沪上阿姨(上海)实业股份有限公司（以下简称"沪上阿姨"）、绿茶集团有限公司（以下简称"绿茶集团"）日前已通过港交所聆讯，并于4月23日披露通过聆 讯后的资料集，或很快将在港股上市。 进入2024年以来，食品、餐饮企业纷纷涌向港股市场，形成"A股撤退、港股进击"的鲜明格局。"港股热"，成为食品餐饮行业值得关注的现象。 壹、沪上阿姨通过港交所聆讯 据最新消息，新茶饮品牌沪上阿姨已通过港交所上市聆讯，并于4月23日提交聆讯后招股书。其联席保荐人为中信证券、海通国际及东方证券（国际）。 图片来源：微信搜一搜 沪上阿姨成立于2013年，首店落地上海。截至2025年4月18日，其门店总数达9,367家，覆盖全国所有直辖市及300多个城市，从黑龙江漠河至海南三亚均 有布局。招股书显示，按城市覆盖率计算，沪上阿姨已成为中国中价现制茶饮市场中覆盖范围最广的品牌。 2022年至2024年，沪上阿姨营收分别为21.99亿元、33.48亿元、32.85亿元；经调整净利润逐年提升，同期录得1.54亿元、4.16亿元、4.18亿元。 本次IPO募集资金拟用于： 数字化升级与产品研发（提升原料品质、丰富产品线）； 供应链强化（生产、仓储、 ...

智通财经5月7日电，利弗莫尔证券显示，茶饮品牌沪上阿姨港股暗盘涨超60%。沪上阿姨此前发布公 告，拟发售241.134万股H股，发售价将为每股95.57港元~113.12港元。 ...

港股茶饮股沪上阿姨(02589.HK)暗盘涨超65%，据港股孖展超购结果显示，沪上阿姨超购倍率超3400 倍，申购额超940亿元。 ...

加盟模式下的中价茶饮市场崛起 沪上阿姨作为国内知名的连锁茶饮品牌，将于2025年5月8日在港交所正式挂牌上市。自4月28日启动招股以来，打 新热情高涨，截至5月6日，沪上阿姨孖展申购倍数超3400倍，申购额超940亿港元，可跻身港股历史超额认购第8 位。 如此高的超额认购倍数，与近期港股茶饮板块的热度不无关系。2025年以来，已有古茗、蜜雪集团、霸王茶姬等 茶饮股上市，且表现不错，由蜜雪冰城带起来的港股打新热，让沪上阿姨也吸引了不少资金参与。 目前现制茶饮行业在下沉市场和海外市场仍具有巨大潜力。沪上阿姨的增长也契合了这一行业趋势，其2022 - 2024年的商品交易总额（GMV）分别为60.68亿元、97.32亿元和107.36亿元，显示出强劲的增长势头，为投资者 增强信心。 不可忽视的长期增长挑战 然而，沪上阿姨也面临着一些挑战。新茶饮市场竞争异常激烈，整体增速放缓，价格战频发，可能侵蚀沪上阿姨 的利润空间。其业务高度依赖加盟商的运营表现和忠诚度，加盟商网络的健康状况近期出现波动信号，闭店数量 和流失率值得关注。2024年上半年，沪上阿姨新开1184间门店，同比下降20.6%，同期还关了531间门店，同比增 ...

如此大规模的扩张，自然离不开沪上阿姨加盟的模式。2022年、2023年、2024年的加盟门店数量分别为 5244、7756、9152。其中，2023年加盟门店增长速度最快，增长率达47.9%。 此外，沪上阿姨的商品交易总额 (GMV) 保持稳健增长态势。2022 年至 2023 年，沪上阿姨 GMV 分别 为 60.68 亿元、97.32 亿元，分别同比增长 45.8%、60.4%，2024 年进一步增长至 107.36 亿元。 此次IPO，沪上阿姨募资将用于数字化升级、产品研发、供应链强化。公司表示，将继续深耕现有市 场，并计划将业务扩展至更多三线及以下城市。 招股书显示，据灼识咨询资料，截至 2023 年 12 月 31 日，沪上阿姨为中国第四大现制茶饮店网络，在 下沉市场拥有庞大布局，并以加盟模式为核心驱动其快速扩张。 近三年来，沪上阿姨展现出强劲的增长势头。招股书显示，截至2024年12月31日，沪上阿姨在全国的门 店数量已达9176家。拉长时间来看，沪上阿姨的开店速度相当之快。2022年门店总数为5307家，2023年 为7789家店，基本以每年两千家左右的开店速度扩张。 继2月古茗、3月蜜雪集团、 ...

