Auntea Jenny (Shanghai) Industrial Co is a freshly-made beverage company, operating the fifth and fourth largest network of freshly-made tea shops in China as of December 31, 2022 and 2023, respectively according to CIC. The Group generated a substantial majority of revenue from its franchising operations, mainly consisting of sales of goods, including ingredients, packaging and other raw materials, as well as equipment, to franchisees, and franchising services. The products offered under the Group’s three brand concepts include freshly-made beverage and freshly-brewed coffee.

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The Group is a fast-growing freshly-made tea shop brand in terms of the growth rates of total store count and GMV among the five largest freshly-made tea shop brands in terms of total store count in 2022 and 2023 according to CIC. As of December 31, 2023, the Group covered the most cities in China among mid-priced freshly-made tea shop brands in China.

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As of December 31, 2024, the Group’s store network of 9,176 stores covered all four centrally administered municipalities and over 300 cities in five autonomous regions and 22 provinces in China. The Group’s customers are primarily the franchisees who operate franchised stores pursuant to the franchise agreements signed with it.