Core Viewpoint - The successful IPO of Hu Shang Ayi on May 8, 2023, highlights strong market interest, with a subscription multiple of nearly 3400 times and a total subscription amount exceeding 92 billion HKD, making it one of the hottest new stocks post-regulatory changes in Hong Kong [1] Group 1: Company Overview - Hu Shang Ayi was founded in 2013 and gained national popularity with its "blood glutinous rice milk tea" [1] - As of 2024, the company operates over 9,000 stores, with more than half located in tier-three and below cities, and 99.7% of its stores are franchisee-operated [2] - The company has three brand concepts: Hu Shang Ayi, Hu Ka, and Qing Xiang Ban, focusing on freshly made beverages and coffee [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY, respectively, with net profits of 149 million CNY, 388 million CNY, and 329 million CNY [2] - A slight revenue decline of 1.9% is projected for 2024, attributed to decreased income from franchises and self-operated stores [2] - The number of closed franchise stores in 2022, 2023, and 2024 was 393, 370, and 987, respectively [2] Group 3: Market Strategy and Challenges - Approximately 25% of the IPO funds will be allocated to enhancing digital capabilities and optimizing membership management systems [2] - The average GMV per franchise store decreased from 1.6 million CNY in 2023 to 1.4 million CNY in 2024, impacting the demand for ingredients and raw materials [3] - Despite challenges, the company continues to expand its franchise network, particularly in tier-two and tier-three cities, while reducing its presence in new first-tier cities [3]

Core Viewpoint - The recent IPO of Hu Shang A Yi marks a significant entry into the competitive tea beverage market, showcasing strong investor interest and a strategic focus on expanding its presence in lower-tier cities [2][4][8]. Company Overview - Hu Shang A Yi was founded in Shanghai in 2013 and gained popularity with its "blood glutinous rice milk tea" [7]. - The company operates a substantial network of tea beverage stores, ranking as the fifth and fourth largest in China as of 2022 and 2023, respectively [7]. - As of 2024, Hu Shang A Yi has over 9,000 stores, with more than half located in tier-three cities and below [8][9]. IPO Details - The company priced its shares at HKD 113.12, issuing 2.4113 million shares, and received a subscription multiple of nearly 3,400 times during the IPO phase [4][6]. - The expected net proceeds from the global offering are approximately HKD 195 million [6]. Financial Performance - Hu Shang A Yi's revenue for 2022, 2023, and 2024 was CNY 2.199 billion, CNY 3.348 billion, and CNY 3.285 billion, respectively, with net profits of CNY 149 million, CNY 388 million, and CNY 329 million [8]. - The company experienced a slight revenue decline of 1.9% in 2024, attributed to reduced income from franchise operations and self-operated stores [8]. Strategic Focus - The company plans to allocate approximately 25% of its IPO proceeds to enhance digital capabilities, 20% for product development and material upgrades, and 20% to strengthen supply chain capabilities [7]. - Hu Shang A Yi aims to expand its franchise network while facing intense competition in the tea beverage sector, particularly in lower-tier markets [9]. Market Position - The tea beverage industry is currently experiencing heightened competition, with Hu Shang A Yi focusing on expanding its presence in lower-tier cities while reducing its footprint in new first-tier cities [9].

Group 1: Store Expansion - Brands continue to expand their store presence post-holiday, with Luckin Coffee opening 91 new stores and Tims opening 21 new stores in the past week [1] - As of April 30, Luckin Coffee has surpassed 5,400 stores nationwide, while Kenyue Coffee has successfully opened over 1,000 stores and plans to reach 1,500 by the end of 2025 [1] - Kudi has extended its store subsidy policy until December 31, 2028, and introduced new subsidies to lower the entry barriers for franchisees [1] Group 2: International Expansion - Luckin Coffee has opened two stores in New York, named "Luck In Coffee Shop" and "Luckin Coffee 2nd shop," which are currently in the renovation and recruitment phase [2] - Nayuki Tea and Hu Shang Ayi are also opening stores in Flushing, New York, which are in the renovation stage [2] Group 3: Product Innovation - Tea brands are increasingly focusing on healthier product offerings, with Cha Hua Nong launching a new "Green Movement Cup" featuring ingredients like kale and chia seeds [3] - CoCo announced a new product, "Super Dragon Fruit Cup," which is low in calories and emphasizes health benefits [3] - New refreshing products are being introduced as temperatures rise, including a new lime matcha series from Jasmine Milk White and a champagne grape series from Tims [4] Group 4: Financial Performance - Hu Shang Ayi debuted on the Hong Kong Stock Exchange at HKD 190.6 per share, a 68.5% increase from its issue price, with a market capitalization exceeding HKD 20.6 billion [7] - Starbucks reported a revenue of USD 739.7 million for Q2 FY2025, a 5% year-on-year increase, with a total of 7,758 stores [7] - Luckin Coffee's Q1 financial report showed a total net revenue of RMB 8.865 billion, a 41.2% year-on-year increase, with a total of 24,097 stores [7] Group 5: Supply Chain Challenges - The surge in demand from online sales has led to supply chain issues for Kudi, resulting in shortages of essential materials and the need to remove popular products from the menu [8]

