Core Viewpoint - The article highlights the historical significance of Wuyi Mountain in the development of tea culture in China, particularly as the birthplace of Oolong and black tea, emphasizing its unique fermentation techniques and global influence [1] Industry Summary - Wuyi Mountain is recognized as the origin of black tea and Oolong tea, marking a pivotal moment in Chinese tea history during the late Ming and early Qing dynasties [1] - The fermentation techniques developed in Wuyi Mountain have been praised for their uniqueness, contributing to the global reputation of Chinese tea [1] - The article suggests that tea serves as a cultural bridge between the East and West, showcasing the blend of tradition and modernity in Chinese tea culture [1]

【编者按】随着ESG多项国际准则生效实施，ESG的发展进入新纪元。2024年，ESG理念迎来20周年。 在这一重要历史节点，联合国全球契约组织与中国外文局亚太传播中心、第一财经联合推出"ESG+20可 持续发展领导力系列访谈"节目，通过对话20位中国企业家的形式，结合实地走访受访企业的实践成 果，探讨中国企业领导者在可持续发展、ESG及企业社会责任方面的洞见、成果和领导力。 当现代科技与茶业这个历史悠久的产业结合，会产生怎样的灵感碰撞？本期"ESG+20可持续发展领导力 系列访谈"，对话福建省瑞泉茶产业有限公司董事长、瑞泉岩茶博物馆馆长黄圣辉。瑞泉茶产业于2024 年加入联合国全球契约组织。 一座武夷山，半部茶叶史。作为世界文化与自然双遗产地的武夷山，是世界红茶和乌龙茶的发源地。早 在三百多年前（1644年），黄氏先祖彦捷公便来到武夷山做茶；至1819年，黄氏先祖定静公创立商 号"瑞泉"，到黄圣辉这一代已经是第十二代。 "我们的血液里就带着茶基因，从小在这个大山里、在'天人合一'的茶堆里长大。"黄圣辉说，"我们从小 在做茶的时候都没有学过，就是眼睛看都看会了，就是这种感觉。" 现代科技为茶业所带来的优势，不仅 ...

【编者按】随着ESG多项国际准则生效实施，ESG的发展进入新纪元。2024年，ESG理念迎来20周年。在 这一重要历史节点，联合国全球契约组织与中国外文局亚太传播中心、第一财经联合推出"ESG+20可持续 发展领导力系列访谈"节目，通过对话20位中国企业家的形式，结合实地走访受访企业的实践成果，探讨中 国企业领导者在可持续发展、ESG及企业社会责任方面的洞见、成果和领导力。 这些科技所带来的焕新，通过技术来提升茶叶的品质和口感，令传统工艺焕发出全新的生产力。值得一提的 是，现代技术能够更深层次地检测茶叶内含物、评估茶的品质，黄圣辉解释称，"以前我们在代代相传的传统 产业里，只是用味觉来品它的滋味，比如说，审评大师品茶时，他会觉得这泡茶是兰花香。而如今，经过科技 检测之后，除了兰花香，我们能够分析出这泡茶里有168种香型，这是我们仅用味觉感知不到的数据。" 千年茶香里孕育出来的传承，是绿色与健康。黄圣辉说，"上天给了我们这棵茶，就是给了我们一条生态链。 只要人为地不去破坏这个生态，这一杯茶，它一定是最健康的。" 当现代科技与茶业这个历史悠久的产业结合，会产生怎样的灵感碰撞？本期"ESG+20可持续发展领导力系列 ...

