ok-To The Moon - Tiger Brokers Online Investing Community

Like
Comment
Favorite

llxs
2021-07-02

Why is Nayuki's tea, the "first stock of new tea drinks", expensive and unprofitable?

得偿所愿，奈雪の茶昨日在港上市，正式成为“新茶饮第一股”。只是“第一股”的光鲜，远不如“开盘即破发”的热度。奈雪上市首日发行价 19.8 港元，报收 17.12 港元，下跌 13.54%，总市值约

Why is Nayuki's tea, the "first stock of new tea drinks", expensive and unprofitable?

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

Top
Latest

No comments yet

Most Discussed

{"i18n":{"language":"en_US"},"data":{"magic":2,"id":158583241,"tweetId":"158583241","gmtCreate":1625155904283,"gmtModify":1703737431670,"author":{"id":3585374516314227,"idStr":"3585374516314227","authorId":3585374516314227,"authorIdStr":"3585374516314227","name":"llxs","avatar":"https://static.tigerbbs.com/426513ad77def29fadc14c37b70c6a7e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":6,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>ok</body></html>","htmlText":"<html><head></head><body>ok</body></html>","text":"ok","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/158583241","repostId":2148826413,"repostType":4,"repost":{"id":"2148826413","kind":"news","pubTimestamp":1625148578,"share":"https://ttm.financial/m/news/2148826413?lang=en_US&edition=fundamental","pubTime":"2021-07-01 22:09","market":"hk","language":"zh","title":"Why is Nayuki's tea, the \"first stock of new tea drinks\", expensive and unprofitable?","url":"https://stock-news.laohu8.com/highlight/detail?id=2148826413","media":"爱范儿","summary":"得偿所愿，奈雪の茶昨日在港上市，正式成为“新茶饮第一股”。\n只是“第一股”的光鲜，远不如“开盘即破发”的热度。奈雪上市首日发行价 19.8 港元，报收 17.12 港元，下跌 13.54%，总市值约 ","content":"Getting what he wanted, Nayuki's Tea was listed in Hong Kong yesterday, officially becoming the \"first stock of new tea drinks\".It's just that the glamour of the \"first stock\" is far less than the popularity of \"breaking at the opening\". Naixue's issue price on the first day of listing was HK $19.8, closing at HK $17.12, down 13.54%, with a total market value of approximately HK $30 billion.<img src=\"https://static.tigerbbs.com/95a8ff9d5304f9864860276ec62a4b5f\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Before going public, \"selling expensively but not making money\" had been bothering Naixue, so the embarrassment on the first day was not surprising. Naixue's listing is precisely to raise funds to expand the tea shop network, promote the digitalization of operations, and improve the level of the supply chain.Different from the performance on the first day, Naixue closed the IPO one day earlier than originally planned due to the hot subscription during the IPO period. Perhaps the \"bloody listing\" of head player Naixue can de-foam the new tea drinking track that has been advancing rapidly.New tea drinks are expensive?Many consumers' first impression of Naixue is \"expensive\", and it is indeed the case. Naixue's prospectus shows that the unit price per customer in the first three quarters of 2020 was 43.3 yuan, ranking first among China's high-end ready-made tea chain stores, with an industry average of about 35 yuan.The average price of the new tea industry is 35 yuan, which is already considered very high.<img src=\"https://static.tigerbbs.com/345182d0ba8fab280e555eb3568568f4\" tg-width=\"550\" tg-height=\"524\" referrerpolicy=\"no-referrer\">Before 2015, tea drinks, such as a little bit, Michelle Ice City, and CoCo, are available. Tea powder, tea residue or ordinary tea leaves are often used to make base tea, and blended with creamer powder; Since 2015, the tea drinking industry has set off a new wave of tea drinking, using high-quality tea extraction and adding fresh fruits or fresh milk and other flavorings. Heytea,<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>, Lele Tea, and Chayanyuese are representative brands.Therefore, there is a reason why the price of new tea drinks that emphasize quality in material selection is higher than that of traditional chain tea drinks. According to Naixue's prospectus, material costs and staff costs are the bulk of Naixue's tea costs. In 2020, the two accounted for 68% of the total, of which material costs accounted for 37.9%.<img src=\"https://static.tigerbbs.com/5c36359aad8ea45b57e0ff7d29b5a56e\" tg-width=\"550\" tg-height=\"431\" referrerpolicy=\"no-referrer\">However, high cost is one thing. When the leading new tea brands have increased their prices by more than 30 yuan, consumers feel that it is unreasonable. Both are new tea brands, and the cost of raw materials is similar. Even some milk teas that cost more than ten yuan a cup can taste 30 yuan a cup. Why are several top players so expensive?