It's snow, blood loss! Why is it so expensive?

Covered in fists, fists everywhere you hit them.

It's not too sweet to win a contract and lose a year.

Since June, Honey Snow Ice City has released Honey Snow Ice City, and all kinds of secondary videos have become popular. The magical melody is accompanied by brainwashing pictures, which makes people never tire of watching it. Other brands can only watch and sigh, envy and hate.

However, in the capital market, Chaze, Naixue, replaced his snowman brother and became the biggest hot spot.

On June 30th, Naixue's tea was listed in Hong Kong before a group of friends. Hi, mention the name of "the first share of tea".

Looking at Naixue's green LOGO, the capital market got the message, broke the opening and fell all the way.

In two days, from the issue price 19.8 yuan to the lowest price 15.8 yuan, it was directly discounted by 20%.

For many friends who have won new Hong Kong stocks, this loss is a bit big.

According to the winning 500 shares, if it is not sold in the dark market, the book loss will be 1000 yuan.

However, two months ago, large and small media touted Naixue's tea and founder Peng Xin, but firecrackers exploded, gongs and drums roared, red flags fluttered and people were crowded.

In the eyes of Master He, Naixue really achieved the best of the three tea farms: the fastest listing, the most expensive selling of tea and the most losses! No wonder, in the eyes of CSI, the main problem is: the boss is the most amateur.

After all, the media boasted all about the mouth, and investors were beaten in tears.

Master He will tell you the story behind the snow break today.

0 1 Both gains and losses increase.

Naixue's entrepreneurial story has been ruined by the media. In order to take care of readers who don't know much about it, let's briefly review it first.

Peng Xin, the founder of Naixue, is determined to open a tea shop for young women. After harvesting her business partner and husband Zhao Lin, they registered Naixue's tea on 20 14.

Over the years, Naixue's tea has been favored by various capitals for its exquisite product design and differentiated operation ideas. Since the first store was opened in Shenzhen at the end of 20 15, the number of stores in China has reached 49 1 home, ranking first among tea brands.

But the capital market never looks at the past, only at the future, and there is no new growth point. Even if Wang Wang, once the king of the market, saw his share price fall year after year, he was still half dead and became a capital outcast.

At first glance, Naixue's tea is growing well.

In the past three years, the sales volume has increased substantially, and in 2009, the revenue was 20 13 1%. Even with the drag of the COVID-19 epidemic, there will still be a 22% increase in 2020.

But, wait a minute, do you think good reporting is really good?

You can fool amateurs, but you can't fool CSI.

Turning to the single-store revenue part of the prospectus, it is obvious that the unsustainability behind Naixue's revenue growth is obvious.

No matter in several cities, the daily sales of Naixue's tea shops have been decreasing in the past three years, which can be said to be worse every year.

If 2020 can still be said to be influenced by COVID-19, the single store performance of 20 19 is not as good as that of 20 18, which can only be said to be a business problem.

As a company selling products, revenue is nothing more than sales multiplied by unit price, and Naixue's performance in these two variables is also unsatisfactory.

In the last three years, the daily order volume of Naixue single store has also decreased year by year, while the unit price of customers has been flat in 43 yuan, and it simply can't go.

As all kinds of readers can imagine, it takes 43 yuan on average to walk into Naixue's tea. At the same price, you can drink 1 1 glass of lemonade in Mi Xue Ice City, eat 7 Snow King Sundays, and drink 6 cups of brown sugar bubble tea.

Therefore, it is not surprising that Naixue's tea has achieved the "biggest loss" in the past three years.

From 20 18 to 2020, the net loss of Naixue's tea was 66 million yuan, 39 million yuan and 202 million yuan respectively, and the accumulated loss exceeded 300 million yuan.

Xicha, which also takes the high-end route next door, has announced its profit on 20 19. Not to mention the honey snow ice city with small profits but quick turnover, the net profit in 20 19 is as high as 800 million yuan.

