天眼查App显示，近日，临沧茶中仙茶业有限公司成立，法定代表人为魏学永，注册资本20万人民币， 经营范围为许可项目：茶叶制品生产；互联网直播技术服务。（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：食品销售（仅销 售预包装食品）；农副产品销售；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；茶叶种植；个人互联网直播服务；包装服务；物联网技术服务；工业互联网数据服务；技术 服务、技术开发、技术咨询、技术交流、技术转让、技术推广。（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，霆茂茶业（勐海）有限责任公司成立，法定代表人为赵兴成，注册资本10万人 民币，经营范围为许可项目：茶叶制品生产；酒类经营；食品销售；食品生产；食品互联网销售；餐饮 服务；旅游业务；食品经营管理。（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；食用农产品初加工；茶具销售； 农副产品销售；自动售货机销售；品牌管理；餐饮管理；工艺美术品及礼仪用品销售（象牙及其制品除 外）；企业管理；企业管理咨询；市场营销策划；企业形象策划；项目策划与公关服务；礼仪服务；会 议及展览服务；休闲观光活动；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。 （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）。 ...

Group 1: Night Economy in Chengdu - The launch of the "China (Chengdu) Urban Selected Bar Activity" aims to invigorate night economy consumption and enhance the commercial atmosphere in Chengdu, supported by the Chengdu Bar Association and Guizhou Moutai [2] - Chengdu's night economy has developed a unique model characterized by "culture as the soul, scene as the base, and consumption as the core," positioning it among the second tier of night economies in China alongside cities like Chongqing and Xi'an [4] - The event will connect the bar industry with related sectors such as dining, entertainment, culture, and tourism, creating a consumption linkage effect that promotes overall prosperity in the night economy [4] Group 2: Chengdu Tea Expo - The 2025 China Chengdu (Autumn) International Tea Expo achieved a transaction volume exceeding 260 million yuan, marking a 13% increase compared to the previous year, with a total exhibition area of 35,000 square meters and over 75,000 visitors [5] - The expo promotes cross-industry integration and leads new directions for industry upgrades, supporting the high-quality development of the Sichuan tea industry [6] Group 3: Film Industry Performance - As of November 10, 2025, the total box office for the year reached 45.018 billion yuan, with expectations to surpass 50 billion yuan due to the upcoming release of four major IP films [7] - The Chinese film market has seen strong performance throughout the year, with significant contributions from key release periods such as the Spring Festival, summer, and National Day [7]

Core Viewpoint - Baima Tea's stock price experienced significant volatility shortly after its IPO, indicating potential investor uncertainty and market reactions to its initial performance [1] Group 1: Stock Performance - On November 11, Baima Tea's stock closed at 51.8 HKD per share, having reached a low of 49.22 HKD during the trading session [1] - The company went public on October 28, with its stock price surging by 86.7% on the first day, closing at 93.35 HKD per share and achieving a total market capitalization of approximately 79.35 billion HKD [1]

天眼查App显示，近日，昆明四时吉茶茶业有限公司成立，法定代表人为石光跃，注册资本3万人民 币，经营范围为许可项目：食品销售；食品互联网销售。（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；食品互联 网销售（仅销售预包装食品）；食品销售（仅销售预包装食品）；农副产品销售；茶具销售；工艺美术 品及礼仪用品销售（象牙及其制品除外）；日用陶瓷制品销售；初级农产品收购；票务代理服务；会议 及展览服务；商务秘书服务；广告设计、代理；广告发布；广告制作；平面设计；数字内容制作服务 （不含出版发行）；组织文化艺术交流活动；国内贸易代理；贸易经纪；销售代理。（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，临沧益品茶业有限公司成立，法定代表人为刘开芳，注册资本50万人民币，经 营范围为许可项目：食品互联网销售。（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：食品销售（仅销售预包装食品）；个人 互联网直播服务；食用农产品初加工；食用农产品批发；食用农产品零售；农副产品销售；茶叶种植； 与农业生产经营有关的技术、信息、设施建设运营等服务；初级农产品收购；农产品的生产、销售、加 工、运输、贮藏及其他相关服务；互联网销售（除销售需要许可的商品）；技术服务、技术开发、技术 咨询、技术交流、技术转让、技术推广；信息咨询服务（不含许可类信息咨询服务）。（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）。 ...

