10月13日，八马茶业通过港交所上市聆讯，标志着这家老牌茶企在三次A股闯关未果后，终于叩开了资本市场的大门。 八马茶业的上市之路历经波折：自2013年启动上市辅导以来，公司先后在2021年、2022年和2023年三次冲击A股市场，均未能如愿。分析普遍认为，A股市 场对其高度依赖加盟的商业模式、盈利可持续性以及茶叶行业的成长性存有疑虑。 转战港股成为八马茶业的战略选择。2025年1月，公司正式向港交所递交申请，7月获得中国证监会境外上市备案通知书。这一转变不仅体现了公司融资路径 的调整，更折射出传统茶企在国内资本市场面临的估值与认知困境。 加盟体系的动荡、盈利能力动荡和品控问题频发，叠加行业同质化竞争加剧，都将成为其持续发展的难题和挑战。 3585家门店背后，加盟模式的双刃剑 根据招股书显示，截至2025年6月，八马茶业在全国拥有3585家门店，其中加盟店占比高达93%。在业内看来，这一庞大的门店网络既是其市场竞争力的体 现，也成为制约其发展的结构性难题。 加盟模式为八马茶业带来了快速的规模扩张。招股书还显示，公司门店总数从2022年的2931家增至2024年第三季度的3498家，加盟店收入占比从2022年的 ...

Core Viewpoint - Eight Horses Tea Co., Ltd. has successfully passed the hearing for its IPO application on the Hong Kong Stock Exchange, marking a significant step towards its public listing after multiple attempts in the past decade [1][3]. Company Overview - Eight Horses Tea is a typical family-owned enterprise from Fujian, founded by Wang Wenli, who comes from a prominent tea family known for its Tieguanyin tea [4][6]. - The company aims to position itself as the "Moutai of tea," emphasizing high quality and brand value [6]. Business Development - The company has faced challenges in its IPO journey, with previous attempts to list on various exchanges failing before finally targeting the Hong Kong market [1][3]. - As of the latest data, Eight Horses Tea operates over 3,700 chain stores nationwide, making it a leading supplier in the Chinese tea market [3]. Financial Performance - Eight Horses Tea reported revenues of 1.818 billion, 2.122 billion, 2.143 billion, and 1.063 billion yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with net profits of 166 million, 206 million, 224 million, and 120 million yuan [9]. - The company's gross margin has been strong, with rates of 53.3%, 52.3%, 55.0%, and 55.3% for the same periods, reflecting its high-end market strategy [9]. Market Position - According to the prospectus, Eight Horses Tea ranks first in the high-end tea market in China, as well as in the oolong and black tea segments [9][12]. - The company has established a strong brand presence through extensive marketing efforts, including global tasting events and participation in international forums [10]. Sales Channels - Eight Horses Tea has developed a comprehensive sales system that includes both direct and franchise models, with a significant focus on offline channels, which accounted for approximately 72.2% to 64.2% of total revenue from 2022 to the first half of 2025 [10][11]. - The company has a substantial reliance on franchise sales, which constituted around 50% of total revenue in recent years [11]. Challenges and Risks - The company has experienced a decline in revenue and net profit in the first half of 2025, attributed to a reduction in offline stores and increased administrative expenses [12]. - There are concerns regarding the sustainability of the franchise model, as the company has a high inventory level of 444 million yuan and long turnover days of 168 days [12][13].

