炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 2025年10月，被称为"高端中国茶第一股"的八马茶业成功登陆港交所，上市初期股价一度表现强劲，发 行首日公司股价增87%至93.35港元/股。然而好景不长，上市仅一个多月后，其股价便掉头向下并跌破 发行价，截至2026年1月9日收盘，公司股价已跌至29.12港元/股，盘中更是创下了29.04港元/股的新 低。市场投资者情绪剧烈转变、纷纷用"脚"投票背后，八马茶业经营暗含何种隐忧？ 首先，从浅显的经营业绩来看，八马茶业业绩双降且后续增长动能略显不足。2024年公司还仅是业绩增 速下滑，但到了2025年中期，八马茶业业绩双降，其深度依赖的加盟模式增长疲态尽显，2022年-2024 年，八马茶业直接特许加盟商加盟店分别净增长206家、265家及5家，2024年净增数量大幅下滑。 股价破发后再创新低！业绩双降影响增长预期 八马茶业的高端叙事直面挑战 1998年，八马茶业在深圳开设了第一家连锁专卖店，开启连锁经营模式。此后，八马茶业踏上扩张之 路，推行加盟模式、跨区域经营，还逐步拓展至电 ...

转自：湖州日报 （来源：湖州日报） 第三步，闻香气。好茶叶嫩香更持久，二级茶叶偏清香。切记，白茶不是红茶，没有发酵这个步骤，闻 起来有发酵感，那就不对劲了。 第四步，尝滋味。好茶的味道鲜爽、醇厚、清甜。差的茶叶不仅茶味不行，还可能有涩味、焦味、杂 味。 第五步，看叶底，也就是冲泡后的茶叶。如果一个嫩芽配一片叶子，颜色又好看，那就是精品茶叶，如 果这个嫩芽比较渣，一个要配两三片叶子，那就是二级茶叶。除了嫩芽和叶子的配比之外，还可以用手 轻捏一下，一碰就碎或者手感太硬的，都不算好茶。 （记者 邱瑭 整理） 都说湖州产白茶，但真到了选购时却常感困惑，有人选包装，有人选嫩芽，有人偏好等级。今天食药检 院王博士就来教大家分辨白茶好坏的五步法。 第一步，看外形。安吉白茶有龙、凤2种形态，龙形扁平、凤形条直，无梗匀整的才是好茶叶，如果老 嫩混杂，有蜡质光泽，叶片又是摊开、弯曲的，那就比较差了。 第二步，看汤色。越好的茶汤，看起来就越是嫩绿明亮。等级越低，亮度也就越低，最坏的情况，是茶 汤浑浊泛红，则可判定为工艺缺陷或变质茶，不宜饮用。 ...

如果让全国网友提名一个最爱喝茶的省，福建大概率会高分夺冠。 毕竟，福建人骨子里都流淌茶水的说法，一直让人心服口服。 "一个福建人=三杯老火凉茶"的老话，更是早已深入人心。 福建人到底有多爱喝茶？就这么说吧，没见过哪里的人，坐个高铁都必须泡上一壶的。 图源：小红书@YK，已获授权 01 福建人坐高铁，为啥人手一套茶具？ 如何在高铁上鉴定福建人？看茶具就够了。 其他地方的人坐高铁，比如京沪打工人，大抵会买一杯咖啡，打开笔记本电脑办公。 东北人则会准备一袋吃的，一边分享，一边还不忘跟邻座朋友社交聊天。 而福建人不语，一旦坐上高铁，只是默默地掏出一整套茶具，开始泡茶。 图源：小红书@向光，已获授权 第一次见到这种情形的外地人，怕是有一种恍惚感：这也能行？ 但坐过一次厦门到福州高铁的人，想必对这样的场景并不陌生。 图源：小红书@妙妙妙七，已获授权 顺便一提，前两年福建还有专门的"泡茶水"售卖，比起同规格的矿泉水价格还要高，但销量不错。 图源：微博@厦门身边事 出门在外，对于福建人来说，纵然茶具陈列麻烦，泡茶步骤繁琐，但必不可少。 洁具、摇香、洗茶……目光所及，每一个高铁上泡茶的福建人，都是行走的茶文化大师。 图源：抖音 ...

