Core Viewpoint - The IPO of "沪上阿姨" (Hushang Ayi) has generated significant interest, with a strong opening price and high subscription rates, indicating robust market demand for new tea beverage brands in Hong Kong [2][3]. Company Overview - "沪上阿姨" was founded by a couple, inspired by local tea shops, and has evolved from a small business to a significant player in the tea beverage market, with a focus on "五谷茶" (five-grain tea) and a variety of products [4][6]. - The company has expanded aggressively, particularly into lower-tier cities, and has seen rapid growth in store numbers and sales, reaching 7,789 stores by the end of 2023 [6][8]. Financial Performance - The company reported significant revenue growth from 2021 to 2023, with GMV increasing from 41.61 billion yuan to 97.32 billion yuan, and total revenue rising from 16.40 billion yuan to 33.48 billion yuan [6][8]. - However, the company faces challenges with declining average store GMV and profitability, with a net profit margin of only 10.1% [8][9]. Market Position - As of the end of 2023, "沪上阿姨" holds a market share of 4.6%, ranking fifth among tea beverage brands in China, behind "蜜雪冰城" (Mixue), "古茗" (Guming), "茶百道" (Chabaidao), and "霸王茶姬" (Chagee) [10]. - The competitive landscape is intensifying, with many brands vying for market share in the mid-range segment, which is the most competitive area [11][13]. Expansion Strategy - The company has adopted a franchise model for rapid expansion, with a significant portion of its stores located in second-tier and below cities, accounting for 71.85% of its total stores [8][13]. - "沪上阿姨" is also exploring international markets, particularly in Southeast Asia, where the tea beverage market is expected to grow rapidly [14][15]. Challenges and Risks - The company has faced operational challenges, including high closure rates of franchise stores and issues with brand recognition and consumer loyalty [9][13]. - The overall tea beverage market is transitioning from growth to a more competitive environment, necessitating a focus on operational efficiency and capital management [16].

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]