Core Insights - The article highlights the recent activities in the Hong Kong stock market, including companies filing for IPOs, passing hearings, and new stock listings. Group 1: Companies Filing for IPOs - Tambor Group Limited filed for an IPO on October 8, 2023, with CICC as the sole sponsor. It is a leading outdoor apparel brand in China, projected to have revenues of approximately RMB 7.32 billion in 2022, growing to RMB 13.02 billion by 2025 [2] - Chengyi Biotechnology Cayman Limited also filed on October 8, 2023, with Jefferies, Bank of America, and CICC as joint sponsors. The company focuses on developing new oral small molecule drugs for unmet medical needs in cardiovascular and inflammatory diseases, with projected revenues of USD 36.06 million in 2023, increasing to USD 221 million in 2024 [3] - Dongpeng Beverage Group Limited submitted its application on October 9, 2023, with Huatai International, Morgan Stanley, and UBS as joint sponsors. It is the leading functional beverage company in China, with revenues expected to rise from RMB 85 billion in 2022 to RMB 158.3 billion by 2025 [4] Group 2: Companies Passing Hearings - Dipo Technology Co., Ltd. passed the hearing on October 12, 2023, with a focus on providing AI solutions for enterprises. It is ranked first in the Chinese enterprise-level AI application solutions market, with projected revenues of RMB 1.01 billion in 2022, growing to RMB 2.43 billion by 2025 [5][6] - Cambridge Technology Co., Ltd. also passed the hearing on October 12, 2023, with a focus on ICT industry services. It ranks fifth in the global optical and wireless connection device market, with revenues expected to reach RMB 37.84 billion in 2022 [7] - SANY Heavy Industry Co., Ltd. passed the hearing on October 12, 2023, and is recognized as a leading global engineering machinery company, with revenues projected to be RMB 808.39 billion in 2022 [8] - Eight Horses Tea Co., Ltd. passed the hearing on October 12, 2023, and is a leader in the high-end tea market in China, with revenues expected to grow from RMB 18.18 billion in 2022 to RMB 21.43 billion by 2025 [9] Group 3: Companies Launching IPOs - Zhida Technology (02650.HK) launched its IPO from September 30 to October 6, 2025, with a final price of HKD 66.92 per share [10] - Jinye International Group (08549.HK) also launched its IPO during the same period, with a share price of HKD 0.65 [10] - Xuan Bamboo Biotechnology-B (02575.HK) launched its IPO from October 6 to October 10, 2025, with a share price of HKD 11.6 [11] - Yunji (02670.HK) launched its IPO from October 8 to October 13, 2025, with a share price of HKD 95.6 [12] - Haixi New Drug (02637.HK) launched its IPO from October 9 to October 14, 2025, with a price range of HKD 69.88 to 86.40 [12] Group 4: New Stock Listings - Changfeng Pharmaceutical (HK:02652) was listed on October 8, 2025, closing at HKD 38.50 per share, with a gain of 161.02% [13] - Jinye International Group (HK:08549) was listed on October 10, 2025, closing at HKD 2.15 per share, with a gain of 330.00% [14] - Zhida Technology (HK:02650) was also listed on October 10, 2025, closing at HKD 195.5 per share, with a gain of 192.14% [15]

从数据来看，八马茶业的收入由截至2022年12月31日止年度的18.18亿元增长至截至2023年12月31日止 年度的21.22亿元，再增长至截至2024年12月31日止年度的21.43亿元。按销售收入计，八马茶业在中国 高端茶叶市场的份额由2020年的约1.1%提升至2024年的约1.7%。 本次八马茶业香港IPO募资金额拟用于如下用途：扩建公司的生产基地及建造新生产基地；提升公司的 品牌价值，以及扩大公司的产品组合；为公司直营线下门店网络的扩张提供资金，并专注于开设更多门 店以提升公司的品牌价值，例如旗舰店；提升公司业务运营的数字化水平；收购或投资于中国茶行业的 参与者；用作营运资金及一般企业用途。 （编辑：于海霞 审核：孙吉正 校对：颜京宁） 中经记者 孙吉正 北京报道 港交所披露易网站10月12日更新的信息显示，八马茶业的港股IPO申请已通过港交所聆讯。 据了解，八马茶业在2013年、2021年、2022年分别计划在深交所中小板、创业板、深圳主板上市。除了 2013年申请深交所中小板以外，其余两次均以八马茶业主动撤回申请而结束。 根据八马茶业的招股书显示，按2024年高端茶叶销售收入计，八马茶业位居全 ...

