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胜利曙光
2021-06-06

Nice

"The first tea drink stock" Nayuki's tea passed the hearing and made a full-year profit of 62.17 million

随着奈雪的茶（以下简称“奈雪”）通过港交所聆讯，“新茶饮第一股”的脚步越来越近。无论是资本圈，还是从业者，似乎都在期待着新茶饮赛道的这声“发令枪”打响。心照不宣的是：如果奈雪能够“一炮而红”，全球化高

"The first tea drink stock" Nayuki's tea passed the hearing and made a full-year profit of 62.17 million

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":115657159,"tweetId":"115657159","gmtCreate":1622990389671,"gmtModify":1704194135717,"author":{"id":3567570068519334,"idStr":"3567570068519334","authorId":3567570068519334,"authorIdStr":"3567570068519334","name":"胜利曙光","avatar":"https://static.tigerbbs.com/ef4fea1c9347fef2d43cbf3fa476b33e","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":31,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Nice</body></html>","htmlText":"<html><head></head><body>Nice</body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/115657159","repostId":1156877497,"repostType":4,"repost":{"id":"1156877497","kind":"news","pubTimestamp":1622983934,"share":"https://ttm.financial/m/news/1156877497?lang=en_US&edition=fundamental","pubTime":"2021-06-06 20:52","market":"hk","language":"zh","title":"\"The first tea drink stock\" Nayuki's tea passed the hearing and made a full-year profit of 62.17 million","url":"https://stock-news.laohu8.com/highlight/detail?id=1156877497","media":"格隆汇","summary":"随着奈雪的茶（以下简称“奈雪”）通过港交所聆讯，“新茶饮第一股”的脚步越来越近。无论是资本圈，还是从业者，似乎都在期待着新茶饮赛道的这声“发令枪”打响。心照不宣的是：如果奈雪能够“一炮而红”，全球化高","content":"As Nayuki's tea (hereinafter referred to as \"Nayuki\") passes the hearing of the Hong Kong Stock Exchange, the pace of \"the first new tea drink\" is getting closer and closer.Both the capital circle and practitioners seem to be looking forward to the \"starting gun\" of the new tea drinking track. What is tacitly understood is: if Naixue can \"become an instant hit\", global high-end tea drink brands may accelerate their incubation, and the launch of new tea drinks will surely surge.Today, Naixue is only one step away from listing. Many questions about the new tea drinking track may soon be answered by the market.1The \"loss puzzle\" has been solved, and it is still profitable despite the epidemicAnd why does Naixue's listing contain so much profound meaning and become a good industry observation window?For a long time, the market's biggest torture for Naixue has been profitability. With the disclosure of the prospectus after the hearing, its \"loss puzzle\" finally received a clear and powerful response. The prospectus shows that,According to International Accounting Standard No. 17, Naixue achieved an adjusted net profit of 62.17 million in 2020.This may mean that the market's perception of the value of Naixue and even the industry ecology of new tea drinks will be reshaped.In the past few years, Naixue has always maintained a rapid expansion trend. According to the prospectus, as of the end of 2017, the number of Naixue tea shops was 44. This figure was refreshed to 491 on December 31, 2020, of which 489 stores are located in 66 cities in mainland China, and two are located in Hong Kong SAR and Japan respectively. As of the Latest Practicable Date, the number of Naixue stores has increased to 556. According to data from China Insights Consulting, in terms of total retail consumption in 2020, Naixue's share in China's high-end ready-made tea shop market will reach 18.9%.Different from many tea brands that are open to franchise, all Naixue stores are currently directly operated stores.The pure direct sales model also means higher upfront investment, and the formation of underlying retail back-end capabilities such as the supply chain usually requires \"long-termism\". Correspondingly, we also see that,For Naixue, material and labor costs have always been the most important fixed expenses, rather than store rents as the outside world thought earlier.Among them, raw material costs have accounted for the highest proportion for three consecutive years, from 2018 to 202035.3%, 36.6%, 37.9%. Compared with the average proportion of raw materials in the coffee industry in 2020, Naixue nearly doubled