机构观点 经济观察网澜沧古茶与中国农业银行订立流动资金借款合同，获得4580万元三年期贷款，利率基于LPR 浮动，用于偿还旧贷款，并由全资子公司提供不动产抵押。该事件缓解了公司短期流动性压力，但需关 注其高负债结构。 股票近期走势 近期澜沧古茶股价表现平稳但流动性偏低。截至2026年2月13日，股价收于2.55港元，近5日无成交记 录，换手率为0%。年初至今累计涨幅33.51%，20日涨幅2.82%，但市盈率为负值，反映盈利压力。技术 面显示KDJ指标处于超买区间，MACD柱状图转正，但布林带收窄，预示短期波动有限。 第三方分析指出澜沧古茶面临存货高企、渠道收缩及品牌战略摇摆等挑战，建议聚焦核心产品与渠道优 化。尽管公司尝试通过贷款缓解现金流，但长期转型仍需观察终端动销改善情况。 以上内容基于公开资料整理，不构成投资建议。 ...

澜沧古茶(06911)发布公告，于2026年2月12日，本公司(作为借款人)与中国农业银行股份有限公司澜沧 拉祜族自治县支行(作为贷款人)订立流动资金借款合同，贷款人已同意向本公司提供人民币4580万元的 一般流动资金借款(贷款)。 ...

格隆汇2月12日丨澜沧古茶(06911.HK)宣布，于2026年2月12日，公司(作为借款人)与中国农业银行股份 有限公司澜沧拉祜族自治县支行(作为贷款人，「贷款人」)订立流动资金借款合同，据此，贷款人已同 意向公司提供人民币4580万元之一般流动资金借款(「贷款」)。 ...

智通财经APP讯，澜沧古茶(06911)发布公告，于2026年2月12日，本公司(作为借款人)与中国农业银行 股份有限公司澜沧拉祜族自治县支行(作为贷款人)订立流动资金借款合同，贷款人已同意向本公司提供 人民币4580万元的一般流动资金借款(贷款)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 PU'ER LANCANG ANCIENT TEA CO., LTD. 普洱瀾滄古茶股份有限公司 於中華人民共和國註冊成立的股份有限公司 ） （股份代號：6911） 自願性公告 訂立流動資金借款合同 此乃普洱瀾滄古茶股份有限公司（「本公司」，連同其附屬公司統稱為「本集團」）作出之自願性公 告。 利息 ： 根據每一周期約定的貸款市場報價利率(LPR)加或減一定點差確定，並按 周期浮動，點差在貸款期限內保持不變，按月結息 抵押 ： 抵押人普洱瀾滄古茶人合有限責任公司（本公司全資附屬公司）以雲(2020) 普洱市不動產權第0000566號、雲(2020)普洱市不動產權第0000564號、雲 (2020)普洱市不動產權第0000565號、雲(2020)普洱市不動產權第0000562 號、雲(2020)普洱市不動產權第0000561號、雲(2020)普洱市不動產權第 0000559號、雲(2020)普洱市不動產權 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 普洱瀾滄古茶股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06911 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 55,500,000 | RMB | | 1 RMB | | 55,500,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 55,500,000 | RMB | | 1 RMB | | 55,500,000 | | 2. 股份分 ...

