China Food

The first share of new tea is coming. Naixue’s tea is listed on the Hong Kong stock exchange for hearing and financial data disclosure

“  

the entire tea circuit, are waiting for Naixue’s “starting gun.”.
 ”

For half a year, Naixue’s tea is only one step away from “the first share of current tea”.

 
On June 6, according to the documents of the Hong Kong stock exchange, Naixue’s tea passed the listing hearing of the Hong Kong Stock Exchange and the prospectus was updated.

 
It has been rumored that Naixue has been listed for a long time. Submit the prospectus on Lunar New Year’s Eve. Previously, He Gang, chief technology officer of lucky coffee, joined Naixue as CTO, which has been regarded as a signal of Naixue’s IPO by the industry.

 
At the foodaily fbic2021 global food and beverage Innovation Conference on May 20, Peng Xin, founder of Naixue, once told the media, “the hearing is the next one or two months, and the IPO will be completed soon. At present, we have communicated with the investors and they all approve of the new tea circuit. “

 
At present, xichafang of the three tea giants still hasn’t disclosed its listing plan, and mixue ice city only handed in the list, but there is no clue. The whole tea circuit is waiting for Naixue’s “starting gun”.

Annual revenue of 3.06 billion, turn loss into profit in 2020

According to the prospectus, Naixue mainly operates two brand stores, the tea of its flagship brand Naixue and its sub brand taigai. In addition, there are two non important sub brands Lishan. At present, Naixue has decided to close its sub brand Lishan.

 
According to the updated data, from 2018 to 2020, the company’s total revenue was 1.09 billion yuan, 2.5 billion yuan and 3.06 billion yuan respectively, of which the revenue generated by Naixue’s tea shop was 910 million yuan, 2.291 billion yuan and 2.87 billion yuan respectively, and the proportion of related take out orders increased year by year, accounting for more than 30% in 2020.

(source: Naixue’s tea prospectus)

 
In terms of profit, the company’s adjusted net loss (measured by non international financial reporting standards) decreased from RMB 56.6 million in 2018 to RMB 11.7 million in 2019, and further reversed to about RMB 16.6 million in 2020.

According to the report of Zhuoshi consulting, according to the total retail consumption in 2020, Naixue’s tea is the seventh largest tea brand in China’s current tea shop industry, with a market share of 3.9%; It is the second largest tea shop brand in China’s high-end ready-made tea shop market, with a market share of 18.9%.

(source: Naixue’s tea prospectus)

In terms of store network, the prospectus shows that as of the last practicable date, there are 556 tea shops in Naixue, mainly in the first tier and new first tier cities, with nearly 35 million members. It is understood that there are two types of tea shops mentioned above, one is Naixue’s tea standard tea shop (including tea concept shops with diversified Naixue, such as Naixue DreamWorks, Naixue’s gift shop and Naixue BLA bar), and the other is Naixue Pro tea shop.

 

Tiantu has made many rounds of investment,

The direct operating cost is higher than

 
Naixue’s starting point is not low. In November 2015, Naixue’s first store was opened in the core business district of Shenzhen. In 2017 and 2018, Tiantu investment made three rounds of exclusive capital injections in succession. After a + round of investment in March 2018, Naixue’s tea became the first Unicorn brand with an estimated value of more than 6 billion yuan on the tea circuit.

 
At present, Naixue’s tea has completed five rounds of financing. In addition to angel investment, there are also Shenzhen Venture Capital, Pacific Alliance Investment Group (PAG) and Honghui capital. According to the prospectus, in the ownership structure of Naixue tea, Peng Xin and Zhao Lin are the largest shareholders, holding 67.04% of the shares directly, Tiantu investment is the second largest shareholder, holding 13.04%, and Shenzhen Venture Capital holds about 3.32%.

(source: Naixue’s tea prospectus)

 
Pan pan, managing partner of Tiantu investment, once told Chinanet that when he first came into contact with Naixue’s tea, there were only two stores. With the help of capital, Naixue also started the road of expansion. In 2018 and 2019, Naixue opened 179 and 174 new stores respectively, which is equivalent to opening one in two days. By the end of 2020, the number of Naixue stores will increase to 556. According to the prospectus, by the end of 2022, Naixue’s KPI for opening stores in first tier cities and new first tier cities will be 300 and 350 respectively.

