八马茶业今起招股，预计10月28日挂牌上市，中国最大的高端茶企

Core Viewpoint - Eight Horses Tea Industry (06980.HK) plans to globally offer 9 million H-shares, with a price range of HKD 45.00-50.00 per share, aiming to raise approximately HKD 368.2 million for various strategic initiatives [2][9]. Company Overview - Eight Horses Tea is a well-known tea supplier in China, covering six major tea categories and related products. It ranks first in high-end tea sales revenue in China for 2024 and leads in the number of tea chain stores [3][4]. - The company has maintained its leading position in sales of Tieguanyin, Wuyi Rock Tea, and black tea for over a decade [3]. Market Dynamics - The high-end tea market in China is rapidly growing, with a market size increasing from approximately RMB 89 billion in 2020 to about RMB 103.1 billion in 2024, reflecting a compound annual growth rate (CAGR) of about 3.7% [3]. - The market share of the top five companies in the high-end tea sector has slightly increased from 5.5% in 2020 to 5.6% in 2024, with Eight Horses' market share rising from 1.1% to 1.7% during the same period [3]. Business Performance - The number of offline stores increased from 2,613 in January 2022 to 3,585 by June 2025, with a significant rise in franchise stores [5]. - Revenue grew from RMB 1.818 billion in 2022 to RMB 2.122 billion in 2023, and further to RMB 2.143 billion in 2024, although it saw a decline in the first half of 2025 [7]. - Net profit increased from RMB 166 million in 2022 to RMB 206 million in 2023, and RMB 224 million in 2024, with a net profit margin improvement [7]. Strategic Initiatives - The company plans to allocate approximately 35% of the IPO proceeds for expanding production bases, 20% for enhancing brand value, and 15% for expanding its offline store network [9]. - Eight Horses has established two tea production bases in Anxi and Wuyi Mountain, focusing on automation and innovation in production processes [8].