多次冲击上市未果，八马茶业能破解IPO困境吗？

Core Viewpoint - Baima Tea Industry Co., Ltd. is making another attempt to list on the Hong Kong Stock Exchange after previous failures in the A-share market, with its latest prospectus now disclosed on the HKEX website [1][3]. Group 1: Company Background and Listing Attempts - Baima Tea was established in 1997 and is a national chain brand engaged in the research, design, and retail of various tea products, including Oolong, black, green, and white teas, as well as tea utensils and food [2]. - The company has previously attempted to list on the A-share market multiple times, including a failed attempt in 2022 due to innovation issues and a lack of R&D investment [5][6]. - After withdrawing its A-share application, Baima Tea shifted focus to the Hong Kong market, submitting its prospectus in January 2025, which later expired in July 2025 [2][3]. Group 2: Financial Performance - Baima Tea's revenue from 2022 to 2024 was reported as 1.818 billion, 2.122 billion, and 2.143 billion yuan, with growth rates of 16.8% in 2023 and 1.0% in 2024 [3]. - In the first half of 2025, the company reported a revenue of 1.06 billion yuan, a decline of 4.2% year-on-year, with net profit also decreasing to 120 million yuan, down 17.8% [3]. Group 3: Market Position and Strategy - The Chinese tea market is highly fragmented, with over 1.6 million tea companies, and Baima Tea claims to be the largest high-end tea company in China, aiming to increase market share through brand value and product diversification [10][11]. - The high-end tea market in China grew from approximately 89 billion yuan in 2020 to about 103.1 billion yuan in 2024, with a compound annual growth rate of about 3.7% [11]. - Baima Tea has significantly increased its marketing expenditures, with sales and marketing costs rising from 617 million yuan in 2022 to 692 million yuan in 2024, representing about 32% of its revenue [10][11]. Group 4: Challenges and Industry Insights - The tea industry faces challenges, including declining revenues and profits for other listed tea companies, indicating a tough market environment [7][13]. - The concept of "tea spaces" as a business model is viewed skeptically due to high operational costs and the difficulty of scaling such personalized experiences [12]. - Industry experts suggest that relying solely on capital markets for growth may not be the only viable path for tea businesses, emphasizing the importance of setting realistic investment goals and exploring diverse business models [13].