作者：李惠琳 云南头部茶企，寻找破局之路。 "消费趋于谨慎......普洱茶行业，同样身处这场寒流之中。"7月底，大益集团董事长张亚峰，现身广州， 直言行业压力。 她领衔的这家老牌茶企，迄今已有85年历史，在高端普洱茶市场，销量居首。据云南省工商联数据，大 益旗下核心企业"勐海茶厂"，2023年营收13.3亿元。 大益的主力客群一度为藏家，现在遭遇变局，开始设法突围。 "困境之中，往往孕育着最大的转机。挑战越大，变革的紧迫性越强。" 张亚峰宣告大益茶的战略转向，将扩客场重心转向普通消费者，并且建立标准，推战略单品，扩展增 量。 执掌大益近4年，张亚峰到了一个新关口。 走出藏客 相比过去动辄数万的茶饼，其价格带明显下移。 在口感上，大益则追求普适性，满足品饮、礼品、商务、收藏的属性。 "喝茶的终局是喝普洱"。 基于其"越陈越香"产品特性，很长一段时间，普洱茶在圈内称作"金融茶"，较为依赖收藏投资驱动。 大益主营高端普洱茶，打造的"轩辕号""千羽孔雀"等产品，动辄数万元一饼，核心客户即为藏家和投资 者，而这一部分客群，只占总客群的20%。 如今，收藏市场遇冷，活跃藏客规模收窄，"以藏养销"模式难以为继。大益需要转 ...

Core Viewpoint - The IPO application of Baima Tea Co., Ltd. has expired, but the company clarifies that it is not a failure to pass the hearing, as the application simply reached its six-month validity period and can be resubmitted within three months after updating financial data [1][5]. Company Overview - Baima Tea Co., Ltd. is headquartered in Shenzhen and has been operating since 1998, with a product range that includes various types of tea and related products [3]. - The company's founders, Wang Wenbin and Wang Wenli, hold 25.28% and 20.38% of the shares, respectively [3]. Market Context - The capital market shows a lack of confidence in traditional tea brands, as evidenced by other companies like China Tea halting their IPOs and the declining stock prices of brands like Lancang Ancient Tea [4]. - The company has faced challenges in its franchise model, with a decline in both store numbers and procurement amounts [4]. Financial Performance - Revenue figures for Baima Tea from 2021 to 2023 are reported as 1.744 billion, 1.818 billion, and 2.122 billion yuan, respectively, with net profits of 163 million, 166 million, and 206 million yuan [5]. - For the first nine months of 2024, revenue increased by 0.98% to 1.647 billion yuan, while net profit grew by 12.6% to 208 million yuan [5]. Store Network - As of September 30, 2024, Baima Tea operates 3,498 offline stores in China, with 274 being direct-operated and 3,224 as franchise stores [5]. - The number of direct-operated stores has decreased over the past three years, while franchise stores have seen an increase [5]. IPO History - Baima Tea's IPO journey has been tumultuous, with previous attempts to list on various exchanges since 2013, including a withdrawal of applications in 2022 and 2023 [4].

Core Insights - The event "Millennium Tea Charm & Million Longhe" was held in Shenzhen to promote Baojing Golden Tea, showcasing its potential in the global market [1][5] - Shenzhen Longgang enterprises demonstrated strong resource integration and platform building capabilities, acting as a bridge for the development of Baojing Golden Tea [5] - Baojing Golden Tea is recognized for its unique qualities, known as "Four Highs and Four Uniques," making it a significant industry for poverty alleviation in Baojing County [5][7] Industry and Company Summary - The Longgang District's Longhe Million Club provides comprehensive support from brand planning to cross-border trade, facilitating numerous cross-industry collaborations [5] - The partnership between Shenzhen Huashu Ming Health Living Museum and Baojing County Golden Tea Industry Development Association aims to integrate Baojing Golden Tea into urban lifestyles [5] - Baojing Golden Tea's cultivation area has reached 158,000 acres, with a total output value of 2.6 billion, significantly benefiting local tea farmers [9]

