Core Viewpoint - The IPO application of Baima Tea Co., Ltd. has expired, which is a common occurrence in the capital market, and the company may reapply within three months after updating financial data [1][3]. Company Overview - Baima Tea Co., Ltd. is headquartered in Shenzhen and was established in 1998, with a product range that includes various types of tea and related products [3]. - The company's founders, Wang Wenbin and Wang Wenli, hold 25.28% and 20.38% of the shares, respectively [3]. Financial Performance - The company's revenue for 2021, 2022, and 2023 was 1.744 billion, 1.818 billion, and 2.122 billion respectively, with net profits of 163 million, 166 million, and 206 million [5]. - For the first nine months of 2024, revenue increased by 0.98% to 1.647 billion, while net profit grew by 12.6% to 208 million [5]. Store Operations - As of September 30, 2024, Baima Tea had a total of 3,498 offline stores in China, with 274 being direct-operated and 3,224 being franchise stores [5]. - The number of direct-operated stores has decreased over the past three years, while franchise stores have seen an increase [5]. Market Challenges - The company has faced challenges in its franchise model, with declining store numbers and procurement amounts [4]. - The governance structure, characterized by family ownership, and the overall market sentiment towards traditional tea brands have contributed to difficulties in the IPO process [4]. - Baima Tea's previous attempts to go public have included applications to various exchanges, all of which have faced setbacks [4].

Core Viewpoint - The IPO application of Baima Tea Co., Ltd. has expired, but the company clarifies that it is not a failure to pass the hearing, as the application simply reached its six-month validity period and can be resubmitted within three months after updating financial data [1][5]. Company Overview - Baima Tea Co., Ltd. is headquartered in Shenzhen and has been operating since 1998, with a product range that includes various types of tea and related products [3]. - The company's founders, Wang Wenbin and Wang Wenli, hold 25.28% and 20.38% of the shares, respectively [3]. Market Context - The capital market shows a lack of confidence in traditional tea brands, as evidenced by other companies like China Tea halting their IPOs and the declining stock prices of brands like Lancang Ancient Tea [4]. - The company has faced challenges in its franchise model, with a decline in both store numbers and procurement amounts [4]. Financial Performance - Revenue figures for Baima Tea from 2021 to 2023 are reported as 1.744 billion, 1.818 billion, and 2.122 billion yuan, respectively, with net profits of 163 million, 166 million, and 206 million yuan [5]. - For the first nine months of 2024, revenue increased by 0.98% to 1.647 billion yuan, while net profit grew by 12.6% to 208 million yuan [5]. Store Network - As of September 30, 2024, Baima Tea operates 3,498 offline stores in China, with 274 being direct-operated and 3,224 as franchise stores [5]. - The number of direct-operated stores has decreased over the past three years, while franchise stores have seen an increase [5]. IPO History - Baima Tea's IPO journey has been tumultuous, with previous attempts to list on various exchanges since 2013, including a withdrawal of applications in 2022 and 2023 [4].