Zhongxin Finance, March 31 (Zuo Yuqing) The listing of Hong Kong stocks and the price reduction of new products... In the past year, Nai Xue's tea has been a topic of constant discussion.

On the evening of March 29, Nai Xue's tea finally handed over its first annual report "transcript" since its listing.

Online orders account for more than 70% of total revenue

　　According to the annual performance announcement released by Nai Xue's tea, in 2021, Nai Xue's total tea revenue will be 4.296 billion yuan, an increase of 40.5% from 3.057 billion yuan in 2020.

　　As of December 31, 2021, Nai Xue's Tea has opened a total of 817 stores, of which 371 are PRO stores.

Compared with the 491 stores in 2020, the number of new tea stores in Nai Xue in 2021 will be 326.

According to the report, in 2022, Nai Xue's Tea is expected to open 350 new tea shops, and the total number of shops will exceed 1,000 by then.

　　At the same time as the store expansion, the operating profit of Nai Xue's tea store has further increased.

In 2021, the operating profit of Nai Xue's tea stores will reach 592 million yuan, an increase of about 68.4% compared with 2020.

In 2021, the profit margin of Nai Xue's tea stores will be 14.5%, an increase of about 2.3 percentage points from 2020.

The tea shop of some Naixue in Beijing.

Photo by Zuo Yuqing

　　However, despite the increase in profits, Nayuki's tea net losses are also widening.

In 2021, Nai Xue's tea has a net loss of 4.526 billion yuan during the year, with an adjusted net loss of 145 million yuan; a net loss of 203 million yuan in 2020 and an adjusted net profit of 16.643 million yuan.

　　It is worth noting that Nai Xue's tea online order revenue accounted for as high as 71.8%.

Nai Xue's Tea said that the change mainly reflects the control measures of local governments on dine-in caused by the epidemic, as well as the changes in consumers' consumption habits after the epidemic.

　　Nai Xue's Tea believes that a relatively stable proportion of takeaway orders is conducive to the healthy development of the company, and there is no plan to actively increase or reduce the proportion of takeaway orders at this stage.

Will the involution capital in the market cool down?

　　In the new-style tea market, which is becoming more and more "introverted", where are the new-style tea companies heading?

　　In the past 2021, in addition to Nai Xue’s tea, which has been listed on the Hong Kong stock market, HEYTEA and Michelle Bingcheng have also frequently reported that they want to go public.

　　However, on February 4 this year, in response to the rumor that the prospectus will be submitted to the Hong Kong Stock Exchange in March, HEYTEA responded to the media that there are currently no listing plans and actions, and no financing matters are in progress.

　　After Michelle Bingcheng repeatedly denied that it would hit the IPO, its listing rumors were finally confirmed: On September 30, 2021, the official website of the Henan Securities Regulatory Bureau showed that Michelle Bingcheng Co., Ltd. plans to issue shares in the A-share market for an initial public offering. It has been listed and is being counseled by GF Securities Co., Ltd. It has been counseled and filed at the Henan Securities Regulatory Bureau on September 29, 2021.

Michelle Ice City Co., Ltd. counseling and filing announcement.

Screenshot from Henan Securities Regulatory Bureau.

　　However, after the "first share of tea drinks" broke, is capital still optimistic about today's new tea drinks?

　　"The two categories of domestic new-style tea and coffee belong to the Gemini category, that is, the new generation consumers have the highest participation, the highest consumption frequency, and the most popular categories. The expectations are still very high.” said Zhu Danpeng, an analyst with China’s food industry.

　　Zhu Danpeng believes that, on the whole, Nai Xue's tea has a strategic error in its business model. Although it has been corrected, there is still a long way to go to achieve profitability.

(over)