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].

Core Viewpoint - The article discusses the challenges and potential of Baima Tea Industry's IPO in the context of the traditional tea market in China, highlighting its market leadership but also its historical failures in the A-share market. Industry Overview - The traditional tea beverage market in China has surpassed 350 billion yuan, yet no A-share listed companies exist in this sector [3] - In Hong Kong, only two companies, Tianfu and Lancang Ancient Tea, are listed, but they have struggled with low stock prices [3] Company Performance - Baima Tea Industry ranks first in the high-end tea market, Oolong tea market, and black tea market in China, with its flagship product, Tieguanyin, being the top seller for over ten years [1] - The company has faced three failed attempts to list on the A-share market [2] Challenges in the Industry - The tea industry in China is characterized by a "small, scattered, weak, and chaotic" structure, with over 90% of tea farms operated by smallholders [5] - The lack of mechanization in tea production leads to significant variability in quality and quantity, complicating the establishment of a stable quality control system [7] Governance Issues - Baima Tea's management is described as "family-run," with the controlling Wang family holding 62.8% of shares and deeply involved in core operations [10] - This governance structure raises concerns about related party transactions and financial irregularities, which have hindered the company's previous IPO attempts [10] Future Outlook - Despite the challenges, the ongoing efforts for Baima Tea's IPO represent a broader attempt to modernize the traditional tea industry in China, aiming for standardization, branding, and technological advancement [12]

Core Viewpoint - Baima Tea Industry is attempting to go public in Hong Kong after multiple unsuccessful attempts to list in mainland China, highlighting the challenges faced by traditional tea companies in the capital market [2][6][8]. Company Overview - Baima Tea Industry has reported revenues of 17.44 billion CNY, 18.18 billion CNY, and 21.22 billion CNY from 2021 to 2023, with net profits of 1.63 billion CNY, 1.66 billion CNY, and 2.06 billion CNY respectively. In the first three quarters of 2024, the company achieved revenues of 16.47 billion CNY and a net profit of 2.08 billion CNY [2][11]. - The company has a total of 3,498 offline stores as of September 2024, with 3,224 being franchise stores, accounting for 92% of the total [7]. Market Position - According to a report by Frost & Sullivan, Baima Tea Industry ranks first in the Chinese tea market in terms of the number of chain stores and sales revenue in the high-end tea market as of the end of 2023 [4]. - The company has maintained the highest sales volume of Tieguanyin tea for over ten years and has ranked first in the sales of rock tea for five consecutive years [4]. IPO Attempts - Baima Tea Industry has made several attempts to go public, including plans for the Shenzhen Stock Exchange in 2013, listing on the New Third Board in 2015, and applying for the ChiNext in 2021, all of which were unsuccessful [2][5][6]. - The company submitted a new application for a main board listing in 2023, but this was also terminated by the Shenzhen Stock Exchange [5][6]. Family Management Structure - The management of Baima Tea Industry is characterized by a family-run structure, with major shareholders being family members who hold 55.9% of the voting rights [8][9]. - This family-centric governance model has raised concerns about potential conflicts of interest and the ability to maintain operational independence post-IPO [8][9]. Industry Challenges - The tea industry in China faces challenges such as low market concentration and a large number of small-scale enterprises, making it difficult for traditional tea companies to attract capital [9]. - The company has seen a significant decline in the net increase of franchisees, from 106 in 2022 to only 39 in the first three quarters of 2024, indicating a slowdown in growth [10][11]. - Franchise fee revenue dropped dramatically from 740,000 CNY in 2022 to 50,000 CNY in 2023, a decline of 93% [11].

Summary of Key Points Core Viewpoint - The quality supervision sampling results for excessive packaging products in Jilin Province for the first and second quarters of 2025 indicate a 6% non-compliance rate, with 3 out of 48 batches failing to meet quality standards [1]. Group 1: Quality Supervision Results - Jilin Province's market supervision authority conducted quality checks on 48 batches of excessive packaging products, revealing a non-compliance rate of 6% [1]. - Three batches from three different producers were found to be non-compliant, leading to legal actions by local market regulatory departments [1]. Group 2: Product Details - The report includes a detailed table of products tested, specifying product names, specifications, production dates, brands, and compliance results [1]. - Notable compliant products include various tea gift boxes and zongzi (sticky rice dumplings) with different weights and packaging styles, all passing the quality checks [2][3][4].

