福建卖茶三兄弟，冲刺港股IPO！披露与七匹狼、安踏、高力控股的姻亲关系

Core Viewpoint - Baima Tea is making another attempt to go public, this time targeting the Hong Kong stock market after several unsuccessful attempts in the A-share market [2][10]. Group 1: Company Background and History - Baima Tea was founded in the 1990s by Wang Wenli and his brothers, initially starting as "Xiyuan Tea Factory" [5]. - The company has expanded significantly, with nearly 1,000 chain stores by 2012 and a focus on positioning itself as a "luxury tea" brand [6][8]. - As of October 2024, Baima Tea has over 3,500 chain stores and has been recognized as one of China's top 500 brand values, with a brand value of 31.36 billion yuan [13]. Group 2: Financial Performance - From 2021 to 2023, Baima Tea's revenue was 1.744 billion yuan, 1.818 billion yuan, and 2.122 billion yuan, with net profits of 163 million yuan, 166 million yuan, and 206 million yuan respectively [2]. - In the first three quarters of 2024, the company reported revenue of 1.647 billion yuan and a net profit of 208 million yuan [2]. - The number of franchisees increased from 106 to 169 between 2022 and 2023, but only 39 new franchisees were added in the first three quarters of 2024, indicating a downward trend [19]. Group 3: IPO Attempts and Challenges - Baima Tea has faced multiple challenges in its IPO journey, including failed attempts to list on the Shenzhen Stock Exchange and the New Third Board [9][10]. - The company submitted its application for an IPO in Hong Kong in January 2023, but faced issues with its prospectus becoming invalid after not passing hearings within six months [10]. - Concerns regarding the management structure, which is heavily family-oriented, have raised questions about governance and potential conflicts of interest [14][15]. Group 4: Market Position and Industry Context - Baima Tea ranks first in the Chinese tea market in terms of chain store numbers and sales revenue, particularly in the high-end tea segment [8]. - The tea industry in China is characterized by low concentration and many small players, making it difficult for traditional tea companies to attract capital [17]. - The rise of new tea brands favored by younger consumers poses a challenge to traditional tea companies like Baima Tea [18].