in the same year.But often, once the underlying capabilities are formed, they can empower the retail front-end and quickly amplify the competitiveness of enterprises. During the same period, Naixue's average sales per order remained at around 43 yuan, which was higher than the industry average of 35 yuan. During the performance period,The first break-even period of Naixue stores is about 4 months, and the payback period of stores opened in 2018 is only 10.6 months.Market data shows that the cycle for Chinese food brands to achieve breakeven and cash investment return for the first time is usually 3-6 months and 15-20 months. In comparison, Naixue has significant advantages.<img src=\"https://static.tigerbbs.com/4a4d8f37117cc89ba93a090ca0f187d3\" tg-width=\"933\" tg-height=\"536\" referrerpolicy=\"no-referrer\">Mapped to financial performance,From 2018 to 2020, Naixue achieved revenue of 1.087 billion yuan, 2.502 billion yuan, and 3.057 billion yuan respectively, with a compound annual growth rate of 67.7%.As a result, Naixue's profitability continued to improve, turning losses into profits. Naixue's adjusted net profit (non-IFRS measurement) changed from a loss of 11.74 million yuan in 2019 to a profit of 16.64 million yuan in 2020.And in accordance with International Accounting Standard No. 17, Naixue achieved an adjusted net profit of 62.17 million in 2020.<img src=\"https://static.tigerbbs.com/7e3fe1dddb07b20aa53d8838d1a7183c\" tg-width=\"822\" tg-height=\"758\" referrerpolicy=\"no-referrer\">In the follow-up, Naixue has made it clear that it will not cut raw material costs regarding cost issues. Then, the focus of future cost control may fall on improving the level of supply chain. And if Naixue's supply chain can exert greater efficiency, it will not only greatly reduce its operating costs and increase its profit margins, but also continue to amplify its retail front-end competitiveness and build a safer commercial moat. At the same time, considering that directly-operated stores have unified operating standards, facilitate brand management, and face consumers directly, and have obvious advantages in developing new products, Naixue's pure direct sales model is gradually \"running through\", and its future operating performance may be more optimistic.2Choice and opportunity to seize the minds of the main consumersWhat is further worth exploring is: At present, new tea shops are all over China, and brand players with their own characteristics are emerging in an endless stream. Why does Naixue \"keep the clouds open\" and seize the minds of consumers?In the author's opinion, the key reason lies in Naixue's corporate genes and entry timing. The goal that Naixue has insisted on since its establishment is to build a high-end tea brand. In the iteration of young consumers who have higher requirements for quality and taste and are more willing to pay a premium for the brand, it has gradually formed strong brand loyalty., to build barriers to competition.On a more specific level,Naixue has both remarkable product innovation capabilities and social space scenes, which determines that it gradually widens the gap with many competitors.At present, Nayuki's core menu has more than 25 classic tea drinks and more than 25 classic bakery product categories. On the basis of this, it continues to launch special new products inspired by seasonal fresh fruits. According to incomplete statistics, since 2018, Naixue has launched a new drink every week on average, and has currently launched about 60 seasonal products.<img src=\"https://static.tigerbbs.com/56736f6fc446952add753bee71c2514e\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\">Moreover, high-end ready-made tea shops focus on using high-quality, fresh ingredients to produce ready-made tea drinks, and their chain companies require standardized quality control capabilities to ensure food safety and market fit of taste. Naixue has many years of cooperative relationships with high-quality tea gardens and orchards in many places, and has reached in-depth cooperation with well-known suppliers to ensure that the main raw materials are customized according to brand standards