Name: 中國泡沫紅茶連鎖店為何醞釀數十億財富 (Why Chinese Bubble Tea Chains Are Brewing Billions)
Uploaded: 2025-08-16T18:15:00.000Z
Duration: 11 min 56 s

It's sweet, it's chewy, and it's bubbling up into billion-dollar empires.

它香甜可口，富有嚼勁，正在崛起為價值數十億美元的帝國。

We have now three bubble tea IPOs that have come to the Hong Kong market.

目前，已有三家泡沫紅茶公司在香港市場上市。

情態副詞

A standard cup of bubble tea retails for roughly $5.

一杯標準的泡沫紅茶售價約為 5 美元。

But once you subtract the cost of ingredients, labour, advertising and fixed overheads like rent and utilities, the profits shrink fast.

但一旦減去配料、人工、廣告以及房租和水電等固定開銷的成本，利潤就會迅速縮水。

Take into account the industry's average profit margin of about 20%, and business owners are making about $1 in earnings per $5 cup.

考慮到該行業的平均利潤率約為 20%，企業主每 5 美元一杯的收益約為 1 美元。

So how do all these tiny transactions add up into a billion-dollar business?

那麼，所有這些微小的交易是如何累積成價值十億美元的業務的呢？

From humble tea stalls to initial public offerings raising hundreds of millions, Chinese bubble tea brands are stirring up serious money, turning founders into overnight billionaires and flooding Hong Kong's stock market.

從簡陋的茶攤到募集數億資金的首次公開募股，中國泡沫紅茶品牌正在大肆斂財，使創始人一夜之間成為億萬富翁，並充斥著香港股市。

Gu Ming there, making its debut on the Hong Kong market.

顧明在那裡，首次亮相香港市場。

Mi Xue, meaning honey snow, making its debut in the Hong Kong market.

米雪（Mi Xue），意為蜂蜜雪，首次亮相香港市場。

Auntie Jenny, debuting in Hong Kong market.

珍妮阿姨》，首次登陸香港市場。

But beneath the foam lies a tougher question.

但在保麗龍的背後，還有一個更棘手的問題。

How can these brands stand out in a crowded and competitive space?

這些品牌如何才能在競爭激烈的市場中脫穎而出？

And with everyone racing to go global, is the bubble about to burst?

大家都在爭先恐後地走向世界，保麗龍是否即將破滅？

This story's origins began in Taiwan in the 1980s.

這個故事起源於 20 世紀 80 年代的臺灣。

Bubble tea, or boba, is a blend of milk tea and chewy tapioca pearls.

泡泡茶，又稱波霸，是奶茶和有嚼勁的木薯珍珠的混合物。

The drink was playful, refreshing and quickly became a local hit.

這種飲料俏皮、清爽，很快在當地大受歡迎。

As Taiwan's economy grew, so did its cafe culture.

隨著臺灣經濟的增長，咖啡館文化也在不斷髮展。

But it was mainland China that turned bubble tea into a modern-day gold rush.

但是，是中國大陸把泡沫紅茶變成了現代淘金熱。

By the turn of the century, rising middle-class incomes and urbanisation filled demand for lifestyle beverages.

到了世紀之交，中產階級收入的增加和城市化的發展滿足了人們對生活方式飲料的需求。

The drink became a beloved symbol of Taiwanese culture and national identity, even inspiring a national bubble tea day.

這種飲料成為臺灣文化和民族身份的象徵，甚至激發了全國性的泡沫紅茶日。

The bubble burst onto global shores like Southeast Asia, the US and even the Middle East.

保麗龍在東南亞、美國甚至中東等全球海岸破滅。

在全球範圍內，新鮮的乳製品。

If we are talking about the market size back in 2023, we are talking about $779 billion market size.

如果我們談論的是 2023 年的市場規模，那麼我們談論的是 7790 億美元的市場規模。

And it's expected to grow to 7.2% CAGR per year by 2028.

預計到 2028 年，年均複合增長率將達到 7.2%。

Over the course of just four months in 2025, three bubble tea chains stirred up Hong Kong's IPO market.

2025 年，在短短四個月的時間裡，三家泡沫紅茶連鎖店攪動了香港的 IPO 市場。

In February, Gooming fizzled, raising $232 million but closing 6.4% below its listing price on day one.

今年 2 月，Gooming 失敗了，雖然籌集了 2.32 億美元，但收盤價比上市首日的價格低了 6.4%。

Micheux scooped up $444 million and rocketed 47% at the bell.

Micheux 募集到 4.44 億美元，收盤時大漲 47%。

Auntie Jenny sought 75% above its listing price and raised about $35 million intraday in May.

Auntie Jenny 在 5 月份以高於其上市價格 75% 的價格尋求融資，並在盤中籌集了約 3500 萬美元。

I think this is the right place at the right time.

