今年以来，部分港股新消费品牌的股价表现都取得了阶段性领先。 近日特朗普「对等关税」冲击波成为影响全球金融市场走势的主线，港股大盘亦不例外，但出乎意料地，一波新消费品牌却逆势跑出。 举例看，截至4月28日，月内新茶饮古茗涨超29%，蜜雪集团涨近16%，潮玩股泡泡玛特累计上涨23%，毛戈平微涨0.7%，黄金首饰股老铺黄金波动微 跌，表现均跑赢大盘。相比之下，期间恒指跌近5%，恒生科技指数跌7.5%。 外围不确定性陡增背景下，内需消费板块成为避险选择之一。一些新消费品牌韧性较强，更获得投资者青睐。 而在关税冲击波之前，部分新消费品牌在港股二级市场的表现就已十分瞩目。一季度，港股市场跑赢全球主要股指，而新消费板块恰是港股市场除科技股 外的另一亮眼板块。在1月中旬至3月下旬阶段高位期间，恒指、恒生科技指数累计涨幅分别为31%、45%；而恒生新消费指数涨幅达近36%、跑赢恒指， 更远超整体消费板块（恒生消费指数：+17.6%）（见图表）。 在一季度积累的涨幅叠加下，截至4月28日今年以来老铺黄金股价涨幅已超过195%，古茗、蜜雪集团较发行价累计涨幅超过140%，泡泡玛特涨112%、毛 戈平涨71%，布鲁可涨逾122%。 ...

Core Viewpoint - The trend of incorporating "super plants" into beverage menus is gaining momentum among various tea and coffee brands, driven by consumer demand for healthier options and the nutritional benefits of these ingredients [2][11][14]. Industry Trends - The term "super plants" is derived from the Western concept of "superfoods," referring to nutrient-dense plants rich in vitamins [2]. - A report indicates that super plants are expected to be a significant trend in new tea beverages for 2024, with brands like Heytea and Nayuki introducing products featuring ingredients like kale, beetroot, and kiwi [2][10]. - The popularity of super plants is reflected in the increasing search index, which saw an 84.09% year-on-year growth, and a 166.10% increase in the comprehensive index [13]. Product Innovations - Various brands are launching new products featuring super plants, such as Tims' "Beetroot and Ginseng Energy Bottle" priced at 25 yuan, and NOWWA's "Beetroot and Purple Cabbage Americano" priced at 28 yuan [7][9]. - Nayuki's "Slim Green Bottle" and Heytea's "Beetroot Beauty Bottle" have also gained popularity, with significant sales figures reported [15]. Consumer Demand - The health trend is driving consumer interest in beverages that offer natural flavors and nutritional benefits, as opposed to traditional drinks that may contain artificial additives [11][14]. - The demand for plant-based beverages is expected to create growth opportunities in the tea and coffee market, as consumers increasingly seek healthier options [11][14]. Challenges - The use of fresh plant ingredients presents challenges such as short shelf life and higher spoilage rates, which can increase costs for beverage brands [14]. - As more brands enter the super plant beverage market, there is a risk of product homogenization, which could impact differentiation and market share [14].

Core Viewpoint - Hu Shang A Yi is launching an IPO in Hong Kong, aiming to raise funds for digital capabilities, supply chain improvements, and brand expansion amidst a competitive tea beverage market [2][5][21] Company Overview - Hu Shang A Yi plans to globally offer approximately 2.41 million H-shares at a price range of HKD 95.57 to HKD 113.12 per share, with trading expected to start on May 8 [4][5] - The company is the fifth largest tea beverage brand in China, holding a market share of 4.6% as of 2023 [2] - Founded in 2013, Hu Shang A Yi offers a variety of products, including fruit teas and milk teas, and has developed a brand matrix including sub-brands [6] Financial Performance - For 2024, Hu Shang A Yi projects revenue of CNY 3.285 billion, a year-on-year decline of 1.88%, with net profit expected to be CNY 329 million, down 15.21% [8][7] - The company's adjusted net profits from 2022 to 2024 were CNY 154 million, CNY 416 million, and CNY 418 million respectively [8] - The gross margin has improved from 26.7% in 2022 to 31.3% in 2024 [12] Market Position and Competition - The tea beverage market is experiencing intensified competition, with brands competing on store numbers, brand effects, and supply chain capabilities [3][21] - Hu Shang A Yi's revenue growth has slowed, with a significant reliance on franchise income, which accounted for over 95% of total revenue in 2024 [13][14] - The average annual GMV per store decreased from CNY 1.6 million in 2023 to CNY 1.4 million in 2024, indicating increased operational pressure [17][16] Store Expansion and Challenges - As of December 31, 2024, Hu Shang A Yi operated 9,176 stores, a 17.8% increase year-on-year, but the pace of new store openings has slowed significantly [18][19] - The company added 1,387 new stores in 2024, which is about half of the previous year's additions [18] - The distribution of stores shows that over 50% are located in third-tier cities and below, reflecting a strategic focus on these markets [19] Industry Trends - The new tea beverage market's growth rate is expected to decline from 44.3% in 2023 to 12.4% by 2025, indicating a potential slowdown in overall market expansion [20] - The industry is facing challenges such as price wars and a lack of significant differentiation among brands, which may impact long-term sustainability [21]

