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 ...

Core Viewpoint - Bawang Chaji has submitted its IPO prospectus for a listing on NASDAQ, marking a significant event for the new tea beverage sector and potentially paving the way for the brand's global expansion [1][24]. Group 1: Financial Performance - Bawang Chaji's revenue has seen exponential growth, with figures of RMB 492 million in 2022, RMB 4.64 billion in 2023, and projected RMB 12.4 billion in 2024, representing a growth of over 24 times in three years [2][3]. - The company reported a net loss of RMB 90.7 million in 2022, but rebounded to a net profit of RMB 803 million in 2023, with projections of RMB 2.515 billion in 2024, reflecting a year-on-year growth of over 200% [3]. Group 2: Market Dynamics - The tea beverage market is expanding, with a compound annual growth rate (CAGR) of 21.7% from 2019 to 2024, significantly outpacing other beverage categories [4]. - By 2028, the market size for freshly brewed tea beverages is expected to exceed RMB 400 billion, indicating a robust demand for new tea brands [6]. Group 3: Expansion Strategy - Bawang Chaji has rapidly expanded its store count from 1,087 in 2022 to 6,440 in 2024, nearly doubling its presence each year [6]. - The company maintains a low store closure rate of 0.5% in 2023 and 1.5% in 2024, compared to competitors like Guming and Mixue Ice City, which have higher closure rates [7]. Group 4: Supply Chain and Operational Efficiency - Bawang Chaji's supply chain efficiency is highlighted by a logistics cost that accounts for less than 1% of its total GMV, and an inventory turnover period of just 5.3 days, the lowest among major tea beverage companies [8]. - The company employs a "super single product" strategy, focusing on a simplified product offering that enhances operational efficiency and contributes to high average monthly sales per store of RMB 512,000 [8]. Group 5: Brand Positioning and Innovation - Bawang Chaji aims to redefine modern tea drinking experiences, positioning itself as the "Eastern Starbucks" and focusing on creating a global tea culture [11][14]. - The company is innovating in tea preparation with automated brewing equipment, improving service speed to 8 seconds per cup and reducing flavor variance [18]. Group 6: Global Expansion Plans - Bawang Chaji has opened its first overseas store in Malaysia in 2019 and plans to open 1,000 to 1,500 new stores globally by 2025, supported by a growing overseas supply chain network [21][22]. - The brand's narrative of "tea beverage globalization" is gaining traction among international investors, shifting focus from mere financial metrics to the brand's storytelling potential [24].