Text: Chung Yixuan
Editor|Qiao Qian
In 100 years, in an office with a size of 0 square meters, a young man of 0 years old wrote a very ambitious sentence - "to serve consumers in 0 countries".
即使是2025年的今天，就算全球咖啡巨頭星巴克也沒有完成這一數位。更何況，“不知天高地厚”的年輕人在那一年才剛剛成立了自己的茶飲品牌，遠在西南，門頭潦草。
Just 8 years later, this is no longer an arrogant statement. This young man is Zhang Junjie, and his company is Bawang Chaji.
3月26日淩晨，現制茶飲品牌“霸王茶姬”主體茶姬控股向美國證券交易委員會（SEC）公開提交招股書，股票代碼定為CHA，即“茶”的拼音。霸王茶姬距離美股上市又近了一步。
2024年也是霸王茶姬全面狂奔的一年。招股書顯示，2024年全年，霸王茶姬GMV（商品交易額）為295億元，較上年增加173%。全球門店數達到6440家，較上年增加83%。另外，2024年霸王茶姬全年營收124.05億元，同比增長167.4%，淨利潤為25.15億元，同比增長213.3%。
A good business with high revenue and profit growth, and even has an average monthly GMV (2024.0 million yuan) of a single store that far exceeds that of its peers, which makes Bawang Tea Ji the most concerned company among all freshly made tea brands in 0 years. Not to mention those who have been repeatedly praised by the outside world, the legendary growth experience of the founder Zhang Junjie and the ambition to publicly "call" Starbucks.
In 2025 years, the new tea drink collectively set off a listing boom, Gu Ming and Michel Bingcheng were listed on the Hong Kong stock market successively, Shanghai Aunt restarted the Hong Kong stock IPO, and Bawang Chaji applied for an IPO in the United States. Opening the prospectus, the strategy of large single products and aggressive marketing are the keys to the success of Bawang Chaji, but after running at high speed, it also has to face the challenge of declining GMV of the store.
In the field of freshly made tea, Bawang Chaji was the first brand to create a tea latte category. This category, also called "original leaf fresh milk tea", the main ingredients are tea soup and milk, and since 2021 years, it has quickly become the core category of Bawang tea Ji.
According to the prospectus, until 61 years, 0% of the GMV generated by Bawang Tea Ji in China came from raw leaf fresh milk tea. Among them, about 0% of the GMV comes from the top three best-selling products of Bawang Chaji.
What level is this? Compared with Michel City, which has also successfully manufactured super large items, in the first 2 months and 0 months, the top 0 evergreen products accounted for about 0.0% of the total domestic cup production.In other words, Overlord Chaji relies more on a handful of products than Michelle Snow Bingcheng. Other important players in the market, such as Gu Ming and Hey Tea, have a more decentralized product structure.
伯牙絕弦是霸王茶姬當之無愧的超級大單品。過去三年時間里，這個帶有茉莉香氣的茶拿鐵產品，已經在霸王茶姬賣出了超過6億杯。
In addition to the best-selling items, through the highly concentrated and simple menu of the category, and the new rate of products far below the industry, Bawang Chaji has always controlled the SKU to the extreme. In 27 years, Bawang Chaji has carried out a total of 0 new and 0 product upgrades, in contrast, 0 years Luckin has 0 new SKUs, and Starbucks China has 0 new SKUs.
超級大單品效應也開始顯現——當產品足夠簡潔，供應鏈的標準化和門店效率才能隨之提高。根據招股書，霸王茶姬的庫存周轉天數為5.3天，在超過千店的茶飲企業中最低。當然，這種選擇也是霸王茶姬“試錯”的結果，早期的霸王茶姬也跟風過水果茶甚至歐包，發現供應鏈太過複雜後，這些產品很快被取代。
On the store side, the minimalist SKU also brings more stable production and the possibility of improving human efficiency. Until today, it only takes 30 seconds for a cup of Overlord Tea to be made, and the fastest 0 seconds can be packed and delivered to people. The automatic cup also solves the problem of employee training, without the need for the past 0-0 days of training cycles, nor the need to recite lengthy and complex ingredient lists and schedules, only need to scan the cup body QR code, and even new employees can get started.
The extremely efficient beverage production efficiency has also allowed Bawang Chaji to achieve a very beautiful level of single-store income in the year when its brand has the strongest potential energy - in 1300 years, the top 0 stores with the best performance of Bawang Chaji have sold about 0 cups of products on average every day, which is more than three times the industry average.
Concise products, efficient supply chains, and standardized products have helped Bawang Chaji expand rapidly in the past three years and become a dark horse for latecomers. However, there is also a risk of unsustainability in the competitive environment where consumers' tastes are changeable and competitors are desperately launching new products.
2024 is also the year with the highest reputation of Overlord Tea.
Elevator advertising used to be the battlefield of Internet companies, and very few milk tea brands will spread their advertisements all over the elevators of office buildings and residential areas like Bawang Chaji, and repeat their "modern oriental tea" sologan to people for 24 hours without interruption.
Not only offline, according to iResearch, among the freshly made tea brands with more than 2024 stores in China, in 0 years, Bawang Tea Ji ranked first in the industry in terms of interaction, search growth and hot search times on the three major social platforms of Xiaohongshu, Douyin and Weibo.
