"备案制改革打通了跨境资本流动的'最后一公里'。"中信证券首席策略师裘翔分析，政策透明度提升直接激发企业申 报热情。目前，除保密企业外，168家企业正处于备案流程中，其中133家处于"补充材料"阶段，覆盖新消费、生物医 药、新能源等战略新兴领域。 A+H双融资平台崛起，龙头企业领衔国际化 宁德时代、恒瑞医药等A股龙头接连登陆港股，牧原股份、三一重工等超百家行业领军企业密集递交境外上市申请 ——2025年开年以来，中资企业赴境外上市热潮持续升温。监管层释放的"备案质效提升""跨境融资便利化"等政策红 利，正加速重构中国企业全球化资本布局新版图。 备案效率革命：从"百日审批"到"25天闪电过审" Wind数据显示，截至5月28日，今年已有35家中企登陆美股、20家登陆港股，双双超过去年同期水平。备案效率的跨 越式提升成为核心驱动力：证监会备案审核周期从2024年的平均100日以上压缩至60日内，宁德时代更以25天创下H股 备案最快纪录。 恒瑞医药港股上市获455倍超额认购、宁德时代认购倍数达151倍——资本市场用真金白银为中资龙头背书。牧原股份 5月27日递交港股上市申请，标志着"A+H"阵营再添重磅成员。当前， ...

Group 1 - The recent surge in Chinese companies listing abroad, including major firms like CATL and Hengrui Medicine, reflects a growing trend in cross-border IPOs driven by improved regulatory efficiency and support from authorities [1][2][3] - As of May 28, 2023, 35 Chinese companies have gone public in the US, surpassing last year's total of 25, while 20 companies have listed in Hong Kong, exceeding last year's 16 [1] - The China Securities Regulatory Commission (CSRC) has significantly reduced the review time for overseas listing applications from over 100 days to under 60 days, with CATL achieving a record approval time of just 25 days [1] Group 2 - Consumer-oriented companies, particularly in the new beverage sector, are leading the wave of overseas listings, with several brands like Gu Ming and Mi Xue Group successfully listing in Hong Kong and the US [2] - There are currently 168 companies in the overseas listing application process, with 133 in the "supplementary materials" stage and 35 "accepted," primarily in sectors like new consumption, biomedicine, and new energy [2] - Deloitte predicts that by 2025, around 80 new stocks will be listed in Hong Kong, raising between HKD 130 billion to 150 billion, mainly from large A-share companies and tech firms [2] Group 3 - The "A+H" listing model is expanding, with companies like Muyuan Foods and Hengrui Medicine recently applying for H-share listings in Hong Kong, highlighting a trend of dual listings [3] - The increase in A-share companies listing in Hong Kong is attributed to strategic international expansion, regulatory conveniences, and improved liquidity in the Hong Kong market [3] Group 4 - The CSRC has introduced policies to enhance the overseas listing process, including the "惠港5条" policy, which aims to optimize the scope of stocks eligible for trading through the Shanghai-Hong Kong Stock Connect [3] - The Hong Kong Stock Exchange has lowered the listing thresholds for "A+H" shares and introduced a special channel for tech companies, encouraging more mainland firms to list in Hong Kong [3] Group 5 - The regulatory environment for overseas listings is expected to improve further, with the CSRC focusing on enhancing transparency and communication with international investors [4][5] - The People's Bank of China and the State Administration of Foreign Exchange are working on policies to facilitate cross-border financing for domestic companies, addressing concerns about the efficiency of fund management during overseas listings [5] Group 6 - International institutions are expressing support for the globalization of Chinese companies, with the Singapore Exchange enhancing its secondary listing framework to attract Chinese firms listed in Hong Kong and the US [6]

