作者 | 郝文 编辑 | 趣解商业资讯组 近日，据媒体报道，有知情人士透露，中国连锁咖啡品牌Manner Coffee考虑最早2026年在香港上市。这家咖啡连锁店已在与投资银行洽谈上市事宜，可能 寻求筹集数亿美元资金，估值最高可达30亿美元。不过，相关讨论尚处于早期阶段，规模和时间等细节仍有可能发生变化。 对此，Manner Coffee方面表示，不予置评。 图片来源：微博截图 | 序号 | 披露日期 | 融资轮次 | 融资金额 | 企业估值 | 比例 | 投资方 | 关联机构 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 2021-06-16 | 战略融资 | 未披露 | | - | 北京量子跃动科技有限公司 | 字节跳动战略投资部 | 中国青 "Manni | | | | | | | | | | 融资, | | | | | | | | | | 新投资 | | | | | | | | 深圳龙珠股权投资基金合伙企业(有限合 | 美团龙珠资本 | | | 2 | 2021-05-24 | 战略融资 | 数亿美元 | | | 伙 ...

Group 1: Manner Coffee's IPO Consideration - Manner Coffee is reportedly considering an IPO in Hong Kong as early as 2026, aiming to raise several hundred million dollars with a valuation of up to $3 billion [1][3] - This is not the first time Manner has been rumored to go public; similar speculation arose in 2021, but the founder denied any plans for an IPO at that time [1][3] Group 2: Manner Coffee's Business Overview - Founded in 2015 in Shanghai, Manner Coffee is positioned as a premium coffee chain and is part of Shanghai Yinhai Industrial Co., Ltd [3] - Manner has received significant investment, with four rounds of financing between December 2020 and June 2021, involving investors like H Capital, Meituan Longzhu, ByteDance, and Temasek [3] - As of November 13, 2025, Manner operates 2,234 stores nationwide, ranking sixth among coffee brands in terms of store count, significantly behind leaders like Luckin Coffee and Starbucks China [3] Group 3: Seven Fresh Coffee by JD - JD has launched a new coffee brand called "Seven Fresh Coffee," emphasizing the use of fresh milk and aiming to provide healthier coffee options [7][9] - The brand is expanding rapidly in Beijing, opening 3 to 5 new stores weekly, with plans to cover major urban areas by the end of the year [7] - Seven Fresh Coffee's pricing strategy includes offering products at prices approximately 30% lower than the industry average, with a focus on high-quality ingredients [9]

Manner主打产品有拿铁咖啡、意式咖啡和浓缩咖啡，产品价格主要集中在15-25元。根据窄门餐眼，截 至2025年11月13日，Manner在全国拥有2234家直营门店。今年2月，Manner向员工发放加盟意向调查问 卷，似乎有意要放开加盟。针对此事，Manner的知情人士曾告诉南都湾财社记者，仅内部调研，暂无 开放加盟计划。目前Manner仍并未放开加盟。 11月18日，根据媒体报道，连锁咖啡品牌Manner被曝正在考虑最早将在2026年到港股上市。知情人士 称，Manner或将寻求募集资金数亿美元，估值高达30亿美元。 在咖啡品牌中，Manner的门店规模排名第六，第一至第五名分别为瑞幸、库迪、星巴克中国、幸运 咖、挪瓦咖啡，不过Manner门店规模与前五名的差距不小。窄门餐眼显示，截至11月13日，瑞幸、库 迪、星巴克中国、挪瓦咖啡的门店数分别为27930家、15323家、8283家、5784家、4252家。而在前六的 品牌里，仅有Manner和星巴克中国采用直营的形式，而星巴克中国在11月初也已经和博裕资本达成合 作，预计将向后者出售至多60%股权，博裕资本入局后，将协助星巴克中国将门店开至2万家。 ...

Core Viewpoint - Luckin Coffee, which faced delisting due to financial fraud five years ago, is now preparing to relist in the U.S. with over 26,000 stores and aims to rebuild trust in the capital market through operational strength [2][4]. Expansion and Store Growth - As of June 2023, Luckin Coffee has surpassed 26,000 stores and has served over 380 million customers [3]. - The company plans to add 6,092 new stores in 2024, averaging about 16.7 new stores per day, reaching a total of 26,206 stores by the second quarter of 2025 [6]. - The rapid expansion is significantly driven by a "zero franchise fee" model initiated in 2021, allowing for easier entry into lower-tier markets [7]. Financial Performance - In the first half of 2025, Luckin reported revenue of 21.224 billion yuan, a year-on-year increase of 44.57%, with a net profit of 1.789 billion yuan, up approximately 125.35% from the previous year [14]. - The second quarter of 2025 saw a same-store sales growth rate of 13.4%, a significant recovery from a previous decline [15]. International Expansion - Luckin has begun its international expansion, opening its first overseas store in Singapore and entering the Malaysian market, with plans to establish a presence in the U.S. [9][10]. - The U.S. stores are designed to cater to local preferences, featuring popular products from the Chinese market and integrating local payment systems [10]. Strategic Moves and Future Plans - The company is under the control of major investor Dazhong Capital, which has been pivotal in its recovery and expansion efforts [15]. - Dazhong Capital is also considering a bid for Costa Coffee, indicating ambitions for further consolidation in the global coffee market [16][17]. - The path to relisting in the U.S. involves overcoming stringent regulatory hurdles due to its past financial misconduct, necessitating robust compliance and trust-building measures [19].

