哪毛的个人主页 - 老虎社区

哪毛

暂无个人介绍

IP属地：江苏

15关注

1粉丝

1主题

0勋章

2025-11-15

$纳指三倍做多ETF(TQQQ)$

2025-10-27

$DIREXION DAILY AMZN BULL 2X SHARES(AMZU)$ 要跑吗，不懂

2025-10-15

$云迹(02670)$ 不管了

2025-09-12

$Gemini Space Station Inc(GEMI)$ 都直接按照28定价啦？

2025-09-11

60

2025-09-11

43.5

2025-06-17

$霸王茶姬(CHA)$ 买点

2025-06-11

可惜没多少本金，入金太难啦

2025-06-11

$GraniteShares 2x Long INTC Daily ETF(INTW)$ 清仓

2025-05-30

$GraniteShares 2x Long INTC Daily ETF(INTW)$ 重新买入

2025-05-27

$霸王茶姬(CHA)$ 先跑吧

2025-05-13

$霸王茶姬(CHA)$ 买点

2025-05-13

$GraniteShares 2x Long INTC Daily ETF(INTW)$ 清仓

2025-05-01

[财迷]

2025-04-30

$GraniteShares 2x Long INTC Daily ETF(INTW)$ 买点

2025-04-30

打了

2025-04-30

$英特尔(INTC)$ 先去梭哈沪上阿姨吧。。。后面再说

2025-04-23

$霸王茶姬(CHA)$ 好事多磨，套牢盘多，不会那么快涨上去，先止盈一部分

2025-04-22

$霸王茶姬(CHA)$ 估值不贵，买点

2025-04-18

$英特尔(INTC)$ 建仓，低位潜伏

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买点","images":[{"img":"https://static.tigerbbs.com/679031a7003d89a8c7c216a9c9004863","width":"972","height":"1631"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/446947741131136","isVote":1,"tweetType":1,"viewCount":1254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":444725744423272,"gmtCreate":1749596846955,"gmtModify":1749605309956,"author":{"id":"4096957006979820","authorId":"4096957006979820","name":"哪毛","avatar":"https://static.tigerbbs.com/2b354ef79fa81fe780395514e48a762f","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4096957006979820","authorIdStr":"4096957006979820"},"themes":[],"htmlText":"可惜没多少本金，入金太难啦","listText":"可惜没多少本金，入金太难啦","text":"可惜没多少本金，入金太难啦","images":[{"img":"https://static.tigerbbs.com/01c1278c20e453abbb0fed1c5aa39c41","width":"972","height":"876"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/444725744423272","isVote":1,"tweetType":1,"viewCount":852,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":444723626897520,"gmtCreate":1749596368809,"gmtModify":1749596371155,"author":{"id":"4096957006979820","authorId":"4096957006979820","name":"哪毛","avatar":"https://static.tigerbbs.com/2b354ef79fa81fe780395514e48a762f","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4096957006979820","authorIdStr":"4096957006979820"},"themes":[],"htmlText":"<a 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09:48","market":"us","language":"zh","title":"霸王茶姬冲击纳斯达克“中国茶饮第一股”，推动新消费品牌进入价值重估新周期","url":"https://stock-news.laohu8.com/highlight/detail?id=2522857568","media":"IPO早知道","summary":"对标咖啡赛道估值，成为“中国版星巴克”。　　