New tea drinking rich: Naixuexi tea supplier competes for IPO

The popularity of the new tea industry

Drive more companies on the industry chain to stand on the air outlet

The new tea is still in the inside, but the supplier behind it is going to be listed.

Recently, the supplier Tianyo Innovation Co., Ltd. (hereinafter referred to as "field shares"), a supplier of the tea, tea, Shanghai Auntie and other brands such as Nai Xue, officially submitted the declaration draft to the Beijing Stock Exchange and planned to be listed.

The prospectus shows that four of the top five customers of the field shares in 2021 are new tea customers, and the revenue brought by the new tea industry to the company accounts for 61.82%of the total revenue of the field shares.

The popularity of the new tea industry has not only popularized brands such as Xisha and Naixue, but also driven the stations on the stations of more companies on the industrial chain. Prior to this, "Hengxin Life", the packaging material supplier of Xicha and Ruixing, also disclosed the prospectus; in addition, the first application for the premiere of the Baoli Food for food ingredients such as Xizhu and Starbucks was approved by the CSRC. The motherboard is listed.

The company behind the new tea

The prospectus shows that field shares were established in 2007 and are mainly engaged in the research and development, production and sales of raw materials for raw materials for tropical fruits and vegetables. The main products include raw materials juice, frozen fruits and vegetables, fresh fruits, etc. The company focuses on the processing of tropical fruits and vegetables. It has four modern factories in Beihai, Hainan, Hainan Ding'an, Panzhihua, Sichuan, and Jingmen, Hubei.

In the past, the customers of field shares were mainly food and beverage companies. According to the prospectus, in 2019, the top five customers of the company are Guangdong Nanfengxing Agricultural Investment Co., Ltd., Nongfu Spring, Fresh Fruity Juice, Coca -Cola and COCO milk tea.

However, the domestic beverage industry has undergone tremendous changes in the past few years. According to data released by the China Beverage Association, in 2009, the proportion of bottled water in the national beverage industry was 40.5%, while the juice beverage ranked second, accounting for 18.56%. However, in 2019, the proportion of packaging drinking water, tea drinks and juice accounted for 34.55%, 21.12%, and 15.60%of Chinese beverage sales, respectively.

Affected by the weak growth of pre -packaged juice beverages, the sales revenue of fields of food and beverage customers' sales revenue decreased from 57.66%in 2019 to 33.49%in 2021.

At the same time, New Tea has become the fastest and fastest -growing track in recent years. According to the data released by the "Investigation and Analysis Report of the Development Status and Consumption Trends Trends of the Chinese New Tea Industry in the First Half of 2022" released by Ai Media Consultation: In 2021, the Chinese new tea market size was 279.59 billion yuan, and as consumers' demand continued to rise It is expected that the market size of the new tea drink in 2025 will reach 374.93 billion yuan.

Among the new tea types, fruit tea is the most popular.田野股份在招股书中这样描述道：对新茶饮行业，公司建立快速响应客户需求的协同创新流程，收到客户需求或样品后，快速启动样品分析、工艺和配方设计、原料调查、试产、 Mass production, etc., shorten the commercialization cycle of the new product, and cooperate with customers to successfully launch new products, tide products, and explosive models such as oil citrus juice, pear juice, yellow skin juice, and longan juice.

Last year, Nai Xue's "Domineering Radium Oil Candar" became a explosive product once it was put on the shelves, and set off "oil citrus heat" in the industry, which directly drove upstream oil mandarin prices by nearly 10 times. The birth of this explosion is inseparable from the supplier field shares behind it.

In 2020, Naixue's tea became the second largest customer of field shares. By 2021, the new tea drink has won the four seats of the top five customers in the company, namely Nai Xue's tea, tea, a little bit, and Shanghai. Aunt.

With the rapid development of the new tea industry, the performance of field shares has also soared. From 2019 to 2021, Tianye shares realized operating income of 290 million yuan, 266 million yuan, and 459 million yuan, respectively; net profit was 24.3209 million yuan, 2.1017 million yuan, and 65.176 million yuan, respectively. Among them, the growth rate of operating income in 2021 was as high as 72.57%.

Suppliers go to the air outlet

In fact, field shares are not the first enterprise to impact the capital market as a new tea supplier.

Not long ago, Hengxin Life Technology Co., Ltd. (hereinafter referred to as "Hengxin Life") disclosed the prospectus listed on the GEM. The prospectus shows that the company uses raw paper, PLA particles, traditional plastic particles and other raw materials to develop, produce and sell paper and plastic catering utensils.

From the perspective of sales, paper cups, plastic cups and cup lids are the best -selling items in Hengxin's life. In 2021, the company's paper cup sold as high as 1.88 billion, the lid was 1.22 billion, and the plastic cup also sold nearly 230 million.

