深度丨昔日“资本宠儿”市值缩水90%！奈雪的茶高端之路为何难行？

Core Viewpoint - Naixue Tea, known as the "first stock of new tea drinks," is facing significant operational challenges after more than four years since its IPO in Hong Kong, with its stock price plummeting over 90% and market capitalization falling below 2 billion HKD [1] Financial Performance - In 2023, Naixue recorded a slight profit of 0.13 billion CNY, but by 2024, it faced a substantial loss of 9.17 billion CNY, with losses narrowing to 1.17 billion CNY in the first half of 2025, raising concerns about its ongoing profitability [1] - The company attributes its performance decline to intensified industry competition, store closure plans, and losses from joint ventures and investments [1] Business Model and Cost Structure - Naixue's large store model has significantly increased operational costs, with store sizes typically ranging from 80 to 200 square meters, leading to high rental expenses [3] - From 2021 to 2022, the company's depreciation of right-of-use assets exceeded 400 million CNY annually, accounting for about 10% of revenue [3] - Material costs reached approximately 740 million CNY in the first half of 2025, making up 34.1% of total revenue, with overall costs (materials, personnel, rent, and delivery) nearing 80% of revenue [4] Market Position and Pricing Strategy - Naixue's initial success was driven by its high-end pricing strategy, with average customer spending at 42.9 CNY in 2018, but consumer preferences have shifted towards more affordable options [6] - By 2025, over 76% of consumers preferred tea drinks priced between 11 to 25 CNY, contrasting with Naixue's high pricing [6] - The company has only recently opened its franchise model, with high initial franchise fees deterring potential partners, leading to a slower expansion compared to competitors [7] Strategic Adjustments - In response to ongoing losses, Naixue has initiated several strategic adjustments, including reducing store sizes and lowering the required area for new franchises [9] - The average customer price has decreased from 42 CNY at IPO to 25.7 CNY, reflecting a shift towards more competitive pricing [9] Operational Challenges - Despite some improvements in performance metrics, Naixue continues to face challenges such as food safety complaints and a high turnover of executives, which could impact operational stability [11] - The company needs to strengthen its supply chain management and consider a shift away from its high-end positioning to adapt to the market's preference for cost-effective options [11]