Bama Tea Co., Ltd. 八馬茶業股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) （於中華人民共和國註冊成立的股份有限公司） （Stock Code 股份代號：6980） December 12, 2025 We encourage you to access Corporate Communications of the Company in electronic form on the Company's website. If you wish to receive printed copies of all future Corporate Communications, please complete and return the Request Form on the reverse side of this letter to the Company's share registrar in Hong Kong (the "Shar ...

（股份代號：6980） 登記股東之名稱及地址 Bama Tea Co., Ltd. 八馬茶業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 安排 1. 可供採取行動的公司通訊 4 本公司將以電子通訊方式（通過電子郵件）向股東個別地發送可供採取行動的公司通訊。如果本公司沒有獲 取股東的電子郵箱地址或其提供的電子郵箱地址無效 5，本公司將以印刷本形式向其發送可供採取行動的公 司通訊，連同一份索取股東有效電子郵箱地址的表格，以便將來以電子通訊方式發送可供採取行動的公司通 訊。 2. 公司通訊 本公司將在本公司網站（www.bamatea.com）及聯交所網站（www.hkexnews.hk）上發佈公司通訊。 本公司不會向股東發出公司通訊網站版本 6 的登載通知。本公司鼓勵股東主動留意網站上所有日後的公司通 訊的登載情況，並自行瀏覽公司通訊的網站版本。 2025 年 12 月 12 日 尊敬的股東 發佈公司通訊之安排 簡介 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 2.07A 條 1 以及八馬茶業股份有 限公司（「本公司」）的公司章程，本公司將以電子通訊方式向其股東 3 發佈本 ...

Group 1 - The stock price of Baima Tea Industry (06980.HK) has dropped over 10%, reaching a low of 43 HKD, which is below its IPO price of 50 HKD [1] - As of the report, Baima Tea Industry is down 10.32%, trading at 43.26 HKD, with a transaction volume of 11.618 million HKD [1]

八马茶业(06980)午后跌超10%，低见43港元，已低于招股价50港元。截至发稿，跌10.32%，报43.26港 元，成交额1161.8万港元。 中泰证券（600918）发布研报称，预计未来公司茶业务稳健增长，线下渠道提速扩张并优化门店效率、 叠加线上渠道协同发展，大单品等策略下品牌力持续提升。近年茶业市场需求端更加多元化，供给端整 合利好行业龙头。八马茶业作为高端茶叶第一品牌，有望受益进一步提升市占率。短期来看，25年上半 年收入/利润分别同比-4%/-18%。展望25下半年，在高端消费回暖的背景下，收入利润有望企稳回升。 公开资料显示，八马茶业是国内头部知名的茶叶品牌+茶叶连锁零售渠道商供应商，产品全面覆盖中国 六大品类茶叶及茶具等产品。2024年公司在国内茶叶连锁专卖店数量排名行业第一，同时在乌龙茶和红 茶两大品类份额市场销售收入也排名第一。 ...

中泰证券发布研报称，预计未来公司茶业务稳健增长，线下渠道提速扩张并优化门店效率、叠加线上渠 道协同发展，大单品等策略下品牌力持续提升。近年茶业市场需求端更加多元化，供给端整合利好行业 龙头。八马茶业作为高端茶叶第一品牌，有望受益进一步提升市占率。短期来看，25年上半年收入/利 润分别同比-4%/-18%。展望25下半年，在高端消费回暖的背景下，收入利润有望企稳回升。 公开资料显示，八马茶业是国内头部知名的茶叶品牌+茶叶连锁零售渠道商供应商，产品全面覆盖中国 六大品类茶叶及茶具等产品。2024年公司在国内茶叶连锁专卖店数量排名行业第一，同时在乌龙茶和红 茶两大品类份额市场销售收入也排名第一。 智通财经APP获悉，八马茶业(06980)午后跌超10%，低见43港元，已低于招股价50港元。截至发稿，跌 10.32%，报43.26港元，成交额1161.8万港元。 ...

