Capital does not like to drink tea, Baya Tea Industry is listed on the market bumpy

Source | Bohufn

Author | Lingling

There is no new story in the tea industry in the tea industry

In 1996, the tea market gradually became lively, and Shenzhen reporter Wang Wenli keenly smelled the business opportunities.

In 1997, the "Eight Horse Tea Industry" was established, and the products covered the categories of oolong tea, black tea, black tea, green tea, white tea, yellow tea and other categories. In addition to tea itself, Bama Tea also produces tea sets, tea food and other related products.

In 2013, the Eight Horse seemed to be listed on the small and medium -sized board of the Shenzhen Stock Exchange.

Unexpectedly, the industry came closely in the cold winter.

In 2013, the "Anti -Four Winds" and the "Eight Regulations" in 2014 made high -end consumption cliff -like declines, and it was difficult for Baza Tea Industry to escape.

In 2013, Baya Tea's revenue was 426 million yuan. By 2014, Baza sought a breakthrough in performance through TV shopping, but sales fell to 394 million yuan.

By 2015, the revenue was 404 million yuan and did not achieve a breakthrough. Baza Tea Industry terminated the listing plan and chose to go public on the New Third Board.

On December 8, 2015, Baza Tea was listed on the New Third Board. The financing function of the New Third Board is lacking, and the burden of financing accounting and legal expenses is large. In 2018, the eight horses terminated listed on the New Third Board, and instead seemed to be listed on the GEM of the Shenzhen Stock Exchange.

In April last year, Baza Tea Industry once again submitted an application for the GEM IPO to the Shenzhen Stock Exchange. By May of this year, Baya Tea took the initiative to withdraw from the GEM listing and turned to the motherboard to go public.

The road to the market of Bama Tea Industry is twists and turns.

In fact, it is a long -term phenomenon of listing in the tea market.

The road of COFCO China Tea Co., Ltd. and Lancang Ancient Tea are not smooth.

The former tea shares of China Tea Company, its main products include oolong tea, Pu'er tea, flower tea, black tea, Liubao tea, white tea, Anhua black tea, green tea and related products. Previously, the Shanghai Stock Exchange's main board was listed on the market.

Earlier, Lancang Ancient Tea had planned to be listed on the main board of the Shenzhen Stock Exchange, but for some reason, the information was proactively withdrawn before the meeting.

This year, Lancang's ancient tea moved to Hong Kong stocks and planned to be reviewed on June 3. Surprisingly, Lancang Ancient Tea applied for the withdrawal of the application materials again, and the original issuance of the review committee and the review of it were canceled.

Looking at the A -share market, there is still no listed company with tea as the main business. The Hong Kong stock market also has only a few companies such as Longrun Tea, Tianfu Tea, and Xinyang Maojian.

According to the data of Tianyan, there are only 14 financing related to traditional tea companies in the past two years. The financing of financing is mainly based on new brands such as small cans of tea, Chali in tea, and tea.

Before the formal IPO, Lancang Ancient Tea showed that in 2018, Jingmaixin Industrial and Fusi invested 15.8 million yuan and 9.5 million yuan; 2019 Youth City Kaiyi and Junquan Xin invested 29.9 million and 20 million. It was not until September 2021 that it was impacted by Hong Kong stocks that a lot of capital increased its capital.

In other words, capital does not seem to love "drinking tea", and there is no new story in the tea market for a long time.

(Picture source network)

Standardization of tea

Why don't capital "drink tea"?

"There are categories, no brand" has always been the pain point of the domestic tea market.

This has nothing to do with the major characteristics of "product prices difficult to judge fairness, decentralized industry, and suppliers are mostly individual households".

First of all, it is difficult to judge fairness in the price of tea products. The price of tea is as low as dozens of pieces to tens of thousands. The difference in price is determined by factors such as the origin, odor, and color of tea. At the same time, it also provided natural opportunities for fraud, which caused the difficulty of supervision of tea companies.

In the procurement materials, Bama Tea has mentioned that "the non -standard attributes of the product are strong and the market price is comparable without public market price." This makes it difficult to accurately confirm the cost of inventory, and it also provides innate advantages for corporate fan decoration reports.

In addition, although the market is very large, it is still dominated by personal workshops to reach a certain scale and has very few brand companies with planting, processing, and sales of the entire industry chain.

Related data show that 90%of the tea market is still occupied by small workshops built by tea farmers. These enterprises adopt traditional business models and lack modern enterprise management concepts. Among them, problems such as uneven quality of tea and chaotic prices have continued to occur, which has also led to the embarrassing situation of my country's tea market in "category and no brand".

According to industry estimates, the market share of Tianfu and Bama Tea in 2021 was 0.45%and 0.48%, respectively. The top four players in the industry have a total market share of less than 2%.

What is formally compared is that in 2020, the top three brand market share in my country's current tea industry is 29.5%, and the total market share of the top seven brands is 50.4%.

