Core Viewpoint - The recent IPO of Hu Shang A Yi marks a significant entry into the competitive tea beverage market, showcasing strong investor interest and a strategic focus on expanding its presence in lower-tier cities [2][4][8]. Company Overview - Hu Shang A Yi was founded in Shanghai in 2013 and gained popularity with its "blood glutinous rice milk tea" [7]. - The company operates a substantial network of tea beverage stores, ranking as the fifth and fourth largest in China as of 2022 and 2023, respectively [7]. - As of 2024, Hu Shang A Yi has over 9,000 stores, with more than half located in tier-three cities and below [8][9]. IPO Details - The company priced its shares at HKD 113.12, issuing 2.4113 million shares, and received a subscription multiple of nearly 3,400 times during the IPO phase [4][6]. - The expected net proceeds from the global offering are approximately HKD 195 million [6]. Financial Performance - Hu Shang A Yi's revenue for 2022, 2023, and 2024 was CNY 2.199 billion, CNY 3.348 billion, and CNY 3.285 billion, respectively, with net profits of CNY 149 million, CNY 388 million, and CNY 329 million [8]. - The company experienced a slight revenue decline of 1.9% in 2024, attributed to reduced income from franchise operations and self-operated stores [8]. Strategic Focus - The company plans to allocate approximately 25% of its IPO proceeds to enhance digital capabilities, 20% for product development and material upgrades, and 20% to strengthen supply chain capabilities [7]. - Hu Shang A Yi aims to expand its franchise network while facing intense competition in the tea beverage sector, particularly in lower-tier markets [9]. Market Position - The tea beverage industry is currently experiencing heightened competition, with Hu Shang A Yi focusing on expanding its presence in lower-tier cities while reducing its footprint in new first-tier cities [9].
沪上阿姨成认购最热新股 加盟店平均GMV下降