Editor's note: this article is from the official account zebra consumption (ID:banmaxiaofei) on Wechat. Author: Chen Xiaojing, authorized reprint of Venture State, Picture Source: photo Network.
In the field of milk teaNai Xue's teaIt's always been."Children in the eyes of others", "high achiever".Not only good academic performance, but also beautiful, can dress up, is really liked by teachers, students envy, but also surrounded by a large group of young fans, and even willing to use their own circle of friends to do free publicity for them.
Among the peers, Nai Xue's tea took the lead, listing on the Hong Kong Stock Exchange as the "first share of the new tea", onto a higher stage to meet the test of investors and the public.
What people never expected was that the performance of Nai Xue's tea was too unsatisfactory in this big test on the market. The share price has been falling, and the market capitalization has halved in just one month.
Recently, through undercover visits, the media found that there are greater food safety risks in Nai Xue's stores.
The impression of this "high achiever" has plummeted in the eyes of outsiders.
After the listing and financing, Nai Xue's tea has a grand expansion plan.Internal management has always been the biggest problem facing the founder and his wife.
It was the dream of Peng Xin, the founder of Nai Xue, to open a milk tea shop, but she was "exhausted" when her dream became a big enough business.Share price halved
There is no doubt that the current tea is one of the hottest races in the consumer field in recent years. Xi Tea, Nai Xue, CoCo, a little bit, Honey Snow Ice City and other brands are fighting in the high, middle and low end of the market. On a commercial street, it is not uncommon for more than a dozen brands of milk tea shops to compete together.
Each brand takes the store as the battlefield front to fight, the back end is the capital opens the frigate, continuously transports the ammunition to the brand expansion.
Like many young girls, Peng Xin is tired of the routine of working life and hopes to open a milk tea and bakery of his dream.
In 2015, she founded Nai Xue's tea and opened its first store in Shenzhen.
At the beginning, Nai Xue's tea was different, with its large storefront and stylish store design, which changed consumers' impression of the milk tea shop in the past, so it became popular at once.
High-end brand positioningNai Xue's tea has also become the most expensive existing tea brand in China.
On June 30th this year, Nai Xue's 02150.HK entered the Hong Kong Stock Exchange and became the "first stock of new tea". There is an explanation for the founder's insistence on starting a business for many years and the strong support of investors.
However, after listing,The trend of the company's stock price contrasts strongly with brand awareness and external expectations.
On the same day, Nai Xue's tea broke at the beginning of trading, fell 4.75%, continued to wobble down throughout the day, and fell as much as 15% during the day. After being pulled up by capital, it finally closed at HK $17.120, down 13.54% from the offer price of HK $19.8.
Since then, Nai Xue's tea shares have continued to fall. Even in 17 trading days when prices were stable, share prices fell 26.62%. On July 27, the company's shares fell 26.8% in one day, the biggest drop in a day, hitting a low of HK $9.10.
When the company goes public, introduceUBSAs cornerstone investors, five well-known fund companies, including Huitianfu, Guangfa and Nanfang, have invested a total of 155 million US dollars and subscribed for 60.705 million shares.Cornerstone investors have lost more than 50%.Hidden dangers of food safety
The reasons for the rise and fall of stock prices are very complex and are not under the control of the company's management, but problems in the company's internal management are fatal to an enterprise.
On August 2, Xinhuanet posted that the reporter secretly visited several stores of "Nai Xue's Tea" in Beijing.It seems shocking to find that there are major food safety problems.
For example, cockroaches run rampant in the bread-making room, and his colleagues tell him "never mind" that a similar phenomenon is common to them.
Nai Xue, who has always claimed to make products with the best ingredients and the freshest fruit, was found by the reporter that blackened mangoes "deal with them and continue to use"; short European bags, which can only be sold within a specified period of time, continue to be sold by employees after changing the label.
After the publication of the report, Nai Xue's tea immediately reacted, carrying out self-inspection and rectification of the stores overnight, and the two Beijing stores involved were closed.
At the same time, regulators in many places across the country conducted surprise inspections on 186 tea stores in Naixue, although no serious food safety problems such as "cockroaches" and "spoiled fruits" were found in the media. however, there are still some problems, such as non-standard label of semi-finished product, lack of pool label and so on.
At the critical juncture when the company is subject to inspection and self-examination, new food safety problems have emerged.
Yesterday, there were media reports that the daughter of Ms. Lu in Shenzhen drank a big fly in Nai Xue's black sugar bead jewelry hidden tea.
On August 3, the tea share price of Nai Xue fell 10.83%. Yesterday, it fell another 5.12%, and the stock price fell again.Fall belowHK $10With a recent market capitalization of HK $17.134 billionHidden worries about expansion
As a traditional offline tea shop, the expansion of Nai Xue's tea scale can only be achieved through the continuous opening of the shop.
After two years of start-up, the company received external investment and started a rapid expansion model, and by September 2018, the total number of stores had exceeded 100. Since then, Nai Xue's tea has added more than 100 new stores every year in the horse enclosure in major cities across the country. From 2018 to 2020, it opened 111, 173 and 172 stores respectively. By June this year, the number of its stores had reached 562.
However, as the density of the company's stores increasesThe operational efficiency of individual stores has shown a significant downward trend.
From 2018 to 2020, the average daily sales per store of Nai Xue tea fell from 30700 yuan to 20200 yuan; the average daily order volume dropped from 716 to 470; and the operating profit margin of the store dropped from 18.9% to 12.2%.
The large store model in the commercial center, and the erosion of profits by constantly opening stores, have made Naixue's tea fall into a strange circle.It sells the most expensive milk tea, but the company doesn't make money.
From 2018 to 2020, the company's operating income was 1.09 billion yuan, 2.5 billion yuan and 3.057 billion yuan respectively, with losses of 69.73 million yuan, 39.68 million yuan and 203.3 million yuan respectively in the same period.
Naixue's tea raised HK $5 billion on the Hong Kong stock exchange, and plans to spend 70 per cent of that money on the expansion of its store network over the next three years, opening 300 and 350 stores this year and next, respectively.
The size of China's current tea market has exceeded 100 billion in 2020 and is expected to grow to 340 billion by 2025, while the size of the high-end tea market will increase from 12.9 billion to 52.2 billion.
The agency estimates that Nai Xue's tea as the leader of high-end ready-made tea, with the encrypted layout of PRO stores, the company's total number of stores will reach 1530 by the end of 2023.
But at the same time of expansionManagement and operation deficiencies, Nai Xue urgently needs to be made up.
This article is authorized by the columnist to be published by Venture Bond, and the copyright belongs to the original author. The article is the author's personal opinion and does not represent the position of the entrepreneurial state. Please contact the original author for reprint. If you have any questions, please contact editor@cyzone.cn.