Core Viewpoint - The successful IPO of Hu Shang A Yi on the Hong Kong Stock Exchange reflects strong market confidence in its business model and growth potential, with a market capitalization exceeding HKD 18.1 billion after a significant stock price increase [1][3]. Group 1: Business Model and Growth - Hu Shang A Yi's rapid expansion is driven by a franchise-focused business model, with 99.7% of its 9,176 stores operated by franchisees across over 300 cities in China [4][5]. - The company has seen a strong reinvestment from existing franchisees, with 48.8% of new stores in 2024 coming from current franchisees, indicating a well-functioning franchise system [6]. - The average initial investment for a new store is approximately CNY 275,000, lower than the industry average, making it attractive for potential franchisees [6][7]. Group 2: Product and Supply Chain - Hu Shang A Yi has a diverse product line, including the "Light Enjoy" brand and "Hu Coffee," catering to various consumer preferences and enhancing franchisee profitability [7][9]. - The company sources ingredients globally, ensuring product quality and innovation, with over 100 new products launched from 2022 to 2024 [8][9]. - A centralized procurement platform helps maintain low ingredient costs, benefiting franchisees and creating a sustainable growth loop [8]. Group 3: Market Strategy and Positioning - The company is strategically focusing on the lower-tier markets, with 50.4% of its stores located in these areas by 2024, capitalizing on the expected rapid growth in these segments [9][10]. - The mid-priced tea beverage market is projected to grow significantly, with Hu Shang A Yi positioned to capture a substantial share due to its extensive network and brand recognition [13][16]. - The combination of its franchise model, product diversification, and focus on lower-tier markets positions Hu Shang A Yi for sustainable growth and competitive advantage in the tea beverage industry [19][20].

Core Viewpoint - The article discusses the successful IPO of Hu Shang A Yi, a tea beverage brand, on the Hong Kong Stock Exchange, highlighting its rapid growth and market positioning in the Chinese tea beverage industry [2][4]. Company Overview - Hu Shang A Yi was founded in 2013 and has expanded to 9,367 stores as of April 18, 2025 [2]. - The company operates under three main brands: "Hu Shang A Yi," "Hu Ka," and "Qing Xiang Ban," with the latter two launched in 2022 and 2023 respectively [2]. - The brand has achieved significant market recognition, ranking first among mid-priced tea beverage brands in Northern China and fourth overall in the industry as of December 31, 2023 [2]. Investment and Support - Hu Shang A Yi has received investments from notable firms including Jia Yu Capital, Jin Yi Capital, and others [3]. - Jia Yu Capital has been a key investor since 2020, holding 9.15% of the company prior to the IPO, and has provided strategic guidance to enhance the company's growth trajectory [4]. Market Position and Strategy - The company is recognized for its dual brand strategy and strong supply chain capabilities, which have contributed to its rapid expansion and market penetration [4]. - Hu Shang A Yi is noted for being the fastest-growing brand among the top five mid-priced tea beverage brands in China based on store count and GMV growth rates [2]. Future Outlook - The leadership of Hu Shang A Yi expresses confidence in continuing to enhance operational efficiency and digital membership systems to sustain growth [4]. - Jia Yu Capital aims to support Hu Shang A Yi in achieving higher quality development and expanding its market presence globally [4].

Core Viewpoint - The article discusses the successful IPO of "沪上阿姨" (Hu Shang Ayi), a leading tea beverage brand in Northern China, highlighting its market position, financial performance, and growth strategies. Group 1: IPO Details - "沪上阿姨" officially listed on the Hong Kong Stock Exchange on May 8, 2025, under the stock code "2589" [2] - The IPO involved the issuance of 2,411,340 H shares, with a subscription rate of 3616.83 times for the public offering and 2.57 times for the international offering [2] - The total funds raised from the IPO amounted to HKD 273 million, with a share price of HKD 113.12 [2] Group 2: Market Presence and Growth - As of December 31, 2024, "沪上阿姨" had a network of 9,176 stores across 300+ cities in China, with over 50% of its stores located in tier-three cities and below [4][5] - The brand achieved a GMV of over RMB 10.7 billion in 2024, marking significant growth from previous years [3][6] - "沪上阿姨" is ranked first among mid-priced tea beverage brands in Northern China and third among all mid-priced tea brands in China [4][5] Group 3: Financial Performance - The revenue figures for "沪上阿姨" from 2022 to 2024 were RMB 2.199 billion, RMB 3.348 billion, and RMB 3.285 billion, respectively [6] - The adjusted net profit for the same period was RMB 154 million, RMB 416 million, and RMB 418 million [6] Group 4: Product Innovation and Supply Chain - The company launched over 100 new products each year from 2022 to 2024, including seasonal and health-focused beverages [7][8] - "沪上阿姨" has established a robust supply chain network with 12 logistics bases and 15 cold chain warehouses, enhancing operational efficiency and reducing waste [8] Group 5: Franchise and Investment - The brand has a strong franchise model, with 30% of its 5,455 franchisees operating multiple stores [9] - Major institutional investors include 嘉御资本 (Gao Yu Capital), which has been a significant supporter since 2020, holding 9.15% of the shares prior to the IPO [10][11]

战略性聚焦下沉市场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 沪上阿姨 (上海)实业股份有限公司 （以下简称 " 沪上阿姨 "）今起招股、至5 月2日结束，并计划于2025年5月8日正式以"2589"为股票代码在港交所主板挂牌上市。 沪上阿姨 计划在本次 IPO中发行 2,411,340股H股 ，其中香港公开发售 2 41, 1 40股H股 ，国际发 售 2, 170 , 20 0股H股 。 值得注意的是， 截至 2023年12月31日， 沪上阿姨 新店的估计初始投资成本平均约为 275,000 元，低于中国中价现制茶饮店行业约350,000元的平均初始投资成本。截至2024年12月31日，在 沪上阿姨 的 5,455名加盟商中， 有 3 0.0%或1,637名加盟商开设一 家 以上的门店。 2024年，有 48.8%或1,164 家 新加盟店由现有加盟商开设。 2023年 和 2024年，沪上阿姨的季度平均活跃会员分别 为 1,630万人 和 1,760万人； 同期 ，季 度复购率由 42.2%提升至44.3%。 在本次 IPO发行中 ...