本报讯 （记者李静）近日，安徽汇旺餐饮管理有限公司旗下新茶饮品牌甜啦啦宣布，经典回归的"甜心 麻薯系列"自11月14日上市即迎来消费热潮：首日销量近20万杯，截至发稿全国累计销量已突破80万 杯，部分门店复购率超15%。 据悉，甜啦啦本次回归的"甜心麻薯系列"，精选的Q弹麻薯，米香浓郁更呈现出拉丝质感，结合草莓、 芒果等果味，打造"咀嚼感+层次感"双重体验。在定价方面，品牌延续"低价格、高价值"策略，以"高质 价比"进一步拉动终端动销。 为配合此次上新，甜啦啦同步启动小程序抢券、抖音直播秒杀、外卖平台专享折扣等组合活动。此外， 线下门店也通过买赠活动等激发用户参与热情与分享意愿。 甜啦啦方面表示："麻薯系列的快速爆发，印证了我们'经典产品+内容焕新'策略的有效性。未来我们将 继续挖掘热门产品核心卖点，结合区域节点与用户场景，持续打造兼具口碑与销量的国民饮品。" ...

" 转道港股 " 几乎成了中概公司心照不宣的 Plan B。 现在，感觉所有的中概股企业都想去香港 IPO。 近日，有自媒体报道称，茶颜悦色可能要从美股转到港股 IPO 了。还有 Shein，历经波折后，此前也被传出可能要去港股上市。 这不是错觉。从 2024 年下半年开始，" 转道港股 " 几乎成了中概公司心照不宣的 Plan B：美元基金需要退出、境外架构已经搭好、A 股 门槛一时半会儿迈不过去，港交所自然成了 " 公约数 "。 明面上，茶颜悦色和 Shein 可能只是两条最容易被看见的船——水面下，还有更多公司已经悄悄调头。 茶颜悦色 IPO，已被传 5 次 还是得等官方通告 若算上本次，就是第 5 次了，且仅仅 2024 年就有 3 次传言。感觉无论真假，茶颜悦色压根也没辟谣的必要，" 狼来的次数太多 "，即便 真的 IPO 也没人再敢信。还是得等官方通告。 截至 2024 年 11 月，茶颜悦色全国在营门店 732 家，其中 60% 在湖南。据报道，公司 2023 年净利润超过 6 亿元，2024 年「略高于去 年」。对比已经递表的古茗（9001 家店、2023 年净利 10.5 亿元）和蜜雪冰城（ ...

Core Viewpoint - The trend of Chinese companies considering a shift from U.S. IPOs to Hong Kong IPOs has become an unspoken Plan B, driven by various market conditions and regulatory challenges [2][4][12]. Group 1: Companies Considering Hong Kong IPOs - Companies like Cha Yan Yue Se and Shein are reportedly planning to transition to Hong Kong for their IPOs, reflecting a broader trend among Chinese firms [2][11]. - Cha Yan Yue Se has been rumored to be planning a Hong Kong IPO multiple times, with the latest reports indicating potential collaboration with investment banks like CICC and Morgan Stanley [6][7][12]. - Shein's IPO journey has been particularly tumultuous, having attempted listings in the U.S. and London before considering Hong Kong, with a current estimated valuation of around $50 billion [11][12]. Group 2: Other Companies in the Pipeline - Other companies such as Ba Wang Cha Ji, Mi Xue Bing Cheng, and ByteDance are also reported to be shifting their focus to Hong Kong for potential IPOs [13][15]. - Ba Wang Cha Ji initially planned to raise $300 million in the U.S. but has now signed agreements with banks for a Hong Kong listing [13]. - Mi Xue Bing Cheng and Hu Shang A Yi have submitted applications to the Hong Kong Stock Exchange, although they faced setbacks with their prospectuses [13][14]. Group 3: Market Context and Implications - The shift to Hong Kong is seen as a response to the challenges faced by Chinese companies in the U.S. market, including regulatory scrutiny and market conditions [2][12]. - The increasing number of companies considering Hong Kong listings suggests a significant change in the landscape for Chinese IPOs, with many firms now viewing it as a more viable option [2][12].

