开源首个 AIGC 生成式机器人大模型 VPP（Video Prediction Policy）。该模型由清华大学交叉信息学院的 ISRLab 和星动纪元共同研发。与之前机器人大模型 普遍都是基于 VLM（Vision-Language Model）模型的 VLA 模型（Vision-Language-Action Model）不同，VPP 则是基于类似 Sora 这样的 AIGC 生成式模型，它在 ...

南方财经全媒体记者 袁思杰 香港报道 上周（5月5日-5月9日），港股三大指数多数上涨，其中，恒生指数周线五连阳。 截至上周五收盘，恒生指数报22867.74点，周内上涨1.61%；恒生科技指数报5180.25点，下跌1.22%； 国企指数报8308.83点，上涨0.95%。 此次IPO共发行1300万股H股，香港公开发售部分获198.72倍超额认购，并引入欣旺达与长风基金作为 基石投资者，累计认购6350万港元，彰显市场对其发展前景的高度认可。 5月8日，沪上阿姨在港交所主板挂牌上市，发行价113.12港元/股，开盘价190.6港元/股，较发行价上涨 68.5%。继古茗、蜜雪集团、霸王茶姬之后，沪上阿姨也成为年内上市的第四家内地新茶饮公司，延续 了港股茶饮板块的热度。 截至2025年4月18日，沪上阿姨门店网络进一步增至9367家门店。根据灼识咨询，按截至2023年12月31 日的门店总数计，沪上阿姨是北方第一、全国第三的中价现制茶饮店品牌。 与头部品牌类似，沪上阿姨收入结构并非单纯依赖现制茶饮销售。根据招股书数据，公司采用轻资产的 特许经营模式，截至2024年末加盟店占比达99.7%，加盟业务收入占总收入 ...

"珠遵新茶饮"入 选中国品牌案 例！粤黔协 作"链"出农业更 高附加值_南方 +_南方plus 5月10日，2025 世界品牌莫干山 大会在浙江省湖 州市德清县举 行。其中，"'珠 遵新茶饮'—— 粤黔协作珠海· 遵义共同打造全 国首个新茶饮供 应链区域公用品 牌"案例，成功 入选"2025我喜 爱的中国品牌案 例"，并在大会 上发布。 进会（隶属于国 家市场监督管理 总局）发起，结 合品牌规划、品 牌塑造、品牌运 营、品牌推广、 品牌维护、品牌 自中央调整广东 省珠海市对口帮 扶贵州省遵义市 以来，通过叠加 区位、市场、物 流、电商、金融 等优势，两地选 择新茶饮赛道， 以工业化思维抓 农业，创新"政 府+科研机构+企 业+茶农"省际合 作协作模式，共 同在遵义打造全 国新茶饮供应链 中心，打造全国 首个新茶饮供应 链区域公用品 牌"珠遵新茶 饮"，力争实 现"让遵义茶农 每斤茶叶增收一 块钱"目标，解 决中国茶业产能 过剩问题，培育 和壮大新茶饮产 业集群，走出了 一条产业协作、 品牌强农、共同 富裕的新路径。 据了解，自2023 年创办以来，世 界品牌莫干山大 会吸引了世界各 地超万名行业精 英、专家学 ...

