Core Viewpoint - The successful IPO of "沪上阿姨" (Hu Shang A Yi) on the Hong Kong Stock Exchange marks a significant milestone for the new tea beverage industry, reflecting strong market interest and a shift in valuation logic from rapid store openings to ecological resilience [1][2]. Group 1: IPO and Market Performance - "沪上阿姨" was listed on May 8, with an issue price of HKD 113.12, raising approximately HKD 195 million, and saw a first-day opening price of HKD 190.6, a 68.48% increase from the issue price [1]. - The company achieved an issuance valuation of approximately HKD 11.86 billion, with a valuation multiple of 33.58 times, significantly higher than its competitor, "蜜雪冰城" (Mixue Ice Cream) [1]. - The IPO was oversubscribed by over 3,300 times, indicating strong investor confidence and interest in the new tea beverage market [1]. Group 2: Financial Performance - In the years 2022, 2023, and 2024, "沪上阿姨" reported revenues of RMB 2.199 billion, RMB 3.348 billion, and RMB 3.285 billion, respectively, with net profits of RMB 149 million, RMB 388 million, and RMB 329 million [2]. - The number of franchise stores increased from 5,244 in 2022 to 7,756 in 2023, with a growth rate of 47.9% in 2023 [2]. Group 3: Market Strategy and Product Development - "沪上阿姨" has differentiated itself by focusing on health-oriented ingredients and has successfully penetrated the northern market, where hot beverages are more popular [3]. - The company has launched over 100 new products annually since 2021, including popular items like "杨枝甘露" and "超嗲草莓大福" [4]. - The brand has expanded its product line to include "轻享版" (Light Enjoyment Version) priced mostly under RMB 10, targeting lower-tier cities [4]. Group 4: Expansion and Supply Chain - Approximately 50.4% of "沪上阿姨's" stores are located in third-tier cities and below, with a significant portion of new stores opening in these areas [5]. - The company has established a robust supply chain network, including 12 logistics bases and 15 cold chain warehouses, enhancing operational efficiency [6]. Group 5: ESG and Future Growth - "沪上阿姨" has initiated a "green factory" initiative focusing on lean management and energy conservation, alongside a comprehensive quality control system for its fresh fruit tea products [7]. - The company plans to allocate approximately 25% of its IPO proceeds to enhance digital capabilities and 20% for product development and supply chain improvements [7]. - The brand has opened its first overseas store in Malaysia, marking its initial step into international markets [8].
沪上阿姨港股首秀涨68%，解码下沉市场的资本新叙事