Core Viewpoint - The article discusses the recent IPO of "沪上阿姨" (Hushang Ayi), a tea beverage company, highlighting its market performance, growth strategies, and challenges in a competitive landscape [1][4][34]. Group 1: Company Overview - "沪上阿姨" was founded in 2013 by 单卫钧 and 周蓉蓉, inspired by a local tea shop in Shanghai [10]. - The company has differentiated itself with products like "五谷奶茶" and has expanded its offerings to include fresh fruit tea and other beverages [11][13]. - As of December 31, 2024, "沪上阿姨" operates 9,176 stores, with 99.7% of them being franchise-operated [13][15]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion, 3.348 billion, and 3.285 billion yuan respectively, with net profits of 149 million, 388 million, and 329 million yuan [15][16]. - The decline in revenue for 2024 is attributed to reduced income from franchises and self-operated stores, alongside increased competition in the tea beverage industry [16]. Group 3: Market Position and Strategy - "沪上阿姨" focuses on the lower-tier market, with over 50% of its stores located in third-tier cities and below, and it ranks first among mid-priced tea beverage brands in northern China [13][34]. - The company aims to enhance its brand presence and expand its store network, with approximately 15% of the IPO proceeds allocated for this purpose [37]. Group 4: Competitive Landscape - The tea beverage market is highly competitive, with "沪上阿姨" facing challenges from other brands in the same price range, such as 茶百道 and 古茗 [34]. - The average single-store GMV decreased from 1.6 million yuan in 2023 to 1.4 million yuan in 2024, indicating increased competition and market saturation [37]. - The coffee segment, where "沪上阿姨" also operates through its "沪咖" brand, is experiencing similar competitive pressures, with the company holding a mere 0.2% market share in the fresh coffee market [36][37].

Core Viewpoint - The listing of "Hushang Ayi" on the Hong Kong Stock Exchange marks a significant milestone in the ongoing trend of new tea beverage companies going public, reflecting the growing confidence in the market for ready-to-drink tea products [1][6]. Company Summary - Hushang Ayi was listed on May 8, 2023, with an initial offering price of HKD 113.12 per share, equivalent to the price of approximately ten cups of its tea [3]. - The company's stock performed exceptionally well on its debut, reaching a peak of HKD 197.6 per share, a 74.68% increase from the offering price, and closing at HKD 158.40, representing a 40.03% rise, with a total market capitalization of HKD 16.607 billion [3][6]. - Founded in 2013 by a couple who left their corporate jobs, Hushang Ayi has grown from a small 25 square meter shop to a brand with nearly 10,000 stores projected by the end of 2024 [3][5]. Market Context - Hushang Ayi is the fifth new tea beverage company to go public in Hong Kong, following brands like Nayuki, Cha Baidao, and others, indicating a phase of consolidation in the new tea beverage market [1][6]. - The new tea beverage market has shifted from an expansion phase to a focus on high-quality development, with projections indicating the market could exceed RMB 400 billion by 2028 [8]. - The competitive landscape is characterized by a transition from rapid growth to refined operations, emphasizing the importance of supply chain management and product innovation to meet evolving consumer preferences [8]. Competitive Landscape - Hushang Ayi has adopted a mid-price and down-market expansion strategy, with over 52% of its stores located in northern China, where it is the largest mid-priced tea beverage brand [5][6]. - Despite its strong market presence, analysts suggest that Hushang Ayi lacks a robust brand effect and scale efficiency compared to competitors, which may impact its long-term sustainability [7]. - The company has diversified its offerings with premium and budget lines to compete in a crowded market, but it faces challenges in establishing a unique market position [7].

5月8日，沪上阿姨（上海）实业股份有限公司（2589.HK，下称"沪上阿姨"）正式登陆港交所，成为 2025年以来继古茗（1364.HK）、蜜雪集团（2097.HK）、霸王茶姬（CHA.US，股票简称"茶姬控股） 之后的第四家新茶饮上市公司。 （原标题：日卖164万杯，夫妻辞职卖奶茶干出一个150亿元的IPO） 新茶饮品牌正从街边、商场毗邻的门店之争"卷"到资本市场。 5月8日下午，上海正下着大雨，位于人民广场商圈内的两家沪上阿姨门店的下单情况颇为火爆，一度有 上百杯奶茶正在制作当中，等候时间超过1个小时。仅有点餐柜台和操作区的小型店铺内，正挂着时令 水蜜桃饮品和9元柠檬水的宣传立牌。 上海人民广场是沪上阿姨的"发家"之地。2013年7月，沪上阿姨的第一家门店就开设在这里。其售卖 的"五谷奶茶"颇受欢迎，第一个月的销售额就超过30万元。历经十余年的发展，截至2024年年底，沪上 阿姨在全国的门店总数达到9176家，全年的营业收入为32.85亿元，总销售量为5.99亿杯，GMV（商品 交易总额）为107.36亿元。以 上述数据计算，沪上阿姨2024年平均每天卖出约164万杯，产品销售总额接近3000万元。 据灼 ...