with unique supply chain resources. Achieving this requires significant economies of scale and strong corporate bargaining power as the basis, and it is also clear that the threshold for the high-end ready-made tea drink track is much higher than ordinary people imagine.Looking at it, in fact, all service industries ultimately operate a kind of trust. Whoever can win the ultimate trust of customers can stand forever. Judging from Naixue's unabated raw material costs, Naixue has always insisted on bringing higher-quality and healthier products to consumers. I believe this will also be one of the key points for Naixue to win the deep trust of customers.In addition, Naixue's digital membership system has sufficient potential, and may be expected to continue to optimize customer experience.Up to now, there are nearly 35 million registered members in the Naixue membership system, and online order revenue accounts for nearly 70%.In 2020, 49% of Naixue's total orders came from members. This is a huge database that contains valuable data on customer behavior and preferences.At the same time, with the change of the main consumer force, new consumption trends continue to emerge, which in turn puts forward higher requirements for the brand's commercial sense. In this dimension, data strength determines competitiveness and begins to influence the development trend of the brand. Relying on the huge data assets accumulated over time, Naixue can more accurately judge changes in consumer demand. At the same time, the more customer groups Naixue serves in the future, the more accurate its understanding of consumers will be. This growing ecological service system will bring better service efficiency and customer experience.3\"The first stock of new tea drinks\" may affect the development of global brandsFrom a zoomed perspective, what is the significance of \"the first new tea drink\"?First of all, China's freshly made tea market, especially the high-end freshly made tea market, is an indisputable golden track.From 2015 to 2020, the retail value of high-end ready-made tea drinks in China increased to approximately 12.9 billion yuan, with a compound annual growth rate of 75.8%. At the same time,This value is expected to further increase to approximately 52.2 billion yuan in 2025 at a compound annual growth rate of 32.2%, accounting for approximately 24.8% of the total consumption value of ready-made tea products in the same year.<img src=\"https://static.tigerbbs.com/57239b9d8a23d0247543238b6c1bab9b\" tg-width=\"929\" tg-height=\"592\" referrerpolicy=\"no-referrer\">Correspondingly, the upsurge of new tea drinks entrepreneurship quickly triggered and intensified. According to the data of Qichacha, there are currently 324,200 milk tea-related enterprises in China, and the annual registration number of such enterprises has increased year by year. But looking at the market, there are actually few tea brands that are well known to consumers, and even fewer can be called high-end freshly made tea brands.According to data from iiMedia Consulting, as of the first quarter of 2021, there are only three companies: Naixue, Heytea, and Lele Tea.This reflects that although the new tea market is vast and the entry threshold seems to be low, the competition risk is huge, the brand is difficult to shape, and there are certain capital requirements.It also means that the new tea drink track, especially in the high-end segment, is not a low barrier. Leading brands such as Naixue have a first-mover advantage and are expected to share the industrial dividends, which may incubate global high-end tea drink brands and fill the market gap.After Naixue takes the lead in entering the capital market, it will expand its advantages in brand building and capital strength, and its competitiveness will be enhanced again.According to data from China Insights Consulting, as of the end of 2020, the number of high-end ready-made tea shops in China is about 3,000-4,000, and Naixue stores account for between 12.5% and 17%; At the same time, the total number of stores including Heytea, Lele Tea and Chayanyuese is about 1,487, which is far lower than the 5,000 stores Starbucks