五次递表，王文彬、王文礼家族终于圆了上市梦。10月28日，由王文彬、王文礼家族实控的八马茶业正 式登陆港交所。当天以80.1港元/股开盘，较发行价50港元/股上涨60.2%，盘中最高涨至97.9港元/股。截 至收盘，报收93.3港元/股，涨幅86.7%，全日成交额达3.55亿港元，总市值79.35亿港元。但相较于新式 茶饮的风光，茶叶市场尚未打破大产业小企业、强品类弱品牌的市场格局，在长期依赖手工制造的茶叶 行业，八马茶业们要突破天花板，在精细化与标准化中找到平衡；也要打破次元壁，在高端市场与年轻 消费群体之间实现兼得。 五次递表 本次八马茶业新股发行，资本市场反响热烈。截至招股结束，其公开发售获得2680.04倍超额认购，申 购资金1206亿港元，创下港股茶企新股最高认购纪录。八马茶业募资净额3.9亿港元，募资用途为用于 扩建公司的生产基地及建造新生产基地等。 公开资料显示，八马茶业成立于1997年，现已构建遍布全国的"直营+加盟"及"线上+线下"的全渠道销售 体系。通过数字化工具为终端门店赋能，八马茶业成为业内少数具备强大跨区域经营实力的企业。 招股书显示，2022—2024年及2025年上半年，八马茶业 ...

Core Viewpoint - Baima Tea Industry successfully listed on the Hong Kong Stock Exchange, raising HKD 450 million with a share price increase of 86.70% on the first day of trading, resulting in a market capitalization of HKD 7.935 billion [1] Company Overview - Founded in 1997 by Wang Wenli and Wang Wenbin, Baima Tea specializes in high-end tea products, including various types of tea and related products [1] - As of October 6, 2025, Baima Tea operates 3,716 offline stores, ranking first among Chinese tea companies in terms of the number of tea chain specialty stores [1] Listing Journey - Baima Tea's path to listing faced challenges, including failed attempts to list on the Shenzhen Stock Exchange and New Third Board, as well as a withdrawal of its application for the Growth Enterprise Market [2] - The company shifted its focus to the Hong Kong market, submitting its application in January 2023 and successfully listing in October 2023 [2] Fund Utilization - The funds raised from the IPO will be used for expanding production facilities, enhancing brand value, expanding the product portfolio, and improving digital operations [2] Financial Performance - In the first half of 2025, Baima Tea reported a slight revenue decline of 4.2% year-on-year, totaling CNY 1.063 billion, with a net profit decrease of 17.8% to CNY 120 million [2] Shareholder Structure - Baima Tea is a family-owned business, with the Wang family holding 49.98% of the shares as controlling shareholders [3] Related Business Connections - The company disclosed relationships with other firms, including Seven Wolves and Anta Sports, through family ties among the controlling shareholders [4]

Core Viewpoint - Baima Tea, a leader in China's high-end tea market, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 4.5 billion through its IPO, with a strong oversubscription rate of 2680.04 times for the public offering and 13.58 times for the international offering [3][6]. Company Overview - Established in 1997, Baima Tea is recognized as the top brand in the high-end Chinese tea market, offering a comprehensive product range that includes various types of tea and related products [6]. - According to a report by Frost & Sullivan, Baima Tea ranks first in the Chinese tea market by the number of chain specialty stores and by sales revenue in the high-end tea segment as of the end of 2024 [6]. - The company has a total of 3,585 offline stores in China, including 244 direct-operated stores and 3,341 franchised stores, with a significant online presence across major e-commerce platforms [6]. Shareholding Structure - The controlling shareholders of Baima Tea are family members acting in concert, holding a combined 49.98% of the shares, with Wang Wenbin holding 22.69% and Wang Wenli holding 18.22% [5][6]. - Other notable shareholders include Tianjin Changfeng (6.14%) and various institutional and individual investors, with public shareholders collectively holding 10.59% [5]. IPO Details - The IPO involved a global offering of 9 million H shares, representing 10.59% of the total shares post-issue, with a maximum price set at HKD 50.00 per share [3]. - The IPO was managed by a team of underwriters including Huatai International, Agricultural Bank of China International, and others, with KPMG serving as the auditor [10]. Market Performance - Following the IPO, Baima Tea's shares closed at HKD 81.80, reflecting a 63.60% increase, resulting in a market capitalization of approximately HKD 69.53 billion [7].

