中国茶产业正站在转型升级的关键节点。2024年，市场规模已达3258亿元，其中绿茶独占近2000亿元，稳居第一大品类；红茶、乌龙茶、黑茶紧随其后，而 白茶与黄茶虽小众却增速迅猛。市场以内销为主，内销量占总产量约70%，显示出强大的本土消费韧性。与此同时，茶叶按价格划分为大众、中档与高档三 大层级，分别对应1413亿、814亿和1031亿元的市场规模，高端茶增长稳健，复合年增长率达3.7%。 行业"非标"属性显著，消费者面临高昂的信任成本——不仅要支付货币价格，还需承担学习、识别与选择的隐性成本。正因如此，品牌化成为破局关键。然 而现实是，全国超7万家茶企多为"小散弱"的中小作坊，导致"重产地、轻品牌"现象普遍，高端市场CR5仅为5.6%。尽管如此，头部企业如八马、天福、澜 沧古茶已通过全渠道布局与品类聚焦崭露头角，尤其八马以1.7%的高端市占率稳居龙头。 茶是绝对的第一大品类，2024年市 分别为1413亿、814亿和1031亿元 茶叶作为非标农产品，消费者存在科 散弱"的中小作坊，导致行业"重7 2024年占高档茶销售的94.5%。 未来,行业机遇在于消费升级推动E 中游企业同质化严重;下游则面临亲 01. ...

今天分享的是：嘉世咨询：2025年中国茶品类行业简析报告 报告共计：17页 2025年中国茶品类行业简析报告总结 中国茶品类市场2024年规模已达3258亿元，正迈向高质量融合阶段，市场以内销为主导，内销量占总产量的70%左右。品类结构上，绿茶占据绝对主导地 位，2024年市场规模接近2000亿元，红茶以541亿元位居第二，乌龙茶、黑茶紧随其后，白茶和黄茶则相对小众。价格分层清晰，大众、中档、高档茶市场 规模分别为1413亿、814亿和1031亿元。 茶叶作为非标农产品，消费者面临高昂的信任成本，品牌化成为行业必经之路。2024年中国茶叶企业品牌前50名中位数高达32.1亿元，但行业中游高度分 散，全国超7万家茶企多为中小作坊，高端茶叶市场CR5仅约5.6%，呈现"重产地、轻品牌"的格局。 中国茶产业三十年历经三大发展阶段，从1990年代中期的规模扩张，到2000 - 2019年的质量效益提升，如今已步入高质量发展与全域融合阶段，数字化营销 成为常态。产业链覆盖种植、加工、品牌化及渠道建设全环节，上游茶园种植规模稳步扩大，2024年种植面积达5172万亩，单位面积产量提升至67.67公斤/ 亩；下游以线下渠道 ...

Core Insights - Baima Tea's stock price has experienced significant volatility since its listing, with a peak increase of 86.7% on the first day, followed by a nearly 50% decline in the subsequent trading days, resulting in a market capitalization drop of approximately 53.72 billion HKD [1][2] Company Overview - Baima Tea is a national chain brand enterprise engaged in the research, design, standard output, and retail of various tea products, covering all categories of tea and related products [1] - According to its prospectus, Baima Tea ranks first in high-end tea sales revenue in China for 2024 and holds multiple segment sales championships [1] Market Position - Despite leading positions in several segments of the high-end tea market, Baima Tea's market share is relatively low, accounting for 1.7% of the total market, which is projected to reach 103.1 billion CNY in 2024 [2] - The top five companies in the high-end tea market collectively hold a market share of 5.6% [2] Franchise Expansion - There are signs of slowing expansion among Baima Tea's franchisees, with a significant decrease in the number of new franchise stores added in 2024 compared to 2023 [2] - The number of directly franchised stores increased by only 5 in 2024, a sharp decline from 265 in 2023 [2] Financial Performance - For the first half of 2025, Baima Tea reported a revenue of 1.063 billion CNY, a year-on-year decline of 4.2%, and a net profit of 120 million CNY, down 17.8% year-on-year [4] - The revenue decrease is attributed to a reduction in sales from self-operated offline stores [5] Stock Liquidity - Baima Tea announced a full circulation plan for H-shares shortly after its listing, which involves converting 31.9331 million domestic shares into H-shares, potentially increasing the total tradable shares from 52.9869 million to 84.92 million [5]