has in the Chinese market. Considering that the new era of main consumption, national self-confidence is unprecedented, and tea culture has a larger audience, there is undoubtedly room for further store expansion.And it is worth noting that Nayuki plans to promote Nayuki's tea PRO in the next step, with a store area of 80-200 square meters. Compared with standard stores, it has stronger market penetration, higher replication efficiency, and shorter return on investment cycle. Such a combination of stores may be able to bring consumers a richer experience, which is conducive to expansion, and it is expected to accelerate the growth of China's high-end ready-made tea market.From another perspective, brands in the large consumption field can be roughly divided into two categories: product category and service category. The most powerful product category is the brand that can make consumers form high-viscosity consumption habits. Such products can often leave users with a very deep experience, provide guarantee for business continuity and repurchase rate, and the price sensitivity is not high, and the profit performance is good. Therefore, this kind of consumer brand is often favored by the capital market.For Chinese consumers, tobacco, alcohol and tea are indispensable products in life, among which a large number of such brands have been produced. Typical cases of wine include Maotai and Wuliangye, but typical cases of tea have not yet appeared. The culture carried by tea also needs to be promoted by brand power. The birth of \"the first new tea drink\" is an excellent opportunity. I believe that the first typical case of tea is likely to be Naixue.4EpilogueThe core opportunity in the field of big consumption lies in whether the brand can build a brand-new lifestyle accepted by the new generation. This new lifestyle is reflected in two aspects: first, whether it can be applied to new technological elements to enable consumers to obtain better product experience and service experience; The second is whether a new cultural element can be created, so that the values recognized by consumers can be reflected.If these two points can be achieved, then this brand will generate a huge increase, and it can even become popular all over the world in the future. At present, Naixue is changing the tea consumption habits of young people. Cultural innovation and technological fashion drive Naixue's continuous growth. Under the company's emerging global business thinking, Naixue may become a leading player in the international consumer market. A new business card of Chinese tea culture.From a cup of traditional green tea to a cup of new tea, Chinese people's love for tea has never changed.","source":"gelonghui_highlight","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>\"The first tea drink stock\" Nayuki's tea passed the hearing and made a full-year profit of 62.17 million</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\">\n\"The first tea drink stock\" Nayuki's tea passed the hearing and made a full-year profit of 62.17 million\n</h2>\n<h4 class=\"meta\">\n\n格隆汇2021-06-06 20:52\n\n</h4>\n</header>\n<article>\nAs Nayuki's tea (hereinafter referred to as \"Nayuki\") passes the hearing of the Hong Kong Stock Exchange, the pace of \"the first new tea drink\" is getting closer and closer.Both the capital circle and practitioners seem to be looking forward to the \"starting gun\" of the new tea drinking track. What is tacitly understood is: if Naixue can \"become an instant hit\", global high-end tea drink brands may accelerate their incubation, and the launch of new tea drinks will surely surge.Today, Naixue is only one step away from listing. Many questions about the new tea drinking track may soon be answered by the market.1The \"loss puzzle\" has been solved, and it is still profitable despite the epidemicAnd why does Naixue's listing contain so much profound meaning and become a good industry observation window?For a long time, the market's biggest torture for Naixue has been profitability. With the disclosure of the prospectus after the hearing, its \"loss puzzle\" finally received a clear and powerful response. The