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145亿，奶茶之王要被卖了
发布时间：2026-03-20 来源：鸣雁直木网作者：KD-Fmvp2017
- \u003cdiv class=\"rich_media_content\"\u003e\u003cp style=\"background-color: rgb(255, 255, 255); margin: 0px 8px; min-height: 1em; padding: 0px; text-align: justify; text-indent: 0px\"\u003e\u003cspan style=\"color: rgb(127, 127, 127)\"\u003e\u003cspan style=\"font-size: 12px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e来源 | 铅笔道\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 1.75; margin: 8px 10px 0px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(127, 127, 127)\"\u003e\u003cspan style=\"font-size: 12px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e作者 | 阿欣\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 1.75; margin: 8px 10px 0px; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgb(34, 34, 34)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e一家茶饮公司，能�亿元？\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: rgb(255, 255, 255); line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: rgb(255, 255, 255)\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e最近，餐饮投资圈有条消息传得很快：美国私募基金\u003c!--VERTICAL_CARD_BEGIN_0--\u003eTA Associates\u003c!--VERTICAL_CARD_END_0--\u003e（以下简称TA），正在考虑出售奶茶品牌Gong Cha（\u003c!--VERTICAL_CARD_BEGIN_1--\u003e贡茶\u003c!--VERTICAL_CARD_END_1--\u003e），并已委托\u003c!--SECURE_LINK_BEGIN_0--\u003e摩根大通\u003c!--SECURE_LINK_END_0--\u003e推进交易。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_0--\u003e\u003c!--EOP_0--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_0--\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e市场预估，此次交易的估值可能高�亿美元（约合人民�亿元）。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e如能成交，资方赚大发了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2019年TA收购贡茶时，花费仅.88亿美元。7年估值翻了近七倍，净赚�亿美元（约合人民�亿元）。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e饮品赛道，近期频出这类收购事件。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e近期，\u003c!--SECURE_LINK_BEGIN_1--\u003e瑞幸咖啡\u003c!--SECURE_LINK_END_1--\u003e背后的操盘手\u003c!--VERTICAL_CARD_BEGIN_2--\u003e大钲资本\u003c!--VERTICAL_CARD_END_2--\u003e，以不亿美元的价格，收购\u003c!--SECURE_LINK_BEGIN_2--\u003e雀巢\u003c!--SECURE_LINK_END_2--\u003e手中的\u003c!--VERTICAL_CARD_BEGIN_3--\u003e蓝瓶咖啡\u003c!--VERTICAL_CARD_END_3--\u003e（中国业务）。后者被誉为“咖啡界爱马仕”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e读完本文，你会发现：他们买的不是一杯饮品，而是一台\u0026#34;永不停机的印钞机\u0026#34;。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 17px; letter-spacing: 0.544px; line-height: 1.6em; margin: 0px 16px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003csection data-exeditor-arbitrary-box=\"image-box\" style=\"background-color: transparent; line-height: 1.75; margin-left: 10px; margin-right: 10px\"\u003e\u003c!--IMG_0--\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75em; margin-bottom: 16px; margin-left: 16px; margin-right: 16px\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(255, 255, 255); border-color: initial; border-style: none; border-width: 0px; box-sizing: border-box; color: rgba(0, 0, 0, 0.9); font-size: 17px; letter-spacing: 0.544px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" data-exeditor-arbitrary-box-special-style=\"width\" style=\"background-color: transparent; box-sizing: border-box; margin: 35px auto 20px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: center; width: 100%\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; display: inline-block; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; margin: -19px 0px 0px 17px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px)\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(254, 254, 254); border-color: rgb(51, 51, 51); border-style: solid; border-width: 2px; box-sizing: border-box; font-size: 20px; height: 35px; line-height: 35px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px); width: 35px\"\u003e\u003cp style=\"background-color: transparent; margin: 0px; min-height: 1em; padding: 0px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 20px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e1\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(31, 73, 125); box-sizing: border-box; height: 30px; margin: -25px 0px 0px 10px; max-width: 100%; overflow: hidden; overflow-wrap: break-word !important; padding: 0px; width: 30px\"\u003e\u003cp\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: center\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(31, 73, 125)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e一杯奶茶的“反向收购”大戏\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e故事要�年的中国台湾说起。