曾折戟A股的八马茶业股份有限公司（简称"八马茶业"），首次冲击港股上市未果后再度发力。日前港 交所官网披露，此前因招股书失效的八马茶业已再度披露招股书。 此前，八马茶业曾多次冲击A股上市，并与澜沧古茶、中茶股份齐头并进共同冲刺。如今，澜沧古茶已 在港股上市却陷入业绩困境，中茶股份则紧急刹车。从业绩来看，在连续三年增长后，八马茶业于2025 年上半年未能保持增速，净利润也同步下滑。业内人士指出，港股上市规则和流程透明，只要满足基本 要求，完成上市并不难，难的是如何获得投资者青睐。 再度递交招股书 八马茶业筹划在港股上市，最早在今年1月。彼时，八马茶业正式向港交所递交招股说明书，拟主板挂 牌上市，华泰国际、农银国际和天风证券担任联席保荐人。 根据当时招股书显示，八马茶业募集所得资金净额将主要用于扩建生产基地并建造新生产基地；提升品 牌价值并扩大产品组合；为直营线下门店网络的扩张提供资金，并专注于开设更多门店以提升品牌价值 资产；提升业务运营的数字化水平；收购或投资在中国茶行业的参与者；以及用作营运资金及其他一般 企业用途。 八马茶业前身成立于1997年，是一家全茶类全国连锁品牌企业，主要从事茶及相关产品的研发设计 ...

Core Viewpoint - Zhejiang Province is implementing a set of ten policies to support the internationalization of its tea industry, aiming to enhance the export of Zhejiang tea products globally [1][3]. Group 1: Export Performance - Zhejiang is a major tea-exporting province in China, with an export volume of 156,000 tons and an export value of 470 million USD in 2024, maintaining a leading position nationally [3]. - The first half of this year has shown diversification in tea product exports, including matcha, premium teas, and new-style tea beverages, in addition to traditional varieties [3]. Group 2: Policy Measures - The ten policies cover various aspects such as building standard tea gardens, developing diverse products, improving tea quality, enhancing service for tea events, nurturing leading enterprises, creating international brands, expanding global markets, optimizing the industrial ecosystem, promoting cultural dissemination, and establishing support mechanisms [3][5]. - In product development, Zhejiang aims to deepen collaboration between industry, academia, and research to advance new technologies and products, supporting the development of convenient tea products and high-value-added tea processing [3]. Group 3: Brand Development - The province plans to leverage platforms like the "China International Tea Expo" to enhance international cooperation in the tea industry and establish a brand system that includes regional public brands, leading enterprise brands, and specialty product brands [4]. - By 2027, the goal is to cultivate five internationally influential tea brands [4]. Group 4: Sustainability and Standards - The policies also emphasize supporting the transformation of tea gardens to organic practices and promoting low-carbon management techniques [5]. - There is a focus on involving research institutions in the formulation of international standards and encouraging financial institutions to increase support for technological upgrades and overseas warehouse construction [5].