In the small workshop mode, the concentration of the industry is extremely scattered, and the brand is naturally difficult to break the circle.

Furthermore, the planting and other methods of tea and alpine in my country has also made it very difficult for industrialization and standardization. At present, more than 60 % of my country's tea gardens are located in a steep slope area. Large machinery cannot enter, and often can only rely on artificial operations, and production efficiency is low. According to statistics, the area of ​​Chinese tea gardens accounts for about 75%of the world's tea garden, but the output accounts for only about 45%.

Feng Weidong, a partner of Tiantu Investment Management, said in an interview with the investment in the investment. "For the tea industry, everyone was still telling the story of the small origin and the small production area. On the standardized path, coupled with the combined experience of the service, we can tell a big story. "Who can carry the banner of innovation in the tea market?

In fact, some innovative tea brands have emerged in recent years.

In 2012, small cans of tea were established. In 2016, the representative product of its "one can, one bubble" was launched in 2019.

Du Guozhen, the founder of the small can of tea, mentioned that "Chinese tea must have a greater development, it is necessary to follow the brand -oriented road, and it must be made into standardized consumer goods."

He has shared the play when creating a small can of tea- "inverted logic", that is, based on the needs of consumer scenes, tap the pain points of these scenes, and then solve the pain points through products or services, and improve the efficiency of the product transaction end.

(Picture source network)

Zhu Danpeng, an analyst at Chinese food industry, analyzed that "small cans of tea operated with consumer goods, making tea rising from agricultural products to industrialized consumer goods, and completed industrial upgrading and branding bureau."

After small cans of tea, the innovation of the tea market gradually became prominent.

Zhuye Qing was founded in 1998 and mainly operated tea exports. The company integrates tea garden cultivation management, preliminary production, refining processing, sales and import and export trade. It is embarrassing that although Zhuye Qing has a long history, his popularity has not been high.

Under the inspiration of small cans of tea, Zhuye Qing has also embarked on the road of heavy marketing in recent years.

In 2018, Zhuye Qing opened a strategic transformation and set the goal of developing to 5 billion markets in 5 years.

In 2019, Zhuye Qing signed a 600 million contract with Focus Media, and signed two spokespersons for Li Yuchun and Li Yifeng to launch star cooperation. This year, Zhuye Qing's performance increased by 27%.

By 2020, the awareness of the high -end green tea of ​​Zhuye green to 67%, and sales increased by 80%year -on -year from 2019.

Old brands are "renovation" and emerging brands are also emerging.

Recently, the tea brand "Oncha started drinking tea" announced the completion of exceeding the 10 million yuan Pre-A round of financing.

Public information shows that the start drinking tea (Beijing) Technology Co., Ltd. was founded in 2018. On July 19, 2021, ONCHA launched products for the C -end market, with a single month sales of 5 million, of which 70%of the sales came from online channels. The first product "Pu'er Linglong Brick" once appeared on Tmall Pu'er Tea Detainer TOP1.

Looking closely at ONCHA's products and models, it is not difficult to find the shadow of small cans of tea.

According to information, ONCHA advertises more than 40 master masters to make different categories and levels of tea into different packaging forms, taking into account the convenience of brewing taste and drinking, and meets consumers' tea drinking needs at different stages of consumers.

In terms of form, ONCHA launched two product forms of bubble tea and bulk tea. In terms of level, there are three levels: core production areas, master pro -production, and race collection. At the same time, the category covers black tea, green tea, oolong tea, Pu'er tea, etc.

More and more players have found traffic passwords on small cans of tea, and followed by copying, which has a certain positive effect on the innovation and development of the tea market.

In fact, in addition to bamboo leaves, traditional tea companies are coming out, and some traditional tea companies also act.

In 2013, Tianfu Tea acquired Xiamen Tianqie Catering Management Co., Ltd., and then launched the "Putting Peas" brand tea shop.

Yunnan Dayi Tea Industry Group created the "Dayi Tea Ting" in the tea drinking space, and launched joint products with Disney brands to try to approach young consumers through younger gameplay.

These are positive signals in the tea market.

As Du Guozhen said, traditional Chinese tea is still in agricultural thinking, and the degree of industrialization is relatively low. Take the brand -oriented road and make standardized consumer goods, which is the broken idea of ​​the tea market.

Of course, innovation is not a walk in Handan, and the innovation of tea companies still needs to be carried out according to its own development. While copying small cans of tea, Zhuye Qing, in the name of a category brand, essentially limits its development to a larger market and crowd.

Right now, the industry has appeared "the first person to eat crabs", but how the followers can develop their own path is still a test of the Baza tea industry.

Reference materials:

1. Liteshi Business Review: From the Eight Horse Tea Industry, see the difficult way to go public in Chinese tea companies

2. Bohu Finance: Tea companies have folded the ipo of the halberd.

3. Consumption titanium: Can onchay walk out of the road of small cans?

4. One -view business: Can Zhuye Qing "replicate" can become the next small can of tea?

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