以下文章来源于小牛财经Pro ，作者小牛财经 小牛财经Pro . 财报拆解专家，长期关注大A、港美股市场，在这里读懂投资机会！ （V：ThedreamdayC） 有 预制 菜，就 有 预制 茶 。 三季度 的茶饮 公司财报， 上演着一幕真实的 " 冰与火之歌 " 。 一边是香飘飘这种传统巨头 营收净利双降 ， 一边是蜜雪冰城、古茗等新茶饮营收利润双双 增长 。 这不仅仅是几家公司业绩的起伏，更是中国 茶饮 消费市场一场深刻变革的缩影。 冲泡奶茶销量持续 萎缩，现制奶茶一路狂飙， 谁才是千亿红海市场中的 "突围者"？ 国民奶茶业绩断崖下滑 曾几何时，香飘飘作为"国民奶茶第一股"，凭借着"香飘飘奶茶一年卖出3亿多杯，能环绕地 球一圈"的广告宣传语深入人心，销量惊人。 然而，如今的香飘飘却面临前所未有的挑战。 今年半年报，香飘飘营收10.35亿元，同比下滑12.21%；归属于母公司股东的净利润亏损 0.97亿元，同比骤降230.13%。 这种业绩断崖式下降的背后，是香飘飘传统支柱冲泡业务持续性萎缩和外部市场变化的双重 挤压。 财报显示，报告期内其冲泡类产品销售收入同比下降31.04%，成为拖累整体业绩的主因。 面对 ...

Core Viewpoint - Hu Shang A Yi is launching an IPO in Hong Kong, aiming to raise funds for digital capabilities, supply chain improvements, and brand expansion amidst a competitive tea beverage market [2][5][21] Company Overview - Hu Shang A Yi plans to globally offer approximately 2.41 million H-shares at a price range of HKD 95.57 to HKD 113.12 per share, with trading expected to start on May 8 [4][5] - The company is the fifth largest tea beverage brand in China, holding a market share of 4.6% as of 2023 [2] - Founded in 2013, Hu Shang A Yi offers a variety of products, including fruit teas and milk teas, and has developed a brand matrix including sub-brands [6] Financial Performance - For 2024, Hu Shang A Yi projects revenue of CNY 3.285 billion, a year-on-year decline of 1.88%, with net profit expected to be CNY 329 million, down 15.21% [8][7] - The company's adjusted net profits from 2022 to 2024 were CNY 154 million, CNY 416 million, and CNY 418 million respectively [8] - The gross margin has improved from 26.7% in 2022 to 31.3% in 2024 [12] Market Position and Competition - The tea beverage market is experiencing intensified competition, with brands competing on store numbers, brand effects, and supply chain capabilities [3][21] - Hu Shang A Yi's revenue growth has slowed, with a significant reliance on franchise income, which accounted for over 95% of total revenue in 2024 [13][14] - The average annual GMV per store decreased from CNY 1.6 million in 2023 to CNY 1.4 million in 2024, indicating increased operational pressure [17][16] Store Expansion and Challenges - As of December 31, 2024, Hu Shang A Yi operated 9,176 stores, a 17.8% increase year-on-year, but the pace of new store openings has slowed significantly [18][19] - The company added 1,387 new stores in 2024, which is about half of the previous year's additions [18] - The distribution of stores shows that over 50% are located in third-tier cities and below, reflecting a strategic focus on these markets [19] Industry Trends - The new tea beverage market's growth rate is expected to decline from 44.3% in 2023 to 12.4% by 2025, indicating a potential slowdown in overall market expansion [20] - The industry is facing challenges such as price wars and a lack of significant differentiation among brands, which may impact long-term sustainability [21]