年入20亿，传承289年的泉州茶业家族终圆梦，通过港交所上市聆讯

Core Insights - Eight Horse Tea has finally moved closer to its IPO after a decade of attempts, with the Hong Kong Stock Exchange announcing its hearing on October 12 [1] - The company, founded by the Wang family, has transformed into a modern enterprise with annual revenues exceeding 2 billion yuan, focusing on popular tea varieties like Tieguanyin and black tea [1] Group 1: Business Model and Performance - As of June 2025, Eight Horse Tea operates 3,585 stores nationwide, with 3,341 being franchise stores, accounting for 93% of the total [4] - Franchisees contributed 1.09 billion yuan in sales in 2024, making up half of the total revenue, while direct stores' sales dropped to 354 million yuan, representing only 16.5% [4] - The franchise model has enabled rapid market penetration, particularly in lower-tier regions, leveraging local resources to reduce expansion costs [6] Group 2: Challenges and Risks - The extensive franchise model has led to management challenges, including quality control issues, as evidenced by complaints and lawsuits related to product expiration due to improper storage [8] - The Wang family's intricate "billion-dollar in-law network" consolidates 55.9% of voting rights, raising concerns about potential conflicts of interest in decision-making [8][10] Group 3: Brand Strategy and Digitalization - Eight Horse Tea is attempting brand rejuvenation with new product lines targeting younger consumers, such as "Xinjihao" for high-end Pu'er tea and "Wanshanhong" for cold brew fruit tea [12][14] - The company's online sales have increased from 567 million yuan in 2022 to 838 million yuan, accounting for nearly 40% of total sales, indicating a growing trend among younger consumers to purchase tea online [14] - Post-IPO, Eight Horse plans to expand production facilities, open more direct stores, and enhance digital capabilities to address quality control issues [16] Group 4: Future Outlook - With an annual profit of approximately 224 million yuan, Eight Horse Tea is poised for its IPO, but it must balance franchise and direct store operations, maintain quality control, and engage younger consumers effectively to ensure long-term success [17]