Core Viewpoint - The article analyzes the competitive landscape of the tea beverage industry, focusing on four major players: Gu Ming, Cha Bai Dao, Hu Shang A Yi, and Mi Xue Bing Cheng, particularly examining their business models and supply chain strategies to identify potential winners in the market [1][4]. Group 1: Business Model Analysis - Gu Ming, Cha Bai Dao, and Hu Shang A Yi were initially regional brands that expanded nationally through a franchise model, with nearly 10,000 stores each by 2024 [4][5]. - The core product offerings of these brands are similar, focusing on fresh milk tea and fresh fruit tea, with prices generally between 10-20 yuan [4][5]. - All four brands utilize a franchise model, generating revenue primarily through franchise fees and sales of ingredients and materials to franchisees [7][11]. Group 2: Supply Chain Comparison - Mi Xue Bing Cheng has the strongest supply chain, leveraging direct sourcing and self-production to minimize costs, while Gu Ming follows closely with a robust supply chain and its own cold chain logistics [13][15]. - Cha Bai Dao and Hu Shang A Yi have weaker supply chains, relying heavily on third-party logistics, which limits their cost control and can lead to quality inconsistencies [16][18]. - The supply chain capabilities significantly impact the brands' resilience during market pressures, with Mi Xue Bing Cheng and Gu Ming showing stability, while Cha Bai Dao and Hu Shang A Yi face declining same-store sales [16][18]. Group 3: Expansion Strategies - Gu Ming employs a unique regional densification strategy, focusing on achieving critical scale within provinces before expanding to neighboring areas, contrasting with the national spread of its competitors [19][20]. - This strategy allows Gu Ming to maintain a high density of stores in key provinces, enhancing supply chain efficiency and reducing logistics costs [24][25]. - Gu Ming's approach has resulted in a significant market share in its initial provinces, with over 25% in Zhejiang, Fujian, and Jiangxi, and a dominant position in the mid-range price segment [28][29]. Group 4: Product Development Strategy - Gu Ming adopts a fast-fashion approach to product development, quickly introducing and iterating on popular items while maintaining a high research and development investment [30][31]. - This strategy allows Gu Ming to respond effectively to changing consumer preferences, achieving a high acceptance rate for new products and a quarterly repurchase rate of 53% [31][32]. - The competitive advantage lies in the ability to provide high-quality products at competitive prices, driven by an efficient supply chain [32][36].

3377倍，太炸裂了！ 这个五一假期，当各个景区都是"人从众"，却鲜有人注意到香港资本市场再次被彻底引爆！ 自蜜雪冰城之后，港股IPO行情再现"超额认购王"。 5月2日，来自上海的新茶饮品牌——沪上阿姨（02589.HK）结束IPO招股，公开募资部分（2728万港元）最终获得3377倍认购，融资申购额（孖展）高达 921.22亿港元。 今年以来，从古茗到蜜雪冰城，再到沪上阿姨，新茶饮消费企业在香港上市备受投资者关注和喜爱。除此之外，港股已有奈雪、茶百道上市。"五花聚 鼎"，港股新茶饮消费赛道再次扩容。 不仅如此，今年以来，消费公司络绎不绝赴港上市。在港交所大门前，排起了一支长长的消费公司队伍。仅仅最近，三只松鼠、遇见小面、溜溜果园、卡 游、东鹏特饮……纷纷递表港交所。 这不禁让我们好奇，消费企业为何最近扎堆在港股上市？ 从夫妻档到上市公司 沪上阿姨，始于一对上海夫妻。 时间回到2013年，从安利（中国）日用品有限公司辞职的单卫钧、周蓉蓉夫妇在上海人民广场租下一间25平米的小店，主打以血糯米奶茶为招牌的五谷茶 饮，开业当天一炮而红。因奶茶灵感来源于上海老弄堂的沪式茶饮，夫妻俩将门店取名为"沪上阿姨"。 凭借血糯 ...

