今天分享的是：嘉世咨询：2025年中国茶品类行业简析报告 报告共计：17页 2025年中国茶品类行业简析报告总结 中国茶品类市场2024年规模已达3258亿元，正迈向高质量融合阶段，市场以内销为主导，内销量占总产量的70%左右。品类结构上，绿茶占据绝对主导地 位，2024年市场规模接近2000亿元，红茶以541亿元位居第二，乌龙茶、黑茶紧随其后，白茶和黄茶则相对小众。价格分层清晰，大众、中档、高档茶市场 规模分别为1413亿、814亿和1031亿元。 茶叶作为非标农产品，消费者面临高昂的信任成本，品牌化成为行业必经之路。2024年中国茶叶企业品牌前50名中位数高达32.1亿元，但行业中游高度分 散，全国超7万家茶企多为中小作坊，高端茶叶市场CR5仅约5.6%，呈现"重产地、轻品牌"的格局。 中国茶产业三十年历经三大发展阶段，从1990年代中期的规模扩张，到2000 - 2019年的质量效益提升，如今已步入高质量发展与全域融合阶段，数字化营销 成为常态。产业链覆盖种植、加工、品牌化及渠道建设全环节，上游茶园种植规模稳步扩大，2024年种植面积达5172万亩，单位面积产量提升至67.67公斤/ 亩；下游以线下渠道 ...

证券日报网讯惠泉啤酒（600573）11月20日在互动平台回答投资者提问时表示，公司会结合实际业务需 求，进行认真研判，统筹规划，推进打造具有明显、独特优势品牌战略。目前，公司主要产品是惠泉一 麦、惠泉小鲜、惠泉欧骑士、惠泉1983和老惠泉系列产品等。其中惠泉10°P小鲜啤酒、惠泉11°P欧骑士 啤酒和惠泉12°P老惠泉啤酒先后荣获中国酒业协会酒类新品"青酌奖"。公司还研发上市白茶、初念系列 特色精酿和推出无醇、低卡产品等丰富多样风味新酒产品，满足多元化的个性选择，获得不同消费群体 喜爱。未来，公司会紧跟消费趋势，持续丰富产品品类，完善多元化、个性化产品矩阵，满足消费者不 断提高的高品质需求，融入消费者美好生活。 ...

Core Insights - Baima Tea's stock price has experienced significant volatility since its listing, with a peak increase of 86.7% on the first day, followed by a nearly 50% decline in the subsequent trading days, resulting in a market capitalization drop of approximately 53.72 billion HKD [1][2] Company Overview - Baima Tea is a national chain brand enterprise engaged in the research, design, standard output, and retail of various tea products, covering all categories of tea and related products [1] - According to its prospectus, Baima Tea ranks first in high-end tea sales revenue in China for 2024 and holds multiple segment sales championships [1] Market Position - Despite leading positions in several segments of the high-end tea market, Baima Tea's market share is relatively low, accounting for 1.7% of the total market, which is projected to reach 103.1 billion CNY in 2024 [2] - The top five companies in the high-end tea market collectively hold a market share of 5.6% [2] Franchise Expansion - There are signs of slowing expansion among Baima Tea's franchisees, with a significant decrease in the number of new franchise stores added in 2024 compared to 2023 [2] - The number of directly franchised stores increased by only 5 in 2024, a sharp decline from 265 in 2023 [2] Financial Performance - For the first half of 2025, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decline of 4.2%, and a net profit of 120 million CNY, down 17.8% year-on-year [4] - The revenue decrease is attributed to a reduction in sales from self-operated offline stores [5] Stock Liquidity - Baima Tea announced a full circulation plan for H-shares shortly after its listing, which involves converting 31.9331 million domestic shares into H-shares, potentially increasing the total tradable shares from 52.9869 million to 84.92 million [5]

Core Points - China received certification for six agricultural heritage systems from the Food and Agriculture Organization (FAO) during a ceremony on October 31 [1] - The six recognized heritage systems include traditional chestnut cultivation in Hebei, white ginger planting in Anhui, ancient bayberry cultivation in Zhejiang, ancient pear garden system in Gansu, freshwater pearl farming in Zhejiang, and white tea culture in Fujian [1] - China now has a total of 25 important agricultural heritage systems, the highest number in the world [1]

