Core Viewpoint - The new tea beverage company, Hu Shang A Yi, officially listed on the Hong Kong Stock Exchange, becoming the fifth new tea beverage company to do so, with a strong market response reflected in its opening price and subscription demand [1] Group 1: Financial Performance - Hu Shang A Yi achieved revenue of 2.199 billion yuan, 3.348 billion yuan, and 3.285 billion yuan for the years 2022, 2023, and 2024 respectively [1] - The adjusted net profit for the same years was 154 million yuan, 416 million yuan, and 418 million yuan, indicating stable operations [1] - The company's GMV is projected to grow to 10.736 billion yuan by 2024, with registered WeChat mini-program members reaching 115 million and an average quarterly active member count exceeding 17.6 million [1] Group 2: Supply Chain and Store Network - As of December 31, 2024, Hu Shang A Yi's supply chain network includes 12 major logistics bases, 4 equipment warehouses, 8 fresh agricultural product warehouses, and 15 front-line cold chain warehouses [2] - The number of franchisees increased from 3,260 in 2022 to 4,576 in 2023, and is expected to reach 5,455 in 2024, with 30% of franchisees operating more than one store [2] - The total number of stores reached 9,176, covering all four direct-controlled municipalities and over 300 cities across 22 provinces, with 50.4% located in third-tier cities and below [2] Group 3: Investment and Future Plans - Prior to the IPO, Hu Shang A Yi received backing from several investment institutions, including Jia Yu Capital and Jin Yi Capital, with significant investments made since 2020 [3] - The company plans to use the funds raised from the IPO to enhance digital capabilities, develop new products, upgrade equipment, strengthen supply chain capabilities, expand the store network, invest in marketing activities, and supplement working capital [3] - Hu Shang A Yi is also looking to expand into overseas markets, with plans to open stores in Malaysia, the Philippines, and North America, promoting Eastern modern tea culture [3]

继年初新茶饮行业经历一轮上市潮之后，资本市场恢复了短暂的平静。正当业界与投资者纷纷猜测下一个叩响上 市大门的是谁时，新一轮IPO竞争逐渐拉开帷幕。 在霸王茶姬成功登陆纳斯达克半个月后，许久没有更新进展的沪上阿姨也再次传来声音——5月8日以113.12港元的 发行价赴港敲钟，上市即高开68%，成为今年第四家在港交所IPO的新茶饮企业。 现如今，中式茶饮的故事，正在被更多品牌讲到更大的世界中去。 霸王茶姬越洋赴美能否获青睐 根据咨询机构弗若斯特沙利文数据，2025年全球现制茶饮市场规模有望攀升至480亿美元。另据艾瑞咨询研究报 告，以GMV计算，中国现制茶饮市场规模从2019年的1022亿元增长至2024年的2727亿元，年复合增长率达 21.7%，显著高于茶饮市场其他细分领域。报告同时预测，2028年中国现制茶饮市场规模将进一步扩大至4260亿 元，2024~2028年复合增长率为11.8%。 在市场规模快速扩容时，中国现制茶饮行业竞争进入白热化阶段，驱使众多品牌出现分化。从价格分布来看，行 业已形成平价、大众和高端茶饮三大阵营。 涨幅15.86%、总市值60亿美元，一串串上扬的数字为霸王茶姬在纳斯达克上市的首 ...

沪上阿姨市值相当于 1/10个蜜雪冰城 ， 1/3个古茗，10个奈雪的茶 。 时隔2个月，港股又迎来了新茶饮上市公司，也是今年第四家新茶饮上市公司。 夫妻店，年入32亿 和奈雪的茶类似，沪上阿姨也是"夫妻店"。 创业之前，单卫钧和妻子周蓉都曾供职于美企500强，并一路高升至高级经理，不低的起点给了两人往上搏一搏的决心。 5月8日，沪上阿姨在港交所挂牌上市，首日大幅高开68.49%。在一众港股奶茶上市公司中，沪上阿姨定价仅次于蜜雪冰城，远高于其他品牌。截止发 稿，沪上阿姨每股172.4港元，总市值达180.75亿港元，相当于1/10个蜜雪冰城，不到1/3个古茗，10个奈雪的茶。 由蜜雪冰城带起来的港股打新热，使得沪上阿姨也吸引了不少投资人。富途数据显示，沪上阿姨的申购金额超过940亿港元，申购倍数超过3400倍，是仅 次于蜜雪集团5200倍认购的新茶饮股票，连奶茶原料爆爆珠供应商华宝股份也参与了基石投资。 据悉，此次沪上阿姨募资将用于数字化升级、产品研发、供应链强化。公司表示，将继续深耕现有市场，并计划将业务扩展至更多三线及以下城市。 随着沪上阿姨顺利敲钟，新茶饮上市潮还在继续。 2011年，单卫钧夫妇卖掉山东 ...