Core Points - The Fourth International Geographical Indication Products Expo was held in Luzhou, showcasing over 3,000 products from more than 800 companies under the theme "Strengthening Geographical Indication Empowerment for a Better Life" [1][3] - Rizhao Green Tea Group participated as one of the first companies to use the anti-counterfeiting traceability label for Rizhao green tea, with products like "Haiqu Yuqing" gaining significant attention due to their unique design and organic quality [1][3] Company Insights - Rizhao Green Tea Group leverages the ecological advantages of the "Golden Tea Production Belt" at 35° North Latitude and the reputation of being one of the "World's Three Major Coastal Green Teas" to enhance market recognition of national geographical indication products [3] - The participation in the expo serves as a crucial bridge for products like "Haiqu Yuqing" to transition into well-known national brands and expand into high-end markets, contributing to the innovation and transmission of tea culture [3]

Core Viewpoint - The 2025 World Food Forum and the 80th anniversary of the FAO have commenced in Rome, showcasing significant agricultural heritage projects from China, including Anxi Tieguanyin tea culture and Qingtian rice-fish co-culture system, which have garnered international attention [3][4]. Group 1: Anxi Tieguanyin Tea Culture - Anxi Tieguanyin tea culture system was recognized as a global important agricultural heritage by the FAO in 2022, being the only oolong tea to receive this certification [3]. - The unique semi-fermentation process and the "tea-forest-grass" planting model exemplify sustainable mountain ecological agriculture [3][4]. - The recognition is expected to enhance the brand value and international influence of Anxi Tieguanyin, promoting a sustainable development path for Chinese tea culture [4]. Group 2: Qingtian Rice-Fish Co-Culture System - The Qingtian rice-fish co-culture system is one of the first projects recognized as a global important agricultural heritage, showcasing an ecological cycle that reduces reliance on chemical fertilizers and pesticides [4]. - This system promotes biodiversity and ecological balance, aligning with sustainable development principles [4]. - The exhibition highlighted the historical significance and value of the rice-fish co-culture system, contributing to the understanding of sustainable agricultural practices [4]. Group 3: Global Agricultural Heritage Initiative - The FAO's initiative for global important agricultural heritage has recognized 102 heritage sites worldwide over 20 years, with China leading with 25 recognized projects [5]. - These living heritage systems play a crucial role in ecological balance and cultural identity, reflecting the depth of Chinese agricultural civilization [5]. - The initiative emphasizes the importance of agricultural heritage in addressing future uncertainties and promoting sustainable development globally [5].

Group 1 - The article highlights the revitalization of traditional tea culture in China, particularly in the Jino Mountain region, where the price of tea has significantly increased under the leadership of local figures like Bai Lan, the first female village head [2] - Bai Lan has integrated Jino ethnic embroidery elements into tea products, creating innovative cultural products such as tea bags and keychains, which have transformed local tea into a lucrative industry [2] - The success of Bai Lan has inspired more Jino women to engage in various sectors, including traditional tea processing and new ventures like rainforest guiding and traditional music performances [2] Group 2 - In the Democratic Republic of the Congo, Tisia Mukuna, known as the "Coffee Queen," has founded a local coffee brand called "La Kinoise" and aims to revitalize the declining coffee industry in her home country [3] - Mukuna has received recognition for her Robusta coffee at the Paris International Agricultural Show in 2023, enhancing the reputation of Congolese coffee on an international stage [3] - She has initiated empowerment programs to revive abandoned coffee plantations, training farmers and purchasing coffee beans at fair prices, with the goal of positioning the DRC as a significant player in the coffee industry [3]

Core Insights - Eight Horses Tea has passed the main board listing hearing of the Hong Kong Stock Exchange, with Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1] Industry Overview - The high-end Chinese tea market is rapidly growing, with market size increasing from approximately 89 billion yuan in 2020 to an estimated 103.1 billion yuan by 2024, representing a compound annual growth rate (CAGR) of about 3.7% [1] - It is projected that the market size will reach approximately 135.3 billion yuan by 2029, with a CAGR of about 5.6% from 2024 to 2029 [1] Company Overview - Eight Horses Tea is a well-known tea supplier in China, offering a comprehensive product line that includes six major categories of Chinese tea, as well as tea utensils and non-tea products [1] - The company holds the position of "the highest sales volume of high-end Chinese tea nationwide," leveraging advantages in brand value, tea-making skills, product development, large-scale operations, channel management, cross-regional expansion, supply chain management, digital sales platforms, and talent [1] - Eight Horses Tea has established a membership system with over 26 million members and utilizes franchisees, e-commerce platforms, and both online and offline direct sales stores for distribution [1]

