Core Viewpoint - The new tea beverage brand "Hushang Ayi" is set to go public on the Hong Kong Stock Exchange, becoming the fifth new tea brand to list after successful IPOs of competitors like Nayuki and Mixue Ice City, with market attention focused on its performance amid previous listing challenges in the sector [1][2]. Expansion Strategy - Hushang Ayi has rapidly expanded its store network from 5,307 at the end of 2022 to an expected 9,176 by the end of 2024, with 99.7% of these stores operated by franchisees, indicating a light-asset operational model that facilitates market penetration [1][6]. - The brand strategically targets lower-tier markets, claiming a strong market position in mid-priced tea beverage stores across over 300 cities in China, with a significant number of stores located in third-tier and below cities [2][3]. Market Dynamics - The tea beverage industry is experiencing a shift towards stock competition, with Hushang Ayi aiming to capture market share through a multi-brand strategy and low-price model, particularly in underdeveloped markets [3][9]. - The competitive landscape is intensifying, with numerous brands lacking significant differentiation, leading to potential challenges in maintaining market share [9]. Financial Performance - Hushang Ayi's average single-store GMV decreased from RMB 1.6 million in 2023 to RMB 1.4 million in 2024, with total revenue slightly declining by 1.9% to RMB 3.285 billion, attributed to reduced income from franchise-related and self-operated stores [6][8]. - Despite the decline in average GMV, approximately 48.8% of new stores in 2024 were opened by existing franchisees, indicating a strong willingness to reinvest within the franchise system [6]. Franchise Model - The franchise model has allowed Hushang Ayi to expand rapidly, with 96.5% of its revenue coming from franchise operations, but it also poses risks related to quality control and operational oversight [6][7]. - The company mandates that franchisees source most ingredients from its centralized procurement platform, which includes a comprehensive supply chain network [7][8]. Future Outlook - Analysts predict that 2025 will mark a critical juncture for the tea and coffee sectors, with increasing competition and a focus on supply chain efficiency and product differentiation becoming essential for sustainable growth [8][9]. - Hushang Ayi has begun exploring international markets, although it currently operates only one overseas store, highlighting the potential for future expansion [8].

Core Viewpoint - The company, Hunan Mingming Hen Mang Commercial Chain Co., Ltd., has officially submitted its application for an IPO on the Hong Kong Stock Exchange, marking its entry into the capital market and highlighting its rapid growth in the snack retail sector [1]. Group 1: Company Growth - Established in 2017 in Changsha, the company has focused on lower-tier cities, avoiding fierce competition in first and second-tier cities, and has rapidly expanded its store count to over 14,180 by the end of 2024, with annual revenue nearing 5 billion yuan [2][6]. - The company employs a franchise model, with 97.4% of its stores being franchises, allowing for low investment thresholds and quick returns, appealing to many small-town entrepreneurs [6]. - Targeting the 18-35 age demographic, the company has successfully attracted price-sensitive consumers who seek value for money, contributing to its rise as a significant player in the new consumption landscape [6]. Group 2: Industry Challenges - The snack retail industry has shifted from a blue ocean to a red ocean, with increased competition from brands like Laiyoupin and Haoxianglai, leading to challenges such as high growth versus low barriers to entry, management difficulties, and price sensitivity versus margin compression [7][9][10][12]. - The industry faces issues of product homogeneity and lack of brand loyalty, making it difficult for companies to maintain customer retention once price advantages diminish [9]. Group 3: Future Growth Strategies - The IPO is seen as a pivotal moment for the company, transitioning from rapid expansion to a focus on sustainable growth and profitability, emphasizing the need for a robust operational framework [13]. - Developing proprietary brands is crucial for enhancing profit margins and brand recognition, although it requires significant investment in research, marketing, and quality control [15]. - The company plans to expand its logistics network to improve supply chain efficiency and ensure stable product availability across its extensive store network [16]. - Optimizing store performance by enhancing operational efficiency and customer experience is essential for future growth, shifting focus from quantity to quality [17]. Group 4: Long-term Perspective - The snack business is fundamentally a long-term endeavor that tests product quality, supply chain management, and organizational capabilities [18]. - The company's journey from rapid franchise expansion to building a strong brand and operational capabilities is critical for its success in the capital market and beyond [18].

