喜茶“危机”背后，站着一群嗜血的资本野兽
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<p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><img class="content-picture" src="https://www.dfrlyy.com/zb_users/upload/2022/02/20220210192455_93080.jpg" style="border: 0px none; vertical-align: middle; max-width: 100%; margin: 0.6em auto; display: block;"/></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><span style="font-weight: bolder;">作者 | 陈沛</span></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><span style="font-weight: bolder;">来源 | 陆玖财经</span></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">行业下行期，喜茶背后的各大已入局资本，远比创始人更加焦虑。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">喜茶危机的背后，也许是资本的副作用。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">多家媒体披露，喜茶涉及30%的员工的大裁员，这或源于近一年来业绩不佳，通过精简人力资源为上市做准备。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">伴随裁员传闻，其过度加班、年终奖延迟、公司内斗等问题也逐渐浮出水面。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">随后，喜茶表示，以上消息不属实，一切都是正常调整。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">但是，透过此事，这家管理团队极为年轻的公司，也从侧面暴露了很多细节问题。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">在投资界部分人士看来，这一幕与昔日的ofo的轨迹几多相似，年轻的管理团队跟着资本蒙眼狂奔，也许把脚步放缓，思考一下未来将会是更好的选择。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><span style="font-weight: bolder;">危机正在从细节中裂变</span></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">近两日，多家媒体透露，喜茶内部正在实施裁员，总体涉及30%的员工。其中，信息安全部门全部裁掉，门店拓展部门被裁50%。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">针对此轮裁员，比较普遍的看法是喜茶近一年业绩不佳，虽然赚钱但是净利润负增长。迫于上市前的财报压力，通过精简人力资源，可以让财报好看些。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">对于外界传闻，喜茶方面表示，此消息不实，系正常人员调整。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">喜茶方表示，公司不存在所谓大裁员的情况，年前少量的人员调整为基于年终考核的正常人员调整和优化，“同时，员工的年终奖也均已根据绩效表现，于春节前正常发放至员工手中。”</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">尽管喜茶方对传闻进行了否认，但在脉脉上发现，相关的讨论年前已经展开。除了大规模裁员外，过度加班、品控失灵、年终奖延迟、公司内斗等诸多问题也浮出水面。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><img class="content-picture" src="https://www.dfrlyy.com/zb_users/upload/2022/02/20220210192457_12921.jpg" style="border: 0px none; vertical-align: middle; max-width: 100%; margin: 0.6em auto; display: block;"/></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">早在春节前，一名认证为喜茶员工的“@不太忙的安妮在改方案”抱怨，喜茶在入职时的承诺和实际情况相差甚远，面对业绩差通过大量裁员来节流，“员工把后背交给你，你却直接捅一刀，这个就是喜茶的企业文化了？”</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><img class="content-picture" src="https://www.dfrlyy.com/zb_users/upload/2022/02/20220210192458_33974.png" style="border: 0px none; vertical-align: middle; max-width: 100%; margin: 0.6em auto; display: block;"/></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">一名前员工则向一媒体记者吐槽：“喜茶的企业文化就是听土皇帝吹牛逼发家史，而且这个公司大部份人都希望被裁拿补偿也是真的，高管（总监）一年换一个，行内名声都是臭的。”</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">无独有偶，春节前另外一家茶饮明星企业，茶颜悦色也传出过类似管理问题。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">几名业内人士分析，如果“信息安全部门全部裁掉、门店拓展部门被裁50%”的信息属实，对喜茶或也是好事，“一方面喜茶作为零售业，养信息安全部的成本太大，不如外包。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">另一方面，门店拓展部对半裁员，或可能停止此前的疯狂拓店，喜茶确实需要静一静了。”一业内人士表示。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">中国食品专家朱丹蓬表达同样观点，他认为，喜茶的调整也是正常的调整，“企业在不同的阶段，也面临不同的挑战，喜茶有此前的市场积淀，还是比较看好喜茶的发展。”</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><span style="font-weight: bolder;">资本推动的造富梦</span></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">作为茶饮新消费的开创者，喜茶和出生于1991年的创始人聂云宸，堪称业界传奇。此前，一向偏爱“埋头拉车”的餐饮、茶饮行业，也在“喜茶们”的成功案例刺激下，跃上了新消费投资的风口浪尖。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">根据天眼查显示，从2016年至今，喜茶共完成4轮融资，据不完全统计，IDG资本、何伯权、美团系龙珠资本、红杉中国、黑蚁资本、腾讯、高瓴、Coatue（蔻图资本）等一众知名机构均在其中。