Eight Ma Tea Industry, I can't get an offline version of small pot tea

@新 新 新

Author 丨 Ruyue Editor 丨 Moon See

Recently, Baza Tea Industry disclosed the prospectus, and once again broke through the IPO, sprinting in the main board of Shenzhen City. From the perspective of the prospectus, the eight -horse tea industry with more than half of the ingredients is a custom -made tea.

In fact, relying on such a simple business model, Ba Ma Tea has expanded the store to more than 2,700, maintaining more than 50%of the gross profit margin all year round. The trend gradually becomes the signs of the next version of the small jar of tea.

However, the traditional tea industry is rich in sub -category, obvious regional characteristics, eating by the sky, and high dependence on manual. Standardized difficulties are the problems facing all tea companies on the road of brandization. Therefore, the launch road of tea companies is very bumpy. So far, A shares are still in A shares. Without running a listed company.

Baya Tea Industry has quickly taken place in exports of tea, and created a well -known star product "Sai Pearl", and then broke the regional restrictions to brand -based operations. Recently "The slogan marks that it is a lot of ambition to become a luxury in tea.

In the mature catering industry, the prefabricated dishes that have given up the taste and pursuit of standardization cannot be completely captured by consumer taste buds. They are in the tea industry that rely on handmade manufacturing for a long time. It is also difficult to be difficult to choose by consumers.

Tea porter

In the prospectus of Bama Tea, the word "brand" was mentioned as high as 226 times.

The prospectus shows that in 2019, 2020 and 2021, the operating income of Bama Tea Industry was 1.023 billion yuan, 1.266 billion yuan and 1.744 billion yuan, respectively, and the annual marketing costs were 358 million yuan, 429 million yuan and 576 million yuan. The proportion of revenue was 35.00%, 33.89%, and 33.03%. Among them, in order to continue to invest in brand building, the marketing and advertising costs of Bama Tea Industry increased by 47.54%and 41.52%respectively from the previous year.

Compared with the continuous stable and high -investment costs, it is a comparison of its R & D investment lower than the industry average. In 2019, 2020 and 2021, the R & D investment of Bama Tea Industry was 5.702 million yuan, 3.2801 million yuan, and 6.641 million yuan, respectively, accounting China Tea's R & D expenses accounted for 1.43%of revenue in 2019.

Specific to the research and development results, as of March 31, of the 26 patents owned by Bama Tea Industry, there were only 5 tea manufacturing processes and production methods, and they were all Tieguanyin tea. Five of the remaining 11 patents are also tea packaging flow lines, that is, the main energy of Bama Tea industry is to study how to pack it and not produce tea.

The eight -horse tea industry looks like a tea porter.

According to the prospectus, Wang Wenli, chairman of Bama Tea Industry, is the 13th generation inheritor of Tieguanyin, a national intangible cultural heritage. The sales revenue contributed in 2021 was 205 million, 229 million, and 282 million yuan, respectively, and the proportion of total sales revenue continued to decline, with 20.28%, 18.22%and 16.29%, respectively.

It is worth noting that the production model of Bama Tea industry pursues "useism".

Different from the independent production of Chinese tea and Lancang ancient tea, Bama Tea industry is mainly procurement of finished tea. In the past three years, the procurement products sold by the products sold by Bama Tea have accounted for more than 50%of the procurement products. In this model, after the supplier's customized finished finished product is delivered by the supplier, Sales to the outside world.

In terms of sales model, Bama Tea also chose "Dedication".

Baza tea adopts a combination of direct -operated and franchise sales models. The franchise model is the expansion engine of Bama Tea Industry. The prospectus shows that in the past three years, the offline franchisees of Bama Tea have contributed half of their revenue. As of March 31, it had more than 2,700 franchise stores.

Interestingly, the first wave of wool in Bama Tea comes from franchisees. Franchisee reflected to [New Entropy] that the franchisee of Bama Tea Industry first pays 50,000 yuan and 30,000 yuan in margin. For the first time, it costs about 220,000 to 1.51 million yuan to open a franchise store.

The prospectus shows that in 2019, 2020, and 2021, Baza Tea Industry's other business revenue was 9.8213 million yuan, 96.502 million yuan, and 13.9953 million yuan. This part of the income was composed of rental revenue and the franchise fee paid by the newly added franchisees.

From the perspective of the entire industry, Baya Tea Industry, a business model that is produced by external and sales, is also related to the characteristics of China's tea industry.

Is it difficult for Chinese tea to have a brand?

The standard is the foundation of the brand, but there is no leaf in the world.

