精品咖啡 Seesaw 被申请破产清算，创始人被限高，全国门店仅剩 34 家Seesaw, a premium coffee brand, has been filed for bankruptcy liquidation, its founder has been restricted in height, and there are only 34 stores left nationwide

蓝鲸新闻 6 月 7 日讯（记者 郝妍）曾经知名的精品咖啡连锁品牌 Seesaw 似乎正在陷入更大的困境中。

Seesaw 被申请破产，全国仅剩 34 家门店

近日，蓝鲸新闻记者查询发现，精品咖啡品牌 Seesaw 的运营主体上海西舍咖啡有限公司新增多例破产审查案件，申请人分别是上海琉璃工房玻璃艺术品有限公司与上海玛露实业有限公司。申请人均以上海西舍咖啡有限公司不能清偿到期债务且明显缺乏清偿能力为由，向法院申请对上海西舍咖啡有限公司进行破产清算。此外，天眼查 app 显示，2026 年以来，上海西舍咖啡有限公司及其法定代表人、Seesaw 创始人吴晓梅被限高。

这并不是 Seesaw 第一次出现经营危机。

2025 年 3 月，Seesaw 就已经开始被多家供应商追讨欠款。据经济观察报报道，供应商称，Seesaw 拖欠货款，多次催缴无果，供应商正在对其发起诉讼。有员工反映，Seesaw 已拖欠其两个半月的工资，且所在的直营门店因资金支持不到位，物业租赁费、水电费无法缴纳，设备损坏无法维修，只能被迫关闭。

蓝鲸新闻记者查询发现，目前上海西舍咖啡有限公司涉诉债务总额高达 1646.3 万元，其中主要案由为买卖合同纠纷。由此推断，经过一年的发展 Seesaw 的经营状况并无改善。

这一点从其门店的大幅收缩也可以看出来。窄门餐眼数据显示，截至 5 月 13 日，Seesaw 全国在营门店数为 34，其中浙江有 7 家、上海有 6 家、江苏有 4 家。这一数字距其 2023 年 3 月巅峰时期的 135 家门店少了超过 100 家。而事实上，Seesaw 的情况可能更糟糕。蓝鲸新闻记者查询 Seesaw 小程序发现，上海仅有 5 家门店，其中 2 家未正常营业。此外，Seesaw 社交媒体的运营也基本上停在了 2025 年 11 月。

除了线下咖啡门店业务外，Seesaw 也有线上零售业务，但据第三方数据平台显示，近 90 天内 Seesaw 抖音平台销售额仅 10 万 -25 万元。

起步早口碑好，Seesaw 做错了什么

站在如今各大品牌逐鹿咖啡业务的当下回看，Seesaw 起步很早，是中国首批精品咖啡的代表品牌，2012 年，它把第一家店开进上海愚园路 433 号静安设计中心。

和如今卷价格的连锁咖啡不同，早起的 Seesaw 门店设计考究，定位为中高端精品咖啡，均价在 30-40 元左右。在精品咖啡风头正盛的那些年，Seesaw 也吸引了资本的青睐。

2017 年 6 月，Seesaw 拿到了百福控股 4500 万元人民币投资，成为了国内精品咖啡第一个获得融资的品牌；2021 年 7 月，收获喜茶领投、老股东弘毅百福跟投的 A+ 轮过亿元融资；2022 年，Seesaw 宣布完成由黑蚁资本领投，基石资本跟投的数亿元 A++ 轮融资。

拿到钱的 Seesaw 开始进行扩张，窄门餐眼显示，2021 年和 2022 年，其分别新开门店 43 家和 67 家。2022 年 8 月，Seesaw 门店数量突破 100 家。Seesaw 创始人吴晓梅 2021 年曾公开表示，Seesaw 预计 2022 年底门店达到 200 家，未来 5 年内，目标门店扩张至 500-1000 家。

但当主打精品的 Seesaw 快起来时，风险指数也相应变高了。

在 Seesaw 品牌初期，对调性的保持一度是它独树一帜的重要原因。据红餐网报道，早期 Seesaw 咖啡的每家新店都像是 " 一个作品 "，不同门店由不同设计师设计，一家 Seesaw 咖啡门店的筹备期大概在三、四个月。除此之外，Seesaw 早期的线下订单占比很高，产品基本都是意式咖啡和手冲。这些都是 " 小而美 " 的特点。