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e那一年，创始人吴振华在高雄开出了第一家贡茶门店。“贡茶”二字取自“进贡给皇帝的茶叶”，主打品质感。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e在当时满大街都是茶粉冲调的奶茶摊里，贡茶靠着真茶真奶和高颜值包装，迅速在台湾走红，成了游客打卡的“奶茶界初代网红”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e在台湾站稳脚跟后，贡茶开始向外探索。2009年，贡茶进入香港，随后又开到了菲律宾、澳大利亚和美国。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e但让这杯茶真正冲出亚洲的，是一位“半路出家”的澳洲金融家。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2011年，新加坡。曾在花旗等银行管理数万亿美元资产的马丁·贝瑞，在一家购物中心里看到了贡茶门店门口排起的长龙。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e在旁人看来，这不过是寻常的亚洲街景，但在马丁眼中，这是流动的金矿。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e他嗅到了商机：奶茶这东西，成本低、毛利高、易标准化，简直就是为扩张而生的完美生意。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2011月，马丁飞往台湾，拿下了贡茶的特许经营权。第二年，他和妻子�万美元的积蓄砸进了韩国首尔弘大（潮流街区），开出了第一家店。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e马丁有个相当“鸡贼”的打法。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e他发明了一个战术叫“选址借势”——专门把店开在星巴克旁边。你在星巴克排队？那我就在旁边等着，那些喝腻了咖啡的顾客，可能一扭头就进了贡茶的门。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e靠着这招\u0026#34;傍星战术\u0026#34;，加上社交媒体上晒奶茶的热潮，贡茶在韩国彻底火了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e马丁很快悟出一个道理：\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e真正的爆发不靠直营，靠加盟。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e从直营转向特许经营后，贡茶在韩国短短三年就𱐍家店狂飙�家。到巅峰时期，韩国门店数甚至接�家，成了名副其实的“韩国奶茶第一品牌”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e生意做大了，资本就开始盯上了。2014年，韩国私募基金Unison Capital收购了贡茶韩国。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e但这还不够，接下来还发生了一个商业史上的“神操作”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2016-2017年间，由于韩国公司的规模、利润，已经远超中国台湾母公司，马丁和Unison Capital（一家日本私募股权公司）联手，让韩国子公司反向收购了母公�%股权。原本的海外代理商，摇身一变成了总公司的老板。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_1--\u003e\u003c!--EOP_1--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_1--\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2019年，更大的玩家入场了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e美国老牌私募股权公司TA出手，以.88亿美元的价格拿下了贡茶的全球多数股权。收购完成后，贡茶的全球总部，从首尔搬到了英国伦敦。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e从此，这杯起源于中国台湾的奶茶，彻底变成了一家“全球混血”的品牌。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e然而，这条看似顺风顺水的全球化之路，在中国大陆却走上了另一条岔路：遭遇山寨大军。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e作为“奶盖茶”的鼻祖，贡�年前后进入大陆市场。凭借“熊猫奶盖”等爆款，一度成为年轻人的心头好。�年，其全国门店超�家，当时喜茶只�家店，\u003c!--SECURE_LINK_BEGIN_3--\u003e奈雪的茶\u003c!--SECURE_LINK_END_3--\u003e更是仅�家。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_2--\u003e\u003c!--EOP_2--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_2--\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e但成也加盟，败也加盟。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e区域授权模式的快速扩张，埋下了一颗大雷。由于商标管理混乱，“贡茶”这个名字迅速被山寨大军盯上。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e一时间，“御合贡茶”“至尊贡茶”“宝岛贡茶”……各种“李鬼”遍地开花。消费者站在街头，根本分不清谁是真祖宗。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e为了和山寨货撇清关系，贡茶不得不做一件事：冒着营业额下滑的风险连续改名，先是“漾漾好贡茶”，后来又是“四云奶盖贡茶”，甚至反复强调“有四朵云标志的才是正品”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e可惜为时已晚，消费者心中的“白月光”，渐渐沦为了“小作坊”的代名词。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e�年底，贡茶在中国大陆的门店已萎缩�家，其运营公司贡茶（上海）餐饮管理有限公司也��月注销。