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  来源:深圳商报

  4月17日,中国茶饮品牌霸王茶姬正式登陆美股纳斯达克,成为中国茶饮赴美第一股。数据显示,霸王茶姬发行价格定为每股28美元,达到其定价区间的上限,按此定价计算,其估值达到51亿美元,折合人民币372亿元。

  IPO首日,霸王茶姬开盘涨超20%,截至收盘上涨近16%,报32.44美元/股。

  公开融资两轮,上市进程仅耗时一个月

  2025年3月6日,证监会发文审批通过了霸王茶姬在美国的上市备案;3月26日,霸王茶姬提交招股书;4月17日,霸王茶姬正式登陆美股。

  信息显示,霸王茶姬公开披露的融资只有A、B两轮,合计超过3亿元。其中,A轮融资由XVCFund和复星联合领投,B轮融资由琮碧秋实和XVC参与。

  本次IPO前,创始人张俊杰为茶姬控股大股东,持有A类普通股19.9%,持有B类普通股38.7%。董事、首席运营官尹登峰持股7.1%。XVC持股20.3%;琮碧秋实持股10.6%。

  此外,鼎晖投资、RWC资管、安联集团旗下安联投资及欧力士亚洲资管同意认购霸王茶姬2.05亿美元的ADR(美国存托凭证),约占本次IPO发售的51.7%。

  扩张迅速,爆款奶茶撑起GMV

  霸王茶姬首店于2017年在云南开业,创始人是张俊杰,品牌定位为新中式国风茶饮鲜奶原叶茶。霸王茶姬迅速在茶饮市场中扩张,2021年AB两轮融资后开启全国开店战略,门店数量历年翻倍增长。

  招股书显示,2022年、2023年和2024年,其全球门店数分别为1087家、3511家、6440家。营收和利润方面,2022年、2023年和2024年,霸王茶姬营收分别为4.92亿元、46.4亿元以及124.05亿元,净利润分别为-9070万元、8.03亿元以及25.15亿元。

  2022年至2024年,霸王茶姬的GMV(商品交易总额)从12.9亿元飙升至295亿元。值得关注的是,2022年、2023年和2024年,霸王茶姬在中国市场产生的GMV中,“原叶线奶茶”产品线分别贡献了79%、87%和91%,伯牙绝弦等爆款奶茶为主要贡献源。

  大单品战略成效卓著,营销支出“瞩目”

  从上述GMV数据看,打造“伯牙绝弦”等爆款奶茶的大单品策略成效显著。张俊杰曾在公开采访中表示:“水果茶赛道看起来充满商机,但考虑到自身的实力与资源,我意识到在这个领域无法与领先品牌抗衡,也不愿过度消耗资源。星巴克能把咖啡卖到全世界的逻辑是‘咖啡+奶’,聚焦‘原叶茶+鲜奶’是霸王茶姬切入茶饮的方向。”

  另一方面,霸王茶姬营销费用数额占比突出。招股书显示,2022年、2023年和2024年,霸王茶姬的营销支出分别为7360万元、2.6亿元、11亿元,分别占相应期间净收入的15%、5.6%、8.9%。

  此次霸王茶姬赴美上市,将资本布局海外。目前,霸王茶姬海外门店覆盖马来西亚、新加坡、泰国等亚洲国家,计划在2025年拓展北美市场。

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