The happy tea fell, the supplier was full

The new tea beverage track with the highest popularity in the past two years has grown all over this year: Naixue's coffee table across the food safety bottom line, tea Yanyue color in Changsha large -scale closed stores, hi tea prices to bid farewell to 30 yuan, Nai Xue, Nai Xue "The second share of the new tea" has not appeared ... Putting aside the new tea that has been rolled into "Red Sea", the capital has found "New Huan" -the new tea supply chain enterprise.

The latest IPO news of the new tea supply chain is Nanwang Technology, which provides paper bags for Xixue and Xuebing City for Xixue Bingcheng. It is reported that Nanwang Technology has officially submitted a listing application to the Shenzhen Stock Exchange and will be on August 10th. Review.

(Nanwang Technology's paper bag products/picture source network)

Prior to this, many companies have IPOs or apply for listing in the new tea supply chain, including the ternary creatures for the vitality forest, Dexin Foods for Starbucks and Naixue, to Nongfu Spring, Nongfu Spring, and Nongfu Spring, Naixue made raw fruit juice, field stocks with fresh fruits, and Hengxin life for paper cups. Nanwang Technology ranked "Old Seven" in this team.

The best time to go public?

A large -scale new tea brand often has as many as dozens of or even hundreds. In 2021, Naixue's tea is more than 20 strawberry suppliers. Compared with the new tea, the supply chain companies that provide them are mostly single products, and the scale is not large. It is like the screws on the new tea company machines. The energy is not large but indispensable.

With the rapid growth of new tea companies in the past two years, the development of supply chain companies has also entered the fast track. The most intuitive feeling is that they make more money.

For example, from 2019 to 2021, the revenue of field shares was 290 million yuan, 266 million yuan, and 459 million yuan, respectively, and net profit climbed from 24.32 million yuan to 65.17 million yuan. From 2019 to 2021, net profit increased from 70.2656 million yuan to 812.361 million yuan. According to its prospectus, the company sold up to 2.1 billion in 2021 paper cups and plastic cups, and 700 million yuan a year.

(Picture source network)

It is a pity that "there is no banquet in the world." The new tea that took the lead in making money was "going down" on the naked eye. The "China Catering Category and Brand Development Report" predicts that in the next 2 to 3 years, the growth rate of new tea will slow down to 10%to 15%. From 2017 to 2022, the Ai Media Data Center gives The data is that the market size of Chinese new tea drinks has expanded from 57.51 billion yuan to 293.85 billion yuan, which has been 5 times.

Some head tea brands have caught the market dividend of the previous two years, and opened up the store with the help of capital. According to the "2022 China Catering Business Research Report", 3846 new stores in Mixue Bingcheng in 2021, the total number of stores reached 20,000; the book also burned 1953 new stores in Xiancao, and the total number of stores reached 7,000 There are 326 new stores; the number of stores in Xicha also reached 897, close to thousands of stores.

When the market is prosperous, everyone may still make money, but when the market falls, the new tea that has been opened "unable to drink" has changed from capital to liabilities. example.

The new tea with a lot of losses and no "imagination space" is cold in the capital market. Data from the Red Meal Brand Research Institute show that in the 1121 ⽉ 25 ⽇ in 2021, in 2021, the new tea drinking industry has issued a total of 32 financing, disclosed that the total amount exceeds 14 billion yuan, reaching the peak of nearly 10 years. However, in 2022, a total of 16 financing occurred in the first half of the new tea track, with a financing amount of about 1.4 billion yuan. Compared with the 2021 financing amount and quantity doubled, the capital heat was cooling.

In order to rescue themselves, tea companies, which once focused on high -end markets, were watching the cheap market. In fact, the unit price of less than 20 yuan in 2021 has gone through more than 90%of the market share, of which the consumer group corresponding to the unit price of 10-15 yuan accounted for the highest proportion, 57.3%, and only 6.4%of consumers can accept it. Milk tea with a unit price of 20 yuan or more.

Therefore, the tea head brand mainly based on Xixue and Naixue took the lead in opening a price war. On January 7, Xicha adjusted the price of some products. Among them, the price of pure tea was reduced by 3-5 yuan, the price of 5 fruits was reduced by 2-3 yuan, and the cheese fell 1 yuan. There will be no price increase this year. Subsequently, Nai Xue's tea also launched the "Easy" series priced at 9-19 yuan. Among them, the easy American coffee and easy golden peony were as low as 9 yuan a cup, and promised to go to a new low-cost product every month.

At the same time, the prices of the front -end products and the price reduction of the new tea drinking enterprise also brought a increase in the pressure of the back -end supply chain cost. And the supply chain enterprise of "blood transfusion" for the new tea company, there are few power discussions. In the face of a strong new tea draft giant, the supply chain company has to reduce prices and retain customers. The future of supply chain companies may be worse and worse, so some analysts say that these two years may be the best time for the new tea supplier IPO. "Big Customer Dependence" of the supply chain enterprise

One of the major reasons for the new tea supply chain enterprise is not to negotiate the right to negotiate is its serious "big customer dependence". First of all, its revenue is highly dependent on the new tea drink head brand.

Taking the life of Hengxin, a supplier of paper cups and plastic catering, as an example, from 2019 to 2021, the procurement of the top five suppliers led by new tea head brands such as Naixue and Chabai Road is 75.22 %, 66.57 % and 61.16, respectively. %.

The dependence of large customers in Tianye Co., Ltd. has increased year by year. From 2019 to 2021, the sales revenue of the top five customers accounted for 49.68%, 44.61%, and 68.17%. 61.82%.