<img src=\"https://static.tigerbbs.com/70bb589a1bc3eca9f638de573f2b4d66\" tg-width=\"550\" tg-height=\"626\" referrerpolicy=\"no-referrer\">According to \"Geek Park\", although raw materials account for the bulk of the cost of milk tea, the cost difference between each brand will not be too big. Some brands have high prices, and the additional cost lies in brand marketing and store investment.Obviously, Naixue has invested a lot in stores, mainly large stores with an area of 200-350 square meters. The locations are mostly located in large shopping malls, and the average cost of opening a store is 1.85 million. In November 2020, Naixue launched the Pro store. The store area has been reduced, but it is still between 80-200 square meters. In contrast, the single store area of Michelle Bingcheng and Chayanyuese does not exceed 30 square meters.<img src=\"https://static.tigerbbs.com/fa78a86510ef1717bb8fdf19b6d5bfa8\" tg-width=\"550\" tg-height=\"411\" referrerpolicy=\"no-referrer\">And Nayuki's direct competitor, Heytea, doesn't have much obsession with the scene. Since 2018, it has been expanding in the form of a combination of \"big store + minimalist GO store\". The big store conveys the brand concept, and the GO store meets the daily tea demand. At the same time, the profitability of a single store is stronger and the expansion speed is accelerated. Heytea can also There are more additional costs for brand marketing, mainly promoting online social platform operations and cross-border co-branding.<img src=\"https://static.tigerbbs.com/7d462c187d7185d02327f81534767eb9\" tg-width=\"550\" tg-height=\"324\" referrerpolicy=\"no-referrer\">In addition, there is another reason for the high price of new tea drinks, that is, the production process of new tea drinks is more complicated than that of traditional chain tea drinks. Taking Nayuki as an example, its products are mainly divided into two categories, one is freshly made tea drinks, and the other is freshly baked bread and cakes. Peng Xin, the founder of Naixue, once said, \"In addition to a group of people seen in the outfield, there are two groups of people in the kitchen. One group of them mix dough, powder, and bake, and the other group of people wash fruit, cut fruit, make tea, and make milk cover\".The complexity of the production line means that it is more difficult to standardize operations for a chain brand, which is a challenge that new tea brands have to face.Therefore, in the future, the high cost of raw materials, venues, and personnel is likely to be a persistent phenomenon of Naixue and other high-end new tea brands. Naixue's most expensive drink is the \"Domineering Musang King\" for 88 yuan a cup. It was once put on the shelves in August 2018. It is limited to 30 cups per day and goes on sale at 12 o'clock for only 30 days. The pricing seems ridiculously high, but it is also in line with the rules of the market. Brands also have pricing freedom. If someone is willing to buy it, then the new tea brand is willing to sell it.<img src=\"https://static.tigerbbs.com/2b7b8d79fe326855c1995f6458bfb97c\" tg-width=\"550\" tg-height=\"412\" referrerpolicy=\"no-referrer\">Making milk tea<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>, is it possible?Before Nayuki's tea went on the market, it always wanted to tell a story of \"Starbucks in the tea drinking industry\", intending to create a \"big and beautiful\" \"third space\".<img src=\"https://static.tigerbbs.com/4105ac0d0d49cf29dbf08cfe7d3aa088\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">In addition to the store area that is three or four times that of ordinary milk tea shops, Nayuki's tea also requires each directly-operated chain store to only retain \"40% similarity\", and other parts are designed according to different cities. Starbucks also has this concept--Every one is the same, every one is different. Moreover, Naixue's location is mostly in urban central business districts or high-end office buildings with high rents.But is \"a cup of good tea and a soft European bag\" enough to create a social scene? According to Sullivan's 2020 White Paper on the Development of New Tea Industry, afternoon tea, shopping and encountering pleasant things are the three main scenarios of new tea consumption. Unlike coffee, the social attributes of milk tea are not so prominent, and there is currently no milk tea shop that is really suitable for office work. Milk tea is still a casual and accompanying personal drink, and it is more common to drink it while walking, in the office, and at home.