Pleasant tea, people go to tea cool?

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Before this year, the valuation of Xicha may be 60 billion yuan, or it may have risen to 100 billion yuan. But now, no one knows how much is good tea worth.

The arrival with the New Year is the dilemma of Xisha, layoffs, year -end prize storms, and price reductions against the trend, and repeated explanations cannot stop questioning.

This is not surprising. Starting in 2015, the new tea has gone through seven years after the big outbreak. Seven years of itching, itching on the track of “killing red eyes”, itching on the homogeneity of the Internet celebrity thinking, itching on food safety, more itching in cost and management. Hi Tea is a bit “itching”.

60 billion

60 billion, originated from July last year. At that time, Xicha completed the D round of financing, with a amount of 500 million US dollars. For the financing after financing, in many reports, its valuation reached 60 billion yuan.

At that time, Nai Xue’s tea was just listed. On the first day of the listing on June 30, it was broken. The stock price finally closed at HK $ 17.12/share, a single day of 13.54%, and the market value was HK $ 29.363 billion, which was about 24.4 billion yuan.

For the valuation of the 60 billion yuan of Xizhu, there are divergent views. Some investors believe that Huancha’s “brand value is huge.”

The birth of Xicha is a textbook -like entrepreneurial story. The idol of the founder Nie Yunzhang is Jobs, a “entrepreneurial godfather” who has pioneered the new era of smart machines.

In 2010, Nie Yunzhang was 19 years old and joined the first wave of smart machines. The pilot mobile phone store ended with a “first bucket of gold” of 200,000 yuan.

Two years later, in the alley in Jiangmen City, Guangdong, Nie Yunzhang began his second entrepreneurial business. A 30 -square -meter tea shop Royal Tea (Huangcha, predecessor of the tea).

As a foreign man in the tea industry, Nie Yunzhang decided to take a different approach. He feels that he can make different, better, and more popular tea drinks, maybe it can change the industry.

Different from most milk tea on the market at the time, Nie Yunzhang’s cup of tea was mainly used for fresh milk and tea. In the widely circulated version, for the unique raw material ratio, he has to modify the formula of the tea more than six times a day, and at the same time collect the customer’s feedback on taste to make improvements.

There are rewards. After the first bucket of gold is cast, the cheese milk cover has been well received, and more and more people are lined up. One year later, Nie Yunzhang opened three branches in Jiangmen City. By 2016, the number of Huangcha’s stores has grown to more than 40. The official introduction is “synonymous in line.”

Under the spotlight

Although it is already small in the Pearl River Delta region, Nie Yunzhang still has trouble -trademarks. The flooding cottage brands are blocked, and the true and false are difficult to distinguish. When the Lord returned to God, it was discovered that “Emperor Tea Royaltea” had already been registered. So in 2016, Nie Yunzheng gritted his teeth and spent 700,000 yuan. He bought the trademark happy tea that had been successfully registered and changed his name to change his surname.

It was also that year, the renamed Xicha was followed by capital. In August of that year, over 100 million yuan of financing smashed into Xixi Tea, from IDG Capital and investor He Boming, which was about a small goal of Wang Jianlin.

It is rumored that this financing originated from a forum. He Boquan was only half an hour, and there were more than 20 CEOs waiting for. After the official introduction, Nie Yunzhang invited He Boquan to go to the nearby store after the dissemination, and personally got all the products to He Boming to taste it. That night, the financing was finalized, and I also put on IDG capital.

Under the blessing of funds, since 2017, Hi Tea has moved from the Pearl River Delta to the whole country.

In early February 2017, Hi Tea entered Shanghai. Hundreds of people were divided into 6 snake -shaped channels in the Lafu Shopping Mall in Shanghai People’s Square, waiting for less than half an hour, as many as 6 hours. Nearly 4,000 cups per day, the daily turnover of 80,000 yuan, this is the data of the first store of Xicha Shanghai.

In August of the same year, Xi Tea opened to Beijing, and the Shuangdian opened together. Whether it was Sanlitun or Chaoyang Dayue City, the customers who lined up for 4 hours were endless.

Cheese milk covers, fresh fruit fresh milk tea, “INS style” store, simple and unique IP image, even if the unit price is high, but the happy tea that holds the net red password is still logical to sit on the new tea industry’s top chair.

The favors of capital and the expansion of the store are flying together. The Internet also circulates a paragraph of Meituan’s investment in Xicha. Wang Xing, CEO of Meituan, said to the assistant: “Go buy me like a happy tea.” The assistant came back after a while: “Boss, buy it, 400 million.”

Tianyancha shows that in April 2018, Xicha obtained 400 million yuan B financing from Black Ant Capital and Meituan Industrial Investment Fund Dragon Ball Capital; in July 2019, Xicha obtained the B+round of Tencent and Sequoia Capital Financing, the valuation after investment reached 9 billion yuan. In March 2020, Xicha will be led by the C -round C financing jointly led by Gaozhu Capital and Coatue Management, with a valuation of 16 billion yuan after investment.

After that, it was 400 million yuan in financing and 60 billion yuan in July last year.

In Xicha’s 2021 annual report, the number of global stores is 800+. However, Xicha opened 304 stores in 2020, reaching 695, which seems to have declined compared with this number.

Bubble

Slowing steps began last year, not just the growth rate of stores.

At the end of June 2021, Naixue’s tea was launched, and he was about to take a step in the tea, becoming the first stock of the new tea drink. Behind the highlight of the bell, the other side of the new tea drink is public. From 2018-2020, under the non-international financial report standards, Naixue’s net profit of tea was about -56.6 million yuan, -11.7 million yuan, and 16.6 million yuan, respectively.