据“IPO早知道”消息，北京时间3月26日凌晨，霸王茶姬正式向美国证券交易委员会公开提交招股书。截至2024年底，霸王茶姬全球门店数达到6440家，同比2023年增长83.4%。以“精品”茶饮为定位，霸王茶姬有望成为该细分市场中的最大赢家之一。　　值得一提的是，霸王茶姬赴纳斯达克上市的股票代码定为“CHA”，以对标咖啡现代化过程。","content":"<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/600ac00fe20d7b984c976b7cd7373ff5\" tg-width=\"550\" tg-height=\"309\"></p><p>　　对标咖啡赛道估值，成为“中国版<a href=\"https://laohu8.com/S/SBUX\">星巴克</a>”。</p><p>　　本文为IPO早知道原创</p><p>　　作者｜苏打</p><p>　　据“IPO早知道”消息，北京时间3月26日凌晨，<a href=\"https://laohu8.com/S/CHA\">霸王茶姬</a>正式向美国证券交易委员会（SEC）公开提交招股书。</p><p>　　招股书显示，2024年，霸王茶姬GMV为295亿元（人民币，下同）；2024年营收124.05亿元；净利润25.15亿元；净利润率20.3%。截至2024年底，霸王茶姬全球门店数达到6440家，同比2023年增长83.4%。</p><p>　　2024年，霸王茶姬单店月均GMV达51.2万元，远超同业水平，单店月均出杯量达2.5万杯，全球注册会员数已达1.77亿。</p><p>　　据艾瑞咨询数据，以 GMV 衡量，中国现制茶饮料市场复合年增长率为 21.7%，预计到 2028 年将达到 4260 亿元，其中高端现制茶饮料细分市场GMV 可达 1,671 亿元人民币，占现制茶饮料市场总量的 31.7%。以“精品”茶饮为定位，霸王茶姬有望成为该细分市场中的最大赢家之一。</p><p>　　值得一提的是，霸王茶姬赴纳斯达克上市的股票代码定为“CHA”，以对标咖啡现代化过程。</p><p>　　全球视角下，科技热潮正令中国资产步入估值上升通道，消费领域市场情绪亦随之修复。进入2025年，蜜雪冰城、<a href=\"https://laohu8.com/S/01364\">古茗</a>等新茶饮品牌陆续冲击IPO均获成功。其中，成功登陆港交所并一度引发超额认购潮的蜜雪冰城，已然成为现象级IPO代表。</p><p>　　横向观察视角中，如果将蜜雪冰城视为中国中国消费企业的A面，主打以规模和极致供应链溢价取胜，霸王茶姬则是另辟蹊径的B面——同样遵循“不卷奶茶”的逻辑，但以更加简易、标准化的营运理念获得对茶饮品类的定义权，将估值体系成功并入咖啡赛道，力求打造“中国版星巴克”。&nbsp;这一思路转换，无疑将助力霸王茶姬在国际资本市场中获得更高溢价。</p><p>　　凭借创新的商业范式、极致的门店效率以及独特的文化内核，霸王茶姬正在书写一个关于中国新消费品牌将获得“价值重估”的新故事。而国际资本市场恰恰喜欢富有想象力的新叙事。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2207a252b4e911a313db79c3981ce0ba\" tg-width=\"550\" tg-height=\"61\"></p><p>　　“产品+效率”双创新，引领茶饮商业新范式</p><p>　　据艾瑞咨询数据，霸王茶姬是目前中国精品茶饮中规模最大、增长最快、最受欢迎的品牌。</p><p>　　在市场侧，遵循大单品策略，霸王茶姬以“原叶鲜奶茶”（Tea latte）为行业定义了全新品类。公开信息显示，截至2024年8月，霸王茶姬的明星单品“伯牙绝弦”累计售出超过6亿杯。据招股书，2024年，霸王茶姬中国市场（含中国香港）91%的GMV来自Tea Latte即“原叶鲜奶茶”的销售。</p><p>　　“超级单品”策略意味着更简洁的供应链，也有助于霸王茶姬进一步减轻库存和物流压力。招股书披露，2024年，其物流成本占全球总GMV比例不到1%。同时，库存周转天数为5.3天——根据艾瑞咨询的比较，这个数字在超过千店的茶饮企业中为最低。</p><p>　　在运营侧，霸王茶姬的门店广泛使用统一的自动化制茶机器，通过标准化设备和运营，减少店员手工操作，保证了各地门店出品的一致性，进一步助推利润水平提升。招股书显示，霸王茶姬已实现“产品交付在线”、“人在线”、“货在线”、“门店在线”、“支付在线”的五个在线。截至2024年底，霸王茶姬的小程序共有超过1.77亿名注册会员。本次公开募集的资金也将部分用于科技投入和新品研发。</p><p>　　高速扩张同时，霸王茶姬亦保持了极低的闭店率，2023年和2024年，其闭店率仅为0.5%和1.5%，远低于行业平均水平。