Core Insights - The Chinese consumer market is experiencing polarization, with consumers becoming more rational in their purchasing decisions while also increasing their willingness to spend on emotional and personalized experiences [1] - The "emotional economy" is emerging, driven by social media and innovative marketing strategies, with the market size expected to exceed 2.3 trillion yuan in 2024 and surpass 4.5 trillion yuan by 2029 [1] - Brands face the challenge of balancing consumer savings and spending while building lasting emotional connections with consumers [1] Group 1: Consumer Behavior - Consumers are increasingly focused on value for money, durability, and rational purchasing, as evidenced by the fading significance of traditional shopping festivals like "Double 11" [1] - The rise of emotional spending reflects a growing segment of consumers willing to pay a premium for emotional resonance and personalized experiences [1] Group 2: Brand Strategies - Chen Yingrang emphasizes that businesses should focus on core operations and innovate to meet consumer needs, using examples from Kang Shifu's product line to attract younger consumers [2] - Dai Tana from Erdos highlights the importance of creativity in fashion branding to differentiate in a competitive market, stating that quality and effective communication are key to engaging consumers [2] - Wei Zhe from Jia Yu Capital notes that the shift from price-performance ratio to value-driven consumption is crucial, suggesting that brands must navigate between rational and emotional consumer needs [3] Group 3: Market Trends - The new tea beverage sector is becoming a prominent area for consumer IPOs, with brands like Gu Ming and Mi Xue Bing Cheng gaining significant attention from investors [2] - The discussion among industry leaders indicates that future consumer brands must prioritize consumer service and insights to thrive, balancing quality and price effectively [3]

Core Insights - The dessert "solid mango pomelo sago" has become a trending topic on social media, following the popularity of "milk skin candied hawthorn" [1] - The ingredients of the solid version closely resemble those used in popular fresh fruit tea products from new tea brands, prompting consumer requests for an "official version" from these brands [1] - Tea brand Cha Bai Dao quickly launched the solid mango pomelo sago in response to market demand, highlighting the product's appeal and consumer interest [2] Product Details - The solid mango pomelo sago is made with half a mango as the base, layered with yogurt or cream, and includes pomelo pieces and sago, transforming it into a portable dessert [1] - The original mango pomelo sago is a Cantonese dessert made with grapefruit, mango, sago, and coconut milk, known for its sweet and sour flavor profile [1] Market Response - On November 5, Cha Bai Dao released a tutorial on social media for consumers to recreate the dessert using store ingredients, leading to a surge of requests for the product [2] - The solid version was launched in stores and achieved nearly 250,000 cups sold on its first day nationwide, indicating strong consumer demand [2] - The product retains the DIY concept while enhancing it with fresh mango chunks and probiotic yogurt for a richer taste, along with additional ingredients like taro balls, pudding, sago, and pomelo to diversify the flavor profile [2]

Core Insights - The dessert "solid mango pomelo sago" has become a trending topic on social media, following the popularity of "milk skin candied hawthorn" [1] - The ingredients for the solid version closely resemble those used in popular fresh fruit tea products from new tea brands, prompting consumer requests for an "official version" from these brands [1] - Tea brand Cha Bai Dao quickly launched the solid mango pomelo sago in response to market demand [1] Product Details - Mango pomelo sago is a traditional Cantonese dessert made with grapefruit, mango, sago, and coconut milk, known for its sweet and sour flavor [1] - The solid version consists of a base of half a mango, layered with yogurt or cream, and topped with grapefruit pieces and sago, making it a portable dessert [1] - On November 5, Cha Bai Dao released a tutorial on social media for consumers to recreate the dessert using store ingredients, leading to a surge of requests for the product [2] Sales Performance - The solid version of mango pomelo sago achieved nearly 250,000 cups sold nationwide on its first day of launch [2] - The product retains the core DIY concept while enhancing it with fresh mango chunks and live bacteria yogurt for a richer taste [2] - Additional ingredients like taro balls, pudding, sago, and grapefruit have been included to enhance the flavor profile [2]

Core Insights - The emergence of "solid mango pomelo sago" as a trending dessert has captured significant attention on social media platforms, leading to a surge in DIY attempts and industry-wide responses [1][3][6] - The product features a base of halved mango topped with yogurt and garnished with grapefruit, sago, and other toppings, transforming the traditional dessert into a portable version [1][6] Industry Response - Tea Baidao, a new tea beverage brand, responded to consumer demand by launching its version of solid mango pomelo sago, achieving nearly 250,000 cups sold on the first day of release [6] - The brand engaged with consumers on social media, providing tutorials for recreating the dessert, which resulted in overwhelming requests for an official version [3][6] Consumer Behavior - The popularity of the dessert reflects a shift in consumer roles, where they are not just passive recipients of trends but active creators and disseminators of new food ideas [6] - The discussions on social media platforms indicate a strong consumer interest and engagement, with many expressing excitement and frustration over product availability [6]

