福建安溪，这个因"铁观音"而闻名的闽南山区县，"九山半水半分田"，一度是福建最大的贫困县。改革开放以来，安溪历届党委政府心系一片 叶，山野作沃土，把茶产业锻造成县域经济支柱，实现了富民兴县的山乡蝶变。 安溪本地茶叶年产量约6.2万吨，但靠着"买全国、卖全国"的气魄，一年销售成品茶30万吨，在全国茶叶市场举足轻重。 放眼国内外茶叶市场，行业发展日新月异。未来，安溪茶如何超越自我，谱写新篇？ 在闽南俗语中，茶叶又叫"茶米"，一日离不得。 记者：陈旺、庞梦霞 配音：陈醉 部分画面来源：安溪县融媒体中心 新华社音视频部制作 【纠错】 【责任编辑:刘阳】 传承千年茶韵，做大做强产业，提升科技内核，安溪将做好"三茶统筹"文章，持续当好中国产茶县的"领头羊"。 ...

新华社福州10月10日电 题：在这座闽南小城，最传统的茶业正发生最新锐的变化！ 新华社记者项开来、庞梦霞、黄景鸿 《2025胡润中国茶业百强县》榜单中，这个"铁观音"发源地位居榜首，全县近两成的地区生产总值 来自茶产业，是全国重要的茶叶交易集散地和贸易中心……它是安溪，位于福建东南部的一座县城。 在闽南俗语中，茶叶又叫"茶米"。对安溪人而言，茶叶如同米粮，约八成人口从事与茶有关的产 业。这个曾经的福建最大贫困县，正实现富民兴县的蝶变。而传统茶业，也从"看天做青"走向与卫星遥 感、大数据、现代光学技术相关。 种茶卖茶靠智能、看数据 秋日的安溪县桃源有机茶场，目之所及绿意浓郁。 得益于独特的制作技艺和深厚的茶文化，2022年，安溪铁观音先后被联合国粮农组织和教科文组织 认定为"全球重要农业文化遗产"和"人类非物质文化遗产"，成为茶界少有的"双世遗"。 如今，在科技赋能下，传统茶叶种植模式正在改变，安溪的茶产业不断向智能化、精准化方向转 型。 苍穹之上，"安溪铁观音一号""安溪铁观音二号"两颗卫星正"俯瞰"全县茶园。在数字福建（安溪） 产业园，太空传回的光谱完整显示茶园长势。 泉州中科星桥空天技术有限公司项目经理吴 ...

茶艺师在展示茶艺。 潘旺旺摄 "茶者，天地之精也。"饮茶不仅是味觉的享受，更是顺应自然、调和身心的生活智慧。我国茶文化博大 精深，六大茶类各具特色，依循四季时序与昼夜节律科学饮茶，既品得茶香，又护得安康。 四季饮茶讲究顺天应时。 春饮花茶理郁气。春日，人体易受"春困"侵扰，肝经郁滞。此时宜饮香气馥郁的花茶，如茉莉花茶，或 轻发酵的铁观音、温和的普洱熟茶。花茶疏肝解郁，铁观音提神醒脑，普洱熟茶温润护胃，助阳气升 发，驱散寒气。 夏饮绿茶祛暑湿。夏日炎炎，暑湿困脾，宜饮绿茶（如西湖龙井、黄山毛峰等）、白茶（如白毫银针、 白牡丹等），或如台湾冻顶乌龙这样的轻发酵乌龙茶。绿茶富含茶多酚，清热解暑、生津止渴；白茶性 凉味甘，退火消炎；台湾冻顶乌龙兼具绿茶的鲜爽与红茶的醇厚，可缓解暑热带来的烦躁。 秋品乌龙解燥热。秋日，易生"秋燥"。此时，像武夷岩茶、凤凰单枞、铁观音这样的半发酵乌龙茶是首 选，其性平和，不寒不热，茶汤金黄透亮，香气高扬，既能清除夏之余暑，又可润秋燥、养肺气，被誉 为"秋之甘露"。 早餐后至午间，宜饮绿茶，此时人体阳气升发，绿茶中的咖啡碱与茶氨酸协同作用，提神醒脑、增强思 维活力，尤其适合脑力劳动者。 午 ...

Group 1 - The event titled "Sharing a Pot of Tea and Admiring a Full Moon" focused on the cultural exchange of tea between Quanzhou and Taiwan, highlighting the importance of tea culture in fostering emotional connections and industry collaboration [1][8] - Quanzhou is recognized as the starting point of the Maritime Silk Road and a significant origin of Oolong tea, emphasizing the shared cultural heritage between the two regions [5][6] - The event featured a traditional Quanzhou puppet show, showcasing the unique charm of local intangible cultural heritage and setting a rich cultural tone for the exchange [3] Group 2 - The event aimed to deepen cooperation between the tea industries of Quanzhou and Taiwan, exploring opportunities in tea cultivation, quality enhancement, market expansion, and cultural integration [6][7] - Since its establishment, the Quanzhou Cultural and Creative Association has successfully organized three tea culture exchange events, attracting over 200 participants from both sides, contributing to emotional resonance and industry transformation [7] - The collaboration between various cultural and industry associations aims to promote the inheritance and development of Chinese tea culture through enhanced exchanges [8]

