Core Viewpoint - The stock price of Hu Shang A Yi has dropped over 50% since its IPO, indicating a weak market performance compared to competitors like Mi Xue and Gu Ming [1][3] Financial Performance - In the first half of the year, Hu Shang A Yi reported a revenue of 1.818 billion yuan, a year-on-year increase of 9.7%, and a net profit of 203 million yuan, growing by 20.9% [3] - The net profit growth rate of Hu Shang A Yi is significantly lower than that of its peers, with Mi Xue achieving a 44% increase and Gu Ming a 121.5% increase [3] - Hu Shang A Yi's net profit margin stands at 11.16%, which is considerably lower than Gu Ming's 28.72% and Mi Xue's 18.3% [3] Expansion Plans - The founder of Hu Shang A Yi proposed a "10,000 store plan" aiming for 10,000 stores, but as of mid-year, the company only had 9,436 stores, falling short by 564 stores [4] - In the first half of the year, Hu Shang A Yi opened 905 new franchise stores but closed 645, resulting in a net increase of only 260 stores [4] - Compared to competitors, Hu Shang A Yi's store expansion is lagging, with Gu Ming adding 1,265 stores and Mi Xue adding 6,535 stores in the same period [4] Franchise Policies - To accelerate expansion, Hu Shang A Yi introduced various franchise incentives, including a reduction in franchise fees and opening subsidies [5] - Despite these incentives, the expected expansion has not materialized, with a decrease in new store openings reported [5] - Quality issues have been raised regarding Hu Shang A Yi's products, with over 4,500 complaints related to service and hygiene reported [5] Industry Outlook - Multiple institutions predict a decline in Hu Shang A Yi's growth rate, with Zhongyou Securities forecasting revenue growth rates of 28%, 19%, and 15% from 2025 to 2027, and net profit growth rates of 46%, 33%, and 17% [6] - Hu Shang A Yi is expected to face increased competition as the tea beverage industry transitions from high-speed growth to a more competitive environment [5][6]
近半年股价腰斩，沪上阿姨开店数放缓