受伤的加盟商，狂欢的二手设备贩子——乐乐茶败走中原，一场关于新式茶饮的昂贵清算

Core Viewpoint - The tea brand Lelecha is facing significant challenges, including store closures and financial losses, leading to concerns about its future in the market [1][3][15] Group 1: Company Performance - Lelecha has officially closed its store in Zhengzhou, with claims from the company that it is not exiting the market but rather adjusting its store presence [1] - The brand has seen a negative net growth in stores, closing 132 locations in 2025, leaving approximately 399 operational stores [2] - Lelecha's financial struggles are compounded by its association with Nayuki, which acquired a 43.64% stake in Lelecha for 5.25 billion yuan, but this partnership has not yielded positive results [3][5] Group 2: Market Dynamics - The new tea beverage market is experiencing a shift from premium offerings to a focus on supply chain efficiency, with competitors like Mixue Bingcheng thriving by minimizing costs [9][15] - The industry is witnessing a significant decline, with over 35,000 stores closing in 2025, indicating a negative net growth despite the opening of over 90,000 new stores [12][15] - Lelecha's attempts to pivot to a franchise model with a low entry cost of 200,000 yuan are criticized as misleading, with actual costs often reaching 400,000 to 500,000 yuan [11] Group 3: Financial Implications - Nayuki's financial reports indicate a substantial adjusted net loss of 917 million yuan in 2024, with Lelecha's losses directly impacting Nayuki's financial health [3][5] - The partnership with Lelecha has turned into a liability for Nayuki, with the potential for significant financial repercussions if performance targets are not met [5][15] - The operational challenges faced by Lelecha, including high logistics costs and a fragmented supply chain, further exacerbate its financial difficulties [10][15]