Core Viewpoint - The article discusses the recent developments and market positioning of Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") as it applies for an IPO, highlighting the integration trend in the snack retail industry and the potential for growth in lower-tier markets [5][10]. Group 1: Company Overview - Mingming Hen Mang was established through the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" in 2023, and it aims to validate the effectiveness of the integration strategy in the snack retail sector [5]. - As of December 31, 2024, Mingming Hen Mang operates 14,394 stores across 28 provinces, with approximately 58% located in county towns and rural areas [6]. - The number of franchisees increased from 994 in 2022 to 3,377 in 2023, and further to 7,241 in 2024, indicating rapid expansion [6]. Group 2: Market Strategy - The company is focusing on a "high quality-price ratio + high frequency of new products" strategy, with 3,380 SKUs in stock by the end of 2024, 25% of which are customized products [7]. - Mingming Hen Mang plans to launch a dual-brand 3.0 store model in 2025, expanding its product offerings to include diverse categories such as daily necessities and fresh food [7]. - The revenue model is primarily based on product sales to franchise and direct-operated stores, with franchise fees accounting for less than 0.5% of total revenue in 2024 [7]. Group 3: Operational Efficiency - The company has established a database of over 10,000 site locations to assist franchisees in achieving profitability and has implemented a standardized operational management system [8]. - Mingming Hen Mang is enhancing its digital capabilities across the supply chain, including a digital ordering system and warehouse management, to improve operational efficiency [8]. Group 4: Industry Context - The Chinese snack retail market reached a size of 3.7 trillion yuan in 2024, projected to grow to 4.9 trillion yuan by 2029, with a significant shift towards specialty store channels [9]. - The competitive landscape is intensifying, with both traditional and emerging snack brands entering the market, necessitating continuous innovation and responsiveness to consumer preferences [9]. - Consumers are increasingly seeking healthier and personalized snack options, which requires Mingming Hen Mang to invest in research and development to meet evolving demands [9].

Core Viewpoint - Hunan Mingming Hen Mang Commercial Chain Co., Ltd. (referred to as "Mingming Hen Mang") has officially submitted its IPO application to the Hong Kong Stock Exchange, indicating a significant move in the snack retail industry, particularly in the context of market consolidation and expansion into lower-tier markets [1][7]. Group 1: Company Overview - Mingming Hen Mang was established through the merger of "Snacks Hen Mang" and "Zhao Yiming Snacks" in 2023, reflecting a trend of consolidation in the snack retail sector [1]. - As of December 31, 2024, Mingming Hen Mang operates 14,394 stores across 28 provinces and all tiered cities in China, with approximately 58% located in county and town areas [2]. - The number of franchisees increased from 994 in 2022 to 3,377 in 2023, and is projected to reach 7,241 by 2024, showcasing rapid expansion [2]. Group 2: Market Trends - The snack retail industry in China is experiencing a shift towards lower-tier markets, which offer significant consumer potential and lower competition density, providing ample room for expansion for companies like Mingming Hen Mang [1]. - The market size of China's leisure food and beverage retail industry reached 3.7 trillion yuan in 2024, with expectations to grow to 4.9 trillion yuan by 2029 [6]. Group 3: Business Model and Strategy - Unlike traditional franchise models that rely heavily on franchise fees, 99.5% of Mingming Hen Mang's revenue comes from sales to franchise and direct stores, with franchise fees accounting for less than 0.5% [5]. - The company employs a strong control franchise system, focusing on franchisee training and management to enhance efficiency, contrasting with the loose franchise models seen in some convenience stores [3]. - Mingming Hen Mang has developed a digital infrastructure that covers the entire process from product selection to logistics and franchise management, aiming to improve operational efficiency and standardization [5]. Group 4: Product Strategy - The company plans to introduce a dual-brand 3.0 store model in 2025, expanding its product offerings to include diverse categories such as daily necessities, stationery, and fresh food, which is expected to enhance consumer engagement [4]. - As of the end of 2024, Mingming Hen Mang has 3,380 SKUs in stock, with about 25% being customized products, and plans to launch 100 new products each month to increase consumer loyalty [3][4]. Group 5: Competitive Landscape - The snack retail market is becoming increasingly competitive, with both traditional brands and new entrants adopting similar strategies to capture market share, including supply chain optimization and product diversification [6]. - Consumer preferences are shifting towards healthier and more personalized snack options, necessitating continuous investment in research and development to meet evolving demands [6].