Core Points - The International Organization for Standardization (ISO) has officially released the technical specification "Chemical Classification of Tea" (ISO/TS 5617:2025), marking a significant achievement for China's international standardization in the tea industry [2][3][4] - This standard enhances China's international discourse power in tea classification methods and signifies a new international breakthrough in the construction of the tea scientific classification system [3][4] Group 1 - The standard was developed by a team led by Professor Wan Xiaochun from the Anhui Agricultural University, integrating chemical analysis and statistical methods [7][8] - It reveals the transformation mechanisms of key components in tea during processing and clarifies the distribution patterns of caffeine, catechins, and theanine across six major tea categories [8][9] - A classification system based on the Fisher discriminant model and stepwise discriminant analysis has been established for objective and accurate identification of green tea, black tea, oolong tea, white tea, yellow tea, and dark tea [9][10] Group 2 - This standard complements the existing "Tea Classification" standard (ISO 20715:2023), providing a more comprehensive scientific basis for international trade, research, education, and quality supervision in the tea sector [12][13] - The release of these two standards signifies international recognition of China's tea scientific classification system, promoting the technological and international development of the tea industry and reducing trade disputes caused by standard discrepancies [15][16] - The standard is expected to facilitate the international market entry of unique Chinese tea varieties such as white tea, yellow tea, and dark tea, enhancing China's influence in tea research, standardization, and cultural dissemination [17][18]

Core Viewpoint - Baima Tea Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising a maximum of HKD 450 million, reflecting strong market confidence in the high-end Chinese tea industry [1][2] Group 1: Listing and Market Performance - Baima Tea plans to issue 9 million H-shares, with 90% for international sale and 10% for public offering, achieving an oversubscription of 2,680.04 times in the public offering, setting a new record for tea companies in Hong Kong [1] - The stock closed at HKD 93.35 on its first trading day, representing an increase of 86.7% from the issue price, with a total market capitalization of HKD 7.935 billion [1] Group 2: Business Strategy and Fund Utilization - The company will allocate 35% of the raised funds for expanding production bases, 20% for enhancing brand value and product portfolio, 15% for optimizing offline networks, 10% for digital operations, 10% for acquisitions in the tea industry, and 10% for working capital [2] - Baima Tea's focus on capacity expansion, digital operations, and brand enhancement is expected to strengthen its competitive advantage in the market [2] Group 3: Market Expansion and Global Strategy - The company plans to expand its overseas market presence, initially targeting Southeast Asia and countries involved in the Belt and Road Initiative, with future plans to enter the European and American markets [3] - Leveraging international capital and investor networks, Baima Tea aims to enhance its global brand recognition and accelerate local channel development and product customization strategies [3]

Core Insights - Baima Tea's successful listing on the Hong Kong Stock Exchange marks a significant step for the Chinese tea industry in connecting with international capital markets [1][2][3] - The company raised a total of HKD 450 million by issuing 9 million H-shares, with an oversubscription rate of 2680.04 times for the public offering, setting a new record for tea companies in Hong Kong [1][3] - Baima Tea's stock price surged by 86.7% on its first trading day, closing at HKD 93.35, resulting in a market capitalization of HKD 7.935 billion [1][3] Company Overview - Baima Tea is recognized as a leading high-end tea brand in China, with a comprehensive product range that includes various types of tea and related products [3][4] - The company has established a strong market position, ranking first in the high-end tea market and leading in categories such as Oolong and black tea [4][5] - Baima Tea operates 3,716 offline stores, making it the top tea chain brand in China, with online sales accounting for 35% of its revenue [4][5] Financial Strategy - The company plans to allocate 35% of the raised funds for expanding production facilities, 20% for enhancing brand value, and 15% for optimizing offline networks [3][4] - Additional funds will be used for digital operations, acquisitions in the tea industry, and general working capital [3][4] Market Position and Brand Strength - Baima Tea's brand value reached CNY 31.359 billion in 2024, and it has been listed among China's top 500 brands for nine consecutive years [5] - The company has strengthened its market credibility by attracting strategic investors such as IDG Capital and Tian Tu Capital, enhancing its influence in the capital market [5][6] Global Expansion Plans - Baima Tea aims to expand its overseas market presence, having already held tasting events in over 30 countries [6][7] - The company plans to leverage international capital to accelerate its global strategy, focusing on localizing channels and customizing products for foreign markets [6][7]