Core Viewpoint - Baima Tea's IPO journey has reached a critical milestone with the successful filing for overseas listing in Hong Kong, despite the simultaneous expiration of its prospectus due to a delay in the hearing process [3][5]. Company Overview - Baima Tea is a well-known national chain brand in China, focusing on the research, design, standard output, and retail of various tea products, including Oolong, black, red, green, white, yellow, and reprocessed teas, as well as tea utensils and related food products [5][8]. - The company operates 3,498 stores, with approximately 92.1% being franchise stores, contributing around half of its revenue [8]. Financial Performance - In the reporting period from 2022 to the first three quarters of 2024, Baima Tea achieved revenues of 1.818 billion, 2.122 billion, and 1.647 billion yuan, with net profits of 166 million, 206 million, and 208 million yuan, respectively [8][10]. - The net profit margins for the same periods were 9.1%, 9.7%, and 12.6% [8]. - Sales and marketing expenses were significant, amounting to 617 million, 681 million, and 520 million yuan, representing 33.93%, 32.08%, and 31.55% of revenue [10]. Market Position - According to a report by Frost & Sullivan, Baima Tea ranks first in the Chinese tea market based on the number of tea chain stores and also leads in the Oolong and black tea markets by sales revenue [6]. - The company has maintained its position as the top seller of Tieguanyin tea for over a decade and has led in rock tea sales for five consecutive years [6]. Family and Business Connections - The company has strong family ties, with the controlling shareholders being the Wang family, who hold 55.9% of the voting rights through a concerted action agreement [11]. - The family has established connections with other listed companies through marriages, creating a significant capital network in the Quanzhou area, with the combined wealth of these connections exceeding 50 billion yuan [11][15]. Industry Context - The Chinese tea industry is characterized by a fragmented market, with a total domestic tea sales volume projected to reach 340 billion yuan in 2024, yet the top five companies only account for 6.2% of the market share [19]. - Baima Tea's IPO journey reflects the broader challenges faced by the tea industry in gaining traction in capital markets, as evidenced by the struggles of other tea companies attempting to go public [19][21].

Core Viewpoint - Zhejiang Province is accelerating the development of its tea industry with a focus on high-quality exports, aiming to enhance its global market presence and diversify its product offerings [1][2]. Group 1: Export Performance - From January to May this year, Zhejiang's tea export value and volume both increased by over 20% year-on-year [1]. - The province's tea exports are primarily green tea varieties such as Zhu tea and Mei tea, with an expected export volume of 156,000 tons and an export value of $470 million in 2024 [1]. Group 2: Strategic Initiatives - Zhejiang plans to establish group standards for Zhu tea and Mei tea, enhancing quality control from cultivation to processing, and promoting international certification [2]. - The province aims to strengthen its export brand by promoting high-quality green tea globally and supporting tea companies in participating in international agricultural exhibitions [2]. - Efforts will be made to develop new tea products that meet international consumer demands, including tea foods and new-style tea drinks, to create a product system that integrates traditional and innovative tea offerings [2].

Core Insights - The tea industry in China is focusing on high-quality development, maintaining stable tea garden areas, and enhancing production technology to adapt to climate change and promote green transformation [1][2] - Despite the growth in tea garden area and total tea production, the domestic sales value of tea has decreased due to a decline in premium tea sales, indicating a need for innovation in the supply chain [2][5] - New tea beverages and innovative products are gaining popularity among younger consumers, driving growth in the tea market [2][5] Group 1: Industry Performance - The total area of tea gardens in China reached 3.4952 million hectares, an increase of 62,100 hectares year-on-year [2] - The total production of dry tea was 3.4991 million tons, reflecting a year-on-year growth of 4.78% [2] - Domestic tea sales value was 325.755 billion yuan, a decrease of 2.66% year-on-year [2] Group 2: Market Trends - The new tea beverage sector is driving rapid growth in bagged tea, with jasmine tea and herbal teas becoming new highlights [2] - Brand specialty stores are performing well, with sales increasing by over 15%, while traditional markets face challenges [3] - E-commerce continues to grow, with online tea sales reaching approximately 37 billion yuan, a year-on-year increase of 6% [3] Group 3: Technological Innovations - The tea industry is undergoing digital transformation, with provinces implementing 5G and IoT technologies for better monitoring and management of tea production [4] - Innovations in breeding and cultivation techniques are being developed, such as space-grown tea seeds and precision harvesting robots [4] - Blockchain technology is being utilized to enhance trust in the tea supply chain by recording production and sales data [4] Group 4: Sustainable Practices - Sustainable practices are being adopted, including green pest control and soil management to protect tea garden ecosystems [5] - New agricultural social services like "shared tea factories" and "tea caretakers" are emerging to support the industry [6] - Capital operations are being enhanced through initiatives like land transfer and attracting social capital for tea garden development [6]