Core Viewpoint - The successful IPO of Hu Shang A Yi marks the fourth new tea beverage company to go public this year, reflecting a growing trend in the market for new tea brands in Hong Kong and the U.S. [1][3] Company Overview - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, with a significant first-day price increase of 62.04%, closing at 172.8 HKD per share, resulting in a total market capitalization of 18.12 billion HKD [1][3]. - The company experienced a high subscription rate of 3,616.83 times for its public offering, making it one of the most popular new tea stocks, second only to Mi Xue Bing Cheng [4][5]. - The IPO raised approximately 195 million HKD, with a final offering price set at 113.12 HKD per share [3][4]. Market Context - The new tea beverage sector has seen a wave of IPOs, with several companies like Mi Xue Bing Cheng and Gu Ming also successfully listing in recent months [1][2]. - Hu Shang A Yi's listing follows a trend where multiple new tea brands are entering the market, indicating strong investor interest in this segment [1][5]. Financial Performance - Despite the successful IPO, Hu Shang A Yi reported a decline in revenue and net profit for 2024, with revenue at 3.285 billion HKD, down 1.9% year-on-year, and net profit at 328.9 million HKD, down 15.2% [7][8]. - The company’s average daily GMV per store decreased from 4,109 HKD in 2022 to 3,833 HKD in 2024, a decline of 6.7% [7][8]. - The closure rate of stores was reported at 7.7% in 2023, which is higher than other mainstream tea brands [8]. Valuation Insights - Hu Shang A Yi's price-to-earnings ratio (TTM) stands at 51.95, significantly higher than the approximately 40 times for Mi Xue Bing Cheng, indicating a potential overvaluation given its declining performance [6][8]. - The company’s market capitalization of 18.18 billion HKD ranks it fourth among the six listed new tea beverage companies, significantly lower than Mi Xue Bing Cheng's market cap of 183.89 billion HKD [8].
上市最高涨超74%，沪上阿姨高估值能持续多久？