</p><p>　　这一独特的茶饮商业新范式在霸王茶姬的业绩中得到进一步验证。招股书显示，2023年，霸王茶姬净收入为46.402 亿元，2024年净收入124.056 亿元，同比继续强劲增长167.4%。</p><p>　　净利润方面，其2022年曾录得净亏损9070 万元，2023年净利润便冲上8.026 亿元，2024年更高达25.146 亿元，同比劲增213.3%。现金流状况也非常稳健，截至2024年12月31日，公司运营资本盈余为 31.417 亿元，较2023年同期（11.933亿元）增加约19.5亿元。</p><p>　　创新能力与出色业绩也成为霸王茶姬冲击纳斯达克综合能力中的重要一环。</p><p>　　相较于港股，美股机构投资者尤其本地投资者众多，且均为公开发行，更加透明的机制以及对公司规模体量的关注，意味着对上市公司的更高要求。同时，美股对消费类公司的理解更为深刻，喜欢新故事，对新餐饮连锁品牌的估值也更友好。比如经历过周期的<a href=\"https://laohu8.com/S/KO\">可口可乐</a>、新品牌Dutch bros、CAVA、SweetGreen等，在美股市场均有不错表现。</p><p>　　一旦纳斯达克上市成功，霸王茶姬的后续再融资通道会随之打开，从而获得更加宽松的资本环境和更充足的发展动能。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2207a252b4e911a313db79c3981ce0ba\" tg-width=\"550\" tg-height=\"61\"></p><p>　　以“现代茶”精神，塑造独特文化内核</p><p>　　本次登陆纳斯达克，霸王茶姬的代码为“CHA”，并且明确对标咖啡现代化过程。其中包括对霸王茶姬文化内核的强化，以及对茶赛道巨大潜力空间的适配。</p><p>　　作为领先的精品茶饮品牌，霸王茶姬致力于提供健康美味的现制茶饮。霸王茶姬在招股书中表示其愿景是，“以茶会友，用一杯茶链接每人的每一天”。</p><p>　　从品类空间看，茶与咖啡均位列世界三大饮料，专注于“茶”意味着更高的成长性。在深耕中国茶的同时，霸王茶姬也同步对传统茶行业着手重构，更优模型的资源整合反哺到市场端，可进一步击穿茶饮消费心智。</p><p>　　根据艾瑞咨询预计，中国的茶饮品市场规模将持续增长。2024年到2028年，现制茶饮行业GMV的复合年均增长率（CAGR）预计为11.8%，显著高于即饮茶饮料（如瓶装茶饮）市场6.9%的增长速度。</p><p>　　去年，霸王茶姬共采购原叶茶近1.3万吨，与全国20多家优质茶厂合作，深入云南、福建、四川、贵州、安徽、斯里兰卡等多个优质茶叶原产地，默默挖掘中国“宝藏好茶”。2024年11月29日，产量仅占0.7%的小众好茶“皖西黄大茶”以“晴山栖谷”的现代茶模样在霸王茶姬全国门店上新，上新仅2天销售杯量便接近300万。</p><p>　　受到上世纪70年代现制咖啡全球化历程的启发，霸王茶姬自研萃茶工艺和设备，将其用于新产品线的开拓。据了解，2025年，霸王茶姬推出内部称为“第二杯茶”的现萃系列产品，并率先在上海地区测试。</p><p>　　整体来看，霸王茶姬的Tea latte、Teaspresso、Teapuccino产品线分别对应咖啡领域的拿铁、美式和卡布奇诺，在对标咖啡现代化过程中愈发精进。在“伯牙绝弦”等Tea latte产品获得市场认可之后，后续产品则有望复制其成功路径。</p><p>　　站在文化内核角度，成立于2017年的霸王茶姬起源于世界茶叶故乡云南，以茶马古道为品牌灵感，从云南出发，全球传播。对茶文化主线的挖掘，也成为霸王茶姬品牌全球化的基调。</p><p>　　截至2024年底，霸王茶姬在海外共有156家门店，覆盖地区包括马来西亚、新加坡、泰国。2025年，霸王茶姬计划在中国和全球范围内新开1000至1500家门店。据了解，近期，霸王茶姬也将在美国洛杉矶落地北美市场的第一家门店。招股书显示，从2024年12月31日至招股书提交时截止，有207家新的霸王茶姬门店在中国及全球开业，另有442家门店正在筹备中。</p><p>　　据招股书，本次公开募集的资金还将用于扩大中国及海外门店规模，构建海外供应链网络等。秉承“以茶会友”的理念，霸王茶姬早在2019年就进军海外市场。2019年8月，霸王茶姬马来西亚首店开业，霸王茶姬海外战略迈出第一步。2024年8月，霸王茶姬在新加坡三店齐开，首店开业前三天累计接待人数破万。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2207a252b4e911a313db79c3981ce0ba\" tg-width=\"550\" tg-height=\"61\"></p><p>　　国际市场中，新消费品牌的“价值重估”</p><p>　　3月3日，蜜雪冰城于港交所成功上市，从认购到正式挂牌表现一骑绝尘，截至3月25日港股收盘总市值超过1440亿港元，TTM市盈率约30倍。</p><p>　　将观察角度切换到估值维度，蜜雪冰城在资本市场的高歌背后并非无可匹敌的性价比，而在于规模与极致供应链效率。霸王茶姬也同样“另辟蹊径”，寻求以极致专注和极致标准化换赛道奔跑。