Nai Xue's "helplessness": "The most expensive" for tea, the most losing money?

The fundamental reason is related to its own high positioning and mode

Four years have passed, "The most expensive milk tea in the whole network" Nai Xue's tea is still losing money.

Recently, Nai Xue's tea released the financial report in the first half of 2022. During the reporting period, the company's revenue was 2.044 billion yuan, a decrease of 3.8%year -on -year; the net loss was 249 million yuan, a decrease of 618.75%from the earnings of 48 million yuan in the same period last year.

In fact, Nai Xue has been struggling on the verge of losing money since its establishment. Its adjustment of net profit in 2018 and 2019 was -56.6 million yuan and -11.7 million yuan, respectively. After a short profit in 2020, it lost 145 million yuan in 2021.

When submitting a listing prospectus last year, Nai Xue was known as "the most expensive milk tea in the entire network" due to the average price of 43 yuan. However, the price is so high, why is it so difficult to make a profit?

Figure/Figure insect creativity

There are more stores in the store

According to the 2022 semi -annual report released by Naixue, its operating income was 2.045 billion yuan during the reporting period, a year -on -year decrease of 3.8%. This is the first time that Nai Xue has fallen in revenue since its listing. In the same period of 2021, Naixue's revenue was 2.126 billion yuan, a growth rate of 80.2%.

In terms of brands, Naixue's tea, storage lids and other revenue obtained in the first half of the year were 1.878 billion yuan, 43.72 million yuan, and 123 million yuan, respectively, which contributed 91.8%, 2.2%and 6%of the total revenue. Among them, Naixue's tea is the main reason for the decline in income. This year's revenue decreased by 128 million yuan compared with the same period last year. You know, this score was obtained by the store's nearly double this year. During the same period last year, Naixue's tea stores were 494, and this year reached 904.

There are more stores, but there are less income, because there is only one reason -a single store income is less. The financial report shows that during the reporting period, the average daily sales daily sales of Naixue's first type of tea shop and the second type of tea drink shop were 13,200 yuan and 09,600 yuan, respectively, less than 2021 in standard stores in 2021.

In addition, Naixue's order daily order volume also decreased from 488.9 last year to 346.2 this year, a decrease of nearly one -third.

In this regard, Nai Xue attributed the cause to the epidemic factors. "Affected by the continuous impact of the new crown epidemic, especially in Naixue's tea -drinking shops in Naixue's more densely high -level cities, they were disturbed by the epidemic." Nai Xue said in the financial report. At present, Naixue has 904 self -operated stores in 85 cities across the country, of which 818 are located in the second tier cities, accounting for more than 90%.

Wen Zhihong, a senior chain industry expert, told China News Weekly that the impact of the epidemic cannot be ignored. "First of all, a large number of passenger flow is reduced. Tea consumption is based on offline consumption. After the epidemic, the physical commercial passenger flow is severe, and the impact will naturally affect Naixue. And once the tea consumption passes, there is no way to make up, and there is almost no existence of existence Reverse consumption. "

Taking Naixue as an example, in the first half of this year, although the proportion of takeaway orders increased significantly by 10.3 percentage points to 44.6%, the proportion of self -proportion of consumption and applet in the store was 55.4%, which shows that offline is still the big head.

In order to alleviate revenue pressure, Nai Xue, who has always been high -end, has aimed at the terminal market under 20 yuan this year. In March of this year, Nai Xue officially launched the "Easy" series of 9-19 yuan, and promised to go to the new product of a new one month, and at the same time, it also reduced the price of a variety of products, a maximum decrease of 10 yuan. At present, there is no "3 -word" drink in its order system. Products under 20 yuan account for about 32%of the entire product.

According to Li Weihua, an associate professor of the Business School of China University of Political Science and Law, Bo -profit sales have always been classic marketing strategies. Naixue achieved price replacement by price reduction, which is actually a wise move.

According to the report data from Zhiyan Consulting, among the per capita consumption of tea drink stores in 2020, 10 to 20 yuan of tea products in the minds of the public have the highest acceptance, accounting for 60.2%, more than half, more than half, more than half above.

Price reduction measures have indeed achieved certain results. Some Naixue stores have exploded, and even once "forced" online order systems. However, it may also be because the price has decreased, which led to Naixue's average single price in the first half of the year from 43.5 yuan in the same period last year to 36.7 yuan this year.

Rising costs lead to losing money again

While the income declined, Nai Xue's losses were further expanding. In the first half of the year, Naixue had adjusted a net loss of 249 million yuan, a decrease of 618.75%from the profit of 48 million yuan in the same period last year.

Li Weihua explained to China News Weekly that profit from profit to losses is nothing more than two reasons. On the one hand, income declines, and on the other hand, costs have risen.

Judging from the financial report, in the first half of this year, Naixue has different changes in raw materials, labor and rent, among which artificially is the most important cost.

According to the financial report, the labor cost of Naixue in the first half of the year reached 711 million yuan, and the income accounted for about 34.8%, while the same period last year was 670 million yuan, accounting for 31.5%; the cost of material was 648 million yuan. 100 million yuan, but the proportion also increased from 31.5%last year to 31.7%. In terms of rent, the use of rights assets depreciation and other rent and related expenses were about 323 million yuan, and the income was 15.8%. The proportion is 13.9%. In addition, the increase in takeaway orders has also led to an increase in delivery service fees. In the same period last year, it was 115 million yuan, and its income accounted for 5.4%, while this year reached 163 million yuan, accounting for 8.0%.

