研究报告 Research Report 23 Nov 2025 茶百道 Sichuan Baicha Baidao Industrial (2555 HK) 首次覆盖：产品创新驱动业务优化，改革成效已然显现 Product Innovation Driving Business Optimization, Reformation Results Witnessed: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$6.72 目标价 HK$9.30 HTI ESG 4.6-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$9.93bn / US$1.28bn 日交易额 (3 个月均值) US$2.29mn 发行股票数目 1,478mn 自由流通股 (%) 15% 1 年股价最高最低值 HK$11.60-HK$6.72 注：现 ...