Core Viewpoint - Baima Tea Co., Ltd. (八马茶业) successfully listed on the Hong Kong Stock Exchange, with its stock closing at HKD 93.35, representing an increase of 86.70% from its final offering price of HKD 50.00 [1][4]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued under the global offering was 9,000,000 H-shares, with 900,000 shares allocated for the Hong Kong public offering and 8,100,000 shares for international placement [2]. - After the listing, the total number of issued shares is 85,000,000 [2]. Financial Details of the Offering - The total amount raised from the offering was HKD 450.00 million, with estimated listing expenses of HKD 60.11 million, resulting in a net amount of HKD 389.89 million [4][5]. - The final offering price was set at HKD 50.00, within a price range of HKD 45.00 to HKD 50.00 [5]. Use of Proceeds - The proceeds from the global offering will be used for expanding production facilities, enhancing brand value, expanding the product portfolio, funding the expansion of the direct retail store network, improving digital operations, and potential acquisitions or investments in the Chinese tea industry [4][5]. Financial Performance - The company's revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 1,817.5 million, RMB 2,122.3 million, and RMB 2,143.3 million, respectively. The profit and total comprehensive income for the same years were RMB 165.8 million, RMB 205.7 million, and RMB 224.2 million [6][7]. - Revenue for the six months ending June 30 for 2024 and 2025 was RMB 1,109.8 million and RMB 1,063.2 million, respectively, with profit and total comprehensive income decreasing from RMB 146.0 million to RMB 120.0 million [6][7]. Cash Flow Analysis - The net cash generated from operating activities for the years 2022, 2023, and 2024 was RMB 214.5 million, RMB 465.1 million, and RMB 269.0 million, respectively [8]. - The cash and cash equivalents at the end of the periods were RMB 239.3 million for 2022, RMB 206.6 million for 2023, and RMB 347.2 million for 2024 [8].

Core Viewpoint - The Chinese tea market is projected to grow from 288.9 billion yuan in 2020 to 325.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of 3% [1][2] Market Overview - The Chinese tea industry has a long history, with domestic production accounting for approximately 69% of total output by 2024, indicating a self-sufficient industry [2] - The market is segmented into high-end, mid-range, and mass-market categories, with high-end tea experiencing the fastest growth due to rising consumer health awareness [3] - The overall tea market is expected to see sales revenue increase from about 89 billion yuan to approximately 103.1 billion yuan, reflecting a CAGR of about 3.7% [3] Market Segmentation - Tea types are categorized into six major categories based on fermentation: green tea, white tea, yellow tea, oolong tea, black tea, and red tea, with green tea dominating the market, accounting for over 50% of the total [2] - The market size for red tea is approximately 54.1 billion yuan, while oolong and black tea are in the 30-40 billion yuan range, and white tea and yellow tea are relatively niche, with sizes of 10.4 billion yuan and 2.9 billion yuan, respectively [2] Sales Channels - The sales model for tea is heavily reliant on offline experiences, with online and offline channels expected to account for approximately 11% and 89% of the market, respectively, by 2024 [3] - Direct sales and distribution models are projected to represent about 27.8% and 72.2% of the market, respectively [3] Competitive Landscape - The high-end tea market is highly fragmented, with Baima Tea Industry holding the largest market share at approximately 1.7% in 2024, followed by Tianfu and Lancang Ancient Tea [4] - The combined market share of the top three companies is less than 2% of the overall tea market size of 325.8 billion yuan [4]