但当 " 小而美 " 逐渐 " 变大 " 时，Seesaw 就变得不太一样了。据第一财经报道，Seesaw 在 2020 年进行了品牌升级，向精品咖啡商业化转型，推出山茶桃胶拿铁、云朵桃桃冷萃等一系列 " 茶咖 " 及 " 果咖 " 产品。同期，Seesaw 布局天猫、京东等电商渠道，推出了咖啡豆、挂耳包、冷萃液、冻干粉等诸多零售产品。到 2022 年这三年间，外卖和线上零售业务贡献的销售额均达到 30%。品牌的经营思路就此由精品（体验）转向 " 效率 "。

与此同时，大众对于精品咖啡的态度似乎也开始发生变化。

2023 年开始，连锁咖啡行业进入到了卷价格的新阶段，瑞幸的 9.9 元和库迪的 8.8 元开始让不少连锁咖啡卷入价格战。这种大规模的价格战也让大众对于咖啡这一产品的心理价格锚点在不知不觉中发生变化。精品咖啡动辄 30-40 元的单价在清一色的 9 块 9 中显得不合时宜。Seesaw 也曾试图 " 放下身段 "，与电商团购平台合作后，均价 30 元的咖啡价格一度降到 9.9 元甚至更低，但此时这种 " 折中 " 的选项收效甚微。精品咖啡特质开始变味，出品水平变得更加难以把控。

2023 年年底，Seesaw 关闭了北京、上海、重庆、武汉、杭州的部分门店。对此 Seesaw 创始人吴晓梅向媒体回应称，2021 年到 2023 年这三年里，品牌已完成阶段性的战略目标，实现了一线城市和新一线城市的全国布局。近期关闭了部分不符合区域聚焦策略、不符合品牌定位和不符合门店模型的 " 三不 " 门店，以保障未来扩张之路的基本底盘更加扎实。

然而，Seesaw 之后的故事并没有走向 happy ending。2026 年，连锁咖啡行业的价格战已经暂告一段落，新茶饮接连入局，咖啡似乎再次成为了消费行业的热门赛道，但老玩家 Seesaw 已经不在牌桌上，失去了翻盘的机会。

Blue Whale News, June 7th (Reporter Hao Yan) Seesaw, a once well-known boutique coffee chain brand, seems to be facing even greater difficulties.

Seesaw filed for bankruptcy, leaving only 34 stores nationwide

Recently, Blue Whale News reporters found that the operating entity of the boutique coffee brand Seesaw, Shanghai Xishe Coffee Co., Ltd., has added multiple bankruptcy review cases. The applicants are Shanghai Liuli Workshop Glass Art Co., Ltd. and Shanghai Malu Industrial Co., Ltd. The applicants have applied to the court for bankruptcy liquidation of Shanghai Xishe Coffee Co., Ltd. on the grounds that it is unable to repay its due debts and clearly lacks the ability to repay. In addition, the Tianyancha app shows that since 2026, Shanghai Xishe Coffee Co., Ltd. and its legal representative, Seesaw founder Wu Xiaomei, have been subject to height restrictions.

This is not the first time Seesaw has experienced a business crisis.

In March 2025, Seesaw began to be pursued for debt by multiple suppliers. According to the Economic Observer, the supplier claims that Seesaw is in arrears with payment and has repeatedly failed to collect payments. The supplier is currently filing a lawsuit against them. Some employees have reported that Seesaw has delayed their salary for two and a half months, and the direct operated stores where they are located are unable to pay property rental fees, water and electricity fees due to insufficient financial support. The equipment is damaged and cannot be repaired, so they have to be forced to close.

Blue Whale News reporters found that Shanghai Xishe Coffee Co., Ltd. is currently involved in litigation with a total debt of 16.463 million yuan, with the main cause of action being disputes over sales contracts. It can be inferred that after a year of development, Seesaw's business situation has not improved.

This can also be seen from the significant contraction of its stores. According to data from Narrow Gate Restaurant, as of May 13th, Seesaw has 34 operating stores nationwide, including 7 in Zhejiang, 6 in Shanghai, and 4 in Jiangsu. This number is more than 100 fewer than its peak of 135 stores in March 2023. In fact, Seesaw's situation may be even worse. Blue Whale News reporters found through the Seesaw mini program that there are only 5 stores in Shanghai, of which 2 are not operating normally. In addition, the operation of Seesaw social media has basically stopped in November 2025.

