Core Viewpoint - The company "沪上阿姨" successfully listed on the Hong Kong Stock Exchange, becoming the fifth tea beverage company to do so, with a strong IPO subscription demand and significant initial trading gains [1][2]. Group 1: Company Overview - "沪上阿姨" was founded in 2013 and gained popularity with its "blood glutinous rice milk tea" [2]. - As of the end of 2023, the company operates the fifth and fourth largest network of ready-to-drink tea shops in China, with a significant presence in lower-tier markets [2]. - The company has over 9,000 stores, with more than half located in third-tier cities and below, and plans to increase its franchise model, expecting franchise-related revenue to account for 80% of total revenue by 2024 [2][3]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion, 3.348 billion, and 3.285 billion RMB, respectively, with net profits of 149 million, 388 million, and 329 million RMB [3]. - A slight revenue decline of 1.9% is projected for 2024, attributed to decreased franchise and self-operated store income [3]. - The number of closed franchise stores increased significantly in 2024, with 987 closures, indicating challenges in maintaining store performance [3]. Group 3: IPO and Market Strategy - The IPO was priced at HKD 113.12 per share, with a total issuance of 2.4113 million shares, and received a subscription multiple of nearly 3,400 times, raising approximately HKD 195 million [1]. - The company plans to allocate 25% of the raised funds to enhance digital capabilities and optimize membership management, 20% for product development, and 20% to strengthen supply chain capabilities [2]. - The company aims to expand its store network in lower-tier cities while facing intense competition in the ready-to-drink tea market [3].

战略性聚焦下沉市场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 沪上阿姨 (上海)实业股份有限公司 （以下简称 " 沪上阿姨 "）今起招股、至5 月2日结束，并计划于2025年5月8日正式以"2589"为股票代码在港交所主板挂牌上市。 沪上阿姨 计划在本次 IPO中发行 2,411,340股H股 ，其中香港公开发售 2 41, 1 40股H股 ，国际发 售 2, 170 , 20 0股H股 。 值得注意的是， 截至 2023年12月31日， 沪上阿姨 新店的估计初始投资成本平均约为 275,000 元，低于中国中价现制茶饮店行业约350,000元的平均初始投资成本。截至2024年12月31日，在 沪上阿姨 的 5,455名加盟商中， 有 3 0.0%或1,637名加盟商开设一 家 以上的门店。 2024年，有 48.8%或1,164 家 新加盟店由现有加盟商开设。 2023年 和 2024年，沪上阿姨的季度平均活跃会员分别 为 1,630万人 和 1,760万人； 同期 ，季 度复购率由 42.2%提升至44.3%。 在本次 IPO发行中 ...