Core Viewpoint - The article discusses the challenges faced by Hu Shang A Yi, a tea beverage brand, following its IPO, highlighting issues such as stock price decline, unmet expansion goals, and consumer complaints, which affect investor confidence in the company's long-term value [3][9][22]. Company Overview - Hu Shang A Yi was established on November 8, 2013, with a registered capital of approximately 1.05 billion RMB [4]. - The company went public on May 8, 2025, at an issue price of 113.12 HKD, raising 273 million HKD (approximately 35 million USD) [5][6]. IPO and Market Performance - Despite a successful IPO, Hu Shang A Yi's stock price has fallen below its issue price, closing at 107.20 HKD as of October 20, 2025 [3][9]. - The stock initially peaked at 197.60 HKD on its first trading day but quickly declined, indicating a lack of market confidence [8][9]. Expansion Plans - The "Ten Thousand Store Plan" proposed by the founder, aiming for 10,000 stores, remains unfulfilled, with only 9,436 stores reported as of June 30, 2025, falling short by 564 stores [10][11]. - The company opened 905 new franchise stores in the first half of 2025 but closed 645, resulting in a net increase of only 260 stores [10][11]. Financial Performance - For the first half of 2025, Hu Shang A Yi reported revenue of 1.818 billion RMB, a year-on-year increase of 9.7%, and a net profit of 202 million RMB, up 20.9% [10]. - The gross margin remained stable at 31.4%, indicating consistent profitability despite market challenges [10]. Market Challenges - The tea beverage market is experiencing increased competition and price wars, leading to a decline in consumer demand [3][22]. - Hu Shang A Yi's average daily GMV per store has decreased from 4,109 RMB in 2022 to 3,753 RMB in 2024, reflecting declining sales performance [15][17]. Consumer Sentiment - There has been a rise in consumer complaints regarding service quality and product hygiene, with 4,567 complaints recorded as of October 16, 2025 [18][22]. - The company's reliance on franchisees has led to quality control issues, further impacting brand reputation [18][22]. Strategic Recommendations - To address its challenges, Hu Shang A Yi may need to focus on supply chain improvements, product innovation, and aligning its market positioning to better compete in the crowded mid-tier segment [23][22].
老牌董秘，遭遇沪上阿姨新问题