转自：北京日报客户端 新茶饮一直是深受年轻人喜爱的假期"搭子"，记者了解到，今年"五一"假期期间，各品牌迎来销量强劲 增长。奈雪的茶全国销售火爆，部分门店订单量环比节前激增超300%；茶百道整体销售额环比增幅 50%，全国多家门店销量增幅超1700%，甚至有景区门店销量增幅达3000%。 "假期出门赏花，拿着好看的山茶花杯子拍照很出片。"在社交平台上，不少网友晒出了自己带着茶百 道"山茶花杯"一起踏青的照片。也有许多网友分享品尝"鲜奶山茶碧螺春"的体验："一入口就有很浓的 山茶花香和兰花香，喝一大口就感觉人好像在花丛中了！" "五一"假期期间，民众踏青赏花热情高涨，不仅带火景区旅游业，也衍生出以花为媒的多元消费场景。 许多新茶饮品牌纷纷推出以花为主题的饮品、甜点、文创与伴手礼，为消费者带来别具一格的新品体 验。 伴随出游热度攀升，位于景区及交通枢纽的新茶饮门店客流也显著增长。杭州机场店、深圳机场店等奈 雪门店更是跻身销量榜前十，部分商圈"五一"期间单日订单量突破千杯，消费者排队超过50分钟仍热情 不减。 假期入境游也迎来爆发式增长，喝一杯中式新茶饮成为很多外国游客来中国旅游打卡的项目。数据显 示，"五一"期间 ...

图片来源：视觉中国 新茶饮品牌甜啦啦正在试图走入更多人的视线。它的门店数量与霸王茶姬、茶百道旗鼓相当，但目前的 知名度却无法与后两者相比。 今年，甜啦啦成立刚满十年。官网显示，截至目前，甜啦啦全国签约门店已超8000家，覆盖31省，乡镇 店铺和学校店铺占比超40%。根据窄门餐眼数据，甜啦啦三线及以下城市门店占比81.15%，作为对比， 蜜雪冰城的这项数据为57.13%。由此可见，它的发展路径比蜜雪冰城更为下沉。 甜啦啦创始人王伟曾在2014年加盟过蜜雪冰城，开了8家分店。之后他另起炉灶，自行成立新品牌。甜 啦啦通过开放加盟的方式实现了快速扩张。 在海外市场，甜啦啦采取了与国内不同的经营思路，不再从下沉市场出发，而是先布局大城市，通过较 国内面积更大的海外门店提升品牌形象，提高售价，也相应地收获更高的利润。 如今，甜啦啦已将提升整体品牌形象提上日程。由于国内店面多集中在下沉市场，导致其品牌知名度与 门店数量并不匹配。许周在今年年初的采访中表示，甜啦啦2025年计划投入占营收比重20%的资金用于 品牌打造，而2024年的占比仅为不足5%。 公司联合创始人许周在2025年初的采访中表示，甜啦啦全球签约门店会在今年突 ...

红绿芳华耀羊 4月30日，由中 国农产品市场协 会、广东省农业 农村厅、贵州省 农业农村厅联合 指导，广东省粤 黔协作工作队遵 义工作组、珠海 市农业农村局、 遵义市农业农村 局主办，珠海市 农业投资控股集 团有限公司承办 的"黔货出山， 八仙过海"珠遵 协作帮扶促消费 专项工作活动在 广州举行。 自2021年珠海市 与遵义市确立东 西部协作结对关 系以来，两地拓 展协作渠道，深 化协作内涵，完 善协作机制，创 新协作模式，用 好协作资源，助 力巩固拓展脱贫 攻坚成果、持续 推进乡村全面振 兴。本次活动以 产销对接为纽 带、品牌产品为 引领，通过擂台 PK赛、品牌故 城！珠遵协作帮 扶促消费活动在 广州举行_南方 +_南方plus 事演绎、产品展 销推介、签约合 作等环节，拓宽 遵义农产品销售 渠道，助力遵义 现代农业增效和 农民增收。 醉美遵义 山海之约风光无 限 活动现场，遵义 文旅推荐官化 身"四季导游" ， 在浓厚文化与自 然奇景中穿梭导 引：赤水河谷酒 香袅袅，丹霞赤 色天成，遵义会 址星火永耀，湄 潭茶海飘香，仡 佬歌舞翩翩。专 场主播将"茶海 漫乡""秘境探 奇""酱香酒 谷""人文宝 藏"四大 ...

