真假高端？增长乏力！八马茶业赴港IPO隐忧待解

Core Viewpoint - Baima Tea's long-awaited IPO in Hong Kong faces challenges due to performance slowdown and governance issues, despite its historical significance in the tea industry and recent approval for overseas listing by the China Securities Regulatory Commission [1][2]. Financial Performance - Baima Tea's revenue for 2022 was RMB 1.82 billion, with a projected increase to RMB 2.12 billion in 2023, but the revenue for the first three quarters of 2024 shows only a slight increase to RMB 1.65 billion, indicating a growth slowdown [4]. - The company's net profit grew by 24.05% in 2023 but only by 5.87% in the first three quarters of 2024, reflecting a significant deceleration in performance [9]. Research and Development - The company's R&D expenditure is notably low, accounting for less than 1% of revenue, with figures of RMB 822,000, RMB 1.16 million, and RMB 1.01 million for 2022, 2023, and the first three quarters of 2024, respectively [3][4]. - Baima Tea has only 17 R&D personnel, representing 0.73% of its total workforce, raising concerns about its capacity for innovation [5]. Business Model and Growth Challenges - The company heavily relies on a franchise model, with 92.1% of its 3,498 stores being franchises. However, the growth rate of new franchise stores has significantly declined, with only 170 new stores added in the first three quarters of 2024 compared to 475 in 2023 [8][9]. - The average procurement amount per franchise store has decreased from RMB 35.36 million in 2022 to RMB 25.37 million in the first three quarters of 2024, impacting overall revenue from franchise sales [8]. Governance Issues - Baima Tea's governance structure is heavily family-controlled, with the Wang family holding 55.9% of voting rights and all non-independent board seats occupied by family members, raising concerns about decision-making independence and potential conflicts of interest [11][13]. - The family’s interconnected business relationships with other companies may complicate governance and increase operational risks [13]. Market Position and Investor Sentiment - The traditional tea industry faces a lack of brand recognition and core competitiveness, making it difficult for companies like Baima Tea to attract investor interest and achieve stable growth [16]. - The overall sentiment in the capital market towards traditional tea companies remains lukewarm, as evidenced by the poor performance of other tea companies listed in Hong Kong [16].