Core Insights - The new tea beverage industry is experiencing a significant wave of IPOs, with major companies like Gu Ming, Mixue Group, and others going public since February 2025, leading to notable stock price increases on their debut [1][4] - However, a clear differentiation in stock performance has emerged among these companies post-IPO, indicating a shift into a more competitive phase characterized by homogenization and excessive scaling [1][4][15] Group 1: IPO Performance - Gu Ming and Mixue Group saw stock price increases of 149.50% and 137.93% respectively since their IPOs, while other companies like Bawang Chaji and Hushang Ayi had more modest gains of 14.29% and 27.74% [2][4] - Naixue Tea and Chabaidao, which went public earlier, have faced significant declines in stock prices, with decreases of 94.39% and 44.51% respectively since their IPOs [10][14] Group 2: Market Dynamics - The new tea beverage industry is transitioning from a growth phase focused on market share acquisition to a more mature phase emphasizing differentiation and refined strategies [22][23] - The industry faces challenges such as product homogenization, oversupply of stores, and declining operational efficiency, which have led to a decrease in profitability for several companies [15][16] Group 3: Financial Performance - In 2024, Mixue Group, Bawang Chaji, and Gu Ming reported net profit growth rates of 39.8%, 213.3%, and 36.2% respectively, while Hushang Ayi and Chabaidao experienced declines of 15.2% and 58.55% [14] - Gu Ming's single-store GMV decreased by 4.3% year-on-year, and the average daily sales per store fell by 8.59%, indicating challenges in maintaining sales performance [16][17] Group 4: Strategic Responses - Companies are increasingly focusing on differentiation strategies, with Mixue Group leveraging its supply chain capabilities to gain competitive advantages [24][25] - The industry is also exploring international expansion, with several companies listing overseas to support their global business initiatives [28]

以下文章来源于睿兽Pro ，作者Bestla 一级市场投融资概览 睿兽Pro . 创业邦旗下横跨一二级市场的科创数据平台。实时投资数据、追踪产业创新。找数据、做分析、链资 源，就上睿兽分析。 根据睿兽分析监测数据，本周国内一级市场披露的融资事件52个， 与上周相比减少41个， 其中已披 露融资金额的事件27个， 总融资规模为36.46亿元人民币， 平均融资金额为1.35亿元人民币。 全球投融资周报 睿兽分析每周整理当周最值得关注的国内外热门投融资事件，帮助大家及时了解全球市场动向。 行业分布 从融资事件数量来看，本周智能制造、人工智能、材料领域融资最活跃。分别为智能制造13个、人工 智能8个、材料5个。 从已披露金额事件的融资规模来看，汽车交通最高，融资总规模约为17.40亿元人民币。其中互联网 专车服务提供商 「享道出行」 完成过13亿人民币 C轮融资。 享道出行是上汽集团旗下移动出行战略品牌，定位中高端用户群体。公司利用移动互联网和大数据技 术搭建商务用车信息服务平台，平台上所有驾驶员均需进行深度背景调查和身份资料存档。公司还将 对周期内驾驶员进行审查、培训与考核，而车辆也会全部使用车龄在3年以内的上汽集 ...

Core Viewpoint - The recent IPO of "沪上阿姨" on the Hong Kong Stock Exchange has shown a significant initial surge in stock price, but the subsequent decline raises concerns about the competitive landscape and financial performance of new tea beverage companies [1][3]. Group 1: Market Performance - "沪上阿姨" opened at HKD 190.6 per share, a 68.5% increase from the issue price, with a market capitalization exceeding HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1]. - On the second day, the stock price fell to HKD 160, closing at HKD 144.5, a decrease of 8.78% [1][3]. Group 2: Industry Competition - The new tea beverage market is highly saturated, with many established players like "奈雪的茶," "古茗," "茶百道," "蜜雪冰城," and "霸王茶姬" already in the space, leading to intense competition [4]. - The presence of over 40,000 stores for "蜜雪冰城" and nearly 10,000 for "沪上阿姨" indicates significant scale but also highlights the competitive pressures within the industry [4]. Group 3: Financial Performance - "沪上阿姨" is experiencing a decline in revenue and profits, with projections indicating a 15% drop in profit for 2024, which is significantly lower than competitors like "蜜雪冰城" [4]. - The valuation of "沪上阿姨" is considered high relative to its financial performance, especially when compared to "蜜雪冰城" and "霸王茶姬," which are viewed as having more reasonable valuations based on their earnings growth [4]. Group 4: Future Outlook - The industry is expected to see continued mergers and acquisitions as companies strive for efficiency and scale amidst fierce competition [5]. - The performance of new tea beverage companies post-IPO will heavily depend on their ability to grow profits, with significant disparities in valuations based on financial results [4][5].

