Core Viewpoint - Baima Tea's IPO journey has reached a critical milestone with the successful filing for overseas listing in Hong Kong, despite the simultaneous expiration of its prospectus due to a delay in the hearing process [3][5]. Company Overview - Baima Tea is a well-known national chain brand in China, focusing on the research, design, standard output, and retail of various tea products, including Oolong, black, red, green, white, yellow, and reprocessed teas, as well as tea utensils and related food products [5][8]. - The company operates 3,498 stores, with approximately 92.1% being franchise stores, contributing around half of its revenue [8]. Financial Performance - In the reporting period from 2022 to the first three quarters of 2024, Baima Tea achieved revenues of 1.818 billion, 2.122 billion, and 1.647 billion yuan, with net profits of 166 million, 206 million, and 208 million yuan, respectively [8][10]. - The net profit margins for the same periods were 9.1%, 9.7%, and 12.6% [8]. - Sales and marketing expenses were significant, amounting to 617 million, 681 million, and 520 million yuan, representing 33.93%, 32.08%, and 31.55% of revenue [10]. Market Position - According to a report by Frost & Sullivan, Baima Tea ranks first in the Chinese tea market based on the number of tea chain stores and also leads in the Oolong and black tea markets by sales revenue [6]. - The company has maintained its position as the top seller of Tieguanyin tea for over a decade and has led in rock tea sales for five consecutive years [6]. Family and Business Connections - The company has strong family ties, with the controlling shareholders being the Wang family, who hold 55.9% of the voting rights through a concerted action agreement [11]. - The family has established connections with other listed companies through marriages, creating a significant capital network in the Quanzhou area, with the combined wealth of these connections exceeding 50 billion yuan [11][15]. Industry Context - The Chinese tea industry is characterized by a fragmented market, with a total domestic tea sales volume projected to reach 340 billion yuan in 2024, yet the top five companies only account for 6.2% of the market share [19]. - Baima Tea's IPO journey reflects the broader challenges faced by the tea industry in gaining traction in capital markets, as evidenced by the struggles of other tea companies attempting to go public [19][21].

在湖北省孝感市大悟县金墩村抹茶茶园，村民在采茶（无人机照片）。新华社记者 杜子璇 摄 新华社武汉5月21日电（记者田中全）一片茶叶能激发怎样的发展潜能？深入大别山南麓的湖北省孝感市大悟县，能寻到令人惊叹的答案。 5月中旬，春茶采摘正在收尾，而抹茶生产才刚刚开始。驱车来到河口镇金墩村，只见一望无际的茶园如绿色绸缎般顺着山势铺展蔓延。茶垄 间，茶农揭开茶树上的遮阳网，驾驶自动采茶车来回穿梭，采收茶青。空气中弥漫起清冽的茶香，直往鼻腔里钻。 揪下几片茶叶放在掌心，阳光下，叶片舒展、油光碧绿。"和绿茶不同，抹茶茶叶需经过20多天的遮阴处理，充分提升茶叶的持嫩性和叶绿素含 量后，才开始采摘。"金墩村抹茶基地负责人高峻峰介绍说。 大悟县地处大别山优势茶产区，平均海拔450米，拥有茶园30万亩。近年来，大悟县深耕"茶文章"，在稳固绿茶产业的基础上，持续推进产业提 档升级，通过招商引资引入现代化农业管理系统和抹茶生产工艺，在金墩村建成3000亩抹茶种植生产基地，全力打造大别山区茶产业科技赋能 的标杆样本。 在抹茶生产车间，刚收割的鲜叶经过蒸汽杀青、烘干、叶梗分离、静电除杂等自动化工序，形成制作抹茶的原料碾茶；来到精加工车间， ...

本文来自微信公众号：新周刊 （ID：new-weekly），作者：邢亚琪，编辑：宋爽，题图来源：AI生成 在影视剧中，采茶女这一形象并不少见，她们普遍被塑造得优雅知性，对于茶文化张口即来。随着现实 中的采茶女不断在短视频中刷屏，人们才看到了这个群体更为真实的一面，一般跨省而来的采茶女非但 不识茶文化，甚至连基本的饮食都很难被保证。采茶，可能是大多数采茶女工能接触到的为数不多 的"高薪"工作。 早上五点多，窗户外的天已经隐隐透出点点白光。王芳穿好衣服，翻身从床上起来，睡在一旁的丈夫睡 眼惺忪，问她："一会儿就走了？" 两人窸窸窣窣起床，王芳拿出头天晚上收拾好的衣服、饼干、饮用水和身份证等，又清点一遍确认没有 遗漏后，往厨房走去。 丈夫已经在锅里煮上鸡蛋，王芳匆匆看了一眼，有十几个，几乎铺满了锅底。旁边另一口锅里是正在沸 腾的热水，站在一旁的丈夫正准备做汤面条——在讲究"上车饺子下车面"的河南，人们朴素地坚信，吃 了饺子和面条就能平平安安出门、开开心心回家。 这是2025年3月末的一天，王芳和同村四名女性约好要乘大巴车从河南省出发，前往浙江省湖州市安吉 县采茶叶，领队和其中一位女工是王芳的亲戚，其余两位采茶工是王 ...