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11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: 八馬茶業股份有限公司 呈交日期: 2025年12月2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) | 06980 | 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 | | | 52,986,875 | RMB | | | 1 RMB | | 52,986,875 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 52,986,875 | RMB | | | 1 RMB | | 52,986,875 | | 2. 股份分類 | 普通股 ...

Company Overview - Baima Tea is a leading tea brand and retail chain in China, covering all six major tea categories and tea-related products [2] - In 2024, Baima Tea is expected to rank first in the number of domestic tea chain stores and hold the largest market share in both Oolong and black tea categories [2] - The company has achieved a revenue and profit CAGR of 8.6% and 16.2% respectively over the past three years, with projected revenues and net profits of 2.143 billion and 224 million yuan in 2024 [2] - Baima Tea operates three main brands: the core Baima Tea brand, the sub-brand Xinjihua focusing on high-end Pu'er tea, and the newly established sub-brand Wanshanhong targeting younger consumers [2] Industry Landscape - The high-end tea market is growing faster than the overall market, with a projected market size of 325.8 billion yuan in 2024 and a high-end segment expected to reach 103.1 billion yuan [3] - The high-end tea market is anticipated to grow at a CAGR of 5.6% from 2024 to 2029 [3] - The Chinese tea market is characterized by a long-standing issue of "having categories but no brands," leading to a highly fragmented high-end tea market with a CR5 of approximately 5.6% in 2024 [3] - Baima Tea is expected to hold a market share of about 1.7% in the high-end tea market in China, ranking first [3] Brand Development - Baima Tea is recognized for its deep cultural heritage, being led by a descendant of a 300-year-old tea-making family and inheritor of the Intangible Cultural Heritage of Tieguanyin tea [4] - The company has established a strong brand image as a high-end tea brand in China, with a nationwide sales network covering various city tiers [4] - By mid-2025, Baima Tea plans to have a total of 3,585 stores, with 90% being franchise stores [4] - The company has successfully created a flagship product, "Saizhenzhu," which addresses consumer choice anxiety in the tea market [4] Future Growth Drivers - The company plans to increase its store penetration by adding 1,500 new stores within three years and upgrading existing stores to enhance customer experience and sales efficiency [5] - Baima Tea aims to strengthen its flagship product strategy and expand its product matrix to cover various price ranges and consumer demographics [5] - The company is exploring the development of pure tea beverages and expanding sales channels to establish Baima Pure Tea as a new growth point [5]

行业格局 高端茶叶市场增速快于整体，竞争格局高端分散。2024年茶叶市场规模达到3,258亿元，稳定增长。其 中高端茶叶市场相较整体发展较快，2024年规模达到1,031亿元，预计2024年至2029年CAGR为5.6%。 中国的茶叶主要分为六大类：乌龙茶、红茶、黑茶、白茶、绿茶及黄茶，其中绿茶占比最高，乌龙茶、 黑茶等增速较快。由于国内茶行业长期存在"有品类无品牌"的问题，高端茶叶格局高度分散，2024年 CR5约为5.6%。2024年八马茶业在中国高端茶叶市场的市场份额约为1.7%，位居第一位。 八马茶业破局传统茶业困境塑造高端茶叶品牌之路 中泰证券（600918）发布研报称，首予八马茶叶(06980)"增持"评级，作为中国茶行业领先企业，拥 有"八马"等知名品牌，业务涵盖茶叶种植、加工、销售全产业链。预计未来公司茶业务稳健增长，线下 渠道提速扩张并优化门店效率、叠加线上渠道协同发展，大单品等策略下品牌力持续提升。近年茶业市 场需求端更加多元化，供给端整合利好行业龙头。八马茶业作为高端茶叶第一品牌，有望受益进一步提 升市占率。 中泰证券主要观点如下： 公司背景 八马茶业是国内头部知名的茶叶品牌+茶叶连锁零 ...

