三闯A股未果，八马茶业转战港交所

Core Viewpoint - After three unsuccessful attempts to list on A-shares, the company has shifted its focus to the Hong Kong Stock Exchange, submitting its prospectus on January 17, 2023, marking a new phase in its listing process [3][4]. Industry Positioning - Established in 1997, the company primarily engages in the planting, processing, and sales of tea, covering various types including Oolong, black, and green tea [5]. - The company maintains a high-end Chinese tea brand positioning, leveraging traditional craftsmanship and modern techniques as its core competitive advantage [6]. - The company has faced challenges in defining its industry positioning, which has contributed to its previous listing failures [7]. Financial Performance - The company is a leader in the high-end tea market in China, with sales revenue ranking first in the high-end tea, Oolong tea, and black tea markets as of 2023 [4][16]. - Despite a growing revenue trend, the company's growth rate has begun to slow, with revenues of 18.18 billion, 21.22 billion, and 16.47 billion for the years 2022, 2023, and the first three quarters of 2024, respectively [16]. - The revenue structure shows that tea product sales accounted for 86.5%, 88.7%, and 88.1% of total revenue for the years 2022, 2023, and the first three quarters of 2024 [9][10]. Challenges and Risks - The company faces significant challenges in quality control due to its reliance on franchisees, which has led to negative publicity regarding product quality [17]. - The competitive landscape is intense, with traditional brands and emerging players capturing significant market share, posing a threat to the company's market penetration, especially in northern markets [18]. - The company has received multiple administrative penalties, raising concerns about compliance and potential obstacles to its listing [17][18].