以下文章来源于天天IPO ，作者王露 天天IPO . 投资界（PEdaily.cn）旗下，专注IPO动态 欢迎加入投资界读者群 初代网红。 作者 I 王露 报道 I 投资界-天天IPO 投资界-天天IPO获悉，今日（5月1 6日），餐饮品牌绿茶集团有限公司在港交所挂牌上 市。IPO发行价为7. 19港元/股，开盘后一度跌近7%，市值约47亿港元。 绿茶于大家并不陌生，可谓是网红餐厅鼻祖。背后掌舵者是一对浙江夫妇——王勤松和 路长梅。两人相识于杭州，200 8年创办绿茶餐厅。凭借面包诱惑和绿茶烤鸡等招牌菜， 火爆到让顾客心甘情愿排队2小时。如今，夫妻俩共同斩获了人生的第一个IPO。 至此，港股又多了一家餐饮公司。前有沪上阿姨、蜜雪冰城、古茗成功登陆港股，后有 老乡鸡、遇见小面排队冲刺。目之所及，中国消费公司赴港上市潮，浩浩荡荡。 浙江夫妻，开出近500家餐厅 刚刚IPO敲钟 绿茶起源于一对白手起家的夫妻。 "放了10年鹅，跳了10年舞，经了1 0年商。"路长梅曾这样描述自身经历。1980年，她出 生于东北吉林的普通农家，15岁到大连投奔亲戚，在文工团里当学徒开始学跳舞。2 00 0 年，路长梅随文工团到杭州参加 ...

前一段时间，京东、美团、饿了么，陷入外卖"三国杀"。 那厢"拼"的热火朝天，但这厢拼好饭的死忠粉们，却淡定的很。无他，毕竟，看着17元的华莱士双主食套餐、10元一大杯的沪上阿姨奶茶……除了沉浸式 乐在其中，还有什么值得争论的。 另一边，如意馄饨的番茄浓汤馄饨面，在三大外卖平台售价均为22.9元，美团拼好饭售价14.2元，比前者便宜了8.7元。 | | | | Q 搜索店内商品 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 点餐。 | 评价6 商家 | | 200 北京 103 | 品牌 | | | | | | | | 收藏福利 | 特色馄饨面 | | | | | 3活动 | | 温馨提示,请适量点餐 -- | | | 品不用用 | | | | | 中医院 | 番茄浓汤馄饨面 | ● 热销 | | 7.92折 | | | | 新店福利 | | 5000+人想买 好评率97% | | | ¥22.9 ¥28.9 | | 同店套餐推荐 | × | | | 8.3折 | ■ 优惠 | | | | | | 招牌大锟钝 | | ¥22. ...

Core Viewpoint - The successful IPO of Hu Shang Ayi on May 8, 2023, highlights strong market interest, with a subscription multiple of nearly 3400 times and a total subscription amount exceeding 92 billion HKD, making it one of the hottest new stocks post-regulatory changes in Hong Kong [1] Group 1: Company Overview - Hu Shang Ayi was founded in 2013 and gained national popularity with its "blood glutinous rice milk tea" [1] - As of 2024, the company operates over 9,000 stores, with more than half located in tier-three and below cities, and 99.7% of its stores are franchisee-operated [2] - The company has three brand concepts: Hu Shang Ayi, Hu Ka, and Qing Xiang Ban, focusing on freshly made beverages and coffee [1] Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY, respectively, with net profits of 149 million CNY, 388 million CNY, and 329 million CNY [2] - A slight revenue decline of 1.9% is projected for 2024, attributed to decreased income from franchises and self-operated stores [2] - The number of closed franchise stores in 2022, 2023, and 2024 was 393, 370, and 987, respectively [2] Group 3: Market Strategy and Challenges - Approximately 25% of the IPO funds will be allocated to enhancing digital capabilities and optimizing membership management systems [2] - The average GMV per franchise store decreased from 1.6 million CNY in 2023 to 1.4 million CNY in 2024, impacting the demand for ingredients and raw materials [3] - Despite challenges, the company continues to expand its franchise network, particularly in tier-two and tier-three cities, while reducing its presence in new first-tier cities [3]

