文｜新立场 十年跋涉，五次递表，八马茶业这场资本市场的漫长马拉松，终于看到了终点线。 2025年10月20日，八马茶业正式启动港股招股，计划发售900万股H股。若一切顺利，这家拥有超3700家门店的茶企将于10月28日正式登陆港交所，华泰国 际、农银国际和天风国际共同护航其最后的冲刺。 这一刻，八马等了太久。而中国茶企的上市之路，从来都不好走。 茶叶这门生意，骨子里流淌着传统的血液。从山场气候的微妙差异，到制茶师傅的独到手感，再到品茗者的个人感悟，每一个环节都充满了不可复制的变 量。被茶客们津津乐道的"岩韵"、"喉韵"，本质上是一套高度依赖感官体验的描述体系——它成就了茶叶的魅力，却也成了资本化道路上最难逾越的鸿沟。 这就是中国茶产业面临的根本矛盾：做着非标品的生意，却怀揣着标品化的梦想。 如今，八马即将抵达彼岸，但新的问题随之浮现：上岸之后，路在何方？ 01、八马茶业的AB面 八马茶业用十年时间，在中国茶业的版图上织就了一张拥有3716家门店的巨网。这张网的A面，是规模带来的辉煌——门店遍布全国各级城市，超3700家的 体量让其稳坐传统茶企头把交椅。但翻开B面，这张网的织法却暗藏玄机，其中3482家为加盟店 ...

Core Insights - The company has reported strong new orders and cumulative orders, indicating a positive trend in demand for its products [1][2] Group 1: New Orders - New orders for the first nine months of 2025 reached €771 million, an increase of approximately 4.6% compared to €737 million for the same period in 2024 [1] - New orders in the third quarter of 2025 totaled approximately €304 million, representing a significant increase of about 36% from the third quarter of 2024, driven by improved macroeconomic and geopolitical conditions [1] Group 2: Cumulative Orders - Cumulative orders as of September 30, 2025, amounted to €1.498 billion, reflecting a 12.9% increase from €1.326 billion as of September 30, 2024, and a 3.6% increase from €1.445 billion as of June 30, 2025 [1] - Net cumulative orders stood at €795 million as of September 30, 2025, up 4.5% from €761 million as of June 30, 2025, and a 1.9% increase from €780 million as of September 30, 2024 [1] Group 3: Revenue from New Yachts - Revenue from new yachts for the first nine months of 2025 was €887 million, a 2.5% increase from €865 million in the same period of 2024, primarily due to contributions from custom yachts and superyachts [1] Group 4: Executive Insights - The CEO expressed satisfaction with the strong new orders achieved during the period, attributing success to improved macroeconomic and geopolitical conditions, as well as the company's superior positioning and unique brand [2] - The CEO noted that ongoing negotiations are at a high level, reflecting steady growth in demand, and expressed confidence in the market recovery for the upcoming year-end and new U.S. season [2]

Group 1 - Alibaba's first self-developed AI glasses, Quark AI glasses, began pre-sale on the Tmall flagship store for Quark smart devices at midnight on the 24th, with a price of 3,699 yuan for 88VIP members and 3,999 yuan for regular consumers [1] - The glasses are equipped with dual flagship chips, Qualcomm AR1 and Hengxuan BES2800, and feature functions such as Gaode near-eye navigation system, Alipay "Look and Pay" secure payment, Taobao price comparison, and Fliggy travel reminders [1] - According to Guotai Junan Securities, AI glasses are expected to reshape the smart glasses industry logic, pushing the industry into an explosive growth phase, with a projected 188% increase in sales in the Chinese market by 2025 [1] Group 2 - Hengxuan Technology focuses on the research, design, and sales of smart audio and video SoC chips, with Alibaba as one of its clients [2] - Huanxu Electronics produces products for smart glasses and other smart head-mounted devices, including WiFi modules and multifunctional or specific function SiP modules [2]