喜茶,人走茶凉?

Although at the same time, the valuation of Xixue was far beyond the tea of ​​Naixue, but according to the data released by the two parties, as of the end of 2020, there were 695 stores in Xixue, and the total number of tea stores in Naixue was about 500. In 2020, the average daily sales of Naixue’s tea shop was about 20,200 yuan, while the same period of the tea was about 26,200 yuan.

Based on this calculation, the support of the data of 24.4 billion yuan in 60 billion yuan seems to be a bit insufficient.

喜茶,人走茶凉?

After half a year of questioning, it broke out again. Earlier this year, a number of people who certified the staff of Xisha on the pulse platform broke the news. Xixi tea layoffs at the end of last year, with a range of 30%. Among them, the information security department was all cut off. Year-end awards.

In this regard, Xisha said that the relevant rumors were false information.

Not long before, Xigang Gang officially announced a round of price cuts. Just as other tea brands announced price increases due to raw materials, their pure tea price was reduced by 3-5 yuan, 5 fruit prices were reduced by 2-3 yuan, and cheese dropped by 1 Yuan et al.

Regarding the cause of price reduction, Xicha said, “The price of some products in Xicha is reduced, thanks to the brand potential energy, scale advantages of Xicha, and the continuous accumulation of the supply chain and the deep cultivation of the upstream. Under the premise that the materials and quality are not changed, the price of some products is adjusted. “

But in addition to official explanations, there are more speculation in the industry. Such as product homogeneity, as well as competition in the industry and even outside the industry. It is not surprising that the price of high -quality good tea chooses the price reduction. After all, the previous Xixiao tea has released the signal of the flat price market.

According to the report released by iResearch, there are many brands in the new tea beverage industry. According to incomplete statistics, there are currently 163 new Chinese tea brands. 50%of the market share, while Xixue’s tea, Lele tea and other high -end tea brands account for about 7.7%of the market share.

喜茶,人走茶凉?

Cheng is also high -end, bitter and high -end; High -end tea brands and direct -operated models allow Xizhu to control the quality of the product and maintain brand tone. However, at the same time, the operating model of heavy assets also means that the cost is not a small test, whether it is funds or manpower.

Two sides of the coin

On the same day on the rumor of Xixi Tea layoffs, on February 8th, Naixue’s tea disclosed the 2021 performance forecast, and it is expected that a net loss is about 135 million to 165 million yuan.

Naixue’s tea and happy tea have a lot of common attributes. New tea drinks, direct -operated models, and Internet celebrity images were born in Guangdong. It is only three years early.

Today, the two head brands have become difficult brothers and brothers. This is different from the Grandpa of milk tea that burst into fire less than a year ago, and it is far from Nai Xue’s popularity during the prospectus. At that time, due to the popularity of subscriptions, Nai Xue’s tea ended the prospectus one day in advance from the original plan.

Like the front and back of a coin, the 2021 of Xixue and Naixue are also 2021 of the new tea.

On the front, the good news reflects the good news of financing of financing, several out -of -market circles, explosive screen swipes, and starting to impact the capital market. Once, the fragrant fluttering of “selling more than 300 million cups a year”, the cup can be around the earth. Nowadays, there are more than milk cups that are connected to the earth, but also milk tea shops.

The back of the back is the hidden concerns of food safety problems, expanding stalls, and salary quotation.

For a long time, people who look forward to Tea Yuecai can open the screen repeatedly. But at the end of last year, Tea Yanyue was “fire in the backyard”. Some employees complain about the work group: 11 hours per capita, 6-9 yuan, and monthly salary of less than 3,000 yuan. Later, the war was burned to social media, and Chayue Yuecai was pushed to the cusp.

喜茶,人走茶凉?

Although the incident was suddenly, it was not a sign of no sign. Afterwards, Lu Liang, the founder of Cha Yanyue, admitted that he was EMO. He admitted in the work group that “the company lost 20 million yuan a month.” More than a month ago, Chayue Yuese just closed 87 stores in Changsha.

In addition, Lele Tea, which belongs to high -end tea, focuses on the main energy to the East China market and temporarily close stores in some areas.

On the one hand, there is a long queue at the door, and on the other hand, there is a dilemma of profitable difficulties. The seemingly hot business only “earn a loneliness.”

The “2021 New Tea Study Report” released by the China Chain Management Association shows that in the next 2-3 years, the growth rate of new tea will slow down and adjust to 10%-15%. Regarding the reason, the report analysis states that from the perspective of the enterprise, in the face of intensive competition, high rent, limited talent reserves, food safety management needs to be further strengthened, takeaway share, high profit and other factors are superimposed. Management risks; From the perspective of external competition, the consolidation of the sinking market and the development of the northern part of the west requires market verification.

喜茶,人走茶凉?

Looking back on the new tea, most of the young people who have won the culture of the Chinese traditional “tea club”, young people have regarded tea as an important social currency.

But new tea may also lose young people. For consumers who have a higher and higher requirements for drinks, safety and even higher value requirements, standardized taste and category have limited freshness to consumers, but cost control and marketing traffic are all factors that have to be considered.

The “2021 New Tea Study Report” also pointed out that the slowdown in the growth rate of the industry is staged, and moderate adjustments will achieve thick accumulation. If all companies will solve important issues such as brand, operational capacity, and food safety management in the next 2-3 years, the growth rate of the new tea industry will quickly return to more than 15%.

Beijing Commercial Daily Reporter Tang Yi Tian Zhao Tianshu