According to the prospectus, in 2008, the first tea Baidao was born in Chengdu. As of the signing date of the prospectus, Tea Baidao has a total of 7,117 stores across the country, achieving full coverage of all provinces and tier-level cities in Chinese mainland. In April 2023, Chabaidao held a brand upgrade press conference, announcing that the number of stores exceeded 7,000 and would launch a sprint to the scale of 10,000 stores.
As a market leader, Cha Baidao is committed to redefining and continuously promoting new tea drinks to consumers. Since its establishment, the company has been committed to continuous innovation to promote tea consumption. Through unremitting efforts, the company promotes the inheritance and promotion of traditional Chinese tea culture among consumers in a new way. According to Frost & Sullivan's report, in terms of the compound growth rate of retail sales from 2020 to 2022, Tea Baidao ranked first among the top 10 new tea enterprises in China. In addition, the company is a well-known enterprise in China's new tea shop industry and is one of the most popular new tea brands among consumers, 563% of the respondents have consumed tea in Baidao.
In recent years, with the increase of urbanization rate and per capita disposable income, as well as people's pursuit of health and quality under the trend of consumption upgrading and the recognition of traditional Chinese culture by young consumer groups, the consumption frequency of consumers for new tea drinks has increased significantly, and China's new tea industry has developed rapidly. According to Frost & Sullivan, the market size of China's new tea industry in terms of retail sales increased from RMB66.8 billion in 2017 to RMB202.9 billion in 2022, with a compound annual growth rate of 249% and is expected to reach RMB484.5 billion in 2027, with a CAGR of 190%。The industry with huge growth potential and broad development space in the future is an important foundation for the sustained and rapid development of Chabaidao.
In its future development strategy, Chabaidao said that it will continue to expand its store network to further penetrate the domestic market and expand to overseas markets. The expansion plan mainly includes increasing the penetration rate of stores in the existing areas, expanding to new regions and improving the capacity of the ** chain.