Core Insights - The 21st China Tea Economic Annual Conference and the 2025 China Tea Brand Construction Forum were held in Xinchang, Zhejiang from November 26 to November 28, highlighting significant developments in the tea industry [1] Company Achievements - Eight Horse Tea Co., Ltd. was recognized as a "2025 Comprehensive Influence Backbone Enterprise" by the China Tea Circulation Association due to its strong brand power and industry influence [1] - Eight Horse Tea ranked first in the "2025 China Enterprise Brand Survey TOP50" and won the "2025 Foreigners' Favorite Chinese Tea Brand" award, further establishing its global competitiveness [4] - The company achieved a score of 961 in the International Brand Academy's "World Tea Brand Evaluation List," placing it second globally and first in China, alongside other top Chinese tea companies [4] Industry Standards and Evaluation - The evaluations were based on comprehensive assessments according to the "Tea Industry Key Enterprises Comprehensive Evaluation Standards" and involved scientific analysis of over 2,100 tea representatives [4] - The brand survey emphasized multiple dimensions, including brand influence, market leadership, and innovation capabilities, focusing on quality, innovation, and service [4] Market Position and Performance - Eight Horse Tea leads the national market in the number of tea chain stores and ranks first in revenue across high-end tea, Oolong tea, and black tea markets [5] - The company has maintained the highest sales revenue for Tieguanyin tea for over ten years, Wuyi rock tea for five years, and black tea for four years [5] Technological Advancements - The company has invested in smart, digital, and information-based production lines, establishing a "super factory" that includes the sixth-generation intelligent production line and the world's first intelligent, digital, and information-based Wuyi tea processing line [5] Global Influence and Marketing Strategy - Eight Horse Tea has hosted over 100 global tasting events in more than 30 countries, promoting Chinese tea as a cultural ambassador [6] - The company has been recognized by international organizations, including the United Nations, for its quality and has received the "International Tea Day Recommended Tea" honor [6] - The chairman emphasized a balanced development strategy focusing on product standardization, intelligent production, digital operations, and brand internationalization to enhance the Eight Horse brand [6]

Core Viewpoint - The 21st China Tea Economic Annual Conference was successfully held in Zhejiang, focusing on tea brand building, cross-industry integration, and international expansion [1][2]. Industry Insights - The China Tea Circulation Association announced key findings from the 2025 tea industry survey, highlighting the importance of brand strength and industry influence [2][9]. - The "2025 China Tea Enterprise Brand Survey Results TOP 50" was jointly evaluated by the China Tea Circulation Association and Xinhua News Agency, emphasizing a scientific and fair assessment of over 2,100 tea representatives [11]. Company Highlights - Bama Tea Co., Ltd. (八马茶业) was recognized as a "2025 Comprehensive Influence Backbone Enterprise" and ranked first in the "2025 China Tea Enterprise Brand Survey Results TOP 50" [2][4]. - Bama Tea achieved a brand value of 120.12 billion yuan, leading the brand value rankings among Chinese tea companies [7]. - The company was also ranked second globally in the World Tea Brand Evaluation List, with a score of 961, further establishing its competitive position [8][9]. Market Performance - Bama Tea leads the market in the number of tea chain stores, with over 3,700 locations across all provinces in mainland China, and ranks first in revenue for high-end tea, oolong tea, and black tea markets [11][15]. - The company has maintained top sales in key tea categories, including Tieguanyin, Wuyi rock tea, and black tea for over a decade [11]. Product Quality and Innovation - Bama Tea's strong foundation is attributed to nearly 300 years of tea-making heritage, with its chairman being a representative inheritor of the national intangible cultural heritage of oolong tea production [11][12]. - The company actively participates in setting industry standards and has invested in smart, digital, and information-based production lines, establishing a leading "super factory" in the industry [12]. International Recognition - Bama Tea was awarded the title of "Foreigners' Favorite Chinese Tea Brand," reflecting its influence in the global market [15]. - The company has hosted over 100 global tasting events in more than 30 countries, promoting Chinese tea as a cultural ambassador [15][16].