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 position in a highly fragmented industry [2][14]. 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 [2][3]. - The company has achieved a remarkable oversubscription of 2,680.04 times for its public offering, pricing its shares at HKD 50, and saw a first-day increase of 73%, reaching HKD 86.5, with a market capitalization of nearly HKD 7.3 billion [2][14]. Market Position - Eight Horses Tea ranks first in the number of tea chain stores nationwide and leads in revenue in the high-end tea market, oolong tea market, and black tea market [3][5]. - The company has successfully addressed the traditional issue of "having categories but no brands" in the tea industry, particularly excelling in the sales of three major tea categories: black tea, rock tea, and Tieguanyin [5][8]. Competitive Advantages - The company's core competitiveness is driven by three key elements: product quality, distribution channels, and technology, creating a flywheel effect that enhances its market position [6][8]. - Eight Horses Tea's rich heritage of nearly 300 years in tea production, combined with its commitment to high-quality raw materials, provides a unique competitive edge [7][8]. Retail Network - The company has built a robust network of over 3,700 chain stores across the country, utilizing a "direct sales + franchise" model to achieve significant scale and create strong channel barriers [9][11]. - Eight Horses Tea has implemented a rigorous franchisee selection and training system, ensuring high operational standards across its stores [9][12]. Technological Innovation - The company is addressing the non-standardization challenge in traditional tea production through significant investments in smart, digital, and information-based production lines, establishing industry-leading "super factories" [13]. - Eight Horses Tea actively participates in setting industry standards, having led or participated in the formulation of over 20 national tea industry standards [13]. Future Growth Strategy - The funds raised from the IPO will be strategically allocated to expand the channel network, enhance supply chain and smart factory upgrades, and promote brand building and international outreach [15][16]. - The company aims to leverage its market position to become a flagship brand for Chinese tea globally, particularly targeting Southeast Asia and countries involved in the Belt and Road Initiative [15][16]. Market Outlook - The Chinese tea market is projected to reach RMB 135.3 billion by 2029, positioning Eight Horses Tea favorably for future growth amid increasing competition [16].

Core Viewpoint - The successful listing of Baima Tea Industry on the Hong Kong Stock Exchange marks a significant milestone in the brand's 12-year journey towards capitalization, reflecting strong investor confidence in the Chinese tea industry and setting a benchmark for the upgrade of traditional industries [3][23]. Company Overview - Baima Tea Industry, established in 1997, is recognized as a leading enterprise in China's high-end tea sector, originating from a century-old tea-making family [3][7]. - The company has achieved a stable market position, ranking first in various categories within the Chinese tea market, including overall sales revenue and specific tea types such as Oolong and black tea [4][7]. Financial Performance - Baima Tea's revenue for the years 2022, 2023, 2024, and the first half of 2025 were reported as 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 [7]. - The company maintains a gross margin above 52% and has shown a consistent increase in net profit margin [7]. Market Reception - The stock's debut was met with enthusiasm, opening at 80.1 HKD with a 60.2% increase on the first day, leading to a market capitalization exceeding 7.195 billion HKD [3][7]. - The public offering attracted 169,000 applications, resulting in an oversubscription rate of 2,684 times, with total subscription funds reaching 120 billion HKD, setting a new record for tea companies in Hong Kong [3][7]. Brand and Cultural Impact - Baima Tea has a rich brand culture, recognized for its national intangible cultural heritage in "Tieguanyin production techniques," and has participated in significant international events, enhancing its global influence [9][20]. - The brand has consistently ranked first in customer satisfaction among Chinese tea chain brands for three consecutive years [9][20]. Technological Advancements - The company employs IoT technology to create "smart tea gardens," ensuring precise monitoring and management of agricultural practices [13][22]. - Baima Tea has implemented a fully automated production line and is a key player in the national industrial internet framework, enhancing supply chain efficiency and product traceability [13][22]. Channel Strategy - The company has developed a multi-channel strategy that integrates offline experiences with online sales, achieving significant sales growth during major shopping events [15][19]. - Baima Tea's innovative approach includes creating social spaces in physical stores and leveraging live-streaming to engage younger consumers [15][19]. Investment Insights - The investment logic behind Baima Tea's appeal includes insights into category potential, brand value elevation, channel efficiency, and technological barriers, positioning it as a strong player in the tea market [17][19][22]. - The company is seen as a model for capitalizing on the tea industry's growth potential, with a focus on high-repurchase categories and cultural branding [19][20].

