社会服务行业双周报（第106期）-沪上阿姨招股说明书梳理：跨价格带覆盖茶饮咖啡品类，于北方市场优势突出

Investment Rating - The report maintains an "Outperform" rating for the social services sector [3][5]. Core Insights - The report highlights the competitive advantage of "Hushang Ayi" in the northern market with its three major brands covering various price ranges in tea and coffee [1][11]. - The company experienced a slight revenue decline in 2024, with total revenue of 3.28 billion CNY, down 1.9% year-on-year, while adjusted net profit increased by 0.5% to 420 million CNY [1][31]. - The report emphasizes the growth potential in the mid-priced tea drink segment, which is expected to continue expanding significantly [16][19]. Summary by Sections Company Overview - "Hushang Ayi" was established in 2013 and has developed three major brands: "Hushang Ayi," "Hukafe," and "Light Enjoyment Version," covering price ranges from 7 to 32 CNY [1][11]. - As of the end of 2024, the company operated 9,176 stores, with 99.7% being franchise stores, and approximately 4,000 located in northern China [1][31]. Financial Performance - In 2024, the company reported a gross margin increase of 0.9 percentage points, benefiting from a higher proportion of franchise business and improved supply chain efficiency [1][31]. - The adjusted net profit margin for 2024 was 12.7%, reflecting a 0.3 percentage point increase [31]. Market Dynamics - The report notes that the ready-to-drink tea market in China was valued at approximately 25.9 billion CNY in 2023, with a compound annual growth rate (CAGR) of 19.0% from 2018 to 2023 [16][19]. - The mid-priced ready-to-drink tea segment accounted for 51.3% of the total market GMV in 2023, with expectations to rise to 54.1% by 2028 [19][24]. Competitive Landscape - The mid-priced ready-to-drink tea segment has a higher concentration, with the top five brands holding nearly 60% of the market share by GMV [24][26]. - "Hushang Ayi" ranks as the fifth largest ready-to-drink tea brand in China by GMV, holding a market share of 4.6% [26][28]. Store Expansion and Performance - The company opened 1,387 new stores in 2024, marking a 17.8% increase in total store count [31][40]. - The average GMV per store for the main brand "Hushang Ayi" was 1.37 million CNY in 2024, reflecting a 12% decline year-on-year [40][42].