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180亿,上海夫妻IPO敲钟了
投资界·2025-05-08 03:50

Core Viewpoint - The article highlights the successful IPO of "沪上阿姨" (Hushang Ayi) on the Hong Kong Stock Exchange, marking it as the fourth new tea beverage company to go public this year, amidst a booming market for tea drinks in China [3][13]. Company Overview - "沪上阿姨" was founded in 2013 by a couple who transitioned from corporate jobs to open a small tea shop in Shanghai, which quickly gained popularity due to its unique blood glutinous rice milk tea [5][7]. - The company has expanded significantly, with a network of 9,176 stores by the end of 2024, predominantly through a franchise model, with 99.7% of the stores operated by franchisees [9][10]. Financial Performance - The revenue for "沪上阿姨" has shown substantial growth, with figures of 2.2 billion RMB in 2022, 3.34 billion RMB in 2023, and projected 3.28 billion RMB in 2024. Adjusted profits were 154 million RMB, 416 million RMB, and 418 million RMB for the same years, respectively [10][11]. - The gross profit margins have improved from 26.7% in 2022 to 31.3% in 2024, indicating a positive trend in profitability [10][11]. Market Position - As of 2023, "沪上阿姨" holds a 4.6% market share in China's ready-to-drink tea market, ranking fifth among competitors, which include major players like "蜜雪冰城" (Mixue Ice Cream & Tea) and "古茗" (Guming) [10][12]. - The company has strategically focused on lower-tier cities for expansion, which has contributed to its competitive edge in the market [9][14]. IPO Details - The IPO was marked by a significant opening surge of 68%, with a market capitalization exceeding 190 billion HKD at one point, reflecting strong investor confidence in local tea brands [3][13]. - The final IPO pricing was set at 113.12 HKD per share, positioning it favorably compared to other tea companies listed in Hong Kong [14][18]. Industry Trends - The article notes a trend of increasing IPOs in the tea beverage sector, with several companies successfully listing on the Hong Kong Stock Exchange, indicating a robust market for consumer brands [15][16]. - The competitive landscape is intensifying, with established brands like "蜜雪冰城" leading the market, prompting newer entrants to innovate and capture consumer interest [12][18].