Core Viewpoint - Eight Horse Tea Industry Co., Ltd. has successfully maintained a leading position in various core products within both niche markets and the national market, as evidenced by its recent IPO on the Hong Kong Stock Exchange [2][3]. Market Performance - Eight Horse Tea has launched a global offering of 9 million H-shares, with the Hong Kong public offering being oversubscribed by 2,680.04 times, setting a new record for tea companies in the Hong Kong stock market [3]. - As of 10:00 AM, the share price of Eight Horse Tea reached HKD 85.10, representing an increase of over 70% from the issue price, with a market capitalization exceeding HKD 7.2 billion [4]. Product Range and Market Position - The company offers a comprehensive product ecosystem that includes all categories of tea such as Oolong, black, red, green, white, and yellow tea, as well as non-tea products like tea utensils, snacks, and beverages [5]. - According to a report by Frost & Sullivan, Eight Horse Tea ranks first in the high-end tea market in China based on sales revenue for 2024, and it also leads in the Oolong and black tea markets. The company has maintained the highest sales of Tieguanyin tea for over 10 years, rock tea for 5 years, and black tea for 4 years [7]. Distribution and Franchise Model - In a highly fragmented traditional tea market, Eight Horse Tea has successfully implemented a unique "direct sales + franchise" model, achieving significant scale expansion and establishing strong channel barriers. As of the latest date, the company operates 3,716 offline stores across all provinces in mainland China, making it the largest tea chain in the country [9]. - To support franchisees, Eight Horse Tea enhances bargaining power and reduces costs through centralized procurement, unified production, and logistics distribution. The number of franchisees with average annual sales exceeding HKD 2 million increased from 80 in 2022 to 116 in 2024 [10]. International Expansion - Eight Horse Tea is actively exploring international markets, having hosted global tasting events in over 30 countries, including the USA, UK, and France, and representing Chinese tea at significant international occasions [12]. - The company plans to expand its overseas market channels, prioritizing Southeast Asia and countries along the Belt and Road Initiative as pilot markets, with future intentions to enter the European and American markets [10].

Company Dynamics - Hong Kong Stock Exchange is set to welcome the listing of Baima Tea Co., Ltd. on October 28, with the stock code 6980.HK [2] - During the subscription period, Baima Tea received overwhelming market interest, achieving an oversubscription rate of over 1920 times, setting a new record for IPO subscriptions in the Hong Kong tea industry [2] - The global offering commenced on October 20, with a plan to issue 9 million shares, including 900,000 shares for public offering in Hong Kong and 8.1 million shares for international offering, at a price range of HKD 45.0 to 50.0 per share [2] - By October 23, the public offering portion attracted subscription funds amounting to HKD 86.4 billion, significantly exceeding the original public offering target of approximately HKD 45 million [2] Business Overview - Established in 1997, Baima Tea's core business includes research and design of tea and related products, standard output, and brand retail [2] - The company has developed an industry-leading "full category, multi-brand" product matrix, covering six major tea types: Oolong, black, red, green, white, and yellow tea, along with non-tea products such as tea utensils, tea snacks, and tea beverages [2] - Baima Tea also provides supporting services such as tea beverage box services, franchise licensing, and investment property leasing [2] Investment Background - Prior to the IPO, Baima Tea attracted interest from leading financial investment institutions and industry capital, including IDG Capital and Tiantu Capital [3] - The company is expected to officially list on October 28, with Huatai Financial Holdings (Hong Kong) Limited, Agricultural Bank of China International, and Tianfeng International Capital Markets Limited serving as joint sponsors [3] - Baima Tea's journey to capital markets has faced challenges, including delisting from the New Third Board and two unsuccessful attempts at A-share IPOs [3]