Core Insights - The conference themed "Shan Hai Ningde, Health Full Score" aims to inject strong momentum into the regional health economy by focusing on high-quality development in the health industry [1][6] Group 1: Health Industry Development - Ningde City has a diverse ecological environment and rich natural resources, making it a prime location for developing the health industry, with a forest coverage rate of 69.98% [2] - The local government has integrated the health industry into its modern industrial system, emphasizing technological innovation, talent cultivation, and ecological collaboration [2][3] - Ningde has established a "156" development system that transforms ecological advantages into industrial strengths, aiming to enhance public health and drive economic transformation [3] Group 2: Economic Contributions - Ningde ranks fourth in the province for the number of medical institution beds per capita, with 13 institutions achieving a combination of medical care and elderly care [3] - The annual output value of 17 regulated pharmaceutical enterprises exceeds 2.5 billion yuan, with specific products like Taizishen and Huangzhizi each generating over 1.5 billion yuan [3] - The massage equipment industry in Ningde has 260 enterprises with an annual output value of 22 billion yuan, showcasing the economic potential of the health sector [3] Group 3: Strategic Initiatives - The conference highlighted the release of significant documents, including the "Blue Book on Active Health Promotion and Health Management Industry Development," which reflects Ningde's commitment to standardization and innovation in the health industry [7][9] - The integration of various sectors such as medicine, manufacturing, and tourism into a cohesive health ecosystem is a strategic focus for Ningde, aligning with the "Healthy China" initiative [10] - The conference serves as a platform for technical exchange and resource integration, promoting the standardization and project cooperation within the health industry [12]

第六届悉尼茶博会开幕 澳民众体验中国茶文化 中国贸促会驻澳大利亚代表处首席代表马磊表示，茶产业对中澳经贸合作的推动作用日益凸显。中国是 全球最大的茶叶生产国和出口国，澳大利亚消费者对中国茶的品质认可度逐年攀升，为两国企业创造了 广阔商机。以本届茶博会为契机，期待更多澳企与中国茶企深化合作，共同开发茶衍生品、茶文旅融合 项目，将"茶船古道"延伸为"经贸新航道"。 本届茶博会由澳中文化艺术促进会、华侨茶业发展研究基金会主办，汇聚30多家来自中国和澳大利亚的 茶企参展，展示岩茶、普洱、白茶、乌龙、绿茶、红茶等六大茶类，以及多款创新茶饮与精致茶器。现 场设有专业的品鉴区，当地民众可体验多款中国茶品。 据介绍，悉尼茶博会于2011年首次举办，已逐渐成为中澳文化交流中最具代表性的活动之一。(完) 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 中新网悉尼12月5日电 (记者 薄雯雯)为期三天的2025第六届悉尼茶博会5日在澳大利亚悉尼市政厅开 幕，吸引众多当地民众前来体验中国茶文化。 当地时间12月5日，2025第六届悉尼茶博会在澳大利亚悉尼市政厅开幕，吸引众多当地民众前来体验中 国茶文化。记者 薄雯雯 摄 ...