Wen Zhihong pointed out that the fundamental reason why Nai Xue's tea loses losses is related to his high positioning and model. "Nai Xue's tea emphasizes the third space of building the tea industry, which means that it will put forward higher requirements for product quality, service, and store environment experience. Under this goal ","

In order to reduce costs, Nai Xue slowed down the store opening speed in the first half of this year. As of June 30, 2022, Naixue had a total of 904 stores and 87 new stores. This data is not only lower than the 326 newly added throughout the year last year, and it is far from the goals of 350 this year.

It is worth noting that in the first half of this year, the newly opened stores in Naixue are PRO stores, and the existing standard stores will be converted to PRO stores after the lease expires. Nai Xue launched the new store -type Naixue PRO tea shop at the end of 2020. Unlike the current model of the frontcourt of the standard store, in addition to the on -site vibrator area, the PRO store is focused on sales prefabricated baking products. Simple processing can be provided to customers.

Shen Hao, the chief financial officer and secretary of the board of directors of Naixue, believes: "On the premise of maintaining the customer experience, the Naixue Pro tea shop is more conducive to our efficient operations, with lower early investment and cost benefits The way is quickly encrypted. "

However, from the current effect, this move is not significant, and this can also be seen from Naixue's financial report. In the first half of 2022, Naixue's tea shop operating profit was 195.6 million yuan, a year -on -year decrease of 49.2%, and operating profit margin was 10.4%, a year -on -year decrease of 8.8%.

A previous survey results of Guosheng Securities showed that compared to the also located in the shopping center (similar to Naixue's PRO store, the store is smaller), the Naixue Pro store, the staff of the Xixue GO store saves obviously. The number of employees in the Xixi Tea GO store is half of the standard store, and the Naixue Pro is more than the tea -making employees set up than the standard store. The total number of employees is about 10.

And the new Pro store model, due to the removal of the scene of the scene, has severely declined its baking business income. In the first half of the year, Naixue baking revenue was 381 million yuan, a decrease of 88 million yuan from 469 million yuan in the same period last year, a decline of 18.8%. This not only weakened the profitability of the store, but also meant that the third space concept that Naixue's previous focus was weakened.

Can use machine tea save profits?

For Nai Xue, reducing costs has become its primary demand. At the moment of raw materials and rental costs difficult to decline, labor costs have become the greatest possibility of optimization.

Shen Hao said that the optimization of labor costs mainly originated from digital management. On the one hand, the software in March helps Naixue to discover the people's efficiency improvement points at the store level and take optimization measures. The cost rate has decreased significantly.

On the other hand, the automatic tea maker developed by Naixue has greatly improved the operating efficiency, and handed over the technical work to the machine to complete it, so that Naixue can adopt the "full -time+part -time" employment model to cope with the entire external environment. Variety. "We are confident, controlling the labor cost of the store from 20%or less than in the short term or mid -term."

In June of this year, the "Automatic Milk Tea Machine" by Naixue's self -developed "automatic milk tea machine" was put into use in more than 120 stores in Guangzhou and Shenzhen. It is expected that ‍‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍ ‍‍ ‍‍ ‍‍ All stores will use the "automatic milk tea machine" in the third quarter of 2022. This is also the first of the new tea industry industry. A self -developed and large -scale automatic tea -making equipment.

The most direct impact with automatic milk tea machine is the improvement of tea making efficiency. According to Naixue, stores that enable automatic milk tea machines can increase the capacity of at least 40%per hour.

Li Weihua said that Nai Xue's direction is worthy of recognition. "The use of automatic devices is the consensus of almost all global chain catering brands. Although there will be an increase in costs in the short term, this part of the cost can be digested slowly over time. From the long run, expenditure must be definitely expenditure, and expenditure must be definitely. It's down. "

Wen Zhihong also agreed with this. For Naixue's tea, in the future, to achieve large -scale, chain, and standardized development in the future, it is necessary to reduce the participation of people in the food production process as much as possible. The use of automatic equipment simplifies the complex production process of milk tea, which has a higher degree of standardization, which greatly improves operating efficiency.

While promoting the "automatic milk tea machine", Naixue's "automatic milk cover" and "automatic tea soup uniform matter" and other series of equipment have also entered the scale testing link.

However, for this "automatic milk tea machine", there is a different voice. Some consumers said on the social platform: "Everything is automated, there is no need to go to Naixue's tea. Why not go to the supermarket to buy bottled drinks?" It seems that there is no smell of drinking, purely fully automated drinks. " In this regard, Wen Zhihong also reminded that although automatic equipment has improved operating efficiency, companies also need to think about new problems that may be derived from mechanical equipment. "In the traditional cognition of consumers, Nai Xue is a high -end brand, and on -site handicrafts are a major feature. If machine tea is made of large -scale, whether consumers can accept and experience the experience in the future can be guaranteed. All need to be observed. "

As the only listed company at the current new tea track, Naixue's performance can also reflect the status quo of the entire industry to a certain extent. After years of rapid growth, the growth rate of the new tea market is slowing. According to the "2021 New Tea Study Report" released by the China Chain Management Association, from 2018 to 2020, the average annual growth rate of the new tea drink market will exceed 23%, but it is expected that the growth rate of new tea will be released in the next 2-3 years. Slow, adjust to 10%-15%.

The threshold of the tea industry is low, and it is difficult to rely on products or technology to establish a moat. Coupled with the slowdown in the growth rate of the industry, it is difficult to improve the income in the short term. The best way to obtain profit is to compress the expenditure. "There is no doubt that the tea industry has entered the stage of competitive endurance, and survival has become the primary goal." Li Weihua said.

Author: Yu Yuan ([email protected])

Edit: Li Zhiquan

Operation editor: Xiao Ran

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