八马茶叶转战港股：福建卖茶家族披露泉州富豪姻亲

Core Viewpoint - Baima Tea Industry is attempting to go public in Hong Kong after multiple unsuccessful attempts to list in mainland China, highlighting the challenges faced by traditional tea companies in the capital market [2][6][8]. Company Overview - Baima Tea Industry has reported revenues of 17.44 billion CNY, 18.18 billion CNY, and 21.22 billion CNY from 2021 to 2023, with net profits of 1.63 billion CNY, 1.66 billion CNY, and 2.06 billion CNY respectively. In the first three quarters of 2024, the company achieved revenues of 16.47 billion CNY and a net profit of 2.08 billion CNY [2][11]. - The company has a total of 3,498 offline stores as of September 2024, with 3,224 being franchise stores, accounting for 92% of the total [7]. Market Position - According to a report by Frost & Sullivan, Baima Tea Industry ranks first in the Chinese tea market in terms of the number of chain stores and sales revenue in the high-end tea market as of the end of 2023 [4]. - The company has maintained the highest sales volume of Tieguanyin tea for over ten years and has ranked first in the sales of rock tea for five consecutive years [4]. IPO Attempts - Baima Tea Industry has made several attempts to go public, including plans for the Shenzhen Stock Exchange in 2013, listing on the New Third Board in 2015, and applying for the ChiNext in 2021, all of which were unsuccessful [2][5][6]. - The company submitted a new application for a main board listing in 2023, but this was also terminated by the Shenzhen Stock Exchange [5][6]. Family Management Structure - The management of Baima Tea Industry is characterized by a family-run structure, with major shareholders being family members who hold 55.9% of the voting rights [8][9]. - This family-centric governance model has raised concerns about potential conflicts of interest and the ability to maintain operational independence post-IPO [8][9]. Industry Challenges - The tea industry in China faces challenges such as low market concentration and a large number of small-scale enterprises, making it difficult for traditional tea companies to attract capital [9]. - The company has seen a significant decline in the net increase of franchisees, from 106 in 2022 to only 39 in the first three quarters of 2024, indicating a slowdown in growth [10][11]. - Franchise fee revenue dropped dramatically from 740,000 CNY in 2022 to 50,000 CNY in 2023, a decline of 93% [11].