Core Points - The International Organization for Standardization (ISO) has officially released the technical specification "Chemical Classification of Tea" (ISO/TS 5617:2025), marking a significant achievement for China's international standardization in the tea industry [2][3][4] - This standard enhances China's international discourse power in tea classification methods and signifies a new international breakthrough in the construction of the tea scientific classification system [3][4] Group 1 - The standard was developed by a team led by Professor Wan Xiaochun from the Anhui Agricultural University, integrating chemical analysis and statistical methods [7][8] - It reveals the transformation mechanisms of key components in tea during processing and clarifies the distribution patterns of caffeine, catechins, and theanine across six major tea categories [8][9] - A classification system based on the Fisher discriminant model and stepwise discriminant analysis has been established for objective and accurate identification of green tea, black tea, oolong tea, white tea, yellow tea, and dark tea [9][10] Group 2 - This standard complements the existing "Tea Classification" standard (ISO 20715:2023), providing a more comprehensive scientific basis for international trade, research, education, and quality supervision in the tea sector [12][13] - The release of these two standards signifies international recognition of China's tea scientific classification system, promoting the technological and international development of the tea industry and reducing trade disputes caused by standard discrepancies [15][16] - The standard is expected to facilitate the international market entry of unique Chinese tea varieties such as white tea, yellow tea, and dark tea, enhancing China's influence in tea research, standardization, and cultural dissemination [17][18]

Core Points - China has received recognition for six agricultural heritage systems from the Food and Agriculture Organization (FAO) during a global ceremony, bringing the total number of its important agricultural cultural heritage to 25, the highest in the world [1] Group 1: Recognized Agricultural Heritage Systems - The six recognized agricultural heritage systems include: - Traditional chestnut cultivation system in Hebei Kuancheng [2] - White ginger planting system in Tongling, Anhui [2] - Ancient bayberry complex planting system in Xianju, Zhejiang [2] - Ancient pear garden system in Shichuan, Gansu [2] - Freshwater pearl complex breeding system in Deqing, Zhejiang [2] - White tea culture system in Fuding, Fujian [2]

Core Viewpoint - Baima Tea Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising a maximum of HKD 450 million, reflecting strong market confidence in the high-end Chinese tea industry [1][2] Group 1: Listing and Market Performance - Baima Tea plans to issue 9 million H-shares, with 90% for international sale and 10% for public offering, achieving an oversubscription of 2,680.04 times in the public offering, setting a new record for tea companies in Hong Kong [1] - The stock closed at HKD 93.35 on its first trading day, representing an increase of 86.7% from the issue price, with a total market capitalization of HKD 7.935 billion [1] Group 2: Business Strategy and Fund Utilization - The company will allocate 35% of the raised funds for expanding production bases, 20% for enhancing brand value and product portfolio, 15% for optimizing offline networks, 10% for digital operations, 10% for acquisitions in the tea industry, and 10% for working capital [2] - Baima Tea's focus on capacity expansion, digital operations, and brand enhancement is expected to strengthen its competitive advantage in the market [2] Group 3: Market Expansion and Global Strategy - The company plans to expand its overseas market presence, initially targeting Southeast Asia and countries involved in the Belt and Road Initiative, with future plans to enter the European and American markets [3] - Leveraging international capital and investor networks, Baima Tea aims to enhance its global brand recognition and accelerate local channel development and product customization strategies [3]

Core Viewpoint - Baima Tea's successful listing on the Hong Kong Stock Exchange marks a significant milestone for the Wang family, with shares opening at 80.1 HKD, a 60.2% increase from the issue price of 50 HKD, and closing at 93.3 HKD, reflecting an 86.7% rise, amidst challenges in the fragmented tea market [1][2]. Group 1: Company Overview - Baima Tea, established in 1997, has developed a comprehensive sales system combining direct sales, franchising, and both online and offline channels, leveraging digital tools for operational efficiency [2][4]. - The company primarily engages in the research, design, standard output, and retail of various tea products, including six major categories of Chinese tea and related products [4]. - The Wang family, as the controlling shareholders, holds a combined voting power of 55.9% in Baima Tea, indicating strong family governance [4]. Group 2: Financial Performance - Baima Tea's projected revenues for 2022 to 2025 are approximately 1.818 billion, 2.122 billion, 2.143 billion, and 1.063 billion CNY, respectively, with net profits of about 166 million, 206 million, 224 million, and 120 million CNY [2]. - The company's gross profit margins are relatively strong, with figures of 53.3%, 52.3%, 55%, and 55.3% for the same periods [2]. Group 3: Market Position and Challenges - The Chinese tea market remains highly fragmented, with over 1.6 million companies involved in tea cultivation, production, and distribution, leading to a market share of only 5.6% for the top five companies by sales revenue [6]. - Baima Tea's market share in the high-end tea segment has increased from approximately 1.1% in 2020 to 1.7% in 2024, indicating growth despite the competitive landscape [6]. - The company faces challenges such as potential franchisee attrition and the need for digital supply chain upgrades to enhance profitability [6][7]. Group 4: Strategic Initiatives - The chairman of Baima Tea has proposed a "cultural elevation" strategy to transform tea from a mere agricultural product into a cultural entity, aiming to enhance brand recognition and consumer engagement [5]. - The company is also focusing on developing sub-brands to cater to diverse consumer preferences, particularly targeting younger demographics [6]. Group 5: Market Sentiment and Future Outlook - The initial public offering (IPO) was met with overwhelming demand, achieving a subscription rate of 2680.04 times, raising 3.9 billion HKD for expansion purposes [2][3]. - The strategic choice to list on the Hong Kong Stock Exchange is attributed to its flexible listing process and higher acceptance of tea companies, which may enhance Baima Tea's international brand influence [3].

