每经记者｜刘玲 每经编辑｜魏官红 武夷山是世界红茶和乌龙茶的发源地，中国著名的茶乡。正所谓"茶必武夷、壶必孟臣、杯必若琛"，武夷茶已然成为好茶的代名词。 据了解，目前武夷山市现有茶园14.8万亩，茶企已经达到3500多家。好茶产量足，但是销路难寻。"在电商发展之前，我们都是开着货车，远至山东等地寻 找经销商，一去就是几个月，还经常吃闭门羹，在小旅馆看着卖不出去的茶叶叹气。"武夷山老徐茶厂老板徐道权告诉《每日经济新闻》记者。 最近两三年，短视频电商和直播带货火热，也给武夷山茶叶厂带来了新的销售通道。不过，随着平台流量红利见顶，茶叶电商老板们的获客成本越来越高， 营销成本成为了茶叶销路上新的"大山"。 "大茗茶仓"创始人黄平炜是武夷山最早一批茶叶短视频电商创业者，在平台流量见顶之下，他开始在钉钉应用开发平台上自学低代码开发，试图通过"私域 流量"运营寻找茶叶生意的突破口。 武夷山一家茶厂 图片来源：每经记者 刘玲 摄 流量红利消退，茶叶电商寻求突围 从武夷山机场驱车五公里，便到了黄平炜的"大茗茶仓"。茶仓是一栋三四层楼的平房，在一楼的仓库里，工人们正在打包要发出的茶叶。 黄平炜告诉《每日经济新闻》记者，他2008 ...

Core Viewpoint - Baima Tea's stock price has experienced significant volatility since its listing on the Hong Kong Stock Exchange on October 28, with an initial surge followed by a sharp decline, reflecting investor concerns about liquidity and performance [1][4]. Group 1: Stock Performance - On its first trading day, Baima Tea's stock surged by 86.7%, closing at 93.35 HKD per share, but subsequently fell nearly 50% to 58.05 HKD by November 7 [1][4]. - The stock reached a high of 115 HKD shortly after listing, indicating initial strong market interest [1]. Group 2: Company Announcements - On October 30, Baima Tea announced a plan for full circulation of H-shares, which involves converting 31.93 million domestic shares into H-shares, potentially increasing the circulating shares by 60% [4][5]. - This plan has raised concerns among investors about increased selling pressure in the secondary market [5]. Group 3: Financial Performance - Baima Tea's revenue projections show a growth from 1.818 billion HKD in 2022 to 2.143 billion HKD in 2024, but the growth rate is expected to drop sharply from 16.72% in 2023 to just 0.99% in 2024 [5]. - In the first half of 2025, the company reported a revenue decline of 4.2% year-on-year, with net profit down 17.8% [5]. Group 4: Business Model and Challenges - The company heavily relies on franchisees, with franchise income accounting for about 50% of total revenue [7]. - The growth of franchise numbers has slowed, with a net increase of only 86 franchise stores in the first half of 2025, compared to 475 in 2023 [7].