曾多次冲刺A股IPO均以失败告终的八马茶业，赴港上市获得了证监会备案通知书。 近日，中国证监会官网发布《关于八马茶业股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》，意味着八马茶业赴港上市及"全流通"备 案信息获得证监会确认。 据悉，八马茶业拟发行不超过2913.34万股境外上市普通股并在港交所上市。公司106名股东拟将所持合计4398.69万股境内未上市股份转为境外上市股份， 并在港交所上市流通。 在A股市场屡遭碰壁，八马茶业决定转向港股。今年1月，八马茶业正式向港交所提交上市申请，不过，由于递表六个月内未通过聆讯，根据港交所相关 规定，八马茶业的招股书已自动失效。后续八马茶业可以通过更新招股书，再次"激活"上市程序。 | < 八马茶业 H02080.HK > 0.000 0.00% 公司公告 | | | --- | --- | | 公告日期 | 标题 | | 2025-01-17 | co 20250117八馬茶業股份有限公司申請版本（第一次呈交）全文檔案 | | 2025-01-17 | 呵】 20250117八馬茶業股份有限公司整體協調人公告 - 委任 | 公开资料显示，八马茶业的商业模 ...

| < 八马茶业 H02080.HK > 0.000 0.00% 公司公告 | | | --- | --- | | 公告日期 | 标题 | | 2025-01-17 | rge] 20250117八馬茶業股份有限公司申請版本（第一次呈交）全文檔案 | | 2025-01-17 | ~20250117八馬茶業股份有限公司整體協調人公告 - 委任 | 曾多次冲刺A股IPO均以失败告终的八马茶业，赴港上市获得了证监会备案通知书。 近日，中国证监会官网发布《关于八马茶业股份有限公司境外发行上市及境内未上市股份"全流通"备案通知书》，意味着八马茶业赴港上市及"全流通"备案信 息获得证监会确认。 据悉，八马茶业拟发行不超过2913.34万股境外上市普通股并在港交所上市。公司106名股东拟将所持合计4398.69万股境内未上市股份转为境外上市股份， 并在港交所上市流通。 多次冲刺A股IPO未果 八马茶业冲击资本市场的历程可谓坎坷。资料显示，八马茶业于2015年在新三板挂牌，但在2018年主动终止挂牌。2019年7月，公司启动深交所创业板 IPO，并接受监管辅导。监管机构在审核过程中对八马茶业的行业定位、盈利模式及加盟模式提 ...

7月18日上午，"侨都茶香·香飘湾区"江门市开平大沙茶品牌推介活动在大沙里·欢茶谷举行，活动以茶为 媒，汇聚院士专家、行业协会及茶企代表200余人，通过品牌推介、科技赋能、战略签约等环节充分展 示了大沙茶全产业链发展成果，为推动大沙茶产业融湾发展注入强劲动能。开平市政协党组书记、主席 关耀东，市委副书记耿洪波等参加活动。 活动现场，开平市人民政府正式聘请乌克兰工程院、俄罗斯自然科学院外籍院士肖更生；广州中医药大 学教授、联合国-国际生态生命安全科学院院士刘焕兰，广东省农业科学院茶叶研究所所长、广东省茶 叶学会理事长唐劲驰，华南农业大学园艺学院教授、广东省茶叶学会副理事长兼秘书长曹藩荣，广东省 农业科学院茶叶研究所研究员马成英为江门市开平大沙茶产业发展与规划顾问。 院士专家团队将为大沙茶产业提供品种选育、工艺创新及品牌战略支持，持续助力大沙茶产业升级。同 时，广东省茶叶学会科技服务站正式落户大沙镇，标志着大沙茶产学研深度融合进入新阶段。广州中医 药大学教授、联合国-国际生态生命安全科学院院士刘焕兰表示，"我第一次来到开平市大沙镇，这里生 态环境优美，很适合茶产业发展。随着国家'健康中国'战略的推进和人们健康意识 ...

