每经记者｜范芊芊 每经编辑｜陈俊杰 日前，已经上市的新茶饮企业密集披露半年报，这对于好几家企业来说都是上市后披露的首份半年报， 备受资本市场关注。作为今年以来最晚在港股上市的新茶饮企业，沪上阿姨也在今日（8月27日）晚间 披露半年报成绩单。 财报显示，2025年上半年，沪上阿姨实现营收18.18亿元，同比增长9.7%，净利润为2.03亿元，同比增 长20.9%。从业绩表现来看，沪上阿姨的净利润增速跑赢了营收增速。 如果拆解来看，一方面公司上半年的毛利率为31.4%，较去年同期无明显波动。另一方面，公司上半年 在四大费用方面，有三大费用都出现了收缩，包括销售和营销费用同比下降4.9%，研发费用同比下降 1.1%，财务成本同比下降37.8%。可见，沪上阿姨盈利能力提升背后可能更多还是在降本增效。 目前，沪上阿姨旗下共有三大品牌，包括主品牌沪上阿姨、轻享版茶瀑布以及咖啡品牌沪咖。截至今年 6月末，沪上阿姨所有品牌在全国的门店数量共有9436家，其中直营店24家，加盟店9412家。 从去年末的数据来看，今年上半年，沪上阿姨门店数量增长驱动力来自加盟店，直营店整体数量未变， 贡献的收入同比有小幅下降。加盟店在上半年增加 ...

在供应链优势基础上，沪上阿姨长期坚持与加盟商建立互利共赢的合作模式，依托高度标准化及数字化 的门店管理系统，向加盟商提供全生命周期的支持及督导，包括选址规划与评估、开店辅导、数字化经 营指导、运营监督及培训支持等，帮助加盟商提升经营效率、优化管理流程，赢得了众多加盟商的认 可。目前，公司共有5,706名加盟商，运营9,412家加盟门店。公司用户粘性和品牌忠诚度亦不断提升， 截至2025年6月30日，沪上阿姨微信小程序注册会员数为1.314亿人，平均季度活跃会员为1580万人，季 度复购率为40.6%。 8月27日，沪上阿姨（02589.HK）披露上市后首份财报。2025上半年，公司实现营业收入18.18亿元，同 比增长9.7%；毛利5.72亿元，同比增长10.4%；期内利润2.03亿元，同比增长20.9%；经调整净利润2.44 亿元，同比增长14.0%；基本每股盈利1.97元，同比增长19.4%。值得一提的是，财报同步公布了沪上阿 姨中期股息派付计划：公司拟按每十股人民币6.76元（含税）计算，共计派发中期股息约人民币7112万 元。该建议仍需提交临时股东大会批准后方可实施。 与此同时，沪上阿姨还迎来资本市场 ...

红餐网 . 做餐饮，上红餐 ！关注我，干货多！ 新 茶饮行业的上市潮，暂时告一段落。 本文 由红餐网(ID：hongcan18)原创首发， 作者：周沫；编辑：景雪。 又一新茶饮品牌成功登陆资本市场！ 以下文章来源于红餐网 ，作者红餐编辑部 5月8日，沪上阿姨(上海)实业股份有限公司（以下简称"沪上阿姨"）正式登陆港交所，成为继古茗、蜜雪冰城、霸王茶姬之后，2025年上市的第四家新茶 饮企业。 沪上阿姨 （02589.HK） 发行股价为113.12港元/股，开盘大涨，股价一度暴涨68%，市值超190亿港元。截至港股当日收盘，涨幅回落至40.03%，股价定 格在158.4港元/股， 总市值为166.07亿港元。 | HK 02589 沪上阿姨 | | | | | | | --- | --- | --- | --- | --- | --- | | 158.400痴 +45.280 +40.03% | | | | | | | ○ 已收盘 05-08 16:00:00 北京时间 | | | | | | | 今井 | 190.600 | 最高 | 197.600 | 成交量 | 326.84万股 | | 品巨收 | 11 ...