在这场从街边巷口走向全球资本市场的长跑中，沪上阿姨、蜜雪冰城、霸王茶姬、古茗等品牌，刚刚跑完"资格赛"。 2025年5月8日，一声清脆的敲钟声在港交所响起，沪上阿姨正式挂牌上市。 这个起步于上海弄堂、主打血糯米奶茶的品牌，在资本的舞台上迎来了高光时刻。开盘价较发行价上涨68%。 但这并不是茶饮行业的孤例，而是一场集中爆发的资本盛宴的延续。 从2月的古茗登陆港交所，到3月的蜜雪冰城以"认购火爆1145倍"的姿态杀入资本市场，再到4月登陆纳斯达克的霸王茶姬，成为中国首个美股上市的新茶 饮品牌。 整个2025年上半年，新茶饮行业正经历一场罕见的"IPO热潮"。而5月的沪上阿姨，则为这波上市潮画上了一个标志性的句点。 从门店争夺战转战资本市场，新茶饮企业扎堆上市背后，是企业主动寻求新融资通道，还是被动应对市场压力。 当热钱涌入，当聚光灯照耀，是谁在讲一个好故事，又是谁开始露出增长焦虑。 01 2025年，被行业称作"新茶饮IPO元年"。 短短4个月，4家头部新茶饮品牌完成上市。其中，蜜雪冰城市值超千亿港元，古茗涨幅超过150%，沪上阿姨暗盘认购高达3616倍……这一密集上市潮并 非偶然，而是茶饮行业从增量转向存量、从 ...

Core Viewpoint - The company "沪上阿姨" successfully listed on the Hong Kong Stock Exchange, achieving a significant opening and closing price increase, reflecting strong market interest and potential for growth in the tea beverage sector [1] Company Overview - Founded by the couple 单卫钧 and 周蓉蓉, "沪上阿姨" has a product pricing range of 7 to 22 HKD, focusing on unique offerings like blood glutinous rice milk tea [1] - After the IPO, the founders control 78.78% of the company, with their net worth exceeding 130 billion HKD [1] - The IPO raised 195 million HKD, marking "沪上阿姨" as the fourth new tea beverage company to go public this year [1] Financial Performance - The company reported revenues of 2.199 billion CNY, 3.348 billion CNY, and 3.285 billion CNY for the years 2022, 2023, and 2024 respectively, with corresponding adjusted net profits of 154 million CNY, 416 million CNY, and 418 million CNY [1] - The gross merchandise volume (GMV) for the first half of 2024 exceeded 5 billion CNY, with an expected annual revenue surpassing 10 billion CNY [1] Market Position and Strategy - "沪上阿姨" is the third largest tea beverage brand in terms of store count, with 8,437 stores opened by June 2024, and focuses on the lower-tier market [1] - The company has a strong franchise model, with 5,455 franchisees, about 30% of whom operate multiple stores [1] - The company emphasizes product innovation, launching over 100 new products annually from 2022 to 2024, and has a loyal customer base with 1.15 million registered members on its WeChat mini-program [1] Competitive Landscape - The tea beverage industry is highly competitive, and "沪上阿姨" aims to enhance its supply chain capabilities, which currently have room for improvement compared to competitors like "蜜雪冰城" [1] - The funds raised from the IPO will support the company's future growth and capability enhancement initiatives [1]

