在经历2020年大量开店、2021年批量关店、2024年探索新 店型的"红石榴计划"之后，海底捞直营门店数量在过去一年仍 是负增长。在扩张效率和品牌调性之间，加盟模式正在考验海 底捞的管理平衡术。 作者：郑淯心 美编：肖利亚 导读 壹 || 海底捞要求加盟商具备1000万元以上的资金实力。"但如果只有1000万元，基本没机 会。"首轮遭遇淘汰的一位申请者说。 贰 || 对潜在加盟商来说，他们更关心的一个问题是：成为海底捞加盟商的收益究竟如何？ 叁 || 疫情后数据显示，海底捞三线及以下城市营收持续增长且占比不断提升。尽管数量不 高，加盟仍被视为海底捞破局的关键解法。 手握千万元资金，也未必能成为海底捞的加盟商。 海底捞对加盟商的要求是：钱多，有资源，高度认可海底捞的文化，且不参与门店管理。 自2024年3月开放加盟渠道以来，海底捞的加盟事业部称，在过去一年收到超2万份加盟申请，但 加盟事业部人力有限，加之海底捞实行三轮筛选机制，截至2024年底，海底捞仅新开出3家加盟 店，另有10家加盟店由直营店转换而来。 5月27日，海底捞董事局副主席周兆呈飞到广州，面试当地一位潜在加盟商。周兆呈是海底捞加盟 业务的负责人 ...

Core Insights - The company is cautiously expanding its franchise model, having received over 20,000 applications since opening franchise opportunities in March 2024, but only three new franchise stores have been opened by the end of 2024 [2][20] - The franchise model is seen as a key solution for the company to penetrate lower-tier cities, where 70% of the franchise applications come from [23][31] - The company emphasizes a strong management control system for franchisees to maintain service quality consistent with its direct-operated stores [11][19] Group 1 - The company requires franchisees to have over 10 million yuan in capital, but having only this amount may not guarantee approval [9][20] - Franchisees must first "purchase" an existing store, which includes all previous operational costs, to ensure they understand the business model and market dynamics [4][5][7] - The franchise model is designed to leverage local franchisees' resources and connections to enhance store performance and customer acquisition [7][25] Group 2 - The company has implemented a strong management system where franchisees do not have direct control over store operations, ensuring consistency in service and product standards [11][12][19] - Franchisees can suggest locations for new stores, but the final decision remains with the company [13][14] - The company does not guarantee profits or fixed returns for franchisees, but it does provide operational support in case of difficulties [15][19] Group 3 - The company has faced challenges in expanding its franchise model, with a significant contrast between its slow growth and the rapid expansion of competitors [21][22] - The company’s cautious approach stems from past experiences of aggressive expansion leading to significant losses, prompting a more measured strategy [20][22] - The company is exploring new brands and concepts to diversify its offerings and find new growth avenues, with a focus on lower-tier cities [22][23]

Core Insights - Eight Horses Tea has submitted a listing application to the Hong Kong Stock Exchange, drawing significant attention to the Chinese tea industry and highlighting its unique franchise model as a key focus in the prospectus [1] Group 1: Franchise Model and Market Position - The franchise model implemented by Eight Horses Tea since 2007 has become a crucial pillar of its sales network, addressing the long-standing issues of low concentration and fragmentation in the Chinese tea market [3] - As of now, Eight Horses Tea operates over 3,500 offline stores across all provinces in mainland China, enhancing its bargaining power and operational efficiency through centralized procurement and logistics [3] - The company has been recognized as the "No. 1 in National Sales of High-end Chinese Tea" by Sullivan for 2024, reflecting its growing market share [3] Group 2: Support for Franchisees - Eight Horses Tea maintains a high-end brand positioning and implements a comprehensive support strategy for franchisees, including rigorous selection processes and extensive training programs [4] - The company has established 11 training bases in eight cities, focusing on various key areas such as consumer insights, product knowledge, and sales techniques to enhance franchisee capabilities [4] - In supply chain management, Eight Horses Tea collaborates with quality tea farmers and has modernized production facilities to ensure product quality and efficient logistics [4] Group 3: Performance Metrics - The prospectus indicates a stable and strong franchisee network, with the number of franchisees achieving average annual sales exceeding 2 million increasing from 80 in 2022 to 87 in 2023 [5] - As of September 30, 2024, 54.4% of franchisees have been in partnership with Eight Horses Tea for over three years, significantly above the industry average [5] - The average number of stores opened by each franchisee has reached 2.6, with some franchisees operating over 100 stores, showcasing the attractiveness of the franchise model [5] Group 4: Future Prospects - If Eight Horses Tea successfully lists on the capital market, it will leverage enhanced funding and resources to further upgrade its franchise model and elevate its brand, potentially driving more opportunities for the Chinese tea industry [7]

