"Hello! What time is it? Let's have tea first! "

Now every afternoon, this sentence will spread like a virus in the office and moments, never absent.

Among them, drinking tea refers to the new style of tea drinking. It is not only the consumption choice, habit and popular trend of the new generation of workers, but also a new social business card for young people, and even gradually become an indispensable dependence in life.

Under the big wave of new-style tea, as the first echelon, Nai Xue's tea is officially listed today.Has secured the position of "the first share of tea in the world".. While waiting for Nai Xue's tea to ring the bell, in fact, people are also curious about why Nai Xue is so tough, and what new story will be told after listing?

1、The ceiling of modern tea

No matter how crowded the track is and how fierce the competition is, there is no doubt about the tea status of Nai Xue, and it cannot be challenged.

Naixue's tea has been in the C position since its debut, and it is one of the elders of the new tea drink.。

The so-called Nai Xue as the pioneer of the new tea, refers to the use of high-quality tea, fresh milk, fresh fruit and other natural, high-quality ingredients, through a more diversified tea base and ingredients combination of ready-made tea.

In November 2015, Naixue Tea began the operation of the first offline "high-end ready-made tea shop" in Shenzhen. Compared with traditional milk tea, Nai Xue puts more emphasis on upgrading and innovation in raw material selection, R & D and production, store operation and space experience.

From name to store design to products, Nai Xue beat a lot of competitors with its good-looking design and fresh taste. At the same time, the product matrix of "fresh fruit tea + soft European bag" not only raised the unit price of customers, but also competed differently with most of the milk tea chain stores in the market.

In just a few years, with its unique brand value, Nai Xue's tea quickly conquered the hearts of consumers and became the leader of new tea drinks, expanding faster and faster. At the end of 2017, the number of Nai Xue tea shops was 44, but by the end of 2020, it had been refreshed to 491, located in 66 cities of Chinese mainland, and two in the Hong Kong Special Administrative region and Japan, reflecting the speed of its expansion. As of the last practical date, Nai Xue's tea has 562 tea shops. As of December 31, 2020, Naixue has the broadest network of high-end existing tea restaurants in China in terms of the number of cities covered, according to Zhenshi Consulting.In terms of total retail consumption in 2020, Naxue's share in China's high-end ready-made tea shop market is as high as 18.9%.。

In addition, the average sales value of Nai Xue's tea has reached 43 yuan in 2020.High-end restricted tea chain stores rank first in China.。

Therefore, it is well deserved to say that it is the ceiling of the new type of tea.

The speed of expansion continues unabated, and capital is blessed layer by layer. In the two years since its establishment, Nai Xue's tea has received three consecutive rounds of investment from Tiantu Investment, attracting nearly Rmb400m. After all the A-round financing in 2018, the brand valuation of Nai Xue has reached 6 billion yuan, making it the first unicorn in China's new tea industry.

Although capital frenzied into the new tea circuit, but unlike other crazy money-burning brands, Naixue's strategy is steady. In 2019, Nai Xue did not continue to finance, but seriously "practice internal skills."

Pan Pan, managing partner of Tiantu Investment, an investor in Naxue financing, once said, "once consumer goods companies embark on a business model to form a closed loop, they will still make money and will have a very good cash flow, so Naxue does not have a lot of financing motivation."

In 2020, Nai Xue completed round B financing led by Shengchuang Investment; at the beginning of this year, it completed round C financing led by PAG Pacific Alliance Investment Group.Today, the official IPO is listed.

From the operating data published in the prospectus, we can see that Nai Xue's strategy in recent years has undoubtedly been successful. From 2018 to 2020, Naixue's tea revenue was 1.087 billion yuan, 2.502 billion yuan and 3.057 billion yuan respectively, with a compound annual growth rate of 67.7%.

Not only has revenue hit record highs, but the profit issue that outsiders are most worried about has also been fundamentally improved. The adjusted net profit for the whole year of 2020 reached 16.64 million, compared with a loss of 11.74 million in 2019. According to International Accounting Standards 17, Naixue's tea achieved a net profit of 62.17 million in 2020, beating the "bloodshed listing" previously speculated by the media.

In addition, the outside world once worried that the cost of large stores is the biggest profit barrier, this time Naxue also used data to dispel this concern. In 2020, the highest cost of Naxue comes from raw materials, and the proportion of this expenditure is maintained at more than 30%, which is the guarantee of the quality and taste of the brand, while the cost of opening a store accounts for only about 11.5%. This is due to the bargaining power of Naixue, which is already a leading brand, in terms of rent, spot, and so on.

From this point of view, all kinds of questions rumored before have been self-defeating, and the "first share of global tea" is well deserved.

On the listing, founder Peng Xin also said publicly: "We have always hoped to make a global brand, the purpose of listing is so that we can operate longer, more open and transparent, and become a company that requires more of ourselves."

2、Who is no longer the next? It's a new self.

