透过表象看本质 解码八马茶业战略调整的深层逻辑

Core Viewpoint - Eight Horse Tea Industry Co., Ltd. is undergoing a tactical retreat in its performance for the first half of 2025, which is seen as a strategic adjustment for long-term operations, demonstrating resilience amid macroeconomic uncertainties [1] Transformation and Upgrading - The adjustment in the first half of the year is a self-transformation focused on long-term value, primarily reflected in two core areas [2] Offline Channel Strategy - The company is reducing the number of ordinary stores to focus on flagship stores that enhance brand image and provide top-tier experiences, aiming to solidify its position as the leading brand in Chinese original leaf tea and Chinese tea houses [3] Online Business Expansion - Eight Horse Tea is launching a new sub-brand "Wanshanhong" in 2024, targeting the young and female consumer demographic, which is a strategic investment for future growth rather than a cost [4] Market Potential - The Chinese tea market is projected to reach RMB 325.8 billion by 2024 and exceed RMB 400 billion by 2029, with the high-end tea market expected to grow from RMB 103.1 billion in 2024 to RMB 135.3 billion in 2029, reflecting a compound annual growth rate of 5.6% [5] - The tea industry has high entry barriers due to brand building, cross-regional operations, and a comprehensive product system, which are core advantages for Eight Horse Tea [5] - The demand for tea is relatively inelastic, making it a stable investment option amid economic uncertainties [6] Strategic Clarity and Competitive Advantage - Eight Horse Tea has built a robust omnichannel sales network, with 3,585 offline stores as of June 30, including over 3,300 franchise stores, enhancing customer loyalty through immersive tea culture experiences [8][9] - The online revenue share has increased from 27.2% in 2022 to 35.4% in the first half of 2025, with over 26 million members and 40.9 million online fans [9] Product Strategy - The main brand "Eight Horse" dominates the high-end market, with notable products like "Saizhenzhu" Tieguanyin and "Niu Yi" Wuyi Rock Tea leading in sales [10] - The company has launched sub-brands to cater to diverse consumer needs, including "Xinjihao" for collectible Pu'er tea and "Wanshanhong" targeting young consumers [10] Innovation and Technology - Eight Horse Tea combines traditional craftsmanship with modern technology, significantly increasing R&D investment from RMB 8.22 million in 2022 to RMB 16.5 million in 2024 [11] - The company has established advanced digital and intelligent production lines, ensuring product quality and operational efficiency [11] Future Growth Prospects - The company is expected to see a rebound in performance in the second half of the year due to completed strategic adjustments and the upcoming traditional sales peak during festivals [12] - Eight Horse Tea is positioned as a stable, growth-oriented investment opportunity amid high valuations in the tech sector, appealing to investors seeking long-term value [12]