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75em; margin-bottom: 16px; margin-left: 16px; margin-right: 16px\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(255, 255, 255); border-color: initial; border-style: none; border-width: 0px; box-sizing: border-box; color: rgba(0, 0, 0, 0.9); font-size: 17px; letter-spacing: 0.544px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" data-exeditor-arbitrary-box-special-style=\"width\" style=\"background-color: transparent; box-sizing: border-box; margin: 35px auto 20px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: center; width: 100%\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; display: inline-block; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; margin: -19px 0px 0px 17px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px)\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(254, 254, 254); border-color: rgb(51, 51, 51); border-style: solid; border-width: 2px; box-sizing: border-box; font-size: 20px; height: 35px; line-height: 35px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px); width: 35px\"\u003e\u003cp style=\"background-color: transparent; margin: 0px; min-height: 1em; padding: 0px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 20px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e2\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(31, 73, 125); box-sizing: border-box; height: 30px; margin: -25px 0px 0px 10px; max-width: 100%; overflow: hidden; overflow-wrap: break-word !important; padding: 0px; width: 30px\"\u003e\u003cp\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75em; margin-bottom: 16px; margin-left: 16px; margin-right: 16px; text-align: center\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(31, 73, 125)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e为什么卖？\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp\u003e\u003cbr/\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e最近，TA考虑出售贡茶，就是基于以上背景。为什么要卖？答案其实很简单——TA的投资周期到了，该退出了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003eTA是一家老牌投资公司，1968年成立，管理资产�亿美元。他们玩的是典型的私募股权投资游戏：低买高卖，周期退出。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2019年，TA花了亿美元买下贡茶。现年过去了，贡茶估值涨�亿美元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e如果按这个价格卖掉，TA能净赚�亿美元——7年间账面回报倍，年化收益率超�%，这在投资圈算是相当漂亮的成绩单。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e那为什么不等再涨涨，或者继续拿着？\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e两个原因：\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e第一，投资公司的钱是有“保质期”的。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003eTA的资金来源于养老金、大学捐赠基金等机构投资者。他们与这些金主约定：一年就要实现退出，返还本金并分配利润。现年到了，到了该“交卷”的时候。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e第二，TA正在从消费赛道战略性撤退。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e�年第三季度，TA曾向LP（出资人）致信：消费类投资近年波动较大，在可预见的未来，不再进行新的消费产品投资。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e换句话说，TA正在收缩消费赛道布局，而贡茶是其消费投资组合中最值钱的资产之一。此时出售，既是基金周期的自然结束，也是在资产价值最大化窗口期的理性选择。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75em; margin-bottom: 16px; margin-left: 16px; margin-right: 16px\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(255, 255, 255); border-color: initial; border-style: none; border-width: 0px; box-sizing: border-box; color: rgba(0, 0, 0, 0.9); font-size: 17px; letter-spacing: 0.544px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" data-exeditor-arbitrary-box-special-style=\"width\" style=\"background-color: transparent; box-sizing: border-box; margin: 35px auto 20px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: center; width: 100%\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; display: inline-block; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; margin: -19px 0px 0px 17px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px)\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(254, 254, 254); border-color: rgb(51, 51, 51); border-style: solid; border-width: 2px; box-sizing: border-box; font-size: 20px; height: 35px; line-height: 35px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px); width: 35px\"\u003e\u003cp style=\"background-color: transparent; margin: 0px; min-height: 1em; padding: 0px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 20px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e3\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(31, 73, 125); box-sizing: border-box; height: 30px; margin: -25px 0px 0px 10px; max-width: 100%; overflow: hidden; overflow-wrap: break-word !important; padding: 0px; width: 30px\"\u003e\u003cp\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: center\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(31, 73, 125)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e为什么�亿美元？