相关报告：智研咨询发布的《2025-2031年中国茶叶行业竞争现状及投资决策建议报告》 根据中国海关数据显示：2025年4月中国茶叶出口数量为3.31万吨，同比增长2.5%，出口金额为1.19亿 美元，同比增长1.9%。 近一年中国茶叶出口情况统计图 数据来源：中国海关，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

Core Insights - Zhejiang Huafa Tea Industry Co., Ltd. has significantly increased its tea exports, with a total export value of 2.6 billion yuan from January to August, representing a year-on-year growth of 23.1% [1] - The company has secured 12 long-term orders in emerging markets such as Central Asia and South America, which now account for 30% of total orders [2] - The company has adapted its products to meet local preferences, such as adjusting the shape and taste of green tea for Central Asian markets and developing small packaging for South American consumers [2] Company Performance - Zhejiang Huafa Tea Industry Co., Ltd. achieved an export value of 360 million yuan from January to August, with a remarkable year-on-year increase of 76.1% [2] - Zhejiang Luotuo Jiuyu Organic Food Co., Ltd. reported that its self-branded matcha exports reached over 1.4 million yuan, accounting for 10% of its total matcha exports, with a year-on-year growth of 100% [3] Quality Control and Standards - The company emphasizes strict quality control throughout the entire production process, from soil testing in organic tea gardens to residue testing of finished products [3] - The Hangzhou Customs has established a quality traceability system from "tea garden to tea cup" to support companies in meeting international standards [3] Policy Support - The success of Zhejiang tea exports is supported by favorable policies, including expedited customs clearance processes that allow for same-day inspections and approvals [4] - Recent policy initiatives from Hangzhou Customs and the Zhejiang Provincial Department of Agriculture aim to enhance the quality and international competitiveness of Zhejiang tea [4] - The policies include support for organic tea garden certifications, which will facilitate easier access to European markets in the future [4]

Core Viewpoint - Eight Horses Tea Industry has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO after 12 years of attempts, indicating a new phase in the capitalization of China's tea industry [2][4]. Company Overview - Eight Horses Tea Industry has made multiple attempts to go public, with three failed attempts to list on the A-share market between 2013 and 2022 due to various market conditions and internal adjustments [3][12]. - The company shifted its focus to the Hong Kong market in 2023, submitting its prospectus and eventually passing the hearing in October [4][12]. - As of June 30, 2025, Eight Horses operates 3,633 offline stores, including 241 direct stores and 3,392 franchise stores, and has established a strong online presence, with online sales accounting for 35.4% of total revenue [13]. Market Position - According to a report by Frost & Sullivan, Eight Horses ranks first in the Chinese tea market by the number of chain stores and sales revenue in the high-end tea segment [10]. - The company has maintained its position as the top seller of Tieguanyin tea for over ten years and has also led in the sales of Wuyi rock tea and black tea for five and four consecutive years, respectively [10]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was approximately 1.82 billion, 2.12 billion, and 2.14 billion RMB, respectively, with a net profit showing a gradual increase but a noticeable slowdown in growth for 2024 [15][16]. - In the first half of 2023, the company reported a revenue of 1.06 billion RMB, a year-on-year decrease of about 4.2%, and a net profit of 120 million RMB, down approximately 17.8% [17]. Industry Context - The overall scale of the Chinese tea market is substantial, with sales revenue projected to grow from approximately 288.9 billion RMB in 2020 to about 325.8 billion RMB in 2024, and expected to reach around 407.9 billion RMB by 2029, with a compound annual growth rate of about 4.6% [15]. - The high-end tea market is experiencing faster growth, with a projected compound annual growth rate of about 5.6% from 2024 to 2029 [15]. Governance and Management - The company is characterized by a family-run management structure, with the controlling shareholders being family members, which raises concerns about governance and potential conflicts of interest as the company scales [17][18]. - The management team is predominantly composed of family members, which has led to questions regarding the independence and stability of operations post-IPO [18][21].