Core Viewpoint - Eight Horses Tea, known as the "first high-end Chinese tea stock," has officially listed on the Hong Kong Stock Exchange, demonstrating strong market demand with an oversubscription of 2,680.04 times and a first-day closing surge of 86.7% to HKD 93.3, resulting in a market capitalization of nearly HKD 8 billion [2][22]. Group 1: Market Position and Business Model - Eight Horses Tea has established itself as a leading player in the fragmented Chinese tea market, which consists of over 1.6 million companies, with the top five players holding only about 5.6% market share in the high-end tea segment as of 2024 [2][3]. - The company has achieved the highest number of tea chain stores in China and ranks first in revenue in the high-end tea market, oolong tea market, and black tea market [3]. Group 2: Competitive Advantages - Eight Horses Tea has successfully overcome the traditional challenges of the tea industry, characterized by "variety without brand," particularly in the three major tea categories: black tea, rock tea, and Tieguanyin, where it has established significant revenue leadership [8]. - The company’s core competitive advantages are driven by three key elements: product quality, channel strategy, and technological innovation [8][12]. Group 3: Product Quality and Brand Strategy - The company emphasizes a "quality first" philosophy, ensuring high-quality tea through stringent standards and a commitment to authentic production origins, which has led to high premium pricing and stable repurchase rates [9][11]. - Eight Horses Tea has built a network of over 3,700 chain stores across all provinces in mainland China, creating a strong brand presence and customer experience [11]. Group 4: Channel Strategy - The unique "direct sales + franchise" model has enabled Eight Horses Tea to achieve significant scale and establish strong channel barriers, with 3,716 stores nationwide as of the last report [12][13]. - The company supports franchisees through centralized procurement and logistics, enhancing operational efficiency and benefiting franchise partners [13]. Group 5: Technological Innovation - Eight Horses Tea is addressing the non-standardization challenge in the traditional tea industry by investing in smart, digital, and information-based production lines, including a leading "super factory" [14][17]. - The company has actively participated in setting industry standards, converting traditional practices into modern quality control metrics, which is crucial for scaling operations and enhancing profitability [17]. Group 6: Future Growth and Strategic Plans - The successful listing is seen as a lever for deeper integration within the Chinese tea industry, with funds raised aimed at expanding channel networks, upgrading supply chains, and enhancing brand recognition both domestically and internationally [18][22]. - The company plans to target Southeast Asia and countries along the "Belt and Road" initiative for international market expansion, aiming to elevate Chinese tea culture globally [22].

Core Viewpoint - The successful listing of Baima Tea on the Hong Kong Stock Exchange marks a significant milestone for the Chinese tea industry, reflecting strong investor confidence in leading enterprises within this sector [1][18]. Group 1: Listing Performance - Baima Tea's dark trading prior to its official listing saw a peak increase of 100%, with the opening price on the listing day at 80.1 HKD, representing a 60.2% increase and a market capitalization exceeding 7.195 billion HKD [1][2]. - The company achieved a record oversubscription of 2,684 times during the public offering, attracting 120 billion HKD in subscription funds, setting a new record for tea companies in Hong Kong [2]. Group 2: Market Position and Financial Performance - Baima Tea is recognized as the leading enterprise in the high-end tea market in China, holding the top position in various categories, including oolong and black tea, with over 3,700 retail stores nationwide [2][3]. - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was 1.818 billion, 2.122 billion, 2.143 billion, and 1.063 billion CNY respectively, with net profits of 166 million, 206 million, 224 million, and 120 million CNY [3]. Group 3: Brand and Cultural Influence - Baima Tea possesses a national intangible cultural heritage status for its "Tieguanyin production technique" and has established a strong brand presence internationally through participation in significant diplomatic and cultural events [5][9]. - The brand has been ranked first in customer satisfaction among tea chain brands in China for three consecutive years, indicating its strong market recognition [5][7]. Group 4: Technological and Supply Chain Innovations - The company utilizes IoT technology to create a "smart tea garden," enabling real-time monitoring of environmental conditions to optimize cultivation processes [9]. - Baima Tea has implemented a fully automated production line and is a key player in the national industrial internet framework, ensuring comprehensive traceability in its supply chain [9]. Group 5: Investment Strategy and Future Outlook - The investment strategy focuses on the potential of the tea industry, emphasizing brand development, channel efficiency, and technological advancements to capture growth opportunities [15][17]. - Baima Tea's approach to integrating culture, channels, and technology positions it as a leader in overcoming the challenges of brand recognition in the tea sector [17][18].

