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） 董事會薪酬委員會議事規則（H股） 第一章 總則 第一條 為健全八馬茶業股份有限公司（以下簡稱「公司」）董事和高級管理 人員的薪酬和考核管理制度，完善公司治理結構，根據《中華人民共和國公司法》 （以下簡稱「《公司法》」）、《香港聯合交易所有限公司證券上市規則》（以下簡稱 「《香港上市規則》」）等法律、法規、規範性文件及《八馬茶業股份有限公司章程 （H股發行後適用）》（以下簡稱「《公司章程》」）、《八馬茶業股份有限公司董事會議 事規則（H股）》（以下簡稱「董事會議事規則」），制定本董事會薪酬委員會議事規 則（以下簡稱「本規則」）。 第二條 薪酬委員會（以下簡稱「委員會」）是董事會下設的專門工作機構，主 要負責制定公司董事及高級管理人員的考核標準並進行考核；負責制定、審查公 司董事及高級管理人員的薪酬政策與方案。委員會對董事會負責，向董事會報告 工作。 第三條 本規則所稱董事指公司全體董事，高級管理人員指公司總經理、聯 席總經理、副總經理、董事會秘書、財務總監。 第四條 本規則適用於委員會及本規則中涉及的有關人員 ...

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） 董 事 會 審 計 委 員 會 議 事 規 則（ H 股 ） 第一章 總則 第一條 為健全八馬茶業股份有限公司（以下簡稱「公司」）法人治理結構，提 高董事會工作效率和決策水平，確保董事會的有效監督管理，根據《中華人民共 和國公司法》（以下簡稱「《公司法》」）、《香港聯合交易所有限公司證券上市規則》 （以下簡稱「《香港上市規則》」）等法律、法規、規範性文件及《八馬茶業股份有限 公司章程（H股發行後適用）》（以下簡稱「《公司章程》」）、《八馬茶業股份有限公司 董事會議事規則（H股）》（以下簡稱「董事會議事規則」），制訂本董事會審計委員 會議事規則（以下簡稱「本規則」）。 第二條 審計委員會（以下簡稱「委員會」）是董事會下設的專門工作機構，主 要負責公司內、外部審計的溝通、監督和核查工作。委員會對董事會負責，向董 事會報告工作。 第三條 本規則所稱董事指公司全體董事，高級管理人員指公司總經理、聯 席總經理、副總經理、董事會秘書、財務總監。 第四條 本規則適用於委員會及本規則中涉及的有關人員和公司部門。 第二章 委 ...

八馬茶業股份有限公司 章程 （H股發行後適用） 2025年10月 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） 章程 第一章 總則 第一條 為維護八馬茶業股份有限公司（以下簡稱「公司」或「本公司」）、股 東、職工和債權人的合法權益，規範公司的組織和行為，根據《中華人民共和國 公司法》（以下簡稱「《公司法》」）、《中華人民共和國證券法》（以下簡稱「《證券 法》」）、《境內企業境外發行證券和上市管理試行辦法》、《香港聯合交易所有限公 司證券上市規則》（以下簡稱「《香港上市規則》」）並參照《上市公司章程指引》和其 他有關規定，結合公司實際情況，制定本章程。 第二條 公司系依照《公司法》和其他有關規定成立的股份有限公司。 第三條 公司系於2014年9月10日以發起方式設立的股份有限公司，由深圳 市八馬茶業連鎖有限公司按經審計的賬面淨資產折股整體變更設立的股份有限 公司。在深圳市市場監督管理局註冊登記，取得營業執照，統一社會信用代碼 91440300279366439J。 第四條 公司的中文註冊名稱：八馬茶業股份有限公司；英文名稱：Bama Tea Co., L ...

