Group 1 - Tianfeng International successfully assisted Bama Tea Industry (6980.HK) in its listing on the Hong Kong Stock Exchange, acting as a joint sponsor and overall coordinator [1] - The offering consisted of 9 million shares, raising approximately HKD 450 million, with an international placement subscription rate of 13.58 times and a public offering subscription rate of 2680 times, indicating strong investor confidence in the high-end Chinese tea leader [1] Group 2 - Founded in 1997, Bama Tea Industry has over 20 years of experience in the high-end Chinese tea sector, maintaining sales leadership with over 3,700 chain stores nationwide, and is ranked first in high-end tea sales revenue for 2024 according to its prospectus [3] - Bama Tea Industry continues to expand its growth boundaries through a mature product matrix, nationwide channels, and digital operations, making it a quality target for international capital markets [3] - Tianfeng International conducted intensive roadshows to engage a diverse range of institutional investors, contributing to high-quality orders and strong market enthusiasm [3] Group 3 - As the only overseas financial platform under Hubei Province, Tianfeng International aims to facilitate high-level "bringing in" and high-quality "going out" through the establishment of overseas financial investment liaison stations in development zones and industrial parks [3] - Tianfeng Securities is committed to enhancing its service capabilities to support the development of the real economy, aligning with national strategies and infrastructure development [3]

Core Viewpoint - Eight Horse Tea is experiencing a slowdown in revenue and profit growth despite an increase in store count, indicating potential challenges in consumer purchasing power and market dynamics [5][7]. Group 1: Company Overview - Eight Horse Tea was founded in 1997 by the Wang brothers from Anxi, Fujian, and has shifted its brand positioning from "luxury tea" to "business and political gift tea" targeting small and medium-sized enterprises [2]. - As of the latest prospectus, Eight Horse Tea operates 3,633 stores across major cities in China, with a distribution of stores in first-tier, new first-tier, second-tier, and third-tier cities being 10.9%, 20.8%, 28.6%, and 39.7% respectively [2]. Group 2: Financial Performance - Eight Horse Tea's revenue figures from 2022 to 2024 are 1.82 billion, 2.12 billion, and 2.14 billion yuan, with growth rates of 16.8% in 2023 and 1.0% in 2024 [5]. - In the first half of 2025, the company's revenue was 1.06 billion yuan, reflecting a year-on-year decline of 4.2% [6]. - The average annual purchase amount per member in Eight Horse Tea's offline stores decreased from 2,860.4 yuan in 2022 to 2,469.6 yuan in 2024, indicating a weakening purchasing power among members [3][4]. Group 3: Store Expansion and Revenue Analysis - Despite the increase in store count from 2,931 at the end of 2022 to 3,585 by mid-2025, the revenue per store has declined, with figures of 447,600 yuan, 443,000 yuan, and 411,800 yuan from 2022 to 2024 [6]. - The offline revenue for Eight Horse Tea was 1.312 billion, 1.493 billion, and 1.443 billion yuan from 2022 to 2024, with a 5.3% decline in offline channel revenue in the first half of 2025 [6]. Group 4: Profitability Trends - The gross profit margin for Eight Horse Tea has shown a steady increase, recorded at 53.3%, 52.3%, 55.0%, and 55.3% from 2022 to the first half of 2025 [6]. - Net profit figures for the company were 160 million, 210 million, and 220 million yuan from 2022 to 2024, with growth rates of 24.0% and 8.9% in 2023 and 2024 respectively [6]. - In the first half of 2025, net profit was 120 million yuan, down 17.8% year-on-year, attributed to reduced revenue and increased administrative expenses [7].