<img src=\"https://static.tigerbbs.com/a0eb3132d82df9253db83a451bd44878\" tg-width=\"550\" tg-height=\"384\" referrerpolicy=\"no-referrer\">At the same time, according to a consumer insight, the target group of new tea drinks is between the ages of 25 and 35. They have a high degree of acceptance of new things, strong social needs, and certain requirements for quality life, but they also take into account convenience and cost performance.Naixue's own customer base is young women aged 20-35, which is included in the target group of the entire new tea market. Just like my two colleagues, one buys Nayuki once or twice a month, and the other went to the Nayuki store two years ago. They all have one or two favorite fruit teas and European bags, but they don't accept the price of Nayuki. Moreover, although the area of Naixue's store is large, the environment is not friendly.<img src=\"https://static.tigerbbs.com/180c8a9f2dccc153db0f90f24f252c52\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\">Not only can it not be Starbucks, but the big store model continues to drag down Naixue. At present, Naixue has opened 422 stores, with 155, 148 and 98 stores in first-tier cities, new first-tier cities and second-tier cities respectively, and the revenue generated is 820 million yuan and 660 million yuan respectively. and 420 million yuan. A division shows that the revenue created by a single store is gradually declining from the first line, the new first line and then to the second line. The more stores opened in second-and third-tier cities in the past two years, the faster the profit margin will decline.<img src=\"https://static.tigerbbs.com/41c1655daa1c86b23a886fd449e43c6c\" tg-width=\"550\" tg-height=\"233\" referrerpolicy=\"no-referrer\">It is worth mentioning that Naixue also has a sub-brand \"Tai Gai\". Tai Gai is a sub-brand established by Naixue in 2015. It mainly provides milk tea and lemon tea drinks. The average price is 16 yuan. It is aimed at students who are more price-sensitive. and young office workers. However, the average daily sales of a single store of Taigai decreased from 7,537 yuan in 2018 to 6,387 yuan in 2019. Naixue's management has also made a strategic decision not to promote the growth of Taigai in the short term.<img src=\"https://static.tigerbbs.com/cff3a32f501e9c0af41b2964409aec81\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Therefore, Naixue's positioning in the new tea market is somewhat narrow. Most consumers are willing to spend in Naixue, but the frequency of consumption will not be too high, and there is no special social demand for milk tea; Naixue's sub-brand \"Tai Gai\" is small in scale and does not perform well.However, Naixue's Pro store has just begun to be deployed. It will launch its first store in November 2020. It plans to deploy business office areas and high-density communities in first-tier cities. Compared with the previous large store model, the follow-up remains to be seen.Crazy new products, creative co-branding, bloody listing, how many solutions are there for new tea drinks?\"A cup of good tea, a soft European bag, meet two kinds of beauty in Naixue\" is Naixue's brand culture.The form of \"tea + soft European bag\" created by Naixue claims to be innovative is not very creative now. Heytea also has the brand of \"Heytea Hot Wheat\". In addition, Naixue has Naixue sparkling water, and Heytea also has Heytea bottles; Also staring at the sinking market, Naixue has a platform cover, and Heytea also has Heytea.<img src=\"https://static.tigerbbs.com/05d9c38210cbe95b4ee9ce5c7e550ec5\" tg-width=\"550\" tg-height=\"326\" referrerpolicy=\"no-referrer\"><h2></h2>There is never a shortage of creativity in the tea market, and there is never a shortage of latecomers. While new tea brands are becoming more and more detailed, they are also becoming more and more anxious about new products. How much imagination is there in the track of tea drinking?According to Naixue's prospectus, as of September 2020, Naixue's core tea menu has more than 25 classic tea drinks and more than 25 classic baked products. In order to maintain the freshness of its products, Naixue continues to innovate around the core menu, launching about one new drink every week on average. Since 2018, Naixue has launched about 60 seasonal products, including many relatively niche products such as mulberries and longan. Fruit-flavored tea drinks were developed.In March of this year, Naixue launched a new \"domineering jade tangerine\", claiming to use 66 tangerine to squeeze a cup, \"slightly astringent in 3 seconds, sweet in 5 seconds\", officially entering the extremely fine track of tangerine drinks. After it was put on the shelves, the sales rate of Baqi Jade Oil Orange increased and became a hot item. The sales volume of Naixue tea products has exceeded 20%, even surpassing Baqi Cheese Strawberry, which has been at the top of the list all the year round.