Core Viewpoint - The domestic dairy industry is shifting its focus towards lower-tier markets and functional product transformation after experiencing a slowdown in growth during 2024, with signs of recovery emerging in early 2025 [1][6]. Industry Performance - The top three dairy companies, Yili, Mengniu, and Bright Dairy, reported annual revenues of 115.8 billion, 88.67 billion, and 24.28 billion respectively for 2024, reflecting a year-on-year decline of 8%-10% [4]. - The performance fluctuations were primarily concentrated in the second and third quarters of 2024, with revenue declines narrowing in the fourth quarter and showing significant improvement in the first quarter of 2025 [5]. Strategic Adjustments - Yili's management implemented a series of measures, including promotional activities and inventory reduction, which contributed to market recovery by the third quarter of 2024 and a healthy market state by the 2025 Spring Festival [5][6]. - In Q1 2025, Yili achieved total operating revenue of 33.02 billion, a year-on-year increase of 1.4%, and a net profit of 4.63 billion, up 24.2% [5]. Market Trends - The dairy consumption growth rate has been declining for two consecutive years, influenced by both upstream and downstream market fluctuations [6]. - The current market dynamics are creating new opportunities, particularly in lower-tier cities where consumer demand for dairy products is increasing due to rising education and income levels [7]. Functional Transformation - Major dairy companies are adjusting their strategies to pursue functional product transformation for new growth [8]. - Mengniu is adopting a dual-track strategy focusing on deep processing and exploring new markets in specialized nutrition and functional nutrition [9]. - Bright Dairy announced its commitment to functional transformation by launching new products targeting specific nutritional needs [10]. Consumer Behavior Changes - The shift in consumer demographics is leading to a mismatch between new rational and personalized demands and traditional supply models [7]. - The per capita consumption of functional dairy products in China is still relatively low compared to developed countries, indicating significant growth potential [10].

可复制的规模，难以复制的利润率。 作者 | 李小霞 编辑 | 乔芊 当上市不到两个月的蜜雪冰城在港交所股价突破500港元，市值近2000亿港元时，零食界的"蜜雪冰城"——鸣鸣很忙也启动了IPO步伐，4月28日，正式 向港交所递交上市申请。 关于鸣鸣很忙的上市传闻最早可追溯到2023年（当时为零食很忙），同年8月，原明越资本联合创始人王钰潼加入公司担任CFO。而一家公司设立CFO 岗位，往往被看作准备上市的信号。 时至今日，可能很多人对旗下的零食很忙以及赵一鸣零食都不会陌生， 其明黄色和红色的招牌，正在渗透到全国的县城、乡镇。 零食很忙由晏周于2017 年 3 月在湖南长沙创立，赵一鸣零食由赵定于 2019 年 1月在江西宜春创立。 自2023年合并后到去年底，二者门店数量加起来14394家，覆盖全国28个省份和所有县级城市。 万店规模一直是连锁品牌所追求的里程式目标，但踏进来并不容易。两年前，多家茶饮咖啡企业喊出万店口号，目前国内也只有蜜雪冰城、瑞幸、古茗实 现。 迈过万店门槛，销售额、营收也同步水涨船高。 根据招股书显示，鸣鸣很忙2024年门店销售额为555亿元，营收为393亿元，毛利约30亿，净利润为9亿 ...

