古茗“破发”之后再走低，茶饮赛道竞争激烈增长乏力
2月12日，古茗正式登陆港股市场，截至收盘报9.30港元/股，跌6.44%，已经跌破9.94港元发行价。13日开盘，古茗持续走低，盘中最高跌幅一度跌近17%，收盘为9.16港元/股，较9.94元/股的发行价已经跌去7.8%。
奈雪的茶及茶百道上市首日股价分别跌13.5%、26.9%，两家公司的发行市值分别为294亿港元、192亿港元，如今分别跌去逾90%和24%。
茶饮市场热度逐渐走低，上市茶饮募集资金规模也是一家不如一家。古茗所得款项总额18.1亿港元，分别低于奈雪的茶及茶百道50.9亿港元、25.9亿港元。
数据显示，古茗78.8%的门店位于二线及以下城市，北方和一线城市布局几乎空白，跨区域扩张面临供应链成本上升和品牌认知度不足的挑战。2024年前三季度，其单店日均GMV从1.9万元降至1.8万元，日均订单数从417杯降至386杯，显露出下沉市场饱和后的增长疲态。
作为典型的加盟驱动型品牌，古茗96%的收入依赖向加盟商销售原材料和设备。随着加盟商的增长，以及行业内卷进一步加剧，会有一个巨大问题出现——同店销售额下滑、业绩增速放缓。
（文章来源：深圳商报·读创）
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