来源：源媒汇 作者：童画｜编辑：苏淮 即将到来的11月，就是董秘王娟入职沪上阿姨的第三年。 在过去的近三年时间里，王娟不仅帮助沪上阿姨完成了几轮融资，同时还将这家号称"北方排名第一、 中国排名第三的中价现制茶饮店品牌"运作到港股上市。 IPO并非一家企业价值体现的结束，反而是价值重估的开始。但是，上市之后的沪上阿姨，似乎并未得 到资本市场的认可，截至10月20日收盘，股价报收107.20港元，已经跌破113.12港元的发行价。 2022年11月，王娟加入沪上阿姨担任董秘，并且获委任为联席公司秘书（注：港股市场的董秘称呼）。 同时，在消费需求疲软与茶饮市场价格战加剧的双重压力下，沪上阿姨喊了两年的"万店计划"至今仍未 达标，与此同时还要面临不少消费者的投诉，而这些又反过来影响投资者对公司中长期价值的判断。 作为董秘的王娟，该如何向资本市场讲述一个沪上阿姨的新故事？ 01 上市5个月后股价破发 天眼查显示，沪上阿姨成立于2013年11月8日，注册资本约为1.05亿元，法定代表人是单卫钧，同时他 也是公司创始人、董事会主席。 | 沪上阿姨（上海）实业股份有限公司 存续 | | | --- | --- | | 曾用名 ...

Core Insights - The new tea beverage industry is experiencing a slowdown in store opening speed, with a total of 116,978 stores as of June 2025, reflecting a growth of only 0.74% compared to the end of 2024 [1][2] - The brand landscape is undergoing significant changes, with leading brands expanding steadily while many mid-tier brands face closures, indicating an accelerated process of "survival of the fittest" [1][3] Brand Expansion and Performance - Among the 26 tracked brands, 11 showed positive growth in store numbers, with leading brands like Mixue Ice City and Gu Ming showing robust expansion rates of 4.69% and 9.69% respectively [2][3] - Notable closures were observed in mid-tier brands, with Shuyi Burned Grass experiencing the highest net loss of 1,049 stores, a decline of 18.32% [3][4] - The overall trend indicates that the industry is shifting from quantity-focused expansion to quality-driven strategies, with brands like Mixue Ice City and Gu Ming emphasizing deeper market penetration and operational efficiency [6][8] Market Dynamics and Strategy Adjustments - The number of new cities entered by brands has decreased compared to the previous year, with only 11 brands expanding their city presence while 14 brands exited certain cities [6][8] - Brands are increasingly focusing on optimizing their business models, with stricter franchise management and a shift towards enhancing product offerings and customer experiences [7][8] - The industry is moving towards a "tea + " model, integrating elements like baking, light meals, and retail into their store concepts to meet evolving consumer demands [11][12] International Expansion - The U.S. has become a primary target for international expansion, with brands adapting their business models to fit local markets rather than replicating domestic success [14][21] - Key brands like Heytea and Bawang Chaji are establishing a presence in major U.S. cities, focusing on high-end positioning and localized product offerings [18][19] - The U.S. market for ready-to-drink tea is projected to grow significantly, with a potential market size increase of 5 to 10 times by 2030, driven by favorable consumer preferences [21]

Core Viewpoint - Naixue's rebranding effort, aimed at internationalization, has not resonated with consumers and has led to a decline in market value, reflecting deeper issues within the new tea beverage industry [1][3][9] Financial Performance - In 2024, Naixue reported revenue of 4.92 billion yuan, a year-on-year decline of 4.7%, with an adjusted net loss of 919 million yuan [3] - Since its IPO, Naixue has only briefly returned to profitability in 2023, with a profit of 13 million yuan [3] - The company's market capitalization has plummeted over 93% from 34 billion yuan at IPO to approximately 1.995 billion yuan [6][8] Market Position and Strategy - Naixue's direct sales model, which aims to replicate Starbucks' "third space" experience, has faced significant cost challenges, with employee costs at 29.2% and raw material costs at 36.8% [5] - The average daily sales per store have decreased from 12,700 yuan in 2018 to 8,900 yuan in first-tier cities by 2024 [5] - Naixue's focus on a premium pricing strategy has led to a disconnect with the market, as competitors have successfully captured the lower price segments [5][6] Competitive Landscape - The new tea beverage industry is shifting towards a franchise model, with competitors like Mixue Ice Cream leading with 23,000 stores and a net profit of 4.45 billion yuan in 2024 [6] - Naixue has only 345 franchise stores, significantly lagging behind competitors, and has seen a reduction in direct stores [6][7] - The market is increasingly dominated by brands that offer lower prices and greater efficiency, with Naixue struggling to maintain its market share [8] Brand and Product Development - Naixue's recent rebranding has been criticized for lacking clarity and failing to address underlying performance issues [1][3] - The company is attempting to pivot towards health-oriented products, but faces challenges with high costs and low repeat purchase rates [7] - The introduction of new store formats and reduced franchise fees are part of Naixue's strategy to regain market traction, but their effectiveness remains uncertain [7][9]