这对AB面殊途同归，正合力讲述关于中国新消费品牌价值重估的新故事。</p><p>　　霸王茶姬在招股书中表示，其愿景是“通过技术和创新，致力于推动茶饮现代化”。</p><p>　　以精品茶饮对比精品咖啡。将自身并入咖啡估值体系，同时令“中国版星巴克”放大到全球市场，是霸王茶姬带动新消费品牌进入价值重估新周期的一招妙棋。</p><p>　　截至3月25日，星巴克（SBUX.US）纳斯达克市值约1100亿美元，TTM市盈率约31倍。此外，2021年上市的美国新咖啡连锁品牌Duch BrosTTM市盈率已超过207倍，总市值约81.25亿美元；另一新餐饮连锁品牌CAVA市盈率则超过80倍，显示出美股对新品牌的青睐。</p><p>　　遵循咖啡行业高度标准化的启发，霸王茶姬新一代自动化制茶设备平均出餐效率提升至8秒/杯，口味误差率缩小到2‰。2024年，霸王茶姬在全国范围内率先推出全自动“萃”茶理念，尝试通过萃取方式展现茶的新风味。目前的萃茶设备已成功落地17家融合店和全球首家超级茶仓（深圳）。</p><p>　　极简原料+极度标准化的解决方案，这种异于同类品牌的模式创新与美国资本市场对消费品牌的取向非常契合——霸王茶姬的每家门店都接近于一个小型工厂，可极大提升供应效率和供应品质，将制茶的运营效率大幅向咖啡对齐。</p><p>　　招股书显示，在中国，霸王茶姬单店月均出杯量从 2022 年的 8,981 杯增加至&nbsp;2024 年的 25,099 杯，单店月均&nbsp;GMV 从 2022 年的 17.8 万元增加到 2024 年的 51.2万元。这吸引了大量加盟商加入——截至2024年年底，共有3195位加盟商加入霸王茶姬。</p><p>　　作为中国新消费品牌中的又一个“新故事”，在招股书披露的业绩基础之上，国际资本市场对霸王茶姬未来的创新与增长显然抱有更多期待。若成功登陆纳斯达克，霸王茶姬亦有可能引发新一波市场热情，带动中国消费概念股估值持续拉升。</p><p>海量资讯、精准解读，尽在新浪财经APP</p><p>责任编辑：韦子蓉</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>霸王茶姬冲击纳斯达克“中国茶饮第一股”，推动新消费品牌进入价值重估新周期</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n霸王茶姬冲击纳斯达克“中国茶饮第一股”，推动新消费品牌进入价值重估新周期\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1002830115\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/2c011a3d6c6b49fb8f278024402f343a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">IPO早知道 </p>\n<p class=\"h-time\">2025-03-26 09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/600ac00fe20d7b984c976b7cd7373ff5\" tg-width=\"550\" tg-height=\"309\"></p><p>　　对标咖啡赛道估值，成为“中国版<a href=\"https://laohu8.com/S/SBUX\">星巴克</a>”。</p><p>　　本文为IPO早知道原创</p><p>　　作者｜苏打</p><p>　　据“IPO早知道”消息，北京时间3月26日凌晨，<a href=\"https://laohu8.com/S/CHA\">霸王茶姬</a>正式向美国证券交易委员会（SEC）公开提交招股书。</p><p>　　招股书显示，2024年，霸王茶姬GMV为295亿元（人民币，下同）；2024年营收124.05亿元；净利润25.15亿元；净利润率20.3%。截至2024年底，霸王茶姬全球门店数达到6440家，同比2023年增长83.4%。</p><p>　　2024年，霸王茶姬单店月均GMV达51.2万元，远超同业水平，单店月均出杯量达2.5万杯，全球注册会员数已达1.77亿。</p><p>　　据艾瑞咨询数据，以 GMV 衡量，中国现制茶饮料市场复合年增长率为 21.7%，预计到 2028 年将达到 4260 亿元，其中高端现制茶饮料细分市场GMV 可达 1,671 亿元人民币，占现制茶饮料市场总量的 31.7%。以“精品”茶饮为定位，霸王茶姬有望成为该细分市场中的最大赢家之一。</p><p>　　值得一提的是，霸王茶姬赴纳斯达克上市的股票代码定为“CHA”，以对标咖啡现代化过程。</p><p>　　全球视角下，科技热潮正令中国资产步入估值上升通道，消费领域市场情绪亦随之修复。进入2025年，蜜雪冰城、<a href=\"https://laohu8.com/S/01364\">古茗</a>等新茶饮品牌陆续冲击IPO均获成功。其中，成功登陆港交所并一度引发超额认购潮的蜜雪冰城，已然成为现象级IPO代表。