Core Viewpoint - The capital market is not averse to tea, but it shows a preference for ready-to-drink tea over traditional loose-leaf tea, as evidenced by the challenges faced by companies like Baima Tea in their IPO attempts [1][4]. Group 1: Baima Tea's IPO Journey - Baima Tea officially listed on the Hong Kong Stock Exchange on October 28, 2023, with a maximum offering price of 50 HKD per share, raising approximately 450 million HKD [2]. - The company faced multiple challenges in its IPO journey, including failed attempts to list on the Shenzhen Stock Exchange and New Third Board due to lack of policy support and concerns over profitability [3]. - After several setbacks, including multiple withdrawals of IPO applications, Baima Tea finally succeeded in listing on the Hong Kong Stock Exchange [3]. Group 2: Market Position and Performance - Baima Tea claims to be the largest tea supplier in China by the number of chain stores, with a leading position in sales of Oolong tea and other high-end tea categories [8][10]. - The high-end tea market in China is growing, with market size expected to increase from 89 billion RMB in 2020 to 135.3 billion RMB by 2029, reflecting a compound annual growth rate of approximately 5.6% [10]. - Despite its leading position, Baima Tea's market share in the high-end tea segment increased from about 1.1% in 2020 to approximately 1.7% in 2024, indicating a highly fragmented market [10][9]. Group 3: Revenue and Profitability Trends - Baima Tea's revenue for the years 2022, 2023, and 2024 was 1.82 billion RMB, 2.12 billion RMB, and 2.14 billion RMB, respectively, with a noticeable slowdown in growth rates [14]. - The company's net profit for the same years was 166 million RMB, 206 million RMB, and 224 million RMB, showing a declining growth trend in profitability [15]. - In the first half of 2025, Baima Tea reported a revenue decline of 4.2% year-on-year, attributed to decreased sales in offline channels and increased administrative expenses [14]. Group 4: Sales Channels and Strategies - Baima Tea's sales are heavily reliant on offline channels, with offline sales accounting for over 70% of total revenue, while online sales are growing but still represent a smaller portion [34][14]. - The company has expanded its online presence significantly, with a total of 40.9 million followers across major e-commerce platforms [13]. - The average annual purchase amount of offline store members has been declining, indicating potential challenges in maintaining customer loyalty [20]. Group 5: Brand and Market Dynamics - The tea market in China is characterized by a high degree of fragmentation, with over 1.6 million companies involved in tea planting, production, and distribution [9]. - Baima Tea's strategy includes targeting the high-end gift tea market, focusing on business and government gift segments, which has shaped its long-term development approach [24]. - The company has launched sub-brands like "Xiao Ma Tea Qu" and "Wan Shan Hong" to cater to younger consumers and diversify its product offerings [38][39].

Group 1 - Baima Tea, known as the "first high-end Chinese tea stock," was listed on the Hong Kong Stock Exchange today, experiencing a surge of 73% to HKD 86.5 [1] - The IPO was priced at HKD 50, which was the upper limit of the pricing range. The public offering in Hong Kong was oversubscribed by 2,680.04 times, while the international placement was oversubscribed by 13.58 times [1] - Founded in 1997 and originating from a 300-year-old tea-making family, Baima Tea is the largest high-end tea company in China and a time-honored brand [1] Group 2 - According to 2024 data, Baima Tea ranks first in sales revenue in the high-end tea market, the number of tea chain stores, and in the oolong and black tea markets nationwide [1] - The company operates over 3,700 chain stores across mainland China [1] - Baima Tea's sales revenue for Tieguanyin has ranked first in the country for over 10 consecutive years, while Wuyi rock tea and black tea have ranked first for 5 and 4 consecutive years, respectively [1]