In January 2020, the National Development and Reform Commission and the Ministry of Ecology and Environment issued the "Opinions on Further Strengthening the Governance of Plastic Pollution", increased their efforts to rectify the problem of plastic pollution, clarified plastic products that are prohibited and used, and formulated specific exit timetables. Essence

According to the prospectus of Hengxin Life, it has become Ruixing Coffee, Stepbo, Amazon, Xixi Tea, Starbucks, Yixi Hall, McDonald's, Deks, Manner Coffee, Hamburg King, COCO Milk Tea, Gulf, DQ and other many many other Paper and plastic catering providers of well -known domestic and foreign companies.

Among them, Ruixing Coffee and Hi Tea have become the largest and third largest customers of Hengxin Life in 2021. At that time, Ruixing Coffee contributed sales of 83.193 million yuan to Hengxin's life, with income accounted for 11.57%; Shenzhen Gogo Technology Co., Ltd., a wholly -owned subsidiary of Xisha, contributed a sales of 27.314 million yuan. 3.8%. Data show that from 2019 to 2021, Hengxin Life achieved revenue of 540 million yuan, 420 million yuan, and 720 million yuan, respectively, and the net profit of the same period was 70.266 million yuan, 24.877 million yuan, and 812.36 million yuan, respectively.

For example, Baoli Food, which is planned to be listed on the Shanghai Stock Exchange, its main business is the research and development, production and technical services of food seasoning. The main products include composite seasoning, light cooking solutions and drink dessert ingredients. Its products include a variety of beverages and dessert ingredients such as jam, burst beads, crystal balls, and powder circles. They are customers who are tea, KFC, McDonald's, and Starbucks.

At the end of April 2021, Jiahe Food landed on the Shanghai Stock Exchange. The downstream customers of this supply chain company not only include well -known food industry companies such as Xiangpiao, Unity, Wahaha, and Lianlihua, but also COCO milk tea, 85 ° C, Shanghai Auntie, Guhuan, Yixue Hall, Mi Xuebing Many tea and catering brands such as cities, tea hundreds, Rui Xing, etc. The company's main products, "milk sperm", has become a highly known raw material product in domestic and foreign milk tea, coffee and other fields.

Development excessive dependence on new tea drink

The popularity of new tea has indeed led to the development of many surrounding industries. However, although the big tree is so cool, there are many risks.

The prospectus shows that the main products of field shares are raw fruit juice and frozen fruits and vegetables. The raw material juice is its largest source of income. From 2019 to 2021, the sales revenue and proportion of raw material juice in field shares continued to rise. In 2019, the proportion of raw material juice was 44.13%, and the proportion of 2020 accounted for 56.11%. In 2021, this number rose to 90.52%.

Behind this number is the high dependence of field shares to the new tea industry. In 2021, the sales of the new tea drinks of Tianye shares reached 284 million yuan, accounting for 61.82%of the total revenue, of which Naixue's tea and tea hundreds accounted for 20.04%and 14.38%, respectively.

Bai Wenxi, chief economist of IPG China, believes that the proportion of the two companies 'gradually rising in field shares will bring the risk of concentration of customers too much. On the one hand, it will affect the stability of field shares' revenue. On the other hand, it will also affect the stability and sustainability of the performance growth of field shares.

The rise of Tianye shares is inseparable from the popularity of new tea. However, after many years of high -speed growth, the tea industry is undergoing staged slowdown. According to the "2021 New Tea Study Report" released by the China Chain Operation Association, the industry growth rate in 2020 was 26.1%, and the decrease of about 19%from 2021-2022, predicting the next 2-3 years, the growth rate will be adjusted to 10%- 15%.

In addition, the end of the epidemic has further exacerbated the inside of the tea industry. According to Ai Media Consultation data, only 18.8%of the milk tea shops that have survived the number in the country in 2021, nearly 80%of the new brand tea shops closed down.

In the first quarter of this year, Tianye shares realized operating income of 68.4598 million yuan, a slight increase of 0.56%over the same period last year; net profit was 30.149 million yuan, a decrease of 54.43%from the same period last year.

Zhu Danpeng, a food industry analyst, said that field shares rely on the new tea industry. If the market has changed dramatically, it may lead to the loss of orders and customers, which will bring risks to the stable revenue of the enterprise.

In fact, in the review and inquiry letter of the Field shares of the CSRC, the company asked the company to explain whether there is a single risk of the product structure. Whether the existing products can support the stability of future income and profits. Effectiveness, whether the risk of a single product structure is fully revealed.

Zhu Danpeng said that for field shares mainly based on To B business, the reason for seeking IPOs is undoubtedly hoping to achieve the company's multi -category layout through capital dividends. However, in view of the company's facing single category, single product, single channels, customer single, single scene, single, single model, six major problems, even if they can successfully log in to the capital market, there are still many aspects that need to be improved in the future.

Senior investor Wu Xiaopeng also pointed out that the development bonus of the new tea industry is still there, but how to maintain innovation, reduce costs, accumulate corporate culture and long -term consumption habits has become a new challenge for the development of the industry.

Author: Yu Yuan ([email protected])

Edit: Li Zhiquan

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