Impairment Losses - The company reported a significant impairment loss of RMB 3.1 million related to the right-of-use asset for an office lease in Guangzhou, accounting for 1.6% of the total impairment for the year 2024[6]. - The total impairment losses for property, plant, and equipment, and right-of-use assets amounted to approximately RMB 94.7 million and RMB 91.6 million respectively, reflecting a reduction to their recoverable amounts[7]. - The management has indicated that the impairment losses are a result of specific indicators and sufficient observable input data, negating the need for further assumptions[6]. - The company has not identified any impairment indicators for its assets in the fiscal year 2023[19]. Operational Performance - The management identified operational losses in September 2024, primarily due to a decline in overall revenue compared to the previous year and unoptimized operating expenses[5]. - The company reported a decrease in overall income during the reporting period, which contributed to the operational losses[5]. - The company plans to continue optimizing its operational expenses and has made strategic decisions to exit underperforming assets to enhance overall efficiency[6]. Trade Receivables Management - The company actively tracks trade receivables and adjusts expected credit loss provisions based on historical loss rates and forward-looking macroeconomic data[8]. - The financial department regularly reports on major outstanding receivables to the general manager for focused collection efforts[8]. - The company's trade receivables as of December 31, 2024, amounted to RMB 716.17 million, with an impairment provision of RMB 216.68 million[9]. - The company has implemented various measures to recover overdue trade receivables, including sending reconciliation letters and collection notices, and signing repayment commitment letters[10]. - The company has initiated legal action for overdue trade receivables amounting to RMB 2.3159 million as of March 2025, with plans to pursue further legal actions based on collection progress[13]. - The company has established a tiered legal collection system for overdue receivables, with actions including sending lawyer letters for amounts overdue by more than 90 days[13]. - The company has not initiated legal actions against long-term clients with overdue receivables due to the current economic environment and the value of maintaining long-term partnerships[11]. - The company assesses clients' repayment capabilities based on their credit history, asset status, and operational conditions[12]. - The company has a structured action plan for collecting overdue receivables, including monthly reconciliation and formal collection letters[14]. - The total amount of overdue trade receivables under RMB 300,000 accounts for only 19.5% of the total receivables[10]. - The company is executing cash-on-delivery for new orders from clients with overdue receivables to mitigate transaction risks[14]. Cash Collection Targets - As of October 31, 2025, the company has recovered RMB 33.0 million, representing 46.1% of the outstanding receivables[10]. - As of September 30, 2025, the preliminary cash collection target is RMB 32.3 million, achieving 45.2% of the goal[16]. - By December 31, 2025, the target for new cash collections is set to be at least RMB 39 million[16]. - By December 31, 2026, the cash collection target is set at RMB 50 million[16]. Expected Credit Losses - The expected credit loss (ECL) for trade receivables as of December 31, 2024, totals RMB 21.67 million, with the breakdown including RMB 15.12 million for receivables overdue by more than 180 days[21]. - Expected credit losses for current trade receivables are RMB 238,267, representing 1.4% of the total[24]. - Expected credit losses for receivables overdue within 90 days are RMB 1,469,637, which is 8.9%[24]. - Expected credit losses for receivables overdue within 180 days are RMB 4,840,978, accounting for 28.0%[24]. - Expected credit losses for receivables overdue beyond 180 days are RMB 15,119,470, representing 72.6%[24]. - There have been no significant changes in the key input data and assumptions used for assessing the recoverable amount and impairment of trade receivables compared to the previous period[25]. - The assessment method for trade receivables as of December 31, 2024, remains unchanged from prior assessments[25]. - All other information disclosed in the 2024 report remains unchanged, aside from the details mentioned above[25]. Revenue Projections - The projected revenue growth rate for the forecast period ranges from -28.7% to 20.8%[20]. - The net profit margin during the forecast period is estimated to range from -5.7% to 22.1%[22]. - A pre-tax discount rate of 14.45% is applied to reflect the business risks associated with the CGU[22]. - The forward-looking adjustment coefficient for 2024 is set at 0.94, based on Moody's 2024 annual default study and Bloomberg's 2025 economic forecasts[24]. - As of the baseline date, the company has recovered accounts receivable amounting to RMB 19,236,165, leading to an assumed default probability of 0 for subsequent receivables[24]. - Total trade receivables as of December 31, 2024, amount to RMB 71,616,508, with an adjusted amount of RMB 52,380,343[24].

Core Insights - The tea chain industry in China has seen significant growth, with market size increasing from 49.13 billion yuan in 2015 to 91.54 billion yuan in 2022, reflecting a compound annual growth rate (CAGR) of 9.3% [1][11] - However, a projected decline of 2.66% is expected in 2024, with the market size estimated at 87.83 billion yuan, primarily due to rational consumer spending and competition from online channels and new tea beverage brands [1][11] - The industry is anticipated to evolve towards greater branding and specialization, with an emphasis on brand building, market segmentation, and enhanced consumer experiences through smart features [1][11] Industry Overview - The tea chain industry operates through a standardized and chain-based business model, providing tea products and related services across various retail formats [3][11] - It can be categorized by product type (green tea, black tea, etc.), sales channels (direct, franchise, e-commerce), and service forms (tea shops, tea experience stores) [3] Industry Development History - The industry began in the 1990s, gaining momentum in the 21st century as consumer demand diversified and e-commerce emerged as a significant opportunity [5][6] - The current landscape features a more concentrated market with established brands and a need for continuous innovation to address challenges like product homogenization and intense competition [6] Industry Value Chain - The upstream of the tea chain industry includes tea plantations and processing facilities, while the midstream consists of tea chain enterprises responsible for brand management and retail operations [6] - The downstream involves consumers who drive demand and feedback, influencing the entire value chain [6] Market Trends - The tea chain industry is expected to focus on experiential retail, transforming stores into cultural and social spaces that enhance customer engagement [15] - Digital tools will facilitate precise service and supply chain integration, improving operational efficiency and product traceability [15] - There will be a shift towards health-oriented products and innovative forms, catering to modern consumer preferences [16][17] Key Companies - Notable companies in the tea chain industry include Baima Tea, Lancang Ancient Tea, Tianfu, and others, each with unique market strategies and product offerings [2][12] - Baima Tea, for instance, has over 3,700 stores and has established a strong online presence, achieving significant sales growth [12][13]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 普洱瀾滄古茶股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06911 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 55,500,000 | RMB | | 1 RMB | | 55,500,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 55,500,000 | RMB | | 1 RMB | | 55,500,000 | | 2. 股份 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 PU'ER LANCANG ANCIENT TEA CO., LTD. 普洱瀾滄古茶股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6911） 於二零二五年十二月三十日舉行之 二零二五年第四次臨時股東大會之投票結果 茲提述普洱瀾滄古茶股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）日期為二零二五 年十二月十四日的二零二五年第四次臨時股東大會（「臨時股東大會」）通告及本公司日期為二零 二五年十二月十四日的通函（「通函」）。除另有界定外，本公告所用詞彙與通函所界定者具有相 同涵義。 臨時股東大會已於二零二五年十二月三十日（星期二）上午九時正在中國雲南省普洱市瀾滄拉祜 族自治縣勐朗鎮縣城西郊溫泉社區平掌路根據《中華人民共和國公司法》及公司章程召開及舉 行。臨時股東大會由董事會主席杜春嶧女士主持。 董事會欣然宣佈，於臨時股東大會上，臨時股東大會通告所載列之各項普通決議案獲股東以投 ...