Core Viewpoint - Eight Horses Tea Industry has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO after a lengthy 12-year journey, amidst challenges faced by the tea industry in capital markets [1][2]. Company Overview - Eight Horses Tea Industry has attempted multiple IPOs since 2013, with three failed attempts to list on the A-share market from 2013 to 2022. The company shifted its focus to the Hong Kong market in 2023 and successfully passed the hearing on October 12, 2023 [1][4]. - The company operates a large network of 3,633 stores across China, with 241 direct stores and 3,392 franchise stores, and has established itself as a leading brand in the high-end tea market [6][8]. Market Position - According to a report by Frost & Sullivan, Eight Horses Tea ranks first in the Chinese tea market by the number of chain stores and sales revenue in the high-end tea segment. The company has maintained the top sales volume for Tieguanyin tea for over ten years [4][7]. - The overall Chinese tea market is projected to grow from approximately 288.9 billion yuan in 2020 to about 407.9 billion yuan by 2029, with the high-end tea market expected to grow at a compound annual growth rate (CAGR) of about 5.6% from 2024 to 2029 [7]. Financial Performance - Eight Horses Tea's revenue for 2022, 2023, and projected 2024 is reported as 1.818 billion yuan, 2.122 billion yuan, and 2.143 billion yuan respectively, indicating a slowdown in growth despite a rise in net profit [8]. - The average annual purchase amount of members at direct stores has decreased from 2,860.4 yuan in 2020 to 2,469.6 yuan in 2024, reflecting a decline of 13.6% [8]. Governance and Management - The management structure of Eight Horses Tea is heavily influenced by the founding family, with significant voting power held by family members. This has raised concerns regarding governance and potential conflicts of interest as the company prepares for its IPO [9][10]. - The company has been scrutinized for its familial ties and potential related-party transactions, which could impact investor confidence and market perception [9][10].

天眼查App显示，近日，内蒙古滇普茶叶有限公司成立，法定代表人为徐建菊，注册资本20万人民币， 经营范围为许可项目：食品销售。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体 经营项目以相关部门批准文件或许可证件为准）一般项目：农副产品销售；食用农产品初加工；互联网 销售（除销售需要许可的商品）；茶具销售；工艺美术品及礼仪用品销售（象牙及其制品除外）；工艺 美术品及收藏品零售（象牙及其制品除外）；食用农产品零售；食用农产品批发；信息咨询服务（不含 许可类信息咨询服务）；日用百货销售；日用品销售。（除依法须经批准的项目外，凭营业执照依法自 主开展经营活动）。 ...

天眼查App显示，近日，云南静川茶叶有限公司成立，法定代表人为王世娇，注册资本100万人民币， 经营范围为许可项目：酒类经营；烟草制品零售。（依法须经批准的项目，经相关部门批准后方可开展 经营活动，具体经营项目以相关部门批准文件或许可证件为准）一般项目：农副产品销售；茶叶种植； 食品销售（仅销售预包装食品）；食品互联网销售（仅销售预包装食品）；食用农产品零售；食用农产 品初加工；工艺美术品及礼仪用品销售（象牙及其制品除外）；珠宝首饰零售；办公用品销售；日用百 货销售；地产中草药（不含中药饮片）购销；中草药收购；总质量4.5吨及以下普通货运车辆道路货物 运输（除网络货运和危险货物）；会议及展览服务；信息技术咨询服务；市场营销策划；商务代理代办 服务。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

天眼查App显示，近日，双江县盛雅斋茶叶店（个体工商户）成立，法定代表人为李发蕊，注册资本3 万人民币，经营范围为许可项目：食品销售（依法须经批准的项目，经相关部门批准后方可开展经营活 动，具体经营项目以相关部门批准文件或许可证件为准） 一般项目：茶叶种植；农副产品销售；食用 农产品零售；食用农产品初加工；食用农产品批发；食品销售（仅销售预包装食品）；茶具销售；包装 服务；初级农产品收购；互联网销售（除销售需要许可的商品）；劳务服务（不含劳务派遣）（除依法 须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

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]