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 price of Hu Shang A Yi (02589) has surged over 35%, currently trading at 116.5 HKD, with a trading volume of 234 million HKD, following the announcement of a ten-year H-share incentive plan aimed at retaining core talent through restricted stock [1] Group 1: Company Performance - Hu Shang A Yi's stock price increased by 28.63% as of the latest report [1] - The company plans to implement an incentive plan with a cap of 5% of its total share capital [1] Group 2: Expansion and Brand Strategy - The number of Hu Shang A Yi stores nationwide has reached 10,739, an increase of 1,303 stores from 9,436 at the end of June [1] - The sub-brand "Cha Pao Bu," launched in March last year, has signed over 1,000 stores in less than two years, targeting Gen Z and student demographics with products priced below 10 RMB [1] - A recent collaboration with singer Mao Bu Yi has led to the launch of a "6.9 RMB" co-branded product series, generating over 100 million views on social media [1]