奈雪计划5月13日港交所聆讯，预计6月中上旬上市

腾讯新闻2021-05-08

5月8日，腾讯新闻《潜望》独家获悉，奈雪计划于5月13日聆讯。按照港交所上市流程，奈雪或将在6月中上旬完成上市。关于此次IPO募资的具体额度，预计奈雪将在5月最后一周确定。此外，腾讯新闻《潜望》获悉，奈雪此次计划的募资额约6亿美元。以其发行15%股份来计，奈雪预计估值约40亿美元，折合港币约310亿。截至发稿，腾讯新闻《潜望》暂未能联系奈雪及其保荐人摩根大通等置评。投资者忧奈雪估值过高奈雪在过去5...

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知了2010
2021-05-09
知了2010
！
飞车手
2021-05-09
飞车手
666
faysl
2021-05-09
faysl
6
王老九
2021-05-08
王老九
新股上市是少不了一場炒作了，問題是賺錢的多少。
EddyTan1985
2021-05-08
EddyTan1985
[財迷] [財迷]
万象入星辰
2021-05-08
万象入星辰
和氣生財！
- 2021_NS:
  [微笑]

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投资者忧其赚钱能力在此前的非交易路演中，投资者对于奈雪的担忧比较集中：未来赚钱的能力。管理层给出的回答也很好理解，即随着规模起来，成本会摊薄，利润也会起来。奈雪当前依旧处于亏损状态。财报显示，奈雪于2018年、2019年以及2020年前三季度的收入分别为10.87亿、25.02亿元、21.15亿元，而其净亏损分别为6973万、3968万、2751万元。和其他快消行业一样，投资者对于奈雪招股书中的同店销售额以及同店利润等数据较为关注。奈雪招股书显示，2018年及2019年满足营业时间不少于300天的店铺为49家。仅以2018年以及2019年全年的数据来看，奈雪的同店净利润分别为145.3万元以及141.4万元。一位长期投资消费领域的机构投资者对腾讯新闻《潜望》表示，一般来说，同店利润率的合理区间大概是20%左右。前两个完整财年的数据来看，奈雪的单店利润还不错。招股书显示，奈雪的同店利润率于2018年、2019年以及2020年前三个季度分别为24.9%、25.3%以及12.6%。其中，2020年的同店利润率受疫情影响比较大。但是奈雪的成本开支中人力占比很大。奈雪的招股书显示，其人力成本居高不下，2018年员工成本为3.4亿元，占总成本的31.3%，2019年员工成本则为7.5亿，占比总成本的30%。这一项开支和奈雪的材料成本不差上下，后者2018年及2019年分别为3.8亿元及9.1亿元。也就是说，未来随着国内人力成本逐渐上涨，奈雪需要承担的人力开支将会越来越高。更为重要的是，奈雪的店铺全部集中在一二线及准二线城市，这些城市的人力成本在可预见的未来会持续高企。尽管未来奈雪随着规模的扩大，总成本会有些许摊薄，但是一二线城市店铺饱和后，奈雪继续下沉其他城市的过程中，单店效益有可能递减。这就意味着奈雪将难以继续维持单店利润率超过20%。一位主要在二级市场投资消费领域的机构投资者对腾讯新闻《潜望》表示，研究完奈雪的数据后，其所在的机构最后决定不投资。这样的投资者不在少数，也有一些人期待后续也将赴港上市的竞品喜茶。一些看过喜茶财务数据的投资者对腾讯新闻《潜望》透露，相较于奈雪来说，喜茶的盈利能力要比奈雪好很多，成本控制做得更好，更适合长期持有的投资者。","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":107740756,"gmtCreate":1620543361875,"gmtModify":1704344834694,"author":{"id":"3577099045897802","authorId":"3577099045897802","name":"知了2010","avatar":"https://static.tigerbbs.com/94af26710b772ae5fc6be0ee324fa309","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3577099045897802","authorIdStr":"3577099045897802"},"htmlText":"！","listText":"！","text":"！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107740756","repostId":1133900125,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":107437536,"gmtCreate":1620528175625,"gmtModify":1704344629646,"author":{"id":"3558600224159473","authorId":"3558600224159473","name":"飞车手","avatar":"https://static.tigerbbs.com/bf0759d20d5ebdba8ca5268455b124b8","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3558600224159473","authorIdStr":"3558600224159473"},"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107437536","repostId":1133900125,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":107223033,"gmtCreate":1620515235022,"gmtModify":1704344405485,"author":{"id":"3472536105367512","authorId":"3472536105367512","name":"faysl","avatar":"https://static.tigerbbs.com/385a91ac1b409f10d98d858f94c89d90","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":3,"crmLevelSwitch":0,"idStr":"3472536105367512","authorIdStr":"3472536105367512"},"htmlText":"6","listText":"6","text":"6","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107223033","repostId":1133900125,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":107651406,"gmtCreate":1620485165405,"gmtModify":1704344288273,"author":{"id":"3563432799467722","authorId":"3563432799467722","name":"王老九","avatar":"https://static.tigerbbs.com/4640b4e6192bf8a3f98517c6143f9447","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3563432799467722","authorIdStr":"3563432799467722"},"htmlText":"新股上市是少不了一場炒作了，問題是賺錢的多少。","listText":"新股上市是少不了一場炒作了，問題是賺錢的多少。","text":"新股上市是少不了一場炒作了，問題是賺錢的多少。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/107651406","repostId":1133900125,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":107614465,"gmtCreate":1620480303957,"gmtModify":1704344243064,"author":{"id":"3573726171391313","authorId":"3573726171391313","name":"EddyTan1985","avatar":"https://community-static.tradeup.com/news/99a3a2a45b57c4e3ca3265c29eb554bc","vip":1,"hat":"https://static.tigerbbs.com/1c1eed764d9c7ff83dc093fbb9a96bc2","crmLevel":3,"crmLevelSwitch":0,"idStr":"3573726171391313","authorIdStr":"3573726171391313"},"htmlText":"[財迷]&nbsp;[財迷]&nbsp;","listText":"[財迷]&nbsp;[財迷]&nbsp;","text":"[財迷] 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