谁在捧杀茶饮股?

市值观察
24 May

2025年2月以来,蜜雪集团、古茗狂飙超170%,沪上阿姨上市当日大涨40%。然而,赴美上市的霸王茶姬接近破发,早期在港上市的茶百道、奈雪的茶跌跌不休。这场冰火两重天的资本大戏背后,究竟是港股次新股的抱团炒作,还是茶饮赛道又有了新故事?01炒作VS价值在头部茶饮品牌中,除奈雪的茶主要采用直营模式外,霸王茶姬、蜜雪集团、古茗、沪上阿姨均依赖加盟实现快速扩张,并通过向加盟商销售设备以及原材料来盈利。...

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