异动解读 | 霸王茶姬盘中大跌5.82%,国内GMV下滑与分红争议引担忧

异动解读
Dec 05, 2025

今日盘中,霸王茶姬(CHA)股价大幅下跌5.82%,引发市场关注。

消息面上,公司最新财报显示,第三季度国内GMV同比下滑6.2%,主要受外卖平台补贴竞争影响。此外,公司宣布派发1.77亿美元特别股息,但创始人独占过半分红的结构引发投资者对中小股东权益的担忧。

尽管海外GMV连续两季度增长超75%,但缓慢的产品更新节奏(半年仅4款新品)与国内市场的疲软表现,叠加市值较上市高点蒸发近340亿元的背景,共同构成了本次股价下行的压力。

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