Group 1 - The recent wave of bubble tea companies going public does not signify the end of intense competition in the industry over the past 20 years, but rather aims to accumulate resources for future overseas expansion [1] - Bawang Chaji's market value soared to over 50 billion RMB on its debut in the US stock market [2] - This year marks the third bubble tea company to go public, following Guming and Mixue Ice City, with the latter achieving a market value approaching 200 billion RMB [3] Group 2 - The surge in bubble tea companies going public is driven by their strong performance in the capital market [5] - The business model of these bubble tea brands primarily revolves around franchising, with a significant portion of their revenue coming from selling equipment and materials to franchisees rather than direct sales to consumers [11][13] - The majority of revenue for brands like Mixue Ice City and Guming comes from franchise fees and sales of raw materials, with franchise stores making up over 99% of their outlets [17] Group 3 - The current wave of listings is essentially the capital market investing in China's supply chain, as many suppliers to these bubble tea brands have already gone public [24][25] - The capital market's interest in these brands is akin to the relationship between Apple and its suppliers, where the brand itself holds the most value in the supply chain [26][30] - The successful listings of these bubble tea brands indicate that the capital market has found an effective way to price the Chinese supply chain [34] Group 4 - The reason for the recent surge in listings is to secure financing for future expansion, particularly in overseas markets, especially Southeast Asia [36][41] - Southeast Asia presents a rapidly growing market for bubble tea, with an expected market size of around 50 billion USD by 2028 and a compound annual growth rate of nearly 20% [41] - Companies like Mixue Ice City and Guming are establishing local supply chains in Southeast Asia to support their expansion efforts [42]

Core Viewpoint - The tea beverage brand Hu Shang A Yi has officially launched its IPO, aiming to raise funds for digital upgrades, product development, and supply chain enhancement, amidst a booming new tea beverage market in China [1][3]. Group 1: Company Overview - Hu Shang A Yi was founded in 2013 by Shan Weijun and Zhou Rongrong, initially selling grain milk tea and later expanding to fresh fruit tea in 2019 [2]. - As of December 31, 2023, Hu Shang A Yi is the fourth largest ready-to-drink tea brand in China, with a significant presence in lower-tier markets and a franchise model driving rapid expansion [2]. Group 2: Growth and Performance - The number of Hu Shang A Yi stores has increased significantly over the past three years, with store counts of 5,307, 7,789, and 9,176, reflecting growth rates of 46.8% and 17.8% [2]. - The company's Gross Merchandise Value (GMV) has shown robust growth, reaching 6.068 billion yuan in 2022, 9.732 billion yuan in 2023 (up 60.4%), and projected to grow to 10.736 billion yuan in 2024 [2]. Group 3: Financial Performance - Hu Shang A Yi's revenue for 2022, 2023, and 2024 was 2.199 billion yuan, 3.348 billion yuan, and 3.285 billion yuan, respectively, with adjusted net profits of 154 million yuan, 416 million yuan, and 418 million yuan [3]. - The company has secured two cornerstone investors for its IPO, raising approximately 9.2155 million USD, with plans to deepen market penetration and expand into more third-tier cities [3].

本次融资资金将重点投向生物基材料的研发生产、商业化场景探索及全球化市场拓展 。其中，还计划利用本次融资资金在东南亚建设生产基地，利用咖 啡渣、椰壳等农业废弃物复制"茶渣生态模型"。 图源 甡物科技 声明： 因水平有限，错误不可避免，或有些信息非最及时，欢迎留言指出。本文由仅作新材料相关领域介绍，本文不构成任何投资建议！转载请注明来源！ 4月21日， 生物基材料领域的创新者 甡物科技 宣布再获千万级人民币的追加战略融资 。本轮融资由隶属于香港上市公司奥邦建筑集团有限公司（股票代 码:1615.HK）的奥邦环球机遇有限合伙基金及戈壁创投领投，并已于去年底完成交割。 目前，公司已获得20余项知识产权（包括发明专利、外观专利、软著等），其智慧工厂一期已实现原料利用率、产品良率"双95%"的高标准，年产能超 1500吨。 值得一提的是，成立以来，甡物科技已获 阿里巴巴创业者基金、戈壁大湾区创投、香港科技园、奥邦建筑集团 的资金支持，构建起 "研发-生产-市场-回 收" 的完整生态链。并与多个行业知名品牌达成了合作，包括酒店业的 澳门美高梅、澳门银河娱乐集团 ，电子业的 TCL、CASIO、OPPO ，食品饮料 业的 霸 ...