2025.05. 22 本文字数：1528，阅读时长大约3分钟 作者 | 第一财经 揭书宜 2025年，接二连三的新茶饮企业上市，新茶饮赛道也随之大热。近日，随着新茶饮企业2024年年报 或招股书的披露，各家管理层去年的薪资也公之于众。 新茶饮行业中，已公布的"一把手"薪资介于 60.6万至1312.8万元 ，相差悬殊。 注：/表示未披露或未统计 最"大方"的是霸王茶姬（CHA.O），其在《注册上市声明》中披露，2024年向董事和执行官支付了 总计人民币6620万元（合910万美元）的现金，远超其他企业。蜜雪集团（2097.HK）去年则给管 理层发出5314万元的总薪酬，在已上市的几家企业中排名第二。 奈雪的茶在2024年为管理层共支付了487.9万元的薪酬，这个数目比2023年的587.6万元下滑了 17%。从业绩来看，奈雪2024年的日子也不太好过，公司净利润为亏损9亿元。 艾媒咨询数据显示，去年中国新式茶饮市场规模超3000亿元，市场空间逐渐饱和，行业内各品牌进 入存量竞争阶段。未来几年将维持小幅但稳定的增长态势，到2028年有望突破4000亿元。 而从去年的净利润来看， 蜜雪冰城 以44亿元在行业中一 ...

本报记者 陈雪波 成都报道 5月18日上午，"新商业文明——走进美天竞保：探索数智科技赋能普惠医疗"活动在成都举办。此次活 动吸引了众多行业专家、企业代表齐聚一堂，共同探讨数智科技在医疗普惠领域的应用与发展。 对于当下最佳的商业模式，李维华认为应以整店复制特许经营为主线，融入老模式和新模式。他以星巴 克、沃尔玛、家乐福等为代表，指出整店复制特许经营模式具有强大的生命力。同时，他着重强调要将 现代科技工具融入商业模式，如互联网、区块链、AI等，但他明确表示数字化只是工具之一，不能将 其视为唯一。此外，还需融入与时俱进的特许经营学新思想、新技术、新理念、新思维，构建"大特 许"模式，即以整店复制特许经营为主线，融入老模式、新模式、科技以及特许经营学的创新元素。 在针对具体行业和企业的分析中，李维华以零食量贩和新式茶饮为例，指出企业成功的关键在于规模、 低价、加盟和供应链等方面。规模要满足即时购买即时消费，低价符合人性，加盟模式多样，供应链需 高效。 对于美天竞保所在的医疗服务业，他建议设计B2B加B2C的盈利模式，以满足不同市场需求。同时，他 提醒企业要避免偏执型经营思维，战略选择应多元化，且下沉市场应按等项分线 ...

Group 1 - The core point of the article is that Hu Shang A Yi has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 195 million through its IPO, with a share price set at HKD 113.12 [1] - From 2022 to 2024, Hu Shang A Yi is projected to achieve steady revenue growth, with revenues of CNY 2.199 billion, CNY 3.348 billion, and CNY 3.285 billion respectively, and adjusted net profits of CNY 154 million, CNY 416 million, and CNY 418 million [1] - The company has developed a multi-tiered and differentiated product matrix under three brand concepts: "Hu Shang A Yi," "Hu Ka," and "Light Enjoy Version," effectively targeting diverse consumer groups [1] Group 2 - The company plans to allocate approximately 25% of the IPO proceeds to enhance digital capabilities, including optimizing membership management systems and upgrading infrastructure [2] - About 20% of the funds will be invested in product research and development, focusing on innovation and equipment upgrades for best-selling products [2] - The remaining funds will be used for strengthening supply chain capabilities, brand building, marketing, and operational expenses, positioning Hu Shang A Yi to enhance its competitive advantage in the new-style tea beverage market [2]