\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 15px; letter-spacing: 0.544px; line-height: 1.75em; margin: 0px 16px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003cp style=\"background-color: transparent; line-height: 1.75; margin-left: 10px; margin-right: 10px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: transparent; line-height: 1.75; margin-left: 10px; margin-right: 10px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e20亿美元的估值，怎么算出来的？先看门店数据。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e截�月，贡茶已进入全�个国家和地区，拥有超�家门店（部分数据源�家）。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e其中，美国门店�年起步的零星几家，增长�家以上，覆�个州及华盛顿特区、波多黎各。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e而在英国，2025年，贡茶签订的特许经营联盟协议显示，计划未来几年内开设至�家门店。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e贡茶的长期目标，是�年时冲刺万店规模，这意味着未年，每年要开�家店。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e再看财务表现。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2024年，贡茶全系统销售亿美元（约合人民�亿元），集团收入同比增�%，达.9亿美元。日本、韩国和美国市场是核心增长区域。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e�亿美元估值计算，这相当于贡�年集团收入的�.5倍市销率（公司估值÷年收入）。在餐饮连锁行业中，这一数值属于中高水平。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e更重要的是，贡茶的市场定位较独特：\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e它是“奶盖茶”品类的开创者，也是最早实现全球化的亚洲茶饮品牌之一。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e当喜茶、奈雪的茶、霸王茶姬等新茶饮品牌还在国内厮杀时，贡茶已经在海外耕耘十余年。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e在韩国，贡茶几乎等同于“珍珠奶茶”的代名词；在美国，它通过特许经营模式�个州开出门店；在中东，2024年贡茶首次进入科威特、卡塔尔、巴林等市场。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e这种“先发优势”在资本市场有较高的溢价能力。贡茶的估值逻辑与霸王茶姬类似，后者凭借海外市场，市值也达到了�亿美元。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75em; margin-bottom: 16px; margin-left: 16px; margin-right: 16px\"\u003e\u003cbr/\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(255, 255, 255); border-color: initial; border-style: none; border-width: 0px; box-sizing: border-box; color: rgba(0, 0, 0, 0.9); font-size: 17px; letter-spacing: 0.544px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" data-exeditor-arbitrary-box-special-style=\"width\" style=\"background-color: transparent; box-sizing: border-box; margin: 35px auto 20px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; text-align: center; width: 100%\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; display: inline-block; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: transparent; box-sizing: border-box !important; margin: -19px 0px 0px 17px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px)\"\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(254, 254, 254); border-color: rgb(51, 51, 51); border-style: solid; border-width: 2px; box-sizing: border-box; font-size: 20px; height: 35px; line-height: 35px; margin: 0px; max-width: 100%; overflow-wrap: break-word !important; padding: 0px; transform: translateZ(10px); width: 35px\"\u003e\u003cp style=\"background-color: transparent; margin: 0px; min-height: 1em; padding: 0px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 20px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e4\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"background-color: rgb(31, 73, 125); box-sizing: border-box; height: 30px; margin: -25px 0px 0px 10px; max-width: 100%; overflow: hidden; overflow-wrap: break-word !important; padding: 0px; width: 30px\"\u003e\u003cp\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 17px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: center\"\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(31, 73, 125)\"\u003e\u003cspan style=\"font-size: 16px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e饮料是好生意？\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003csection data-exeditor-arbitrary-box=\"wrap\" style=\"-webkit-tap-highlight-color: rgba(0, 0, 0, 0); background-color: rgb(255, 255, 255); box-sizing: border-box !important; color: rgba(0, 0, 0, 0.9); font-size: 15px; letter-spacing: 0.544px; line-height: 1.75em; margin: 0px 16px; max-width: 100%; outline: 0px; overflow-wrap: break-word !important; padding: 0px; text-align: justify; text-decoration-thickness: initial\"\u003e\u003cp style=\"background-color: transparent; line-height: 1.75; margin-left: 10px; margin-right: 10px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"background-color: transparent; line-height: 1.75; margin-left: 10px; margin-right: 10px\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"background-color: transparent\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003c/section\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e贡茶能卖�亿美元，并不是孤例。