奈雪的茶、茶百道、古茗、蜜雪冰城之后，港股迎来"第五杯奶茶"。 沪上阿姨4月28日起正式开启招股，5月8日正式登陆港股。今日IPO，沪上阿姨发行约241.13 万H股，开盘价为190.6港元，较发行价上涨超过六成，市值 一度超过206亿港元。5月7日晚间，沪上阿姨发布配发结果，香港公开发售最终发售股份数量（经重新分配后调整）为120.57万股，国际发售的最终发售 股份数量（经重新分配后调整）为120.57万股。最终发售价为每股113.12港元，全球发售净筹约1.95亿港元。其中，香港公开发售获3616.83倍认购，国际 发售获2.57倍认购，人气仅次于蜜雪冰城。 在本次IPO发行中，沪上阿姨共引入两位基石投资者，累计认购921.55万美元。其中，"美的太子"剑锋的盈峰集团认购644.04万美元，华宝股份 （300741.SZ）认购277.41万美元。 其火爆程度带动茶饮股早盘集体走高。5月2日，奈雪的茶大涨超12%，古茗涨近8%股价创历史新高，蜜雪集团、茶百道涨超1%。 新茶饮为何在近几年扎堆上市？梯队层级明显，"雪王"领跑地位或难以撼动，行业竞争加剧，如何找到新的增长点？ 24年闭店千家，沪上阿姨还能奔跑多 ...

今年第四家新茶饮IPO（首次公开募股）公司——沪上阿姨（2589.HK）正式登陆港股市场。 5月8日，沪上阿姨踏入港交所，正式开始挂牌交易。上市首日，沪上阿姨股价大幅高开62.04%，截至午盘收盘，股价上涨52.76%至172.8港元/股，总市值 达到181.2亿港元，以每手30股估算，按照首日最高价计算，则中签一手约赚2534.4港元。 此前，沪上阿姨招股受到了资金的热捧。据沪上阿姨分配结果公告，沪上阿姨公开发售环节最终认购倍数达到3616.83倍，仅次于蜜雪冰城(蜜雪集团、 2097.HK)的5258倍，成为又一只人气茶饮新股。 过去四个多月，中国新茶饮迎来一波上市潮，几乎一个月上市一只新茶饮股。2月古茗(1364.HK)二次冲击港股市场成功，3月蜜雪冰城在港创下冻资纪 录，4月霸王茶姬(CHA.US)登陆美股。而此前"新茶饮第一股"奈雪的茶(2150.HK)2021年上市三年后，才迎来第二只茶饮股茶百道(2555.HK)。 此次沪上阿姨成功上市后，目前港股及美股已有包括奈雪的茶、茶百道、古茗、蜜雪冰城、霸王茶姬、沪上阿姨六只上市新茶饮股，而头部现制新茶饮中 还剩喜茶、茶颜悦色、乐乐茶等少数几家尚未上市。 ...

Group 1 - The new-style tea beverage industry is experiencing a listing boom, with six brands, including Hu Shang A Yi, successfully entering the capital market [1][3] - Hu Shang A Yi's stock price opened 68.49% higher on its first day, reaching HKD 190.6 per share, with a market capitalization of HKD 20 billion, and its public offering was oversubscribed by 3616.83 times, setting a record for new stock subscriptions in Hong Kong this year [1] - The company, founded in 2013, has expanded from "five-grain milk tea" to fresh fruit tea, with 9,176 stores across over 300 cities and a GMV of CNY 10.736 billion by the end of 2024 [1] Group 2 - The Chinese ready-to-drink tea market is projected to reach CNY 374.9 billion by 2025, with the 10-20 CNY price range experiencing the fastest growth [3] - 59.1% of consumers plan to maintain or increase their tea beverage consumption frequency, indicating a shift from "scale expansion" to "efficiency competition" in the industry [3] - The industry is facing intensified competition and slowing growth, with Hu Shang A Yi's revenue expected to decline slightly in 2024 and average single-store GMV decreasing [3][4] Group 3 - Analysts suggest that the new-style milk tea sector is entering a critical phase of consolidation and competition, with many leading companies accelerating their IPOs to strengthen their overall capabilities and financial resources [3][4] - Hu Shang A Yi primarily operates in northern China, where consumer spending power is relatively lower, posing challenges for sustainable development and future market performance [4] - Despite challenges, the new tea beverage industry is viewed as a high-potential sector, with listings like Hu Shang A Yi expected to drive industry integration and upgrades [4]

新京报讯（记者王子扬）5月8日，新茶饮企业沪上阿姨（上海）实业股份有限公司（简称"沪上阿姨"） 正式在港交所主板挂牌上市，成为继奈雪的茶、茶百道、古茗、蜜雪冰城后第五家登陆港交所的新茶饮 企业。上市首日开盘价190.60港元/股，较发行价上涨超68%。富途牛牛5月6日数据显示，沪上阿姨保证 金申购倍数3447.33倍，申购额超940亿港元；5月7日，沪上阿姨港股暗盘涨超60%，受到投资者关注。 根据招股书显示，2022年至2024年，沪上阿姨分别实现营业收入21.99亿元、33.48亿元、32.85亿元。同 期，调整净利润分别达到1.54亿元、4.16亿元、4.18亿元，经营保持相对稳定。2024年沪上阿姨GMV增 长至107.36亿元，微信小程序的注册会员人数达到1.15亿，2024年季度平均活跃会员超1760万人，季度 平均复购率达到了44.3%。 在渗透现有市场的基础上，沪上阿姨将通过发行上市，计划将IPO募集资金用于提升数字化能力、研发 新产品、升级设备、加强供应链能力、扩大门店网络、投资营销活动以及补充营运资金等方面。此外， 公司还表示，未来将积极关注海外新茶饮市场，并计划在马来西亚、菲律宾、北美等 ...

