八马茶业花12年打破IPO屡败魔咒

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 12 years of attempts, indicating a new phase in the capitalization of China's tea industry [2][4]. Company Overview - Eight Horses Tea Industry has made multiple attempts to go public, with three failed attempts to list on the A-share market between 2013 and 2022 due to various market conditions and internal adjustments [3][12]. - The company shifted its focus to the Hong Kong market in 2023, submitting its prospectus and eventually passing the hearing in October [4][12]. - As of June 30, 2025, Eight Horses operates 3,633 offline stores, including 241 direct stores and 3,392 franchise stores, and has established a strong online presence, with online sales accounting for 35.4% of total revenue [13]. Market Position - According to a report by Frost & Sullivan, Eight Horses ranks first in the Chinese tea market by the number of chain stores and sales revenue in the high-end tea segment [10]. - The company has maintained its position as the top seller of Tieguanyin tea for over ten years and has also led in the sales of Wuyi rock tea and black tea for five and four consecutive years, respectively [10]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 1.82 billion, 2.12 billion, and 2.14 billion RMB, respectively, with a net profit showing a gradual increase but a noticeable slowdown in growth for 2024 [15][16]. - In the first half of 2023, the company reported a revenue of 1.06 billion RMB, a year-on-year decrease of about 4.2%, and a net profit of 120 million RMB, down approximately 17.8% [17]. Industry Context - The overall scale of the Chinese tea market is substantial, with sales revenue projected to grow from approximately 288.9 billion RMB in 2020 to about 325.8 billion RMB in 2024, and expected to reach around 407.9 billion RMB by 2029, with a compound annual growth rate of about 4.6% [15]. - The high-end tea market is experiencing faster growth, with a projected compound annual growth rate of about 5.6% from 2024 to 2029 [15]. Governance and Management - The company is characterized by a family-run management structure, with the controlling shareholders being family members, which raises concerns about governance and potential conflicts of interest as the company scales [17][18]. - The management team is predominantly composed of family members, which has led to questions regarding the independence and stability of operations post-IPO [18][21].