</p><p>　　横向观察视角中，如果将蜜雪冰城视为中国中国消费企业的A面，主打以规模和极致供应链溢价取胜，霸王茶姬则是另辟蹊径的B面——同样遵循“不卷奶茶”的逻辑，但以更加简易、标准化的营运理念获得对茶饮品类的定义权，将估值体系成功并入咖啡赛道，力求打造“中国版星巴克”。&nbsp;这一思路转换，无疑将助力霸王茶姬在国际资本市场中获得更高溢价。</p><p>　　凭借创新的商业范式、极致的门店效率以及独特的文化内核，霸王茶姬正在书写一个关于中国新消费品牌将获得“价值重估”的新故事。而国际资本市场恰恰喜欢富有想象力的新叙事。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2207a252b4e911a313db79c3981ce0ba\" tg-width=\"550\" tg-height=\"61\"></p><p>　　“产品+效率”双创新，引领茶饮商业新范式</p><p>　　据艾瑞咨询数据，霸王茶姬是目前中国精品茶饮中规模最大、增长最快、最受欢迎的品牌。</p><p>　　在市场侧，遵循大单品策略，霸王茶姬以“原叶鲜奶茶”（Tea latte）为行业定义了全新品类。公开信息显示，截至2024年8月，霸王茶姬的明星单品“伯牙绝弦”累计售出超过6亿杯。据招股书，2024年，霸王茶姬中国市场（含中国香港）91%的GMV来自Tea Latte即“原叶鲜奶茶”的销售。</p><p>　　“超级单品”策略意味着更简洁的供应链，也有助于霸王茶姬进一步减轻库存和物流压力。招股书披露，2024年，其物流成本占全球总GMV比例不到1%。同时，库存周转天数为5.3天——根据艾瑞咨询的比较，这个数字在超过千店的茶饮企业中为最低。</p><p>　　在运营侧，霸王茶姬的门店广泛使用统一的自动化制茶机器，通过标准化设备和运营，减少店员手工操作，保证了各地门店出品的一致性，进一步助推利润水平提升。招股书显示，霸王茶姬已实现“产品交付在线”、“人在线”、“货在线”、“门店在线”、“支付在线”的五个在线。截至2024年底，霸王茶姬的小程序共有超过1.77亿名注册会员。本次公开募集的资金也将部分用于科技投入和新品研发。</p><p>　　高速扩张同时，霸王茶姬亦保持了极低的闭店率，2023年和2024年，其闭店率仅为0.5%和1.5%，远低于行业平均水平。</p><p>　　这一独特的茶饮商业新范式在霸王茶姬的业绩中得到进一步验证。招股书显示，2023年，霸王茶姬净收入为46.402 亿元，2024年净收入124.056 亿元，同比继续强劲增长167.4%。</p><p>　　净利润方面，其2022年曾录得净亏损9070 万元，2023年净利润便冲上8.026 亿元，2024年更高达25.146 亿元，同比劲增213.3%。现金流状况也非常稳健，截至2024年12月31日，公司运营资本盈余为 31.417 亿元，较2023年同期（11.933亿元）增加约19.5亿元。</p><p>　　创新能力与出色业绩也成为霸王茶姬冲击纳斯达克综合能力中的重要一环。</p><p>　　相较于港股，美股机构投资者尤其本地投资者众多，且均为公开发行，更加透明的机制以及对公司规模体量的关注，意味着对上市公司的更高要求。同时，美股对消费类公司的理解更为深刻，喜欢新故事，对新餐饮连锁品牌的估值也更友好。比如经历过周期的<a href=\"https://laohu8.com/S/KO\">可口可乐</a>、新品牌Dutch bros、CAVA、SweetGreen等，在美股市场均有不错表现。</p><p>　　一旦纳斯达克上市成功，霸王茶姬的后续再融资通道会随之打开，从而获得更加宽松的资本环境和更充足的发展动能。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2207a252b4e911a313db79c3981ce0ba\" tg-width=\"550\" tg-height=\"61\"></p><p>　　以“现代茶”精神，塑造独特文化内核</p><p>　　本次登陆纳斯达克，霸王茶姬的代码为“CHA”，并且明确对标咖啡现代化过程。其中包括对霸王茶姬文化内核的强化，以及对茶赛道巨大潜力空间的适配。</p><p>　　作为领先的精品茶饮品牌，霸王茶姬致力于提供健康美味的现制茶饮。霸王茶姬在招股书中表示其愿景是，“以茶会友，用一杯茶链接每人的每一天”。</p><p>　　从品类空间看，茶与咖啡均位列世界三大饮料，专注于“茶”意味着更高的成长性。在深耕中国茶的同时，霸王茶姬也同步对传统茶行业着手重构，更优模型的资源整合反哺到市场端，可进一步击穿茶饮消费心智。</p><p>　　根据艾瑞咨询预计，中国的茶饮品市场规模将持续增长。2024年到2028年，现制茶饮行业GMV的复合年均增长率（CAGR）预计为11.8%，显著高于即饮茶饮料（如瓶装茶饮）市场6.9%的增长速度。</p><p>　　去年，霸王茶姬共采购原叶茶近1.3万吨，与全国20多家优质茶厂合作，深入云南、福建、四川、贵州、安徽、斯里兰卡等多个优质茶叶原产地，默默挖掘中国“宝藏好茶”。2024年11月29日，产量仅占0.7%的小众好茶“皖西黄大茶”以“晴山栖谷”的现代茶模样在霸王茶姬全国门店上新，上新仅2天销售杯量便接近300万。</p><p>　　受到上世纪70年代现制咖啡全球化历程的启发，霸王茶姬自研萃茶工艺和设备，将其用于新产品线的开拓。