自2007年推行加盟战略，八马茶业以"直营 + 加盟"双轮驱动，构建起行业领先的渠道矩阵。截至目前， 线下门店达3501家，覆盖全国省份。招股书显示，单店终端平均年销售额超200万的加盟商数量不断增 加，675家加盟商与八马茶业合作超三年。从选址到营销的"一站式服务"，以及标准化产品供应与数字 化管理系统，降低了运营门槛，提升了运营效率，成为加盟商长期信赖的关键。 直营转加盟，创新人才与渠道协同 八马茶业推行直营门店转加盟制度，鼓励优秀直营店员工转型为加盟商。这一战略不仅盘活了内部人才 资源，加速优质门店全国复制，还提升了品牌扩张效率与加盟体系稳定性。转型门店在服务标准化与盈 利能力上显著提升，为行业探索出人才与渠道协同发展的新路径。 近日，八马茶业股份有限公司正式向香港联合交易所递交上市申请，联席保荐人为华泰国际、农银国 际、天风国际。此次冲刺港股，八马茶业凭借其独特的加盟模式、庞大的线下门店网络以及数字化供应 链体系，引发了资本市场的高度关注。 严选精培加盟商，全周期赋能 八马茶业对加盟商的扶持贯穿加盟前、加盟中及加盟后的全周期。在加盟前，以严格的资质审核与理念 匹配为核心，通过多维度筛选，确保加盟商实力 ...

Core Viewpoint - The article highlights the recurring food safety issues faced by Zhengxin Chicken, which have led to a decline in consumer trust and brand reputation, despite its rapid expansion in the past. Group 1: Food Safety Issues - Zhengxin Chicken has been involved in multiple food safety controversies, including a recent incident where a customer reported finding maggots in chicken legs purchased from a store in Guizhou [2][4] - The local market supervision bureau has intervened, sealing similar products for testing, although the store claimed the video evidence was misleading [2][7] - Previous incidents include reports of unsanitary conditions, such as flies contaminating food and the use of old frying oil [4][8] - Numerous complaints have been filed against Zhengxin Chicken, citing issues like undercooked food, spoiled meat, and difficulty in obtaining refunds [8][9] Group 2: Business Performance and Challenges - Zhengxin Chicken, founded in 1995, has seen significant growth, expanding from 10,000 stores in 2017 to 25,000 by 2021, becoming a leading brand in the fast-food sector [11][12] - However, the company has faced stagnation, with the number of stores remaining at 25,000 as of March 2023, indicating no growth in franchise numbers over two years [14] - The price of chicken has increased from 10 yuan to as high as 15 yuan, which has affected consumer perception and sales [12][13] - The company has not disclosed updated store numbers since March 2023, with independent data suggesting a decline to approximately 10,695 stores by the end of 2023 [15][15] - The shift in consumer preferences towards healthier eating and increased competition in the market have further complicated Zhengxin Chicken's growth prospects [15][16]

Core Viewpoint - The new tea beverage company, Hu Shang A Yi, successfully listed on the Hong Kong Stock Exchange, marking a significant entry into the capital market for the new tea beverage sector, which is experiencing intense competition and expansion [1][8]. Company Overview - Hu Shang A Yi opened its first store in 2013 and has grown to 9,176 stores by December 31, 2024, covering all four direct-controlled municipalities and over 300 cities across 22 provinces [3]. - The company reported revenues of 2.199 billion yuan, 3.348 billion yuan, and 3.285 billion yuan for the years 2022, 2023, and 2024 respectively, with adjusted net profits of 154 million yuan, 416 million yuan, and 418 million yuan during the same period [3]. - The Gross Merchandise Value (GMV) increased from 6.068 billion yuan in 2022 to 9.732 billion yuan in 2023, reflecting a year-on-year growth of 60.4%, and further rising to 10.736 billion yuan in 2024, a growth of 10.3% [3]. Market Positioning - Over 50% of Hu Shang A Yi's stores are located in third-tier cities and below, indicating a strategic focus on the lower-tier market for growth [3][4]. - The company has launched a "light enjoyment" version of its products to cater to the demand in these markets, with the latest upgrade to version 2.0 in March 2024 [4]. Revenue Model - The franchise model is central to Hu Shang A Yi's business, with 99.7% of its stores operated by franchisees. The revenue from franchise-related activities has increased from 94.3% in 2022 to 96.5% in 2024 [5]. - The company’s self-operated store revenue has decreased significantly, from 5.7% in 2022 to 1.5% in 2024, highlighting the reliance on franchise operations [5]. Challenges and Opportunities - The average GMV per franchise store is projected to decline from 1.6 million yuan in 2023 to 1.4 million yuan in 2024 due to industry growth slowdown and increased competition [6]. - Despite the challenges, Hu Shang A Yi's revenue from ingredient sales increased by 1.3% to 2.548 billion yuan in 2024, driven by the expansion of its franchise network [6]. Competitive Landscape - The new tea beverage market is witnessing rapid growth, with a projected compound annual growth rate (CAGR) of 15% to 18% for lower-tier cities from 2024 to 2028, indicating significant potential for brands like Hu Shang A Yi [4][9]. - The recent IPOs of other tea brands have generated investor confidence, with Hu Shang A Yi's subscription rate reaching 3,447.33 times, indicating strong market interest [8]. Strategic Recommendations - To maintain investor confidence, Hu Shang A Yi needs to enhance store efficiency, optimize cost structures, and continue product innovation while balancing market share expansion with profitability [9]. - The company should consider international expansion while adapting to local cultural differences and consumer habits to ensure successful market penetration [9].