对于这一轮消费类企业赴境外上市的热潮，分析人士指出，在契合促消费的政策纲领下，一方面前几年是消费类股权投资高潮期，在当前时点其背后的机构 有着退出需求，尤其对赌协议带来了迫切的上市需求；而另一方面，则是目前头部消费类企业面临着国际化需求，上市对其国际化扩张以及品牌提升均有相 应助力，以整合更多资源。此外，消费类企业尤其是新消费企业上市，更是顺应消费趋势变化的必然举措。 2024年下半年以来，消费企业赴境外上市已蔚然成风。 据了解，2025年以来，消费类企业如茶饮品牌中的蜜雪冰城、古茗、沪上阿姨、霸王茶姬纷纷在港股和美股上市，同时还有老乡鸡、遇见小面、绿茶、鸣鸣 很忙等众多消费类企业正在上市进程中。值得注意的是，这里面有不少是新消费企业。 消费企业密集上市 消费类企业正在迎来上市高潮。以新式茶饮品牌为例，今年2月古茗、3月蜜雪集团赴港上市，4月霸王茶姬赴美上市，5月沪上阿姨在港上市，在短短4个月内 就有4家同行业公司上市。 不仅如此，2025年以来，港股市场还有纽曼思、布鲁可、舒宝国际等消费类企业已经上市，目前，另一家餐饮企业绿茶正处于招股期，即将登陆港股市场。 而港股还有众多消费企业已经递表，如老乡鸡、遇见小 ...

5月8日，沪上阿姨正式在港交所挂牌。沪上阿姨每股发行价为113.12港元，募资净额约为1.95亿港元， 上市首日开盘价190.6港元/股，较发行价上涨68.48%。 2025年新茶饮迎来了上市的好时候，继奈雪的茶、茶百道、古茗、蜜雪冰城成功上市后，沪上阿姨成为 港股市场上的第五家新式茶饮品牌。沪上阿姨发行估值要远远高于蜜雪集团。蜜雪集团发行市值达到 763亿港元，估值为16倍。蜜雪集团获得超过1.84万亿港元认购金额。而沪上阿姨的发行市值约为118.6 亿港元，估值33.58倍。沪上阿姨5月2日截止新股招股认购，其融资超购逾3300倍，冻资约940亿港元。 这不仅是资本市场对下沉市场红利的集体投票，更折射出新茶饮行业从"规模竞速"转向"生态博弈"的深 层逻辑。相较于霸王茶姬以"东方美学+全球化叙事"抢占高端心智，沪上阿姨也丝毫不落于后，以"摩登 东方"美学与猎豹IP的塑造，打破传统茶饮品牌形象同质化，通过也精准捕捉Z世代对"国潮轻奢"的消费 想象。 据招股书，在过去的2022年、2023年和2024年，沪上阿姨的营业收入分别为人民币21.99亿、33.48亿和 32.85亿元，相应的净利润分别为人民币1.49 ...

从上海街头一家毫不起眼的小店，到携9000多家门店站上港交所舞台。12年时间，沪上阿姨（上海）实业股份有限公司（以下简称沪上阿姨）从新式茶饮赛 道中杀出了一条血路。 Hang Seng Index 2 589.1 i 188.0 : HKD ▲ 74.88 ( 4 66 BID 186.00 | ASK . 102.75 ( ▼ 0.45%) : 2589 . .. · . i . 在竞争白热化、品牌层出不穷的新式茶饮江湖，沪上阿姨凭什么突破重围？答案或许藏在两组关键数据里：年销6亿杯的惊人数字，是消费者用味蕾为其品 质投下的信任票；5000多家加盟商用真金白银的支持，以30%的二店率表达对品牌的信心。 正是这场品牌与消费者、加盟商之间的"双向奔赴"，让沪上阿姨以"毛细血管"式的扩张策略，将门店渗透至全国300多个城市，完成了从区域品牌到全国巨 头的华丽转身。 如今港股上市，沪上阿姨迎来全新起点。在下沉市场已占得先机的它，能否凭借这来之不易的信任基石，在资本助力下续写商业传奇？ 三大品牌满足消费者多样需求 一条拥挤的上海弄堂，一家无名奶茶店前排起的长龙——这个偶然的发现，彻底改变了单卫钧和周蓉蓉的人生轨迹。 ...

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]

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 ...