据了解，2025年，霸王茶姬推出内部称为“第二杯茶”的现萃系列产品，并率先在上海地区测试。</p><p>　　整体来看，霸王茶姬的Tea latte、Teaspresso、Teapuccino产品线分别对应咖啡领域的拿铁、美式和卡布奇诺，在对标咖啡现代化过程中愈发精进。在“伯牙绝弦”等Tea latte产品获得市场认可之后，后续产品则有望复制其成功路径。</p><p>　　站在文化内核角度，成立于2017年的霸王茶姬起源于世界茶叶故乡云南，以茶马古道为品牌灵感，从云南出发，全球传播。对茶文化主线的挖掘，也成为霸王茶姬品牌全球化的基调。</p><p>　　截至2024年底，霸王茶姬在海外共有156家门店，覆盖地区包括马来西亚、新加坡、泰国。2025年，霸王茶姬计划在中国和全球范围内新开1000至1500家门店。据了解，近期，霸王茶姬也将在美国洛杉矶落地北美市场的第一家门店。招股书显示，从2024年12月31日至招股书提交时截止，有207家新的霸王茶姬门店在中国及全球开业，另有442家门店正在筹备中。</p><p>　　据招股书，本次公开募集的资金还将用于扩大中国及海外门店规模，构建海外供应链网络等。秉承“以茶会友”的理念，霸王茶姬早在2019年就进军海外市场。2019年8月，霸王茶姬马来西亚首店开业，霸王茶姬海外战略迈出第一步。2024年8月，霸王茶姬在新加坡三店齐开，首店开业前三天累计接待人数破万。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2207a252b4e911a313db79c3981ce0ba\" tg-width=\"550\" tg-height=\"61\"></p><p>　　国际市场中，新消费品牌的“价值重估”</p><p>　　3月3日，蜜雪冰城于港交所成功上市，从认购到正式挂牌表现一骑绝尘，截至3月25日港股收盘总市值超过1440亿港元，TTM市盈率约30倍。</p><p>　　将观察角度切换到估值维度，蜜雪冰城在资本市场的高歌背后并非无可匹敌的性价比，而在于规模与极致供应链效率。霸王茶姬也同样“另辟蹊径”，寻求以极致专注和极致标准化换赛道奔跑。这对AB面殊途同归，正合力讲述关于中国新消费品牌价值重估的新故事。</p><p>　　霸王茶姬在招股书中表示，其愿景是“通过技术和创新，致力于推动茶饮现代化”。</p><p>　　以精品茶饮对比精品咖啡。将自身并入咖啡估值体系，同时令“中国版星巴克”放大到全球市场，是霸王茶姬带动新消费品牌进入价值重估新周期的一招妙棋。</p><p>　　截至3月25日，星巴克（SBUX.US）纳斯达克市值约1100亿美元，TTM市盈率约31倍。此外，2021年上市的美国新咖啡连锁品牌Duch BrosTTM市盈率已超过207倍，总市值约81.25亿美元；另一新餐饮连锁品牌CAVA市盈率则超过80倍，显示出美股对新品牌的青睐。</p><p>　　遵循咖啡行业高度标准化的启发，霸王茶姬新一代自动化制茶设备平均出餐效率提升至8秒/杯，口味误差率缩小到2‰。2024年，霸王茶姬在全国范围内率先推出全自动“萃”茶理念，尝试通过萃取方式展现茶的新风味。目前的萃茶设备已成功落地17家融合店和全球首家超级茶仓（深圳）。</p><p>　　极简原料+极度标准化的解决方案，这种异于同类品牌的模式创新与美国资本市场对消费品牌的取向非常契合——霸王茶姬的每家门店都接近于一个小型工厂，可极大提升供应效率和供应品质，将制茶的运营效率大幅向咖啡对齐。</p><p>　　招股书显示，在中国，霸王茶姬单店月均出杯量从 2022 年的 8,981 杯增加至&nbsp;2024 年的 25,099 杯，单店月均&nbsp;GMV 从 2022 年的 17.8 万元增加到 2024 年的 51.2万元。这吸引了大量加盟商加入——截至2024年年底，共有3195位加盟商加入霸王茶姬。</p><p>　　作为中国新消费品牌中的又一个“新故事”，在招股书披露的业绩基础之上，国际资本市场对霸王茶姬未来的创新与增长显然抱有更多期待。若成功登陆纳斯达克，霸王茶姬亦有可能引发新一波市场热情，带动中国消费概念股估值持续拉升。</p><p>海量资讯、精准解读，尽在新浪财经APP</p><p>责任编辑：韦子蓉</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CHA":"霸王茶姬"},"source_url":"https://finance.sina.com.cn/stock/drinks/2025-03-26/doc-ineqxtzw1895297.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2522857568","content_text":"对标咖啡赛道估值，成为“中国版星巴克”。　　本文为IPO早知道原创　　作者｜苏打　　据“IPO早知道”消息，北京时间3月26日凌晨，霸王茶姬正式向美国证券交易委员会（SEC）公开提交招股书。　　招股书显示，2024年，霸王茶姬GMV为295亿元（人民币，下同）；2024年营收124.05亿元；净利润25.15亿元；净利润率20.3%。截至2024年底，霸王茶姬全球门店数达到6440家，同比2023年增长83.4%。　　