Group 1 - Starbucks announced the sale of its China business control to Boyu Capital, with a transaction valuation of $4 billion, marking one of the largest divestitures by a global consumer goods company in recent years [1] - The investment from Boyu Capital is expected to accelerate Starbucks' expansion in China, where local competitors like Luckin Coffee offer significantly lower prices [1][3] - Starbucks aims to increase its market share in China, with plans to expand from the current 8,000 stores to over 20,000 [3] Group 2 - Boyu Capital will hold up to 60% of the new joint venture, while Starbucks retains 40% and will continue to license its brand and intellectual property [3] - Starbucks' market share in China has dropped from 34% in 2019 to 14% last year, indicating a significant decline in its competitive position [3] - Boyu Capital, established in 2010, has increased its investment in the consumer goods sector and has experience in enhancing operational efficiency for existing stores [5]

Core Viewpoint - The article discusses the emergence of a low-priced coffee brand, TAIJUAN COFFEE, in major Chinese cities, highlighting its unique pricing strategy and market performance despite skepticism about its sustainability in a high-rent environment [4][12][39]. Pricing Strategy - TAIJUAN COFFEE offers extremely low prices, with items like lemon water at 2.9 yuan, Americano at 3.9 yuan, and lattes at 6.9 yuan, which has raised questions about the viability of such a pricing model in high-rent areas like Shanghai and Beijing [5][10]. - The brand employs a "price for volume" strategy, selling large quantities of coffee at low prices, with a daily sales volume exceeding 400 cups in some locations [17][20]. Market Performance - Despite initial skepticism, TAIJUAN COFFEE has successfully opened 8 stores in cities like Beijing and Hangzhou over two years, indicating a strong market presence [12][38]. - The brand's sales figures are impressive, with one store reportedly selling over 7000 cups monthly on delivery platforms [17]. Operational Efficiency - The brand utilizes cost-effective operational methods, such as using second-hand equipment and pre-brewing coffee to reduce wait times and costs [25][26]. - The coffee is made from a blend of Robusta beans, which, while having some flavor imperfections, provides a high caffeine content that appeals to consumers [29]. Creative Offerings - TAIJUAN COFFEE has introduced innovative coffee flavors, such as green pepper latte and spicy sour soup Americano, which have gained significant attention on social media [30][35]. - These unique offerings serve as a marketing tool, attracting customers and generating buzz, while maintaining low prices [35]. Market Trends - The article notes that the low-priced coffee segment has potential for growth, as seen with other brands like Manner and Luckin Coffee, which have successfully disrupted the market [40][44]. - The increasing global coffee bean prices, particularly for Arabica, may lead to a shift towards Robusta beans, potentially impacting future pricing strategies in the coffee industry [42][43].

Core Viewpoint - The coffee industry is experiencing a significant price war, with prices dropping to as low as 2.9 yuan, leading to intense competition among brands and a redefinition of coffee's market value [3][4][18]. Group 1: Price War Dynamics - Two years ago, brands like Luckin Coffee and Kudi initiated a price war, setting coffee prices at 9.9 yuan, which has now evolved into a new phase where brands like Guming and Cha Baidao are offering coffee for 4 yuan and above [3][5][6]. - In 2025, a second wave of price competition was ignited by new tea brands, with Guming launching a campaign offering coffee starting at 4.9 yuan, effectively halving the previous price point [6][7]. - The price war has led to a situation where high-end brands like Starbucks have also reduced prices, with average reductions of around 5 yuan per product [3][4][18]. Group 2: Impact on Brands - The aggressive pricing strategies have forced traditional coffee brands to adapt, with Luckin Coffee and Kudi responding to the new low-price entrants by launching their own promotions, such as 5.9 yuan coffee [10][12]. - The entry of new players like Lucky Coffee, which offers coffee as low as 2.9 yuan, has further intensified the competition, leading to a significant increase in order volumes for some stores [15][16]. - The overall market has seen a decline, with over 50,000 coffee shops closing in the past year, indicating that the price war is unsustainable for many players [18][19]. Group 3: Consumer Behavior and Market Trends - Consumer expectations for coffee pricing have shifted dramatically, with many now viewing 4 yuan as a reasonable price point for coffee [6][10]. - The blurring lines between coffee and tea products have led to increased competition, with brands like Cha Baidao also entering the low-price coffee market [8][12]. - The industry is becoming increasingly segmented, with different price points catering to diverse consumer preferences, highlighting the need for brands to innovate and invest in their supply chains to remain competitive [19].

