新茶饮第一股，“换装”自救？

Core Viewpoint - Naixue's rebranding effort, aimed at internationalization, has not resonated with consumers and has led to a decline in market value, reflecting deeper issues within the new tea beverage industry [1][3][9] Financial Performance - In 2024, Naixue reported revenue of 4.92 billion yuan, a year-on-year decline of 4.7%, with an adjusted net loss of 919 million yuan [3] - Since its IPO, Naixue has only briefly returned to profitability in 2023, with a profit of 13 million yuan [3] - The company's market capitalization has plummeted over 93% from 34 billion yuan at IPO to approximately 1.995 billion yuan [6][8] Market Position and Strategy - Naixue's direct sales model, which aims to replicate Starbucks' "third space" experience, has faced significant cost challenges, with employee costs at 29.2% and raw material costs at 36.8% [5] - The average daily sales per store have decreased from 12,700 yuan in 2018 to 8,900 yuan in first-tier cities by 2024 [5] - Naixue's focus on a premium pricing strategy has led to a disconnect with the market, as competitors have successfully captured the lower price segments [5][6] Competitive Landscape - The new tea beverage industry is shifting towards a franchise model, with competitors like Mixue Ice Cream leading with 23,000 stores and a net profit of 4.45 billion yuan in 2024 [6] - Naixue has only 345 franchise stores, significantly lagging behind competitors, and has seen a reduction in direct stores [6][7] - The market is increasingly dominated by brands that offer lower prices and greater efficiency, with Naixue struggling to maintain its market share [8] Brand and Product Development - Naixue's recent rebranding has been criticized for lacking clarity and failing to address underlying performance issues [1][3] - The company is attempting to pivot towards health-oriented products, but faces challenges with high costs and low repeat purchase rates [7] - The introduction of new store formats and reduced franchise fees are part of Naixue's strategy to regain market traction, but their effectiveness remains uncertain [7][9]