Core Viewpoint - The article discusses the rich history and cultural significance of tea in China, detailing the six major types of tea and their unique characteristics, processing methods, and suitable consumer groups [2][4][5][6]. Group 1: Types of Tea - Green tea is one of the earliest types of tea in China, characterized by its non-fermented nature and processing methods such as pan-frying and drying, resulting in a "clear soup and green leaves" quality [2]. - Black tea, fully fermented, undergoes processes like withering and oxidation, leading to a "red soup and red leaves" quality, with notable varieties from Anhui and Yunnan [4]. - Oolong tea, or blue tea, is semi-fermented and combines characteristics of both green and black tea, with unique processing steps that enhance its aroma and flavor [4]. - White tea is minimally processed, involving withering and drying, resulting in a sweet and mild flavor, primarily produced in Fujian [5]. - Yellow tea is lightly fermented and features a unique "sealing yellow" process that reduces bitterness, producing a "yellow soup and yellow leaves" quality [5]. - Black tea, known for its post-fermentation process, has a rich history and is produced in various regions, with specific health benefits for certain consumer groups [5]. Group 2: Cultural Significance - The article emphasizes the deep-rooted cultural heritage of tea in China, highlighting its integration into daily life and traditional practices, encouraging individuals to explore and appreciate the diverse flavors and aromas of different tea types [6].

Core Insights - The article discusses the rich history and cultural significance of tea in China, highlighting the six major types of tea: green tea, black tea, oolong tea, white tea, yellow tea, and black tea [1][2][3] Green Tea - Green tea is one of the earliest types of tea in China, characterized as unfermented and processed through steps like killing green, shaping, and drying [1] - Major varieties include West Lake Longjing from Zhejiang, known for its "green color, fragrant aroma, sweet taste, and beautiful shape," and Biluochun from Jiangsu, which has a curled shape and rich aroma [1] Black Tea - Black tea is fully fermented and includes varieties such as small leaf black tea, gongfu black tea, and broken black tea, processed through withering, rolling, fermentation, and drying [2] - Notable types include Qimen black tea from Anhui, known for its rich aroma, and Dianhong from Yunnan, which has a strong and fresh flavor [2] Oolong Tea - Oolong tea, also known as blue tea, is semi-fermented and involves processes like withering, making green, killing green, rolling, and drying [2] - Famous varieties include Da Hong Pao from Fujian, recognized for its balanced aroma and flavor, and Fenghuang Dancong from Guangdong, known for its lasting fragrance and sweet taste [2] White Tea - White tea is minimally processed, involving withering and drying, and is classified as lightly fermented [2] - Key varieties include Baihao Yinzhen, which is covered in white hairs and resembles needles, and Bai Mudan, which has a floral appearance and a sweet flavor [2] Yellow Tea - Yellow tea is lightly fermented and involves a unique "sealing yellow" process that reduces bitterness and creates a "yellow soup and yellow leaves" quality [3] - A notable type is Junshan Yinzhen from Hunan, which has a golden appearance and sweet flavor [3] Black Tea (Post-Fermented) - Black tea has a long history and plays a significant role in tea trade, characterized by post-fermentation and processes like killing green, rolling, piling, re-rolling, and drying [3] - It is produced in regions like Hunan, Hubei, Sichuan, Yunnan, and Guangxi, with Anhua black tea known for its unique aroma and rich flavor [3] Cultural Significance - The article emphasizes the deep-rooted tea culture in China, encouraging individuals to explore different types of tea that suit their preferences while appreciating the profound heritage of Chinese traditional culture [3]

Core Points - The 15th China (Nanning) International Tea Industry Expo opened on November 28 at the Nanning International Convention and Exhibition Center in Guangxi [2][4][5] - The expo gathered nearly 600 strong brands showcasing various types of selected teas, including Pu-erh, black, green, oolong, white, and red teas, attracting many enthusiasts and business partners [2][4][5][6][8] Industry Insights - The event highlights the growing interest and market for diverse tea varieties in China, indicating a robust tea culture and consumer demand [2][4][5] - The participation of nearly 600 brands suggests a competitive landscape within the tea industry, providing opportunities for collaboration and investment [2][4][5][6][8]