Core Viewpoint - The article emphasizes the cultural significance of tea, particularly from the Jingmai Mountain region, as a bridge for global dialogue and peace, highlighting its historical and contemporary relevance in fostering international connections and understanding [1][10][29]. Group 1: Historical and Cultural Significance - Jingmai Mountain serves as a pivotal point in the evolution of tea culture, historically facilitating trade and cultural exchange through the "tea-horse road" and the maritime Silk Road [2][6]. - The region is home to the world's largest contiguous ancient tea forest, showcasing the deep-rooted relationship between local ethnic groups and tea cultivation, which has become a cultural symbol [9][10]. - The establishment of the "Tea Horse Ancient Cellar" in 2019 marks a significant step in the preservation and promotion of Eastern tea culture [2][13]. Group 2: Current Challenges and Opportunities - The global tea market faces an imbalance, with China being a major producer but lacking internationally recognized tea brands, as evidenced by a significant drop in domestic tea sales growth to 0.3% in 2023 [10][11]. - The article highlights the potential of Pu'er tea, with its unique aging value and standardization prospects, to enhance China's international tea brand presence [10][11]. Group 3: Technological Innovations - The "Tea Horse Ancient Cellar" employs AI and blockchain technology to create a traceable system for Pu'er tea, addressing issues of trust and authenticity in the market [14][18]. - The project aims to establish a reliable value assessment system for aged Pu'er tea, transitioning from traditional methods to data-driven approaches [18][21]. Group 4: Economic and Ecological Development - Jingmai Mountain is positioned to become a world-class ecological and cultural landmark, akin to Napa Valley, by integrating tea culture with tourism, health, and wellness [20][22]. - The region's development strategy includes creating a sustainable tea economy through a multi-dimensional approach that combines production, culture, tourism, and health [22][24]. Group 5: Global Cultural Exchange - The "World Tea Conference" held in Jingmai Mountain brought together participants from over 60 countries to discuss the unique value of tea in global sustainable development [10][26]. - The article underscores the role of tea as a medium for cultural dialogue, promoting understanding and cooperation among diverse cultures [29][30].

Group 1 - The establishment of the "Integrity Tea Enterprise" plaque ceremony involved 21 tea companies, marking the formation of the Lichuan Tea Industry Credit Alliance with 53 companies signing a credit commitment [1] - The "Tea Credit Code" system allows consumers to scan a QR code to access pesticide residue reports, production processes, and company credit ratings, enhancing transparency and trust in the tea industry [2] - The credit rating system has led to a 20% increase in orders for "Lichuan Red" tea in cities like Wuhan and Chongqing, demonstrating the positive impact of credit ratings on sales [2] Group 2 - The credit alliance has implemented a "red and black list" system to monitor compliance, ensuring that companies adhere to commitments such as not using banned pesticides and not engaging in false advertising [3] - The introduction of the "Tea Industry Credit Compliance Management Guidelines" serves as a comprehensive standard for quality control and compliance within the tea industry [4] - The implementation of these standards has resulted in an increase in tea quality inspection pass rates from 92% to 98.6% and a 40% reduction in complaints over six months [4] Group 3 - The Lichuan city government plans to integrate the "Tea Credit Code" with tourism and e-commerce, aiming to enhance consumer engagement and promote the integrity of Lichuan tea as a key brand [4]

Core Insights - The Chinese matcha industry is at a critical turning point, with increasing global demand and opportunities for growth [1][10] - Matcha is gaining popularity among younger generations in Europe and America, being recognized as a "superfood" [1][10] - Chinese matcha production has surpassed Japan, with expectations to produce over 5,000 tons by 2025, making China the largest producer and consumer of matcha globally [10][11] Industry Trends - Major tea brands in China, such as Heytea and Nayuki, have launched new matcha products, emphasizing their Chinese origins [2][4] - The rise of matcha products in the beverage and dessert sectors reflects a shift in consumer preferences towards this flavor [4][11] - The matcha market is seeing a surge in product innovation, with various brands creating unique offerings to attract consumers [4][10] Production and Supply Chain - The production of high-quality matcha requires a complex supply chain, including specific cultivation and processing methods [6][7] - Key players like Guizhou Guicha Group and Zhejiang Tea Group are leading the establishment of matcha production bases in China [7][9] - The production process involves multiple steps, including shading, harvesting, and low-temperature grinding to preserve nutrients [6][9] Market Dynamics - The global demand for matcha is strong, with significant price increases observed in auction markets [12][14] - Matcha is positioned as a competitor to coffee and chocolate, with potential for capturing market share in these established sectors [12][15] - The Chinese market's unique preferences may allow for the development of matcha products that cater specifically to local tastes [10][19] Future Outlook - The combination of local production capabilities and a large consumer base positions the Chinese matcha industry for significant growth [10][19] - Companies are encouraged to leverage their advantages in production and market access to create popular consumer products [19] - The industry is at a pivotal moment, with the potential for rapid expansion and innovation in matcha offerings [1][11]