Core Insights - Baima Tea's stock price has experienced significant volatility since its listing, with a peak increase of 86.7% on the first day, followed by a nearly 50% decline in the subsequent trading days, resulting in a market capitalization drop of approximately 53.72 billion HKD [1][2] Company Overview - Baima Tea is a national chain brand enterprise engaged in the research, design, standard output, and retail of various tea products, covering all categories of tea and related products [1] - According to its prospectus, Baima Tea ranks first in high-end tea sales revenue in China for 2024 and holds multiple segment sales championships [1] Market Position - Despite leading positions in several segments of the high-end tea market, Baima Tea's market share is relatively low, accounting for 1.7% of the total market, which is projected to reach 103.1 billion CNY in 2024 [2] - The top five companies in the high-end tea market collectively hold a market share of 5.6% [2] Franchise Expansion - There are signs of slowing expansion among Baima Tea's franchisees, with a significant decrease in the number of new franchise stores added in 2024 compared to 2023 [2] - The number of directly franchised stores increased by only 5 in 2024, a sharp decline from 265 in 2023 [2] Financial Performance - For the first half of 2025, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decline of 4.2%, and a net profit of 120 million CNY, down 17.8% year-on-year [4] - The revenue decrease is attributed to a reduction in sales from self-operated offline stores [5] Stock Liquidity - Baima Tea announced a full circulation plan for H-shares shortly after its listing, which involves converting 31.9331 million domestic shares into H-shares, potentially increasing the total tradable shares from 52.9869 million to 84.92 million [5]

天眼查App显示，近日，厦门锡小茶茶业有限公司成立，法定代表人为黄柳霞，注册资本1万人民币， 经营范围为一般项目：食品销售（仅销售预包装食品，不含酒）；保健食品（预包装）销售；互联网销 售（除销售需要许可的商品）；信息咨询服务（不含许可类信息咨询服务）；企业管理；销售代理；茶 具销售；办公用品销售；日用品销售；食品添加剂销售；食品用洗涤剂销售；网络设备销售；电子产品 销售；卫生陶瓷制品销售；信息系统运行维护服务。（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，厦门修香茶业有限公司成立，法定代表人为柯玲娇，注册资本10万人民币，经 营范围为一般项目：食品销售（仅销售预包装食品，不含酒）；食品互联网销售（仅销售预包装食 品）；珠宝首饰批发；照相器材及望远镜批发；工艺美术品及礼仪用品销售（象牙及其制品除外）；木 制玩具销售；日用木制品销售；箱包销售；办公服务；组织文化艺术交流活动；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；个人商务服务；互联网销售（除销售需要许可的商品）； 项目策划与公关服务。（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）。 ...

Core Viewpoint - Eight Horses Tea Industry (06980.HK) has faced a significant decline in stock price and performance after its IPO on October 28, 2025, despite being recognized as a leading player in the high-end Chinese tea market [2][3][10]. Company Performance - The company experienced a 49% drop in stock price from a peak of 115 HKD per share on October 30 to 58.50 HKD on November 7, 2025 [2][10]. - For the first half of 2025, Eight Horses reported a revenue of 1.06 billion CNY, a decrease of 4.20% year-on-year, and a net profit of 120 million CNY, down 17.81% year-on-year [11]. - The company's advertising expenses from 2022 to mid-2025 totaled 875 million CNY, with a significant portion allocated to marketing efforts [11][12]. Market Position - Eight Horses Tea is recognized as the top seller in the high-end tea market in China, holding the first position in sales revenue for Oolong and black tea as of 2024 [5][11]. - Despite being the market leader, the company's market share in the high-end tea segment is only 1.7%, indicating a highly competitive environment [11]. Franchise and Store Expansion - As of October 12, 2025, Eight Horses operated 3,716 offline stores, with 93.70% being franchise stores [12]. - The number of franchisees has shown a decline, with a net decrease of 24 franchisees in the first half of 2025, contrasting with previous years' growth [12]. IPO Journey - The company took 13 years to complete its IPO journey, initially attempting to list on the Shenzhen Stock Exchange before finally listing on the Hong Kong Stock Exchange [6][7]. - The IPO raised 450 million HKD at an initial price of 50 HKD per share, but the stock's performance has been disappointing post-listing [7][10].