Core Viewpoint - The merger of snack brands "Snack Busy" and "Zhao Yiming Snacks" has led to the establishment of "Mingming Busy," which plans to go public in Hong Kong, positioning itself as the largest leisure food and beverage retail chain in China by 2024 GMV [1][3]. Company Overview - Mingming Busy was formed from the merger of Snack Busy, founded in 2017, and Zhao Yiming Snacks, which started in 2019, completing the merger in November 2023 [2]. - The company operates a "volume retail model" that emphasizes supply chain reconstruction, innovative product development, and a pleasant shopping experience [2]. Financial Performance - Revenue figures for Mingming Busy are projected as follows: CNY 4.286 billion in 2022, CNY 10.295 billion in 2023, and CNY 39.344 billion in 2024 [3]. - Adjusted net profits are expected to be CNY 81 million, CNY 235 million, and CNY 913 million for the same years [3]. Revenue Structure - 99.5% of Mingming Busy’s revenue comes from selling products to franchise and direct stores, with franchise fees and service income accounting for less than 0.5% [4]. - The company has a diverse product range with 3,380 SKUs, including baked goods, snacks, and beverages [3]. Market Strategy - Mingming Busy focuses on the lower-tier market, with approximately 58% of its stores located in county and township areas, covering 1,224 counties in China [8]. - The company aims to provide high-quality, cost-effective products and services across various city tiers [8]. Business Model - The "thin profit, high sales" strategy has resulted in stable gross margins of 7.5%-7.6% and an increase in net profit margin from 1.7% to 2.1% from 2022 to 2024 [9]. - The company has streamlined operations by connecting directly with manufacturers, reducing inventory turnover days to 11.6 days [9]. Franchise System - Mingming Busy has significantly increased its franchise network from 994 in 2022 to 7,241 in 2024, providing comprehensive support to franchisees [6]. - The company employs a standardized management approach while allowing for customized store layouts to meet local demands [6]. Consumer Engagement - The company has achieved over 1.6 billion transactions in 2024, with a membership base of 120 million and a repurchase rate of 75% [10]. - Mingming Busy invests heavily in digitalization, enhancing operational efficiency through advanced systems for inventory and logistics management [10]. Industry Context - The Chinese leisure food and beverage retail market is projected to grow from CNY 3.7 trillion in 2024 to CNY 4.9 trillion by 2029 [10]. - Mingming Busy plans to use IPO proceeds for store expansion, supply chain optimization, and digital infrastructure development to enhance market penetration [10].

Group 1 - The company "沪上阿姨" has officially launched its IPO, planning to globally offer 2.41134 million H-shares, with a price range of HKD 95.57 to HKD 113.12 per share, and is expected to list on the Hong Kong Stock Exchange on May 8 [1][3] - The company has introduced two cornerstone investors, with a total subscription amount of approximately USD 9.2155 million (around HKD 71.49 million) [3] - As of the end of 2023, "沪上阿姨" ranks fourth in China's ready-to-drink tea industry with 9,176 stores, and is the leading mid-priced tea brand in northern China, with 99.7% of its stores being franchise operations [3] Group 2 - The company focuses on lower-tier markets, with nearly half of its stores located in third-tier cities and below, which are expected to see the fastest GMV growth from 2023 to 2028 [3] - The projected GMV for 2024 is CNY 10.7 billion, a 10% increase year-on-year, despite a decline in average GMV per store from CNY 1.6 million in 2023 to CNY 1.4 million [3] - The gross profit margin is expected to improve from 30.4% to 31.3% due to economies of scale [3] Group 3 - Analysts predict that the price war in the tea beverage industry will ease by 2025, allowing leading brands to expand while weaker brands may face closure risks [3] - "沪上阿姨" is expected to leverage its first-mover advantage in lower-tier markets and its supply chain integration capabilities to navigate industry differentiation [3] - The company plans to invest further in digital tools and smart manufacturing equipment to enhance supply chain efficiency and product quality [3]