Core Insights - Baima Tea's successful listing on the Hong Kong Stock Exchange marks a significant step for the Chinese tea industry in connecting with international capital markets [1][2][3] - The company raised a total of HKD 450 million by issuing 9 million H-shares, with an oversubscription rate of 2680.04 times for the public offering, setting a new record for tea companies in Hong Kong [1][3] - Baima Tea's stock price surged by 86.7% on its first trading day, closing at HKD 93.35, resulting in a market capitalization of HKD 7.935 billion [1][3] Company Overview - Baima Tea is recognized as a leading high-end tea brand in China, with a comprehensive product range that includes various types of tea and related products [3][4] - The company has established a strong market position, ranking first in the high-end tea market and leading in categories such as Oolong and black tea [4][5] - Baima Tea operates 3,716 offline stores, making it the top tea chain brand in China, with online sales accounting for 35% of its revenue [4][5] Financial Strategy - The company plans to allocate 35% of the raised funds for expanding production facilities, 20% for enhancing brand value, and 15% for optimizing offline networks [3][4] - Additional funds will be used for digital operations, acquisitions in the tea industry, and general working capital [3][4] Market Position and Brand Strength - Baima Tea's brand value reached CNY 31.359 billion in 2024, and it has been listed among China's top 500 brands for nine consecutive years [5] - The company has strengthened its market credibility by attracting strategic investors such as IDG Capital and Tian Tu Capital, enhancing its influence in the capital market [5][6] Global Expansion Plans - Baima Tea aims to expand its overseas market presence, having already held tasting events in over 30 countries [6][7] - The company plans to leverage international capital to accelerate its global strategy, focusing on localizing channels and customizing products for foreign markets [6][7]

Core Viewpoint - Eight Horses Tea's IPO has received an overwhelming response, with a subscription rate of 2680.04 times and raised a net amount of HKD 390 million for expanding production facilities [3][4]. Company Overview - Eight Horses Tea was established in 1997 and has developed a comprehensive sales system combining direct sales, franchising, and online and offline channels [3]. - The company has a strong digital presence, empowering its retail stores through digital tools [3]. Financial Performance - Revenue projections for Eight Horses Tea from 2022 to the first half of 2025 are approximately CNY 1.818 billion, CNY 2.122 billion, CNY 2.143 billion, and CNY 1.063 billion respectively [3]. - Net profit for the same periods is expected to be around CNY 166 million, CNY 206 million, CNY 224 million, and CNY 120 million [3]. - The company's gross profit margins are relatively high, with rates of 53.3%, 52.3%, 55.0%, and 55.3% for the respective years [3]. Market Position and Strategy - Eight Horses Tea aims to address the "having categories but lacking brands" issue in the Chinese tea industry by implementing a "cultural elevation" strategy [7]. - The company has established a complete product matrix covering various tea types and related products, with its core brand "Eight Horses" leading in sales for several categories [7]. - The company has maintained a leading position in sales revenue for major tea categories, including Tieguanyin, Wuyi Rock Tea, and black tea [7]. Ownership and Governance - The controlling shareholders of Eight Horses Tea are members of the Wang family, with a combined voting power of 55.90% at shareholder meetings [5]. - The company has connections with the "Fujian business group," enhancing its market presence and credibility [6]. Industry Context - The traditional tea industry in China faces challenges in standardization, professionalization, branding, capitalization, and scaling [8]. - The choice to list on the Hong Kong Stock Exchange is attributed to its flexible listing process and higher acceptance of tea companies [4].