Core Viewpoint - Baima Tea Industry (6980.HK) is set to become the first high-end Chinese tea stock listed in Hong Kong, with its shares experiencing a maximum increase of 100% in the dark market, reaching HKD 100 [1] Group 1: Company Overview - Baima Tea Industry, founded in 1997, originates from a 300-year-old tea-making family and is recognized as the largest high-end tea company in China and a time-honored brand [1] - The company leads the high-end tea market in sales revenue, number of tea chain stores, and in the oolong and black tea segments, with over 3,700 chain stores covering all provinces in mainland China [1] Group 2: Market Performance - During the public offering period, Baima Tea attracted 169,000 applications for 900,000 shares, resulting in an oversubscription of 2,684 times and raising HKD 120 billion, setting a new record for tea company IPOs in Hong Kong [1] - Baima Tea's sales revenue for Tieguanyin has ranked first in the nation for over 10 consecutive years, while Wuyi Rock Tea and black tea have held the top position for 5 and 4 years respectively [1]

Core Viewpoint - Eight Horses Tea Industry (06980.HK) plans to globally offer 9 million H-shares, with a price range of HKD 45.00-50.00 per share, aiming to raise approximately HKD 368.2 million for various strategic initiatives [2][9]. Company Overview - Eight Horses Tea is a well-known tea supplier in China, covering six major tea categories and related products. It ranks first in high-end tea sales revenue in China for 2024 and leads in the number of tea chain stores [3][4]. - The company has maintained its leading position in sales of Tieguanyin, Wuyi Rock Tea, and black tea for over a decade [3]. Market Dynamics - The high-end tea market in China is rapidly growing, with a market size increasing from approximately RMB 89 billion in 2020 to about RMB 103.1 billion in 2024, reflecting a compound annual growth rate (CAGR) of about 3.7% [3]. - The market share of the top five companies in the high-end tea sector has slightly increased from 5.5% in 2020 to 5.6% in 2024, with Eight Horses' market share rising from 1.1% to 1.7% during the same period [3]. Business Performance - The number of offline stores increased from 2,613 in January 2022 to 3,585 by June 2025, with a significant rise in franchise stores [5]. - Revenue grew from RMB 1.818 billion in 2022 to RMB 2.122 billion in 2023, and further to RMB 2.143 billion in 2024, although it saw a decline in the first half of 2025 [7]. - Net profit increased from RMB 166 million in 2022 to RMB 206 million in 2023, and RMB 224 million in 2024, with a net profit margin improvement [7]. Strategic Initiatives - The company plans to allocate approximately 35% of the IPO proceeds for expanding production bases, 20% for enhancing brand value, and 15% for expanding its offline store network [9]. - Eight Horses has established two tea production bases in Anxi and Wuyi Mountain, focusing on automation and innovation in production processes [8].

Core Viewpoint - The article emphasizes the importance of seasonal and time-based tea consumption in Chinese culture, highlighting how different types of tea can harmonize with the body's needs throughout the year and day [2][3][5]. Seasonal Tea Recommendations - Spring: Drink floral teas like jasmine tea to alleviate "spring fatigue" and promote liver health [3]. - Summer: Green teas (e.g., West Lake Longjing) and white teas (e.g., Baihao Yinzhen) are recommended to combat heat and humidity [3]. - Autumn: Oolong teas (e.g., Wuyi Rock Tea) are ideal for addressing dryness and nourishing lung health [3]. - Winter: Black teas (e.g., Keemun black tea) and dark teas (e.g., ripe Pu-erh) are suggested for warming the body and aiding digestion [3]. Time-Based Tea Consumption - Morning: Light green or white tea is recommended to hydrate and refresh the body after sleep [4]. - Late Morning to Noon: Green tea is ideal for enhancing mental alertness and cognitive function [5]. - Post-Lunch: Oolong tea helps with digestion and revitalizes energy levels [5]. - Afternoon: Black tea can be enjoyed, possibly with milk or honey, to soothe the stomach and emotions [5]. Balance and Personalization - The article stresses the importance of understanding individual body needs, suggesting that different tea types can serve as "harmonizers" for various health conditions [5]. - The concept of "scientific tea drinking" is introduced, advocating for alignment with seasonal changes, personal health, and emotional states [5].