Core Viewpoint - The article discusses the challenges faced by Baima Tea Industry in its long journey towards IPO, highlighting its struggles in the traditional tea market and the impact of changing consumer preferences on its business model [5][6][9]. Group 1: IPO Journey - Baima Tea has been attempting to go public for 12 years, with multiple failed attempts across different stock exchanges, including Shenzhen and Hong Kong [6][8]. - The company has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time since 2019, indicating a persistent but challenging journey [7][8]. - The cold reception from capital markets towards traditional tea companies is a significant factor in Baima's struggles, as evidenced by the experiences of other companies like China Tea and Tianfu Mingcha [11][12]. Group 2: Company Challenges - Baima Tea faces four major pain points: reliance on OEM production for over 50% of its products, a high percentage of franchise stores (93%), a misalignment with the current consumer trend of downgrading, and a lack of appeal to younger consumers [13][14][15]. - The company's revenue has declined by 4.2% year-on-year, and net profit has dropped significantly by 17.8% as of mid-2025 [13]. - The reliance on franchise stores has led to quality control issues, with complaints about product quality and false advertising [23][32]. Group 3: Market Positioning - Baima Tea's positioning as a high-end brand is increasingly problematic in a market where consumer spending is tightening, particularly among middle-class consumers [37][42]. - The average annual purchase amount of Baima's members has decreased from 2860.4 yuan in 2022 to 2469.6 yuan in 2024, indicating a decline in purchasing power [43]. - The company has attempted to introduce more affordable products but faces stiff competition from brands that better understand consumer preferences [47]. Group 4: Youth Market Engagement - Baima Tea has struggled to connect with younger consumers, who prioritize efficiency, transparency, and experiential consumption [50]. - The company's attempts to innovate and attract younger demographics, such as launching sub-brands and new product lines, have not yielded significant results [51][53]. - To effectively engage with younger consumers, Baima may need to shift from a passive to an active approach in its marketing and product development strategies [55].

Core Viewpoint - Baima Tea, a high-end tea brand known for its Tieguanyin, is struggling to maintain its market position and has faced multiple failed IPO attempts over the past 12 years, raising questions about its viability in the capital market [3][4][6]. Group 1: IPO Journey - Baima Tea has made four attempts to go public since 2019, with its latest application submitted to the Hong Kong Stock Exchange after previous failures in various markets [4][5]. - The company has faced significant challenges in the capital market, with traditional tea companies generally receiving a cold reception from investors [6][8]. Group 2: Business Model Challenges - Over 50% of Baima Tea's products are produced through a private label model, raising concerns about the authenticity of its "ancient method" branding [9][15]. - The company relies heavily on franchise stores, which account for 93% of its retail outlets, leading to quality control issues and a slowdown in revenue growth [10][26]. - Baima Tea's revenue declined by 4.2% year-on-year, with net profit dropping by 17.8% as of mid-2025 [10]. Group 3: Market Position and Consumer Trends - The high-end positioning of Baima Tea is becoming problematic in a consumer environment marked by downgrading spending habits, particularly among middle-class consumers [11][48]. - Membership data shows a decline in average annual spending among Baima Tea's customers, indicating weakening purchasing power [49]. Group 4: Competition and Consumer Preferences - Baima Tea's traditional tea offerings are facing stiff competition from new-style tea brands that attract younger consumers, highlighting a disconnect with the target demographic [50][58]. - The company's attempts to innovate and appeal to younger consumers through new sub-brands have not yielded significant results, as these products lack differentiation in a saturated market [60][62]. Group 5: Strategic Recommendations - To regain market traction, Baima Tea should focus on improving franchise management and product quality control, ensuring alignment with brand values [39][38]. - A shift from a passive to an active approach in engaging younger consumers is necessary, moving beyond traditional marketing strategies to embrace innovative and experiential offerings [68].

