Zheshang Securities(SH:601878) Zhi Tong Cai Jing·2025-12-23 01:30Group 1 - The core viewpoint of the report is that Hu Shang A Yi is a leading high-quality, mid-priced ready-to-drink beverage company in China, with a projected revenue growth from 2.2 billion yuan in 2022 to 3.28 billion yuan in 2024, representing a CAGR of approximately 22% [1] - The company has optimized its cost structure, achieving an average gross margin and net margin of about 29% and 9% respectively from 2022 to 2024 [1] Group 2 - The ready-to-drink beverage industry in China is expected to exceed 510 billion yuan in 2023, maintaining a double-digit growth rate in recent years, with the coffee segment growing at approximately 36% and the tea segment at about 19% from 2018 to 2023 [2] - The market size for ready-to-drink tea and coffee in 2023 is approximately 250 billion yuan and 170 billion yuan respectively, indicating significant growth potential compared to developed markets where per capita consumption is much higher [2] Group 3 - Hu Shang A Yi has launched over 300 new products and established a robust supply chain system with 12 storage bases, 8 fresh product warehouses, and 15 front warehouses, ensuring a high supply density and stability [3] - The company has experienced rapid store expansion, increasing from 5,307 stores in 2022 to 9,176 stores in 2024, with a growing proportion of new stores opened by existing franchisees [3] - A recent collaboration with the popular IP "Mo Dao Zu Shi" resulted in the sale of approximately one million cups of a co-branded beverage within three days, significantly enhancing brand visibility [3]