is that useful?Push "virtual stocks" to play with flowers, Naixue's tea has 4.84 billion in four years

Nai Xue's tea, which has been reduced to new products, launch Naixuecoin and Yuan Snow Paradise, and frequently launch a variety of marketing activities. Is it behind the company's pressure and anxiety in profit?

"Investment Times" researcher Lu Gong

On the first anniversary of listing in Hong Kong, Naixue's Tea Holdings Co., Ltd. (hereinafter referred to as Nai Xue's tea, 02150.HK) has made a heated discussion in marketing.

At the end of June, Naixue's tea pushed out Naixuecoin and virtual stocks, and announced that the previous membership points were upgraded to Naixuecoin, that is, the user can get 1 Naixue coin for each consumption. Get Naixuecoin, and Naixuecoin can be exchanged for gift vouchers and physical objects.

In addition, Naixuecoin can buy virtual stocks from Naixue's tea. The stock price of virtual stocks in the game is equivalent to the real closing price of Naixue's tea Hong Kong stocks on the trading day*the Hong Kong dollar exchange rate on the day. For a while, Nai Xue's tea was therefore pushed to the cusp. Some people in the industry mentioned that there may be certain compliance risks in virtual stock trading activities.

The latest news shows that the official public account of Naixue has deleted relevant activities articles and notified on the official shopping page. After the official offline. After the event, the virtual stocks in the participating membership account will follow the rules of 6 Naixuecoin in accordance with the principles that are beneficial to users. Virtual stocks automatically exchanged to Naixuecoin. "

In fact, in addition to Naixuecoin and Yuan Cosmic Naixue Park, the company has also launched a variety of marketing activities in recent years, such as the significant price reduction in March this year, the launch of the 9-19 yuan new tea series; NFT (Intangible Rights Certificate) digital art, sell "Nayuki" NFT art blind box, etc.

Behind the frequent launch of various marketing activities, is it faintly revealing Nai Xue's tea in terms of performance and profitability?

From the perspective of operating performance, in recent years, Naixue's tea has been in a loss for a long time. By 2021, the growth rate of returns has recovered from the same period of the previous year. Compared with 2019, there is still a certain distance. The company's losses in the same year expanded sharply year -on -year, reaching 4.526 billion yuan, far exceeding the cumulative value of losses in the previous three years.

Let's look at the company's performance in the capital market. As of July 18, 2022, Naixue's tea was closed at HK $ 6.13 per share. Compared with the opening price of HK $ 18.86/share a year ago, it has fallen by 67.5. %.

The "Investment Times" researcher in response to the above -mentioned series of marketing activities, as well as the performance pressure situation in recent years and the corresponding cost reduction measures, the email communication outline asked Nai Xue's tea -related departments. As of the press release, the company has not received the company's reply.

Four years of accumulation of 4.838 billion

Naixue's tea was founded in 2015 and has long focused on providing the current tea -making. As one of the new tea representatives, the company adopts a direct -operated model, which is invested and operated by the headquarters, and implemented a unified nuclear calculation of standardized management management.

Since the establishment of a member system in 2019, the number of members of Naixue's tea has shown a continuous growth trend. As of December 31, 2021, the number of registered members of the company has reached about 43.3 million, the total number of active members reached about 7.0 million, and the repurchase rate of active members was about 35.3%.

However, unlike the number of members who continue to increase, in recent years, Naixue's tea performance in terms of performance generally shows the characteristics of continuous downward and pressure.

From 2018 to 2021, Naixue's tea revenue showed a growth trend year by year, respectively, 1.087 billion yuan, 2.02 billion yuan, 3.057 billion yuan, and 4.297 billion yuan, but its year -on -year growth rate fell sharply in 2020. 130.17%in 2019 dropped to 22.21%in 2020. By 2021, the company's year -on -year growth rate rose slightly to 40.54%year -on -year, which was nearly 90 percentage points worse compared to the high -speed growth in 2019.

