中泰证券发布研报称，预计未来公司茶业务稳健增长，线下渠道提速扩张并优化门店效率、叠加线上渠 道协同发展，大单品等策略下品牌力持续提升。近年茶业市场需求端更加多元化，供给端整合利好行业 龙头。八马茶业作为高端茶叶第一品牌，有望受益进一步提升市占率。短期来看，25年上半年收入/利 润分别同比-4%/-18%。展望25下半年，在高端消费回暖的背景下，收入利润有望企稳回升。 公开资料显示，八马茶业是国内头部知名的茶叶品牌+茶叶连锁零售渠道商供应商，产品全面覆盖中国 六大品类茶叶及茶具等产品。2024年公司在国内茶叶连锁专卖店数量排名行业第一，同时在乌龙茶和红 茶两大品类份额市场销售收入也排名第一。 智通财经APP获悉，八马茶业(06980)午后跌超10%，低见43港元，已低于招股价50港元。截至发稿，跌 10.32%，报43.26港元，成交额1161.8万港元。 ...

Investment Rating - The report maintains a "Positive" outlook for the retail industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [5]. Core Insights - The report highlights a warming trend in high-end consumption, particularly benefiting offline department stores and supermarkets. It notes that the retail industry has undergone significant changes over the past decade, with a contraction in supply due to the rise of e-commerce and other retail formats. The report anticipates a recovery in offline retail driven by increased policy support and adjustments in supermarket operations [2][3]. Summary by Sections Investment Recommendations and Targets - The report suggests that the "Retail Wheel" theory reveals cyclical patterns in the retail industry. It identifies two main investment themes: 1. Accelerated adjustments in supermarkets, with resilient performance expected from leading regional retail companies such as Chongqing Department Store, Bubugao, Yonghui Supermarket, Huijia Times, Xinhua Department Store, and Jiajia Yue [3]. 2. Department stores with luxury goods operations are expected to benefit from the recovery in high-end consumption, including companies like Hangzhou Department Store and Wushang Group [3]. High-End Retail Market Signals - Several high-end retailers are showing signs of stabilization, with LVMH, Hermès, Prada, and Kering reporting positive revenue growth. For instance, Hermès and Prada saw revenue increases of 9.6% and 8%, respectively. LVMH has returned to positive growth after two quarters of decline, and Kering's losses have significantly narrowed [8]. - Notable sales growth was observed in Beijing and Shanghai's high-end retail locations, with sales increases of 7.8% and 41.9% respectively in the first three quarters [8]. Upcoming Consumer Trends - The extended Spring Festival in 2026 is expected to boost seasonal consumption, with a potential 10-day shopping period when combined with Valentine's Day. Historical data indicates that the first quarter's performance is crucial for annual revenue, suggesting a favorable outlook for 2026 [8]. - The implementation of a nationwide "immediate refund" policy for outbound travelers is anticipated to enhance consumer spending from foreign visitors, with significant increases in the number of travelers and refund amounts reported [8].

Group 1 - Bosideng launched a new high-end series "AREAL" in collaboration with creative director Kim Jones, showcasing the collection at a global premiere in Shanghai [1] - Edvance Group has played a significant role in Bosideng's brand transformation and high-end strategy, indicating a strong partnership [1] - Edvance Group has achieved a market share of 13.8% in high-end brand experience marketing in Greater China, serving over 550 world-class brands [1] Group 2 - LVMH's third-quarter performance exceeded market expectations, with organic revenue growth of 2% in the Asia-Pacific region, signaling a recovery in high-end consumption [2] - The recovery of the Chinese luxury market and the shift of local brands like Bosideng towards high-end positioning are expected to benefit Edvance Group through increased marketing budgets [2] - Edvance Group is poised for a new round of value reassessment due to its strong luxury marketing experience and leading industry position [2]

Group 1 - Bosideng has launched a new high-end series "AREAL" in collaboration with creative director Kim Jones, showcasing Eastern craftsmanship on a global stage [1] - Edvance Group has played a significant role in Bosideng's brand transformation and high-end strategy, indicating a clear growth opportunity for Edvance in the high-end market [1] - Edvance Group has achieved a market share of 13.8% in high-end brand experience marketing in Greater China, serving over 550 world-class brands [1] Group 2 - LVMH's third-quarter performance exceeded market expectations, with organic revenue growth of 2% in the Asia-Pacific region, signaling a recovery in high-end consumption [2] - The recovery of the Chinese luxury market and the move of local brands like Bosideng towards high-end positioning are expected to benefit Edvance Group, leading to a structural increase in brand marketing budgets [2]