Core Viewpoint - Baima Tea Co., Ltd. has submitted a new prospectus for listing on the Hong Kong Stock Exchange after previous attempts to list on the Shenzhen Stock Exchange were unsuccessful [1][3]. Company Overview - Baima Tea was established in July 1997, originally as Shenzhen Xiyuan Tea Co., Ltd., with an initial registered capital of 500,000 RMB [3]. - The company has undergone several name changes and capital increases, becoming Shenzhen Baima Tea Chain Co., Ltd. in 2008 [4]. - As of the latest data, the controlling shareholders hold a combined voting power of 55.90%, with Wang Wenbin as the chairman [5]. Market Position - Baima Tea is recognized as a leader in China's high-end tea market, ranking first in terms of the number of tea chain stores and sales revenue as of December 31, 2024 [5]. - The overall Chinese tea market is projected to grow from approximately 288.9 billion RMB in 2020 to about 325.8 billion RMB by 2024, with a compound annual growth rate (CAGR) of about 3.0% [6]. - The high-end tea market is expected to increase from around 89 billion RMB in 2020 to approximately 103.1 billion RMB by 2024, with a CAGR of about 3.7% [6]. Financial Performance - Baima Tea's revenue for 2022, 2023, and 2024 is reported at approximately 1.82 billion RMB, 2.12 billion RMB, and 2.14 billion RMB, respectively, with net profits of about 166 million RMB, 206 million RMB, and 224 million RMB [6][7]. - In the first half of 2025, the company reported revenue of approximately 1.06 billion RMB, a decrease of 4.2% compared to the same period in 2024 [8]. Store Expansion - The number of Baima Tea's offline stores has increased from 2,613 in January 2022 to 3,585 by June 2025, with franchise stores growing from 2,203 to 3,341 in the same period [8]. Production Facilities - Baima Tea operates two tea processing bases located in Anxi and Wuyishan, focusing on different types of tea production [9].