战略性聚焦下沉市场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 沪上阿姨 (上海)实业股份有限公司 （以下简称 " 沪上阿姨 "）今起招股、至5 月2日结束，并计划于2025年5月8日正式以"2589"为股票代码在港交所主板挂牌上市。 沪上阿姨 计划在本次 IPO中发行 2,411,340股H股 ，其中香港公开发售 2 41, 1 40股H股 ，国际发 售 2, 170 , 20 0股H股 。 值得注意的是， 截至 2023年12月31日， 沪上阿姨 新店的估计初始投资成本平均约为 275,000 元，低于中国中价现制茶饮店行业约350,000元的平均初始投资成本。截至2024年12月31日，在 沪上阿姨 的 5,455名加盟商中， 有 3 0.0%或1,637名加盟商开设一 家 以上的门店。 2024年，有 48.8%或1,164 家 新加盟店由现有加盟商开设。 2023年 和 2024年，沪上阿姨的季度平均活跃会员分别 为 1,630万人 和 1,760万人； 同期 ，季 度复购率由 42.2%提升至44.3%。 在本次 IPO发行中 ...

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]

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 战略性聚焦下沉市场。 据 IPO早知道消息， 沪上阿姨 (上海)实业股份有限公司 （以下简称 " 沪上阿姨 "）日前已通过港交 所聆讯并于4月23日披露通过聆讯后的资料集，中信、海通国际和东方证券（国际）担任联席保荐 人。 2013年，第一家沪上阿姨门店在上海开业。 目前，沪上阿姨旗下拥有主要品牌「沪上阿姨」、 2022年推出的「沪咖」以及2023年推出的「 轻享版 」。 其中， 2024年3月，"轻享版"升级至2.0 版本，并正式推出"茶瀑布"，进一步捕捉下沉市场需求 。 截至 2024年12月31日，沪上阿姨的门店网络有9,176 家 门店，覆盖中国全部四个直辖市，以及位 于五个自治区及 22个省份的300多个城市 ， 门店网络覆盖北至中国黑龙江省漠河，南至中国海南省 三亚。 截至 2025年4月18日，沪上阿姨 的门店网络 进一步增至 9,367 家门 店 ；截至同日，已 有 395家 茶瀑布门店 。 从线级城市分布看， 2024年沪上阿姨在一线、新一线、二线、三线及以下城市门店占比分别为 7.5%、20.7%、2 ...

来源：环球网 【环球网报道 记者 姚倩】国内现制茶饮行业正经历深度洗牌。近日，蜜雪集团、奈雪的茶、古茗、茶 百道相继披露2024年业绩，"霸王茶姬"主体茶姬控股也于近日提交招股书，拟赴美上市。不过，在头部 茶饮品牌营收普涨的2024年，奈雪的茶却陷入严重亏损，成为行业剧烈分化下的典型"逆行者"。面对消 费者趋于理性、竞争日益白热化的市场环境，这家曾率先上市的现制茶饮品牌，正经历一场艰难的战略 重构与自我革新。 奈雪业绩"掉队"：从"第一股"到"亏损王" 2024年，上述5家茶饮集团共实现总营收超过558亿元，然而，在这场看似红火的盛宴背后，奈雪的茶交 出的却是一份令人唏嘘的财报。该公司全年营收同比下降4.7%，净亏损高达9.18亿元，是五大头部茶饮 集团中唯一由盈转亏的品牌。 | 年內淨(虧損)／利潤 | (926,255) | 11,166 | | --- | --- | --- | | 加: | | | | 以權益結算以股份為基礎的付款開支() | 7,568 | 9,746 | | 經調整淨(虧損)/利潤(非國際財務報告準則計量) | (918,687) | 20,912 | | 經調整淨(虧損)／利潤 ...

按照2023年的商品销售额及门店数量计算，古茗是中国排名第一的大众现制茶饮店品牌，也是中国第二 大现制茶饮店品牌。在浙江、福建及江西率先实现关键规模的省份以及每个地级市，古茗在全价格带市 场排名第一。截至2024年底，古茗的门店数量达9914家门店，加盟店贡献收入的97%。公司80%的门店 位于二线及以下城市，41%的门店位于乡镇，在低线城市及乡镇的影响力尤为显著。该行看好古茗的产 品创新能力，基于地域加密策略的供应链效率，具备吸引力的股东回报，以及开店潜力。 申万宏源发布研报称，首次覆盖古茗(01364)给予买入评级。古茗当前股价高于港股餐饮股16-18倍的估 值，低于港股茶饮公司蜜雪集团(02097)26倍的估值。考虑到古茗在内业的冷链供应链优势，在中国还 有14个省份尚未进入带来的潜在开店空间，以及股东回报，该行认为公司值得一定的估值溢价，给予 2025年PE估值25倍，计算得出的目标价为21.2港币。 申万宏源主要观点如下： 研发能力强，产品更新快 古茗以"每天一杯喝不腻"为核心理念，主打果茶和奶茶饮品。凭借强大的研发能力，古茗每年推出众多 新品，且新品成功率较高。在截至2023年的三个年度中，十大畅 ...