(Tianye Share Prospectus)

Secondly, there are many new tea supply chain enterprises, a single product category, a small technical barriers, and a serious homogeneous competition. In front of the giants, suppliers are used to staying customers at low prices.

Professor Chen Lihua of the Guanghua School of Management of Peking University pointed out that most Chinese companies are the supply chain management model with the "lowest price as the core". It is essentially a "bean sprouts and vegetable model". Instead, to get the minimum price to constantly replace the supplier, forcing SMEs to fight for the "low -price war" in order to improve their competitiveness to increase their competitiveness.

Taking Nanwang Technology as an example, according to its prospectus, from 2019 to 2021, the price of environmental protection paper bags of the company's main products was reduced from 61.93 yuan/100 to 47.72 yuan/hundred, with a cumulative decrease of about 23%; food packaging price; food packaging price It also dropped from 10.41 yuan/100 to 9.41 yuan/hundred.

(The price of Nanwang Technology's products has decreased year by year)

However, the prices of the raw materials of Nanwang Technology, such as the prices of the original paper, have risen year by year. From 2019 to 2021, it rose from 5873.58 yuan/ton to 6249.56 yuan/ton.

(Nanwang Technology's original paper procurement price increases)

In response, Nanwang Technology responded that according to his product positioning, he strived for and maintained the expected share of large customers with positive price strategies. For Nanwang Technology, when the cost is rising, the price can only be carried by itself. The most intuitive impact is its main business gross profit margin from 26.91%in 2019 to 2021 23.34%. In addition, in the first half of this year, Nanwang Technology's revenue reversed from steady growth compared with the previous years, a 7%decline, and the net profit attributable to the mother also fell by 5%.

However, even if the supply chain companies are so "humble", the new tea company "rolls" in the "inside roll" "volume" and the price of the "volume", and still "roll" upstream raw materials and supply chains.

When the new tea drinks "inner roll" to the supply chain

Since the announcement of the price adjustment at the beginning of the year, on June 9 this year, Xi Cha also released the "True Milk" initiative, calling on the industry to popularize the real milk and refuse to plant fat.

Lastic planting is also known as milk essence, which can make the milk tea more smooth, the milk fragrance is more obvious, and the cost is lower than that of fresh milk. The hydrogenated vegetable oil contained in milk essence is prone to cause trans fatty acids. Long -term consumption will increase the risk of chronic diseases such as diabetes and obesity.

(Pleasant Tea's "True milk" initiative/picture source network)

As soon as the "True Milk" initiative, the low -end milk tea brands such as Honey Snow Ice City and Tea Baidao will be "lying" one after another. In June last year, Jiahe Food Logged in the Shanghai Stock Exchange. Its prospectus showed that from 2017 to 2019, the company's operating income was 1.368 billion yuan, 1.595 billion yuan, and 1.836 billion yuan, and the last sales of fat planted accounted for more than 85%of its operating income.

In fact, Xicha has been fully used since its birth in 2012, and has taken the lead in introducing refrigerated milk into the new tea industry. In addition to increasing the standard of tea drinking materials, Hi Tea has also started the supply chain construction since 2016. The raw materials used in the explosive products of taro and mud wave series comes from the betel nut taro raw materials of the planting base.

Mixue Bingcheng invested earlier in the supply chain. It was built in the upstream factory 10 years ago. Its explosive lemonade originated from lemon planting bases built in Sichuan. After selling fresh fruit tea in Naixue's strawberry series, he also bought a land in Yunnan to create a special supply base for Naixue Strawberry to reduce the cost of procurement of strawberries and better control the quality of strawberries.

(Comparison of the new tea brand supply chain/Zhejiang Shang Securities)

For new tea companies, in order to pursue the growth of scale, it is necessary to build a standardized supply chain and product production system to optimize the quality of product quality and operating efficiency, and reduce the risk of "stuck neck" by the core raw material. For the upstream supplier of the new tea drink, "the iron needs to be hard". With the challenge of the downstream new tea company's decrease in dimension, self -built brands have come to the front end or strengthened research and development to create a technical barrier. Try future direction. For example, beverage accessories supplier Dexin Food has opened flagship stores on Tmall and other platforms, and directly sells for C -end. KFC's seasoning supplier Baoli Food also acquired 75%of the kitchen Affin's equity last year.

However, not attaching importance to research and development may be a common problem for many supply chain companies. During the reporting period of the GEM of the Shenzhen Stock Exchange, the proportion of R & D investment during the reporting period of operating income was only 2.88%, 2.91%, and 2.51%, and it was declining year by year. There were only 5 invention patents. I am afraid that it does not meet the positioning of the GEM.

Yihong shares, which belongs to the paper products packaging industry with Nanwang Technology, just rejected the listing application last week. The biggest controversy is its dependence on big customers and whether it meets the "Sanchuang Four New" positioning. It undoubtedly add a suspense to whether Nanwang Technology can successfully go public.

When the new tea market is upward, the "thin profit -making sales" strategy of supply chain companies may allow companies to seize opportunities to get more orders and maintain performance growth. When combat ", can the supply chain company still sit" drink soup "? After the capital ebb, I knew who was swimming naked.

Reference source:

1. Vote from China: Starbucks and Xisha's "Big Big Big Big Big Big Big Big Big Big Big Big"

2. The 21st Century Economic Daily: Reunion 2021 New Tea Giant Listed in the first year: The problem is frequent, the market value has shrunk, can you still make money?

3. Titanium Media: New Tea "Friends Circle" is listed on the market. Hi Tea and Naixue entrust N IPOs

4. Financial industry: consumer supply chain: new consumption "second spring"

5. Leading Financial Information Network: Nanwang Technology: Financial data "fight" is suspected of fraud "three innovations and four new" attributes "weak"

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