文|铑财研究院 充分选择，才会凸显充分价值。 随着2025年3月蜜雪冰城的上市，新茶饮四巨头终于齐聚港交所，不过各家悲欢似乎并不想通。 以蜜雪冰城为例，发行价202.5港元，上市当日不仅打破"上市即破发"魔咒，还暴涨43.21%，最终收于290港 元。此后整体震荡走强，截至2025年4月25日收于468.8港元，较发行价累增131.5%，市值1780亿港元。古茗也 不遑多让，2025年2月上市、发行价9.94港元，最新收盘价21.6港元，较发行价累涨117.3%，市值513.7亿港元。 玩味的是，相较"后浪"的耀人光芒，"前辈"奈雪的茶、茶百道股价热度逊色了不少。先说"新茶饮第一股"奈雪， 2021年6月上市发行价19.8港元，截至2025年4月25日收盘价0.97港元，较发行价几乎"脚趾斩"，市值仅剩16.51亿 港元。据百度股市通，仅2025年内就累跌28.68%。 "第二股"茶百道，2024年4月23日以发行价17.5港元登陆港交所，上市首日即破发，收于12.41港元，较发行价跌 29.09%。此后整体呈震荡下行态势，截至2025年4月25日股价收于8.38港元，较发行价累跌超30%，市值仅剩 123. ...

Investment Rating - The report assigns an "Outperform" rating to multiple companies including Anta Sports, Haidilao, and China Feihe, while Budweiser APAC is rated "Neutral" [1]. Core Insights - The report highlights a successful co-branding event by GOODME, which led to a temporary crash of its official app due to high traffic [2]. - Luckin Coffee has upgraded its lemon tea series by incorporating fresh fruit ingredients [2]. - POP MART reported a significant revenue increase of 165%-170% year-on-year for Q1, with a 95%-100% growth in China and a staggering 475%-480% growth overseas [2]. - Green Tea has passed the HKEX listing hearing and plans to open 150, 200, and 213 new stores in 2025, 2026, and 2027 respectively [2]. - The CPC Politburo emphasized the need to increase incomes for middle- and low-income groups and to vigorously develop service consumption [2]. Weekly Performance Summary - In the F&B sector, top performers included GOODME (+22.0%), SuperHi International (+7.3%), and Xiabuxiabu (+4.5%), while underperformers included ChaPanda (-4.9%) and Tongqinglou (-3.5%) [3][8]. - In the designer toys sector, MINISO (+10.1%), BLOKEES (+8.2%), and POP MART (+4.7%) showed strong performance [3][8].

近日，新式茶饮品牌沪上阿姨正式通过港交所聆讯，即将登陆港股。沪上阿姨也是继奈雪的茶、茶百 道、古茗、蜜雪冰城后，港股市场上的第5家新式茶饮品牌。 值得注意的是，此前新式茶饮品牌一直有着上市就破发的"魔咒"，但随着蜜雪冰城的上市，"魔咒"已不 存在，同时古茗和蜜雪冰城的股价表现都极为抢眼。 因此，沪上阿姨本次的上市表现也备受市场关注。 | | | | 截至12月31日 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022年 | | 2023年 | | 2024年 | | | 加盟店 . | 5,244 | 98.8% | 7,756 | 99.6% | 9,152 | 99.7% | | 自營店 | 63 | 1.2% | 33 | 0.4% | 24 | 0.3% | | 總計 | 5,307 | 100.0% | 7,789 | 100.0% | 9,176 | 100.0% | 同时，沪上阿姨战略性聚焦于下沉市场，按门店总数计算，沪上阿姨在中国下沉市场的中价现制茶饮店 品牌中拥有强大市场地位。 不过，新式茶饮品牌的竞争之激烈，同样让市场咋 ...

投资界（PEdaily.cn）旗下，专注IPO动态 以下文章来源于天天IPO ，作者余梦莹 杨文静 天天IPO . 上市潮。 作者 I 余梦莹 杨文静 报道 I 投资界-天天IPO 今年第四家茶饮IPO来了。 投资界-天天IPO获悉，本周港交所文件显示， 沪上阿姨（上海）实业股份有限公司通过 港交所上市聆讯，即将成为今年继古茗、蜜雪冰城、霸王茶姬之后第四家新茶饮上市公 司。 时间回到2 013年，从世界500强企业辞职的单卫钧、周蓉蓉夫妇在上海人民广场租下一 间25平米的小店，小店主打以血糯米奶茶为招牌的五谷茶饮，开业当天一炮而红。因奶 茶灵感来源于上海老弄堂的沪式茶饮，夫妻俩将门店取名为"沪上阿姨"。 这是始于上海的最大茶饮连锁公司。蜜雪冰城来自河南，古茗来自浙江，茶百道、霸王 茶姬现核心总部还是四川成都， 奈雪的茶则是广东深圳，他们从天南海北起家，如今不 约而走向IPO，缔造今年热闹一幕。 夫妻联手，沪上阿姨要IPO了 沪上阿姨，始于一对上海夫妻。 欢迎加入投资界读者群 这家店将奶茶与血糯米混合熬制，贴合上海茶饮口味。彼时正值珍珠奶茶流行，市场被 港式和台式两种风格的奶茶占据，单卫钧与周蓉蓉突发奇想，决定 ...