prospectus shows that,According to International Accounting Standard No. 17, Naixue achieved an adjusted net profit of 62.17 million in 2020.This may mean that the market's perception of the value of Naixue and even the industry ecology of new tea drinks will be reshaped.In the past few years, Naixue has always maintained a rapid expansion trend. According to the prospectus, as of the end of 2017, the number of Naixue tea shops was 44. This figure was refreshed to 491 on December 31, 2020, of which 489 stores are located in 66 cities in mainland China, and two are located in Hong Kong SAR and Japan respectively. As of the Latest Practicable Date, the number of Naixue stores has increased to 556. According to data from China Insights Consulting, in terms of total retail consumption in 2020, Naixue's share in China's high-end ready-made tea shop market will reach 18.9%.Different from many tea brands that are open to franchise, all Naixue stores are currently directly operated stores.The pure direct sales model also means higher upfront investment, and the formation of underlying retail back-end capabilities such as the supply chain usually requires \"long-termism\". Correspondingly, we also see that,For Naixue, material and labor costs have always been the most important fixed expenses, rather than store rents as the outside world thought earlier.Among them, raw material costs have accounted for the highest proportion for three consecutive years, from 2018 to 202035.3%, 36.6%, 37.9%. Compared with the average proportion of raw materials in the coffee industry in 2020, Naixue nearly doubled in the same year.But often, once the underlying capabilities are formed, they can empower the retail front-end and quickly amplify the competitiveness of enterprises. During the same period, Naixue's average sales per order remained at around 43 yuan, which was higher than the industry average of 35 yuan. During the performance period,The first break-even period of Naixue stores is about 4 months, and the payback period of stores opened in 2018 is only 10.6 months.Market data shows that the cycle for Chinese food brands to achieve breakeven and cash investment return for the first time is usually 3-6 months and 15-20 months. In comparison, Naixue has significant advantages.<img src=\"https://static.tigerbbs.com/4a4d8f37117cc89ba93a090ca0f187d3\" tg-width=\"933\" tg-height=\"536\" referrerpolicy=\"no-referrer\">Mapped to financial performance,From 2018 to 2020, Naixue achieved revenue of 1.087 billion yuan, 2.502 billion yuan, and 3.057 billion yuan respectively, with a compound annual growth rate of 67.7%.As a result, Naixue's profitability continued to improve, turning losses into profits. Naixue's adjusted net profit (non-IFRS measurement) changed from a loss of 11.74 million yuan in 2019 to a profit of 16.64 million yuan in 2020.And in accordance with International Accounting Standard No. 17, Naixue achieved an adjusted net profit of 62.17 million in 2020.<img src=\"https://static.tigerbbs.com/7e3fe1dddb07b20aa53d8838d1a7183c\" tg-width=\"822\" tg-height=\"758\" referrerpolicy=\"no-referrer\">In the follow-up, Naixue has made it clear that it will not cut raw material costs regarding cost issues. Then, the focus of future cost control may fall on improving the level of supply chain. And if Naixue's supply chain can exert greater efficiency, it will not only greatly reduce its operating costs and increase its profit margins, but also continue to amplify its retail front-end competitiveness and build a safer commercial moat. At the same time, considering that directly-operated stores have unified operating standards, facilitate brand management, and face consumers directly, and have obvious advantages in developing new products, Naixue's pure direct sales model is gradually \"running through\", and its future operating performance may be more optimistic.2Choice and opportunity to seize the minds of the main consumersWhat is further worth exploring is: At present, new tea shops are all over China, and brand players with their own characteristics are emerging in an endless stream. Why does Naixue \"keep the clouds open\" and seize