Auntea Jenny: H1 2024 GMV RMB 5.1B, 8,437 Stores, a Multi-Brand Franchise Model

This is an English adaptation of a FoodBud historical article originally published on December 29, 2024.

Auntea Jenny's (沪上阿姨) updated HK prospectus is a clean look at a top-five Chinese tea chain built on a multi-brand, franchise-led, lower-tier-city model.

Scale and financials (H1 2024)

• GMV RMB 5.129 billion (+16.8%); 8,437 stores, ~49–50% in tier-3-and-below cities; 2.93 billion cups sold in H1.
• Revenue RMB 1.657 billion (+6.0%); gross margin 31.2%; net profit RMB 168M (net margin 10.1%, down 12.2% YoY). The model is franchise-led: franchise business 97.2% of H1 revenue, self-operated just 1.6%; 99.7% of stores are franchised.
• Trajectory: stores 3,776 (2021) → 5,307 → 7,789 → 8,437 (Jun-2024); GMV RMB 4.161 → 6.068 → 9.731 billion (2021–2023). Margin improved as franchise raw-material cost fell (79.1%→73.8%) and higher-margin franchise-service revenue rose.

Multi-brand strategy

• Core brand Auntea Jenny: fresh-fruit tea, light-milk tea and topping-rich milk tea at RMB 7–22; 8,146 stores; ~RMB 26/cup.
• Hu Coffee (沪咖): mid-market coffee extension inside stores (~RMB 19/cup), 1,902 stores.
• Light-enjoy edition (轻享版): value tea (~RMB 9–15) for tier-3/4 cities, 291 stores, scaling fast.

Unit economics and supply chain

• Per-store annual GMV for the core brand was ~RMB 1.5M (2021–2023). Online is ~70% of orders (WeChat mini-program + delivery), up from 62.8%.
• 16 hub warehouses (store-to-warehouse ratio ~1:211) plus an owned Zhejiang (Haiyan) plant; localizing inputs cut per-purchase cost 6–17%; AI inventory/logistics and traceability. Members 98.3 million, 70.2% active.

Competitive position and funding

By 2023 GMV, China's freshly made tea ranking was Mixue (RMB 42.7 billion, 20.2%), Guming (RMB 19.2 billion), ChaPanda (RMB 16.9 billion), Chagee (RMB 10.5 billion), then Auntea Jenny (RMB 9.7 billion, 4.6%); Auntea Jenny's tier-3-and-below penetration (49.4%) is among the highest. It overseas-debuted in Kuala Lumpur (Feb 2024). Funding ran A (2020) through C (2024, RMB 120M), lifting valuation from RMB 120M to RMB 5.122 billion, ahead of the HK listing. Prospectus figures are historical (end-2024).