Core Viewpoint - Baima Tea's stock price has experienced significant volatility since its listing on the Hong Kong Stock Exchange on October 28, with an initial surge followed by a sharp decline, reflecting investor concerns about liquidity and performance [1][4]. Group 1: Stock Performance - On its first trading day, Baima Tea's stock surged by 86.7%, closing at 93.35 HKD per share, but subsequently fell nearly 50% to 58.05 HKD by November 7 [1][4]. - The stock reached a high of 115 HKD shortly after listing, indicating initial strong market interest [1]. Group 2: Company Announcements - On October 30, Baima Tea announced a plan for full circulation of H-shares, which involves converting 31.93 million domestic shares into H-shares, potentially increasing the circulating shares by 60% [4][5]. - This plan has raised concerns among investors about increased selling pressure in the secondary market [5]. Group 3: Financial Performance - Baima Tea's revenue projections show a growth from 1.818 billion HKD in 2022 to 2.143 billion HKD in 2024, but the growth rate is expected to drop sharply from 16.72% in 2023 to just 0.99% in 2024 [5]. - In the first half of 2025, the company reported a revenue decline of 4.2% year-on-year, with net profit down 17.8% [5]. Group 4: Business Model and Challenges - The company heavily relies on franchisees, with franchise income accounting for about 50% of total revenue [7]. - The growth of franchise numbers has slowed, with a net increase of only 86 franchise stores in the first half of 2025, compared to 475 in 2023 [7].

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10月31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11月5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 | 股份類別 | 其他類別 (請註 ...

Group 1 - The core point of the article is that Baima Tea's stock experienced significant volatility on November 5, opening at 79 HKD per share, reaching a high of 83.95 HKD, and a low of 75 HKD, with a trading range of 11.33% [1][2] - As of 10:35 AM, Baima Tea's stock price decreased by 1.77%, trading at 77.6 HKD per share, with a total market capitalization of approximately 6.545 billion HKD [1][2] - The stock's average price during the trading session was 79.077 HKD, indicating a decline of 1.4 HKD from the previous close [2] Group 2 - Baima Tea recently announced that its board has approved a full circulation plan for H-shares and will submit a filing to the China Securities Regulatory Commission by October 30, 2025, involving the conversion of 31.9331 million domestic shares held by 11 shareholders into H-shares, which represents about 37.57% of the company's total issued shares [4]

Core Insights - Eight Horses Tea officially listed on the Hong Kong Stock Exchange after a 12-year IPO journey, achieving a market capitalization exceeding HKD 7.7 billion, setting a new record for tea companies in Hong Kong [1] - The company's market performance and strategic layout demonstrate the innovative practices of traditional tea enterprises in modern transformation while revealing deep challenges and potential solutions within the industry [1] Listing Journey - The listing process of Eight Horses Tea was fraught with challenges, including attempts to list on various exchanges since 2013, ultimately succeeding in Hong Kong due to its accommodating market for consumer growth [2] - The funds raised from the IPO will primarily be allocated to channel expansion, supply chain digitalization, and international brand promotion, indicating a forward-looking strategy [2] - Eight Horses Tea ranks first in the high-end tea market in China and has a nationwide presence with 3,716 offline stores, utilizing a "direct + franchise" model [2] Market Position and Expansion - The ability to scale is rare in the highly fragmented tea industry, where over 1.6 million tea companies exist, with the top five holding only 5.6% market share [3] - Eight Horses Tea has established a unique channel barrier through standardized store systems and a digital supply chain, reflected in an 86.7% stock price increase on its first trading day [3] Industry Upgrades - To address quality fluctuations due to non-standardized production, Eight Horses Tea has implemented digital transformations in its production processes, creating over 20 industry standards [4] - The company employs a mixed model of self-production and outsourcing to mitigate risks while maintaining quality, with its self-produced Tieguanyin tea being a market leader for over a decade [4] - A multi-brand strategy targets younger consumers, with sub-brands focusing on innovative products and high-end offerings, successfully bridging traditional and modern markets [4] Industry Transformation - The tea industry is shifting from a "gift economy" to "quality consumption," prompting companies to adjust their product offerings in response to changing consumer demands [5] - The rise of new tea drinks contrasts with the decline of original leaf tea, necessitating traditional tea companies to adopt digital marketing and e-commerce strategies to engage younger generations [5] - The Chinese tea industry is evolving from "agricultural products" to "consumer goods," with advancements in eco-friendly tea technology and cultural product development expanding industry boundaries [5] Conclusion - The listing of Eight Horses Tea marks a significant milestone for the company and reflects the modernization of the Chinese tea industry [6] - Future strategies for tea companies should focus on maintaining scale advantages, enhancing technological capabilities, optimizing governance structures, and expanding into younger markets while leveraging capital for industry consolidation [6]

Core Insights - Baima Tea Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the "first high-end Chinese tea stock" after a long wait in the A-share market [1][4][21] - The company experienced a significant stock price increase of 86.7% on its first trading day, reaching a market capitalization of 79.35 billion HKD [4][16] - Despite the successful IPO, Baima Tea is facing challenges with declining revenue and net profit in the first half of 2025 [16][18] Company Overview - Baima Tea is recognized as the largest high-end raw leaf tea company in China, with a strong family influence in its management and ownership structure [1][5][9] - The company has a significant number of stores, with over 3,700 locations, and has been a leader in customer satisfaction in the tea retail sector for three consecutive years [16][18] Financial Performance - In the first half of 2025, Baima Tea reported revenues of 1.063 billion CNY, a decrease of 4.23% year-on-year, and a net profit of 120 million CNY, down 17.81% [16][18] - The decline in performance is attributed to a reduction in the number of direct retail stores, which decreased from 352 in 2022 to 244 in mid-2025 [16][18] Market Position and Strategy - Baima Tea has expanded its franchise model, with a total of 3,585 franchise stores as of June 2025, indicating a shift in its retail strategy [16][18] - The company plans to allocate 35% of its IPO proceeds to expand production facilities and 20% to enhance brand value and product offerings [16][18] Brand Development - The company has faced challenges with brand promotion, including a past incident of false advertising related to its association with the Boao Forum [17] - Baima Tea has launched new product lines targeting younger consumers and has achieved significant sales milestones in its key tea categories [18][21]