Core Viewpoint - The journey of Baima Tea Industry towards an IPO has been fraught with challenges, leading the company to shift its focus from A-share to Hong Kong stock market for listing opportunities [2][4][5]. Group 1: Company Background and Listing Attempts - Baima Tea Industry began its IPO journey in 2013, completing nearly 150 million yuan in private equity financing and attempting to list on the Shenzhen Stock Exchange, but was unsuccessful [3]. - The company switched to the New Third Board in 2015, successfully listing as the "first stock of Tieguanyin," but withdrew in 2018 due to strategic adjustments [3]. - In 2021, Baima Tea submitted a prospectus to the Shenzhen Stock Exchange's Growth Enterprise Market but withdrew the application in May 2022 after multiple inquiries [3][4]. - In September 2023, Baima Tea submitted an application to withdraw its IPO application for the Shenzhen main board, marking another setback in its listing efforts [3]. Group 2: Market Context and Challenges - The Chinese tea market has seen significant growth, expanding from 214.8 billion yuan in 2016 to 304.9 billion yuan in 2021, yet no tea companies have successfully listed on the A-share market [5]. - The challenges faced by Baima Tea reflect broader issues within the Chinese tea industry, including a lack of standardization and market acceptance for traditional tea companies [8]. - The company has faced operational difficulties, with a reported revenue of 1.063 billion yuan in the first half of 2023, a year-on-year decline of 4.23% [9][10]. Group 3: Financial Performance and Market Position - Baima Tea is a leading player in the Chinese tea market, with 3,501 offline stores projected by January 2025 and ranking first in sales for high-end tea, Oolong tea, and black tea [9]. - The company reported revenues of 1.818 billion yuan, 2.122 billion yuan, and 2.143 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 166 million yuan, 206 million yuan, and 224 million yuan [9]. - Despite its strong market position, Baima Tea's market share remains below 2%, which poses challenges for its capital story [15]. Group 4: Ownership and Governance - Baima Tea is a family-owned business, with the Wang family holding 62.80% of the shares, including key positions held by family members [11][12]. - The company has undergone 25 changes in equity structure, raising concerns about compliance and governance in the eyes of investors [14][15]. - The family connections and strategic partnerships have drawn attention, with some viewing it as a potential advantage in the competitive landscape [13].

Company Overview - Baima Tea has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International, Agricultural Bank of China International, and Tianfeng International as joint sponsors [1] - The company is a leader in the high-end tea market in China, projected to be the top seller in the high-end Chinese tea sector in 2024 [1] - As of June 30, 2025, Baima Tea has a total of 3,585 retail stores across the country [1] Market Insights - The overall Chinese tea market is expected to reach approximately 325.8 billion RMB in 2024, with a forecasted growth to 407.9 billion RMB by 2029, reflecting a compound annual growth rate (CAGR) of about 4.6% [1] - The high-end tea market in China is experiencing stronger growth, with an estimated market size of around 103.1 billion RMB in 2024, projected to increase to 135.3 billion RMB by 2029, indicating a CAGR of approximately 5.6% [1] Market Position - Baima Tea's market share in the high-end tea segment has increased from 1.1% in 2020 to 1.7% in 2024 [1]

Core Viewpoint - The China Chain Store & Franchise Association (CCFA) has released the "2024 Commercial Franchise TOP 300" list, with Baima Tea being the only traditional tea company to enter the top 100, ranking 57th overall, marking its third consecutive year as the leader in the tea industry segment [1][3]. Group 1: Company Achievements - Baima Tea has over 3,500 chain stores nationwide, establishing itself as the first brand in the Chinese tea chain market [1][3]. - The company has maintained its position as the top tea brand in customer satisfaction for two consecutive years, according to the China Customer Satisfaction Index (C-CSI) report [11]. - Baima Tea has achieved significant sales milestones, being the top seller in the categories of red tea, rock tea, and Tieguanyin for multiple years [9]. Group 2: Business Strategy - Since its establishment in 1997, Baima Tea has developed a comprehensive sales system that integrates both direct sales and franchising, as well as online and offline channels [5]. - The company has implemented a rigorous franchisee selection and training system, establishing 11 training bases across eight cities to enhance operational standards [7]. - Baima Tea has embraced digital tools and e-commerce trends, actively engaging in "live streaming + e-commerce" models to ensure sustainable business operations [5]. Group 3: Industry Position - The "2024 Commercial Franchise TOP 300" list includes 25 sub-sectors, providing benchmarks for Chinese brands and indicating a development direction that emphasizes the coexistence of scale and quality [3]. - Baima Tea's innovative "City Reception Hall" concept represents a significant upgrade in the tea space, reflecting the company's commitment to evolving consumer experiences [7]. - The company has established a standardized system across its operations, contributing to the formulation of industry standards in tea production and sales [13].

Core Viewpoint - The tea industry faces significant challenges related to trust and information asymmetry, which impacts consumer purchasing decisions and brand loyalty [16][17][24]. Group 1: Industry Dynamics - The tea industry is characterized by a long supply chain, where costs accumulate at each stage, leading to high retail prices [9][13]. - Consumers often perceive tea prices as exorbitant due to the layered pricing structure from tea farmers to retailers [8][15]. - The lack of clear differentiation among tea brands creates confusion for consumers, making it difficult for them to choose [16][21]. Group 2: Trust and Consumer Behavior - Trust is a critical factor in the tea business, with consumers often relying on personal relationships rather than brand reputation [24][26]. - The tea shop owner serves as a "trust anchor," providing a sense of reliability and familiarity that encourages repeat business [24][25]. - The tea industry suffers from high "trust costs," where consumers are hesitant to purchase due to perceived risks associated with quality and authenticity [17][50]. Group 3: Product Offering and Strategy - The introduction of "Xiao Dong Tea - Zhu Lan Flower Tea" aims to address trust issues by providing transparency about sourcing and production methods [37][41]. - The product emphasizes quality and traditional methods, appealing to consumers seeking authenticity [41][42]. - The pricing strategy of 98 yuan aims to eliminate unnecessary costs associated with trust and relationships, making it more accessible to consumers [52][53].