To sum up, Naixue's tea is actually facing huge hidden dangers, and its income growth depends entirely on opening stores. However, the operation of existing shops has gone from bad to worse. Once the opening speed encounters a bottleneck, the original store does not improve, and it is only a matter of time before Naixue's tea falls behind the industry.

The cost of ingredients has been greatly exaggerated.

At present, I am afraid it is not easy. Peng Xin, the founder, probably still has a lot of room for improvement in his understanding of enterprise management.

As a boss, even if you don't know everything, there should be no obvious mistakes in grasping the core business data.

Peng Xin seems to focus only on how to decorate the storefront and the taste of products, but he knows little about finance.

We casually read interviews published by several well-known media, including the Far Communication Institute, Late Latepost and New Consumer Think Tank. In a recent interview, Peng Xin expressed the following views:

Naixue's food cost accounts for as much as 35%, even reaching 38% during the epidemic. The implication is that Naixue insists on using high-grade food. A cup of 30 yuan milk tea, fruit and other raw materials should cost at least 1 1 yuan, which is in sharp contrast with most friends in the market.

Is this really a fact? Csi immediately found the blind spot.

From the slightly complicated financial information below, we can sum up a problem: either she doesn't understand or she is talking nonsense on purpose!

According to the prospectus, in fact, the so-called 38% cost includes the cost of packaging such as various paper bags that Naixue is proud of, and even accounts for a quarter of the total cost.

In addition, during the epidemic period, in order to subsidize enterprises, the state exempted Naixue from value-added tax/kloc-0.80 billion yuan, which was still recorded as material cost in accounting treatment.

In fact, it is mentioned in the prospectus that the actual material cost in 2020 is 33.2%, not 38% as Peng Xin said.

Because it involves professional knowledge, I won't expand it here. Let's just say that the result is that Naixue has a cup of 30 yuan milk tea, and combined with all kinds of information in the prospectus, the cost of raw materials that can be eaten is a little more than 6 yuan.

However, CSI read all the interviews and found that she was only on the fifth floor, and Peng Xin really seemed to be on the first floor. Not only does she not know the actual cost of her products, but she also seems to care little about cost control.

Peng Xin said in an interview: "If I have no psychological pressure and buy this product at what price, I will set this price."

The average price of tea in Naixue is 27 yuan. As a boss with an annual salary of 654.38+063.5 million and worth billions after listing, Peng Xin should really feel that it is not expensive.

Peng Xin's unfamiliarity with business is not limited to finance. She is also full of golden sentences about the company's operation and the development status of her peers, constantly exposing her cultural level that she urgently needs to make up classes in business schools.

Peng Xin said in an interview that in the future, the scale will be expanded by 10 times, and the staff will be reduced by half.

According to the current scale of 500 Naixue shops1.8000 people, in Peng Xin's imagination, Naixue will manage a tea shop of 200-400 square meters with less than two people on average in the future.

As you can imagine, in Naixue's shop in the future, a person will make milk tea, juice, coffee and snacks, and a person will serve tea, wipe the table, collect cash and move materials, thus truly realizing the "Modern Times" that Chaplin never dreamed of.

It is said that capitalists are cruel. If Peng Xin can really run a milk tea shop in Naixue, it is bound to become a legend of commercial capital.

Cruelty in cruelty, king in exploitation, referred to as "coolness in coolness".

03 marketing worships foreigners and flatters foreigners, which is ineffective.

After business management, let's talk about products and marketing.

How did such fierce snow resistance catch fire?

Peng Xin said that they have accurately grasped the pain points of young people, especially young women. Of course, CSI didn't see where it hurt. Do women think other teas are too cheap? Still feel that eating too few calories is not easy to gain weight, and you should add more milk tea?

Later, I realized that the biggest pain point is the lack of "sense of ritual" in life. This is Naixue's best marketing.

From the earliest brand name NAYUKI to the first appearance of their signature product name cheese Naixue, there is a strong "luxury" atmosphere of petty bourgeoisie.