Core Viewpoint - Eight Horses Tea Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking a significant milestone as the "first high-end Chinese tea stock" and demonstrating its strong market presence and growth potential in a highly fragmented industry [1][3]. Company Overview - Eight Horses Tea has established itself as a leading player in the Chinese tea market, with a national chain scale and high-end brand influence, overcoming structural challenges in a market with over 1.6 million enterprises [3][4]. - The company achieved an oversubscription of 2,680.04 times during its public offering, pricing its shares at HKD 50, and saw a first-day trading surge of 73%, reaching HKD 86.5, with a market capitalization of nearly HKD 7.3 billion [3][4]. Competitive Advantages - Eight Horses Tea has a leading position in multiple segments, including being the top-ranked company in high-end tea, oolong tea, and black tea markets by revenue [4][6]. - The company has successfully addressed the traditional issue of "having categories but no brands" in the tea industry, particularly excelling in the three major tea categories: black tea, rock tea, and Tieguanyin [6][7]. Quality and Brand Strategy - The company emphasizes a "quality first" philosophy, focusing on both "quality tea" and "quality stores" as foundational elements [7][9]. - Eight Horses Tea has over 3,700 chain stores nationwide, creating a strong retail network that enhances customer experience and satisfaction, ranking first in customer satisfaction for tea chain stores for three consecutive years [9][10]. Distribution and Channel Strategy - The "direct + franchise" model has enabled Eight Horses Tea to achieve significant scale and establish strong channel barriers, with 3,716 offline stores as of the latest report [10][11]. - The average annual sales per franchise store exceeded HKD 2 million, with a growing number of franchisees achieving high sales performance [10][11]. Technological Innovation - The company has invested in smart, digital, and information-based production lines, establishing industry-leading "super factories" that enhance production efficiency and ensure consistent tea flavor [11][12][14]. - Eight Horses Tea actively participates in setting industry standards, having led or participated in the formulation of over 20 tea industry standards, which helps modernize quality control [12][14]. Future Growth Plans - The funds raised from the IPO will be strategically allocated to expand the channel network, upgrade supply chains and smart factories, and enhance brand building and international promotion [15][16]. - The company aims to solidify its market position and accelerate industry consolidation, targeting a market size of RMB 135.3 billion by 2029 [16].

Core Viewpoint - Baima Tea Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the "first high-end Chinese tea stock" with a stock code of 6980.HK [1] Group 1: Company Overview - Baima Tea's IPO was highly sought after, with both international placements and public offerings oversubscribed by 1920 times [3] - The opening price on the first day of trading was HKD 80.1, reflecting a 60.2% increase, with a market capitalization exceeding HKD 71.95 billion [4] - The brand's origins date back to 1736, with the founding of Baima Tea in 1997 by the Wang family, who have a long history in tea production [4] - Baima Tea operates over 3,700 offline stores across all provinces in mainland China, ranking first in the number of tea specialty stores nationwide [4] Group 2: Market Position and Competitive Advantage - Baima Tea has successfully navigated the traditional challenges of the Chinese tea industry, establishing a significant lead in sales revenue within the "three famous teas" categories: black tea, rock tea, and Tieguanyin [9] - The company has achieved the status of "number one in national sales of high-end Chinese tea," leveraging advantages in brand value, tea-making skills, product development, and supply chain capabilities [9] - The listing marks a step forward for the Chinese tea industry towards standardization and branding, with expectations for Baima Tea to enhance the quality of tea products and cultural experiences for consumers globally [9]