Core Insights - The competition in the new tea beverage industry is intensifying, with a surge in IPO activities among key players [1][4]. IPO Activities - Since 2025, three new tea beverage companies have successfully listed on the Hong Kong and US stock markets, including Gu Ming, which went public on February 12, 2025, and Mi Xue Group, which listed on March 3, 2025 [2][3]. - The company "Hushang Ayi" plans to list on May 8, 2025, further contributing to the IPO wave in the industry [2]. Market Growth Potential - The new tea beverage market in China is expected to grow significantly, with projections indicating a market size exceeding 400 billion yuan by 2028 [4]. - Despite a decrease in the total number of tea beverage stores in the country, leading companies have managed to increase their store counts, showcasing their competitive strength [4]. Expansion into Lower-Tier Markets - Major brands like Mi Xue Group and Gu Ming are focusing on expanding into lower-tier cities, where they have captured a significant market share [5]. - The distribution of stores shows that 65% to 80% of their locations are in second-tier cities and below, indicating a strategic shift towards these markets [5]. Financial Performance Disparities - Mi Xue Group reported a net profit of 4.454 billion yuan in 2024, a 39.8% increase year-on-year, while Ba Wang Cha Ji saw a remarkable 213.3% growth in net profit, reaching 2.515 billion yuan [6]. - In contrast, Naixue's Tea reported a loss of 919 million yuan, and Cha Ba Dao experienced a revenue decline of 13.8% with a significant drop in net profit [6]. Market Reactions - The stock market has reacted differently to various tea beverage brands, with Mi Xue Group's market value approaching 200 billion HKD, while Naixue's stock price has plummeted from 19.8 HKD to 1.06 HKD [6]. Business Models - Different companies employ varied business models, with Naixue's Tea relying heavily on direct sales from its stores, while others like Mi Xue Group and Ba Wang Cha Ji utilize franchise models to generate revenue [7][8]. - The supply chain plays a crucial role in the valuation of these companies in the capital market, as it underpins their operational efficiency and product offerings [7][8]. International Expansion - Mi Xue Group has expanded its presence outside mainland China, with 4,895 stores internationally by the end of 2024, focusing on Southeast Asia [9]. - Ba Wang Cha Ji also increased its overseas stores from 95 to 156, primarily in Southeast Asian markets, capitalizing on the region's acceptance of Chinese tea culture [9].

Core Viewpoint - The listing of the tea beverage brand "沪上阿姨" marks a significant milestone in the capitalization process of the new tea beverage industry, reflecting the increasing competition and investment interest in this sector [1][2]. Company Summary - "沪上阿姨" plans to issue approximately 2.41 million H-shares at a price range of HKD 95.57 to HKD 113.12, aiming to raise over HKD 2.7 billion, with a potential market capitalization exceeding HKD 30 billion [1]. - The company has achieved a compound annual growth rate (CAGR) of over 40% in revenue over the past three years and has surpassed 6,000 stores, particularly excelling in lower-tier markets [2]. - The IPO includes a 15% over-allotment option, which could increase the total issuance to about 2.77 million shares [1]. Industry Summary - The IPO of "沪上阿姨" is significant as it is the second independent tea beverage brand to go public after "奈雪的茶," serving as a barometer for market valuation attitudes towards the tea beverage sector [2]. - The timing of the IPO is strategic, coinciding with the post-May Day holiday consumer market recovery, which is expected to enhance market attention [1]. - The pricing reflects a valuation logic where the lower limit corresponds to a 2023 price-to-earnings ratio of approximately 35 times, while the upper limit approaches 40 times, indicating a higher valuation compared to traditional dining enterprises but at a slight discount to similar listed tea brands [1].

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].

智通财经APP获悉，4月28日，现制茶饮品牌沪上阿姨(02589)正式开启招股，至5月2日结束，拟全球发 售241.134万股H股，其中香港发售占10%，国际发售占90%，另有超额配股权不超过15%;发售价将不高 于每股发售股份113.12港元，且预期不低于每股发售股份95.57港元;每手30股，预期将于5月8日上午九 时正开始在联交所买卖。 财务数据方面，沪上阿姨同样亮眼。2022年-2024年，公司的营收分别为21.99亿元、33.48亿元和32.85 亿元;经调整净利润则分别为1.54亿元、4.16亿元和4.18亿元，整体势头强劲。 近期新茶饮赛道火热，头部品牌纷纷加速布局。此前业内人士分析提到，早前奈雪的茶、茶百道相继登 陆资本市场。今年以来，古茗、蜜雪冰城、霸王茶姬三家新茶饮品牌成功上市，给行业注入"强心剂"， 其中，蜜雪冰城更是创下港股IPO冻资新纪录，上市后股价一路飙升。霸王茶姬赴美上市成功后，新茶 饮赛道更是赚足了一波眼球。 此次招股，沪上阿姨引入2名基石投资者，合共认购约921.55万美元的发售股份，其中盈峰控股认购约 644.04万美元、华宝股份认购约277.51万美元。此次IPO，沪上阿 ...