Core Insights - The Chinese tea industry is at a critical transformation point, with a market size projected to reach 325.8 billion yuan in 2024, with green tea dominating at nearly 200 billion yuan [1] - The market is primarily driven by domestic consumption, which accounts for about 70% of total production, indicating strong local consumer resilience [1] - The tea market is segmented into three price tiers: mass market (141.3 billion yuan), mid-range (81.4 billion yuan), and high-end (103.1 billion yuan), with high-end tea showing a stable growth rate of 3.7% [1] Industry Overview - The tea industry is characterized by a significant "non-standard" attribute, leading to high trust costs for consumers, who must navigate both monetary and hidden costs of learning and selection [1][6] - Brand development is crucial for overcoming these challenges, yet over 70,000 tea companies in China are mostly small and weak, resulting in a prevalent "heavy production, light branding" phenomenon [1][6] - Leading companies like Baima, Tianfu, and Lancang Ancient Tea are emerging through multi-channel strategies and focused product categories, with Baima holding a 1.7% market share in the high-end segment [1] Sales Channels - Offline sales remain the dominant channel for high-end tea, accounting for 94.5% of sales in 2024, driven by the social and experiential nature of tea consumption [2] - Online channels are rapidly growing, with new models like live e-commerce and mini-programs reshaping how younger consumers engage with tea products [2] - Future strategies to attract Generation Z include mixed tea innovations, personalized customization, and expansion of niche categories [2] Industry Challenges - The industry faces both opportunities and challenges, including consumption upgrades, digital marketing, and globalization potential, while contending with high upstream planting costs, aging labor force, severe midstream homogenization, and downstream pressures from new tea beverages and export technical barriers [2][6] - Collaborative upgrades across the entire industry chain are essential for overcoming these bottlenecks [2] Market Structure - The Chinese tea market is primarily driven by domestic sales, with domestic production accounting for a significant portion of total output [22] - The market is segmented into high-end, mid-range, and mass-market categories, with high-end tea products typically priced above 700 yuan per kilogram [14][15] - The industry has seen a shift from scale expansion to high-quality development characterized by the integration of primary, secondary, and tertiary industries [17]

Core Insights - The Chinese tea market is projected to reach a scale of 325.8 billion yuan in 2024, transitioning towards a high-quality integration phase, with domestic sales dominating at approximately 70% of total production [1][4][19] - Green tea remains the leading category, with a market size nearing 200 billion yuan in 2024, followed by black tea at 54.1 billion yuan, and oolong and dark teas closely following [1][4][29] - The industry is characterized by a high level of fragmentation, with over 70,000 tea enterprises, predominantly small workshops, leading to a "heavy on origin, light on brand" scenario, where the top five players hold only about 5.6% of the high-end tea market [1][4][39] Industry Overview - The Chinese tea industry has evolved through three significant phases over the past thirty years: from scale expansion in the mid-1990s, to quality and efficiency enhancement from 2000 to 2019, and now entering a phase of high-quality development and full integration [2][14] - The industry encompasses a complete supply chain covering planting, processing, branding, and channel development, with a steady increase in tea plantation area expected to reach 5.172 million acres by 2024 [2][22][32] Market Structure - The market is segmented into three main price tiers: high-end tea (1,031 billion yuan), mid-range tea (814 billion yuan), and mass-market tea (1,413 billion yuan), reflecting a clear price stratification [1][12][39] - High-end tea products are characterized by rare or precious raw materials and meticulous production processes, targeting consumers with higher purchasing power [10][12] Consumer Behavior - The tea market is influenced by high trust costs due to its non-standard agricultural product nature, necessitating a shift towards branding to reduce transaction costs [7][11] - The offline channel remains dominant, accounting for 94.5% of high-end tea sales in 2024, emphasizing the importance of experiential retail in the tea industry [4][39] Future Opportunities - The industry is poised for growth driven by consumer upgrades towards high-end products, innovations in mixed teas appealing to younger demographics, and the rapid development of online sales channels [43][44][45] - Global interest in Chinese high-end tea is increasing, with opportunities for customized products in international markets, supported by a collaborative approach across the entire supply chain [46]