Group 1 - The Hong Kong consumer sector is experiencing slight fluctuations, with the Hong Kong Consumer ETF (513230) down nearly 0.5% as of the report [1] - Notable performers include Samsonite, which surged over 18%, and other companies like Lao Pu Gold and Techtronic Industries, which rose over 2% [1] - The total transaction value for Tmall's Double 11 reached 540.3 billion yuan, showing steady growth compared to last year, while JD's 11.11 sales exceeded 349.1 billion yuan, marking a historical high [1] Group 2 - The recent policies from the Ministry of Finance and the National Bureau of Statistics indicate a focus on boosting consumption, with the CPI rising by 0.2% year-on-year, reversing the previous month's decline [1] - The new tax exemption policy effective from November 1 includes popular categories like mobile phones and sports goods, benefiting related companies in the Hong Kong consumer chain [1] - The digital economy is being emphasized in the "14th Five-Year Plan," promoting the integration of digital and real economies, which is expected to enhance AI applications [2]

Core Viewpoint - The stock of Hu Shang A Yi (02589.HK) has shown significant volatility, with a recent surge of nearly 35% before closing at a 28.96% increase, indicating a potential recovery after a prolonged decline since its IPO [1] Company Developments - Hu Shang A Yi announced a ten-year H-share incentive plan, with a cap of 5% of the total share capital, aimed at incentivizing core talent through restricted stock [3] - The company has launched a new sub-brand "Tea Waterfall" targeting Generation Z and students, focusing on products priced below 10 yuan, differentiating its positioning from the main brand [3] - As of now, Hu Shang A Yi has 10,739 stores nationwide, a net increase of 1,303 stores since June 2023, achieving its goal of 10,000 stores set by the founder earlier this year [3] Financial Performance - For the first half of 2025, Hu Shang A Yi reported a gross profit of 572 million yuan, a 10.4% increase from 518 million yuan in the same period last year, maintaining a gross margin of 31.4% [4] - The average daily GMV per store has shown fluctuations, with figures of 4,109 yuan, 4,270 yuan, and 3,753 yuan for the years 2022 to 2024 respectively [4] Industry Context - The new tea beverage industry is transitioning from rapid growth to a more refined approach, with the growth rate slowing down and competition intensifying among leading companies [5] - Industry forecasts predict revenue growth rates for Hu Shang A Yi of 28%, 19%, and 15% from 2025 to 2027, with net profit growth rates of 46%, 33%, and 17%, indicating a downward trend [5]

Core Viewpoint - The stock of Hu Shang A Yi has shown significant volatility, with a recent surge of nearly 29% after a period of decline since its IPO, indicating a potential recovery phase for the company [1][4]. Company Developments - Hu Shang A Yi announced a ten-year H-share incentive plan, with a cap of 5% of the total share capital, aimed at incentivizing core talent through restricted stock [3]. - The company is launching a sub-brand "Tea Waterfall" targeting Generation Z and students, focusing on products priced below 10 yuan, which differentiates it from the main brand [3]. - The brand has expanded its store count to 10,739, a net increase of 1,303 stores since June, achieving its "10,000 store plan" [5]. Financial Performance - The latest financial report for the first half of 2025 shows a gross profit of 572 million yuan, a 10.4% increase from the previous year, with a gross margin of 31.4% [5]. - Daily average GMV per store has shown a decline from 4,109 yuan in 2022 to 3,753 yuan in 2024, indicating potential challenges in sales performance [5]. Industry Context - The new tea beverage industry is transitioning from rapid growth to a more mature phase, with a shift from "barbaric growth" to "refined cultivation," suggesting increased competition among leading companies [6]. - The growth rate predictions for Hu Shang A Yi's revenue from 2025 to 2027 are 28%, 19%, and 15%, respectively, with net profit growth rates of 46%, 33%, and 17%, indicating a downward trend [6].