4月28日，内地现制茶饮公司沪上阿姨（上海）实业股份有限公司（简称"沪上阿姨"）开启招 股。 根据公告，沪上阿姨拟全球发售241.134万股H股，其中香港发售股份24.114万股，国际发售股 份217.02万股，另有15%的超额配股权。发售价区间为95.57港元/股至113.12港元/股，每手30 股。 据招股书披露的时间表，沪上阿姨预计将于5月8日在港交所上市。届时，公司将成为继古 茗、蜜雪冰城、霸王茶姬后，今年第四家新茶饮上市公司。 此次IPO，沪上阿姨共引入2名基石投资者，包括盈峰集团旗下的盈峰控股和华宝股份旗下的 华置，合计认购921.55万美元股份（约合7149万港元）。 聚焦下沉市场 规模快速扩张 2013年，首家沪上阿姨门店在上海人民广场开业，开创"现煮五谷茶"，茶饮品牌"沪上阿姨"就 此诞生。 12年过去，沪上阿姨成为中国现制饮品行业头部企业之一。根据灼识咨询资料，以截至2023 年12月31日的门店总数计算，沪上阿姨在国内北方中价现制茶饮店品牌中排名第一，在国内 中价现制茶饮店品牌中排名第三，在国内现制茶饮店行业排名第四。 截至2024年末，沪上阿姨门店网络共有9176家门店。门店网络的扩张 ...

Core Viewpoint - The company "沪上阿姨" is set to launch an IPO, offering 2.41134 million H-shares at a price range of HKD 95.57 to HKD 113.12 per share, with expectations to list on the Hong Kong Stock Exchange on May 8. The new tea beverage market is experiencing a surge in listings, with "蜜雪冰城" breaking the "IPO failure curse," making unique new tea brands attractive to investors [1]. Group 1: Brand and Product Strategy - "沪上阿姨" operates three brands: "沪上阿姨," "沪咖," and "轻享版," covering a wide range of products including fresh fruit tea, milk tea, and coffee, with prices ranging from 7 to 23 RMB, catering to diverse consumer needs [2]. - The company has initiated a brand upgrade in April 2024, achieving 3,524 new brand image stores, demonstrating rapid strategic implementation [2]. - The "轻享版" brand targets cost-sensitive consumers with prices between 2 to 12 RMB, making it suitable for lower-tier markets [2]. Group 2: Market Expansion and Performance - As of 2024, "沪上阿姨" has expanded its store count from 5,307 in 2022 to 9,176 in 2024, reflecting a year-on-year growth of 46.8% and 17.8% respectively, with revenues of 2.2 billion RMB in 2022, 3.35 billion RMB in 2023, and 3.28 billion RMB in 2024 [3]. - The company has maintained operational resilience and steady growth despite increasing competition and diverse consumer demands [3]. Group 3: Competitive Advantages - "沪上阿姨" focuses on the lower-tier market, holding a leading position with over 50.4% of its stores located in these areas, which are projected to be the fastest-growing segment from 2023 to 2028 [5]. - The company has launched over 100 new products annually from 2022 to 2024, showcasing its commitment to innovation and meeting consumer preferences [9]. - A robust supply chain supports the company's extensive market coverage, with 12 logistics bases and 15 cold chain warehouses ensuring quality control and timely delivery of fresh ingredients [9]. Group 4: Investment Potential - The upcoming IPO is seen as a significant milestone for the new tea beverage sector, potentially recalibrating market valuations and attracting investor interest [10].