2024年，霸王茶姬单店月均GMV达51.2万元，远超同业水平，单店月均出杯量达2.5万杯，全球注册会员数已达1.77亿。　　据艾瑞咨询数据，以 GMV 衡量，中国现制茶饮料市场复合年增长率为 21.7%，预计到 2028 年将达到 4260 亿元，其中高端现制茶饮料细分市场GMV 可达 1,671 亿元人民币，占现制茶饮料市场总量的 31.7%。以“精品”茶饮为定位，霸王茶姬有望成为该细分市场中的最大赢家之一。　　值得一提的是，霸王茶姬赴纳斯达克上市的股票代码定为“CHA”，以对标咖啡现代化过程。　　全球视角下，科技热潮正令中国资产步入估值上升通道，消费领域市场情绪亦随之修复。进入2025年，蜜雪冰城、古茗等新茶饮品牌陆续冲击IPO均获成功。其中，成功登陆港交所并一度引发超额认购潮的蜜雪冰城，已然成为现象级IPO代表。　　横向观察视角中，如果将蜜雪冰城视为中国中国消费企业的A面，主打以规模和极致供应链溢价取胜，霸王茶姬则是另辟蹊径的B面——同样遵循“不卷奶茶”的逻辑，但以更加简易、标准化的营运理念获得对茶饮品类的定义权，将估值体系成功并入咖啡赛道，力求打造“中国版星巴克”。 这一思路转换，无疑将助力霸王茶姬在国际资本市场中获得更高溢价。　　凭借创新的商业范式、极致的门店效率以及独特的文化内核，霸王茶姬正在书写一个关于中国新消费品牌将获得“价值重估”的新故事。而国际资本市场恰恰喜欢富有想象力的新叙事。　　“产品+效率”双创新，引领茶饮商业新范式　　据艾瑞咨询数据，霸王茶姬是目前中国精品茶饮中规模最大、增长最快、最受欢迎的品牌。　　在市场侧，遵循大单品策略，霸王茶姬以“原叶鲜奶茶”（Tea latte）为行业定义了全新品类。公开信息显示，截至2024年8月，霸王茶姬的明星单品“伯牙绝弦”累计售出超过6亿杯。据招股书，2024年，霸王茶姬中国市场（含中国香港）91%的GMV来自Tea Latte即“原叶鲜奶茶”的销售。　　“超级单品”策略意味着更简洁的供应链，也有助于霸王茶姬进一步减轻库存和物流压力。招股书披露，2024年，其物流成本占全球总GMV比例不到1%。同时，库存周转天数为5.3天——根据艾瑞咨询的比较，这个数字在超过千店的茶饮企业中为最低。　　在运营侧，霸王茶姬的门店广泛使用统一的自动化制茶机器，通过标准化设备和运营，减少店员手工操作，保证了各地门店出品的一致性，进一步助推利润水平提升。招股书显示，霸王茶姬已实现“产品交付在线”、“人在线”、“货在线”、“门店在线”、“支付在线”的五个在线。截至2024年底，霸王茶姬的小程序共有超过1.77亿名注册会员。本次公开募集的资金也将部分用于科技投入和新品研发。　　高速扩张同时，霸王茶姬亦保持了极低的闭店率，2023年和2024年，其闭店率仅为0.5%和1.5%，远低于行业平均水平。　　这一独特的茶饮商业新范式在霸王茶姬的业绩中得到进一步验证。招股书显示，2023年，霸王茶姬净收入为46.402 亿元，2024年净收入124.056 亿元，同比继续强劲增长167.4%。　　净利润方面，其2022年曾录得净亏损9070 万元，2023年净利润便冲上8.026 亿元，2024年更高达25.146 亿元，同比劲增213.3%。现金流状况也非常稳健，截至2024年12月31日，公司运营资本盈余为 31.417 亿元，较2023年同期（11.933亿元）增加约19.5亿元。　　创新能力与出色业绩也成为霸王茶姬冲击纳斯达克综合能力中的重要一环。　　相较于港股，美股机构投资者尤其本地投资者众多，且均为公开发行，更加透明的机制以及对公司规模体量的关注，意味着对上市公司的更高要求。同时，美股对消费类公司的理解更为深刻，喜欢新故事，对新餐饮连锁品牌的估值也更友好。比如经历过周期的可口可乐、新品牌Dutch bros、CAVA、SweetGreen等，在美股市场均有不错表现。　　一旦纳斯达克上市成功，霸王茶姬的后续再融资通道会随之打开，从而获得更加宽松的资本环境和更充足的发展动能。　　以“现代茶”精神，塑造独特文化内核　　本次登陆纳斯达克，霸王茶姬的代码为“CHA”，并且明确对标咖啡现代化过程。其中包括对霸王茶姬文化内核的强化，以及对茶赛道巨大潜力空间的适配。　　作为领先的精品茶饮品牌，霸王茶姬致力于提供健康美味的现制茶饮。霸王茶姬在招股书中表示其愿景是，“以茶会友，用一杯茶链接每人的每一天”。　　从品类空间看，茶与咖啡均位列世界三大饮料，专注于“茶”意味着更高的成长性。在深耕中国茶的同时，霸王茶姬也同步对传统茶行业着手重构，更优模型的资源整合反哺到市场端，可进一步击穿茶饮消费心智。　　根据艾瑞咨询预计，中国的茶饮品市场规模将持续增长。2024年到2028年，现制茶饮行业GMV的复合年均增长率（CAGR）预计为11.8%，显著高于即饮茶饮料（如瓶装茶饮）市场6.9%的增长速度。　　去年，霸王茶姬共采购原叶茶近1.3万吨，与全国20多家优质茶厂合作，深入云南、福建、四川、贵州、安徽、斯里兰卡等多个优质茶叶原产地，默默挖掘中国“宝藏好茶”。2024年11月29日，产量仅占0.7%的小众好茶“皖西黄大茶”以“晴山栖谷”的现代茶模样在霸王茶姬全国门店上新，上新仅2天销售杯量便接近300万。　　受到上世纪70年代现制咖啡全球化历程的启发，霸王茶姬自研萃茶工艺和设备，将其用于新产品线的开拓。