Company Dynamics - Hong Kong Stock Exchange is set to welcome the listing of Baima Tea Co., Ltd. on October 28, with the stock code 6980.HK [2] - During the subscription period, Baima Tea received overwhelming market interest, achieving an oversubscription rate of over 1920 times, setting a new record for IPO subscriptions in the Hong Kong tea industry [2] - The global offering commenced on October 20, with a plan to issue 9 million shares, including 900,000 shares for public offering in Hong Kong and 8.1 million shares for international offering, at a price range of HKD 45.0 to 50.0 per share [2] - By October 23, the public offering portion attracted subscription funds amounting to HKD 86.4 billion, significantly exceeding the original public offering target of approximately HKD 45 million [2] Business Overview - Established in 1997, Baima Tea's core business includes research and design of tea and related products, standard output, and brand retail [2] - The company has developed an industry-leading "full category, multi-brand" product matrix, covering six major tea types: Oolong, black, red, green, white, and yellow tea, along with non-tea products such as tea utensils, tea snacks, and tea beverages [2] - Baima Tea also provides supporting services such as tea beverage box services, franchise licensing, and investment property leasing [2] Investment Background - Prior to the IPO, Baima Tea attracted interest from leading financial investment institutions and industry capital, including IDG Capital and Tiantu Capital [3] - The company is expected to officially list on October 28, with Huatai Financial Holdings (Hong Kong) Limited, Agricultural Bank of China International, and Tianfeng International Capital Markets Limited serving as joint sponsors [3] - Baima Tea's journey to capital markets has faced challenges, including delisting from the New Third Board and two unsuccessful attempts at A-share IPOs [3]

Core Viewpoint - Eight Horse Tea Industry has finally initiated its IPO process after a decade-long journey, planning to issue 9 million H-shares and aiming for a listing on the Hong Kong Stock Exchange on October 28, 2025, with support from Huatai International, Agricultural Bank of China International, and Tianfeng International [1] Industry Challenges - The path to listing for Chinese tea companies has been fraught with difficulties, as the tea business is deeply rooted in tradition, making it hard to standardize and scale, which are essential for capital market acceptance [2][3] - The fundamental contradiction in the Chinese tea industry lies in the pursuit of standardization while dealing with non-standard products, leading to skepticism about growth potential and scalability [3][4] Company Overview - Eight Horse Tea has established a vast network with 3,716 stores, of which over 90% are franchise stores, indicating a reliance on a franchise model for rapid expansion [6][7] - The franchise model has contributed to impressive growth, with franchise revenue increasing from 69% in 2022 to 75% in the first three quarters of 2024 [7] Profitability Concerns - The gross profit margin for franchise channels is significantly lower at 46%, compared to 78.2% for direct sales, raising concerns about overall profitability as the franchise model may erode profit margins [9] - The reliance on franchisees for growth poses risks, as any market saturation or franchisee financial difficulties could jeopardize the company's performance [9][10] Market Dynamics - The tea industry is facing a downturn, with seven out of nine listed tea companies reporting revenue declines in the first half of the year, while Eight Horse's revenue slightly decreased from 1.11 billion to 1.06 billion yuan [13] - The average annual spending of direct store members has also dropped by 13.6% from 2,860.4 yuan to 2,469.6 yuan between 2020 and 2024, indicating weakening consumer purchasing power [13] Strategic Adjustments - Eight Horse is exploring diversification beyond tea products, aiming to expand into related categories such as tea utensils and snacks, although tea sales still dominate its revenue [15][21] - The company is enhancing its online presence, with online channels contributing 35.4% of total revenue, while also creating flagship stores to provide unique customer experiences [18] Brand Perception - The brand is deeply associated with traditional tea, which may hinder its efforts to attract younger consumers and diversify its offerings [21][22] - The challenge lies in balancing the brand's traditional identity with the need for modernization and expansion into new markets [24][25]

Core Viewpoint - The upcoming IPO of Baima Tea Industry on the Hong Kong Stock Exchange has garnered significant market interest, achieving an oversubscription rate of over 1920 times, setting a new record for tea companies in Hong Kong [1][2]. Group 1: Market Response - Baima Tea's IPO has attracted substantial capital since its launch, with subscription amounts reaching 27.45 billion HKD on the first day, and 277.65 billion HKD by October 22, reflecting strong investor confidence in the company's growth prospects [2][4]. - The final oversubscription rate of over 1920 times highlights Baima Tea's status as the "super subscription king" among new tea stocks in Hong Kong, indicating its benchmark significance in the capitalization process of the Chinese tea industry [2][4]. Group 2: Company Positioning - Baima Tea, originating from a 300-year-old tea-making family, is recognized as the leader in the high-end tea market in China, holding the top sales position in the high-end Chinese tea sector [3][4]. - According to a report by Frost & Sullivan, Baima Tea ranks first in the sales of Oolong and black tea in China as of 2024, with its Tieguanyin sales leading the nation for over a decade [6]. Group 3: Financial Performance - Baima Tea's revenue is projected to grow from 1.818 billion RMB in 2022 to 2.143 billion RMB in 2024, with a compound annual growth rate (CAGR) of 8.6%, while net profit is expected to rise from 166 million RMB to 224 million RMB during the same period, reflecting a CAGR of 16.2% [6][7]. - The company has established over 3,700 offline chain stores across all provinces and major cities in China, solidifying its position as the leading brand in the tea retail sector [7]. Group 4: Brand Influence and Future Outlook - Baima Tea's brand influence extends beyond national borders, having represented Chinese tea at significant international events, which contributes to its strong brand moat [9]. - The company has attracted notable investors, including IDG Capital and Tiantu Capital, indicating strong market recognition of its business model and growth potential [9].