<img src=\"https://static.tigerbbs.com/d0bc367e7bb7de09fc504424d070b18e\" tg-width=\"550\" tg-height=\"588\" referrerpolicy=\"no-referrer\">But there are many latecomers. When the niche fruit of oil tangerine is targeted by various new tea brands, it is no longer unusual. They intensively launch new products related to oil tangerine, and try to win by \"quantity\". The stronger the taste, the better, and it is consumers who are anxious about their figure and body that bear these marketing propaganda and sweetened oil tangerine.Similarly, among many industries, tea drinks are definitely a cross-border maniac. It's not that they are more creative than anyone else, but they are afraid that someone will not keep up. In 2019 alone, Heytea had 26 co-brands. Although the number of Nayuki's co-brands is not as good as that of Heytea, the co-branding activities are also quite distinctive, which can be roughly divided into three categories: co-branding with literary IP, co-branding with other fast-moving consumer brands, and Nayuki's tea's self-built IP \"CUP Art Museum\". Among them, the most special thing is the joint launch of snail powder soft European bag with \"Haohuanluo\", which looks a little dark, but it is really eye-catching.<img src=\"https://static.tigerbbs.com/ba3dc0e00d1e56f8658e04727cd40cd2\" tg-width=\"550\" tg-height=\"823\" referrerpolicy=\"no-referrer\">On the road of financing, new tea drinks are also scrambling. 2018 is a critical time point for the development of China's new tea market, and many tea brands have begun to embark on the path of financing expansion.Founded in 2015, Naixue has completed 7 rounds of financing so far. Milk tea brands such as Shanghai Aunt, 7 Fentian, Lele Tea, Naixue's Tea, and Heytea have all received financing in 2020, and the valuation of Heytea may have reached 60 billion yuan.<img src=\"https://static.tigerbbs.com/2f81e6761b64cd6a38ec13d8ac0b717c\" tg-width=\"550\" tg-height=\"229\" referrerpolicy=\"no-referrer\">By the end of 2020, the market size of new tea drinks in China has exceeded the 100 billion mark. By 2021, the number of milk tea stores in China will increase to 550,000. More than 100 brands in China's new tea drinking track have produced more than 200 financing events, and more than ten financing events have occurred only halfway through 2021.Including not only new brands such as Nayuki's tea and Heytea,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>Traditional catering companies such as Xiapu Xiapu have also started milk tea business, and even China Post has opened its first milk tea shop in Fuzhou across the border.<img src=\"https://static.tigerbbs.com/79d24bf64bf539c679459bbbb3418c8a\" tg-width=\"550\" tg-height=\"944\" referrerpolicy=\"no-referrer\">Therefore, in a market that tends to be homogeneous and saturated, continuous blood transfusion through listing and raising funds may be the goal of new tea brands that entered the market earlier, and Nayuki, which has weak hematopoietic ability, is even more difficult to make an exception. It's just that at present, Naixue's large expansion investment has not been exchanged for equal profit growth, nor is it favored by capital.Tea consumers have not yet formed a strong brand dependence. As long as the product taste is qualified, the frequency of new launches is appropriate, and corresponding marketing methods are used, it is not impossible to copy a Nayuki tea.There is the first stock of new tea drinks, but the market seems to have a new judgment on this track in the future.","source":"lsy1568618383546","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why is Nayuki's tea, the \"first stock of new tea drinks\", expensive and unprofitable?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy is Nayuki's tea, the \"first stock of new tea drinks\", expensive and unprofitable?\n</h2>\n<h4 class=\"meta\">\n\n爱范儿2021-07-01 22:09\n\n</h4>\n</header>\n<article>\nGetting what he wanted, Nayuki's Tea was listed in Hong Kong yesterday, officially becoming the \"first stock of new tea drinks\".It's just that the glamour of the \"first stock\" is far less than the popularity of \"breaking at the opening\". Naixue's issue price on the first day of listing was HK $19.8, closing at HK $17.12, down 13.54%, with a total market value of approximately HK $30 billion.<img src=\"https://static.tigerbbs.com/95a8ff9d5304f9864860276ec62a4b5f\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">Before going public, \"selling expensively but not making money\" had been bothering Naixue, so the embarrassment on the first day was not surprising. Naixue's listing is precisely to raise funds to expand the tea shop network, promote the digitalization of operations, and improve the level of the supply chain.Different from the performance on the first day, Naixue closed the IPO one day earlier than originally planned due to the hot subscription during the IPO period. Perhaps the \"bloody listing\" of head player Naixue can de-foam the new tea drinking track that has been advancing rapidly.New tea drinks are expensive?Many consumers' first impression of Naixue is \"expensive\", and it is indeed the case. Naixue's prospectus shows that the unit price per customer in the first three quarters of 2020 was 43.3 yuan, ranking first among China's high-end ready-made tea chain stores, with an industry average of about 35 yuan.The average price of the new tea industry is 35 yuan, which is already considered very high.