What needs to be concerned is the profitability of Naixue's tea. Data disclosed that the company has been in a continuous losses from 2018 to 2021, and the scale of losses has generally expanded. The losses were 69.729 million yuan, 39.68 million yuan, 203 million yuan and 4.526 billion yuan during the year. In just four years, the company's losses have reached 4.838 billion yuan during the year.

From the perspective of the performance of the brand, taking the data report data in 2021 as an example, Naixue’s tea tea shop has contributed most of the income. The company stated in the financial report that it is expected that in the foreseeable future, Naixue's tea drink shop will still be the tea drink shop will still be The company's main financial focus. Data disclosed that by 2021, the proportion of tea shops still accounted for more than 90%, and from 93.9%in the same period last year to 94.7%.

Judging from the operation of the first quarter of this year, in March this year, some first -tier cities were severely affected by the epidemic. The influence, the company has about 5%-15%of Naixue's tea drink shop in a single day for a while, and the tea drink shop of Naixue, which is about 25%of the single day to about 25%, can only provide self -pick -up/takeaway services. Naixue The tea said, "The degree of affected operation is more significant than March 2020, but it is better than the level of February 2020." From the perspective of the entire industry, according to the "2021 new tea drink in 2021, the China Chain Operation Association's" 2021 new tea drink in 2021 Research Report (hereinafter referred to as the "Report") shows that the development of new tea has entered the 3.0 era, and the current characteristics are "tea+milk+fruit+culture". In the next 2 to 3 years, the overall growth rate of new tea drinks may slow to 10%-15%. However, the "Report" is also clear that the slowdown in the growth rate is staged. If each company will solve important issues such as brands, operating capabilities, and food safety in the next 2-3 years, the compound growth rate of the new tea industry will quickly return to return to return to return. More than 15%.

Naixue's tea in recent years

Data source: company financial report

Can cost reduction measures be effective?

In recent years, Naixue's tea income has continued to grow without turning losses, or it has a certain relationship with the cost of the company's overall rising period at the same time.

Data disclosure, from 2018 to 2021, whether it is materials, employee costs, or delivery services, hydropower expenses, logistics and warehousing expenses, all of them are in a general rising trend. By 2021, the company's material costs and employee costs had increased to more than 1 billion yuan, reaching 1.401 billion yuan and 1.424 billion yuan, respectively, over 1 billion yuan compared with the value of 2018; and the delivery service fee , Hydropower, logistics, and warehousing costs reached 259 million yuan, 90.75 million yuan, and 90.502 million yuan, respectively, an increase of 248 million yuan, 67.118 million yuan, and 78.463 million yuan compared with the values ​​in 2018, respectively. In this regard, some people in the industry analyzed that cost reduction and efficiency or become important topics of Naixue's tea.

"Investment Times" researcher noticed that as early as the mid -term performance report in 2021, Naixue's tea once proposed that "as a high -end current tea chain store, through comprehensive digitalization, operating efficiency is The key to value. The company’s science and technology team is committed to R & D standardized and automated equipment, trying to simplify the tea drinking process. " Gradually improve the company's overall operation capabilities. "

In the announcement of the operating status in the first quarter of this year, Nai Xue's tea said that the company is actively promoting the established cost reduction measures, enhanced operating toughness, and reducing the impact of repeated epidemic and changes in the operating environment. Among them, the company’s automatic class system has been deployed to the store in March this year. It is expected to be promoted in the first half of this year. At present, it has begun to help the company discover the optimization point of the store's labor costs to improve the efficiency of the manpower use of the store. It is officially implemented in the third quarter of this year, and it is expected to significantly reduce the pressure on store training.

In the future operations, can the above -mentioned cost reduction measures taken by Naixue's tea? Can it fundamentally improve the company's current increasing growth and continuous losses, so as to turn losses into profits? Still to verify.

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