Core Insights - The new tea beverage industry experienced explosive growth during the "May Day" holiday, with some stores reporting sales increases of up to 3000% [4][10][12]. Group 1: Sales Performance - During the "May Day" holiday, the domestic tourism market saw 314 million trips, a year-on-year increase of 6.4%, with total spending reaching 180.269 billion yuan, up 8.0% [7]. - Key retail and catering enterprises reported a sales increase of 6.3% year-on-year, with new tea beverages performing particularly well in popular tourist cities [9]. - Specific stores, such as those in scenic areas, saw significant sales growth, with some locations reporting over 1700% increase in sales [11]. Group 2: Consumer Trends - The combination of tea beverages and cultural tourism has created new consumption scenarios, with promotional activities driving sales [10][14]. - Non-first-tier cities and scenic areas showed significant consumption potential, while first-tier cities remained popular [16]. - Foreign tourist spending at tea beverage stores increased by over 60% during the holiday, indicating a growing interest in Chinese-themed drinks [19][24]. Group 3: Product Innovations - New product launches, such as the "Wood Ginger and Papaya" series by Heytea, achieved daily sales of over 5000 cups in popular shopping districts [28]. - Sweetlala's "Watermelon Smoothie Bucket" became the top-selling product during the holiday, with sales exceeding 1.2 million cups [31]. Group 4: Delivery and E-commerce Impact - The competition among delivery platforms significantly boosted sales for new tea beverages, with some brands experiencing order increases of nearly 10 times [33][36]. - The overall tea beverage delivery volume increased by 106% during the holiday period [36].

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 沪上阿姨的上市赶上了好时候，最近蜜雪冰城、泡泡玛特、老铺黄金组成的"港股三姐妹"爆发，直接带火了在香港上市的消费股。虽然沪上阿姨去年的营收不及茶 百道，但是上市首日却高开68%，被资本疯抢下，总市值逼近200亿港元。而它的资本故事，是由县城中产，更确切地说是北方县城中产撑起来的。 文 ｜ 阳一 编辑 ｜ 吴跃 来源｜ 财经天下WEEK LY（ID: cjtxweekly ） 封面来源 ｜ 视觉中国 上海最大的奶茶公司上市了。 5月8日，港股迎来了年内第三家新茶饮公司上市。按照门店总数计算，它是业内目前排名第三的品牌。门店已过9000家的沪上阿姨，上市首日高开 68.49%，报190.6港元/股，开盘总市值195亿港元。创始人单卫钧和周蓉蓉这对75后夫妻，上市后控制公司78.78%的股份，据此计算，两人身家已超153 亿港元。 沪上阿姨是一家颇有些与众不同的奶茶公司。它从上海弄堂里起家，却在齐鲁地区发展起来，在低线城市成长，成为北方市场排名第一的"中 ...

Core Viewpoint - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, becoming the fifth new tea beverage company in the Hong Kong market, with a significant first-day price increase of 68.5% from the issue price [1] Group 1: Company Performance - On its first trading day, Hu Shang A Yi opened at HKD 190.6 per share, reaching a market capitalization of over HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1] - The company's store count is projected to reach 9,176 by the end of 2024, representing a 73% increase from 2022, with 50.4% of stores located in third-tier cities and below [1] - Revenue for Hu Shang A Yi from 2022 to 2024 is forecasted at CNY 2.199 billion, CNY 3.348 billion, and CNY 3.284 billion respectively, with adjusted net profits of CNY 154 million, CNY 416 million, and CNY 418 million during the same period [1] Group 2: Market Context - The new tea beverage market in China is expected to exceed CNY 400 billion by 2028, but has shifted from an incremental market to a stock market since 2022, leading companies to focus on high-quality development rather than just expansion [1] - The stock performance of new tea beverage companies has shown significant divergence, with notable gains for Gu Ming, Mi Xue Ice City, and Ba Wang Tea Ji, while earlier entrants like Nai Xue's Tea and Cha Bai Dao have seen substantial declines in their stock prices [2] - The initial success of Hu Shang A Yi's listing is attributed to the confidence instilled in the market by Mi Xue Ice City, indicating a "domino effect" among new tea brands [2]