八马茶业通过上市聆讯，上半年营收10.6亿元

Core Viewpoint - Eight Horses Tea Industry is preparing for its listing on the Hong Kong Stock Exchange, having submitted its post-hearing materials, indicating a significant step towards its market debut [2][3]. Financial Performance - In the first half of 2025, Eight Horses Tea reported revenue of 1.063 billion yuan, a year-on-year decline of 4.2%, with net profit also showing a downward trend [17][19]. - Revenue figures from 2022 to 2024 were 1.818 billion yuan, 2.122 billion yuan, and 2.143 billion yuan, respectively, with a revenue growth rate of 16.8% in 2023 [16][17]. - Net profit for the same years was 166 million yuan, 206 million yuan, and 224 million yuan, with a net profit growth rate of 24.0% in 2023 [18][19]. Revenue Structure - Tea products remain the core revenue source for Eight Horses Tea, with sales revenue from tea increasing from 86.5% in 2022 to 90.2% in the first half of 2025 [21][22]. - Key tea categories such as Tieguanyin, Wuyi Rock Tea, and black tea have consistently ranked at the top of national sales [23]. Sales Channels - Online sales channels have shown continuous growth, with online revenue for 2025's first half reaching 376 million yuan, accounting for 35.5% of total sales, an increase of 8.2% from 2022 [29][30]. - Offline sales for the same periods were 1.444 billion yuan in the first half of 2025, reflecting a slower growth rate compared to online channels [27][28]. Strategic Goals - Eight Horses Tea aims to become the world's leading tea company, with funds raised from the listing intended for expanding production bases, enhancing supply chain capabilities, and optimizing offline store networks [35][36]. - The company plans to develop online sales channels further and improve its digital operational capabilities, alongside potential acquisitions or investments in the Chinese tea industry [37][38].