Core Viewpoint - The successful IPO of Hu Shang Ayi on May 8, 2023, highlights strong market interest, with a subscription multiple of nearly 3400 times and a total subscription amount exceeding 92 billion HKD, making it one of the hottest new stocks post-regulatory changes in Hong Kong [1] Group 1: Company Overview - Hu Shang Ayi was founded in 2013 and gained national popularity with its "blood glutinous rice milk tea" [1] - As of 2024, the company operates over 9,000 stores, with more than half located in tier-three and below cities, and 99.7% of its stores are franchisee-operated [2] - The company has three brand concepts: Hu Shang Ayi, Hu Ka, and Qing Xiang Ban, focusing on freshly made beverages and coffee [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY, respectively, with net profits of 149 million CNY, 388 million CNY, and 329 million CNY [2] - A slight revenue decline of 1.9% is projected for 2024, attributed to decreased income from franchises and self-operated stores [2] - The number of closed franchise stores in 2022, 2023, and 2024 was 393, 370, and 987, respectively [2] Group 3: Market Strategy and Challenges - Approximately 25% of the IPO funds will be allocated to enhancing digital capabilities and optimizing membership management systems [2] - The average GMV per franchise store decreased from 1.6 million CNY in 2023 to 1.4 million CNY in 2024, impacting the demand for ingredients and raw materials [3] - Despite challenges, the company continues to expand its franchise network, particularly in tier-two and tier-three cities, while reducing its presence in new first-tier cities [3]

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 战略性聚焦下沉市场。 据 IPO早知道消息， 沪上阿姨 (上海)实业股份有限公司 （以下简称 " 沪上阿姨 "）日前已通过港交 所聆讯并于4月23日披露通过聆讯后的资料集，中信、海通国际和东方证券（国际）担任联席保荐 人。 2013年，第一家沪上阿姨门店在上海开业。 目前，沪上阿姨旗下拥有主要品牌「沪上阿姨」、 2022年推出的「沪咖」以及2023年推出的「 轻享版 」。 其中， 2024年3月，"轻享版"升级至2.0 版本，并正式推出"茶瀑布"，进一步捕捉下沉市场需求 。 截至 2024年12月31日，沪上阿姨的门店网络有9,176 家 门店，覆盖中国全部四个直辖市，以及位 于五个自治区及 22个省份的300多个城市 ， 门店网络覆盖北至中国黑龙江省漠河，南至中国海南省 三亚。 截至 2025年4月18日，沪上阿姨 的门店网络 进一步增至 9,367 家门 店 ；截至同日，已 有 395家 茶瀑布门店 。 从线级城市分布看， 2024年沪上阿姨在一线、新一线、二线、三线及以下城市门店占比分别为 7.5%、20.7%、2 ...