 
Different from the franchise brands such as miyue Bingcheng, in the tea industry, Naixue takes the self support mode. Some investors once told Chinanet that “all the operating costs of the self operated mode should be borne by the brand side, and the higher the capital cost, the later.” In this investor’s hunting area, another ready-made tea brand, which also takes the direct marketing route, had more than 2000 employees when it opened its 40th store. Naixue’s number of stores is far more than 13 times, and its huge team can be imagined“ When it reaches a certain scale, the team management ability, product innovation speed and supply chain management ability of this direct scale will be greatly challenged, “the investor commented.

 
Naixue’s prospectus also fulfilled this point. According to the prospectus, although the customer unit price is more than 40 yuan, Naixue has been in a state of loss for a long time. In 2018, 2019 and the first three quarters of 2020, the net loss of Naixue was 69.7 million yuan, 39.7 million yuan and 27.5 million yuan respectively, and the accumulated loss in three years exceeded 130 million yuan. But in the fourth quarter of 2020, Naixue finally began to turn losses into profits. According to the latest prospectus, after adjustment, Naixue will achieve a net profit of 62.17 million yuan in 2020. However, its operating cost pressure is still very high.

 

(source: Naixue’s tea prospectus)

 

Naixue has been committed to building “Starbucks in the tea industry” to create the third space, which requires a high store area and location. It is understood that the average area of Naixue stores is about 200 square meters, and the large ones even reach 400 square meters. The single store investment of Naixue standard store has reached 1.85 million. Naixue Pro has a small area, but a single store also needs to invest 1.25 million yuan, mainly for decoration and purchase of all kinds of equipment. For this reason, according to the prospectus, the rental expenses of Naixue accounted for 17.8%, 15.6%, 15.6% and 15.2% of the total revenue of each year respectively. Compared with Er Yan, Haidilao, the same catering brand, accounts for less than 4% of the rent.

 
Compared with the rental cost, Naixue’s tea raw materials and labor costs accounted for 40% and 30% of the total expenditure respectively, which were also an important part of its expenditure.

 

Tea track may usher in the market trend

 
Many investors believe that this is a good time for tea companies to go public. Both A-shares and Hong Kong shares, consumer companies are now in hot pursuit. With a market value of more than 600 billion yuan, Nongfu Shanquan has made zhongqiong more valuable than Warren Buffett. After the new consumer company bubble Mart went public, its market value has soared all the way to over 100 billion yuan, making the whole consumer industry itch.

 
For the purpose of listing financing, Peng Xin said: “we are not listed because of lack of money. The two billion yuan raised last year have not been used. We have always hoped to make a global brand. The purpose of listing is to enable us to operate for a longer time, be more open and transparent, and become a company with higher requirements for ourselves.”

 
All kinds of signs indicate that, for investors in the primary market, the tea and drink track seems to be coming to an end, and institutions are competing for the final entry opportunity. In the financing competition in 2020, only in the announced financing, more than RMB 4 billion has poured into the new tea circuit, and the head brand valuation has reached the 10 billion mark one after another.

 
In addition to Naixue’s tea, another popular new-style tea, Xicha, has also repeatedly spread the news of IPO, but it has been denied by the company. If Naixue’s tea is successfully IPO this time, it will become the first share of new-style tea. In addition, miyue ice city, which has been winning in the sinking market by opening stores in a concentrated way, has also repeatedly revealed financing news. It is said that highland capital and Longzhu capital have made the first round of financing of 2 billion yuan. Although Chinanet has sought confirmation from the capital, the other side has replied that it is inconvenient to comment. In addition, reliable information sources have given the answer of “really melt” to Chinanet. In addition, it was also reported later that the form will be handed in soon.

 
《 According to the 2020 white paper on new tea, the total scale of China’s tea market in 2020 will be 442 billion yuan. Among them, the scale of new tea market will exceed 100 billion yuan, and is expected to exceed 110 billion yuan by 2021. The new tea industry, as the fastest recovering catering industry after the epidemic, has a market scale of 100 billion. Young people seem to enjoy all kinds of milk tea. At present, due to the current low per capita consumption, the potential space of tea industry is broad, and the industry is still in the dividend period.

