整理｜任彩茹 Busy Money •「贝陪科技」完成Pre-A轮投资 据智能涌现，智能玩具公司贝陪科技近日宣布完成Pre-A轮投资，由顺为资本独家投资。此前公司曾获 得由五源资本投资的天使轮融资和由青山资本独投的天使+轮融资，累计融资金额达到近千万美元。 贝陪科技打造了AI玩具品牌"可豆陪陪"（KidoPally），并于今年4月底推出了首批AI玩具产品——友爱 兔和好奇熊。其产品主要面向全球2-8岁的儿童，有自然对话的儿童AI大模型、NFC游戏启智卡和家长 小程序等功能。 •「Shiok Burger」完成Pre-A轮融资 36氪获悉，东南亚本土融合汉堡品牌Shiok Burger宣布完成Pre-A轮融资，本轮由东南亚风险投资机构 AC Ventures 领投，老股东CFF Fund、SPIRAL RISE Capital及一家中国上市大型食品集团继续跟投并加 码，老股东高比例追加认购。 Shiok Burger定位为"东方汉堡，源自新加坡"，自 2023 年 12 月首店开业以来，Shiok Burger 已在新加坡 拓展至 13 家门店，旗舰店位于 The Seletar Mall。品牌连续 12 个月 ...

Core Viewpoint - RUU coffee, a brand under the parent company of Ningji, has opened franchise opportunities in February 2023, targeting only Changsha and Shanghai, with an estimated investment cost of around 340,000 to 370,000 yuan [1][2][4]. Group 1: Franchise and Investment Details - The franchise fee for RUU is 69,800 yuan, with a three-year contract and a 20,000 yuan deposit refundable without interest upon contract termination [2]. - The total estimated investment for opening a RUU store, excluding rent and transfer fees, is approximately 340,000 to 370,000 yuan, which includes various service fees and construction costs [2][4]. - RUU has registered in January 2022 and opened its first store in May 2022, with a current total of 8 stores across Changsha, Shanghai, and Hengyang [2]. Group 2: Dual-Store Model - RUU is experimenting with a dual-store model alongside Ningji, where existing Ningji franchisees can upgrade to a dual-store format after a period of operation [4][5]. - The dual-store model allows RUU to leverage Ningji's customer base and reduce costs, as existing franchisees can upgrade their stores for an additional investment of 150,000 to 200,000 yuan [4][6]. - The dual-store concept has seen RUU open 4 locations in Shanghai and Changsha, primarily branding them under Ningji, which may limit RUU's brand visibility [5][6]. Group 3: Market Position and Challenges - RUU's market recognition remains low, with an average daily order volume of only around 20, indicating challenges in consumer awareness and engagement [7][10]. - The competitive landscape is tough, with established brands like Luckin Coffee and Kudi dominating the 10-30 yuan price range, which RUU is targeting [10][11]. - RUU's reliance on Ningji for customer traffic may hinder its ability to develop a distinct brand identity and market positioning, raising concerns about long-term sustainability [10][11].

Core Viewpoint - The article discusses the recent IPO of "沪上阿姨" (Hushang Ayi), a tea beverage company, highlighting its market performance, growth strategies, and challenges in a competitive landscape [1][4][34]. Group 1: Company Overview - "沪上阿姨" was founded in 2013 by 单卫钧 and 周蓉蓉, inspired by a local tea shop in Shanghai [10]. - The company has differentiated itself with products like "五谷奶茶" and has expanded its offerings to include fresh fruit tea and other beverages [11][13]. - As of December 31, 2024, "沪上阿姨" operates 9,176 stores, with 99.7% of them being franchise-operated [13][15]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion, 3.348 billion, and 3.285 billion yuan respectively, with net profits of 149 million, 388 million, and 329 million yuan [15][16]. - The decline in revenue for 2024 is attributed to reduced income from franchises and self-operated stores, alongside increased competition in the tea beverage industry [16]. Group 3: Market Position and Strategy - "沪上阿姨" focuses on the lower-tier market, with over 50% of its stores located in third-tier cities and below, and it ranks first among mid-priced tea beverage brands in northern China [13][34]. - The company aims to enhance its brand presence and expand its store network, with approximately 15% of the IPO proceeds allocated for this purpose [37]. Group 4: Competitive Landscape - The tea beverage market is highly competitive, with "沪上阿姨" facing challenges from other brands in the same price range, such as 茶百道 and 古茗 [34]. - The average single-store GMV decreased from 1.6 million yuan in 2023 to 1.4 million yuan in 2024, indicating increased competition and market saturation [37]. - The coffee segment, where "沪上阿姨" also operates through its "沪咖" brand, is experiencing similar competitive pressures, with the company holding a mere 0.2% market share in the fresh coffee market [36][37].