今年以来，新式茶饮品牌密集登陆资本市场。 继2月古茗、3月蜜雪集团赴港上市，4月霸王茶姬赴美上市之后，5月8日，港股市场迎来第5家上市茶饮品牌——沪上阿姨。加上此前已在美股上市的霸王 茶姬，新式茶饮品牌已有6家登陆资本市场。 尤其值得关注的是，在蜜雪冰城上市前，资本市场对新式茶饮品牌一直不太"感冒"，甚至还一度萦绕着"破发魔咒"。但随着蜜雪冰城在今年3月正式登陆 港股市场，整个新式茶饮的热度持续拉升，古茗和蜜雪冰城股价不断上涨。 而沪上阿姨仍在持续这一热度，截至证券时报记者发稿，沪上阿姨大涨超54%。 昨晚暗盘即大涨超60% 沪上阿姨的这一市场表现并不让人意外。在沪上阿姨上市前夜，其暗盘涨幅就已超过60%，富途牛牛还显示，其融资申购倍数达到3447.33倍，融资申购 额超过940亿港元。 而从沪上阿姨来看，其本身的质量也不错。招股书显示，近两年，沪上阿姨的门店快速扩张，由2022年底的5307家，快速增长至2024年底的9176家。根据 灼识咨询，截至2023年12月31日，沪上阿姨是覆盖最多中国城市的中国中价现制茶饮店品牌。 据介绍，沪上阿姨成立于2013年，当时沪上阿姨开设第一家门店售卖"五谷奶茶"——一 ...

继年初新茶饮行业经历一轮上市潮之后，资本市场恢复了短暂的平静。正当业界与投资者纷纷猜测下一个叩响上 市大门的是谁时，新一轮IPO竞争逐渐拉开帷幕。 在霸王茶姬成功登陆纳斯达克半个月后，许久没有更新进展的沪上阿姨也再次传来声音——5月8日以113.12港元的 发行价赴港敲钟，上市即高开68%，成为今年第四家在港交所IPO的新茶饮企业。 现如今，中式茶饮的故事，正在被更多品牌讲到更大的世界中去。 霸王茶姬越洋赴美能否获青睐 根据咨询机构弗若斯特沙利文数据，2025年全球现制茶饮市场规模有望攀升至480亿美元。另据艾瑞咨询研究报 告，以GMV计算，中国现制茶饮市场规模从2019年的1022亿元增长至2024年的2727亿元，年复合增长率达 21.7%，显著高于茶饮市场其他细分领域。报告同时预测，2028年中国现制茶饮市场规模将进一步扩大至4260亿 元，2024~2028年复合增长率为11.8%。 在市场规模快速扩容时，中国现制茶饮行业竞争进入白热化阶段，驱使众多品牌出现分化。从价格分布来看，行 业已形成平价、大众和高端茶饮三大阵营。 涨幅15.86%、总市值60亿美元，一串串上扬的数字为霸王茶姬在纳斯达克上市的首 ...

今年以来，新式茶饮品牌密集登陆资本市场。 继2月古茗、3月蜜雪集团赴港上市，4月霸王茶姬赴美上市之后，5月8日，港股市场迎来第5家上市茶饮品牌——沪上阿姨。加上此前已在美股上市的霸王茶姬，新 式茶饮品牌已有6家登陆资本市场。 尤其值得关注的是，在蜜雪冰城上市前，资本市场对新式茶饮品牌一直不太"感冒"，甚至还一度萦绕着"破发魔咒"。但随着蜜雪冰城在今年3月正式登陆港股市场， 整个新式茶饮的热度持续拉升，古茗和蜜雪冰城股价不断上涨。 而沪上阿姨仍在持续这一热度，截至证券时报记者发稿，沪上阿姨大涨超54%。 昨晚暗盘即大涨超60% 沪上阿姨的这一市场表现并不让人意外。在沪上阿姨上市前夜，其暗盘涨幅就已超过60%，富途牛牛还显示，其融资申购倍数达到3447.33倍，融资申购额超过940 亿港元。 | 富途证券 | | | | | --- | --- | --- | --- | | | | | 495.45亿 | | 辉立证券 | | 192.00亿 | | | 信诚证券 | | | | | | 77.00亿 | | | | 老虎国际 | | | | | | 73.03亿 | | | | 耀才证券 | | | | | ...