在中国长期作为农产品的茶叶本就有靠天吃饭的意味，而一杯顶级好茶的考量因素则更为广泛：峰苗好、白毫显、条索紧、身骨重而挺直，这对茶叶Picking, picking, processing, and packaging have all made very high requirements, and even required manual operation throughout the process. In addition, high -end tea must be scarce products, and it is difficult to carry out large -scale standardized production, which is contrary to the brand's brand. Therefore, the competition pattern of China's tea industry is decentralized, and the market share of a single brand company in the entire market is relatively low.

According to the "2018 China Tea Enterprise Development Report" issued by the China Tea Circulation Association, the total number of tea companies in my country in 2017 was more than 60,000, of which only 87 enterprises exceeded 100 million yuan, and the total assets of 6 companies exceeded 1 billion yuan. Essence In 2021, the market share of Tianfu, Lancang ancient tea, and eight -horse tea was 0.45%, 0.16%and 0.48%, respectively.

The only small pot of tea in many tea companies had a small pot of tea, but once ended it in a rollover.

The master's endorsement, standardized packaging, and small cans of small cans of unified and transparent pricing in the country seem to have found a standardized and refined balance. The products were released in 2016, and the retail sales of 2018 reached 2 billion yuan. Later, consumers dismantled their sales to the eight masters who specified tea in person, and found that the master was not finished. The small can of tea was finally named "Big Fun" by the consumer.

Standardization issues are difficult to solve, and tea that cannot tell new stories is also unsightly in the capital market.

According to the "China Tea Production and Marketing Situation Report" written by the China Tea Circulation Association, the total sales of tea in my country from 2019-2021 are 279.350 billion yuan, 288.884 billion yuan, and 3120 billion yuan, respectively. The tea industry with a constant market capacity is not as standard as the wine industry, and it is not as growing as emerging industries such as the Internet. From the perspective of capital, the situation is very embarrassing.

Baza tea has impacted the science and technology board, but due to the positioning reasons, the application was finally withdrawn and the main board market was turned to the main board market. Transfer to Hong Kong, and Anxi Tieguanyin, Hua Xiangyuan, Sichuan Zhuye Qing, Colorful Yunnan, Hangzhou Longjing, etc. have tried to go ashore in A shares. In the end, it has not been there, resulting in the "A shares without tea".

Standardization requires capital -driven, but the capital requires that the enterprise itself has standardization capabilities, and the two are in a endless cycle. Perhaps tea companies should learn to confess, China does not need tea brands.

Where should I find the increase in traditional tea companies?

At present, the situation of traditional tea companies can be described as front tigers and tigers, and the predicament of the front foot has not broken through, and the new tea drinks in the back of the feet are born in the original market space. The market has always had a doubt. Since the new tea drinks in the back -end marketing, traditional tea companies grow in the front -end raw material resources.

"At present, there are no cases of cooperation with traditional tea companies in the market. Mainly large tea companies have their own brands and calculations, and they can't talk about the supply price in the supply price." A well -known new tea brand operation Shang revealed [new entropy].

The traditional tea companies who can't join and are unwilling to reduce their posture have entered the tea market to find the increase in the young user market. Baza Tea has set up subsidiaries Di Ke Catering, and operates a subsidiary brand "Pony Tea Fun". The products include milk tea, fruit tea, and pure tea. In addition, in order to seek the increase in the field of tea beverages, Bama Tea also established an innovative business department to cultivate the speed -soluble tea drink brand "FNF".

But for traditional enterprises, the way to cater to young groups is also difficult to go. In 2008, Tianfu Tea proposed a new concept of "China Starbucks". To make experiential stores, it also launched "Put of Peas", targeting young groups to focus on tea drinks; Da Yi tea launched fast -moving tea products such as bubble tea, small gold beans, small bricks, and small green citrus, but in the end, they either returned from the feathers or it was difficult to maintain.

The front -end is difficult to mass production and the back -end is difficult to break the situation. Where should the traditional tea companies increase?

On the front -end issue, since mass production problems are difficult to break through, it is better to transfer ideas and make large items to the end. As a reference, Tea Yanyue has not stepped out of Changsha, but it has risen in the country. Traditional tea companies have all kinds of tea types with their difficulties. The Tieguanyin and the white tea of ​​the Malaysia Tea Industry, after making the star items, are surrounded by it.

On the issue of the back -end, since you want to do a brand, you should make a choice in business and feelings. When the small pot of tea was out of the market, it was coldly eye -catching by traditional tea companies. It was believed that the appearance of the tea bag was departing from the bottom line of tea, but its revenue threw other tea companies behind it. It can also be seen from Lidon's development trajectory. Tea bags are marketable, but companies that need to know more about Chinese people to do it. This is undoubtedly an opportunity for traditional tea companies.

The brandization of Bama Tea industry is destined to be difficult to play, and standardization is a mountain that is across all tea companies. Rather than rushing forward on the way to capitalization, and for investors' recognition, it is better to think about how to add incense to the brand and be chosen by more consumers. After all, capital only believes in visible results.

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