5月8日，沪上阿姨（上海）实业股份有限公司（2589.HK，下称"沪上阿姨"）正式登陆港交所，成为 2025年以来继古茗（1364.HK）、蜜雪集团（2097.HK）、霸王茶姬（CHA.US，股票简称"茶姬控股） 之后的第四家新茶饮上市公司。 （原标题：日卖164万杯，夫妻辞职卖奶茶干出一个150亿元的IPO） 新茶饮品牌正从街边、商场毗邻的门店之争"卷"到资本市场。 5月8日下午，上海正下着大雨，位于人民广场商圈内的两家沪上阿姨门店的下单情况颇为火爆，一度有 上百杯奶茶正在制作当中，等候时间超过1个小时。仅有点餐柜台和操作区的小型店铺内，正挂着时令 水蜜桃饮品和9元柠檬水的宣传立牌。 上海人民广场是沪上阿姨的"发家"之地。2013年7月，沪上阿姨的第一家门店就开设在这里。其售卖 的"五谷奶茶"颇受欢迎，第一个月的销售额就超过30万元。历经十余年的发展，截至2024年年底，沪上 阿姨在全国的门店总数达到9176家，全年的营业收入为32.85亿元，总销售量为5.99亿杯，GMV（商品 交易总额）为107.36亿元。以 上述数据计算，沪上阿姨2024年平均每天卖出约164万杯，产品销售总额接近3000万元。 据灼 ...

Core Viewpoint - The successful IPO of Hu Shang A Yi on the Hong Kong Stock Exchange reflects strong market confidence in its business model and growth potential, with a market capitalization exceeding HKD 18.1 billion after a significant stock price increase [1][3]. Group 1: Business Model and Growth - Hu Shang A Yi's rapid expansion is driven by a franchise-focused business model, with 99.7% of its 9,176 stores operated by franchisees across over 300 cities in China [4][5]. - The company has seen a strong reinvestment from existing franchisees, with 48.8% of new stores in 2024 coming from current franchisees, indicating a well-functioning franchise system [6]. - The average initial investment for a new store is approximately CNY 275,000, lower than the industry average, making it attractive for potential franchisees [6][7]. Group 2: Product and Supply Chain - Hu Shang A Yi has a diverse product line, including the "Light Enjoy" brand and "Hu Coffee," catering to various consumer preferences and enhancing franchisee profitability [7][9]. - The company sources ingredients globally, ensuring product quality and innovation, with over 100 new products launched from 2022 to 2024 [8][9]. - A centralized procurement platform helps maintain low ingredient costs, benefiting franchisees and creating a sustainable growth loop [8]. Group 3: Market Strategy and Positioning - The company is strategically focusing on the lower-tier markets, with 50.4% of its stores located in these areas by 2024, capitalizing on the expected rapid growth in these segments [9][10]. - The mid-priced tea beverage market is projected to grow significantly, with Hu Shang A Yi positioned to capture a substantial share due to its extensive network and brand recognition [13][16]. - The combination of its franchise model, product diversification, and focus on lower-tier markets positions Hu Shang A Yi for sustainable growth and competitive advantage in the tea beverage industry [19][20].

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 ...

沪上阿姨登陆港 股，市值一度突 破200亿港元_南 方+_南方plus 时隔2个月，新 茶饮上市赛道又 迎一员。5月8 日，沪上阿姨登 陆港交所，以 190.6港元/股开 盘，最高涨至 197.6港元/股， 较招股价大涨 74.68%，市值一 度突破200亿港 元。 招股书显示， IPO所得资金预 计将用于提升数 字化能力、产品 研发、升级机器 设备、强化供应 链、提升品牌势 能、投资营销活 动等方面，同时 继续深耕现有市 场，并计划将业 务扩展至更多三 线及以下城市。 获超3600倍认 购，人气紧 跟"雪王" 今年以来，蜜雪 冰城、古茗、霸 王茶姬相继登陆 资本市场，再加 上2021年上市的 奈雪的茶、2024 年上市的茶百 道，沪上阿姨成 为第六家上市的 新茶饮品牌。除 霸王茶姬在美股 上市外，其余新 茶饮品牌均在港 股市场交易。 实际上，自4月 28日启动招股 后，投资者对沪 上阿姨的打新热 情便不断攀升。 5月7日晚间，沪 上阿姨公布配发 结果：在本次 IPO发行中总计 发行241.134万 股H股，其中， 香港公开发售获 3616.83倍认 购，国际发售获 2.57倍认购。 据了解，此前在 港股上市 ...

