加盟率99.7% 沪上阿姨轻资产模式能否撑起上市梦？

Core Viewpoint - The article discusses the upcoming IPO of the tea brand "Hushang Ayi" on the Hong Kong Stock Exchange, highlighting its rapid expansion and market positioning in the competitive new-style tea beverage industry [2][3]. Group 1: Market Positioning and Expansion - Hushang Ayi is strategically focusing on the lower-tier markets in China, claiming a strong market position among mid-priced tea brands [3][4]. - The brand plans to expand its store network from 5,307 at the end of 2022 to 9,176 by the end of 2024, with 99.7% of these stores operated by franchisees [2][6]. - As of the end of 2024, Hushang Ayi will have stores in over 300 cities, with 4,629 located in third-tier cities and below [4][3]. Group 2: Franchise Model and Financial Performance - Hushang Ayi relies heavily on a franchise model, with 99.7% of its stores operated by franchisees, which allows for rapid expansion but poses management challenges [6][7]. - The average single-store GMV decreased from RMB 1.6 million in 2023 to RMB 1.4 million in 2024, while total revenue slightly declined by 1.9% from RMB 3.348 billion to RMB 3.285 billion [6][7]. - Franchise income accounted for 96.5% of total revenue in 2024, indicating a strong reliance on franchisee investments [7]. Group 3: Competitive Landscape and Future Outlook - The new-style tea beverage market is entering a phase of intensified competition, with brands struggling to differentiate themselves [9]. - Hushang Ayi has introduced multiple brand concepts, including "Hushang Ayi," "Hukafe," and a lighter version targeting lower-tier cities, to capture diverse consumer preferences [5][9]. - Analysts predict that 2025 will mark a critical period for the coffee and tea beverage sectors, with significant challenges ahead, but also potential growth opportunities in supply chain management and overseas expansion [8][9].