Core Viewpoint - Naixue Tea, once hailed as the "first stock of new tea drinks," is facing significant operational challenges, with its stock price plummeting over 90% since its IPO, leading to a market capitalization of less than 2 billion HKD [2][3]. Financial Performance - The company recorded a slight profit of 0.13 million in 2023, but is projected to incur a substantial loss of 9.17 billion in 2024, raising concerns about its ongoing profitability [2][3]. - Cumulative losses over the past five years have exceeded 6 billion, with a notable decline in the number of stores from 1798 to 1638, reflecting a net decrease of 160 stores [9][10]. Strategic Adjustments - Naixue has initiated several strategic adjustments, including reducing store sizes and modifying franchise policies to lower operational costs and expand into lower-tier cities [3][4]. - The average price per customer has decreased from 42 to 25.7, a nearly 40% reduction, aligning more closely with mainstream pricing [3]. Marketing and Brand Positioning - The company has faced criticism regarding its celebrity endorsement strategy, with consumers questioning the effectiveness of such marketing in a competitive landscape that increasingly values product quality and consumer experience over marketing noise [6][7]. - Despite launching new products and celebrity endorsements, the anticipated positive consumer response has not materialized, indicating a shift in market dynamics [6][7]. Operational Challenges - Naixue has encountered issues related to product quality, with over 2300 complaints reported, which undermine its efforts to establish a healthy brand image [8]. - The company has also experienced a significant turnover in its executive team, which poses additional challenges to stability and leadership [4][8]. Market Dynamics - The competitive landscape for new tea drinks has evolved, with successful brands focusing on product quality and value rather than high-profile marketing campaigns [7][8]. - Naixue's struggle to maintain a high-end positioning in a market that favors cost-effectiveness raises questions about its future viability [5][6].
奈雪的茶累计市值缩水90% 明星代言营销模式遭质疑