沪上阿姨是中国领先的现制饮品公司，主品牌沪上阿姨2025年末已突破万店，是国内第三个破万店的现 制茶饮品牌。该行认为现制茶饮行业再有新品牌凭借新品类进行快速规模化的时间窗口已经消失，头部 品牌凭借规模化渠道优势快速品类突围的能力较强，未来行业将是强者恒强，头部品牌和区域性品牌并 存的格局。 以沪上阿姨品牌中国区为主体，茶瀑布品牌和海外区为助推，打造"一体两翼"业务版图 (1)沪上阿姨中国区——聚沙成塔，集腋成裘：沪上阿姨品牌虽成立时间较晚，但门店拓展却不落后， 且在北方市场表现强势，该行认为背后的原因除抓住当时北方尚为蓝海的时机外，还有①管理理念互利 共赢，共享资源取长补短：公司通过加盟模式实现早期迅速扩张，引入外部人才助力发展，不吝股权激 励，并与供应商利益共享。②她力量+健康饮，精准锁定目标客群：品牌形象上，从Logo到包材，再到 门店设计，公司不断融入"她力量"属性；产品上，围绕特色谷物茶饮，以健康养生理念驱动产品矩阵打 造；实现双管齐下精准获客。③低门槛的门店模型和包容的加盟商体系：在已积累的加盟商规模基础 上，随2025年外卖平台补贴带来增量客群，以及通过渠道定向创新实现不同价格带客群的区隔，单店模 ...

（2）茶瀑布和海外区——集团化+全球化打造增长新引擎：作为"一体两翼"中率先发力的一翼，茶瀑布 品牌专为下沉市场设计，和主品牌形成区隔，同时也能借用其资源，实现协同。海外区则"高举高打"， 优先拓展相对发达区域市场，多国首店先后火爆开业。该行认为，渠道下沉和海外拓展都是品牌发展到 一定规模后的正确方向，且目前仍相对初期，潜力较大。 财务预测 海通国际主要观点如下： 沪上阿姨：万店新章，沪绘未来 沪上阿姨是中国领先的现制饮品公司，主品牌沪上阿姨2025年末已突破万店，是国内第三个破万店的现 制茶饮品牌。该行认为现制茶饮行业再有新品牌凭借新品类进行快速规模化的时间窗口已经消失，头部 品牌凭借规模化渠道优势快速品类突围的能力较强，未来行业将是强者恒强，头部品牌和区域性品牌并 存的格局。 以沪上阿姨品牌中国区为主体，茶瀑布品牌和海外区为助推，打造"一体两翼"业务版图 （1）沪上阿姨中国区——聚沙成塔，集腋成裘：沪上阿姨品牌虽成立时间较晚，但门店拓展却不落 后，且在北方市场表现强势，该行认为背后的原因除抓住当时北方尚为蓝海的时机外，还有①管理理念 互利共赢，共享资源取长补短：公司通过加盟模式实现早期迅速扩张，引入外部人 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.818 billion yuan, a year-on-year increase of 9.7% [2] - Gross profit reached 572 million yuan, up 10.4% year-on-year [2] - Net profit for the period was 203 million yuan, reflecting a year-on-year growth of 20.9% [2] - Adjusted net profit stood at 244 million yuan, with a year-on-year increase of 14.0% [2] - Basic earnings per share were 1.97 yuan, representing a year-on-year growth of 19.4% [2] - The company announced a mid-term dividend plan, proposing a distribution of approximately 71.12 million yuan [2] Market Strategy - The company has successfully implemented a down-market strategy, with 51.1% of its stores located in third-tier and below cities [3] - As of June 30, 2025, the total number of stores reached 9,436, an increase of nearly 1,000 stores year-on-year [3] - The down-market strategy has allowed the company to achieve stable growth despite industry uncertainties [3] Supply Chain and Franchise Model - The company has established a robust supply chain network, including 13 logistics bases, 4 equipment warehouses, 7 fresh produce warehouses, and 14 cold chain warehouses [4] - The supply chain supports the growing store network and ensures product quality and service stability [4] - The company has 5,706 franchisees operating 9,412 franchise stores, benefiting from a standardized and digitalized management system [4] - As of June 30, 2025, the company had 131.4 million registered members on its WeChat mini-program, with an average quarterly active membership of 15.8 million and a quarterly repurchase rate of 40.6% [4] Brand and Product Innovation - The company has developed a multi-brand strategy, including three main brands to enhance market reach and risk resilience [5][6] - The main brand "沪上阿姨" targets consumers in third-tier and below cities with cost-effective beverages, while "茶瀑布" focuses on a lower price range [5] - The introduction of "沪咖" in 2022 marks the company's entry into the coffee market, catering to diverse consumer needs [6] - The company launched 136 new products in the first half of 2025, maintaining a rapid pace of innovation [6] Market Recognition - The company has been included in the Hang Seng Composite Index, indicating strong market recognition of its business performance and value [7] - The solid performance in the semi-annual report further strengthens the company's position among leading players in the new tea beverage industry [7]