Core Viewpoint - Zhou Liufu Jewelry Co., Ltd. is attempting to enter the capital market through a listing on the Hong Kong Stock Exchange after unsuccessful attempts to list in A-shares. The company has shown significant revenue growth but faces concerns regarding its franchise model and declining profit margins [2][16]. Group 1: Company Performance - Zhou Liufu's revenue increased from 3.102 billion RMB in 2022 to 5.718 billion RMB in 2024, with net profits rising from approximately 575 million RMB to 706 million RMB during the same period [2][14]. - The company operates a franchise model, with over 97% of its 4,129 stores being franchise outlets as of 2024. This model has contributed significantly to its revenue, with franchise sales accounting for over half of total income [10][14]. - The gross profit margin has declined from 38.7% in 2022 to 25.9% in 2024, primarily due to a higher proportion of revenue coming from product sales rather than service fees, which have a higher margin [15][16]. Group 2: Business Model and Market Position - Zhou Liufu ranks sixth in total merchandise transaction volume and tenth in revenue among all gold jewelry companies in China, with market shares of 6.2% and 1%, respectively [3][6]. - The company plans to use funds raised from the IPO to expand its sales network, enhance brand recognition, and improve product supply and design capabilities [3][16]. - Online sales have become a significant revenue source, increasing from 34.6% of total revenue in 2022 to 40% in 2024 [15]. Group 3: Challenges and Future Outlook - The franchise model, while beneficial for rapid expansion, poses risks related to franchisee management and operational quality, as evidenced by numerous consumer complaints [17]. - Zhou Liufu's previous attempts to list on A-shares faced scrutiny over its franchise model and sales performance, leading to a withdrawal of its application in 2023 [16]. - The competitive landscape in the Hong Kong market includes established players like Chow Tai Fook and Chow Sang Sang, which may pose challenges for Zhou Liufu post-listing [19].

Core Viewpoint - Zhou Liufu Jewelry has updated its prospectus for its sixth attempt to list on the Hong Kong Stock Exchange, revealing a decline in its market position and profitability metrics, alongside a strategic shift towards online sales and international expansion [1][8]. Group 1: Company Overview - Zhou Liufu Jewelry, founded in 2014 and headquartered in Shenzhen, Guangdong, specializes in the sale of gold jewelry, diamond-set jewelry, and other products [3]. - As of December 31, 2024, the company operates a total of 4,129 stores, with 4,125 located in China and four overseas franchise stores [1]. Group 2: Financial Performance - The company's gross profit margins have been declining from 38.7% in 2022 to 25.9% in 2024 [1]. - Revenue from franchise fees has been the largest contributor to income, accounting for 52.9% in 2022, 55.4% in 2023, and 50.5% in 2024 [5]. - Gross profit from franchise service fees was approximately 747.6 million yuan in 2022, 760.5 million yuan in 2023, and projected to be 801.4 million yuan in 2024, with a gross margin close to 100% [5]. Group 3: Business Model and Risks - Zhou Liufu has shifted to a model of outsourcing production and has implemented a franchise system that poses risks related to franchisee management and compliance [7]. - The company has faced regulatory scrutiny regarding its supplier authorization model during previous IPO attempts [8]. - Legal challenges have been significant, with 643 civil cases reported from 2009 to 2025, including trademark infringement cases [7]. Group 4: Market Position and Strategy - Zhou Liufu's online sales revenue has seen a compound annual growth rate of 46.1% from 2022 to 2024, with online sales expected to account for 40% of total revenue in 2024, ranking first among national jewelry companies in China [8]. - The company has opened two franchise stores in Thailand, one in Laos, and one in Cambodia, with plans for further expansion in Southeast Asia [12]. Group 5: Market Challenges - Rising gold prices pose a significant risk, affecting consumer sentiment and leading some retailers to shift focus towards platinum products [11]. - The company has experienced a decline in same-store sales, with a 21.2% drop projected for 2024, following a 38.9% increase in 2023 [9].

当你走进国内1368家海底捞门店时，有13/1368的几率进入的是加盟店，但你可能毫无感知。 在2024年3月正式宣布开放加盟后，海底捞收到了两万余份加盟申请。但海底捞保持了克制：在一年多 的时间里，最终只"开设"了13家加盟店。（虎嗅注：13家加盟店之中，有10家由老店转化而来） 与极度克制伴生的是神秘。除海底捞内部少数高管，外界乃至海底捞内部绝大部分管理层均不清楚在海 底捞遍及全国的1368家门店中究竟哪13家是加盟门店。 海底捞对加盟商身份的保密近乎"军事级"。 即便坐在周兆呈对面"逼问"，他仍不肯透露任何加盟商的具体信息。包括他们是谁、分布在哪些城市、 具体有着怎样"雄厚"的背景。但从他的概述中，可以总结出加盟商的四大特点：钱多、资源多、高度认 同海底捞文化、甘当'甩手掌柜"。 据加盟事业部相关负责人透露，这些坐拥千万资产的"神秘"加盟商们大致可以分为四类： 第一类是职业加盟商，他们此前或多或少加盟过连锁酒店、正餐、珠宝、茶饮等品牌，经验丰富且专业 度足够；第二类是所谓的甲方或自持物业者，在整个加盟体系中占比最高，同时他们手握的城市黄金地 段及点位也最为海底捞看重。 这正是海底捞运转一年的加盟策略的关 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [7] Core Views - The company is undergoing brand upgrades focusing on global expansion, while new business models are still to be validated [2] - The company experienced a revenue decline in 2024, with total revenue of 4.921 billion yuan, down 4.7% year-on-year, and a net loss of 917 million yuan, a significant shift from profit to loss [10] - The company is actively restructuring its store operations and exploring new store formats, including promoting a franchise model and expanding into international markets [10] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecast for 2025-2027 is projected at -0.15, -0.12, and 0.00 yuan respectively, with a downward adjustment in revenue and gross margin due to weak downstream demand [4] - The target price for the company is set at 1.33 HKD, based on a discounted cash flow (DCF) valuation method [4] - The company’s revenue is expected to recover gradually, with projected revenues of 5.067 billion yuan in 2025, 5.333 billion yuan in 2026, and 5.838 billion yuan in 2027, reflecting growth rates of 3.0%, 5.3%, and 9.5% respectively [6][10] Key Financial Information - In 2024, the company reported a gross margin of 63.2%, down 3.9 percentage points year-on-year, and a net margin of -18.8% [6][10] - The number of direct stores decreased by 121 to 1,453, while franchise stores increased by 264 to 345, indicating a shift towards a franchise model [10] - The company’s total assets are projected to be 6.201 billion yuan in 2025, with total liabilities of 2.568 billion yuan [13]

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].