智通财经5月6日讯（编辑 冯轶）智通财经为您带来本周港股要闻： 周二(5月6日)：中国4月财新服务业PMI。 行业动态 港股要闻 周三(5月7日)：美国EIA原油库存、月度短期能源展望报告。 周四(5月8日)：美联储FOMC公布利率决议；美联储主席鲍威尔召开货币政策新闻发布会。 周五(5月9日)：纽约联储主席威廉姆斯、美联储理事库格勒、芝加哥联储主席古尔斯比、美联储理事巴尔相继发表讲话。 海外宏观 周二(5月6日)：美国3月贸易帐；美国4月全球供应链压力指数；欧洲央行举行中央银行论坛。 中国宏观 本周，人民银行公开市场将有16178亿元逆回购到期，其中周二、周三分别到期10870亿元、5308亿元。此外，央行本周还将不定时公布社融、信 贷等金融数据。 周三(5月7日)：中国4月外汇储备。 周五(5月9日)：海关总署发布4月进出口数据；财政部拟第一次续发行2025年第二期超长期特别国债，招标面值总额710亿元。 周六(5月10日)：中国CPI和PPI月度报告。 周二(5月6日)：马斯克的Grok 3.5大模型亮相。 周三(5月7日)：联想2025年创新科技大会将在上海世博中心举办。 周四(5月8日)：第27届北 ...

本报记者 黎竹 孙吉正 成都报道 近日，新式茶饮品牌沪上阿姨正式通过港交所聆讯，即将登陆港股。继奈雪的茶、茶百道、古茗、蜜雪 冰城成功上市后，沪上阿姨将成为港股市场上的第五家新式茶饮品牌。 此前，新式茶饮品牌一直有着上市就破发的"魔咒"，但随着蜜雪冰城、霸王茶姬的上市，"魔咒"已不存 在，且其股价都呈现出不同幅度的上涨。因此，沪上阿姨的上市表现备受市场关注。 沪上阿姨的招股书显示，近两年其门店快速扩张，由2022年年底的5307家快速增长至2024年年底的9176 家，且其中99.7%的门店都由加盟商经营。 连锁产业专家、和弘咨询总经理文志宏认为，这种大比例的加盟模式属于轻资产运营，有利于体量上的 扩张，在新茶饮行业也比较普遍，能够更快地渗透市场，门店效率相对来说也会更高。但也存在一些管 理上的难题，比如如何对门店进行有效管控，如何保证食品供应链的安全，从而避免品牌危机。 在现制茶饮迈入存量竞争时代之际，号称主攻下沉市场的沪上阿姨，也正试图争夺这一市场的红利。 《中国经营报》记者注意到，其以多品牌战略、低价模型与快速加盟拓展路线，在激烈的市场中寻找新 的突围口。 在中国食品行业分析师朱丹蓬看来，中国的县域包括 ...

Core Viewpoint - The listing of the tea beverage brand "沪上阿姨" marks a significant milestone in the capitalization process of the new tea beverage industry, reflecting the increasing competition and investment interest in this sector [1][2]. Company Summary - "沪上阿姨" plans to issue approximately 2.41 million H-shares at a price range of HKD 95.57 to HKD 113.12, aiming to raise over HKD 2.7 billion, with a potential market capitalization exceeding HKD 30 billion [1]. - The company has achieved a compound annual growth rate (CAGR) of over 40% in revenue over the past three years and has surpassed 6,000 stores, particularly excelling in lower-tier markets [2]. - The IPO includes a 15% over-allotment option, which could increase the total issuance to about 2.77 million shares [1]. Industry Summary - The IPO of "沪上阿姨" is significant as it is the second independent tea beverage brand to go public after "奈雪的茶," serving as a barometer for market valuation attitudes towards the tea beverage sector [2]. - The timing of the IPO is strategic, coinciding with the post-May Day holiday consumer market recovery, which is expected to enhance market attention [1]. - The pricing reflects a valuation logic where the lower limit corresponds to a 2023 price-to-earnings ratio of approximately 35 times, while the upper limit approaches 40 times, indicating a higher valuation compared to traditional dining enterprises but at a slight discount to similar listed tea brands [1].