<img src=\"https://static.tigerbbs.com/345182d0ba8fab280e555eb3568568f4\" tg-width=\"550\" tg-height=\"524\" referrerpolicy=\"no-referrer\">Before 2015, tea drinks, such as a little bit, Michelle Ice City, and CoCo, are available. Tea powder, tea residue or ordinary tea leaves are often used to make base tea, and blended with creamer powder; Since 2015, the tea drinking industry has set off a new wave of tea drinking, using high-quality tea extraction and adding fresh fruits or fresh milk and other flavorings. Heytea,<a href=\"https://laohu8.com/S/02150\">Nayuki's tea</a>, Lele Tea, and Chayanyuese are representative brands.Therefore, there is a reason why the price of new tea drinks that emphasize quality in material selection is higher than that of traditional chain tea drinks. According to Naixue's prospectus, material costs and staff costs are the bulk of Naixue's tea costs. In 2020, the two accounted for 68% of the total, of which material costs accounted for 37.9%.<img src=\"https://static.tigerbbs.com/5c36359aad8ea45b57e0ff7d29b5a56e\" tg-width=\"550\" tg-height=\"431\" referrerpolicy=\"no-referrer\">However, high cost is one thing. When the leading new tea brands have increased their prices by more than 30 yuan, consumers feel that it is unreasonable. Both are new tea brands, and the cost of raw materials is similar. Even some milk teas that cost more than ten yuan a cup can taste 30 yuan a cup. Why are several top players so expensive?<img src=\"https://static.tigerbbs.com/70bb589a1bc3eca9f638de573f2b4d66\" tg-width=\"550\" tg-height=\"626\" referrerpolicy=\"no-referrer\">According to \"Geek Park\", although raw materials account for the bulk of the cost of milk tea, the cost difference between each brand will not be too big. Some brands have high prices, and the additional cost lies in brand marketing and store investment.Obviously, Naixue has invested a lot in stores, mainly large stores with an area of 200-350 square meters. The locations are mostly located in large shopping malls, and the average cost of opening a store is 1.85 million. In November 2020, Naixue launched the Pro store. The store area has been reduced, but it is still between 80-200 square meters. In contrast, the single store area of Michelle Bingcheng and Chayanyuese does not exceed 30 square meters.<img src=\"https://static.tigerbbs.com/fa78a86510ef1717bb8fdf19b6d5bfa8\" tg-width=\"550\" tg-height=\"411\" referrerpolicy=\"no-referrer\">And Nayuki's direct competitor, Heytea, doesn't have much obsession with the scene. Since 2018, it has been expanding in the form of a combination of \"big store + minimalist GO store\". The big store conveys the brand concept, and the GO store meets the daily tea demand. At the same time, the profitability of a single store is stronger and the expansion speed is accelerated. Heytea can also There are more additional costs for brand marketing, mainly promoting online social platform operations and cross-border co-branding.<img src=\"https://static.tigerbbs.com/7d462c187d7185d02327f81534767eb9\" tg-width=\"550\" tg-height=\"324\" referrerpolicy=\"no-referrer\">In addition, there is another reason for the high price of new tea drinks, that is, the production process of new tea drinks is more complicated than that of traditional chain tea drinks. Taking Nayuki as an example, its products are mainly divided into two categories, one is freshly made tea drinks, and the other is freshly baked bread and cakes. Peng Xin, the founder of Naixue, once said, \"In addition to a group of people seen in the outfield, there are two groups of people in the kitchen. One group of them mix dough, powder, and bake, and the other group of people wash fruit, cut fruit, make tea, and make milk cover\".The complexity of the production line means that it is more difficult to standardize operations for a chain brand, which is a challenge that new tea brands have to face.Therefore, in the future, the high cost of raw materials, venues, and personnel is likely to be a persistent phenomenon of Naixue and other high-end new tea brands. Naixue's most expensive drink is the \"Domineering Musang King\" for 88 yuan a cup. It was once put on the shelves in August 2018. It is limited to 30 cups per day and goes on sale at 12 o'clock for only 30 days. The pricing seems ridiculously high, but it is also in line with the rules of the market. Brands also have pricing freedom. If someone is willing to buy it, then the new tea brand is willing to sell it.