Investment Rating - The report assigns an "Overweight" rating to Chagee Holdings Ltd, with an industry view of "In-Line" [5] Core Insights - Chagee's unit GMV in China showed sequential improvement in May compared to April, driven by healthy new SKU sales and increasing delivery orders, although food aggregator subsidies have temporarily disrupted product pricing [2] - Management emphasized two strategic focuses: sustainable growth in China to enhance the longevity of the 'Chagee' brand and overseas expansion [7] - The company aims to maintain stable pricing while closely monitoring the impact of food aggregator subsidies on effective prices [7] Summary by Sections Store Units - Initial trial results indicate that approximately 60-70% of the cup mix at Chagee Modern Tea consists of pure tea products [3] Growth Targets - Chagee targets around 10,000 stores in China over the long run, with approximately 1,000 net unit additions per year over the next 2-3 years, focusing on high-tier cities and prime locations [8] Financial Projections - For the fiscal year ending December 2025, the projected revenue is RMB 15,115 million, with an EBITDA of RMB 3,415 million and an EPS of RMB 15.17 [5]

北京时间 3 月 26 日凌晨，霸王茶姬向美国证券交易委员会（SEC）公开招股书，计划在纳斯达克上 市。股票代码定为 CHA，即 "茶" 的拼音。这家后起的新茶饮明星公司，第一次清楚告诉市场自己的 策略、历程。 2022 年到 2024 年，霸王茶姬门店 GMV 分别上涨 734.3% 和 172.9%，去年卖出 295 亿元茶饮，平均 每家店每月卖出 2.5 万杯。销量超过门店数高于自己的古茗、沪上阿姨和茶百道。 蜜雪冰城 古著 茶百道 霸王茶姬 GMV (亿元) 2022 2021 2023 2024 500 400 300 200 100 0 张俊杰眼里，茶叶可以是咖啡豆，奶茶可以是咖啡。 文 丨 徐煜萌 制图 丨 黄帧昕 备注:GMV 为门店卖出的商品金额,但是折扣前金额,会高于门店实际销售额。GMV 仅 在招股书披露。 资料来源： 招股书、财报 晚点 LatePost 制图 不同品牌的利润变化 古著 茶百道 霸王茶姬 蜜雪冰城 2022 2023 2024 2021 利润（亿元） 40 30 左右滑动查看 它还有着头部茶饮公司里目前看来最强的盈利能力、最低的闭店率。靠轻资产运营模式，霸王茶姬去 年的 ...