the minds of consumers?In the author's opinion, the key reason lies in Naixue's corporate genes and entry timing. The goal that Naixue has insisted on since its establishment is to build a high-end tea brand. In the iteration of young consumers who have higher requirements for quality and taste and are more willing to pay a premium for the brand, it has gradually formed strong brand loyalty., to build barriers to competition.On a more specific level,Naixue has both remarkable product innovation capabilities and social space scenes, which determines that it gradually widens the gap with many competitors.At present, Nayuki's core menu has more than 25 classic tea drinks and more than 25 classic bakery product categories. On the basis of this, it continues to launch special new products inspired by seasonal fresh fruits. According to incomplete statistics, since 2018, Naixue has launched a new drink every week on average, and has currently launched about 60 seasonal products.<img src=\"https://static.tigerbbs.com/56736f6fc446952add753bee71c2514e\" tg-width=\"800\" tg-height=\"533\" referrerpolicy=\"no-referrer\">Moreover, high-end ready-made tea shops focus on using high-quality, fresh ingredients to produce ready-made tea drinks, and their chain companies require standardized quality control capabilities to ensure food safety and market fit of taste. Naixue has many years of cooperative relationships with high-quality tea gardens and orchards in many places, and has reached in-depth cooperation with well-known suppliers to ensure that the main raw materials are customized according to brand standards with unique supply chain resources. Achieving this requires significant economies of scale and strong corporate bargaining power as the basis, and it is also clear that the threshold for the high-end ready-made tea drink track is much higher than ordinary people imagine.Looking at it, in fact, all service industries ultimately operate a kind of trust. Whoever can win the ultimate trust of customers can stand forever. Judging from Naixue's unabated raw material costs, Naixue has always insisted on bringing higher-quality and healthier products to consumers. I believe this will also be one of the key points for Naixue to win the deep trust of customers.In addition, Naixue's digital membership system has sufficient potential, and may be expected to continue to optimize customer experience.Up to now, there are nearly 35 million registered members in the Naixue membership system, and online order revenue accounts for nearly 70%.In 2020, 49% of Naixue's total orders came from members. This is a huge database that contains valuable data on customer behavior and preferences.At the same time, with the change of the main consumer force, new consumption trends continue to emerge, which in turn puts forward higher requirements for the brand's commercial sense. In this dimension, data strength determines competitiveness and begins to influence the development trend of the brand. Relying on the huge data assets accumulated over time, Naixue can more accurately judge changes in consumer demand. At the same time, the more customer groups Naixue serves in the future, the more accurate its understanding of consumers will be. This growing ecological service system will bring better service efficiency and customer experience.3\"The first stock of new tea drinks\" may affect the development of global brandsFrom a zoomed perspective, what is the significance of \"the first new tea drink\"?First of all, China's freshly made tea market, especially the high-end freshly made tea market, is an indisputable golden track.From 2015 to 2020, the retail value of high-end ready-made tea drinks in China increased to approximately 12.9 billion yuan, with a compound annual growth rate of 75.8%. At the same time,This value is expected to further increase to approximately 52.2 billion yuan in 2025 at a compound annual growth rate of 32.2%, accounting for approximately 24.8% of the total consumption value of ready-made tea products in the same year.