大窑汽水与国际私募巨头“传绯闻”，背后藏着什么生意经？

每日经济新闻2025-06-30

一款5块钱的大瓶汽水，能吸引国际巨头可口可乐、PE巨头KKR和资本市场接连“围观”，大窑汽水凭什么？近日，有消息称国际私募巨头KKR正计划收购国产饮料品牌“大窑汽水”85%股权，有猜测认为是大窑饮品。大窑公司方面对此回应《每日经济新闻》记者称：“不予置评。”大窑从2023年起就不断有被收购或将上市的消息传出。2023年10月，大窑传出将被可口可乐收购，公司回应不予置评，之后不了了之；2024年...

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收购，维维股份回应该消息不实。2025年2月，大窑被传出IPO的消息。对此有无最新进展？公司方面则向每经记者表示“无法回应”。此次KKR收购大窑的消息如若属实，大窑的“寻资”之路也最终有了结果。如今，若KKR收购属实，这不仅是大窑资本“漂流记”的阶段性终点，也标志着美元基金对中国消费市场的再次聚焦。行业人士就此告诉《每日经济新闻》记者，作为下沉市场餐饮渠道的王者，投资方可能是看到了大窑身上蜜雪冰城的影子。大窑到底“值不值”？背后又藏着怎样的增长逻辑与战略转向？“蜜雪冰城的影子”“大窑身上有蜜雪冰城的影子。”一些行业人士并不把大窑汽水放在汽水赛道，而是与蜜雪冰城相比。大窑与蜜雪冰城的相似性之一，在于两者都深耕低价市场，凸显极致性价比。大窑一瓶汽水520ml，售价5至6元钱。这样的定位与10元以下价格带的蜜雪冰城异曲同工，而520ml的大容量又让大窑与同样进入中小餐馆的可口可乐、北冰洋、冰峰等汽水区别开来。“便宜大碗”，不仅是这一代年轻人对大窑的“初印象”，还深深刻在儿时喝过大窑的“70后”脑海中。在渠道上，大窑深耕中小餐饮门店。中小餐饮如同毛细血管，密密麻麻分布在城市的各个角落。平台数据显示，截至目前我国现存在业、存续状态的餐饮相关企业超1569.9万家。大窑给中小餐馆让利，其汽水的出厂价仅为终端零售价的35%左右，大窑让利给经销商，让后者的毛利超20%，远高于行业平均水平。这种兼顾利润空间与流通效率的打法，使得它在“烧烤摊、火锅店、小饭馆”中高频出现，成为典型的下沉场景消费品代表。根据其公开数据，其85%以上的营收来自中小餐饮渠道；在2022年，大窑营收突破32亿元。大窑的品牌热度并非一以贯之，而是在近年借营销“翻红”，走上年轻化转型之路。在近几年的营销上，大窑汽水也几乎复刻了蜜雪冰城的路径：华与华操刀品牌战略，提出“大汽水喝大窑”的口号；2021年，大窑汽水签下吴京做代言，强化“解腻、豪爽”的场景联想。从魔性口号到社交媒体营销，从赞助音乐节到线下电梯广告轰炸，大窑构建了符号识别度极高的品牌传播逻辑。但值得注意的是，大窑目前的增长仍依赖北方市场与餐饮渠道，对南方市场渗透不强。此外，汽水本质是一个低频复购、易被替代的赛道，其品类天花板远低于茶饮，也缺乏与用户长期情感绑定的基础。而在品牌打造上，大窑目前仍更多停留在“渠道品牌”阶段，IP生态尚未形成，情感链接与文化表达的建设仍在早期。“大窑跟蜜雪冰城（消费群体）目前的重叠度还不太高，但是不代表以后没有重叠度。大窑本质上是一个IP，它既可以做去跟 啤酒 竞争‘餐桌上的市场’，当渗透率达到一定程度，它还可以跟可口可乐一样去竞争零售货架市场。以后大窑有了潜在扩散的可能，它的生态会更完善。”透镜咨询创始人况玉清告诉《每日经济新闻》记者。赛道优势与成长困局并存KKR被称为“华尔街收购之王”，喜欢利用少资金撬动大杠杆的方式获得企业控制权。KKR在过去曾数次出手，投资过中国市场的 乖宝宠物 、Moody美瞳等新消费公司，今年2月还被曝有意收购 星巴克 中国股权。“快消类资产在中国一直是优质资产，而 食品饮料 又基本是优质资产中冒头较快的一类。快消领域对KKR来说是个比较靠谱的选择。”况玉清告诉记者。另有行业资深专家告诉《每日经济新闻》记者，茶饮企业逐步走向IPO，对市场有一定的振奋作用。他认为，资本投资这类企业是一笔好买卖，不用担心后续的退出问题。“股权投资的回报方式有好多种，它完全可以直接做股东，每年拿分红，这类型的企业产业投资回报率相当不错，还可以通过资本运作出售股权。”况玉清表示。大窑对KKR来说可能是一笔性价比极高的生意：估值合理、利润稳定、品牌已具备区域护城河，又处于转型前夜。从这个角度来说，KKR下注的不是一家卖汽水的企业，而是一个可以生长为“中国可口可乐”的可能性。况玉清认为，大窑本质上是一个可塑性极强的品牌IP，既能与啤酒竞争“佐餐市场”，又有潜力向零售货架扩展，如果突破品类与渠道局限，其“生态”才刚刚开始。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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