 
Pan pan, a partner of Tiantu investment, told china.com.cn that it is far from the “end” of the tea and drink track, and listing is only a new starting point. Tea is still growing at a high speed, and the head company is still innovating, iterating and evolving. However, Pan Pan Pan also pointed out that it is very difficult for this track to have disruptive innovative products to shake the industry pattern, and the window period of new brands has been basically closed.

Author: Feng Yingxing; Source: China venture, reprint authorized. Joining the community: Cherry (wechat: 15240428449); Business cooperation: Amy (wechat: 13701559246). Recommended reading “five questions” of hyaluronic acid  |  2021 next innovation award  |  Sugar crisis   |  100 billion light food|   2021 the most innovative company in the world   | | |  |  |  Collagen Peptide  |  Daily new walnut stew: Isee trend  |  Editor’s  |  Reader’s  
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The first share of new tea is coming. Naixue’s tea is listed on the Hong Kong stock exchange for hearing and financial data disclosure

(来源:奈雪的茶招股书)

 

奈雪一直致力于打造“茶饮界的星巴克”打造第三空间,这一目标对门店面积和位置要求极高。据了解,奈雪门店平均面积都在200平米左右,大的甚至达到400平米,奈雪标准店单店投入就达到了185万。奈雪PRO面积稍小,但单店也要投入125万,主要用于装修以及购买各类设备。也正因与此,从招股书来看,奈雪在租金方面的开支分别占到各年份总收益的17.8%、15.6%、15.6%及15.2%。对比尔言,同是餐饮品牌,海底捞的租金占比,不到4%。

 

相较租金成本,奈雪的茶原材料和人工成本则分别占总支出的四成与三成,亦为其重要支出部分。

 

茶饮赛道或将迎来上市潮

 

不少投资人看来,此时正是茶饮公司上市的好时机。无论A股还是港股,消费公司眼下都备受追捧。农夫山泉6000多亿市值,让钟睒睒身价超越了巴菲特,新消费公司泡泡玛特上市后也一路大涨市值超千亿,让整个消费行业都心痒痒。

 

对于上市融资目的,彭心表示:“我们并不是因为缺钱而上市,去年融资的两个亿资金都还没有用,我们一直希望能够做出一个全球性品牌,上市的目的是为了让我们可以,更长久经营、更开放透明,变成一个对自身要求更高的公司。”

 

种种迹象都在预示,对一级市场的投资人而言,茶饮赛道似乎在走向终局,机构们在争夺最后的入局机会。在2020年的融资竞速中,仅在公布的融资中,已有超40亿人民币的资金涌入新式茶饮赛道,头部品牌估值纷纷迈入百亿大关。

 

除了奈雪的茶,另一家热门的新式茶饮喜茶也屡次传出IPO的消息,不过都被公司否认了,如果此次奈雪的茶成功IPO,将成为新式茶饮第一股。此外,一直在下沉市场以密集加盟开店打法制胜的蜜雪冰城也屡屡爆出融资消息,传闻高瓴资本、龙珠资本对其进行了首轮20亿融资,虽然投中网向资方求证,对方均答复称不便置评。另外,有可靠信源对投中网给出了“确实融了”的答案。此外,晚点亦报道称,蜜雪冰城也即将交表。

 

《2020新式茶饮白皮书》显示,2020年中国茶饮市场的总规模为4420亿元。其中,新式茶饮市场规模将超过1000亿元,预计到2021年会突破1100亿。新式茶饮行业作为疫情后恢复最快的餐饮业态,拥有千亿市场规模。年轻人似乎对各类奶茶乐此不疲,目前来看,由于当前人均消费量仍然不高,茶饮行业潜在空间广阔,行业仍旧处于红利期。

 

天图投资合伙人潘攀则向投中网表示,现在还远远谈不上是茶饮赛道的“终局”,上市也只是一个新的起点。茶饮还在高速增长,头部公司还在不断创新、迭代、进化。但潘攀也指出,这个赛道很难再有颠覆式创新的产品去撼动行业格局,新品牌的窗口期已经基本上关闭了。

作者:冯颖星;来源:投中网(ID:China-Venture),转载已获得授权。
加入社群:Cherry(微信:15240428449);
商务合作:Amy(微信:13701559246)。

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