Core Viewpoint - Baima Tea has successfully listed on the Hong Kong Stock Exchange after years of attempts, achieving a closing price of HKD 93.35 per share, an increase of 86.7%, with a market capitalization of HKD 7.935 billion [2][8]. Financial Performance - Baima Tea's revenue and net profit for the years 2022 to 2024 are approximately RMB 1.818 billion, RMB 2.122 billion, and RMB 2.143 billion, with corresponding net profits of RMB 166 million, RMB 206 million, and RMB 224 million [3]. - In the first half of 2025, Baima Tea reported revenue of RMB 1.063 billion, a decrease of approximately RMB 57 million compared to the same period last year, and a net profit of RMB 120 million, down RMB 26 million year-on-year [3]. Marketing and Expansion - The company has increased its marketing expenditures significantly, with sales and marketing expenses from 2022 to the first half of 2025 being RMB 617 million, RMB 681 million, RMB 692 million, and RMB 332 million, representing 33.9%, 32.1%, 32.3%, and 31.2% of revenue respectively [4]. - As of June 30, 2023, Baima Tea has expanded its number of stores to 3,585, up from 2,613 in 2022, adding nearly 1,000 stores in three years [4]. Business Model and Challenges - Baima Tea relies heavily on a franchise model, with 3,341 of its 3,585 stores being franchise outlets, accounting for over 50% of total revenue [6]. - The number of franchisees has slightly decreased in the first half of 2025, indicating potential challenges in maintaining franchise relationships and revenue stability [6]. Market Position and Growth Potential - Baima Tea positions itself as a leader in the high-end tea market, targeting high-income consumers, with an average transaction value between RMB 2,300 and RMB 3,000 [4]. - The company holds a market share of 1.7% in the high-end tea segment, suggesting significant room for growth as the top five brands collectively hold only 5.6% of the market [4]. Industry Insights - The Chinese tea market is characterized by a fragmented structure with intense competition, lacking strong brand identities [5]. - Experts suggest that Baima Tea can leverage its brand and marketing strategies to create emotional connections with consumers and enhance its market position [5][9]. Investor Sentiment - The public offering prior to Baima Tea's listing attracted 169,000 applications, with an oversubscription rate of 2,684 times, setting a record for new stock oversubscription in Hong Kong this year [7]. - The market's positive response reflects a renewed interest in traditional tea companies with strong brand influence and market channels [8].

Core Viewpoint - The company, Eight Horses Tea Industry (06980), has approved a plan for full circulation of H-shares, converting 31,933,125 domestic shares held by 11 shareholders into H-shares, which represents approximately 37.57% of the total issued shares as of the announcement date [1] Group 1 - The board of directors has reviewed and approved the implementation of full circulation for H-shares [1] - The company plans to submit a filing application to the China Securities Regulatory Commission on October 30, 2025 [1] - The conversion involves 31,933,125 domestic shares held by 11 shareholders [1]

Core Viewpoint - The company Baima Tea Industry (06980) has proposed to implement full circulation of H-shares and has submitted a filing application to the China Securities Regulatory Commission for the conversion of 31,933,125 domestic shares held by 11 shareholders into H-shares, which represents approximately 37.57% of the total issued shares as of the announcement date [1]. Group 1 - The board of Baima Tea Industry has approved the implementation of full circulation for H-shares [1]. - The company plans to convert domestic shares into H-shares by October 30, 2025 [1]. - The conversion involves 31,933,125 shares, which is about 37.57% of the total issued shares [1].

Core Viewpoint - The company, Baima Tea Industry (06980.HK), has announced its plan to implement full circulation of H-shares by converting 31,933,125 domestic shares held by 11 shareholders into H-shares, which represents approximately 37.57% of the total issued shares as of the announcement date [1] Group 1 - The board of directors has approved the submission of a filing application to the China Securities Regulatory Commission (CSRC) for the conversion of domestic shares into H-shares [1] - The conversion will be eligible for listing and trading on the main board of the Stock Exchange of Hong Kong after obtaining all necessary approvals and complying with applicable laws and regulations [1] - According to the company's articles of association, no further approval from shareholders is required for the conversion and listing [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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 BAMA TEA CO., LTD. 在取得所有相關備案及╱或批准（包括但不限於中國證監會及聯交所）並已遵守所 有適用法律、法規及規則後，該等內資股將轉換為H股，並合資格於聯交所主板 上市及買賣（「轉換及上市」）。根據本公司公司章程，無須於股東大會上取得本公 司股東進一步批准以批准轉換及上市。 1 於本公告日期，本公司尚未就轉換及上市向聯交所提出申請，且本公司轉換及上 市的實施計劃詳情尚未最終確定，而將予轉換的內資股最終數目以及轉換及上市 的完成須遵守中國證監會、聯交所及其他相關監管機構規定完成的相關程序。本 公司將遵照上市規則以及適用法律法規適時就H股全流通以及轉換及上市的進展 情況作出進一步公告。 H股全流通以及轉換及上市須遵守中國證監會、聯交所及其他相關境內外監 管機構規定的相關程序。本公司股東及潛在投資者於買賣本公司股份時務請 審慎行事。 （於中華人民共和國註冊成立的股份有限公司） （股份代號： ...