Core Viewpoint - Baima Tea Industry, founded in 1997, is accelerating its IPO process to enter the Hong Kong stock market by 2025, supported by Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1] Group 1: Industry Position and Brand Recognition - Baima Tea Industry is recognized as a benchmark enterprise in China's high-end tea market, with a comprehensive product system covering six major tea categories [5] - The brand "Baima Tea Industry" has been recognized as a "China Famous Trademark" since 2010, and its sub-brand "Xinjihao" is expected to enter the "Chinese Time-honored Brand" list in 2024 [5] - According to the "China Tea Chain Industry Report," Baima Tea's brand awareness ranked first in the industry in 2024, and customer satisfaction has been at the top for two consecutive years from 2023 to 2024 [5] Group 2: Market Competitiveness - Baima Tea holds a leading position in sales within the high-end tea market, ranking first in both the Oolong tea and black tea markets based on 2023 sales revenue [5] - The company has maintained the highest sales volume of Tieguanyin for over ten years and has led in rock tea sales for five consecutive years, with brand preference ranking first in both overall and high-end markets [5] Group 3: Distribution and Supply Chain - Baima Tea has established a robust distribution network with 3,501 offline stores across 292 cities, including over 270 direct-operated stores and 3,220 franchised stores [6] - The online presence includes 92 direct-operated stores covering major platforms and WeChat mini-programs, with nearly 40 million fans and over 26 million members [6] - The company has two production bases in Anxi and Wuyi Mountain, covering a total area of 160,000 square meters, and has participated in setting multiple national and local standards [6] Group 4: Financial Performance - From 2022 to 2023, Baima Tea's revenue increased from 1.818 billion to 2.122 billion yuan, a growth of 16.8% [6] - In the first three quarters of 2024, revenue reached 1.647 billion yuan, showing steady improvement compared to the previous year [6] - Gross profit rose from 970 million to 1.111 billion yuan during the same period, with a gross margin of 55.3% in the first three quarters of 2024 [6] - Net profit increased from 166 million to 206 million yuan, with a net profit margin rising from 12.0% to 12.6% [6] Group 5: Future Outlook - Baima Tea's IPO progress not only represents a significant leap for the company but also injects continuous momentum into the branding and scaling development of the Chinese tea industry [7] - The IPO is expected to become an important milestone in the development of the industry [7]