八马茶业再冲港股，高端茶市场领军者能否圆上市梦？

Core Viewpoint - Baima Tea Industry is attempting to go public again after multiple unsuccessful attempts since 2013, facing challenges from market skepticism towards tea companies and internal governance issues [1][3] Company Overview - Baima Tea Industry has submitted a prospectus to the Hong Kong Stock Exchange, aiming to break the cycle of failed IPO attempts [1] - The company has shifted its positioning from a refined tea processing enterprise to a retail business, but this change has not alleviated concerns from regulators [3] Financial Performance - Despite a steady growth in revenue and net profit from 2022 to 2024, Baima Tea Industry experienced a decline in both metrics in the first half of this year, with a 5.27% drop in offline sales revenue [1][3] - The company maintains a gross profit margin above 50% [1] Market Strategy - Baima Tea Industry plans to implement a "thousand cities, ten thousand stores" strategy, aiming to open 1,500 new stores in the next three years, primarily in lower-tier cities [3] - The focus market for expansion is the Central China region [3] Challenges - The decline in offline sales revenue raises concerns about the purchasing power of the company's large offline membership base, potentially impacting expansion plans [3] - The family governance structure, with significant roles held by the Wang family, remains a point of concern for investors [3]