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]

10月28日，中国茶叶连锁品牌八马茶业在香港交易所主板挂牌，开盘价比50港元发行价高60%以上，截 至发稿，涨60.2%，报80.1港元，成交额1.06亿港元。 这家源自百年制茶世家的茶企，在经历了十二年漫长资本长跑后，终于即将登陆国际资本市场。此次港 股上市，不仅为企业打开了融资通道，更将带动中国茶行业进入"资本+技术"双轮驱动的新阶段。 01 发展历程 曲折前进的资本化道路 八马茶业，是八马茶业股份有限公司旗下的知名中国茶叶连锁品牌，其故事始于福建安溪铁观音世家。 1992年，王文礼从福建师范大学毕业后，进入深圳法制报社工作。在一次同事聚会中，二十一杯的咖啡 与家乡每斤几块钱的铁观音之间价格强烈的对比让他开始意识到了"品牌"的重要价值。 受到这一启发，1997年王文礼将拥有百年传承的家族茶厂正式更名八马茶业，在深圳开出首家"八马茶 业"连锁店，开启了品牌化运营之路。 在同行聚集在清香型铁观音市场时，王文礼展现出了独特的商业眼光——专注于小众的浓香型铁观音， 推出分级价位茶叶单品，这一差异化战略为八马后续发展奠定了坚实基础。 然而，危机在2012到2013年叠加爆发：农残风波重创铁观音品类，同时，受政策影响 ...