Core Insights - The company, Ferretti Group, is participating in major Mediterranean boat shows in September 2025, starting from a private preview in Monaco and concluding with the Monaco Yacht Show [1] Order Summary - New orders for the first nine months of 2025 reached €771 million, an increase of approximately 4.6% compared to €737 million for the same period in 2024 [1] - New orders in the third quarter of 2025 totaled approximately €304 million, representing a 36% increase from the third quarter of 2024, driven by improved macroeconomic and geopolitical conditions [1] - Cumulative orders as of September 30, 2025, amounted to €1.498 billion, a 12.9% increase from €1.326 billion on September 30, 2024, and a 3.6% increase from €1.445 billion on June 30, 2025 [1] - Net cumulative orders as of September 30, 2025, were €795 million, up 4.5% from €761 million on June 30, 2025, and a 1.9% increase from €780 million on September 30, 2024 [1] Revenue Insights - New yacht net revenue for the first nine months of 2025 was €887 million, a 2.5% increase from €865 million in the same period of 2024, primarily due to contributions from custom yachts and superyachts [2] Executive Commentary - The CEO expressed satisfaction with the strong new orders achieved during the period, attributing success to improved macroeconomic and geopolitical conditions that allowed the company to seize opportunities effectively [2] - The company highlighted its superior positioning, product mix, and brand uniqueness as key factors in the successful Mediterranean boat show season [2] - Ongoing negotiations are at a high level, reflecting steady demand growth, and the overall market recovery strengthens confidence for the end of the year and the upcoming U.S. season [2]

Core Insights - The company has announced its financial and commercial data for the nine months ending September 30, 2025, highlighting significant developments in its operations and market presence [1][2] Group 1: Financial Performance - The company reported new orders totaling €770.9 million for the first nine months of 2025, representing a year-on-year increase of approximately 4.6% [2] - In the third quarter of 2025, new orders amounted to approximately €303.6 million, which is an increase of about 36% compared to the third quarter of 2024, driven by improved macroeconomic and geopolitical conditions [2] Group 2: Strategic Developments - The company increased its stake in SeaLion to 100% in July 2025, solidifying its position in the ownership of the "Wally" brand [1] - In June 2025, the company launched "Riva Volare," an exclusive interior design project for Flexjet's aircraft cabins, inspired by the style of Riva motorboats [1] - The company participated in major Mediterranean boat shows throughout 2025, including events in Monaco, Cannes, and Genoa [1]

Core Viewpoint - Anton Oilfield Services (03337.HK) reported a strong performance in Q3, driven by active global oil and gas investments and robust demand for natural gas in power generation and industrial sectors [1] Group 1: Company Performance - As of October 23, 2025, Anton Oilfield Services closed at HKD 1.11, up 0.91%, with a trading volume of 4.794 million shares and a turnover of HKD 5.2371 million [1] - The company has a market capitalization of HKD 3.231 billion, ranking third in the extraction services industry [1] - Key financial metrics include: - Return on Equity (ROE): 8.63%, significantly higher than the industry average of 0.47% [1] - Revenue: HKD 5.209 billion, compared to the industry average of HKD 14.842 billion [1] - Net Profit Margin: 6.32%, above the industry average of 1.15% [1] - Gross Margin: 28.73%, slightly below the industry average of 32.36% [1] - Debt Ratio: 63.24%, compared to the industry average of 59.63% [1] Group 2: Analyst Ratings - The majority of investment banks have a "Buy" rating for Anton Oilfield Services, with one bank issuing a buy rating in the last 90 days [1] - Everbright Securities provided a buy rating on September 11, 2025, with a target price not specified [1]

Group 1 - The controlling shareholder Oriental Castle Group Limited has reached a share transfer agreement with China Venture Capital Holdings Limited to sell 75% of the company's shares for HKD 80 million [1] - The purchase price is set at HKD 0.089 per share, representing a significant discount of 79.06% compared to the closing price before the suspension [1] - Following the completion of the transaction, the buyer and its concert parties will own 900 million shares, accounting for 75% of the total issued share capital of the company [1] Group 2 - A mandatory general offer will be made at the same price of HKD 0.089 per share, which also reflects a 79.06% discount from the closing price on October 15 [1] - The buyer, China Venture Capital Holdings Limited, is a company registered in the British Virgin Islands [1] - The company's shares are set to resume trading on October 24 [1]