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">规模，是餐饮业的硬核指标。在这些顶流资本的助力下，喜茶也开启了飞速扩张。按照最新的公开信息，喜茶目前的门店数量已经接近千家。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">去年6月，多家媒体报道新式茶饮品牌喜茶即将完成新一轮融资，投资方全部为老股东，新机构根本挤不进去，且投后估值高达600亿。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">但这场资本“造富盛宴”的另一面，则是喜茶尚未完成造血，无法摆脱资本续命的尴尬。对于资本来说，逐利才是本质，如何将600亿元的纸面金钱变为真金白银，才是他们所考虑的。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">如果按照600亿元估值，1000家店的规模，喜茶每家店面的估值都达到6000万元，堪称天价。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">业内人士表示，像喜茶、奈雪这样的公司，很难简单地把它们看作是传统的餐饮企业。这两家公司的成长模型、营销手段、财务数据、用户运营等诸多方面，都多多少少有些互联网的味道，这很符合资本市场的胃口。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">不过，2022年开年，整个创投行业正在发生微妙变化。企业战投的角色寻求重新定位，对于喜茶来说绝非好消息。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">去年底，“投资之王”腾讯以中期派息方式，将所持有约4.6亿股京东股权发放给股东。此事也被视为企业投资（CVC）即将步入“黄昏”的一个重大信号，而字节战投的变化则进一步地作证这一判断。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">此前有“不差钱”的互联网大厂接盘，使得项目们就像击鼓传花一样，每一次估值的上涨都让前一轮的投资人受益。往往传到最后，“接盘侠”就是企业战投。当“接盘侠”变得审慎，生意也将回归基础逻辑。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">对于友商奈雪的茶来说，好歹已经冠上“行业第一股”的名头，投资者也获得了相应的回报。在投资者基础逻辑回归理性的当下，尚未登陆资本市场的喜茶，其焦虑也正幻化为裁员、内斗等管理表象。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">或者说，其背后的各大已入局资本，目前理应比创始人更加焦虑。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;"><span style="font-weight: bolder;">喜茶与ofo的命运分野</span></p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">在投资界部分人士看来，喜茶如今上演的这一幕，与昔日的明星创业公司ofo小黄车的轨迹几多相似。同为90后的创始人，赶上风口后权掌急速膨胀的公司；又同样在一定规模后，遭遇裁员等问题，又上演站队、内斗等权力戏码。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">一名接近喜茶的互联网人士表示，聂云宸希望短期内可以看到核心团队带来的成绩，在无法达成目标后，所以总是很快的更换高管团队。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">“和我此前所在的互联网创业公司，状态十分像。”该人士表示，原因就是老板在完成融资后手握庞大资金，发现远比一杯一杯卖奶茶来钱快。主要心思就在资本运作，其他的则希望通过职业经理人来完成。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">对于锦上添花而来的职业经理人，深谙“市场反馈不重要，老板高兴才重要”的心理，往往通过短期策略快速满足老板预期，不大可能静下心来长线布局。这种情况下，争业绩、内斗、站队也就成为常态。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">这种短期刺激的种种弊病正在显现，一名认证为喜茶员工的网友在脉脉上吐槽，喜茶基本都是直营店，品质差主要是品控差。“有些店开业两三年才发现滤水接错了，制冰机直接接了自来水，所以你们喝到的茶饮有可能是用自来水制作的。”</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">此外，去年9月，喜茶因为员工误将饮品陈列道具拿给顾客致使顾客洗胃等事件，也让喜茶陷于食品安全的风口浪尖。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">彼时的喜茶重心，则仍在寻求资本市场的长袖善舞。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">从去年6月拿到新一轮融资后，手握巨额融资的喜茶，开始转型VC，在茶饮界开始疯狂“扫货”——短短4个月喜茶就完成五笔投资，投资方面的热度，已经远远超过茶饮新品的推出和新门店的开设。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">而就在2月8日，天眼查显示苏阁鲜茶关联公司——广州市标顶餐饮管理有限公司发生工商变更，新增股东珠海市苏阁投资合伙企业（有限合伙）。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">股权穿透图显示，喜茶创始人聂云宸为上述合伙企业执行事务合伙人。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">“短时间投资如此多的茶饮公司，真的能形成协同吗？”业内不少人存在疑问，在他们看来，这是无法支撑600亿元估值的喜茶，正在寻求新的资本故事。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">不过，这个故事能不能为其冲刺IPO助力尚未可知，毕竟喜茶上市也是其主业本身，与被投资的企业并无任何关联。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">如今的喜茶，命运或许早已脱离聂云宸的掌控，而是那些手握喜茶命脉的投资机构。一旦无法完成资本期望，聂云宸随时可能成为弃子。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">正如ofo戴维在采访中表示，金沙江朱啸虎的A轮融资对他的意义重大，但到了后期，朱啸虎却高喊让他将ofo和摩拜合并，从而获得最大的利益。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">戴维创业之初也很崇拜、欣赏和感激程维，但到了后期，程维却成了那个对立者，成了那个想要控制整个大出行领域的人。</p><p class="one-p" style="margin-top: 0px; margin-bottom: 2em; padding: 0px; line-height: 2.2; overflow-wrap: break-word; font-family: "Microsoft Yahei", Avenir, "Segoe UI", "Hiragino Sans GB", STHeiti, "Microsoft Sans Serif", "WenQuanYi Micro Hei", sans-serif; font-size: 18px; white-space: normal;">对于当下的喜茶和聂云宸来说，背后的资本，又希望他们以什么样的角色出现呢？</p>
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