Core Points - Eight Horses Tea has successfully completed its IPO after 13 years of efforts, with shares starting trading on October 28, 2023, and experiencing a significant price increase of 86.70% by the end of the trading day [2][4] - The company raised approximately HKD 390 million through the global offering, with a total of 9 million shares issued, of which 90,000 shares were available for public offering in Hong Kong, resulting in a subscription rate of 2,680.04 times [2][5] Company Overview - Founded in 1997 by the Wang brothers, Eight Horses Tea has developed a comprehensive product matrix covering various types of tea and related products, with tea sales accounting for 86.5% to 90.2% of total revenue from 2022 to the first half of 2025 [5][6] - According to a report by Frost & Sullivan, Eight Horses Tea ranks first in the Chinese tea market by the number of tea chain stores and also leads in the high-end tea market by sales revenue [5] Market Position and Challenges - The IPO's positive reception is attributed to the overall increased interest in domestic tea brands following the listing of other companies like Mixue Ice Cream [4] - Despite being a leading player, Eight Horses Tea faces challenges in expanding its market share, as it holds only 1.7% of the high-end tea market, with the top five players collectively holding just 5.6% [8][11] Financial Performance - The company has invested heavily in marketing, spending approximately HKD 875 million on advertising over three and a half years, yet its revenue growth has been modest, with 2023 revenue growth slowing to single digits [9][12] - In the first half of 2025, the company reported a revenue decline of about 4.2% year-on-year, with net profit decreasing by approximately 17.8% [12][13] Franchise and Distribution Challenges - Eight Horses Tea's sales heavily rely on franchise stores, which accounted for about 50% of total revenue from 2022 to the first half of 2025 [13][14] - The growth of franchise numbers has slowed significantly, with a net increase of only 50 franchisees in 2024 and a decrease of 24 in the first half of 2025 [14][16] - Legal challenges from former franchisees may further complicate the company's operational landscape [16]

新华财经北京10月28日电八马茶业于10月28日正式登陆香港交易所主板，加冕"高端中国茶第一股"。公 司发行价50港元，上市首日开盘大涨73%，报86.5港元，总市值突破73亿港元。 从三百年制茶世家到成功登陆资本市场，八马茶业向市场传递出中国茶行业通过"品质与品类协同、科 技赋能、全渠道布局"实现现代化转型的清晰路径，为现下承压的中国茶市场提供资本化参考范本，更 是在国际化视角下如何讲好中国茶故事的深层考验。 优质原料与全品类协同，构建高端化竞争壁垒 高端茶的核心始于优质原料，中国优质茶叶主要来自福建省、浙江省、云南省及安徽省等地的茶园，老 牌茶企通常于这些地区开展业务，既能了解茶树种植情况，更能获得对黄金种植地点的茶叶采摘权利。 品质是八马茶业的核心价值之一，公司首创"黄金产区、传统技艺、名家之作"的三大选品标准和"安 全、对口、正宗、稳定"的四大好茶标准，从源头布局核心产区，确保原料的顶级质量。另外，作为农 业产业化国家重点龙头企业、全国茶叶标准化技术委员会委员单位，八马茶业还积极主导或参与制定了 超过20项国家、行业及地方标准。 值得一提的是，公司持续投入资金建立智能化、数字化、信息化生产线，打造了行 ...