500 亿福建富豪圈，跑出来一个“香港茶王”

Core Viewpoint - Baima 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 12 years [1][3]. Company Overview - Baima Tea is a leading player in the Chinese tea market, ranking first in terms of revenue and net profit among high-end tea suppliers as of 2024 [3][9]. - The company operates over 3,700 chain stores nationwide, establishing itself as a dominant force in the tea industry [3][9]. Historical Background - Founded by Wang Wenli, Baima Tea has roots in a family with a long history in tea production, dating back to the Qing Dynasty [6]. - The company has faced several challenges in its journey to go public, including failed attempts to list on various exchanges before finally targeting the Hong Kong market [1][3]. Financial Performance - Baima Tea's revenue for the years 2022 to 2025 (first half) shows a steady growth trajectory, with figures of 18.18 billion, 21.22 billion, 21.43 billion, and 10.63 billion respectively [9]. - The net profit for the same period was 1.66 billion, 2.06 billion, 2.24 billion, and 1.20 billion, indicating a positive financial outlook [9]. Market Position - The company is recognized as the "King of High-End Tea" in China, leading the market in both oolong and black tea segments [3][15]. - Baima Tea's gross margin has been impressive, with rates of 53.3%, 52.3%, 55.0%, and 55.3% from 2022 to 2025 (first half), reflecting its high-end product strategy [9]. Business Model - The company employs a franchise model, with approximately 50% of its revenue generated from franchise sales [14][16]. - Baima Tea has established a comprehensive sales system that includes both direct and franchise stores, with a focus on offline channels [13][14]. Challenges and Risks - Recent financial reports indicate a decline in revenue and net profit for the first half of 2025, attributed to a decrease in offline store numbers and rising administrative costs [15]. - The sustainability of the franchise model is a concern, as the company relies heavily on franchisees for revenue generation [16][17]. Marketing Strategy - Baima Tea has invested significantly in marketing, with sales and marketing expenses accounting for about 32% of revenue in recent years [13]. - The company emphasizes creating a high-end brand image through various marketing initiatives, including global tasting events and participation in international forums [11][13]. Future Outlook - The company aims to enhance its brand recognition and market presence through innovative marketing strategies and product offerings [11][18]. - Despite the challenges in the high-end tea market, Baima Tea's established brand and market position provide a solid foundation for future growth [18].