Core Viewpoint - Baima Tea Industry (6980.HK), the leading high-end tea company in China, has achieved a record-breaking IPO with a subscription amount of HKD 864.53 billion, oversubscribed by over 1920 times, setting a new record in the Hong Kong tea industry [1] Company Overview - Established in 1997, Baima Tea Industry is the largest high-end tea enterprise in China, focusing on the research, design, standard output, and brand retail of tea and related products [1] - The company has developed a leading "full-category, multi-brand" product matrix, covering six major tea types: Oolong, black, red, green, white, and yellow tea, along with non-tea products such as tea utensils, tea food, and tea beverages [1] IPO Details - The IPO involves the issuance of 9 million H-shares, with 10% allocated for public offering in Hong Kong and the remainder for international placement [1] - The share price is set between HKD 45 and HKD 50, aiming to raise a maximum of HKD 450 million, with an entry fee of HKD 5,050.43 for one lot of 100 shares [1] - The expected listing date is October 28 [1] Investor Interest - Prior to the IPO, Baima Tea Industry has attracted interest from several prominent investors, including top financial investment institutions, industrial capital, and professional financial institutions [1] - Notable shareholders include IDG Capital (6.87%), Tiantu Capital (4.74%), Yancheng Capital (3.00%), New Hope (3.00%), Fujian Qipiwolf and affiliates (4.56%), and GF Securities (1.07%) [1]

Group 1 - The core viewpoint of the news is that Baima Tea Industry is successfully launching its IPO with significant oversubscription, indicating strong investor interest in the high-end tea market in China [1][2]. - Baima Tea plans to issue 9 million shares with a public offering accounting for 10%, and the share price is set between 45 to 50 HKD, aiming to raise up to 450 million HKD [1]. - The company is recognized as the leading supplier of high-end tea in China, with a comprehensive product range covering six major categories of tea and related products [1][2]. Group 2 - The high-end tea market in China is experiencing rapid growth, with the market size projected to increase from approximately 89 billion RMB in 2020 to about 103.1 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of around 3.7% [2]. - Baima Tea has established a strong market position, being the top seller of high-end Chinese tea, and aims to enhance its brand value and expand its store network to achieve its vision of becoming the world's leading tea company [2]. - The company plans to allocate approximately 35% of the IPO proceeds for expanding production facilities, 20% for enhancing brand value and product range, and 15% for expanding its offline store network [3].

Group 1 - The core viewpoint of the news is that Baima Tea Industry, a well-known tea supplier in China, has successfully completed its IPO subscription, achieving a significant oversubscription of 1896 times with a total margin of at least HKD 853 billion [1] - Baima Tea plans to issue 9 million shares with a public offering accounting for 10%, at a price range of HKD 45 to 50 per share, aiming to raise a maximum of HKD 450 million [1] - The company is ranked first in China in terms of high-end tea sales revenue and has maintained leading positions in various tea categories for over a decade [1][2] Group 2 - The high-end tea market in China is experiencing rapid growth, with the market size projected to increase from approximately RMB 890 billion in 2020 to about RMB 1,031 billion in 2024, reflecting a compound annual growth rate (CAGR) of approximately 3.7% [2] - Baima Tea aims to enhance its brand value and expand its product portfolio while continuing to innovate and digitize its operations to achieve its vision of becoming the world's leading tea company [2] Group 3 - According to the prospectus, approximately 35% of the funds raised from the global offering will be used for expanding and constructing new production bases, while 20% will enhance brand value and product offerings [3] - The company plans to allocate 15% of the funds for the expansion of its direct offline store network, focusing on flagship stores, and 10% for improving digital business operations [3]

Core Viewpoint - Baima Tea Industry announced a global offering of 9 million H shares, with an expected net fundraising of HKD 368 million, and plans to list on the Hong Kong Stock Exchange by October 28, 2025 [1] Group 1 - The company plans to offer 900,000 H shares in Hong Kong and 8.1 million H shares internationally [1] - The subscription period for the shares is set from October 20 to October 23 [1] - The expected net proceeds from the global offering are HKD 368 million [1]