Core Viewpoint - Naixue Tea is facing significant challenges, including a sharp decline in performance and market value, alongside frequent executive departures, leading to increased uncertainty for the company [1][5]. Group 1: Executive Departures - Non-executive director Ma Yanjun has resigned due to other work commitments, effective immediately [1]. - Ma Yanjun was appointed as a non-executive director on May 17, 2024, representing PAG, a major investor in Naixue Tea, which invested $100 million during the company's Series C funding round in 2021 [3]. - The departure of Ma Yanjun may be linked to PAG's reduction in shareholding and potential strategic shifts within the company [3]. - Two other directors, Wei Guoxing and executive director Deng Bin, have also resigned, indicating a broader trend of executive turnover that reflects investor sentiment towards Naixue's performance [4][5]. Group 2: Financial Performance - Naixue reported a revenue of 4.921 billion yuan in 2024, a decrease of 4.7% from 5.164 billion yuan in 2023, with a net loss of 917 million yuan [5]. - The company has struggled with profitability, briefly achieving a profit of 13 million yuan in 2023 but returning to significant losses in 2024 [5]. - The decline in performance is attributed to a weak consumer market and intensified competition in the ready-to-drink tea sector, affecting store revenue and profit margins [5][6]. Group 3: Market Position and Challenges - The number of Naixue's direct-operated stores decreased from 1,574 in 2023 to 1,453 in 2024, a reduction of 121 stores [6]. - Key operational metrics have declined, with the average order value dropping from 29.6 yuan to 26.7 yuan and daily order volume falling from 344.3 to 270.5 [6]. - Naixue's market position has weakened significantly, with its stock price plummeting to 1.1 HKD, leading to a market capitalization of less than 2 billion HKD [6]. - Competitors in the new tea beverage industry, such as Mixue Ice City and others, have reported substantial profits, highlighting Naixue's struggles in comparison [6].
一个月时间三名董事离职，元老和资本都在抛弃奈雪的茶？