Who will be the "second share of new tea drink" in Hong Kong stocks? On February 14, Shanghai Auntie submitted a listing application to the Hong Kong Stock Exchange, becoming the fourth tea company that is currently sprinting for the IPO of Hong Kong stocks.
According to the prospectus, according to CIC, as of September 30, 2023, Shanghai Auntie operated the fourth largest network of freshly made tea shops in China, with 7,297 stores and a GMV of 71With RMB 8.3 billion, the company is the fastest-growing among the top five ready-made tea shop brands in China in terms of the number of stores in the whole system and the growth rate of GMV.
According to the 2023 New Tea Drink Research Report, after 3 years of dormancy, the market size of new tea drinks in 2023 is expected to reach 149.8 billion yuan, with a growth rate of 443%, but in 2024 and 2025, the growth rate may fall to 197% and 124%。With the obvious trend of incremental transfer of stock in the new tea beverage market, the industry is entering a new round of competition cycle.
Although new tea brands have chosen to go public in the new round of industry competition, the only one that has successfully listed is Nai Xue's tea.
Shanghai aunt sprint Hong Kong stocks
On February 14, Shanghai Auntie submitted a listing application to the Hong Kong Stock Exchange, with CITIC**, Haitong International, and Oriental ** International as joint sponsors.
According to the prospectus, according to CIC data, as of September 30, 2023, the company operated the fourth largest network of ready-made tea shops in China in terms of the number of stores in the whole system, and has a huge network in the sinking market. In the subdivision track, the company is the third largest medium-priced freshly made tea shop brand in China, and the largest medium-priced freshly made tea shop brand in northern China.
In the prospectus, Shanghai Auntie highlighted the following business highlights: No. 1 in northern China (brand of freshly made tea shops); The quarterly repurchase rate was 413%；71.9 million+ registered members; No. 1 in urban coverage; China's freshly made tea shop brand ranks fourth ......
At present, Shanghai Auntie has launched three major brands, "Shanghai Auntie", "Shanghai Coffee" and "Light Enjoyment", providing a series of products, including fresh fruit tea, multi-spice milk tea, light milk tea, yogurt shakes and bagged snacks. It aims to bring cost-effective healthy ready-made products to consumers all over China, especially in third-tier cities and below. Under this brand concept, the main products range from 2 yuan to 23 yuan.
As of September 30, 2023, 7,245 of the 7,297 stores in the company's network are operated by franchisees, accounting for 993%, so the vast majority of the company's revenue comes from franchise business, mainly including (i) sales of goods; and (ii) franchise services.
Financial data shows that from 2021 to the first nine months of 2023, Shanghai Auntie's revenue was 16400 million yuan, 219.9 billion yuan, 253.5 billion yuan, gross profit was 35.8 billion yuan, 58.6 billion yuan, 7900 million yuan, gross profit margin was .2%, and the profit for the period was 833990,000 yuan, 14.9 billion yuan, 3$2.4 billion.
As of September 30, 2023, the cash and cash equivalents held by Shanghai Auntie were 2$8.9 billion. Judging from the financial data, Shanghai Auntie does not have much competitive advantage compared with Gu Ming and Mixue Bingcheng, which have previously submitted listing applications, among them, Gu Ming Holdings' revenue in the first nine months of 2023 is 555.9 billion yuan, with 9,001 stores; In the first nine months of 2023, the revenue of Mixue Bingcheng was 15.4 billion yuan, with more than 36,000 stores. On the whole, the revenue of Mixue Bingcheng is 6 times that of Shanghai Auntie, and the number of stores is 5 times that of Shanghai Auntie.
The total of 4 rounds of financing is 4800 million yuan
According to the prospectus, the company has carried out a total of 4 rounds of financing since its establishment, completed a round of financing of 75 million yuan in November 2020, and completed a round of A+ financing of 53 million yuan in 2021, and the investor behind it is Suzhou Yizhong; In 2023, we will complete Series B financing2300 million yuan, and the investors behind it include Jinyi Capital, Suzhou Xiangzhong, Zhiyi Investment, Desay Innovation, Shibei High-tech, etc.; In February 2024, the Company will complete Series C financing12.2 billion yuan, and the investors behind it include Hanrate Investment, Jinzhen Investment, and Yinlin Investment.
Although the financing amount is not large, it is still quite good for the tea industry. In the new tea drink market with serious homogenization, Shanghai Auntie is not only facing the "Three Kingdoms Killing" encirclement and suppression of Tea Baidao, Gu Ming, and Mixue Bingcheng before and after submitting the Hong Kong Stock Exchange, but also facing the competition of companies such as Overlord Tea Ji, Chayan Yuese, and Shuyi Burning Fairy Grass, plus the oppression of the two high-end tea drinks of Hey Tea and Nai Xue, it is even more difficult for Shanghai Auntie to break out of the encirclement in a short time.
In the "Risk Warning" in the prospectus, Shanghai Auntie said frankly that in the face of increasingly fierce competition, whether it can win the favor of more franchisees in the future growth, continue to expand the number of stores, and whether product innovation can cater to the changing consumer needs of consumers will become the key to restricting the next development of Shanghai Auntie.
Editor-in-charge: Wan Jianyi.
Proofreader: Yao Yuan.
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