Mergers and Acquisitions - Quantum Song Group announced a merger investment cooperation with Letsvan, marking a significant entry into the trendy toy market and setting a record for financing in China's trendy toy industry in 2025 [3] - Letsvan will become a wholly-owned subsidiary of Quantum Song, with its financial data included in the group's consolidated financial statements [3] Financing Activities - Xidian Tea completed a Series A financing round of 30 million yuan, led by Guan Feng Yong Yue, aimed at expanding its smart production base and upgrading its international raw material traceability system [4][5] - Huiyi Technology, an internet home decoration service platform, raised several million yuan in Series A financing, which will be used for product iteration and market expansion [6] Company Intelligence - BaWang Tea Ji submitted an IPO application to the SEC, reporting a GMV of 29.5 billion yuan for 2024, a 173% increase year-on-year, with a net profit of 2.515 billion yuan, up 213.3% [7] - Shubao International, focusing on disposable hygiene products, went public with a share price of 0.51 HKD, raising approximately 86 million HKD [8] Market Trends - Cocoa prices have surged due to adverse weather and supply shortages, with Brazil aiming to establish the world's largest cocoa farm, expecting production to reach 300,000 tons by the end of the year [17] - The price of kale has increased from 0.8 yuan to 3.5 yuan per jin due to its popularity among tea brands, although experts warn about the nutritional claims of related products [22] Brand Developments - Lanvin clarified that its recent store closures in China are part of a strategic adjustment and that it will continue to invest in the Chinese market [11] - The second-hand market for luxury watches, including Rolex, has seen significant price drops, with some models losing nearly half their value [20]

Core Viewpoint - The article discusses the rise of BaWang Tea Ji as a significant player in the tea beverage market, highlighting its unique business model and growth strategy amidst a saturated market. The company has demonstrated impressive growth metrics and a focus on efficiency and product quality, positioning itself as a potential leader in the industry. Group 1: Company Overview - BaWang Tea Ji was established in 2017, initially perceived as a minor player in the tea beverage market, but has since emerged as a leading brand with significant growth [1][5]. - The company has shown remarkable growth, with store numbers, GMV, and revenue projected to increase by 83.4%, 172.9%, and 167.4% respectively in 2024 [5]. - BaWang Tea Ji's product concentration is notably high, with three major products accounting for over 60% of its GMV in 2024, and a net profit margin exceeding 20% [6][27]. Group 2: Market Dynamics - The tea beverage market in China has seen substantial growth, with the market size surpassing 200 billion yuan, nearly tripling in five years [11]. - The industry has undergone significant changes, including a shift towards basic consumer goods and a restructured supply chain, which has facilitated the rise of brands like BaWang Tea Ji [10][14]. - The company has capitalized on the trend of health-conscious consumption, emphasizing transparency in product information and nutritional content [35]. Group 3: Business Strategy - BaWang Tea Ji's strategy focuses on a simplified supply chain and product offerings, allowing for high efficiency and rapid expansion, with a peak of 300 new stores opened in a single month [22][21]. - The brand has adopted a unique approach by emphasizing tea over milk in its products, creating a new category of tea beverages and avoiding the pitfalls of product homogeneity [31][37]. - The company aims to establish itself as a modern alternative to traditional tea consumption, similar to how Starbucks transformed coffee drinking habits [49][56]. Group 4: Future Prospects - BaWang Tea Ji is exploring new product lines and modernizing the tea industry, with plans to expand its offerings beyond traditional tea beverages [54][52]. - The brand's growth potential is linked to its ability to appeal to a new generation of consumers, making tea more accessible and enjoyable [47][48]. - The company is positioned to leverage the growing demand for healthier beverage options, aiming to become a staple in consumers' daily routines [36][35].

