Nayuki's tea ran away from the IPO, the three roads of the Big Three of milk tea, who can have the last laugh?

The tea industry is already very crowded.

Most of the owners of street milk tea shops are eager to see customers, but they don't want to be in front of the Internet tea shop.

People who want to drink a cup of milk tea need to wait in line for 8 hours.

In the past year, names such as Hey Tea, Naixue’s Tea, Michelle Ice City, and Tea Yanyue Color have been mentioned countless times by capital and the media.

They also have a new name that is different from traditional milk tea shops-"New Style" Tea".

In 2021, these top brands are entering the harvest season.

The new tea drink rides the wind

The new tea drink rides the wind

In a general sense, new-style tea drinks refer to the above-mentioned teas, supplemented with concentrated liquid extracted by different extraction methods as raw materials, and mixed with fresh milk, cream or various fresh fruits.

From the perspective of market size, the market size of China’s new tea beverage industry in 2019 was 60 billion yuan, and the CAGR from 2015 to 2019 was 29.

4%.
It is expected that the market size will reach 172.
2 billion yuan in 2024, and the CAGR for 2019-2024 is 23.
5%, which is maintained year-on-year.
Higher growth rate.

The rapid expansion of the industry means that players are entering the game quickly.

In terms of the number of stores, as of the end of 2019, the number of new tea drinks industry stores was 287,000, and the number of stores is expected to reach 552,000 in 2024.

On the other hand, the single-store model of the new-style tea shop is excellent.

The brand performance of the department can reach 91,000 yuan per square meter, the gross profit margin is 70%, the operating profit margin is 30%, and the cash payback period is about 6 months, which is better than most leading catering brands.

The huge market potential and excellent profit model have made the financing of several leading new tea companies very smooth.

According to the data of "a company information query platform", in 2020, including Hey Tea, Naixue's tea, Michelle Ice City, etc.
all have financing receipts, the largest of which is Naxue's tea, which won Yunfeng on December 30 The fund and Pacific Alliance invested more than 100 million US dollars in Series C financing.

From the perspective of the shareholder composition of the top three tea companies, well-known investment institutions such as Tiantu Investment, Sequoia, Hillhouse, and IDG have all entered, and Tencent and Meituan have also joined the battle.

From the perspective of valuation, the valuations of the above three companies reached RMB 16 billion, USD 2 billion (approximately RMB 12.
9 billion), and RMB 20 billion.

At the same time, rumors about the listing of several companies have also spread intensively.

In September 2020, it was rumored that Hi Tea was in contact with a number of investment banks to plan to go public in Hong Kong, and then there was no more information.
In January of this year, there was news that Hey Tea was about to go public, and Hey Tea responded that the company has no plans to go public.
Michelle Ice City was also reported to have a listing plan after the completion of the C round of financing.
The goal is to target A shares.
The preparations for the listing have reached the final stage, and the listing process is expected to be completed within this year.
Different from the above-mentioned ones, Naixue's tea submitted the prospectus in a low-key manner on the eve of the Lunar New Year of the Ox.
JP Morgan, CMB International, and Huatai International are the contact sponsors and plan to raise US$500 million.

Many investors believe that now is a good time for tea companies to go public.

Although there are currently no listed companies in A-shares, Hong Kong stocks, and U.

S.
stocks that can be compared with new-style tea and beverage companies, consumer companies in all sectors have performed well after being listed.
The share price of Bubble Mart has also risen sharply after its listing, with a market value of more than 100 billion Hong Kong dollars.

If you use beverage companies for comparison, the A-shares that are more similar to the new-style tea are beverage companies such as Xiangpiaopiao and VV.

At present, the total market value of Xiangpiaopiao is about 9.
2 billion yuan, and the price-earnings ratio (static) is about 26 times; the market value of VV is about 6.
3 billion yuan, and the price-earnings ratio (static) is 86 times.
The average price-earnings ratio of the entire A-share food and beverage sector in 2020 is about 61.
4 times.
According to this calculation, the market value of tea companies such as Heytea, Naixue's tea, and Michelle Ice City can reach 30-60 billion yuan after listing.

What’s commendable is that the net profit margin of the tea-drinking track is also higher than that of traditional beverages.
In the third quarter of 2020, Xiangpiaopiao’s comprehensive net profit margin was only 2.
35%, while the net profit margin of VV shares was only 12.
64% in the same period, which is in line with the new tea 30 The net profit margin of about% is almost insignificant, so the valuation multiples of new tea drinks may be higher.

Each has its own merits, who is the boss?

Each has its own merits, who is the boss?

Although both are tea companies, Heycha, Naxue and Muxue Ice City are not on the same path.

In 2012, HEYTEA originated in an alley called Jiangbianli in Jiangmen City, formerly known as ROYALTEA.
In order to distinguish it from the ever-growing copycat brands, it was fully upgraded to the registered brand HEYTEA.
Because of its innovative use of the original leaf tea base and the cheese milk cover, Hey Tea has been well received by consumers and has gradually expanded from Dongguan, Zhongshan, Foshan and other cities to Guangzhou and Shenzhen.
In 2017, Hey Tea began to spread across the country, setting up branches in Shanghai, Hangzhou, Beijing and other first-tier cities.

As of December 7, 2020, the number of Xicha stores has reached 718.
From a regional perspective, Xicha stores are mainly based in South China and East China.
The average cup rate of Xicha stores reaches 2000 cups/day.
Based on the unit price of 20 yuan, the annual revenue of a single store can reach 14.
6 million.
The annual revenue of a single store can reach 48 million.

Naixue's Tea was founded in 2015 and is headquartered in Shenzhen, Guangdong Province.
Innovatively create the form of "tea + soft European bag", with young women aged 20-35 as the main customer group, and the main product is milk cover tea.
In December 2017, Nayuki's tea began to go out of the Guangdong region and expand across the country, officially launching the "National Urban Expansion Plan".

As of October 2020, the number of tea shops in Nayuki has reached 507.
From a regional perspective, Xichamen stores are mainly based in South China and East China, with a single store’s annual revenue of 12 million, preferably 24 million.

In 1997, Zhang Hongchao created the predecessor of Michelle Ice City, "Cold Current Shaved Ice", and officially changed its name to Michelle Ice City in 2000.
In 2008, Michelle Ice City formally established the company, gradually promoting its management experience over the years, continuously improving the system, and officially entering the stage of rapid development.
Today, the number of brand franchise stores has exceeded 10,000, including more than 70 overseas markets.
The main products include ice cream, fresh fruit tea, milk tea and so on.

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