<img src=\"https://static.tigerbbs.com/2b7b8d79fe326855c1995f6458bfb97c\" tg-width=\"550\" tg-height=\"412\" referrerpolicy=\"no-referrer\">Making milk tea<a href=\"https://laohu8.com/S/SBUX\">Starbucks</a>, is it possible?Before Nayuki's tea went on the market, it always wanted to tell a story of \"Starbucks in the tea drinking industry\", intending to create a \"big and beautiful\" \"third space\".<img src=\"https://static.tigerbbs.com/4105ac0d0d49cf29dbf08cfe7d3aa088\" tg-width=\"550\" tg-height=\"309\" referrerpolicy=\"no-referrer\">In addition to the store area that is three or four times that of ordinary milk tea shops, Nayuki's tea also requires each directly-operated chain store to only retain \"40% similarity\", and other parts are designed according to different cities. Starbucks also has this concept--Every one is the same, every one is different. Moreover, Naixue's location is mostly in urban central business districts or high-end office buildings with high rents.But is \"a cup of good tea and a soft European bag\" enough to create a social scene? According to Sullivan's 2020 White Paper on the Development of New Tea Industry, afternoon tea, shopping and encountering pleasant things are the three main scenarios of new tea consumption. Unlike coffee, the social attributes of milk tea are not so prominent, and there is currently no milk tea shop that is really suitable for office work. Milk tea is still a casual and accompanying personal drink, and it is more common to drink it while walking, in the office, and at home.<img src=\"https://static.tigerbbs.com/a0eb3132d82df9253db83a451bd44878\" tg-width=\"550\" tg-height=\"384\" referrerpolicy=\"no-referrer\">At the same time, according to a consumer insight, the target group of new tea drinks is between the ages of 25 and 35. They have a high degree of acceptance of new things, strong social needs, and certain requirements for quality life, but they also take into account convenience and cost performance.Naixue's own customer base is young women aged 20-35, which is included in the target group of the entire new tea market. Just like my two colleagues, one buys Nayuki once or twice a month, and the other went to the Nayuki store two years ago. They all have one or two favorite fruit teas and European bags, but they don't accept the price of Nayuki. Moreover, although the area of Naixue's store is large, the environment is not friendly.<img src=\"https://static.tigerbbs.com/180c8a9f2dccc153db0f90f24f252c52\" tg-width=\"550\" tg-height=\"329\" referrerpolicy=\"no-referrer\">Not only can it not be Starbucks, but the big store model continues to drag down Naixue. At present, Naixue has opened 422 stores, with 155, 148 and 98 stores in first-tier cities, new first-tier cities and second-tier cities respectively, and the revenue generated is 820 million yuan and 660 million yuan respectively. and 420 million yuan. A division shows that the revenue created by a single store is gradually declining from the first line, the new first line and then to the second line. The more stores opened in second-and third-tier cities in the past two years, the faster the profit margin will decline.<img src=\"https://static.tigerbbs.com/41c1655daa1c86b23a886fd449e43c6c\" tg-width=\"550\" tg-height=\"233\" referrerpolicy=\"no-referrer\">It is worth mentioning that Naixue also has a sub-brand \"Tai Gai\". Tai Gai is a sub-brand established by Naixue in 2015. It mainly provides milk tea and lemon tea drinks. The average price is 16 yuan. It is aimed at students who are more price-sensitive. and young office workers. However, the average daily sales of a single store of Taigai decreased from 7,537 yuan in 2018 to 6,387 yuan in 2019. Naixue's management has also made a strategic decision not to promote the growth of Taigai in the short term.<img src=\"https://static.tigerbbs.com/cff3a32f501e9c0af41b2964409aec81\" tg-width=\"550\" tg-height=\"353\" referrerpolicy=\"no-referrer\">Therefore, Naixue's positioning in the new tea market is somewhat narrow. Most consumers are willing to spend in Naixue, but the frequency of consumption will not be too high, and there is no special social demand for milk tea; Naixue's sub-brand \"Tai Gai\" is small in scale and does not perform well.However, Naixue's Pro store has just begun to be deployed. It will launch its first store in November 2020. It plans to deploy business office areas and high-density communities in first-tier cities. Compared with the previous large store model, the follow-up remains to be seen.Crazy new products, creative co-branding, bloody listing, how many solutions are there for new tea drinks?