科技特派员组团 下沉，助力涧头 茶产业高质量发 展_南方+_南方 plus 近日，华南农业 大学广东省农村 科技特派员团队 研究员王瑞龙、 园艺学院讲师马 红彦联合驻河源 市东源县涧头镇 帮镇扶村工作队 队长蒋永灵以及 队员刘伦斌、罗 志深入田间地 头，围绕绿色低 碳生态茶园提质 增效集成技术、 茶业加工与品质 控制两大主题， 通过技术培训、 现场示范与产业 问诊，注入科技 新动能，助力涧 头茶产业高质量 发展。 茶园基地如何 从"杂草丛生"转 变为"茶草共 生"？科技特派 员团队在示范基 地积极探索生态 茶园建设新模 式，通过播撒白 三叶、紫云英等 绿肥作物，有效 抑制了茶园杂草 生长，同时配合 施用复合菌肥， 显著提升了土壤 有机质含量。此 外，定期开展的 水肥监测工作， 为茶园的精准管 理提供了科学依 据。一系列技术 措施的综合应用 下，茶园生态系 统得到了极大改 善，茶园生物多 样性显著提高， 为茶树健康生长 营造了理想的生 态环境。 在茶叶加工环 节，科技特派员 团队聚焦绿茶杀 青、红茶发酵等 关键工序，引入 先进加工与品质 控制技术。他们 充分利用机械 化、数字化手段 手段，推广规范 化、精细化加 ...

Core Viewpoint - Baima Tea Industry is preparing for an IPO on the Hong Kong Stock Exchange, marking a significant step after multiple attempts to list on the A-share market. The company aims to leverage its extensive retail network and brand positioning to attract investors in a competitive market [4][24][29]. Group 1: Company Background - Baima Tea Industry was founded by three brothers from a century-old tea family in Anxi, Fujian, and has grown to over 3,500 stores, primarily through a franchise model [4][16]. - The company initially struggled with sales but pivoted to offer individually packaged tea bags to cater to younger consumers' preferences for convenience [9][10]. - By 2012, Baima Tea had nearly 1,000 stores and began to attract significant investment, leading to its listing on the New Third Board [10][21]. Group 2: Financial Performance - Baima Tea's revenue reached RMB 18.18 billion in 2022, RMB 21.22 billion in 2023, and RMB 16.47 billion in the first three quarters of 2024, with net profits of RMB 1.66 billion, RMB 2.06 billion, and RMB 2.08 billion respectively [18]. - The company relies heavily on marketing, with sales and marketing expenses accounting for over 30% of revenue, while R&D spending remains low [19]. Group 3: Market Position and Challenges - The tea industry in China faces challenges, including a lack of standardized quality and a predominance of small family-run businesses, which limits brand recognition and pricing power [27]. - Baima Tea's IPO journey reflects broader trends in the industry, as many traditional tea companies have struggled to go public, prompting a shift towards the Hong Kong market [24][26]. - The recent success of new tea beverage brands in the IPO market highlights a growing interest in innovative consumer companies, contrasting with the struggles of traditional tea brands [28].

Core Viewpoint - The article highlights the efforts of a technology support team from South China Agricultural University in enhancing the tea industry in Shangyi Town, Zijin County, through targeted training and expert guidance [2][22]. Group 1: Training and Support Activities - The technology support team organized training sessions focusing on tea production techniques, tourism planning, land reclamation, and brand promotion to assist local tea farmers and enterprises [4][5]. - A specialized training session was conducted for tea farmers and enterprises in Shangyi Town, addressing cultivation and processing techniques for both black and green tea [7][8]. - The training emphasized practical techniques such as applying fertilizers at appropriate times to increase tea yield and using ground cover to reduce labor costs [9][10]. Group 2: Industry Development and Economic Impact - The tea industry in Shangyi Town is a crucial pillar of the local agricultural economy, with a current planting area of nearly 1,500 acres and an expected annual production of approximately 40,000 pounds of finished tea in 2024, generating an estimated annual output value of around 8 million yuan [22][24]. - The town's tea industry has evolved from traditional planting to a comprehensive system integrating large-scale cultivation, brand operation, and the fusion of agriculture with culture and tourism [23][24]. - There are currently 42 professional tea cooperatives and 13 family farms operating in the region, contributing to the local economy [28][30].

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].