In addition to offline coffee shop business, Seesaw also has online retail business, but according to third-party data platform, the sales of Seesaw Tiktok platform in the past 90 days were only 100000-250000 yuan.

Starting early and having a good reputation, what did Seesaw do wrong

Looking back at the current competition among major brands for coffee business, Seesaw started very early and is one of the first representative brands of premium coffee in China. In 2012, it opened its first store at the Jing'an Design Center at 433 Yuyuan Road, Shanghai.

Unlike today's chain coffee shops with high prices, the early Seesaw stores are well-designed and positioned as mid to high end boutique coffee, with an average price of around 30-40 yuan. In the years when boutique coffee was booming, Seesaw also attracted the favor of capital.

In June 2017, Seesaw received a RMB 45 million investment from Baifu Holdings, becoming the first domestic boutique coffee brand to obtain financing; In July 2021, we received an A+round financing of over 100 million yuan led by HEYTEA and co invested by our old shareholder Hongyi Baifu; In 2022, Seesaw announced the completion of hundreds of millions of yuan in Series A++financing led by Black Ant Capital and co invested by Cornerstone Capital.

Seesaw, which received the money, began to expand. According to Narrow Gate Restaurant, it opened 43 and 67 new stores in 2021 and 2022, respectively. In August 2022, the number of Seesaw stores exceeded 100. Seesaw founder Wu Xiaomei publicly stated in 2021 that Seesaw expects to reach 200 stores by the end of 2022 and expand to 500-1000 stores within the next five years.

But as Seesaw, which focuses on high-quality products, accelerates, the risk index also increases accordingly.

In the early days of the Seesaw brand, maintaining tone was a key reason for its uniqueness. According to Redfood.com, each new store of Seesaw Coffee in the early days was like a "work", with different stores designed by different designers. The preparation period for a Seesaw Coffee store was about three to four months. In addition, Seesaw had a high proportion of offline orders in the early days, with products mainly consisting of Italian coffee and hand brewed coffee. These are all characteristics of 'small and beautiful'.

But as' small and beautiful 'gradually' grows', Seesaw becomes quite different. According to a report by First Financial, Seesaw underwent a brand upgrade in 2020, transitioning towards the commercialization of premium coffee and launching a series of "tea coffee" and "fruit coffee" products such as Camellia Peach Gum Latte and Cloud Peach Cold Extract. During the same period, Seesaw expanded into e-commerce channels such as Tmall and JD.com, launching a variety of retail products including coffee beans, ear bags, cold extracts, freeze-dried powders, and more. By 2022, both food delivery and online retail businesses will contribute 30% of sales revenue. The brand's business philosophy has shifted from boutique (experience) to "efficiency".

At the same time, the public's attitude towards premium coffee seems to be changing.

Starting from 2023, the chain coffee industry has entered a new stage of rolling prices, with Luckin Coffee's 9.9 yuan and Kudi's 8.8 yuan causing many chain coffee brands to be involved in price wars. This large-scale price war has also unconsciously changed the psychological price anchor of coffee among the public. The unit price of 30-40 yuan for premium coffee seems outdated compared to the uniform price of 9.9 yuan. Seesaw also attempted to "let go of its ego" and after cooperating with e-commerce group buying platforms, the average coffee price of 30 yuan dropped to 9.9 yuan or even lower. However, at this time, this "compromise" option had little effect. The characteristics of premium coffee are starting to lose their flavor, and the level of production is becoming more difficult to control.

At the end of 2023, Seesaw closed some stores in Beijing, Shanghai, Chongqing, Wuhan, and Hangzhou. Seesaw founder Wu Xiaomei responded to the media that in the three years from 2021 to 2023, the brand has completed its strategic goals and achieved nationwide layout in first tier cities and new first tier cities. Recently, some "three no" stores that do not comply with the regional focus strategy, brand positioning, and store model have been closed to ensure a more solid foundation for future expansion.

However, the story after Seesaw did not lead to a happy ending. In 2026, the price war in the chain coffee industry has come to a temporary end, with new tea drinks entering the market one after another. Coffee seems to have once again become a popular track in the consumer industry, but veteran player Seesaw is no longer on the table and has lost the opportunity to turn the tables.