Not only that, before Naixue went on the market, a series of new products of raw coconut were introduced, and the selling point was Thai coconut.

Csi can also understand that if Hainan coconut is used, the price will start from 29, and it is estimated that everyone will spray it.

As soon as you say southeast Asia, sunny beach bikini, the grade goes up.

This marketing strategy is not Naixue's patent. The recently overturned Nongfu Spring, the forest and the famous clock all like to tell stories, especially about imported materials.

As the guardian of Qiandao Lake and the porter of nature, Nongfu Spring has always been the champion of drinking water industry with its powerful channel construction, attacking Ipoh and kicking ice dew.

However, even if they have achieved such an industry status, it is obviously pure domestic fruity bubble water, but they still falsely publicize and spread the concepts of Miyagi citrus and Fukushima peach.

As a result, bragging didn't make a draft, and hitting the big thunder in Fukushima caused an uproar. In a dilemma, I was forced to admit false propaganda and actually used domestic peaches.

Compared with Nongfu Spring, Zhong is called Wolong. The raw material cost of ice cream claimed to be sold in 66 yuan is more than 40 yuan, among which grapefruit claimed to be from Japan is as high as 654.38+0.2 million yuan a ton, which consumers love to buy or not.

Words are full of dignity. After all, grapefruit abroad is sweeter.

Yuan Qi Forest is more difficult, although it is not said on the surface that both the Japanese packaging style and the big word "Qi" imply that it is a Japanese brand, which is convenient for consumers to accept its not cheap price.

Csi: This is so boring. China fruit is really so useless, do you need major brands to go further and further?

Speaking of peaches, there are four peach producing areas in China: Qin 'an, Mengyin, Qinling and Yangshan. Do we have to blow Japan?

To say grapefruit, Fujian Guanxi honey pomelo, the world's top, European and American marketing, why have never seen anyone promote me to use it as raw materials?

The answer is obviously no, as long as we consumers stop blindly worshipping foreign things, resist false propaganda and cut leeks, and establish cultural self-confidence, capital will naturally not be the enemy of consumers.

Here's a little story. I traveled to Japan a few years ago and went to a convenience store for breakfast in the morning. He saw that there were two prices for meat buns.

After some inquiries, the clerk said that it was "domestic pork".

Did you hear that? The important thing is to say it three times: in Japan, it is domestic products that are expensive! What is expensive is domestic products! What is expensive is domestic products!

On that day, the capital found that domestic production is the real wealth password, which is worth investing heavily. At that time, the publicity we saw may be marketing planning cases such as "Select Hainan high-quality coconut" and "High-quality Xuwen big pineapple".

The rise of domestic products

It's no surprise that Nai Xue is broken.

The pessimistic view of capital on Naixue actually implies that ta people think Naixue's management is rough, and the routine of storytelling and exquisite marketing is unsustainable.

In China, especially in the tea market, consumers are willing to tell high-priced stories, and relying on a stunt of importing raw materials will only become less and less.

Naixue, Nongfu Spring, Forest and Zhong, as industry leaders, are still blindly pursuing the so-called "sense of ceremony" without their own responsibilities and responsibilities.

Consumers will also vote with their feet, driving you off the throne of the industry champion.

On the other hand, whether it's Mi Xue Bing Cheng, which focuses on the grass roots, or Xi Tea, which takes the high-end route, they don't use the marketing gimmick of imported materials, and strive for perfection in their respective supply chains and cost control, so they can still maintain the top two in the tea brand rankings.

COCO, Little Point, Modern China Tea Shop and other emerging brands. It's almost half as cheap as Binet.Alfred. Alfred Si Nuo, with good operation ability, is expected to challenge Naixue's market position.

Unlike the milk tea industry, which still worships foreign things, in many other industries, domestic products are no longer cheap substitutes for imported goods.

For example, this green coat worn by Jason Wu is a classic case. This domestic brand sells out of stock in full size all the year round, and the company's performance takes off year by year. Here, CSI will be sold in the next two issues.