Core Viewpoint - The article discusses the recent listing of Baima Tea on the Hong Kong stock market, highlighting the challenges faced by domestic tea companies and the search for new growth opportunities in the evolving market landscape [3][4]. Company Overview - Baima Tea, founded in 1997, is a leading tea supplier and chain store brand in China, with a product range that includes Oolong, black, and red teas. As of mid-2023, it operates 3,585 stores nationwide, with 3,341 being franchise outlets [5]. - Other listed tea companies include Lancang Ancient Tea, which focuses on Pu'er tea, and Tianfu, which sells various tea types. Both companies primarily rely on physical stores for sales [6]. Market Challenges - The tea retail market has faced declining sales, with Lancang Ancient Tea and Tianfu reporting revenue drops due to a sluggish consumer market and increased competition from e-commerce and private label products. Lancang Ancient Tea's revenue fell to 360 million yuan in 2024, a 31.48% decrease, while Tianfu's revenue was 1.56 billion yuan, down 9.89% [6][7]. - Baima Tea's revenue and net profit have been growing, with 2024 figures showing revenue of 2.143 billion yuan and a net profit of 224 million yuan, although it experienced a decline in the first half of 2025 [7]. Industry Growth Potential - The overall Chinese tea market is projected to grow from 288.9 billion yuan in 2020 to 325.8 billion yuan in 2024, with a compound annual growth rate of approximately 3%. By 2029, the market is expected to reach 407.9 billion yuan [10]. - Despite the presence of well-known brands, the market share of listed companies remains low, with the combined revenue of Baima Tea, Lancang Ancient Tea, and Tianfu accounting for only 1.2% of the total tea market in 2024 [10]. New Growth Opportunities - Tea companies are exploring new sales channels, particularly e-commerce, to reduce reliance on traditional offline sales. Baima Tea's online sales accounted for 23.6% of its revenue in 2024 [11]. - The rise of new tea beverage brands and the growing demand for ready-to-drink and sugar-free tea products present additional growth avenues for established tea brands [11]. - Industry experts suggest that tea brands should leverage new marketing strategies to establish standards and build brand recognition among younger consumers [12].

Core Insights - The tea industry is experiencing a shift with new consumption scenarios and marketing strategies aimed at younger consumers, as evidenced by the recent IPO of Baima Tea in the Hong Kong market, where its stock price doubled from the issue price [1][2] - The overall tea market in China is projected to grow from CNY 288.9 billion in 2020 to CNY 325.8 billion in 2024, with a compound annual growth rate of approximately 3% [5] Company Performance - Baima Tea, founded in 1997, has expanded to 3,585 stores nationwide, with 3,341 being franchise outlets, contributing significantly to its revenue [2] - In contrast, other listed tea companies like Lancang Ancient Tea and Tianfu have reported declining revenues due to a sluggish market and challenges faced by physical stores [2][3] - Baima Tea's revenue for 2024 was CNY 2.143 billion, with a net profit of CNY 224 million, although it experienced a 4% decline in revenue and a 17.8% drop in net profit in the first half of the year [3] Market Trends - The tea market is facing challenges from e-commerce and live-streaming sales, which have impacted traditional physical store operations [3] - The market share of the three listed tea companies (Baima Tea, Lancang Ancient Tea, and Tianfu) combined is only 1.2% of the overall tea market, indicating a low market penetration [5] - The rise of new tea brands and the growth of ready-to-drink tea products are creating new opportunities for established tea companies to diversify their revenue streams [6] Strategic Opportunities - Companies are increasingly focusing on online sales channels to reduce reliance on traditional distribution methods [6] - Baima Tea's e-commerce sales accounted for 23.6% of its revenue in 2024, highlighting the importance of digital sales strategies [6] - The tea industry is exploring various segments, including traditional tea, liquid tea beverages, and new-style tea drinks, which collectively represent a significant market potential [6][7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 PU'ER LANCANG ANCIENT TEA CO., LTD. 普洱瀾滄古茶股份有限公司 於中華人民共和國註冊成立的股份有限公司 ） （股份代號：6911） 內幕消息 附屬公司收到仲裁裁決書 本公告乃由普洱瀾滄古茶股份有限公司（「本公司」，連同其附屬公司合稱為「本集團」）根據香港 聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及證券及期貨條例（香 港法例第571章）第XIVA部項下的內幕消息條文（定義見上市規則）而作出。 於二零二五年十月二十七日，本公司全資附屬公司廣州康瑞瀾滄古茶有限公司（「廣州康瑞」）接 獲來自深圳國際仲裁院（「仲裁院」）作出的日期為二零二五年十月二十七日的仲裁裁決書（「裁決 書」）。 根據裁決書，案情源於廣州康瑞二零二四年十二月八日與仲裁申請人（「申請人」）劉存芝簽訂的 一份借款合同（「借款合同」），借款金額為人民幣1,000萬元（「該借款」）， ...