Core Insights - A new low-priced coffee brand, TAIJUAN COFFEE, has opened eight stores in major cities like Shanghai and Beijing, offering prices significantly lower than competitors, raising questions about its sustainability in a high-rent environment [3][8][28] Pricing Strategy - The brand offers coffee at extremely low prices: 2.9 yuan for lemonade, 3.9 yuan for Americano, and 6.9 yuan for latte, with promotional prices dropping below 1 yuan [3][5] - The store features large serving sizes, such as a 3000ml Americano for 14.9 yuan and a 5L bucket of Americano for 49.9 yuan, which contrasts with typical prices in other chains [3][5] Sales Performance - The Shanghai store reportedly sells over 400 cups daily, with significant sales on delivery platforms, indicating strong demand despite low prices [11][18] - The Beijing store also shows high sales volume, with estimates of 200-300 orders per day, suggesting a viable business model focused on high volume [11][18] Operational Efficiency - The brand utilizes multiple coffee machines and pre-brewed coffee to maximize efficiency, allowing for quick service and lower costs [18][20] - The use of Robusta beans, which are cheaper and higher in caffeine, contributes to the low pricing strategy while meeting consumer demand for affordable coffee [20] Marketing and Customer Engagement - The introduction of unique and creative coffee options, such as pepper latte and spicy coffee, generates social media buzz and attracts customers [5][22] - The brand's low-cost, high-experience offerings serve as a marketing tool, drawing in customers who may then purchase more traditional coffee options [22][25] Market Trends - The brand is positioned to benefit from the ongoing competition in the food delivery market, where low-priced items attract significant consumer interest [25][27] - The overall coffee market in China remains promising, with potential for new brands to emerge in various price segments, driven by a large consumer base and increasing coffee consumption [28][29]

Core Insights - The article highlights the success story of a young coffee shop owner, Nafeis Dilixtati, in Urumqi, Xinjiang, who has integrated local culture with modern coffee trends, leading to significant popularity and customer engagement [3][4]. Company Summary - Nafeis Dilixtati opened her coffee shop, "A Coffee Shop," two years ago in southern Urumqi, and it has since gained over a million views on social media platforms [3]. - The shop features a menu that combines traditional coffee offerings with creative drinks inspired by local specialties such as apricots and melons [3][4]. - The shop has experienced a surge in popularity, leading to increased customer traffic and a need for quality control, prompting a temporary closure for adjustments [4]. Industry Summary - The coffee culture in Northwest China is evolving, with independent coffee shops thriving amidst a growing trend of cultural and deep travel experiences [5]. - Young entrepreneurs are increasingly viewing coffee as not just a business but a lifestyle, contributing to the development of the coffee industry in the region [5]. - The article mentions the emergence of various coffee-related businesses, including mobile coffee services in scenic areas, showcasing the diverse opportunities within the coffee sector in Xinjiang [5].

Core Insights - The rise of coffee culture in Xinjiang, particularly in Urumqi, is exemplified by the success of a local coffee shop, "A Coffee Shop," which has gained significant popularity and social media presence [1][2] - The coffee shop's owner, Naifeisi Dilixtati, has successfully integrated local cultural elements into her offerings, creating unique beverages inspired by regional fruits [1][2] - The broader trend of "Coffee+" in Northwest China indicates a growing consumer interest in coffee as part of lifestyle and cultural experiences, leading to the emergence of independent coffee shops [2][3] Company Insights - "A Coffee Shop" has seen a surge in popularity, with over a million views on social media and a menu that includes creative drinks based on local specialties [1][2] - The shop has expanded its workforce to four employees to maintain product quality amid increasing customer demand, reflecting a commitment to quality over rapid expansion [2] - The owner emphasizes the importance of community engagement and aims to provide a warm atmosphere through her products [3] Industry Insights - The coffee industry in Northwest China is experiencing significant growth, with independent coffee shops becoming popular venues for cultural exchange and leisure [2][3] - The emergence of coffee culture is not limited to urban areas; it is also spreading to remote locations, showcasing the versatility and adaptability of coffee as a lifestyle choice [3] - Young entrepreneurs are increasingly contributing to the coffee scene, bringing innovation and creativity to the industry, which is reshaping the cultural landscape of the region [3]