Core Viewpoint - The successful IPO of Hu Shang A Yi marks a significant moment in the competitive tea beverage market, showcasing strong investor interest and a strategic focus on expanding its market presence, particularly in lower-tier cities [1][2][3]. Group 1: IPO Details - Hu Shang A Yi listed on the Hong Kong Stock Exchange on May 8, 2023, with a share price of HKD 113.12, issuing 2.4113 million shares [1]. - The IPO saw a subscription multiple of nearly 3400 times, with total subscription amounts exceeding HKD 92 billion, making it one of the hottest new listings following regulatory changes [1][3]. - The stock closed with a gain of 62.48% in the dark market prior to its official listing, indicating strong market confidence [1]. Group 2: Business Strategy and Operations - The company aims to enhance its digital capabilities, product innovation, and global brand strategy, focusing on efficient operations to improve service quality [2]. - Hu Shang A Yi operates over 9,000 stores, with more than half located in third-tier cities and below, emphasizing its strategy to penetrate lower-tier markets [5][6]. - The revenue from franchise operations is projected to account for 80% of total revenue by 2024, highlighting the company's reliance on franchising for growth [5]. Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 was reported at 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 [5][6]. - In 2024, the company experienced a slight revenue decline of 1.9%, attributed to reduced income from franchises and self-operated stores [6]. - The average GMV per franchise store decreased from CNY 1.6 million in 2023 to CNY 1.4 million in 2024, reflecting increased competition in the tea beverage sector [6].
沪上阿姨创始人夫妇在港交所敲锣上市：加盟店平均GMV下降，能否持续抢占下沉市场