Core Viewpoint - The Chinese tea market is projected to grow from 288.9 billion yuan in 2020 to 325.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3% [1][2] Market Overview - The Chinese tea industry has a long history, with domestic production accounting for approximately 69% of total output by 2024, indicating a self-sufficient industry [2] - The market is segmented into high-end, mid-range, and mass-market categories, with high-end tea experiencing the fastest growth due to rising consumer health awareness [3] - The overall tea market is expected to see sales revenue increase from about 89 billion yuan to approximately 103.1 billion yuan, reflecting a CAGR of about 3.7% [3] Market Segmentation - Tea types are categorized into six major categories based on fermentation: green tea, white tea, yellow tea, oolong tea, black tea, and red tea, with green tea dominating the market, accounting for over 50% of the total [2] - The market size for red tea is approximately 54.1 billion yuan, while oolong and black tea are in the 30-40 billion yuan range, and white tea and yellow tea are relatively niche, with sizes of 10.4 billion yuan and 2.9 billion yuan, respectively [2] Sales Channels - The sales model for tea is heavily reliant on offline experiences, with online and offline channels expected to account for approximately 11% and 89% of the market, respectively, by 2024 [3] - Direct sales and distribution models are projected to represent about 27.8% and 72.2% of the market, respectively [3] Competitive Landscape - The high-end tea market is highly fragmented, with Baima Tea Industry holding the largest market share at approximately 1.7% in 2024, followed by Tianfu and Lancang Ancient Tea [4] - The combined market share of the top three companies is less than 2% of the overall tea market size of 325.8 billion yuan [4]

Core Points - The company announced the resignation of its executive director and vice president, Zhang Muheng, due to personal health reasons [1] - Following his resignation, Zhang will continue to serve as the legal representative, executive director, and general manager of the company's wholly-owned subsidiary, Guangzhou Kangrui Lancang Ancient Tea Co., Ltd. [1]

Core Viewpoint - The company announced the resignation of its executive director and vice president, Zhang Muheng, due to personal health reasons, effective October 24, 2025 [1] Group 1 - Zhang Muheng will continue to serve as the legal representative, executive director, and general manager of the company's wholly-owned subsidiary, Guangzhou Kangrui Lancang Ancient Tea Co., Ltd. after his resignation [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 PU'ER LANCANG ANCIENT TEA CO., LTD. 普洱瀾滄古茶股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6911） 執行董事辭任 執行董事辭任 普洱瀾滄古茶股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，於二零二五年 十月二十四日，董事會收到本公司執行董事兼副總裁張慕衡先生（「張先生」）的辭任函（「辭任 函」），因個人身體原因，彼決定辭任本公司執行董事及副總裁之職務（「辭任」）。辭任後，張 先生將繼續擔任本公司全資附屬公司廣州康瑞瀾滄古茶有限公司法定代表人及執行董事、總經 理。 張先生確認，彼與董事會並無任何意見分歧，亦無有關其辭任之任何事項須敦請本公司股東及 債權人垂注。 根據《中華人民共和國公司法》和本公司公司章程等適用的相關規定，辭任自辭任函送達董事會 時起生效。 董事會謹此衷心感謝張先生在過往為本公司服務期間的努力和付出。 承 ...

PU'ER LANCANG ANCIENT TEA CO., LTD. 普洱瀾滄古茶股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） M 相關董事會委員會之委員 香港，2025年10月24日 董事名單及其角色與職能 本公司董事會（「董事會」）成員及彼等各自於董事會及董事委員會的角色及職能載列如下： | 董事委員會 | 薪酬與 | 董事 | 審計委員會 | 考核委員會 | 提名委員會 | 戰略委員會 | | --- | --- | --- | --- | --- | --- | --- | | 執行董事 | | | | | | | | （董事長） | 杜春嶧女士 | M | M | C | | | | （總經理） | 周信忠先生 | M | | | | | | 石一景女士 | | | | | | | | 付剛先生 | | | | | | | | 非執行董事 | | | | | | | | 劉佳杰先生 | M | | | | | | | 獨立非執行董事 | | | | | | | | 黃琳女士 | M | C | C | | | | | 湯章亮先生 | M | | | | | | | 楊克 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 普洱瀾滄古茶股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06911 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 31,500,000 | RMB | | 1 RMB | | 31,500,000 | | 增加 / 減少 (-) | | | 24,000,000 | | | RMB | | 24,000,000 | | 本月底結存 | | | 55,500,000 | RMB | | 1 RMB | ...

Core Viewpoint - The company announced that all conditions precedent for the subscription agreements have been met, allowing for the completion of the subscription by September 30, 2025 [1] Group 1 - The company has issued a total of 24 million H-shares at a subscription price of HKD 2.46 per share to four subscribers [1]