Core Insights - The tea industry in China is experiencing a transformation driven by health-conscious trends and the younger demographic, with the market expected to exceed 530.96 billion yuan by 2028 [2][5] - Traditional tea culture is evolving, with companies shifting from simple cultivation and wholesale to a full industry chain approach, focusing on product development and deep processing [3][4] Industry Trends - The demand for ready-to-drink tea beverages and innovative products like tea-flavored ice cream and beer is on the rise, reflecting a shift in consumer preferences [1][20] - The competition in the tea market has intensified, leading to issues like overproduction and product homogenization, prompting companies to innovate [5][6] Company Strategies - Companies like Hubei Tea Group are expanding their operations to include product research and development, creating a variety of tea derivatives and establishing marketing channels both domestically and internationally [7][8] - New Bao Tang, a century-old brand, has developed a complete industry chain around Chenpi (dried tangerine peel), integrating cultivation, processing, and retail [9][14] Market Opportunities - The rise of health-oriented tea products is creating new opportunities for tea and herbal medicine companies, with many now serving as suppliers for ready-to-drink brands [16][22] - The increasing popularity of health drinks has led to a significant rise in the number of related enterprises, with a reported 6.1 times increase in registrations for health tea companies compared to the previous year [22] Consumer Preferences - The integration of traditional tea with modern health concepts is appealing to consumers, as evidenced by the popularity of products like herbal teas and functional beverages [24][27] - Companies are recognizing the need to diversify their product offerings to meet the evolving demands of consumers, moving towards functional and personalized tea products [27][29]

IPO动态 - No IPO meetings were scheduled for A-shares this week [1] New Stock Listings - A new stock, Huadian New Energy (600930), was listed on the Shanghai Stock Exchange on July 16 [2] New Stock Subscriptions - Two new stocks, Shanda Electric Power (301609) and Jiyuan Group (603262), were available for subscription on July 14 [3] - Next week, Hanguo Group (001221) will be available for subscription on July 21, and Hansang Technology (301491) will be available on July 25 [3] Hong Kong Stock Market - Aux Electric submitted its prospectus to the Hong Kong Stock Exchange again on July 16 [4] Market Trends - Tasting's equity restructuring has attracted capital attention, with speculation about its potential IPO in Hong Kong [5] - Tasting Holdings Limited completed full control of Fuzhou Tasting Catering Management Co., Ltd. on June 18, with significant changes in registered capital and shareholder structure [5] - Tasting, founded in 2013, has positioned itself in the fast-food market with a unique product offering and competitive pricing [5] Company Performance - Huadian New Energy Group (600930.SH) officially listed on A-shares on July 16, marking the largest IPO of the year [6] - The company raised 18.171 billion yuan with an issuance price of 3.18 yuan per share and a price-to-earnings ratio of 15.28 [7] - The funds raised will be directed towards various renewable energy projects [7] - As of December 31, 2024, the company had a total installed capacity of 68.6171 million kilowatts, with wind and solar power capacities of 32.0245 million and 36.5926 million kilowatts, respectively [7] Financial Data - Huadian New Energy reported revenues of 24.673 billion yuan, 29.580 billion yuan, and 33.968 billion yuan for 2022, 2023, and 2024, respectively [8] - The company achieved a net profit of 8.314 billion yuan, 9.543 billion yuan, and 8.524 billion yuan during the same periods [8] - In Q1 2025, the company reported a revenue of 962.81 million yuan, a 16.19% increase year-on-year [8] Other Company Updates - Baima Tea Industry received approval from the China Securities Regulatory Commission for its fourth attempt at an IPO in Hong Kong [8] - The company has shown profitability but with a slowdown in growth, reporting revenues of 1.818 billion yuan, 2.122 billion yuan, and 1.647 billion yuan for 2022, 2023, and the first three quarters of 2024, respectively [9] - Sales expenses have remained high, with rates of 33.93%, 32.08%, and 31.55% for the respective years [9]

Group 1 - The Tianmu Mountain-Qingliang Peak Biosphere Reserve has been included in the World Network of Biosphere Reserves, showcasing the region's commitment to biodiversity protection and ecological sustainability [1] - The local government emphasizes the importance of strict ecological protection measures, enhancing monitoring capabilities, and building a robust biodiversity protection network to safeguard the area's ecological, scientific, and aesthetic values [1] - The government is encouraging the development of the "Tianmu Ecological Tea" brand by leveraging local ecological advantages and cultural heritage to enhance market competitiveness and brand recognition [1] Group 2 - The Fifth World Biosphere Reserve Conference is highlighted as a significant opportunity to showcase Hangzhou's ecological civilization achievements, with a focus on implementing Xi Jinping's ecological civilization thoughts [2] - The local government aims to enhance the transformation of "green water and lush mountains" into "golden mountains and silver mountains," promoting sustainable development and ecological branding [2] - The local political advisory body is tasked with contributing to biodiversity protection and rural prosperity initiatives, emphasizing the importance of research and collaboration for high-quality ecological development in Hangzhou [2]