据港交所披露，上周（5月5日至5月11日）共有8家公司递表，3家公司通过聆讯，1家公司招股，3家公 司上市。 | | | 一周港股IPO(5月5日至5月11日) | | --- | --- | --- | | 类型 | 数量 | 企业简称 | | 递表 | 8 | 中企云链、MIRXES、英砂智能、希迪智驾 铜师傅、泽景电子、中鼎集成、富友支付 | | 聆讯 | 3 | 恒瑞医药、宁德时代、吉宏股份 | | 招股 | 1 | 绿茶集团 | | 上市 | 3 | 博雷顿、沪上阿姨、钧达股份 | 8家公司递表：中企云链、英矽智能、希迪智驾等递表 1 ）中企云链股份有限公司（简称 " 中企云链 " ） 5月6日，中企云链向港交所递表，中信建投国际、农银国际、工银国际、迈时资本担任联席保荐人。此 前，中企云链曾在2023年10月18日向港交所主板申请上市。 据招股书介绍，中企云链成立于2015年，公司是国内头部独立产业数字金融平台，拥有产业数字金融平 台"云链"，服务核心企业、链属企业及金融机构。中企云链业务主要包括三大板块：确权及保理业务、 场景数字业务及其他生态业务。 根据弗若斯特沙利文的资料，2023年5月，中 ...

Group 1 - The company "沪上阿姨" (02589.HK) experienced a significant decline in stock price, dropping by 11.5% [1] - The current stock price is reported at 127.8 HKD, compared to the initial offering price of 113.12 HKD [1]

Core Viewpoint - The company "沪上阿姨" successfully listed on the Hong Kong Stock Exchange, achieving a significant opening and closing price increase, reflecting strong market interest and potential for growth in the tea beverage sector [1] Company Overview - Founded by the couple 单卫钧 and 周蓉蓉, "沪上阿姨" has a product pricing range of 7 to 22 HKD, focusing on unique offerings like blood glutinous rice milk tea [1] - After the IPO, the founders control 78.78% of the company, with their net worth exceeding 130 billion HKD [1] - The IPO raised 195 million HKD, marking "沪上阿姨" as the fourth new tea beverage company to go public this year [1] Financial Performance - The company reported revenues of 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY for the years 2022, 2023, and 2024 respectively, with corresponding adjusted net profits of 154 million CNY, 416 million CNY, and 418 million CNY [1] - The gross merchandise volume (GMV) for the first half of 2024 exceeded 5 billion CNY, with an expected annual revenue surpassing 10 billion CNY [1] Market Position and Strategy - "沪上阿姨" is the third largest tea beverage brand in terms of store count, with 8,437 stores opened by June 2024, and focuses on the lower-tier market [1] - The company has a strong franchise model, with 5,455 franchisees, about 30% of whom operate multiple stores [1] - The company emphasizes product innovation, launching over 100 new products annually from 2022 to 2024, and has a loyal customer base with 1.15 million registered members on its WeChat mini-program [1] Competitive Landscape - The tea beverage industry is highly competitive, and "沪上阿姨" aims to enhance its supply chain capabilities, which currently have room for improvement compared to competitors like "蜜雪冰城" [1] - The funds raised from the IPO will support the company's future growth and capability enhancement initiatives [1]

Core Viewpoint - The recent IPO of "沪上阿姨" on the Hong Kong Stock Exchange has shown a significant initial surge in stock price, but the subsequent decline raises concerns about the competitive landscape and financial performance of new tea beverage companies [1][3]. Group 1: Market Performance - "沪上阿姨" opened at HKD 190.6 per share, a 68.5% increase from the issue price, with a market capitalization exceeding HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1]. - On the second day, the stock price fell to HKD 160, closing at HKD 144.5, a decrease of 8.78% [1][3]. Group 2: Industry Competition - The new tea beverage market is highly saturated, with many established players like "奈雪的茶," "古茗," "茶百道," "蜜雪冰城," and "霸王茶姬" already in the space, leading to intense competition [4]. - The presence of over 40,000 stores for "蜜雪冰城" and nearly 10,000 for "沪上阿姨" indicates significant scale but also highlights the competitive pressures within the industry [4]. Group 3: Financial Performance - "沪上阿姨" is experiencing a decline in revenue and profits, with projections indicating a 15% drop in profit for 2024, which is significantly lower than competitors like "蜜雪冰城" [4]. - The valuation of "沪上阿姨" is considered high relative to its financial performance, especially when compared to "蜜雪冰城" and "霸王茶姬," which are viewed as having more reasonable valuations based on their earnings growth [4]. Group 4: Future Outlook - The industry is expected to see continued mergers and acquisitions as companies strive for efficiency and scale amidst fierce competition [5]. - The performance of new tea beverage companies post-IPO will heavily depend on their ability to grow profits, with significant disparities in valuations based on financial results [4][5].

