500亿福建富豪圈，跑出来一个「香港茶王」

Core Viewpoint - Eight Horses Tea Co., Ltd. has successfully passed the hearing for its IPO application on the Hong Kong Stock Exchange, marking a significant step towards its public listing after multiple attempts in the past decade [1][3]. Company Overview - Eight Horses Tea is a typical family-owned enterprise from Fujian, founded by Wang Wenli, who comes from a prominent tea family known for its Tieguanyin tea [4][6]. - The company aims to position itself as the "Moutai of tea," emphasizing high quality and brand value [6]. Business Development - The company has faced challenges in its IPO journey, with previous attempts to list on various exchanges failing before finally targeting the Hong Kong market [1][3]. - As of the latest data, Eight Horses Tea operates over 3,700 chain stores nationwide, making it a leading supplier in the Chinese tea market [3]. Financial Performance - Eight Horses Tea reported revenues of 1.818 billion, 2.122 billion, 2.143 billion, and 1.063 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of 166 million, 206 million, 224 million, and 120 million yuan [9]. - The company's gross margin has been strong, with rates of 53.3%, 52.3%, 55.0%, and 55.3% for the same periods, reflecting its high-end market strategy [9]. Market Position - According to the prospectus, Eight Horses Tea ranks first in the high-end tea market in China, as well as in the oolong and black tea segments [9][12]. - The company has established a strong brand presence through extensive marketing efforts, including global tasting events and participation in international forums [10]. Sales Channels - Eight Horses Tea has developed a comprehensive sales system that includes both direct and franchise models, with a significant focus on offline channels, which accounted for approximately 72.2% to 64.2% of total revenue from 2022 to the first half of 2025 [10][11]. - The company has a substantial reliance on franchise sales, which constituted around 50% of total revenue in recent years [11]. Challenges and Risks - The company has experienced a decline in revenue and net profit in the first half of 2025, attributed to a reduction in offline stores and increased administrative expenses [12]. - There are concerns regarding the sustainability of the franchise model, as the company has a high inventory level of 444 million yuan and long turnover days of 168 days [12][13].