Core Viewpoint - Hu Shang Ayi (Shanghai) Industrial Co., Ltd. is launching an IPO in Hong Kong, facing challenges such as declining revenue and profit, while heavily relying on a franchise model for its business expansion [2][3][9]. Group 1: IPO Details - The company plans to issue 2.4113 million shares at a price range of HKD 95.57 to HKD 113.12, with an expected listing date of May 8 [2][3]. - Two cornerstone investors, Yingfeng Holdings and Huabao Holdings, have subscribed for shares totaling approximately USD 921.55 million (around HKD 71.49 million) [3]. Group 2: Financial Performance - In 2024, Hu Shang Ayi reported a revenue of RMB 32.85 billion, a year-on-year decline of 1.9%, and a net profit of RMB 3.29 billion, down 15.2% [9][10]. - The gross profit margin increased to 31.3% in 2024, but the net profit margin decreased by 1.6 percentage points to 10% [10]. - The company's total GMV reached RMB 107 billion in 2024, reflecting a growth of approximately 10%, although average single-store GMV fell by 12% to RMB 1.37 million [11]. Group 3: Business Model and Franchise Dependency - As of the end of 2024, 99.7% of Hu Shang Ayi's 9,176 stores were operated by franchisees, indicating a strong reliance on the franchise model [13][14]. - Revenue from franchise-related activities accounted for 96.5% of total income in 2024, highlighting the company's dependency on this model for growth [14][15]. Group 4: Cash Dividends and Founder Earnings - The company distributed significant cash dividends during its IPO period, with a total of RMB 2.19 billion in cash dividends declared, of which over 80% went to the founders, Dan Weijun and Zhou Rongrong [7][9]. Group 5: Food Safety Concerns - Recent reports have raised food safety issues, including the use of expired ingredients in products, which could impact the brand's reputation and consumer trust [16][20]. - Complaints regarding product quality and customer service have been prevalent, with numerous reports of unsatisfactory experiences from consumers [21][23].

Investment Rating - The investment rating for the company is "5.5" for the IPO, based on various criteria [6][7]. Core Insights - The company, Hu Shang A Yi, is a leading chain in the fresh tea beverage market in China, operating through a franchise model with product prices ranging from 7 to 22 RMB [1]. - Revenue projections for 2022, 2023, and 2024 are 2.2 billion, 3.35 billion, and 3.28 billion RMB, with growth rates of 34%, 52%, and -1.9% respectively [1]. - The company has a significant market presence, with a total of 9,176 stores as of December 2024, 50% of which are located in tier-three cities and below [2]. - The fresh tea beverage market in China is experiencing rapid growth, with a market size of 258.5 billion RMB and a growth rate of 19% [3]. Company Overview - Hu Shang A Yi has established a robust supply chain network across China, including 12 major logistics warehouses and various cold chain facilities [4]. - The brand has gained national recognition since its inception in 2013, leveraging social media and collaborations to enhance its market presence [4]. - The company has seen significant store growth, with net increases of 1,531, 2,482, and 1,387 stores in 2022, 2023, and 2024 respectively, indicating a strong expansion strategy [1]. Industry Status and Outlook - The fresh beverage market in China is projected to continue its rapid growth, with a compound annual growth rate of 22.5% from 2018 to 2023 [3]. - Hu Shang A Yi ranks first in store count in northern China and holds a 4.6% market share by GMV, placing it fifth overall in the industry [3]. Investment Considerations - The IPO price range is set between 95.57 and 113.12 HKD, with a post-IPO market capitalization estimated at 10 to 11.8 billion HKD [6][7]. - The company has secured cornerstone investors, including Yingfeng Holdings and Huabao, which have committed to 24.7% of the total issuance [6].