Core Viewpoint - Eight Horses Tea Industry has been on a 12-year journey towards an IPO, yet it has not reached its destination, facing multiple setbacks and challenges in the capital market [2][4][3]. Group 1: IPO Journey - Eight Horses Tea Industry has attempted to go public multiple times since 2013, including failed attempts at the Shenzhen Stock Exchange and New Third Board, and has now turned to the Hong Kong market for its fourth IPO attempt [3][4]. - The company has faced significant challenges in the capital market, with previous attempts resulting in withdrawal and failure to meet regulatory requirements [4][5]. Group 2: Market Position and Competition - The traditional tea industry has shown a cold attitude towards companies like Eight Horses, with competitors like Tianfu Mingcha and Lancang Ancient Tea facing similar struggles post-IPO [5][6]. - The market for mid-to-high-end tea has become increasingly competitive, with consumer preferences shifting towards more affordable options, impacting Eight Horses' sales [24][25]. Group 3: Internal Challenges - Eight Horses relies heavily on a private label production model, with over 50% of its products produced by third-party manufacturers, raising concerns about product quality and brand integrity [11][12][15]. - The company has a high percentage of franchise stores (93%), which has contributed to revenue but also led to quality control issues and a slowdown in growth [16][17]. - Recent financial reports indicate a decline in revenue and net profit, with a 4.2% drop in revenue and a 17.8% drop in net profit year-on-year as of mid-2025 [7]. Group 4: Consumer Trends - The target demographic for Eight Horses, primarily middle-class consumers, has seen a decrease in purchasing power, leading to reduced sales of high-end tea products [25][27]. - The company has struggled to attract younger consumers, who prefer more innovative and accessible tea options, while Eight Horses' traditional offerings have not resonated with this demographic [31][32]. Group 5: Strategic Initiatives - Eight Horses has attempted to launch new brands aimed at younger consumers, such as "Little Horse Tea Fun" and "fnf," but these initiatives have not yet achieved significant market impact [32][33]. - The company needs to shift from a passive growth strategy to a more proactive approach to engage with younger consumers and adapt to changing market dynamics [40].
揭秘八马「高端」茶：50%贴牌代工，研发费用不足0.4%
3 6 Ke·2025-09-11 00:19