Core Viewpoint - Baima Tea Industry Co., Ltd. is attempting to list on the Hong Kong Stock Exchange after several unsuccessful attempts in the A-share market, facing challenges in maintaining growth and profitability amid a high-cost marketing strategy [1][2]. Company Overview - Baima Tea has submitted its prospectus to the Hong Kong Stock Exchange on January 17, seeking a main board listing, with Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1]. - The company has a history of failed listings, including attempts in 2013, 2015, 2021, and 2022, with various regulatory hurdles and market conditions impacting its progress [1]. Business Model and Expansion - Baima Tea operates a franchise model, selling directly to consumers through franchise stores rather than through distributors, with 3,370 stores as of 2023, the highest among Chinese tea companies [3]. - The number of stores has been growing at an average rate of around 25% from 2019 to 2021, with a significant increase in franchise stores, which accounted for 92.2% of total stores by 2024 [3][5]. Financial Performance - From 2019 to 2023, total revenue grew from 1.023 billion yuan to 2.122 billion yuan, with a compound annual growth rate (CAGR) of approximately 20%, while net profit increased from 90.88 million yuan to 206 million yuan, with a CAGR of about 19.8% [5]. - In the first nine months of 2024, total revenue and net profit were 1.647 billion yuan and 208 million yuan, respectively, showing minimal growth compared to the same period in 2023 [5][6]. Consumer Behavior and Market Challenges - The average purchase frequency for Baima Tea's customers is low, with 80% of members buying only 1-2 times a year, limiting sales growth potential [6]. - The company's franchise model has shown diminishing returns, with average monthly sales per franchise store dropping to a historical low of 28,200 yuan in 2024 [6]. Product Strategy and Market Position - Baima Tea focuses on high-end tea products, with premium items priced significantly higher than average market rates, contributing to over 81% of total revenue from 2022 to 2024 [8][10]. - The company holds a 1.7% market share in the high-end tea market, which is projected to reach 140.4 billion yuan by 2028, growing at a CAGR of 6% [10]. Supply Chain and Quality Control - A significant portion of Baima Tea's products is sourced from third-party manufacturers, raising concerns about product quality and consistency [11]. - The company has faced consumer complaints regarding product quality, with a low response and resolution rate for complaints [11]. Investment and Valuation - Baima Tea has attracted external investors, with a valuation increase from 7.28 billion yuan in 2012 to approximately 2.299 billion yuan before the current listing attempt, indicating a modest growth of only 2 billion yuan over four years [15][16]. - The company’s valuation is significantly lower compared to competitors, with concerns about potential undervaluation in the current market environment [16].

八马资料图。 三闯A股未果，八马茶业转战港交所 王琳 今年1月17日，八马茶业正式向港交所递交招股书，迈出了其上市进程的全新一步。在此之 前，2015年11月，八马茶业曾挂牌新三板，但3年后，"考虑到公司长期战略规划调整，结合 当时的整体经济形势和本公司经营情况，并为着眼推进其他融资举措"，八马茶业宣布终止 挂牌。 2021年4月，八马茶业向深交所申请于创业板上市，随后收到深交所的三轮问询并全部予以 回复。然而，在考虑"集团业务与创业板的兼容性及创业板上市申请的进度及状况"后，八马 茶业主动撤回上市申请，深交所于2022年5月同意该撤回申请。 2022年8月，八马茶业又向证监会提交在深交所主板上市的申请，2023年1月，证监会发布关 于八马茶业首次公开发行股票申请文件的反馈意见，提出46条问询，涉及八马茶业的行业定 位、业务模式、财务数据、品牌建设及市场竞争力等多个方面诸多问题。但2023年9月，八 马茶业再度撤回上市申请。 根据弗若斯特沙利文的资料，以2023年的销售收入计，八马茶业在中国高端茶叶市场、乌龙 茶叶市场及红茶叶市场均排名第一。八马茶业在茶叶行业具有一定的品牌影响力和市场基 础，但其经营现状仍存 ...