5月8日上午9点30分，港交所铜锣声响，沪上阿姨(02589.HK)以113.12港元的发行价正式在港交所主板 挂牌上市，成为新式茶饮赛道第六股，也是继蜜雪冰城、古茗之后，又一家成功登陆资本市场的以"下 沉市场"为核心战略的茶饮品牌。 上市首日，沪上阿姨开盘价为190.6港元，较发行价上涨68.49%，盘中股价最高涨至197.6港元/股，总市 值一度突破200亿港元。首日股价的狂热表现，既反映出市场对其商业模式和发展战略的认可，也折射 出投资者对新式茶饮赛道的乐观情绪。 近年来，随着我国经济的增长和人均可支配收入的增加，包括现制饮品在内的高品质消费品市场得到扩 张。据灼识咨询统计，中国现制饮品市场在过去五年保持快速增长，以GMV计算的市场规模由2018年 的人民币1878亿元增加至2023年的人民币5175亿元，复合年增长率为22.5%。在未来五年，市场规模预 计将以17.6%的复合年增长率进一步增长，到2028年时达到人民币11634亿元。 而得益于中国深厚的茶文化、茶的创新应用及多元消费场景，在中国现制饮品市场的各个细分市场中， 现制茶饮市场所占份额最大，2023达到50%，且现制茶饮店是目前中国现制茶饮 ...

沪上阿姨的上市之路备受瞩目，其申购金额超过940亿港元，申购倍数高达3400多倍，仅次于蜜雪集团的5200倍认购。这股热潮不仅吸引了众多投资人， 连奶茶原料供应商华宝股份也参与了基石投资。沪上阿姨此次募资将主要用于数字化升级、产品研发和供应链强化，计划进一步深耕现有市场，并将业务 扩展至更多三线及以下城市。 | | | | 截至12月31日 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 2022 年 | | 2023 年 | | 2024 年 | | | 一線 城市 | 403 | 7.6% | 586 | 7.5% | 686 | 7.5% | | 新 一 線 城 市 | 1,272 | 24.0% | 1,742 | 22.4% | 1,896 | 20.7% | | 二線 城市 | 1,067 | 20.1% | 1,612 20.7% | | 1,964 | 21.4% | | 三 線 及 以 下 城 市 2,565 48.3% 3,849 49.4% 4,629 | | | | | | 50.4% | | 海 外(1) | ' | ่ ...

沪上阿姨市值相当于 1/10个蜜雪冰城 ， 1/3个古茗，10个奈雪的茶 。 时隔2个月，港股又迎来了新茶饮上市公司，也是今年第四家新茶饮上市公司。 夫妻店，年入32亿 和奈雪的茶类似，沪上阿姨也是"夫妻店"。 创业之前，单卫钧和妻子周蓉都曾供职于美企500强，并一路高升至高级经理，不低的起点给了两人往上搏一搏的决心。 5月8日，沪上阿姨在港交所挂牌上市，首日大幅高开68.49%。在一众港股奶茶上市公司中，沪上阿姨定价仅次于蜜雪冰城，远高于其他品牌。截止发 稿，沪上阿姨每股172.4港元，总市值达180.75亿港元，相当于1/10个蜜雪冰城，不到1/3个古茗，10个奈雪的茶。 由蜜雪冰城带起来的港股打新热，使得沪上阿姨也吸引了不少投资人。富途数据显示，沪上阿姨的申购金额超过940亿港元，申购倍数超过3400倍，是仅 次于蜜雪集团5200倍认购的新茶饮股票，连奶茶原料爆爆珠供应商华宝股份也参与了基石投资。 据悉，此次沪上阿姨募资将用于数字化升级、产品研发、供应链强化。公司表示，将继续深耕现有市场，并计划将业务扩展至更多三线及以下城市。 随着沪上阿姨顺利敲钟，新茶饮上市潮还在继续。 2011年，单卫钧夫妇卖掉山东 ...