2月12日,古茗控股有限公司正式在港交所主板挂牌上市,成为继奈雪的茶与茶百道后第三家在港股上市的内地茶饮品牌。古茗发行价定为9.94港元/股,上市首日开盘小幅上涨,但午后股价大跌,最终收于9.3港元/股,跌幅6.44%,延续了新茶饮品牌港股上市交投首日即破发的魔咒。
作为颇受资本市场青睐的新茶饮品牌之一,古茗的上市首日表现不佳,引发外界对整个新茶饮行业发展前景的担忧。业内人士分析,近年新茶饮品牌高歌猛进,但过度同质化加剧内卷,与加盟商矛盾凸显、食品安全隐患令品牌形象受损等诸多问题亟待解决。茶饮赛道已进入下半场,头部公司面临增长见顶、商业模式遭质疑的挑战。
记者从古茗招股书中了解到,该公司正通过提升数字化能力、加强供应链管理等措施寻求长远发展。但分析人士指出,重资产的经营模式可能使公司难以大幅扩张,下一步应规范管控、提升经营品质,向差异化产品与服务转型,以摆脱现状。
专家认为,新茶饮行业短期内或将迎来洗牌整合,资本市场抛售加剧,头部品牌需重塑竞争新格局。上市热潮带动行业资本力量趋于集中,长远来看,头部品牌仍可坚持差异化竞争战略,同时加快国际化步伐以开拓新的增长空间。
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