Core Insights - The company has adopted a "technology service operator" strategic positioning to enhance its competitiveness in the oil and gas sector, focusing on technology investment and resource acquisition [1][2][4] - The company reported a decline in new orders for the third quarter, totaling RMB 1.273 billion, a 14.4% decrease year-on-year, with specific markets showing varied performance [1][2] - The company is actively expanding its global operations, with the opening of a global operations center in Dubai to enhance resource integration and collaboration [3][4] Order Performance - New orders in Iraq increased by 8.4% year-on-year to approximately RMB 542 million, while other overseas markets saw a significant decline of 54.4% [1][2] - In the Chinese market, new orders decreased by 10.2% year-on-year, despite ongoing efforts to secure high-quality large projects [2][4] Global Strategy and Market Expansion - The company is committed to a global strategy, focusing on early indicators and market opportunities, particularly in Iraq and other regions such as Africa and Southeast Asia [4][5] - The company aims to enhance its brand influence and establish industry benchmarks through comprehensive market research and lean operations [4][5] Technological Development - The company is focused on developing competitive technological solutions and enhancing its capabilities in digital oilfield solutions, emphasizing innovation and intellectual property protection [5] - There is a commitment to deepening autonomous technology innovation and collaboration with clients to improve technology transfer capabilities [5] Management and Operational Efficiency - The company is enhancing its internal management systems, including optimizing human resources and financial management to support sustainable growth [3][5] - Efforts are being made to build a diversified financing platform and improve supply chain management to enhance overall operational efficiency [3][5]

Core Insights - The company has adopted a "technology service operator" strategic positioning to enhance competitiveness and drive future value growth through technology investment and a revenue-sharing model [1][2][4] Group 1: Financial Performance - In Q3, the company secured new orders worth RMB 1.273 billion, a decrease of 14.4% year-on-year [1] - New orders from the Iraq market amounted to approximately RMB 542 million, reflecting an increase of 8.4% compared to the same period last year [1] - New orders from other overseas markets dropped by 54.4% year-on-year, totaling around RMB 160.6 million [1] - In the Chinese market, new orders were approximately RMB 570 million, down 10.2% year-on-year [1][2] Group 2: Market Strategy - The company is focusing on high-quality large project execution in the Chinese market, with various service projects being awarded [2] - The company is actively expanding its presence in the Middle East, particularly in Iraq, while also entering the South American market for the first time [2][3] - The company aims to strengthen its brand and market presence by managing early indicators and exploring opportunities in other regions such as Africa and Southeast Asia [4] Group 3: Global Operations and Management - The company inaugurated its Dubai Global Operations Center in September, which will serve as a strategic hub for resource integration and international business coordination [3] - The company is enhancing its internal management systems, focusing on optimizing human resources and financial management to support global business expansion [3][5] - The company is committed to building a diversified financing platform to improve capital allocation efficiency and support stable business growth [5] Group 4: Future Outlook - The global oil and gas market is expected to remain volatile due to supply dynamics and geopolitical factors, prompting the company to advance its globalization strategy [4] - The company plans to deepen its focus on technology solutions and innovation to maintain a competitive edge in the industry [5]

Core Points - The company Gushengtang has been actively repurchasing its shares, with a total of 482,530 shares bought back since September 10, amounting to HKD 151 million [2][3] - The stock price has seen a decline of 11.02% during the repurchase period, with the latest closing price at HKD 29.620, down 1.73% on the day of the latest buyback [2][3] - Year-to-date, Gushengtang has conducted 53 repurchase transactions, totaling 777,990 shares and an expenditure of HKD 245 million [2][3] Repurchase Details - On October 23, Gushengtang repurchased 198,600 shares at a price range of HKD 29.240 to HKD 29.800, with a total expenditure of HKD 5.8634 million [2] - The highest repurchase price during the recent buyback was HKD 30.200 on October 22, while the lowest was HKD 29.240 on October 23 [2] - The company has consistently repurchased shares over the past 30 days, indicating a strong commitment to supporting its stock price [2][3]