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].

交银国际研究 公司更新 | 消费 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 3 月 20 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 97.90 | 港元 | 113.30↑ | +15.7% | | | 安踏 (2020 HK) | | | | | | | 2024 年业绩符合预期；2025 年指引营收高个位数至双位数增长 个股评级 买入 1 年股价表现 资料来源 : FactSet 3/24 7/24 11/24 3/25 -20% -10% 0% 10% 20% 30% 40% 50% 2020 HK 恒生指数 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 62,356 | 70,826 | 77,163 | 84,476 | 90,862 | | 同比增长 (%) | 16.2 | 13.6 | 8.9 | 9.5 | 7.6 | | 净 ...