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]

Core Viewpoint - The new tea beverage industry has seen a wave of listings, with the successful IPO of "沪上阿姨" marking a significant milestone, indicating a competitive landscape that is far from over [4][22][23]. Company Overview - "沪上阿姨" officially listed on the Hong Kong Stock Exchange on May 8, 2025, becoming the fourth new tea beverage company to go public after "古茗", "蜜雪冰城", and "霸王茶姬" [4][22]. - The initial offering price was HKD 113.12 per share, with the stock price surging by 68% at one point, closing at HKD 158.4, giving it a market capitalization of HKD 166.07 billion [4][5]. Business Model and Expansion - The company has rapidly expanded from 3,000 stores in early 2021 to an expected 9,176 stores by the end of 2024, primarily through a franchise model [7][17]. - As of the end of 2024, 99.7% of its stores are franchises, contributing significantly to its revenue, which was reported at RMB 32.85 billion for the year [17][19]. Revenue Structure - The majority of revenue comes from franchise-related income, which accounted for 96.5% of total revenue in 2024, with sales to franchisees being the largest contributor [17][19]. - The company operates three brand concepts: "沪上阿姨", "沪咖", and "轻享版", with the main brand generating the bulk of the income [12][19]. Market Positioning - "沪上阿姨" has strategically focused on the northern market, with over 50% of its stores located in northern China, capitalizing on the popularity of its hot five-grain tea products during colder months [20][21]. - The brand has established itself as a leader in the mid-priced tea beverage segment in northern China [20]. Future Outlook - The successful IPO provides "沪上阿姨" with additional capital for expansion and operational improvements, including supply chain upgrades and digital transformation [23][25][26]. - The new tea beverage industry is expected to continue evolving, with companies likely to pursue international expansion and enhance their supply chain capabilities [24][26].