放眼整个行业，你会发现一个现象：这年头，卖水的比卖啥的都吃香。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e先看一组消费数据。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e2026年开年，食品饮料等线下渠道销售额表现分化明显，尤其是饮料细分品类，杀疯了：饮茶销售额同比增�.4%，即饮咖啡增.4%，双双领跑整个食品饮料大盘。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_3--\u003e\u003c!--EOP_3--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_3--\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e这年头，白酒在跌、啤酒在跌、连牛奶都在挣扎，饮料却在闷声发大财。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e第一个逻辑叫\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e“上瘾又高频”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e据\u003c!--SECURE_LINK_BEGIN_4--\u003e国金证券\u003c!--SECURE_LINK_END_4--\u003e研报：现制饮品正在疯狂抢占传统软饮的市场份额。数据显示，2023年中国人均现制饮品消费频次�杯，过去五年年均增速高�.4%。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e按这个速度算，2026年市场规模还能再�%以上。换句话说，年轻人可以不喝白酒、可以少吃零食，但戒不掉奶茶和咖啡——这种成瘾性消费属性，让饮料拥有了穿越周期的底气。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c!--MID_AD_4--\u003e\u003c!--EOP_4--\u003e\u003c/p\u003e\u003c!--PARAGRAPH_4--\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e第二个逻辑叫\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e“市场开始分层，资本开始整合”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e看看最近发生的两件事就明白了。一边是大钲资亿“抄底”蓝瓶咖啡，一边是博裕资本出�亿美元，入�%星巴克中国股权。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e资本为啥突然对高端咖啡来了兴趣？因为价格战打不动了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e过去两年，9的咖啡把市场教育了个遍，但也把利润卷没了。现在市场开始两极分化——一端的大众市场，另一端�元以上的精品咖啡。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e大钲拿下蓝瓶，相当于给瑞幸配了个“高端副牌”，10元�元，价格带全包圆了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e这叫啥？这叫从“价格战”升级到“多品牌矩阵”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e第三个逻辑叫\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e“供应链就是护城河”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e国金证券数据显示，现制饮品行业已经进入成长期中后段，门店增速放缓，品牌数量开始下降，中小品牌正被加速出清。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e活下来的头部品牌，靠的不是网红营销，而是供应链：能把成本压到极致、把品控做到统一。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e蜜雪冰城能开万家店，靠的是自建原料体系；\u003c!--SECURE_LINK_BEGIN_5--\u003e古茗\u003c!--SECURE_LINK_END_5--\u003e能稳坐万店规模，靠的是区域加密的仓配网络。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e饮料这门生意，表面上卖的是“水”，实际卖的是背后那一整套“送水系统”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e最后一个逻辑叫\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003cstrong\u003e\u003cspan style=\"color: rgb(0, 122, 170)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e“悦己消费的刚需”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/strong\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e中银证券策略报告中提到一个有意思的现象：在居民减少大额资产支出后，“悦己类”的日常消费需求反而增加了。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e意思是：买房买车可以缓缓，但每天一杯奶茶咖啡的快乐不能停。这种“廉价奢侈品”的属性，让饮料在经济波动期成了资金的避风港。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e所以你看，饮料之所以成为好标的，不是因为它有多好喝，而是因为它同时踩中了高频刚需、市场分层、供应链壁垒、情绪价值这四张牌。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 0.544px\"\u003e\u003cbr/\u003e\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cp style=\"line-height: 1.75; margin: 0px 10px; min-height: 1em; padding: 0px; text-align: justify\"\u003e\u003cspan style=\"color: rgba(0, 0, 0, 0.9)\"\u003e\u003cspan style=\"font-size: 15px\"\u003e\u003cspan style=\"letter-spacing: 1px\"\u003e对于资本来说，这不只是一杯饮品，这是一台“永不停机的印钞机”。