来源：源媒汇 作者：童画｜编辑：苏淮 即将到来的11月，就是董秘王娟入职沪上阿姨的第三年。 在过去的近三年时间里，王娟不仅帮助沪上阿姨完成了几轮融资，同时还将这家号称"北方排名第一、 中国排名第三的中价现制茶饮店品牌"运作到港股上市。 IPO并非一家企业价值体现的结束，反而是价值重估的开始。但是，上市之后的沪上阿姨，似乎并未得 到资本市场的认可，截至10月20日收盘，股价报收107.20港元，已经跌破113.12港元的发行价。 2022年11月，王娟加入沪上阿姨担任董秘，并且获委任为联席公司秘书（注：港股市场的董秘称呼）。 同时，在消费需求疲软与茶饮市场价格战加剧的双重压力下，沪上阿姨喊了两年的"万店计划"至今仍未 达标，与此同时还要面临不少消费者的投诉，而这些又反过来影响投资者对公司中长期价值的判断。 作为董秘的王娟，该如何向资本市场讲述一个沪上阿姨的新故事？ 01 上市5个月后股价破发 天眼查显示，沪上阿姨成立于2013年11月8日，注册资本约为1.05亿元，法定代表人是单卫钧，同时他 也是公司创始人、董事会主席。 | 沪上阿姨（上海）实业股份有限公司 存续 | | | --- | --- | | 曾用名 ...

Core Viewpoint - The article discusses the recent IPO of "沪上阿姨" (Hushang Auntie) on the Hong Kong Stock Exchange, highlighting its rapid growth, challenges in the competitive new tea beverage market, and the potential risks associated with its business model and market conditions [4][6][21]. Group 1: Company Overview - "沪上阿姨" was founded by a couple, 单卫钧 and 周蓉蓉, and has a product pricing range of 7-22 RMB, focusing on various tea beverages [4][5]. - The company went public on May 8, with a closing price of 158.4 HKD, marking a significant increase and a market capitalization of approximately 16.6 billion HKD [4][6]. - After the IPO, the founders retained 78.78% of the company's shares, with their net worth exceeding 13 billion HKD [5]. Group 2: Financial Performance - The IPO raised 1.95 billion HKD, making "沪上阿姨" the fourth new tea beverage company to go public this year [6]. - The company's gross merchandise volume (GMV) reached 10.7 billion RMB in the previous year, with a year-on-year growth of about 10% and a slight increase in gross margin to 31.3% [15]. - However, the net profit for 2024 is projected to be 329 million RMB, a decrease of approximately 59 million RMB compared to the previous year, and the average GMV per store dropped from 1.6 million RMB in 2023 to 1.4 million RMB [16]. Group 3: Market Challenges - The new tea beverage market is becoming increasingly crowded, with "沪上阿姨" facing challenges in maintaining its growth trajectory [7][20]. - The company has a high reliance on franchise stores, with 99.7% of its over 9,000 stores being franchises, leading to concerns about the quality and profitability of these outlets [22][23]. - The franchise model has shown vulnerabilities, as evidenced by a closure rate of 7.7%, the highest among major brands, and issues related to food safety and hygiene [25][26]. Group 4: Strategic Initiatives - The company plans to use IPO proceeds for digital upgrades, supply chain enhancements, and store expansion to strengthen its brand competitiveness [14]. - "沪上阿姨" aims to penetrate lower-tier cities, where over half of its stores are located, and is focusing on rapid product innovation to capture market share [28][29]. - New product lines and sub-brands, such as "轻享版" and "茶瀑布," are being introduced to target different market segments and price points [32][34].