Core Insights - Baima Tea Co., Ltd. officially listed on the Hong Kong Stock Exchange on October 28, marking a significant milestone in the standardization and branding of the Chinese tea industry [1][4] - The company has demonstrated strong market expansion capabilities and a unique business model, becoming a leading national chain with high-end brand influence in a fragmented market [2][3] - The initial public offering (IPO) was highly successful, with oversubscription reaching 2,684 times, and the stock price surged 73% on the first day of trading, valuing the company at over HKD 7.35 billion [2][3] Market Position - Baima Tea has established a leading position in multiple segments, including being the top tea chain in China and ranking first in revenue in the high-end tea market, Oolong tea market, and black tea market [3][6] - The Chinese tea market is highly fragmented, with over 1.6 million companies, and the top five players hold only about 5.6% market share by revenue [2] Competitive Advantages - The company has built a robust competitive moat through three key elements: product quality, channel strategy, and technological innovation [6][10] - Baima Tea emphasizes quality, leveraging its 300-year family heritage in tea production and maintaining high standards for raw materials and production processes [6][7] - The company operates over 3,700 chain stores across all provinces in mainland China, utilizing a "direct sales + franchise" model to achieve significant scale [9][10] Technological Innovation - Baima Tea has invested in smart, digital, and information-based production lines, creating industry-leading "super factories" that enhance production efficiency and ensure consistent tea flavor [11][14] - The company actively participates in setting industry standards, having led or contributed to over 20 tea industry standards, which helps modernize quality control [14] Future Growth Strategy - The funds raised from the IPO will be strategically allocated to expand the channel network, upgrade supply chains and smart factories, and enhance brand building and international promotion [15][16] - The company aims to penetrate high-end markets and expand into Southeast Asia and countries along the Belt and Road Initiative, promoting Chinese tea culture globally [16] - The Chinese tea market is projected to reach RMB 135.3 billion by 2029, positioning Baima Tea to solidify its leadership and accelerate market consolidation [16]

Core Viewpoint - The upcoming IPO of Baima Tea Industry on the Hong Kong Stock Exchange has garnered significant market interest, achieving an oversubscription rate of over 1920 times, setting a new record for tea companies in Hong Kong [1][2]. Group 1: Market Response - Baima Tea's IPO has attracted substantial capital since its launch, with subscription amounts reaching 27.45 billion HKD on the first day, and 277.65 billion HKD by October 22, reflecting strong investor confidence in the company's growth prospects [2][4]. - The final oversubscription rate of over 1920 times highlights Baima Tea's status as the "super subscription king" among new tea stocks in Hong Kong, indicating its benchmark significance in the capitalization process of the Chinese tea industry [2][4]. Group 2: Company Positioning - Baima Tea, originating from a 300-year-old tea-making family, is recognized as the leader in the high-end tea market in China, holding the top sales position in the high-end Chinese tea sector [3][4]. - According to a report by Frost & Sullivan, Baima Tea ranks first in the sales of Oolong and black tea in China as of 2024, with its Tieguanyin sales leading the nation for over a decade [6]. Group 3: Financial Performance - Baima Tea's revenue is projected to grow from 1.818 billion RMB in 2022 to 2.143 billion RMB in 2024, with a compound annual growth rate (CAGR) of 8.6%, while net profit is expected to rise from 166 million RMB to 224 million RMB during the same period, reflecting a CAGR of 16.2% [6][7]. - The company has established over 3,700 offline chain stores across all provinces and major cities in China, solidifying its position as the leading brand in the tea retail sector [7]. Group 4: Brand Influence and Future Outlook - Baima Tea's brand influence extends beyond national borders, having represented Chinese tea at significant international events, which contributes to its strong brand moat [9]. - The company has attracted notable investors, including IDG Capital and Tiantu Capital, indicating strong market recognition of its business model and growth potential [9].

