Group 1 - Core viewpoint: Huaxi Securities initiates coverage on Baima Tea (06980) with a "Buy" rating, highlighting its leading position in the high-end tea industry due to a clear brand matrix and channel advantages [1][2] - Industry perspective: The Chinese tea industry is undergoing a structural upgrade characterized by "overall dispersion and high-end concentration," with significant growth potential in the high-end tea market driven by consumption upgrades [2] - Company quality: Despite facing short-term pressures from macroeconomic fluctuations and intensified competition, the company's core competitiveness remains intact, supported by a clear multi-brand product matrix and a deep integration of offline and online channels [3] Group 2 - Future outlook: The company's development path aligns well with industry trends, leveraging brand, channel, and craftsmanship barriers to increase market share, while the rise of young consumers and women aligns with its product high-end and youthful transformation [4] - Long-term growth drivers: The upcoming Hong Kong IPO is expected to focus on capacity upgrades, brand promotion, channel expansion, and digitalization, providing strong momentum for long-term growth [4]