我認為這是一個正確的時間和正確的地點。

A lot of global investors, they are trying to invest in the sector less sensitive to the US tariff.

很多全球投資者都試圖投資對美國關稅不太敏感的行業。

So domestic consumption, younger generation consumption, tea is more stable or less vulnerable sector.

是以，國內消費、年輕一代的消費、茶葉是比較穩定或不太脆弱的部門。

In terms of the stock price performance, they are up around 20% to 150%.

從股價表現來看，它們的漲幅在 20% 到 150% 左右。

So most of them actually outperform the relevant indices in the region.

是以，它們中的大多數實際上都跑贏了該地區的相關指數。

The key difference is the expectation of growth.

關鍵的區別在於對增長的預期。

So who's currently sipping the biggest share?

Micheux now runs over 46,000 stores globally, exceeding American-grown fast food chains, McDonald's, Starbucks and Subway.

Micheux 目前在全球經營著 46 000 多家門店，超過了美國本土的快餐連鎖店麥當勞、星巴克和 Subway。

Once considered the gold standard of cafe culture in China, Starbucks is now steadily losing ground.

星巴克曾被視為中國咖啡館文化的黃金標準，如今卻逐漸失去了地位。

It's interesting that Starbucks isn't just facing competition from homegrown Chinese coffee chains, but also bubble tea chains that are now selling coffee or coffee-style drinks.

有趣的是，星巴克面臨的競爭不僅來自中國本土的咖啡連鎖店，還有正在銷售咖啡或咖啡式飲品的泡沫紅茶連鎖店。

So people like to say that in China, the line between bubble tea and coffee is often blurred.

是以，人們喜歡說，在中國，泡沫紅茶和咖啡之間的界限往往很模糊。

As coffee and tea brands compete for the same consumers, the real battleground boils down to scale, pricing and franchising.

在咖啡和茶品牌爭奪相同消費者的過程中，真正的戰場歸結為規模、定價和特許經營。

And that's where Chinese bubble tea chains are rewriting the playbook.

而這正是中國泡沫紅茶連鎖店改寫遊戲規則的地方。

Micheux is the most aggressive one in terms of store opening up.

在開店方面，Micheux 是最積極的一家。

In 2024, they are growing at around 22% in new store growth, and almost 100% of their store is franchising.

2024 年，他們的新店增長率約為 22%，幾乎 100%的店鋪都是特許經營。

Micheux is also targeting, I would say, the budget or price cautious clientele.

我認為，Micheux 的目標客戶也是預算有限或價格謹慎的客戶。

It has taken that low-cost model across the borders.

它把這種低成本模式帶到了國外。

Its biggest overseas markets include Vietnam and Indonesia, and it has managed to undercut some rivals there and grab market share by pricing below their rivals.

該公司最大的海外市場包括越南和印度尼西亞，它通過低於競爭對手的定價，成功地壓低了當地一些競爭對手的價格，搶佔了市場份額。

Auntie Jenny, I think their business model is targeting Tier 3 and Tier 4 cities.

珍妮阿姨，我認為他們的商業模式是瞄準三四線城市。

The new store growth, we are talking about 56% plus.

In terms of pricing, they're slightly higher than Micheux.

就價格而言，它們略高於 Micheux。

Gu Ming, I would say, is on the mid-tier size.

顧明，我想說的是，他的體型屬於中等水平。

We are talking about $1.5 to $2 per drink.

我們說的是每杯飲料 1.5 到 2 美元。

Among the three, they are growing the slowest.

在這三個國家中，它們的增長速度最慢。

Most of these brands don't run the stores themselves.

這些品牌大多不自己經營商店。

Instead, nearly every outlet is franchised.

相反，幾乎每家分店都是特許經營。

A franchisee pays an initial set-up fee, often ranging from $30,000 to $80,000, depending on the country.

特許經營者要支付一筆初始開辦費，通常從 3 萬美元到 8 萬美元不等，視國家而定。

They buy ingredients through the brand's central supply system and pay ongoing royalties.

他們通過品牌的中央供應系統購買原料，並持續支付版稅。

This could be a fixed monthly fee or a percentage of revenue.

這可以是固定的月費，也可以是收入的一定比例。

So how do you scale that across countries, cultures, and consumers?

那麼，如何在不同國家、不同文化和不同消費者之間進行推廣呢？

To find out why franchising has become the dominant model, we spoke to Gong Cha, a Taiwanese-born bubble tea brand with over 2,000 stores across 28 markets globally.

為了弄清特許經營成為主流模式的原因，我們採訪了貢茶，一個在全球 28 個市場擁有 2000 多家門店的臺灣泡沫紅茶品牌。

We map the world quite carefully in terms of the potential upside for our franchise.

我們對世界進行了仔細的規劃，為我們的特許經營權尋找潛在的上升空間。

Number one is, is the consumer ready for it?

People are moving away from coffee into tea, particularly the younger generation.