Core Viewpoint - The article highlights the rapid growth and ambitious expansion plans of the tea beverage brand "霸王茶姬" (Ba Wang Cha Ji), which is preparing for an IPO in the U.S. and has shown impressive financial metrics and marketing strategies, despite facing challenges in same-store sales growth [4][5][6]. Financial Performance - In 2024, Ba Wang Cha Ji's GMV (Gross Merchandise Volume) is projected to reach 29.5 billion yuan, a 173% increase year-over-year. The number of global stores is expected to grow to 6,440, an 83% increase from the previous year. Revenue is forecasted at 12.405 billion yuan, up 167.4%, with a net profit of 2.515 billion yuan, reflecting a 213.3% increase [5][6]. - The brand's average monthly GMV per store is 512,000 yuan, significantly higher than its competitors [5]. Product Strategy - Ba Wang Cha Ji has successfully created the "Tea Latte" category, with 91% of its domestic GMV coming from this product line. Approximately 61% of this GMV is generated from its top three best-selling items [8]. - The brand maintains a highly focused product strategy, with only 10 new products and 3 upgrades in 2024, compared to competitors like Luckin Coffee and Starbucks, which introduced significantly more SKUs [9]. Marketing Strategy - The marketing expenditure for Ba Wang Cha Ji has surged, reaching 1.1 billion yuan in 2024, which is a substantial increase from previous years. This represents 8.9% of its net revenue for that year [10][12]. - The brand has achieved high visibility through aggressive marketing campaigns, including extensive elevator advertising and a strong presence on social media platforms [11][12]. Market Challenges - Despite high growth rates, Ba Wang Cha Ji faces challenges with declining same-store GMV growth, which fell to 1.5% in Q3 2024 and -18.4% in Q4 2024 [15]. - The concentration of stores in southern and eastern China has led to a saturation effect, impacting sales growth in these regions [15][16]. Expansion Plans - Ba Wang Cha Ji is focusing on international expansion, with plans to enhance its presence in Southeast Asia and the U.S. The brand has opened 148 stores in Malaysia and is set to launch its first U.S. store in Los Angeles [17]. - The company aims to use part of the funds raised from its IPO for technology investments, new product development, and expanding its store network both domestically and internationally [16][17].

Core Viewpoint - The article highlights the rapid expansion and unique business model of the tea beverage brand Mixue, which has surpassed Starbucks in the number of stores globally, reaching over 45,000 locations. The brand's success is attributed to its low-cost, high-efficiency supply chain and standardized store operations, allowing it to maintain a high net profit margin despite lower gross margins compared to competitors [1][3][5]. Group 1: Company Overview - Mixue was founded in 1997, initially selling shaved ice, but pivoted to a low-cost ice cream model with a 1 yuan cone, which became a bestseller. The brand focuses on high-quality, affordable products, with top-selling items priced below 7 yuan, accounting for nearly 40% of sales [3][5]. - The company operates primarily through a franchise model, generating 95% of its revenue from the sale of products and equipment to franchisees, while franchise fees contribute less than 5% [5][6]. Group 2: Business Model and Expansion - Mixue's fixed assets account for 28% of total assets, significantly higher than competitors, indicating a heavy investment in production and logistics to support its franchise model. The company produces 60% of its raw materials in-house, enhancing cost efficiency [6][12]. - The average payback period for franchisees is 14-16 months, shorter than the industry average of 18-24 months, making it an attractive option for potential franchisees [7][8]. Group 3: Supply Chain and Operational Efficiency - Mixue has built a vertically integrated supply chain, controlling raw material sourcing, production, and logistics. This includes direct procurement from farms and self-built production facilities, which lowers costs by 20-40% compared to external suppliers [10][15]. - The company employs a standardized operational model, ensuring consistency in product quality and efficiency across its stores. This includes a centralized training program and strict compliance monitoring [16][17]. Group 4: Competitive Landscape - In the low-end tea beverage market (priced below 10 yuan), Mixue holds over 30% market share, significantly outpacing local competitors. The brand's efficient supply chain and operational model create a formidable barrier to entry for new players [21][22]. - The high-end and mid-range segments of the market are more fragmented and competitive, with many brands vying for market share, but Mixue's focus on low-cost offerings positions it uniquely in the market [19][20]. Group 5: Brand and Marketing Strategy - Mixue has developed a unique brand identity through its character "Xue Wang," which has become a central element of its marketing strategy. This IP has enhanced customer engagement and brand recognition [22][24]. - The brand's marketing efforts leverage social media and various platforms to promote its character, further solidifying its market presence and consumer loyalty [23][24].