I lost hundreds of millions in half a year.

Introduction: It lost more than 100 million yuan in half a year.

The wave of the new era is rolling, wrapped in all things into the torrent of history, and the former milk tea king was exhausted. Xiang Piaopiao's half-year report showed that its operating income in the first half of the year was 859 million yuan, a year-on-year decrease of 21.05%, and the net profit attributable to the mother was -1.29 100 million yuan.

For three consecutive years, he has reported losses and has become more and more intense.

Public data shows that in the first half of 2020, the net profit attributable to the mother-of 1.064 billion yuan, and the net profit of the mother-in-law of the mother in the first half of 2021, which was doubled, doubled this year! After ten years of "top flow" in the milk tea industry, was it abandoned by the times?

Second -generation Qianjin succession

Xiang Piaopiao was established in 2005. The founder Jiang Jianqi was from Huzhou, Zhejiang. After graduating from college, he entered the railway bureau to work. He was influenced by various "business scriptures" around him. He finally abandoned the "iron rice bowl" at the age of 35 to start a business.

At first I tried to make cakes and sticks, but these products were easily affected by solar terms, so I hit the idea on the brewing milk tea. After a year of founding, it has not been completed for a year. After advertising, 250 million film directors from Hong Kong from China personally took charge of advertising films. They also invited the popular star Chen Hao to endorse. The year of Youle.

打了一系列价格战、渠道战、营销战，后来香飘飘在这场对决中赢了，并且在2014年到2016年，香飘飘的市占率超过63%，远超竞品，坐Stable in the position of "cup of milk tea boss".

The beverage industry has a "double oligopoly" phenomenon. Cola has Pepsi and Coca -Cola, and milk has Yili and Mengniu.

"Double oligopoly" did not appear in the brewing milk tea market. After Youlemei, Xiang Piaopiao was invincible.

At this time, Jiang Jianqi wanted to let the only daughter Jiang Xiaoying take over, and repeatedly mentioned in front of the media that "the daughter has the talent of business."

As a continuous entrepreneur, Jiang Jianqi's succession was also smooth. In May 2016, Jiang Jianqi abolished the e -commerce department and changed to the Internet Innovation Center. Jiang Jianqi was appointed as the general manager and was responsible for e -commerce and new media operations.

Under the leadership of Jiang Xiaoying, Xiang Piaopiao carried out a series of reforms.

Facing the revolutionary changes in the tea market and showing signs of decline in their own performance, Xiang Piaopiao launched a series of diversified measures, trying to explore the second growth pole through the double -wheel drive strategy of "brewing+drinking" Essence

In 2017, Xiang Piao Piao's "MECO" milk tea and "Lanfang Garden" stockings milk tea two liquid milk tea products were listed on the beginning of change.

In 2018, Xiang Piaopiao began to expand non -milk tea drinks. In July of that year, the MECO juice tea series products were developed and formed three business elements: solid brewing, juice tea, and liquid milk tea.

After two years of hard work, the sales of the Xiangpiao E -commerce sector in 2018 were close to 80 million yuan. Compared with her, it was 80 times more than her.

Just so hard -working successors still failed to change the downturn of incense.

Marketing magic weapon does not work

With the listing of Xiangpiao, behind the carnival and glory, the hidden worry has gradually emerged. During the three years of listing, Xiangpiao's advertising fee was as high as 1.046 billion yuan. Essence

One of the objective reasons is that China's brewing milk tea market has increased.

However, behind the decline in revenue, the proportion of marketing costs and R & D expenses is worth pondering.

From 2017 to 2021, Xiang Piaopiao's marketing costs were 617 million yuan, 800 billion yuan, 967 million yuan, 714 million yuan, and 740 million yuan, accounting for 23.37 %, 24.61 %, and 24.31 %, respectively. , 18.98 %, 21.34 %.

Sales cost of Xiang Piaopiao 2012-2021 (Data Source: Wind)

During the same period, its R & D expenses were 13.8999 million yuan, 8.836 million yuan, 310.25 million yuan, 23.429 million yuan, and 28.047 million yuan, accounting for 0.5%, 0.2%, 0.7%, 0.7%, respectively. Less than 1%, miserable.

Since its establishment, Xiang Piaopiao can be said to have been eating old -fashioned tea. The traditional "milk tea powder brewing thinking" has long been abandoned by young people's consumer groups.

No matter how glorious it is, once you can't keep up, you will be forgotten by the times.

Inadequate breakthrough

Facing the stagnation of performance, Xiang Piaopiao also made a lot of efforts.

For example, in order to retain the younger generation, in 2019, Xiang Piaopiao enabled the popular traffic niche Wang Junkai as the spokesperson for its brewing series of products, trying to stabilize the main business and make the brand younger.

In 2021, Xiang Piaopiao opened the hot star Wang Yibo. On the night of the official announcement, the topic of "Wang Yibo's cow cow milk tea" was read on Weibo hot search with a reading volume of 120 million.

The origin of the marketing brand is not the original sin. It only needs to be hard to hit the iron. The tea market in the chain era is fascinating. The old taste that stays on the supermarket shelves is really not the advertisement to save.

Consumers, capital markets, and dealers have begun to run away.

Besides, is Xiang Piaopiao really lacking well?

In the past two years, Xiang Piaopiao has been expanding the business line. In 2020, Xiangpiao developed towards pan -bubble categories, and launched new products such as milk replacement, milk tea self -heated pot, and brewed jam.

In 2021, it also launched products such as milk tea self -heated pot, milk tea shabu -shabu.

Revenue composition since the listing of Xiang Piaopiao (unit:%)

However, from the perspective of revenue data, the results are very small. The product line is opened. Not only does it have no growth in power, it has become a drag. Innovation needs to pay huge costs. Fundamentally, the broken boat is not resolute enough. It is the main reason.

In addition to insufficient product research and development, there is also a huge crisis in Xiangpiao: Repeated food safety red lines.

We search for a complaint platform, showing that most of the complaints related to the brand involve quality but not related.

Picture source: a complaint platform

Hey……

Conclusion

New tea has spread all over the streets and lanes, and the competition has increased. The game rules of the milk tea industry have also changed. According to the research report of Zhejiang Business Securities, from 2015 to 2020, the current average annual growth rate of the tea beverage industry reached 21.9%, while the same period of the compound annual growth rate of tea, tea bags, and tea powder industries in the same period Only 8.1%.

The customers that Jiang Jianqi wants now has become the customer of the new tea.

After verifying that old saying: When the times abandon you, don't even say hello.

Reference materials:

Red Star Capital Bureau "2022 Chinese New Tea Drink Research Report"

The Beijing News "Six months of losing more than 100 million, incense is not" fragrant "? "

Financial gossip women's channel "" Milk Tea Thousands of Gold "inherited the family business and lost 129 million in half a year"

Bullet Finance "Fragrance Plof, the more floating farther"

Chai Dogski "The incense of no longer around the earth is fluttering, and I have made the wrong work! "

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