人們，尤其是年輕一代，正在從喝咖啡轉向喝茶。

Our core audience is smart young women under 30, and that growing base of consumers, high-frequency users of the category, mean that we can land in countries and have a great business day one.

我們的核心閱聽人是 30 歲以下的聰明年輕女性，她們的消費群體不斷擴大，是該品類的高頻用戶，這意味著我們可以在這些國家落地，並在第一天就有很好的業務。

Second, we look at how complexities of the supply chain, and can we land and make sure we have a profitable business for our franchise partners.

其次，我們要研究供應鏈的複雜性，以及我們能否為特許經營合作伙伴提供有利可圖的業務。

If you've got those two things together, consumer and a profitable model, then we're ready to go.

如果你把消費者和盈利模式這兩樣東西結合在一起，那麼我們就可以開始了。

But franchising isn't always a straight shot to success.

但是，特許經營並不總是一帆風順的。

While the parent company collects royalties, franchisees often bear the brunt of rising rents, intense competition, and small margins.

在母公司收取特許權使用費的同時，加盟商往往首當其衝地承受著不斷上漲的租金、激烈的競爭和微薄的利潤。

And when too many outlets pop up, maintaining a consistent customer experience across regions becomes increasingly difficult.

如果網點過多，在不同地區保持一致的客戶體驗就變得越來越困難。

The normal playback period for the business owner for the franchisee is between 18 to 24 months.

企業所有者對加盟商的正常回放期為 18 至 24 個月。

At the same time, the market close rate for the franchisee is around 20% in general.

同時，加盟商的市場成交率一般在 20% 左右。

Some operators are squeezed even further when new outlets open just metres away.

當新的銷售點就在幾米之外開張時，一些經營者就會受到更大的擠壓。

In some areas, multiple nicheware stores are located on the same street, just 200 metres apart.

在一些地區，同一條街上有多家小商品店，相距僅 200 米。

Online complaints are growing louder, with critics accusing the company of prioritising expansion over franchisee profitability, shifting risks onto small business owners.

網上的抱怨聲越來越大，批評者指責該公司將擴張置於加盟商盈利之上，將風險轉嫁給小企業主。

An operator or the business owner, they face competition that there is another franchisee opening up next door to you because product differentiation is no difference.

作為經營者或企業主，他們面臨的競爭是，在你的隔壁又開了一家加盟店，因為產品差異化是沒有區別的。

So if you have to differentiate it by service, the quality, maybe, you know, your smile.

是以，如果你必須通過服務、品質，也許，你知道，你的微笑來區分它。

Their success increasingly depends on the strength of their supply chains.

它們的成功越來越取決於供應鏈的實力。

It's built more like a supply chain business than a tea brand.

與其說它是一個茶葉品牌，不如說它是一個供應鏈企業。

The company's revenue actually mostly comes from selling raw materials, ingredients, packaging materials, and equipment to its franchisees.

實際上，該公司的收入主要來自向加盟商銷售原材料、配料、包裝材料和設備。

MISUE says it produces 60 to 100% of its ingredients in-house.

MISUE 稱，其 60% 至 100% 的原料都是自己生產的。

And it also has a huge procurement network buying from 38 countries.

它還擁有一個龐大的採購網絡，從 38 個國家進行採購。

And that allows it to source things like lemons and milk powders at rates that are lower than rivals.

這使它能夠以低於競爭對手的價格採購檸檬和奶粉等產品。

It also has its own delivery and warehouse system.

它還擁有自己的送貨和倉儲系統。

So all this supply chain model has really allowed the company to drive down costs and also to keep profit margins healthy.

是以，所有這些供應鏈模式確實讓公司降低了成本，同時也保持了健康的利潤率。

We have built this dedicated tea plantation in Vietnam.

我們在越南建立了這個專門的茶園。

And that way we control end-to-end supply chain.

這樣，我們就能控制端到端的供應鏈。

That helps us work with our suppliers to leverage that scale to ensure our commodity costs can be low.

這有助於我們與供應商合作，利用這種規模優勢，確保我們的商品成本較低。

In some cases, we've had those savings and able to pass it on to our franchise partners.

在某些情況下，我們已經節省了這些費用，並能夠將其轉給我們的特許經營合作伙伴。

We try not to own anything because we have a capital light model.

我們儘量不擁有任何東西，因為我們採用的是輕資本模式。

But at the same time, our supply partners are really on the front foot to ensure that as we enter new markets, they have the capacity to deliver the volume.

但與此同時，我們的供應合作伙伴也在全力以赴，以確保在我們進入新市場時，他們有能力提供足夠的產品。

And they've figured out a way to get it to market as low cost as possible without compromising quality.

他們還想出了一個辦法，在不影響品質的前提下，以儘可能低的成本將其推向市場。

While franchising builds reach, virality and taste build obsession.

特許經營能擴大影響力，而病毒式傳播和口味則能讓人痴迷。