<img src=\"https://static.tigerbbs.com/57239b9d8a23d0247543238b6c1bab9b\" tg-width=\"929\" tg-height=\"592\" referrerpolicy=\"no-referrer\">Correspondingly, the upsurge of new tea drinks entrepreneurship quickly triggered and intensified. According to the data of Qichacha, there are currently 324,200 milk tea-related enterprises in China, and the annual registration number of such enterprises has increased year by year. But looking at the market, there are actually few tea brands that are well known to consumers, and even fewer can be called high-end freshly made tea brands.According to data from iiMedia Consulting, as of the first quarter of 2021, there are only three companies: Naixue, Heytea, and Lele Tea.This reflects that although the new tea market is vast and the entry threshold seems to be low, the competition risk is huge, the brand is difficult to shape, and there are certain capital requirements.It also means that the new tea drink track, especially in the high-end segment, is not a low barrier. Leading brands such as Naixue have a first-mover advantage and are expected to share the industrial dividends, which may incubate global high-end tea drink brands and fill the market gap.After Naixue takes the lead in entering the capital market, it will expand its advantages in brand building and capital strength, and its competitiveness will be enhanced again.According to data from China Insights Consulting, as of the end of 2020, the number of high-end ready-made tea shops in China is about 3,000-4,000, and Naixue stores account for between 12.5% and 17%; At the same time, the total number of stores including Heytea, Lele Tea and Chayanyuese is about 1,487, which is far lower than the 5,000 stores Starbucks has in the Chinese market. Considering that the new era of main consumption, national self-confidence is unprecedented, and tea culture has a larger audience, there is undoubtedly room for further store expansion.And it is worth noting that Nayuki plans to promote Nayuki's tea PRO in the next step, with a store area of 80-200 square meters. Compared with standard stores, it has stronger market penetration, higher replication efficiency, and shorter return on investment cycle. Such a combination of stores may be able to bring consumers a richer experience, which is conducive to expansion, and it is expected to accelerate the growth of China's high-end ready-made tea market.From another perspective, brands in the large consumption field can be roughly divided into two categories: product category and service category. The most powerful product category is the brand that can make consumers form high-viscosity consumption habits. Such products can often leave users with a very deep experience, provide guarantee for business continuity and repurchase rate, and the price sensitivity is not high, and the profit performance is good. Therefore, this kind of consumer brand is often favored by the capital market.For Chinese consumers, tobacco, alcohol and tea are indispensable products in life, among which a large number of such brands have been produced. Typical cases of wine include Maotai and Wuliangye, but typical cases of tea have not yet appeared. The culture carried by tea also needs to be promoted by brand power. The birth of \"the first new tea drink\" is an excellent opportunity. I believe that the first typical case of tea is likely to be Naixue.4EpilogueThe core opportunity in the field of big consumption lies in whether the brand can build a brand-new lifestyle accepted by the new generation. This new lifestyle is reflected in two aspects: first, whether it can be applied to new technological elements to enable consumers to obtain better product experience and service experience; The second is whether a new cultural element can be created, so that the values recognized by consumers can be reflected.If these two points can be achieved, then this brand will generate a huge increase, and it can even become popular all over the world in the future. At present, Naixue is changing the tea consumption habits of young people. Cultural innovation and technological fashion drive Naixue's continuous growth. Under the company's emerging global business thinking, Naixue may become a leading player in the international consumer market. A new business card of Chinese tea culture.From a cup of traditional green tea to a cup of new tea, Chinese people's love for tea has never changed.