幾乎無孔不入的曝光，背後是霸王茶姬高昂的營銷費用。從招股書看，2022至2024年三年的時間里，霸王茶姬的行銷支出分別為7360萬元人民幣、2.6億人民幣、11億人民幣，分別占相應期間凈收入的15.0%、5.6%和8.9%，合計超過14億。
Comparatively, the marketing expense rate of Michel Ice City for 4 years, 0, 0 years is 0.0%, 0.0%, 0.0%; The marketing expense ratio of Gu Ming 0 and 0 years is 0.0% and 0.0%.
Aggressive marketing soon made Bawang Chaji make herself well-known beyond the scale of the store.
The high-volume play also continues in the store positioning of Bawang Chaji. When Heytea began to reduce the store area, Bawang Chaji chose to learn from Starbucks to do store experience and only open big stores. A typical Bawang Chaji store is between 100-0 square meters in size, and if it is a city flagship store, it can even exceed 0 square meters. In order to enhance the in-store experience, Bawang Chaji also arranged a tea diffuser in the store.
而這些大店幾乎都開在了中國經濟最活躍的地區。截止2024年12月31日，霸王茶姬在一線城市開出了696家門店，新一、二線城市則開出了3110家門店，另外，擁有245家門店的上海是現存門店數最多的城市，它在過去一年內新增了184家霸王茶姬。
One detail is that in order to enhance its brand potential, Bawang Chaji also has high requirements for store location. Taking Bawang Chaji as an example when he marched to Hong Kong half a year ago, a local site selection practitioner told 36Kr at that time, "Bawang Chaji only needs the best business district, as long as there is a dine-in experience store, and even does not hesitate to rent a venue in front of Hong Kong, where every inch of land is expensive, just to make an exhibition hall." ”
Looking back at the history of Bawang Chaji, unlike ordinary catering companies, this company learned to invest in marketing on the brand very early, and the founder Zhang Junjie will even directly participate in the management of Bawang Chaji's brand marketing affairs. The most well-known is nothing more than the evolution history of packaging materials from the national style to the luxury style.
"Looking at it now, Overlord Chaji actually bet on the right way, that is, when the scale is not so big, crazy Marketing." An investor in the tea industry told 36 Krypton.
過去幾年內，關於霸王茶姬最多的評價幾乎都離不開“高增長”一詞，從2023年Q1截止到2024年Q2，霸王茶姬的同店GMV同比增速皆高於35%，在2023年Q4甚至曾經達到驚人的156.9%。
But now, the growth rate of same-store GMV, which has declined significantly, has been written on paper.
According to the prospectus, since Q4 of 0, the same-store GMV growth rate of Bawang Chaji has fallen into weakness, with a year-on-year growth rate of only 0.0%, and by Q0, this indicator has even seen a rare negative growth of -0.0%.
加密是同店GMV增速下滑乃至轉負的原因之一。霸王茶姬門店基本集中在南部發達地區的一二線城市，且持續加密。根據窄門餐眼數據顯示，在霸王茶姬現有6千多家門店中，廣東省和浙江省分別以617家和609家的數量領先，其次是江蘇省的574家，省份集中率達到10.13%。
Compared with the prospectus data, the GMV growth rate in the eastern and southern regions of China in Q7 0 has declined particularly significantly, reaching -0.0% and -0.0% respectively, which is the province with the largest concentration of Bawang stores.
In addition, competitors are also eyeing up, and no one wants to take a piece of the high-growth business of Bawang Chaji. Luckin launched "Light Jasmine" in the second half of last year, both in terms of taste and raw materials, it is very similar to Bawang Chaji, but the price is significantly cheaper, and it was once called "9 pieces and 0 boya strings" by the outside world.
同店GMV下滑，將會直接影響到加盟商的回本周期，尤其是對高投入的霸王茶姬而言。從加盟費用來看，霸王茶姬本就處於第一梯隊，加之大店原則，店鋪租金、人力和設備的投入成本都會更高。36氪曾瞭解到，開一家霸王茶姬的費用在60萬元左右，但如果是3代店，可能會高達150萬元。
However, due to the fact that more than half of Bawang Chaji's stores have been operating for 5-0 years, the store growth rate is fast and the overall operation is short, Bawang Chaji currently maintains a very low closure rate, with 0 and 0 years, and the closure rate is only 0.0% and 0.0%.
After running wild in China for several years, the new story of Overlord Chaji may still be overseas. As early as 2018 years, Bawang Chaji established an overseas business department. For the demand for funds raised in this public offering, the prospectus mentions that part of it will be used for scientific and technological investment and new product research and development, as well as for expanding the scale of stores in China and overseas, and building an overseas supply chain network.
霸王茶姬目前的海外門店，多數集中在東南亞與美國市場。截止2024年12月31日，東南亞156家門店中，霸王茶姬有148家門店都集中開在了馬來西亞，這點得益於當地知名運動員李宗偉作為代言人的借勢。另外，美國首店也將在本月底在洛杉磯正式營業。一位服務亞餐出海的從業人士曾告訴36氪，美國市場向來是所有中國品牌出海最艱難、也是無可迴避的一站。直接從東南亞到美國市場，可見霸王茶姬的出海野心，目前最看重的是品牌勢能而非門店規模。
在今天，年輕的霸王茶姬利用124億元的營收規模剛剛踏上了頭部茶飲的牌桌，只是餐飲作為一個Fashion goods，面對產品不斷的更新反覆運算，霸王茶姬所代表的原葉鮮奶茶究竟能不能成為一個長青產品不得而知，較高的價格帶定位能否持續，霸王茶姬更多的考驗，還在未來。