\u003c/span\u003e\u003c/span\u003e\u003c/span\u003e\u003c/p\u003e\u003cstyle\u003e.data_color_scheme_dark{--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, .2)}.data_color_scheme_dark{--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}.data_color_scheme_dark{--weui-DIALOG-LINE-COLOR: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-COLOR-ACTIVE: #373737}.data_color_scheme_dark{--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}.data_color_scheme_dark{--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-5: #2c2c2c;--weui-BLUE-100: #10aeff;--weui-BLUE-120: #0c8bcc;--weui-BLUE-170: #04344d;--weui-BLUE-80: #3fbeff;--weui-BLUE-90: #28b6ff;--weui-BLUE-BG-100: #48a6e2;--weui-BLUE-BG-110: #4095cb;--weui-BLUE-BG-130: #32749e;--weui-BLUE-BG-90: #5aafe4;--weui-BRAND-100: 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#E6AF00;--weui-YELLOW-BG-100: #EFB600;--weui-YELLOW-BG-110: #F0BD19;--weui-YELLOW-BG-130: #F3CC4D;--weui-YELLOW-BG-90: #D7A400;--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #FA9D3B;--weui-YELLOW: #FFC300;--weui-GREEN: #91D300;--weui-LIGHTGREEN: #95EC69;--weui-TEXTGREEN: #06AE56;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1485EE;--weui-PURPLE: #6467F0;--weui-LINK: #576B95;--weui-TAG-TEXT-ORANGE: #FA9D3B;--weui-TAG-TEXT-GREEN: #06AE56;--weui-TAG-TEXT-BLUE: #10AEFF;--weui-REDORANGE: #FF6146;--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05);--weui-WHITE: #FFFFFF;--weui-BG: #FFFFFF;--weui-FG: #000;--weui-FG-5: rgba(0, 0, 0, .05);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1)}}@media screen and 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#9496CE;--weui-PURPLE-BG-90: #5C5EA7;--weui-RED-100: #DC3636;--weui-RED-120: #FB7373;--weui-RED-170: #FDCACA;--weui-RED-80: #C84040;--weui-RED-90: #E14949;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #D3625A;--weui-RED-BG-130: #DD847E;--weui-RED-BG-90: #B94840;--weui-SECONDARY-BG: rgba(0, 0, 0, .1);--weui-SEPARATOR-0: rgba(0, 0, 0, .1);--weui-SEPARATOR-1: rgba(0, 0, 0, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(0, 0, 0, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(0, 0, 0, .2);--weui-YELLOW-100: #BB8E00;--weui-YELLOW-120: #FFCF33;--weui-YELLOW-170: #FFECB2;--weui-YELLOW-80: #CC9C00;--weui-YELLOW-90: #E6AF00;--weui-YELLOW-BG-100: #EFB600;--weui-YELLOW-BG-110: #F0BD19;--weui-YELLOW-BG-130: #F3CC4D;--weui-YELLOW-BG-90: #D7A400;--weui-FG-HALF: #000000;--weui-RED: #DC3636;--weui-ORANGERED: #D14730;--weui-ORANGE: #E17719;--weui-YELLOW: #BB8E00;--weui-GREEN: #4F8400;--weui-LIGHTGREEN: #2E8800;--weui-TEXTGREEN: #06AE56;--weui-BRAND: #018942;--weui-BLUE: #007DBB;--weui-INDIGO: #0075E2;--weui-PURPLE: #6265F1;--weui-LINK: #576B95;--weui-TAG-TEXT-ORANGE: #E17719;--weui-TAG-TEXT-GREEN: #06AE56;--weui-TAG-TEXT-BLUE: #007DBB;--weui-REDORANGE: #D14730;--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-WHITE: #FFFFFF;--weui-BG: #FFFFFF;--weui-FG: #000;--weui-FG-5: rgba(0, 0, 0, .05);--weui-TAG-BACKGROUND-ORANGE: rgba(225, 119, 25, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(0, 125, 187, .1);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care][data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-mode=care][data-weui-theme=dark]{--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-0_5: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .85);--weui-GLYPH-1: rgba(255, 255, 255, .55);--weui-GLYPH-2: rgba(255, 255, 255, .35);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .85);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .55);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .35);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: #0D78CC;--weui-INDIGO-BG-110: #0B6BB7;--weui-INDIGO-BG-130: #09548F;--weui-INDIGO-BG-90: #2585D1;--weui-LIGHTGREEN-100: #3EB575;--weui-LIGHTGREEN-120: #31905D;--weui-LIGHTGREEN-170: #123522;--weui-LIGHTGREEN-80: #64C390;--weui-LIGHTGREEN-90: #51BC83;--weui-LIGHTGREEN-BG-100: #31905D;--weui-LIGHTGREEN-BG-110: #2C8153;--weui-LIGHTGREEN-BG-130: #226541;--weui-LIGHTGREEN-BG-90: #31905D;--weui-LINK-100: #7D90A9;--weui-LINK-120: #647387;--weui-LINK-170: #252A32;--weui-LINK-80: #97A6BA;--weui-LINK-90: #899AB1;--weui-LINKFINDER-100: #DEE9FF;--weui-MATERIAL-ATTACHMENTCOLUMN: rgba(32, 32, 32, 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#CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .15);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-FG: #fff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-BG: #000;--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--appmsgExtra-BG: #F7F7F7}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--new-title-color: rgba(0, 0, 0, .9)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root,body:not(.pages_skin_pc) body{--new-content-color: rgba(0, 0, 0, .9)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-0_5: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .8);--weui-GLYPH-1: rgba(255, 255, 255, .5);--weui-GLYPH-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .8);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .5);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: #0D78CC;--weui-INDIGO-BG-110: #0B6BB7;--weui-INDIGO-BG-130: #09548F;--weui-INDIGO-BG-90: #2585D1;--weui-LIGHTGREEN-100: #3EB575;--weui-LIGHTGREEN-120: #31905D;--weui-LIGHTGREEN-170: #123522;--weui-LIGHTGREEN-80: #64C390;--weui-LIGHTGREEN-90: #51BC83;--weui-LIGHTGREEN-BG-100: #31905D;--weui-LIGHTGREEN-BG-110: #2C8153;--weui-LIGHTGREEN-BG-130: #226541;--weui-LIGHTGREEN-BG-90: #31905D;--weui-LINK-100: #7D90A9;--weui-LINK-120: #647387;--weui-LINK-170: #252A32;--weui-LINK-80: #97A6BA;--weui-LINK-90: #899AB1;--weui-LINKFINDER-100: #DEE9FF;--weui-MATERIAL-ATTACHMENTCOLUMN: rgba(32, 32, 32, .93);--weui-MATERIAL-NAVIGATIONBAR: rgba(18, 18, 18, .9);--weui-MATERIAL-REGULAR: rgba(37, 37, 37, .6);--weui-MATERIAL-THICK: rgba(34, 34, 34, .9);--weui-MATERIAL-THIN: rgba(95, 95, 95, .4);--weui-MATERIAL-TOOLBAR: rgba(35, 35, 35, .93);--weui-ORANGE-100: #C87D2F;--weui-ORANGE-120: #A06425;--weui-ORANGE-170: #3B250E;--weui-ORANGE-80: #D39758;--weui-ORANGE-90: #CD8943;--weui-ORANGE-BG-100: #BB6000;--weui-ORANGE-BG-110: #A85600;--weui-ORANGE-BG-130: #824300;--weui-ORANGE-BG-90: #C1701A;--weui-ORANGERED-100: #FF6146;--weui-OVERLAY: rgba(0, 0, 0, .8);--weui-OVERLAY-WHITE: rgba(242, 242, 242, .8);--weui-PURPLE-100: #8183FF;--weui-PURPLE-120: #6768CC;--weui-PURPLE-170: #26274C;--weui-PURPLE-80: #9A9BFF;--weui-PURPLE-90: #8D8FFF;--weui-PURPLE-BG-100: #6768CC;--weui-PURPLE-BG-110: #5C5DB7;--weui-PURPLE-BG-130: #48498F;--weui-PURPLE-BG-90: #7677D1;--weui-RED-100: #FA5151;--weui-RED-120: #C84040;--weui-RED-170: #4B1818;--weui-RED-80: #FB7373;--weui-RED-90: #FA6262;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .1);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG: #fff;--weui-BG: #000;--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--new-title-color: rgba(255, 255, 255, .8)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--new-content-color: rgba(255, 255, 255, .7)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-0_5: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .85);--weui-GLYPH-1: rgba(255, 255, 255, .55);--weui-GLYPH-2: rgba(255, 255, 255, .35);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .85);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .55);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .35);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: #0D78CC;--weui-INDIGO-BG-110: #0B6BB7;--weui-INDIGO-BG-130: #09548F;--weui-INDIGO-BG-90: #2585D1;--weui-LIGHTGREEN-100: #3EB575;--weui-LIGHTGREEN-120: #31905D;--weui-LIGHTGREEN-170: #123522;--weui-LIGHTGREEN-80: #64C390;--weui-LIGHTGREEN-90: #51BC83;--weui-LIGHTGREEN-BG-100: #31905D;--weui-LIGHTGREEN-BG-110: #2C8153;--weui-LIGHTGREEN-BG-130: #226541;--weui-LIGHTGREEN-BG-90: #31905D;--weui-LINK-100: #7D90A9;--weui-LINK-120: #647387;--weui-LINK-170: #252A32;--weui-LINK-80: #97A6BA;--weui-LINK-90: #899AB1;--weui-LINKFINDER-100: #DEE9FF;--weui-MATERIAL-ATTACHMENTCOLUMN: rgba(32, 32, 32, .93);--weui-MATERIAL-NAVIGATIONBAR: rgba(18, 18, 18, .9);--weui-MATERIAL-REGULAR: rgba(37, 37, 37, .6);--weui-MATERIAL-THICK: rgba(34, 34, 34, .9);--weui-MATERIAL-THIN: rgba(245, 245, 245, .4);--weui-MATERIAL-TOOLBAR: rgba(35, 35, 35, .93);--weui-ORANGE-100: #C87D2F;--weui-ORANGE-120: #A06425;--weui-ORANGE-170: #3B250E;--weui-ORANGE-80: #D39758;--weui-ORANGE-90: #CD8943;--weui-ORANGE-BG-100: #BB6000;--weui-ORANGE-BG-110: #A85600;--weui-ORANGE-BG-130: #824300;--weui-ORANGE-BG-90: #C1701A;--weui-ORANGERED-100: #FF6146;--weui-OVERLAY: rgba(0, 0, 0, .8);--weui-OVERLAY-WHITE: rgba(242, 242, 242, .8);--weui-PURPLE-100: #8183FF;--weui-PURPLE-120: #6768CC;--weui-PURPLE-170: #26274C;--weui-PURPLE-80: #9A9BFF;--weui-PURPLE-90: #8D8FFF;--weui-PURPLE-BG-100: #6768CC;--weui-PURPLE-BG-110: #5C5DB7;--weui-PURPLE-BG-130: #48498F;--weui-PURPLE-BG-90: #7677D1;--weui-RED-100: #FA5151;--weui-RED-120: #C84040;--weui-RED-170: #4B1818;--weui-RED-80: #FB7373;--weui-RED-90: #FA6262;--weui-RED-BG-100: #CF5148;--weui-RED-BG-110: #BA4940;--weui-RED-BG-130: #913832;--weui-RED-BG-90: #D3625A;--weui-SECONDARY-BG: rgba(255, 255, 255, .15);--weui-SEPARATOR-0: rgba(255, 255, 255, .05);--weui-SEPARATOR-1: rgba(255, 255, 255, .15);--weui-STATELAYER-HOVERED: rgba(0, 0, 0, .02);--weui-STATELAYER-PRESSED: rgba(255, 255, 255, .1);--weui-STATELAYER-PRESSEDSTRENGTHENED: rgba(255, 255, 255, .2);--weui-YELLOW-100: #CC9C00;--weui-YELLOW-120: #A37C00;--weui-YELLOW-170: #3D2F00;--weui-YELLOW-80: #D6AF33;--weui-YELLOW-90: #D1A519;--weui-YELLOW-BG-100: #BF9100;--weui-YELLOW-BG-110: #AB8200;--weui-YELLOW-BG-130: #866500;--weui-YELLOW-BG-90: #C59C1A;--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-RED: #FA5151;--weui-ORANGERED: #FF6146;--weui-ORANGE: #C87D2F;--weui-YELLOW: #CC9C00;--weui-GREEN: #74A800;--weui-LIGHTGREEN: #3EB575;--weui-TEXTGREEN: #259C5C;--weui-BRAND: #07C160;--weui-BLUE: #10AEFF;--weui-INDIGO: #1196FF;--weui-PURPLE: #8183FF;--weui-LINK: #7D90A9;--weui-REDORANGE: #FF6146;--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05);--weui-FG: #fff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-FG-5: rgba(255, 255, 255, .1);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-BG: #000;--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111111;--weui-BG-1: #1E1E1E;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2C2C2C;--weui-BLUE-100: #10AEFF;--weui-BLUE-120: #0C8BCC;--weui-BLUE-170: #04344D;--weui-BLUE-80: #3FBEFF;--weui-BLUE-90: #28B6FF;--weui-BLUE-BG-100: #48A6E2;--weui-BLUE-BG-110: #4095CB;--weui-BLUE-BG-130: #32749E;--weui-BLUE-BG-90: #5AAFE4;--weui-BRAND-100: #07C160;--weui-BRAND-120: #059A4C;--weui-BRAND-170: #023A1C;--weui-BRAND-80: #38CD7F;--weui-BRAND-90: #20C770;--weui-BRAND-BG-100: #2AAE67;--weui-BRAND-BG-110: #259C5C;--weui-BRAND-BG-130: #1D7A48;--weui-BRAND-BG-90: #3EB575;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-0_5: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-GLYPH-0: rgba(255, 255, 255, .8);--weui-GLYPH-1: rgba(255, 255, 255, .5);--weui-GLYPH-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-0: rgba(255, 255, 255, .8);--weui-GLYPH-WHITE-1: rgba(255, 255, 255, .5);--weui-GLYPH-WHITE-2: rgba(255, 255, 255, .3);--weui-GLYPH-WHITE-3: #FFFFFF;--weui-GREEN-100: #74A800;--weui-GREEN-120: #5C8600;--weui-GREEN-170: #233200;--weui-GREEN-80: #8FB933;--weui-GREEN-90: #82B01A;--weui-GREEN-BG-100: #789833;--weui-GREEN-BG-110: #6B882D;--weui-GREEN-BG-130: #65802B;--weui-GREEN-BG-90: #85A247;--weui-INDIGO-100: #1196FF;--weui-INDIGO-120: #0D78CC;--weui-INDIGO-170: #052D4D;--weui-INDIGO-80: #40ABFF;--weui-INDIGO-90: #28A0FF;--weui-INDIGO-BG-100: #0D78CC;--weui-INDIGO-BG-110: #0B6BB7;--weui-INDIGO-BG-130: #09548F;--weui-INDIGO-BG-90: #2585D1;--weui-LIGHTGREEN-100: #3EB575;--weui-LIGHTGREEN-120: #31905D;--weui-LIGHTGREEN-170: #123522;--weui-LIGHTGREEN-80: #64C390;--weui-LIGHTGREEN-90: #51BC83;--weui-LIGHTGREEN-BG-100: #31905D;--weui-LIGHTGREEN-BG-110: #2C8153;--weui-LIGHTGREEN-BG-130: #226541;--weui-LIGHTGREEN-BG-90: #31905D;--weui-LINK-100: #7D90A9;--weui-LINK-120: #647387;--weui-LINK-170: #252A32;--weui-LINK-80: #97A6BA;--weui-LINK-90: #899AB1;--weui-LINKFINDER-100: #DEE9FF;--weui-MATERIAL-ATTACHMENTCOLUMN: rgba(32, 32, 32, .93);--weui-MATERIAL-NAVIGATIONBAR: rgba(18, 18, 18, .9);--weui-MATERIAL-REGULAR: rgba(37, 37, 37, .6);--weui-MATERIAL-THICK: rgba(34, 34, 34, .9);--weui-MATERIAL-THIN: rgba(95, 95, 95, 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rgba(250, 157, 59, .1);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--new-title-color: rgba(255, 255, 255, .8)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--new-content-color: rgba(255, 255, 255, .7)}}a{color:#576b95;text-decoration:none;-webkit-tap-highlight-color:#0000;-webkit-user-drag:none}a{color:var(--weui-LINK)}a{cursor:default}\u003c/style\u003e\u003c/div\u003e
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