Core Insights - The new tea beverage brand "沪上阿姨" (Hushang Ayi) has successfully launched on the Hong Kong Stock Exchange, marking it as the fourth new tea beverage company to go public since 2025 [1][2] - The company reported impressive sales figures, with an average daily sale of approximately 1.64 million cups and a total revenue of 3.285 billion yuan for 2024 [1][5] Company Overview - Founded in July 2013 by couple Dan Weijun and Zhou Rongrong, "沪上阿姨" started with a unique product offering of "five-grain milk tea" and quickly gained popularity [3][4] - The company has expanded its store network significantly, reaching 9,176 stores by the end of 2024, with a focus on franchise operations [5][6] Financial Performance - For the year 2024, "沪上阿姨" reported a revenue of 3.285 billion yuan, a decrease of approximately 1.9% year-on-year, and a net profit of about 329 million yuan, down 15.2% from the previous year [6][7] - The company's gross merchandise volume (GMV) for 2024 was 10.736 billion yuan, with franchise-related income accounting for over 96% of total revenue [6][7] Market Position and Competition - "沪上阿姨" is among the top five ready-to-drink tea brands in China, alongside competitors like "蜜雪冰城" (Mixue), "古茗" (Guming), and "茶百道" (Chabaidao) [2][7] - The competitive landscape is intensifying, with a decline in average single-store GMV from 1.559 million yuan in 2023 to 1.37 million yuan in 2024 due to increased market saturation [7] Future Plans - The company aims to enhance its digital capabilities, develop new products, and expand its store network, with plans to enter overseas markets in Malaysia, the Philippines, and North America [8] - "沪上阿姨" has initiated a "10,000 store plan" to increase its store count, although it currently has only 9,176 stores [6][8]

Core Viewpoint - The new tea beverage brand "Hushang Ayi" is set to go public on the Hong Kong Stock Exchange, becoming the fifth new tea brand to list after successful IPOs of competitors like Nayuki and Mixue Ice City, with market attention focused on its performance amid previous listing challenges in the sector [1][2]. Expansion Strategy - Hushang Ayi has rapidly expanded its store network from 5,307 at the end of 2022 to an expected 9,176 by the end of 2024, with 99.7% of these stores operated by franchisees, indicating a light-asset operational model that facilitates market penetration [1][6]. - The brand strategically targets lower-tier markets, claiming a strong market position in mid-priced tea beverage stores across over 300 cities in China, with a significant number of stores located in third-tier and below cities [2][3]. Market Dynamics - The tea beverage industry is experiencing a shift towards stock competition, with Hushang Ayi aiming to capture market share through a multi-brand strategy and low-price model, particularly in underdeveloped markets [3][9]. - The competitive landscape is intensifying, with numerous brands lacking significant differentiation, leading to potential challenges in maintaining market share [9]. Financial Performance - Hushang Ayi's average single-store GMV decreased from RMB 1.6 million in 2023 to RMB 1.4 million in 2024, with total revenue slightly declining by 1.9% to RMB 3.285 billion, attributed to reduced income from franchise-related and self-operated stores [6][8]. - Despite the decline in average GMV, approximately 48.8% of new stores in 2024 were opened by existing franchisees, indicating a strong willingness to reinvest within the franchise system [6]. Franchise Model - The franchise model has allowed Hushang Ayi to expand rapidly, with 96.5% of its revenue coming from franchise operations, but it also poses risks related to quality control and operational oversight [6][7]. - The company mandates that franchisees source most ingredients from its centralized procurement platform, which includes a comprehensive supply chain network [7][8]. Future Outlook - Analysts predict that 2025 will mark a critical juncture for the tea and coffee sectors, with increasing competition and a focus on supply chain efficiency and product differentiation becoming essential for sustainable growth [8][9]. - Hushang Ayi has begun exploring international markets, although it currently operates only one overseas store, highlighting the potential for future expansion [8].