沪上阿姨2025中期报告

Auntea Jenny (Shanghai) Industrial Co., Ltd. 2589(A joint stock company incorporated in the People’s Republic of China with limited liability)Stock Code CONTENTS 2CORPORATE INFORMATION4MANAGEMENT DISCUSSION AND ANALYSIS17CORPORATE GOVERNANCE AND OTHER INFORMATION29INDEPENDENT REVIEW REPORT31INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS32INTERIM CONDENSED CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME33INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION35INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY37INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS40NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION61DEFINITIONS CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Shan Weijun(Chairman of the Board)Ms. Zhou RongrongMr. Zhou TianmuMr. Wang Jiaxing Independent Non-Executive Directors Mr. Han Ding-GwoMr. Chung Chong SunMs. Yu Fang Jing SUPERVISORS Mr. Gu LiangMs. Xu NaMs. Cheng Fangfang AUDIT COMMITTEE Mr. Chung Chong Sun (Chairperson)Mr. Han Ding-GwoMs. Yu Fang Jing REMUNERATION COMMITTEE Mr. Han Ding-Gwo(Chairperson)Mr. Shan WeijunMs. Yu Fang Jing NOMINATION COMMITTEE Mr. Shan Weijun(Chairperson)Mr. Chung Chong SunMs. Yu Fang Jing HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 440A5 5/F, Building AHelen Center, Financial Street440 Helen Road, Hongkou DistrictShanghai, PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor, Dah Sing Financial Centre248 Queen’s Road EastWanchaiHong Kong 24840 STOCK CODEStock Code: 2589 2589 H H SHARE REGISTRAR AND TRANSFER OFFICE 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong https://www.hsay.com COMPANY’S WEBSITEhttps://www.hsay.com AUTHORIZED REPRESENTATIVEMr. Shan Weijun 3.05 AUTHORIZED REPRESENTATIVES(under Rule 3.05 of the Listing Rules) Mr. Shan WeijunMs. Yu Anne JOINT COMPANY SECRETARIES Ms. Wang JuanMs. Yu Anne REGISTERED OFFICE Room 124, 1/FNo. 28 Shenpujing RoadZhujing Town, Jinshan DistrictShanghai, PRC 28124 PRC LEGAL ADVISORZhong Lun Law Firm HONG KONG LEGAL ADVISORClifford Chance COMPLIANCE ADVISORHaitong International Capital Limited AUDITOR Ernst & YoungCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL BANKS China Construction Bank Shanghai Linping Road BranchChina Merchants Bank Shanghai North Bund Branch MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW Overview We are a fast-growing multi-brand freshly-made beverage companythat precisely meets consumer demands through our diverse brandportfolio. We operate a franchise-focused business model. Ourmutually beneficial franchise system is the foundation for our long-term and stable cooperation with franchisees. We strategicallyfocus on the lower-tier markets and have achieved a strong marketpresence in the lower-tier markets in China in terms of total storecount among mid-priced freshly-made tea shop brands. Our brands Auntea Jenny() is our principal brand concept launchedin 2013, under which we offer a wide range of products includingfresh fruit tea, fruit and veggie tea, milk tea with toppings, lightmilk tea, yogurt shakes and snack packs. We aim to bring freshly-made products with affordable prices to consumers across China,particularly those in third and lower-tier cities. The price range for keyproducts under this brand concept is typically RMB7 to RMB22 peritem. 2013722 Fallstea() is a brand concept launched in 2023 as VersionLite. Since March 2024, it has been promoted with an eye-catchinglogo, an upgraded store design and new marketing initiatives tofurther capture demand in lower-tier markets. Products offered underthis brand concept are primarily light milk tea, milk tea with toppings,fruit tea and ice cream. Compared toAuntea Jenny,Fallsteaoffersgreater flexibility in pricing and store location selection. The pricerange for key products under this brand concept is typically RMB2 toRMB12 per item, which is lower than that of our other brands. 202320243212 20221323 Jenny x Coffee(), launched in 2022, is typically embedded inourAuntea Jennystores. We offer various types of coffee underJenny x Coffee. The price range for key products is typically RMB13to RMB23 per item. Store network As of June 30, 2025, our store network of 9,436 stores, of which24 were self-operated and 9,412 were franchised, covered all fourcentrally administered municipalities and over 300 cities in fiveautonomous regions and 22 provinces in China. Our store networkspans from Mohe in Heilongjiang province in northern China to Sanyain Hainan Province in southern China. 20256309,436249,41222300 20256 30 Set forth below is a breakdown of stores in our network by city tier asof June 30, 2025: (1)20242 (1)In February 2024, we launched our first overseas self-operatedAunteaJennystore in Kuala Lumpur, Malaysia. The freshly-made tea shop market in third and lower-tier citiesin C