作为成立于1997年的行业龙头，八马茶业深耕高端中国茶领域二十余年，连续保持销量领先，全国连锁门店超过3700家，品牌影响力与消费者口碑稳居前 列。根据招股书披露，按2024年高端茶叶销售收入计，八马位居全国第一。依托成熟的产品矩阵、全国化渠道和数字化运营，八马持续拓宽增长边界，成 为国际资本市场关注的优质标的。 在项目推进中，天风国际密集开展路演，精准触达多元机构群体，助力形成高质量订单与充沛的市场热度。未来，将有更多储备项目陆续递表，天风国际 将以更强的专业能力与执行速度，持续扩展投资者覆盖面，服务更多中国优质企业对接全球资本市场。 10月28日，天风证券境外全资子公司天风国际凭借专业实力，成功助力八马茶业（6980.HK）在香港联交所主板挂牌上市。 天风国际在此次项目中担任多重关键角色，涵盖联席保荐人、整体协调人等，全程深度参与并精准推进，助力企业高质量登陆资本市场。此次发行合计 900万股，以上限定价募资约4.5亿港元；国际配售认购倍数达13.58倍，香港公开发售认购高达2680倍，充分印证了投资者对高端中国茶龙头的强烈信心。 作为湖北省属唯一境外金融平台，天风国际按照天风证券"城市投行"工作部署，以 ...

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].