Core Viewpoint - Baima Tea Co., Ltd. has submitted its application to list on the Hong Kong Stock Exchange, with Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1] Company Overview - Baima Tea is a leader in China's high-end tea market, projected to be the top seller in the high-end Chinese tea sector in 2024 and recognized as the most well-known tea brand in China [3] - The company ranks first among Chinese tea suppliers in terms of the number of tea chain specialty stores as of December 31, 2024, and leads in sales revenue in the high-end tea market, as well as in the oolong and black tea segments [3] - Baima Tea has maintained the highest sales of Tieguanyin tea for over 10 years, Wuyi Rock tea for five years, and black tea for four years [3] - According to the 2024 China Customer Satisfaction Index report by Chnbrand, the "Baima" brand ranks first in brand awareness among Chinese chain tea brands [3] Market Analysis - The overall scale of the Chinese tea market is expected to grow from approximately RMB 288.9 billion in 2020 to about RMB 325.8 billion in 2024, with a compound annual growth rate (CAGR) of approximately 3.0%, and projected to reach around RMB 407.9 billion by 2029, with a CAGR of about 4.6% from 2024 to 2029 [4] - The high-end tea market in China is growing faster than the overall tea market, with its size increasing from approximately RMB 89 billion in 2020 to about RMB 103.1 billion in 2024, reflecting a CAGR of approximately 3.7%, and expected to reach around RMB 135.3 billion by 2029, with a CAGR of about 5.6% from 2024 to 2029 [4] - The market share of the top five companies in the high-end tea market has increased from approximately 5.5% in 2020 to about 5.6% in 2024, with Baima Tea's market share rising from approximately 1.1% to about 1.7% during the same period [4] Financial Performance - The number of Baima Tea's offline stores (including direct-operated and franchised stores) is projected to grow from 2,613 as of January 1, 2022, to 3,585 by June 30, 2025, with franchised stores increasing from 2,203 to 3,341 [6] - The company's revenue for the fiscal years ending December 31 for 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, is reported as approximately RMB 1.82 billion, RMB 2.12 billion, RMB 2.14 billion, and RMB 1.06 billion respectively [6][7] - The net profit for the same periods is approximately RMB 166 million, RMB 206 million, RMB 224 million, and RMB 120 million respectively [7] - The average inventory turnover days for the years ending December 31, 2022, 2023, and 2024, as well as for the six months ending June 30, 2025, are reported as 166 days, 158 days, 166 days, and 168 days respectively [6]
八马茶业再次递表港交所 线下门店数量超3500家
Zhi Tong Cai Jing·2025-08-28 22:52