Core Viewpoint - In 2025, the Chinese tea industry is reaching a critical point for capitalization, with Baima Tea's IPO making significant progress as it has passed the hearing stage for listing on the Hong Kong Stock Exchange [1] Company Overview - Baima Tea has over 3,700 chain stores nationwide and has submitted its IPO application to the Hong Kong Stock Exchange, which was initially invalidated but has been reactivated through an updated prospectus [2][5] - The company offers a comprehensive range of tea products, including Oolong, black, red, green, white, and yellow teas, as well as non-tea products like tea utensils and snacks [4] - Baima Tea has established a robust sales system combining direct sales, franchises, and online channels, leveraging digital tools and e-commerce platforms to enhance operational efficiency [4][10] Market Position and Performance - Baima Tea has achieved significant sales milestones, with its red tea being the top seller nationally for four consecutive years, and its Oolong tea leading sales for 14 years [5] - The company reported revenues of 1.818 billion yuan, 2.122 billion yuan, 2.143 billion yuan, and 1.063 billion yuan for the years 2022 to the first half of 2025, with net profits of 166 million yuan, 206 million yuan, 224 million yuan, and 120 million yuan respectively [5] - The net profit margin has improved from 9.1% in 2022 to 11.3% in the first half of 2025, driven by strong sales of its three major teas [5] Industry Insights - The Chinese tea market is highly fragmented, with over 1.6 million tea companies, and the top five players hold only about 2.4% of the market share [6] - The high-end tea market is growing rapidly, with sales revenue increasing from approximately 89 billion yuan in 2020 to about 103.1 billion yuan in 2024, reflecting a compound annual growth rate of about 3.7% [6] - Offline sales channels are crucial for high-end tea, with revenue rising from approximately 83.8 billion yuan in 2020 to about 97.5 billion yuan in 2024, at a compound annual growth rate of about 3.9% [9] Future Outlook - Baima Tea is expected to capitalize on the growing demand for high-quality tea products, with offline high-end tea sales projected to reach approximately 128.7 billion yuan from 2024 to 2029, at a compound annual growth rate of about 5.7% [10] - The company aims to leverage its brand value, product mix, sales network, and digital operations to increase market share and seize more opportunities in the competitive landscape [10]

Core Viewpoint - The Chinese tea industry is approaching a critical capitalization milestone in 2025, with Baima Tea's IPO making significant progress as it has passed the hearing stage for its listing on the Hong Kong Stock Exchange [1] Company Overview - Baima Tea has over 3,700 chain stores nationwide and has reactivated its IPO process after updating its prospectus, following a temporary lapse due to not passing the hearing within six months [2] - The company offers a comprehensive range of tea products, including Oolong, black, red, green, white, and yellow teas, as well as non-tea products like tea utensils and snacks [2][3] - Baima Tea has established a robust "direct + franchise" and "online + offline" sales system, leveraging digital tools and e-commerce platforms to enhance its market presence [3] Financial Performance - Baima Tea's revenue from 2022 to the first half of 2025 was 1.818 billion, 2.122 billion, 2.143 billion, and 1.063 billion yuan, respectively, while net profits were 166 million, 206 million, 224 million, and 120 million yuan [4] - The company's net profit margin improved from 9.1% in 2022 to 11.3% in the first half of 2025, indicating strong product pricing power [4] Market Dynamics - The Chinese tea market is highly fragmented, with over 1.6 million tea companies, and the top five players hold only about 2.4% of the market share [5] - The high-end tea market is growing rapidly, with sales increasing from approximately 89 billion yuan in 2020 to about 103.1 billion yuan in 2024, reflecting a compound annual growth rate of about 3.7% [5] Strategic Initiatives - Baima Tea is enhancing its brand recognition as a preferred choice for business socializing through the upgrade of its "city reception hall" concept, creating immersive tea culture experiences [6] - The company is positioned to capture more market share and opportunities due to its brand value, product mix, sales network, and digital operations [6]