以下文章来源于21财闻汇 ，作者马小雨 江一苇 来源：21财闻汇 作者：马小雨 江一苇 编辑：谭璐 上海夫妇卖奶茶，一脚踏入资本市场。 5月8日，沪上阿姨在港交所主板挂牌，大幅高开，收盘报158.4港元，涨幅超四成，市值约 166亿港元。 21财闻汇 . 21世纪经济报道官方旗下矩阵成员，做有趣有料的财经新闻。 登陆港股，隐忧初现。 这家始于上海的茶饮，由单卫钧、周蓉蓉夫妇创立，产品定价在7-22元区间，主打血糯米奶 茶、芋泥波波奶茶、杨枝甘露等。 单氏夫妇上市后控制公司78.78%股份，据此计算，其身家超过130亿港元。 此次IPO，沪上阿姨筹集到1.95亿港元，成为今年第四家上市的新茶饮公司。 新茶饮赛道，越发拥挤，单氏夫妇多方突围。 这里插播一条课程资讯： #黑马年中精选大课重磅来袭# 贸易战会打多久？全球脱钩成定局？中小企业怎么活？将有哪 些新机会？如何用AI？如何扎马步？ 在这个充满挑战和未知的关键时期，你和你的企业该怎么 办？ 这里认真推荐你： 报名参加 2025黑马营年中精选大课 ， 沉浸式听听 牛文文、卫哲、香帅、 章苏阳、常斌、杨明超、贾伟 他们从不同纬度不同视角为你带来的 《这个时代，如何 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 沪上阿姨的上市赶上了好时候，最近蜜雪冰城、泡泡玛特、老铺黄金组成的"港股三姐妹"爆发，直接带火了在香港上市的消费股。虽然沪上阿姨去年的营收不及茶 百道，但是上市首日却高开68%，被资本疯抢下，总市值逼近200亿港元。而它的资本故事，是由县城中产，更确切地说是北方县城中产撑起来的。 文 ｜ 阳一 编辑 ｜ 吴跃 来源｜ 财经天下WEEK LY（ID: cjtxweekly ） 封面来源 ｜ 视觉中国 上海最大的奶茶公司上市了。 5月8日，港股迎来了年内第三家新茶饮公司上市。按照门店总数计算，它是业内目前排名第三的品牌。门店已过9000家的沪上阿姨，上市首日高开 68.49%，报190.6港元/股，开盘总市值195亿港元。创始人单卫钧和周蓉蓉这对75后夫妻，上市后控制公司78.78%的股份，据此计算，两人身家已超153 亿港元。 沪上阿姨是一家颇有些与众不同的奶茶公司。它从上海弄堂里起家，却在齐鲁地区发展起来，在低线城市成长，成为北方市场排名第一的"中 ...

Core Viewpoint - Hu Shang A Yi officially listed on the Hong Kong Stock Exchange on May 8, becoming the fifth new tea beverage company in the Hong Kong market, with a significant first-day price increase of 68.5% from the issue price [1] Group 1: Company Performance - On its first trading day, Hu Shang A Yi opened at HKD 190.6 per share, reaching a market capitalization of over HKD 18.4 billion, setting a record for first-day gains in the new tea beverage sector [1] - The company's store count is projected to reach 9,176 by the end of 2024, representing a 73% increase from 2022, with 50.4% of stores located in third-tier cities and below [1] - Revenue for Hu Shang A Yi from 2022 to 2024 is forecasted at CNY 2.199 billion, CNY 3.348 billion, and CNY 3.284 billion respectively, with adjusted net profits of CNY 154 million, CNY 416 million, and CNY 418 million during the same period [1] Group 2: Market Context - The new tea beverage market in China is expected to exceed CNY 400 billion by 2028, but has shifted from an incremental market to a stock market since 2022, leading companies to focus on high-quality development rather than just expansion [1] - The stock performance of new tea beverage companies has shown significant divergence, with notable gains for Gu Ming, Mi Xue Ice City, and Ba Wang Tea Ji, while earlier entrants like Nai Xue's Tea and Cha Bai Dao have seen substantial declines in their stock prices [2] - The initial success of Hu Shang A Yi's listing is attributed to the confidence instilled in the market by Mi Xue Ice City, indicating a "domino effect" among new tea brands [2]