据了解，11月5日，茶百道就通过社交账号发布教程指导消费者用门店小料复刻这款甜品，评论区随即 被"求上架"的声音刷屏。随后茶百道火速在门店上架了"固体版杨枝甘露"产品，该系列产品上市首日全 国总销量接近25万杯。茶百道方面表示，此次推出的固体版在保留网友DIY的核心创意基础上进行了专 业升级：选用新鲜芒果块，搭配活菌酸奶以保证口感醇厚；小料方面加入芋圆、布丁、西米和西柚，进 一步丰富产品的口感层次。 新京报讯（记者王子扬）11月13日，新京报记者了解到，继奶皮子糖葫芦之后，甜品界的"固体杨枝甘 露"成为新顶流，在各大社交平台引发热议。由于其所需的原料包括芒果、西米、酸奶等，这与目前主 流做鲜果茶产品的新茶饮品牌的原料高度相似，因此有网友还去各大新茶饮品牌的评论区"请愿"，盼着 能出"官方版"固体杨枝甘露。在洞察到市场需求后，新茶饮品牌茶百道火速上架了固体杨枝甘露。 杨枝甘露是一种粤式甜品，主要食材是西柚、芒果、西米、椰浆。将芒果切丁后加入椰乳，打成芒果椰 浆，将其倒入清水煮过的西米中，再加入西柚粒，即可食用，味道酸甜相间，也被赋予了苦尽甘来的寓 意。而固体版杨枝甘露，是用半个芒果做底，中间涂上酸奶或奶油，再加 ...

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].

Core Viewpoint - The stock of Hu Shang A Yi (02589.HK) has shown significant volatility, with a recent surge of nearly 29% after a period of decline since its listing, indicating a potential recovery phase for the company [1] Group 1: Stock Performance - Hu Shang A Yi's stock price rose by 28.96% to HKD 116.9 per share, after peaking at a 35% increase during trading [1] - Since its low point, the stock has rebounded over 45% [1] Group 2: Business Initiatives - The company announced a ten-year H-share incentive plan, with a cap of 5% of total share capital, aimed at incentivizing core talent through restricted stock [3] - A new subsidy policy for franchisees in the tea and coffee sectors has been introduced, offering up to 50,000 yuan for opening new stores [3] - Hu Shang A Yi plans to launch a sub-brand "Tea Waterfall" targeting Gen Z and students, focusing on products priced below 10 yuan, with a promotional campaign featuring celebrity endorsement [3] Group 3: Store Expansion and Challenges - The total number of Hu Shang A Yi stores has reached 10,739, an increase of 1,303 stores from 9,436 in June [3] - Despite the expansion, franchisees are facing profitability challenges, with reported revenue rates of only 50%-60% and some stores operating at a loss even with monthly revenues of 300,000 yuan [3] Group 4: Financial Performance - The gross profit for the first half of 2025 was 572 million yuan, a 10.4% increase from 518 million yuan in the same period last year, with a gross margin of 31.4% [4] - Historical data shows average daily GMV per store was 4,109 yuan in 2022, 4,270 yuan in 2023, and is projected to decline to 3,753 yuan in 2024 [4] Group 5: Industry Context - The challenges faced by Hu Shang A Yi reflect a broader trend in the new tea beverage industry, transitioning from rapid growth to a more refined operational focus [5] - The industry is moving from a "Spring and Autumn" period to a "Warring States" period, with growth rates slowing and increasing competition among leading companies [5] - Revenue growth forecasts for Hu Shang A Yi from 2025 to 2027 are projected at 28%, 19%, and 15%, with net profit growth rates of 46%, 33%, and 17%, indicating a downward trend [5]

据极海数据显示，截至2025年10月底，喜茶加盟门店数为3977家，而2024年底为4477家，10个月净关店 500家。短短一年，喜茶从"再扩张"转向"主动降速"，这场突如其来的"刹车"引发业内关注。 当喜茶"被迫"按下加盟"暂停键"的那一刻，不是某个品牌的战略收缩，而是一个时代的落幕——新茶饮 行业那个靠疯狂拓店、加盟费收割就能躺赢的时代，彻底结束了。11月，首批喜茶加盟店合约即将到 期，加盟商未来何去何从？正对同质化竞争严重的茶饮行业发出"灵魂拷问"。 头部品牌喜茶加盟门店"关闭潮"愈演愈烈，一年内关店500家，总数同比下降11.2%，新茶饮行业或许正 在经历一场静默的"雪崩"。 双重内卷"回旋镖" 价格战与加盟模式的双重内卷，正在将整个新茶饮行业拖入恶性循环。喜茶作为头部品牌之一，曾以价 格战和加盟模式快速扩张，试图在市场中占据更大份额，然而这两把"回旋镖"正在"反噬"喜茶自己。 2022年初，喜茶率先开启降价模式，"喜茶告别30元"的话题还一度登上热搜，率先打响了新茶饮行业价 格战的第一枪，紧接着奈雪的茶、乐乐茶也都进行了价格的下调。 包括奈雪的茶、沪上阿姨、茶百道在内的多个品牌都推出过9.9元甚至 ...

