曾折戟A股的八马茶业股份有限公司（简称"八马茶业"），首次冲击港股上市未果后再度发力。日前港 交所官网披露，此前因招股书失效的八马茶业已再度披露招股书。 此前，八马茶业曾多次冲击A股上市，并与澜沧古茶、中茶股份齐头并进共同冲刺。如今，澜沧古茶已 在港股上市却陷入业绩困境，中茶股份则紧急刹车。从业绩来看，在连续三年增长后，八马茶业于2025 年上半年未能保持增速，净利润也同步下滑。业内人士指出，港股上市规则和流程透明，只要满足基本 要求，完成上市并不难，难的是如何获得投资者青睐。 再度递交招股书 八马茶业筹划在港股上市，最早在今年1月。彼时，八马茶业正式向港交所递交招股说明书，拟主板挂 牌上市，华泰国际、农银国际和天风证券担任联席保荐人。 根据当时招股书显示，八马茶业募集所得资金净额将主要用于扩建生产基地并建造新生产基地；提升品 牌价值并扩大产品组合；为直营线下门店网络的扩张提供资金，并专注于开设更多门店以提升品牌价值 资产；提升业务运营的数字化水平；收购或投资在中国茶行业的参与者；以及用作营运资金及其他一般 企业用途。 八马茶业前身成立于1997年，是一家全茶类全国连锁品牌企业，主要从事茶及相关产品的研发设计 ...

Core Viewpoint - The article discusses the challenges and recent progress of Baima Tea Industry in its pursuit of an IPO, highlighting the contrasting attitudes of the capital market towards traditional tea companies versus new tea beverage brands [2][4]. Group 1: IPO Progress and Challenges - Baima Tea Industry has faced multiple setbacks in its IPO attempts, including an automatic expiration of its prospectus due to failure to pass the hearing within six months [4]. - The company has now received approval from the China Securities Regulatory Commission to issue up to 29.13 million overseas ordinary shares and convert 43.99 million unlisted shares for circulation in Hong Kong [2]. - The acceptance of family-owned and franchise-driven traditional consumer goods companies is reportedly higher in the Hong Kong market compared to A-shares, as evidenced by the successful listing of Lincang Ancient Tea [4]. Group 2: Franchise Structure and Financial Performance - As of September 2024, Baima Tea operates 3,498 stores nationwide, with 92.1% being franchise stores, contributing approximately 50% of total revenue [5]. - The revenue from franchise channels for the years 2022 to the first nine months of 2024 was 912 million, 1.073 billion, and 819 million respectively, maintaining a stable contribution to total revenue [5]. - The gross margin for franchise channels was significantly lower at 46% compared to 78.2% for direct sales in the first nine months of 2024 [5]. Group 3: Family Ownership and Governance Issues - The Wang family holds 55.9% of the voting rights, indicating a highly concentrated family ownership structure typical of family businesses [7]. - The management team is predominantly composed of family members, which raises concerns about governance and transparency in decision-making [7][8]. - The family governance model may pose challenges in maintaining operational independence and stability as the company scales and faces increased scrutiny post-IPO [8]. Group 4: Market Position and Industry Dynamics - The capital market shows a stark contrast in preference between traditional tea companies and new tea beverage brands, with only a few tea companies successfully listed [9]. - Baima Tea's market share in the high-end tea market is only 1.7%, significantly lower than leading new tea beverage companies [9]. - The tea industry is characterized by low standardization and a perception that tea is primarily consumed by older generations, which may hinder Baima's appeal to younger consumers [9].