Core Viewpoint - The company Mingming Henmang Group, a leading player in the snack retail sector, has submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the public market [1][2]. Financial Performance - The company has experienced significant revenue growth, achieving revenues of 4.29 billion RMB in 2022, 10.30 billion RMB in 2023, and projected 39.34 billion RMB in 2024, representing an over eightfold increase in three years [6][7]. - Despite the impressive revenue figures, the company has maintained low profit margins, with gross profit margins of 7.5% in 2022, 7.5% in 2023, and 7.6% in 2024, which are lower than its competitor Wancheng Group's 10.76% during the same period [10][11]. Business Model - The company's business model is characterized by a low-cost, high-volume strategy, focusing on a wide range of products and a significant presence in lower-tier cities, with approximately 58% of its stores located in county towns and rural areas [4][8]. - The franchise model has become a mainstream choice in the snack retail industry, with 99.5% of the company's revenue coming from supplying products to its franchise stores [11][13]. Market Competition - The competitive landscape is intensifying, with both Mingming Henmang and its rival Wancheng Group aggressively expanding their store networks, leading to market saturation in certain areas [14][15]. - Both companies have implemented substantial franchise support policies to attract and retain franchisees, resulting in a significant increase in the number of franchise stores for Mingming Henmang from 994 in 2022 to 7,241 in 2024 [17]. Strategic Shifts - The company is shifting its strategy to focus on higher quality and differentiated products, moving away from solely competing on price [22][25]. - Mingming Henmang has initiated a self-branding strategy, launching its own product lines to improve profit margins and enhance its market image [24][26][28]. Future Outlook - The company plans to allocate 70% of the funds raised from its IPO for store expansion, indicating a continued focus on growth [18]. - Additionally, Mingming Henmang is exploring new retail formats, such as community discount supermarkets, to diversify its offerings and meet broader consumer needs [29][30].

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].

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 - Hu Shang Ayi (Shanghai) Industrial Co., Ltd. is launching an IPO in Hong Kong, facing challenges such as declining revenue and profit, while heavily relying on a franchise model for its business expansion [2][3][9]. Group 1: IPO Details - The company plans to issue 2.4113 million shares at a price range of HKD 95.57 to HKD 113.12, with an expected listing date of May 8 [2][3]. - Two cornerstone investors, Yingfeng Holdings and Huabao Holdings, have subscribed for shares totaling approximately USD 921.55 million (around HKD 71.49 million) [3]. Group 2: Financial Performance - In 2024, Hu Shang Ayi reported a revenue of RMB 32.85 billion, a year-on-year decline of 1.9%, and a net profit of RMB 3.29 billion, down 15.2% [9][10]. - The gross profit margin increased to 31.3% in 2024, but the net profit margin decreased by 1.6 percentage points to 10% [10]. - The company's total GMV reached RMB 107 billion in 2024, reflecting a growth of approximately 10%, although average single-store GMV fell by 12% to RMB 1.37 million [11]. Group 3: Business Model and Franchise Dependency - As of the end of 2024, 99.7% of Hu Shang Ayi's 9,176 stores were operated by franchisees, indicating a strong reliance on the franchise model [13][14]. - Revenue from franchise-related activities accounted for 96.5% of total income in 2024, highlighting the company's dependency on this model for growth [14][15]. Group 4: Cash Dividends and Founder Earnings - The company distributed significant cash dividends during its IPO period, with a total of RMB 2.19 billion in cash dividends declared, of which over 80% went to the founders, Dan Weijun and Zhou Rongrong [7][9]. Group 5: Food Safety Concerns - Recent reports have raised food safety issues, including the use of expired ingredients in products, which could impact the brand's reputation and consumer trust [16][20]. - Complaints regarding product quality and customer service have been prevalent, with numerous reports of unsatisfactory experiences from consumers [21][23].