\"A cup of good tea, a soft European bag, meet two kinds of beauty in Naixue\" is Naixue's brand culture.The form of \"tea + soft European bag\" created by Naixue claims to be innovative is not very creative now. Heytea also has the brand of \"Heytea Hot Wheat\". In addition, Naixue has Naixue sparkling water, and Heytea also has Heytea bottles; Also staring at the sinking market, Naixue has a platform cover, and Heytea also has Heytea.<img src=\"https://static.tigerbbs.com/05d9c38210cbe95b4ee9ce5c7e550ec5\" tg-width=\"550\" tg-height=\"326\" referrerpolicy=\"no-referrer\"><h2></h2>There is never a shortage of creativity in the tea market, and there is never a shortage of latecomers. While new tea brands are becoming more and more detailed, they are also becoming more and more anxious about new products. How much imagination is there in the track of tea drinking?According to Naixue's prospectus, as of September 2020, Naixue's core tea menu has more than 25 classic tea drinks and more than 25 classic baked products. In order to maintain the freshness of its products, Naixue continues to innovate around the core menu, launching about one new drink every week on average. Since 2018, Naixue has launched about 60 seasonal products, including many relatively niche products such as mulberries and longan. Fruit-flavored tea drinks were developed.In March of this year, Naixue launched a new \"domineering jade tangerine\", claiming to use 66 tangerine to squeeze a cup, \"slightly astringent in 3 seconds, sweet in 5 seconds\", officially entering the extremely fine track of tangerine drinks. After it was put on the shelves, the sales rate of Baqi Jade Oil Orange increased and became a hot item. The sales volume of Naixue tea products has exceeded 20%, even surpassing Baqi Cheese Strawberry, which has been at the top of the list all the year round.<img src=\"https://static.tigerbbs.com/d0bc367e7bb7de09fc504424d070b18e\" tg-width=\"550\" tg-height=\"588\" referrerpolicy=\"no-referrer\">But there are many latecomers. When the niche fruit of oil tangerine is targeted by various new tea brands, it is no longer unusual. They intensively launch new products related to oil tangerine, and try to win by \"quantity\". The stronger the taste, the better, and it is consumers who are anxious about their figure and body that bear these marketing propaganda and sweetened oil tangerine.Similarly, among many industries, tea drinks are definitely a cross-border maniac. It's not that they are more creative than anyone else, but they are afraid that someone will not keep up. In 2019 alone, Heytea had 26 co-brands. Although the number of Nayuki's co-brands is not as good as that of Heytea, the co-branding activities are also quite distinctive, which can be roughly divided into three categories: co-branding with literary IP, co-branding with other fast-moving consumer brands, and Nayuki's tea's self-built IP \"CUP Art Museum\". Among them, the most special thing is the joint launch of snail powder soft European bag with \"Haohuanluo\", which looks a little dark, but it is really eye-catching.<img src=\"https://static.tigerbbs.com/ba3dc0e00d1e56f8658e04727cd40cd2\" tg-width=\"550\" tg-height=\"823\" referrerpolicy=\"no-referrer\">On the road of financing, new tea drinks are also scrambling. 2018 is a critical time point for the development of China's new tea market, and many tea brands have begun to embark on the path of financing expansion.Founded in 2015, Naixue has completed 7 rounds of financing so far. Milk tea brands such as Shanghai Aunt, 7 Fentian, Lele Tea, Naixue's Tea, and Heytea have all received financing in 2020, and the valuation of Heytea may have reached 60 billion yuan.<img src=\"https://static.tigerbbs.com/2f81e6761b64cd6a38ec13d8ac0b717c\" tg-width=\"550\" tg-height=\"229\" referrerpolicy=\"no-referrer\">By the end of 2020, the market size of new tea drinks in China has exceeded the 100 billion mark. By 2021, the number of milk tea stores in China will increase to 550,000. More than 100 brands in China's new tea drinking track have produced more than 200 financing events, and more than ten financing events have occurred only halfway through 2021.Including not only new brands such as Nayuki's tea and Heytea,<a href=\"https://laohu8.com/S/06862\">Haidilao</a>Traditional catering companies such as Xiapu Xiapu have also started milk tea business, and even China Post has opened its first milk tea shop in Fuzhou across the border.