Core Viewpoint - Eight Horses Tea Industry (八马茶业) has successfully listed on the Hong Kong Stock Exchange, experiencing a significant stock price surge on its debut, reflecting strong market interest and potential for growth in the tea industry [1] Company Overview - Established in 1997, Eight Horses Tea has developed a comprehensive sales system combining direct sales and franchising, as well as online and offline channels [1] - The company offers a wide range of tea products, including Oolong, black, red, green, white, and yellow teas, along with tea-related products [1] - Eight Horses Tea has been recognized as a "China Famous Trademark" since 2010 and its sub-brand "Xinjihao" will be recognized as a "Chinese Time-honored Brand" starting in 2024 [1] Franchise and Digital Strategy - The company has implemented a rigorous franchisee selection process and provides comprehensive support through its "Wealth Creation Academy" and 25 training bases [2] - The average annual sales per franchise store have increased from 8 million RMB in 2022 to 11.6 million RMB in 2024 [2] - Eight Horses Tea has established a strong online presence on major e-commerce platforms and has maintained top sales positions in various tea categories for several consecutive years [2] Production and Market Position - The company has built a 160,000 square meter smart industrial park, achieving a daily production capacity of 432,000 tea bags and reducing labor costs by 40% [3] - The tea industry in China is characterized by low concentration and a large number of small enterprises, with over 1.6 million tea companies operating as of 2024 [3] Financial Performance - Eight Horses Tea's revenue has shown consistent growth, with figures of 1.818 billion RMB, 2.122 billion RMB, 2.143 billion RMB, and 1.063 billion RMB from 2022 to the first half of 2025 [4] - The net profit has also increased, with net profit margins rising from 9.1% in 2022 to 11.3% in the first half of 2025 [4] - The company aims to expand its store network significantly, planning to add 1,500 new stores in the next three to five years [4]

Core Viewpoint - Eight Horses Tea Co., Ltd. is set to go public on the Hong Kong Stock Exchange, marking a significant milestone for the company and the tea industry, which is expected to boost confidence in the sector [1] Group 1: Company Overview - Eight Horses Tea is a leader in China's high-end tea market, holding the top position in sales and brand recognition [2] - The company has consistently ranked first in sales for various tea categories, including Oolong and black tea, with significant revenue growth projected from 2022 to 2025 [2][3] - Revenue figures for Eight Horses Tea from 2022 to 2025 are projected at 18.18 billion, 21.22 billion, 21.43 billion, and 10.63 billion respectively, with profits increasing correspondingly [2] Group 2: Market Position and Strategy - The company has seen a steady increase in revenue across its three main brands, with a focus on capturing the young and female consumer market [3][6] - Eight Horses Tea's online sales have grown significantly, with online sales accounting for 35% of total sales in the first half of 2025 [3] - The company is implementing a "city reception hall" concept to enhance customer experience and increase store revenue [4] Group 3: Industry Context - The Chinese tea market is projected to grow significantly, with the high-end segment expected to reach 135.3 billion by 2029, growing at a compound annual growth rate of 5.6% [5] - Eight Horses Tea's market share in the high-end tea market has increased from approximately 1.1% in 2020 to 1.7% in 2024, indicating strong growth relative to the industry [5] - The company is adapting to market challenges by optimizing its store network and focusing on personal consumption rather than gift-giving [5][6] Group 4: Future Plans - The company plans to use funds raised from the IPO to expand production facilities, enhance its store network, and develop online sales channels [7]

Core Insights - A new tea beverage shop named Xinmiao has been established in Changsha's Wangcheng District, with a registered capital of 100,000 RMB [1] Business Scope - The business scope includes the sale of various products such as arts and crafts, daily necessities, household appliances, and food products [1] - The shop is also involved in the sale of single-purpose commercial prepaid cards, daily chemical products, and sports equipment [1] - Additionally, it offers services like food sales, catering, and alcohol sales, which require specific approvals [1]