Core Insights - After six months of being listed, "沪上阿姨" has joined the "10,000 store club," but its stock price has faced significant declines, nearly halving from its peak, despite a recent rebound following news of an H-share incentive plan [1][2] - The company's revenue growth of 9.7% in the first half of the year is significantly lower than competitors like 古茗 and 蜜雪冰城, which reported growth rates of 41.2% and 39.3% respectively [1][2] - The rapid expansion strategy that once fueled growth is now showing signs of weakness, with a notable increase in store closures and a slowdown in new openings [6][7] Company Performance - "沪上阿姨" has reached a total of 10,739 stores across 31 provinces and 357 cities in China, marking a significant milestone in the new tea beverage industry [1][4] - Despite the large number of stores, the company has reported a net increase of only 260 stores in the first half of the year, a decrease from 653 in the same period last year [6][7] - The average GMV (Gross Merchandise Value) per franchise store has declined from 1.6 million yuan in 2023 to 1.4 million yuan in 2024, indicating pressure on franchise profitability [8][11] Industry Context - The new tea beverage market is transitioning from a phase of rapid expansion to one focused on single-store efficiency and franchisee returns, with investors increasingly concerned about the sustainability of store operations [6][15] - The competitive landscape is intensifying, with "沪上阿姨" facing challenges in the mid-tier market where it struggles to differentiate itself from both high-end brands and low-cost competitors [9][10] - The industry is moving towards a focus on quality and brand differentiation rather than sheer scale, as evidenced by the strategies of competitors like 蜜雪冰城 and 古茗 [15][22] Strategic Challenges - "沪上阿姨" is experiencing structural challenges related to its market positioning, supply chain efficiency, and brand identity, which are hindering its growth potential [8][14] - The company's broad expansion strategy has led to resource dilution, making it difficult to convert store numbers into effective market control [10][11] - The brand's attempt to establish a "health tea" image through initiatives like the "五色慢养" plan has not resonated strongly with consumers, leading to a lack of clear brand identity [12][14] Future Outlook - The company is exploring a second growth curve with its sub-brand "茶瀑布," aimed at the budget market, but faces skepticism regarding its ability to establish a distinct market presence [20][22] - The capital market is reassessing the valuation of the new tea beverage sector, favoring companies with strong supply chain control and clear brand identities, while those with ambiguous positioning may face valuation discounts [22][16] - To reverse market perceptions, "沪上阿姨" must balance expansion with improving single-store performance and develop a more compelling brand narrative [22][19]

Core Viewpoint - The Chinese Ministry of Finance released a report on the execution of fiscal policy for the first half of 2025, outlining six key areas of focus for future fiscal policy implementation [1]. Group 1: Fiscal Policy Implementation - The report emphasizes the need for a more proactive fiscal policy, including actions to boost consumer spending through targeted financial subsidies for personal loans in key sectors [3]. - Support for employment and foreign trade is prioritized, with measures to promote job creation and assist businesses in maintaining operations and expanding markets [4]. - The report highlights the importance of fostering new growth drivers by advancing core technologies and promoting emerging industries, while ensuring equal treatment for all business entities [4]. Group 2: Consumer Trends - High-end consumption is showing signs of recovery, with notable improvements in sectors such as Macau gaming and luxury goods, driven by wealth effects and supply optimization [6]. - The luxury market is experiencing growth, with companies like LVMH and Hermès reporting improved sales in China, indicating a positive trend in consumer sentiment [6]. - New consumption sectors, particularly in the tea beverage industry, are expected to see significant profit growth, with leading brands benefiting from strong market positions [8]. Group 3: Policy Support for Consumption - The government is taking steps to enhance service consumption by relaxing entry barriers and removing unreasonable restrictions, which is expected to boost consumer willingness to spend [7]. - Recent policy changes in the duty-free sector aim to improve shopping experiences and increase consumer engagement in duty-free shopping [7].

（文章来源：证券时报网） 公司于2025年11月7日发布公告，董事会决议建议采纳H股激励计划，该计划下授出奖励股份的上限为 于H股激励计划采纳日期公司股份总数的5%。根据近期极海品牌监测的数据，截至目前，该品牌全国 门店数量已达10739家，成功进入"万店俱乐部"。 11月10日，沪上阿姨(02589)回暖涨超16%，截至当天中午收盘，报91.6港元/股。 ...