据了解，2025年，霸王茶姬推出内部称为“第二杯茶”的现萃系列产品，并率先在上海地区测试。　　整体来看，霸王茶姬的Tea latte、Teaspresso、Teapuccino产品线分别对应咖啡领域的拿铁、美式和卡布奇诺，在对标咖啡现代化过程中愈发精进。在“伯牙绝弦”等Tea latte产品获得市场认可之后，后续产品则有望复制其成功路径。　　站在文化内核角度，成立于2017年的霸王茶姬起源于世界茶叶故乡云南，以茶马古道为品牌灵感，从云南出发，全球传播。对茶文化主线的挖掘，也成为霸王茶姬品牌全球化的基调。　　截至2024年底，霸王茶姬在海外共有156家门店，覆盖地区包括马来西亚、新加坡、泰国。2025年，霸王茶姬计划在中国和全球范围内新开1000至1500家门店。据了解，近期，霸王茶姬也将在美国洛杉矶落地北美市场的第一家门店。招股书显示，从2024年12月31日至招股书提交时截止，有207家新的霸王茶姬门店在中国及全球开业，另有442家门店正在筹备中。　　据招股书，本次公开募集的资金还将用于扩大中国及海外门店规模，构建海外供应链网络等。秉承“以茶会友”的理念，霸王茶姬早在2019年就进军海外市场。2019年8月，霸王茶姬马来西亚首店开业，霸王茶姬海外战略迈出第一步。2024年8月，霸王茶姬在新加坡三店齐开，首店开业前三天累计接待人数破万。　　国际市场中，新消费品牌的“价值重估”　　3月3日，蜜雪冰城于港交所成功上市，从认购到正式挂牌表现一骑绝尘，截至3月25日港股收盘总市值超过1440亿港元，TTM市盈率约30倍。　　将观察角度切换到估值维度，蜜雪冰城在资本市场的高歌背后并非无可匹敌的性价比，而在于规模与极致供应链效率。霸王茶姬也同样“另辟蹊径”，寻求以极致专注和极致标准化换赛道奔跑。这对AB面殊途同归，正合力讲述关于中国新消费品牌价值重估的新故事。　　霸王茶姬在招股书中表示，其愿景是“通过技术和创新，致力于推动茶饮现代化”。　　以精品茶饮对比精品咖啡。将自身并入咖啡估值体系，同时令“中国版星巴克”放大到全球市场，是霸王茶姬带动新消费品牌进入价值重估新周期的一招妙棋。　　截至3月25日，星巴克（SBUX.US）纳斯达克市值约1100亿美元，TTM市盈率约31倍。此外，2021年上市的美国新咖啡连锁品牌Duch BrosTTM市盈率已超过207倍，总市值约81.25亿美元；另一新餐饮连锁品牌CAVA市盈率则超过80倍，显示出美股对新品牌的青睐。　　遵循咖啡行业高度标准化的启发，霸王茶姬新一代自动化制茶设备平均出餐效率提升至8秒/杯，口味误差率缩小到2‰。2024年，霸王茶姬在全国范围内率先推出全自动“萃”茶理念，尝试通过萃取方式展现茶的新风味。目前的萃茶设备已成功落地17家融合店和全球首家超级茶仓（深圳）。　　极简原料+极度标准化的解决方案，这种异于同类品牌的模式创新与美国资本市场对消费品牌的取向非常契合——霸王茶姬的每家门店都接近于一个小型工厂，可极大提升供应效率和供应品质，将制茶的运营效率大幅向咖啡对齐。　　招股书显示，在中国，霸王茶姬单店月均出杯量从 2022 年的 8,981 杯增加至 2024 年的 25,099 杯，单店月均 GMV 从 2022 年的 17.8 万元增加到 2024 年的 51.2万元。这吸引了大量加盟商加入——截至2024年年底，共有3195位加盟商加入霸王茶姬。　　作为中国新消费品牌中的又一个“新故事”，在招股书披露的业绩基础之上，国际资本市场对霸王茶姬未来的创新与增长显然抱有更多期待。若成功登陆纳斯达克，霸王茶姬亦有可能引发新一波市场热情，带动中国消费概念股估值持续拉升。海量资讯、精准解读，尽在新浪财经APP责任编辑：韦子蓉","news_type":1,"symbols_score_info":{"CHA":1.1}},"isVote":1,"tweetType":1,"viewCount":32,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":422573904015552,"gmtCreate":1744208257383,"gmtModify":1744208259921,"author":{"id":"4096957006979820","authorId":"4096957006979820","name":"哪毛","avatar":"https://static.tigerbbs.com/2b354ef79fa81fe780395514e48a762f","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"4096957006979820","idStr":"4096957006979820"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 看不懂，小赚就跑，后面应该还有机会","listText":"<a href=\"https://laohu8.com/S/NVDA\">$英伟达(NVDA)$&nbsp;</a> 看不懂，小赚就跑，后面应该还有机会","text":"$英伟达(NVDA)$ 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