Core Insights - The article highlights the increasing emphasis on "private domain" strategies among consumer brands, particularly in their IPO filings, indicating a shift towards deeper user asset management and digitalization in the consumer industry [1][10]. Group 1: Financial Performance - Eight Horse Tea has built the largest private domain traffic pool in the tea industry with "26 million members + 40.9 million online fans," maintaining its position as the top seller in the Tmall Oolong tea category for ten consecutive years [2]. - Encountering Small Noodles has developed a digital system that has accumulated 22.1 million members, achieving a remarkable repurchase rate of 44.5%, significantly higher than the average of 30% in the Chinese fast food industry [2][9]. - Both brands demonstrate that when member assets and repurchase data form a closed loop, private domain operations evolve from a cost center to a profit engine, justifying higher valuations in the capital market for digitally advanced companies [2]. Group 2: Digitalization and Technology - Both brands focus on self-developed digitalization as a core pillar, transforming digitalization from a cost item to a growth item through quantifiable investments and technological restructuring [3][4]. - Eight Horse Tea integrates digitalization across the entire production and supply chain, with significant investments in smart production lines and a commitment to allocate 10% of its IPO proceeds to digital enhancements [3]. - Encountering Small Noodles emphasizes "smart digitalization," utilizing a standardized system to quantify traditional cooking processes, thereby improving operational efficiency and reducing costs [4]. Group 3: Private Domain Operations and User Value - Eight Horse Tea creates a "city living room" experience to enhance high-end tea culture and social interactions, achieving a revenue contribution of 64.2% from offline stores, while online channels have accumulated over 40.9 million fans [6][8]. - Encountering Small Noodles focuses on 24-hour operations in transportation hubs, with nighttime revenue accounting for 35% of total sales, and employs a data platform to enhance user engagement and retention [7][9]. - Both brands illustrate that effective private domain operations require not only diverse traffic sources but also unified data management and scenario-based applications to maximize customer value [7]. Group 4: Membership Systems and Lifecycle Management - Membership is a recurring theme in the filings of both brands, emphasizing the importance of aligning customer segments with industry scenarios to enhance profitability [8]. - Eight Horse Tea's membership strategy targets high-end consumers, resulting in a net profit margin increase from 9.1% in 2022 to 11.3% in the first half of 2025, with a projected net profit of 224 million yuan in 2024 [8]. - Encountering Small Noodles has established a benchmark in the fast food industry with a membership scale of 22.1 million and a significant order volume, supported by a digital system that enhances product quality and customer experience [9][10]. Group 5: Market Positioning and Valuation Logic - Eight Horse Tea targets the high-end tea market, leveraging a "full-channel experience + premium membership" strategy to create brand value, with valuation centered on the depth of membership assets [11]. - Encountering Small Noodles focuses on the fast food market, achieving scale through "standardized efficiency + prepaid membership," with valuation driven by store growth and profitability [11]. - The growth data from both brands provide differentiated reference samples for consumer service brands transitioning from regional operations to capital markets [11].

Core Viewpoint - Eight Horses Tea Co., Ltd. is set to go public on the Hong Kong Stock Exchange, marking a significant milestone for the company and the tea industry, which is expected to boost confidence in the sector [1] Group 1: Company Overview - Eight Horses Tea is a leader in China's high-end tea market, holding the top position in sales and brand recognition [2] - The company has consistently ranked first in sales for various tea categories, including Oolong and black tea, with significant revenue growth projected from 2022 to 2025 [2][3] - Revenue figures for Eight Horses Tea from 2022 to 2025 are projected at 18.18 billion, 21.22 billion, 21.43 billion, and 10.63 billion respectively, with profits increasing correspondingly [2] Group 2: Market Position and Strategy - The company has seen a steady increase in revenue across its three main brands, with a focus on capturing the young and female consumer market [3][6] - Eight Horses Tea's online sales have grown significantly, with online sales accounting for 35% of total sales in the first half of 2025 [3] - The company is implementing a "city reception hall" concept to enhance customer experience and increase store revenue [4] Group 3: Industry Context - The Chinese tea market is projected to grow significantly, with the high-end segment expected to reach 135.3 billion by 2029, growing at a compound annual growth rate of 5.6% [5] - Eight Horses Tea's market share in the high-end tea market has increased from approximately 1.1% in 2020 to 1.7% in 2024, indicating strong growth relative to the industry [5] - The company is adapting to market challenges by optimizing its store network and focusing on personal consumption rather than gift-giving [5][6] Group 4: Future Plans - The company plans to use funds raised from the IPO to expand production facilities, enhance its store network, and develop online sales channels [7]