八马茶叶通过港股聆讯，福建兄弟终破上市难“魔咒”

Core Viewpoint - Eight Horses Tea Industry has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO after a lengthy 12-year journey, amidst challenges faced by the tea industry in capital markets [1][2]. Company Overview - Eight Horses Tea Industry has attempted multiple IPOs since 2013, with three failed attempts to list on the A-share market from 2013 to 2022. The company shifted its focus to the Hong Kong market in 2023 and successfully passed the hearing on October 12, 2023 [1][4]. - The company operates a large network of 3,633 stores across China, with 241 direct stores and 3,392 franchise stores, and has established itself as a leading brand in the high-end tea market [6][8]. Market Position - According to a report by Frost & Sullivan, Eight Horses Tea ranks first in the Chinese tea market by the number of chain stores and sales revenue in the high-end tea segment. The company has maintained the top sales volume for Tieguanyin tea for over ten years [4][7]. - The overall Chinese tea market is projected to grow from approximately 288.9 billion yuan in 2020 to about 407.9 billion yuan by 2029, with the high-end tea market expected to grow at a compound annual growth rate (CAGR) of about 5.6% from 2024 to 2029 [7]. Financial Performance - Eight Horses Tea's revenue for 2022, 2023, and projected 2024 is reported as 1.818 billion yuan, 2.122 billion yuan, and 2.143 billion yuan respectively, indicating a slowdown in growth despite a rise in net profit [8]. - The average annual purchase amount of members at direct stores has decreased from 2,860.4 yuan in 2020 to 2,469.6 yuan in 2024, reflecting a decline of 13.6% [8]. Governance and Management - The management structure of Eight Horses Tea is heavily influenced by the founding family, with significant voting power held by family members. This has raised concerns regarding governance and potential conflicts of interest as the company prepares for its IPO [9][10]. - The company has been scrutinized for its familial ties and potential related-party transactions, which could impact investor confidence and market perception [9][10].