八马12年上市之路，更像是一部精心布局的商业巨片！

Core Viewpoint - Baima Tea Industry is on the verge of completing a 12-year-long IPO journey to enter the Hong Kong stock market, but this may not be a positive development for investors familiar with the tea industry and capital markets due to ongoing controversies and challenges facing the company and the industry as a whole [2][4]. Company Overview - Baima Tea has faced significant hurdles in its IPO attempts, primarily due to its family-run management structure, unstable performance, and market conditions, which have made it difficult to gain approval for listing [4][6]. - Despite being a leading player in the tea industry with a history of over 300 years and a network of 3,585 stores, Baima's financial performance shows concerning trends, such as a decline in single-store sales from 350,000 to 250,000 RMB [7][9]. Financial Performance - For the fiscal year ending December 31, 2024, Baima's revenue is projected to be 2.143 billion RMB, with a net profit of 224 million RMB, indicating growth but also reliance on franchise stores, which account for 92% of revenue [7][8]. - The company has invested heavily in marketing, totaling 1.868 billion RMB over the past three years, while research and development spending has been significantly lower at under 30 million RMB, raising concerns about its long-term sustainability [7][8]. Market Position and Challenges - The tea industry is currently facing a crisis characterized by a lack of strong brands despite having various product categories, which poses a significant challenge for Baima as it seeks to establish itself in the market [6][10]. - The urgency for Baima to go public is driven by the need for capital infusion to support its operations and growth strategies, as traditional tea companies have struggled to attract investor interest in the capital markets [9][10]. Strategic Importance of IPO - The IPO is seen as a critical step for Baima not just for raising funds but also for enhancing its market presence and leveraging its extensive network of business connections, which could lead to greater commercial value for its stakeholders [13].