Core Viewpoint - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, becoming the fifth new tea beverage company in the Hong Kong market, with a significant first-day price increase of 68.5% from the issue price [1] Group 1: Company Performance - On its first trading day, Hu Shang A Yi opened at HKD 190.6 per share, reaching a market capitalization of over HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1] - The company's store count is projected to reach 9,176 by the end of 2024, representing a 73% increase from 2022, with 50.4% of stores located in third-tier cities and below [1] - Revenue for Hu Shang A Yi from 2022 to 2024 is forecasted at CNY 2.199 billion, CNY 3.348 billion, and CNY 3.284 billion respectively, with adjusted net profits of CNY 154 million, CNY 416 million, and CNY 418 million during the same period [1] Group 2: Market Context - The new tea beverage market in China is expected to exceed CNY 400 billion by 2028, but has shifted from an incremental market to a stock market since 2022, leading companies to focus on high-quality development rather than just expansion [1] - The stock performance of new tea beverage companies has shown significant divergence, with notable gains for Gu Ming, Mi Xue Ice City, and Ba Wang Tea Ji, while earlier entrants like Nai Xue's Tea and Cha Bai Dao have seen substantial declines in their stock prices [2] - The initial success of Hu Shang A Yi's listing is attributed to the confidence instilled in the market by Mi Xue Ice City, indicating a "domino effect" among new tea brands [2]

Core Viewpoint - The listing of "Hushang Ayi" on the Hong Kong Stock Exchange marks a significant milestone in the ongoing trend of new tea beverage companies going public, reflecting the growing confidence in the market for ready-to-drink tea products [1][6]. Company Summary - Hushang Ayi was listed on May 8, 2023, with an initial offering price of HKD 113.12 per share, equivalent to the price of approximately ten cups of its tea [3]. - The company's stock performed exceptionally well on its debut, reaching a peak of HKD 197.6 per share, a 74.68% increase from the offering price, and closing at HKD 158.40, representing a 40.03% rise, with a total market capitalization of HKD 16.607 billion [3][6]. - Founded in 2013 by a couple who left their corporate jobs, Hushang Ayi has grown from a small 25 square meter shop to a brand with nearly 10,000 stores projected by the end of 2024 [3][5]. Market Context - Hushang Ayi is the fifth new tea beverage company to go public in Hong Kong, following brands like Nayuki, Cha Baidao, and others, indicating a phase of consolidation in the new tea beverage market [1][6]. - The new tea beverage market has shifted from an expansion phase to a focus on high-quality development, with projections indicating the market could exceed RMB 400 billion by 2028 [8]. - The competitive landscape is characterized by a transition from rapid growth to refined operations, emphasizing the importance of supply chain management and product innovation to meet evolving consumer preferences [8]. Competitive Landscape - Hushang Ayi has adopted a mid-price and down-market expansion strategy, with over 52% of its stores located in northern China, where it is the largest mid-priced tea beverage brand [5][6]. - Despite its strong market presence, analysts suggest that Hushang Ayi lacks a robust brand effect and scale efficiency compared to competitors, which may impact its long-term sustainability [7]. - The company has diversified its offerings with premium and budget lines to compete in a crowded market, but it faces challenges in establishing a unique market position [7].

Core Insights - The new tea beverage industry has become a highly attractive sector in the capital market this year, with several leading companies going public and experiencing significant stock price increases [1][2] - Hushang Ayi, a new entrant in the market, successfully listed on the Hong Kong Stock Exchange on May 8, 2023, with a stock price increase of 40.03% on its debut, reaching a market capitalization of HKD 16.632 billion [1][2] - The company has rapidly expanded its store network, reaching 9,176 stores by 2024, making it one of the top five fresh tea beverage brands in China [2][3] Industry Trends - The market for fresh tea beverages in lower-tier cities is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 22.8% from 2023 to 2028 [3] - By 2030, it is anticipated that 66% of personal consumption growth in China will come from third-tier cities and below, highlighting the potential of the lower-tier market as a growth engine for the industry [3] Company Strategy - Hushang Ayi's store distribution is heavily focused on third-tier cities and below, with over 50% of its stores located in these areas, allowing the company to avoid intense competition in higher-tier cities [6] - The company employs a multi-brand strategy to cover various consumer segments, with its core brand targeting the mass market and other brands catering to different price points [6][7] - Hushang Ayi has optimized its supply chain management, resulting in an increase in gross margin from 26.7% in 2022 to 31.3% in 2024, indicating improved profitability [7]