\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://www.gelonghui.com/p/468993\">格隆汇</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/56736f6fc446952add753bee71c2514e","relate_stocks":{},"source_url":"https://www.gelonghui.com/p/468993","is_english":false,"share_image_url":"https://static.laohu8.com/6b8fa6424aebe95f6781d04ef17a1852","article_id":"1156877497","content_text":"随着奈雪的茶（以下简称“奈雪”）通过港交所聆讯，“新茶饮第一股”的脚步越来越近。无论是资本圈，还是从业者，似乎都在期待着新茶饮赛道的这声“发令枪”打响。心照不宣的是：如果奈雪能够“一炮而红”，全球化高端茶饮品牌或加速孵化，新茶饮上市热潮亦必将奔涌而出。如今，奈雪离上市仅有一步之遥。新茶饮赛道的诸多问题，或许很快就会得到市场的答案。1“亏损迷局”解开，遭遇疫情依然盈利而奈雪上市何以蕴藏如此多的深意，成为不错的行业观察窗口？一直以来，市场对奈雪最大的拷问即是盈利。随着聆讯后招股书的披露，其“亏损迷局”终于得到明确而有力的回应。招股书显示，按照国际会计准则第17号，奈雪2020年全年实现经调整净利润6217万，这或许意味着，市场对于奈雪的价值认知，乃至新茶饮的行业生态将要重塑。过去几年，奈雪始终保持着较快的扩张态势。招股书显示，截至2017年底，奈雪茶饮店数量为44间，这一数据于2020年12月31日被刷新为491间，其中489间门店分布在中国大陆66个城市，还有两间分别位于香港特区和日本。截至最后实际可行日期，奈雪门店数量已经增至556间。根据灼识咨询数据，以2020年零售消费总值计，奈雪在中国高端现制茶饮店市场中的份额达到18.9%。区别于众多开放加盟的茶饮品牌，目前奈雪所有门店均为直营店。纯粹的直营模式同样意味着较高的前期投入，供应链等零售后端底层能力的形成通常需要“长期主义”。对应也看到，对奈雪来说材料和人工成本一直是最主要的固定支出，而非早前外界以为的店铺租金。其中，原料成本更是连续3年占比最高，2018年至2020年依次为35.3%、36.6%、37.9%，对比2020年咖啡行业原料占比均值，奈雪同年高出近一倍。但往往，底层能力一旦形成便能够赋能零售前端，迅速放大企业竞争力。同期，奈雪每单平均销售额保持在43元左右，高于行业均值的35元。业绩期内，奈雪门店首次盈亏平衡期约4个月，2018年开业的门店投资回收期仅为10.6个月。市场数据显示，中餐品牌首次达成盈亏平衡及现金投资回报的周期通常为3-6个月及15-20个月，相比之下奈雪具有显著优越性。映射到财务表现上，2018-2020年，奈雪分别实现营收10.87亿元、25.02亿元、30.57亿元，复合年增长达到67.7%。随之奈雪的盈利能力持续提升，实现扭亏为盈。奈雪经调整净利润（非国际财务报告准则计量）由2019年的亏损1174万元，转为2020年的盈利1664万元。且按照国际会计准则第17号，奈雪2020年全年实现经调整净利润6217万。后续而言，奈雪针对成本问题曾明确表态不会削减原料成本。那么，未来成本控制的重心或落在提升供应链水平等方面。而如果奈雪的供应链能够发挥出更大效能，不仅将大大压缩其经营成本，增加盈利空间，还将继续放大其零售前端的竞争力，构建起更安全的商业护城河。同时考虑到，直营门店为统一操作标准、方便品牌管理，且直面消费者，在开发新产品等方面具有明显优势，奈雪的纯直营模式逐渐“跑通”，其未来经营业绩可能会更加乐观。2选择与时机，抢占消费主力心智进一步值得探讨的是：当下新茶饮店遍布中国，各具特色的品牌玩家层出不穷，奈雪又是何以“守得云开”，抢占消费者心智的？笔者看来，关键原因在于奈雪的企业基因与进场时机。奈雪自成立之初所坚持的目标即是打造高端茶饮品牌，在对品质和口感要求较高，更愿为品牌付出溢价的年轻消费主力迭代中，其逐步形成了较强的品牌忠诚度，构筑出竞争壁垒。更具体的层面而言，奈雪兼具风格显著的产品创新能力和社交空间场景，决定其与一众竞争者逐步拉开差距。目前，奈雪的核心菜单拥有超过25种经典茶饮，25种以上的经典烘焙产品品类，并在基础之上以当季鲜果为灵感持续推出特色新品。不完全统计，自2018年以来，奈雪平均每周上新一款饮品，目前已推出约60种季节性产品。并且，高端现制茶饮店专注使用优质、新鲜配料生产现制茶饮，其连锁企业要求标准化品控能力，保障食品的安全性及口味的市场契合度。奈雪与多地的优质茶园、果园均有多年合作关系，且与知名供应商达成深度合作，以独有的供应链资源确保主要原料按品牌标准定制。实现这一点需要有显著的规模效应和极强的企业议价能力作为基础，也侧面明确高端现制茶饮赛道的门槛要比普通人想象的高得多。纵观之下，其实所有的服务业最终经营的都是一种信任，谁能够赢得客户的终极信任，就可以永远屹立。从奈雪居高不减的原材料成本来看，奈雪一直坚持给消费者带来更高品质、更健康的产品，相信这也会是奈雪能赢得客户深度信任的关键点之一。此外，奈雪的数字化会员体系势能充足，或有望继续优化客户体验。截至目前，奈雪会员体系的注册会员接近3500万，线上订单收入占比近7成。2020年，奈雪订单总数中有49%来自会员。这是一个庞大的数据库，其中包含着客户行为及偏好的宝贵数据。同时随着消费主力的更迭，新的消费趋势不断涌现，进而对品牌的商业嗅觉提出更高要求，在这个维度上，数据实力即决定竞争能力，开始左右品牌的发展走向。依靠时间积累出的庞大数据资产，则可以让奈雪更精准地判断消费者需求的变化。同时，未来奈雪服务的客户群体人数越多，它对消费者的理解也就越精准，这种具有生长力的生态服务体系将带来更好的服务效率和客户体验。3“新茶饮第一股”，或牵动全球性品牌发展放大视野来看，“新茶饮第一股”的意义究竟在哪？首先，中国现制茶饮市场，尤其高端现制茶饮市场，是为不争的黄金赛道。2015-2020年，中国高端现制茶饮所产生的零售价值增至约129亿元，复合年增长率达到75.8%。同时，这一数值预计将以32.2%的复合年增长率进一步增至2025年的约522亿元，将占同年现制茶饮产品消费价值总额的约24.8%。与之对应，新茶饮创业热潮迅速引发且愈演愈烈。企查查数据显示，目前中国共有32.42万家奶茶相关企业，这类企业年注册量逐年大增。但纵观市场，为消费者熟知的茶饮品牌其实为数不多，能称上高端现制茶饮品牌的更是寥寥。据艾媒咨询数据，截至2021年一季度，仅有奈雪、喜茶、乐乐茶三家。这反映出，新茶饮市场虽然广阔且看似入行门槛不高，但竞争风险巨大、品牌难塑、具有一定资本要求。也意味着新茶饮赛道尤其高端细分领域，并非低壁垒，奈雪等头部品牌占据先发优势，更有望分享产业红利，进而可能孵化全球化高端茶饮品牌，填补市场空白。奈雪率先登陆资本市场后，将在品牌塑造及资本实力等方面扩大优势，竞争力再度增强。灼识咨询数据显示，截至2020年底，中国高端现制茶饮店数量约为3000-4000间，奈雪门店占比在12.5%-17%之间；同时包含喜茶、乐乐茶及茶颜悦色在内的门店数量合共约1487间，远低于星巴克在中国市场所拥有5000家门店数量。考虑到新消费主力时代，民族自信空前，茶文化拥有更为庞大的受众，无疑存在进一步的门店扩容空间。且值得注意的是，奈雪下一步计划主推奈雪的茶PRO，店铺面积在80-200平。其较标准店而言的市场渗透力更强，复制效率更高，投资回报周期也更短。这样的门店组合或许能够为消费者带来更丰富的体验，利于扩张，使其有望加速抢占中国高端现制茶饮市场的增量。另外的角度来看，大消费领域的品牌大致可分为产品类和服务类两大类别，产品类中最为强大的是能使得消费者形成高粘度消费习惯的品牌。这类产品往往可以让用户留下非常深的体验，为业务持续性和复购率提供保证，且价格敏感度不高，利润表现较好。也是因此，这种消费品牌往往受到资本市场青睐。对中国的消费者来说，烟、酒、茶都是生活中不可缺少的产品，其中产生了大量的这种品牌。酒的典型案例如茅台、五粮液，但茶的典型案例却尚未出现。茶所承载的文化亦需要依靠品牌力量去推动，“新茶饮第一股”的诞生便是绝佳机会，相信第一个茶的典型案例很大可能会是奈雪。4尾声大消费领域的核心机会正是在于，品牌能否构建一个全新的、被新生代人群接受的生活方式。这种新的生活方式体现在两个方面：一是能不能应用到新的科技元素，以使消费者获得更好的产品体验和服务体验；二是能不能创造出一种新的文化元素，以使消费者认同的价值观得到体现。如果能够做到这两点，那么这个品牌就会产生巨大的增量，未来甚至可以风行全球。目前来看，奈雪正在改变年轻人的茶消费习惯，文化创新融合科技时尚驱动着奈雪的持续成长，在公司锋芒初现的全球化商业思维下，奈雪或将成为国际消费市场上，中国茶文化的一张新名片。从一杯传统清茶，到一杯新式茶饮，中国人对茶的喜爱从未改变。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2009,"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":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}