Core Viewpoint - The successful IPO of "沪上阿姨" (Hushang Ayi) marks another significant entry in the tea beverage market, showcasing strong investor interest and a robust business model that has led to rapid expansion and substantial revenue growth [2][10]. Company Overview - "沪上阿姨" was founded by the couple Dan Weijun and Zhou Rongrong, who transitioned from their jobs at Amway China to capitalize on the booming tea beverage market in Shanghai [4]. - The company has grown to nearly 10,000 stores, with over 1.15 billion registered members and annual revenue exceeding 3.2 billion yuan [2][7]. Business Expansion and Strategy - The company initially opened its first store in July 2013, quickly gaining popularity and expanding into lower-tier cities through a franchise model [4][5]. - By 2023, the number of stores increased from 5,307 in 2022 to 7,789, with projections to surpass 9,000 by the end of 2024 [5]. Product Offerings - "沪上阿姨" offers a diverse range of products, including fresh fruit tea, multi-ingredient milk tea, and coffee, with prices generally ranging from 7 to 22 yuan [8]. - The company has consistently innovated, launching over 100 new products annually to meet consumer demands [8]. Financial Performance - The company's GMV rose from 6.068 billion yuan in 2022 to 9.732 billion yuan in 2023, with projections of 10.736 billion yuan in 2024 [9]. - Revenue and profit increased significantly, from 2.199 billion yuan and 149 million yuan in 2022 to 3.348 billion yuan and 388 million yuan in 2023, although a slight decline is expected in 2024 due to increased competition [9]. Market Position and Competition - "沪上阿姨" has established itself as a national brand, with a significant presence in lower-tier cities, but faces competition from other established brands like "蜜雪冰城" and "奈雪的茶" [5][9]. - The company’s valuation has increased significantly, reflecting strong investor confidence and market potential [5].

Group 1 - The company, known as "沪上阿姨," plans to conduct an IPO from April 28 to May 2, 2025, offering 2.41134 million H-shares, with 10% allocated for Hong Kong and 90% for international sales, and an over-allotment option of up to 15% [1] - As of December 31, 2023, the company operates the fourth largest network of fresh tea beverage stores in China, with a significant presence in lower-tier markets, and has been recognized as the fastest-growing brand among the top five fresh tea beverage brands by store count and GMV growth rate [2] - The company has expanded its product offerings since its inception in 2013, including the introduction of "五谷奶茶" and fresh fruit tea, leading to nationwide expansion with 9,176 stores across major cities and provinces by December 31, 2024 [2] Group 2 - The company's revenue primarily comes from franchise and self-operated stores, including sales of goods and franchise service fees, which are linked to the purchasing amounts of franchisees [3] - The company experienced significant growth, with the total number of stores increasing from 5,307 in 2022 to 7,789 in 2023 (a 46.8% increase) and further to 9,176 in 2024 (a 17.8% increase), while GMV rose from 6.068 billion yuan in 2022 to 9.7318 billion yuan in 2023 (a 60.4% increase) [4] - The company's total revenue increased from 2.199 billion yuan in 2022 to 3.3482 billion yuan in 2023 (a 52.3% increase), with a stable revenue of 3.2846 billion yuan in 2024, and gross profit rose from 586.3 million yuan in 2022 to 1.0174 billion yuan in 2023 (a 73.5% increase) [4] Group 3 - The company estimates that if the share price is set at 103.37 HKD, the net proceeds from the global offering will be approximately 172.7 million HKD, with allocations for digital capabilities, R&D, supply chain enhancements, brand expansion, marketing activities, and working capital [5] - The company has entered cornerstone investment agreements with 盈峰控股 and 华置, with cornerstone investors expected to subscribe to 685,200 H-shares, representing approximately 28.42% of the offering [5]