<img src=\"https://static.tigerbbs.com/79d24bf64bf539c679459bbbb3418c8a\" tg-width=\"550\" tg-height=\"944\" referrerpolicy=\"no-referrer\">Therefore, in a market that tends to be homogeneous and saturated, continuous blood transfusion through listing and raising funds may be the goal of new tea brands that entered the market earlier, and Nayuki, which has weak hematopoietic ability, is even more difficult to make an exception. It's just that at present, Naixue's large expansion investment has not been exchanged for equal profit growth, nor is it favored by capital.Tea consumers have not yet formed a strong brand dependence. As long as the product taste is qualified, the frequency of new launches is appropriate, and corresponding marketing methods are used, it is not impossible to copy a Nayuki tea.There is the first stock of new tea drinks, but the market seems to have a new judgment on this track in the future.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://tech.sina.cn/i/gn/2021-07-01/detail-ikqcfnca4427214.d.html?vt=4\">爱范儿</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fa78a86510ef1717bb8fdf19b6d5bfa8","relate_stocks":{"02150":"奈雪的茶"},"source_url":"https://tech.sina.cn/i/gn/2021-07-01/detail-ikqcfnca4427214.d.html?vt=4","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2148826413","content_text":"得偿所愿，奈雪の茶昨日在港上市，正式成为“新茶饮第一股”。\n只是“第一股”的光鲜，远不如“开盘即破发”的热度。奈雪上市首日发行价 19.8 港元，报收 17.12 港元，下跌 13.54%，总市值约 300 亿港元。上市之前，“卖得贵又不赚钱”就一直困扰着奈雪，所以首日的狼狈也不让人意外。奈雪上市正是为了融资扩张茶饮店网络、推动运营数字化以及提升供应链水平。\n不同于首日表现，奈雪在招股期间由于认购火爆，较原计划提前一天关簿结束招股。或许头部玩家奈雪的“流血上市”，可以给一路高歌猛进的新茶饮赛道去去泡沫。\n新茶饮就是贵？\n许多消费者对奈雪的第一印象是“贵”，事实也的确如此。奈雪招股书显示，2020 年前三季度的客单价为 43.3 元，在中国高端现制茶饮连锁店中排名第一，行业均值约为人民币 35 元。\n新茶饮行业均值 35 元，这个价格已经算很高了。2015 年前的茶饮，比如一点点、蜜雪冰城、CoCo 都可，往往使用茶末茶渣或普通茶叶制作基底茶，并用奶精粉勾兑制作；2015 年以来，茶饮届掀起了新茶饮风潮，使用优质茶叶萃取，加入新鲜水果或鲜奶等调味，喜茶、奈雪的茶、乐乐茶、茶颜悦色是代表品牌。\n所以，在选材上强调品质的新茶饮，比传统连锁茶饮价格高一些是有理由的。据奈雪招股书，材料成本和员工成本是奈雪的茶成本大头，2020 年两者占比总和为 68%，其中材料成本占到 37.9%。然而，成本高是一回事，当头部新茶饮品牌纷纷涨价突破 30 元，消费者们就觉得不合理了。同为新茶饮品牌，原材料成本大同小异，甚至有些十几元一杯的奶茶也能有三十元一杯的口感，为什么几个头部玩家这么贵？据“极客公园”，尽管原材料是奶茶成本的大头，但各家的成本差异不会太大，有的品牌定价高，额外成本还在于品牌营销和门店投入。\n显而易见，奈雪在门店投入比较多，主要以面积在 200-350 平米之间的大店为主，选址多在大型商场，平均开店成本为 185 万。2020 年 11 月奈雪推出 Pro 店，店铺面积有所减少，但还是在 80-200 平米之间。相比之下，蜜雪冰城和茶颜悦色的单店面积都不超过30 平方米。而奈雪直接的竞争对手喜茶，对场景没有太多执念。从 2018 年便开始以“大店+极简风的 GO 店”组合形式扩张，大店传递品牌理念，GO 店满足日常茶饮需求，同时单店盈利能力更强，加快扩张速度，喜茶也可以有更多的额外成本用于品牌营销，主推线上社交平台运营和跨界联名。此外，新茶饮定价高还有一个原因，就是新茶饮的生产流程较传统连锁茶饮更复杂。以奈雪为例，它的产品主要分为两大类，一个是现制茶饮，另一个是现烤面包和蛋糕。奈雪创始人彭心曾介绍，“除了外场看到有一群人，后厨还有两群人。他们有一群人和面、打粉、烘烤，另一群人洗水果、切水果、泡茶、打奶盖”。\n生产线复杂对一家连锁品牌则意味着标准化运营的难度增加，这是新茶饮品牌不得不面临的挑战。\n所以，在未来一段时间内，原材料、场地、人员成本高，很可能是奈雪以及其他高端新茶饮品牌的持续性现象。奈雪最贵的一款饮品是 88 元一杯的“霸气猫山王”，曾经在 2018 年 8 月上架，每天限量 30 杯，12 点开卖，只卖 30 天。定价看着高得离谱，但这同样符合市场规律，品牌也有定价自由，有人愿意买，那么新茶饮品牌就乐意卖。\n做奶茶届的星巴克，有可能吗？\n奈雪的茶在上市之前，就一直想要讲一个“茶饮界的星巴克”故事，意图打造“大而美”的“第三空间”。除了门店面积是普通奶茶店的三四倍，奈雪的茶还要求每家直营连锁门店只保留“40% 的相似性”，其他部分根据不同城市进行区分设计，星巴克也正是这个理念——哪家都一样，哪家都不一样。而且，奈雪的位置多在租金偏高的城市中心商圈或高档写字楼。\n但是“一杯好茶一口软欧包”，就足够打造社交场景吗？据沙利文 2020 新茶饮行业发展白皮书，下午茶、购物和遇到愉快的事是新茶饮消费的三大主要场景。不同于咖啡，奶茶的社交属性并没有这么突出，目前也没有真正适合办公的奶茶店。奶茶依旧是一种休闲的、伴随式的个人饮品，边走边喝、公司办公喝、在家喝的场景更为常见。与此同时，据一份消费者洞察，新茶饮的目标群体年龄在 25岁-35 岁之间，对新鲜事物接受程度较高，社交需求强烈，对品质生活有一定要求，但也兼顾便利性和性价比。\n奈雪自身定位的客群是 20-35 岁的年轻女性，这是包含在整个新茶饮市场目标群体内的。就像我的两位同事，一位一个月买一到两次奈雪，另一位去奈雪门店还是两年前。她们都有一两款钟意的果茶和欧包，但对奈雪的价格都不太接受。况且，奈雪门店的面积虽大，环境还谈不上友好。不仅做不成星巴克，大店模式还在继续拖垮奈雪。目前，奈雪已经开出了 422 家门店，在一线城市、新一线城市和二线城市的分布数量分别为 155 家、148 家和 98 家，所创造的营收分别为 8.2 亿元、6.6 亿元和 4.2 亿元。做个除法可以发现，从一线、新一线再到二线，单店所创造的营收是逐渐下降的。这两年在二三线城市开店数量越多，利润率下滑越快。值得一提的是，奈雪也有子品牌“台盖”，台盖是奈雪 2015 年成立的子品牌，主要提供奶茶及柠檬茶饮料，平均价格为 16 元，面向对价格更为敏感的学生及年轻上班族。然而，台盖的平均单店日销售额由 2018 年的 7537 元，减少至 2019 年的 6387 元，奈雪管理层也做了战略性决定，于短期内不推进台盖增长。因此，奈雪的定位在新茶饮市场里多少有点狭窄。大多数消费者愿意在奈雪消费，但消费频次不会太高，也没有特别的奶茶社交需求；奈雪的子品牌“台盖”则规模不大、表现不佳。\n不过，奈雪的 Pro 店才刚刚开始布局，于 2020 年 11 月推出首店，计划布局一线城市商务办公区、高密度社区，较之前的大店模式有所“收敛”，所以后续还有待观察。\n疯狂上新、创意联名、流血上市，新茶饮还有多少解法？\n“一杯好茶，一口软欧包，在奈雪遇见两种美好”，是奈雪的品牌文化。\n奈雪自称创新打造的“茶+软欧包”的形式，现在看也不太有创意了，喜茶也有“喜茶热麦”这一品牌。此外，奈雪有奈雪气泡水，喜茶也有喜小瓶；同样盯着下沉市场，奈雪有台盖，喜茶也有喜小茶。\n\n\n茶饮市场从来不缺创意，也从来不缺后来者。新茶饮品牌们在走得越来越细化的同时，对新品也越来越焦虑。茶饮这一赛道，还有多少想象力？\n据奈雪招股书，截至 2020 年 9 月，奈雪的茶核心菜单有 25 种以上经典茶饮和 25种以上经典烘焙产品。为了保持产品的新鲜度，奈雪围绕核心菜单不断创新，平均每周推出大约一种新饮品，自 2018 年以来，奈雪推出了约 60 种季节性产品，其中不乏桑葚、龙眼这样较为小众的水果口味茶饮被研发。\n今年 3 月，奈雪上新“霸气玉油柑”，宣称用 66 颗油柑榨一杯，“3 秒微涩，5 秒回甘”，正式进入油柑饮品这条极细赛道。霸气玉油柑在上架后销量速度上涨成为爆款，在奈雪茶饮产品中的销量占比已经超过 20%，甚至超出常年榜首的霸气芝士草莓。但后来者众，当油柑这款小众水果被各个新式茶饮品牌纷纷盯上，它也就不再稀奇了，它们对外密集推出与油柑有关的新品，并企图以“量”取胜，口味越浓越好，而承受这些营销宣传和加糖油柑的是对身材和身体焦虑的消费者们。\n同样地，在众多行业之中，茶饮绝对是跨界狂魔，不是比谁有创意，就怕有谁没跟上。仅 2019 一年，喜茶就有 26 个联名。奈雪虽然联名数量上不及喜茶，但联名活动也颇有特色，大致可以分为三类：与文艺 IP 的联名、与其他快消品牌的联名，以及奈雪的茶的自建 IP“CUP 美术馆”。而其中最特别的，是和“好欢螺”联名推出了螺蛳粉软欧包，看着有些黑暗，但的确十分吸睛。在融资这条路上，新茶饮也是争先恐后。2018 年，是中国新茶饮市场发展的关键时间点，许多茶饮品牌开始走上了融资扩张的路径。\n成立于 2015 年的奈雪，至今已经完成了 7 轮融资。沪上阿姨、7 分甜、乐乐茶、奈雪的茶、喜茶等奶茶品牌均在 2020 年获得融资，喜茶的估值可能已达到600 亿元。2020 年底，中国新茶饮的市场规模既已突破千亿大关，到 2021 年，中国奶茶门店的数量将增至 55 万家。中国新茶饮赛道中百余个品牌已经产生了超 200 起融资事件，2021 年才过半即已发生十余起融资。\n不仅包括奈雪的茶、喜茶等新品牌，海底捞、呷浦呷浦这类传统餐饮企业也做起了奶茶生意，甚至连中国邮政都跨界在福州开了第一家奶茶店。所以，在趋于同质和饱和的市场，通过上市募资来不断输血，或许是入局较早的新茶饮品牌的目标，自身造血能力弱的奈雪则更难例外。只是目前，奈雪大量的扩张投资没有换来对等的盈利增速，也并没有被资本看好。\n茶饮消费者还没有形成较强的品牌依赖性，只要产品口味合格、推新频率合适，再配以相应的营销手段，复制一个奈雪的茶并不是不可能。\n新茶饮有第一股了，但今后市场似乎会对这一赛道有新的判断。","news_type":1,"symbols_score_info":{"02150":0.9}},"isVote":1,"tweetType":1,"viewCount":2293,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}