Strength can be proved by financial data, while the future is written by your own planning. Naxue's halo has never been proved by the number of stores and revenue growth, but by a steady stream of product innovation.

Prior to this, the outside world has been labeled "the next Starbucks Corp" for Nai Xue's business model, but along the way, we can see that Nai Xue has been widening the border and subverting itself.

In the catering industry, the taste that people like the new and hate the old can be said to be the biggest headache in the industry. In this respect, Nai Xue has always been imitated, but never surpassed. According to the prospectus, as of the last practical date, Naxue's tea core menu has more than 25 classic tea drinks and more than 25 classic baking products. In addition, Naxue is constantly innovating around the core menu, launching a new drink almost every week on average, and has launched about 60 seasonal products since 2018. In addition, differentiated store types and diversified consumption scenes have also won over a wide range of consumers.

For the younger generation of consumers, it is simply the right taste, and the powder will not change its mind. This may also be one of the secrets to the prosperity of the company, the stability of the consumer group and the leading reputation.

In addition to tasteNaxue has always been at the top of the tide in the business model.。

Since the formation of the concept of "new tea" in 2015, in the course of more than 5 years, the new tea has experienced great leaps and bounds, such as product research and development, space upgrading, format expansion and so on. Among them, Nai Xue's forward-looking layout has been constantly confirmed.

In 2020, the sudden epidemic escalated the pressure of new tea entrants, on the verge of bankruptcy, and sought digital change one after another. And Nai Xue laid a solid foundation and broke through again as early as 2019.

In September 2019, Nai Xue's tea launched a membership system to improve the convenience and personalization of the entire ordering process. Through hundreds of offline stores on the drainage line, accumulated ultra-high traffic, but also greatly improved customer loyalty and repurchase rate.

Under the epidemic in 2020, Naixue superimposed the store business plan of "contactless pick-up + contactless distribution" and the combination of all kinds of preferential goods, and the number of visits to the mall increased by 89% compared with the previous week. At the same time, Tmall's flagship store and live broadcast also made efforts at the same time, creating a perfect digital ecological closed loop.

Under this model, revenue from Naxue Wechat and Alipay Mini Program and the company's applications nearly tripled from 310 million yuan in 2019 to 1.2 billion yuan in 2020, accounting for 40% of revenue, with more than 35 million registered members. the number of active members increased from 2 million in the fourth quarter of 2019 to 5.8 million in the fourth quarter of 2020, with a repurchase rate of nearly 50%. Compared with the vast majority of Internet companies, the data are invincible.

As for the future strategy, Nai Xue's way of playing has ignited new expectations for the market.

In Naxue's plan, unlike the previous store expansion, Naxue PRO will become a new strategic base in the future.

According to the prospectus, 70 per cent of Naxue's new stores in 2021 and 2022 will be planned as smaller Naxue PRO stores. Compared with the off-the-shelf products in the large store model, the baked products of Naxue PRO will be transferred to the central kitchen for unified production and distribution.

And this has once again expanded the market's imagination of the profit space of Nai Xue. Under this mode, it not only greatly solves the problem of labor cost of Naxue stores, but also moves further towards the standardization process. The establishment of the central kitchen will also be the basis for Naxue to improve operational efficiency and achieve the next profit leapfrog. To promote the further development of Naxue to an international brand.

Compared with Starbucks Corp, the creation of social culture in Nai Xue's third space is undoubtedly blue, which is more in line with the cultural consumption attribute of the Chinese people; compared with Rui Xue, Naixue has successfully avoided spending a lot of capital to attract traffic and subsidized users. choose to use the brand's cultural sense, product innovation and digital upgrading after accumulation, becoming the first choice of tea head brand for consumers.

Therefore, for Nai Xue, it is not difficult for the standard star Buck, it is not difficult to surpass Lucky, but it is difficult to constantly polish and surpass himself. Today's achievements are not satisfied, but continue to set new plans and goals, subvert themselves and start anew with the requirements of more standard and transparent listing.

3、Naixue's new journey has just begun.

China is the birthplace of tea, with a history of drinking tea for nearly five thousand years. However, as a big tea consumer, China has no representative international tea brands at present, which has always been a pity. Therefore, under the wave of consumption upgrading, it has become widely expected to create a new international tea brand.

Today, Nai Xue's tea has become the "number one stock of tea in the world", not only because of its business performance and market position, but also because it has broken through itself."A cup of good tea and a mouthful of soft European bag."The connotation that can be carried has become the representative of the new generation of Chinese tea culture, shouldering the mission of promoting Chinese tea culture to the world.

According to the data, the total retail consumption of China's high-end ready-made tea shop market is expected to grow at a compound annual growth rate of 32.7% from 15.2 billion yuan in 2020 to 62.3 billion yuan in 2025. On such a vast stage, Nai Xue's journey has only just begun.

What kind of surprise it will bring to the market in the future, and what kind of legend it can write down for the entire tea industry, we will wait and see.