转自：衡水日报 11月8日，在第八届中国国际进口博览会上，上海来伊份股份有限公司（以下简称"来伊份"）再度交出亮眼成绩单。在当天下午举行的全球进口商品战略合作签约仪式上，来伊份与来自马来西亚 全球共享，构建多元产品矩阵 此次重磅合作，是来伊份全新战略定位下的首次集中亮相，合作伙伴阵容强大、实力雄厚。签约企业包括马来西亚贝纳丝巧克力工厂（BENNS）、意大利费列罗、比利时茱莉斯迪尔乔普饼干有限 这些伙伴中，既有连续多届携手共进的"老朋友"，如皇室御用的百年比利时饼干品牌茱莉斯、拥有51年历史的原产地可可制品品牌贝纳丝，也有首次在进博平台上达成战略合作的"新力量"，如 我们发现，本届进博会来伊份亚米品牌呈现的众多美食中，一批兼具"全球风味"与"健康属性"的零食尤为引人注目。例如，来自伊朗的"亚米无花果"，富含钾钙镁和膳食纤维，成为注重健康人 这些健康化产品的引入绝非偶然，而是共同构成了来伊份响应消费升级、推动行业供给侧改革的有力证明。来伊份在深化合作的同时，更将"健康中国"与"体重管理年"的国家战略深度融入全球 新老朋友共叙，合作内涵再升级 签约仪式的特别环节在于，两位分别代表"老朋友"与"新朋友"的合作伙伴分享 ...

Core Insights - The article highlights Glico's commitment to health and innovation, showcasing its evolution from a traditional food company to a global leader in health-oriented products [1][6][27] Group 1: Glico's Historical Context and Brand Philosophy - Glico was founded in 1922 with a mission to enhance the health of the nation through food, starting with the idea of using candy as a preventive health measure [4][27] - The company has maintained a focus on "deliciousness and health," evolving its product offerings to include functional foods that address modern health concerns [4][12] Group 2: Glico's Participation in the Osaka Expo - Glico is a key sponsor of the Osaka Expo, using the event to showcase its health innovations and global brand values [6][14] - At the expo, Glico introduced its "Rice Nutrition Candy," which reflects both traditional Asian dietary roots and modern nutritional concepts [6][8] Group 3: Research and Development Strategies - Glico's R&D focuses on five strategic areas: optimizing nutrition, supporting growth, enhancing athletic performance, improving brain function, and promoting healthy aging [15][17] - The company emphasizes continuous product innovation, such as reducing sugar and fat while adding functional nutrients to its classic products [17][22] Group 4: Product Innovations and Market Trends - Glico's "Almond Effect" series has seen significant growth, achieving approximately 800% increase in sales since its launch in 2014, indicating a successful adaptation to the plant-based beverage trend [29][37] - The company has successfully transformed its products from functional items to emotional connections in consumers' daily diets, enhancing market penetration [30][37] Group 5: Manufacturing and Quality Control - Glico employs a rigorous "artisan system" to ensure high-quality production, emphasizing the importance of precise adjustments based on environmental conditions during manufacturing [24][26] - The integration of automated systems with skilled craftsmanship allows Glico to maintain consistent product quality across its extensive product range [24][26]

Core Insights - Naixue's first store in the U.S. opened in Flushing, New York, attracting significant customer interest with long queues and achieving a revenue of approximately $87,000 in its first three days [1][2] - The store sold nearly 13,000 products in three days, with health-focused beverages gaining popularity among overseas consumers [2] - Naixue plans to accelerate its overseas expansion, with a second store already confirmed for Long Island, New York, and ongoing efforts to penetrate the Southeast Asian market [3] Store Performance - The Flushing store, located in a high-traffic area with over 100,000 daily visitors, features a modern design and has seen long wait times exceeding two hours [2] - The menu includes 11 tea drinks and 8 baked goods, strategically priced between $3.9 and $8.9 to align with local consumer habits [3] Domestic Market Trends - During the National Day holiday, Naixue's domestic stores experienced over 700% growth in revenue compared to the previous period, driven by health-oriented products [4] - The company has achieved six consecutive months of year-on-year growth in order volume and revenue across all stores, emphasizing its "health strategy" as a core competitive advantage [4]

Core Viewpoint - The mid-year performance report of Nayuki Tea shows significant improvement in key metrics, indicating the success of its health strategy and operational efficiency [1][3][11] Financial Performance - Adjusted net loss narrowed by 73.1% year-on-year, from 438 million to 117 million [1][11] - Operating cash flow increased by 33.1% year-on-year to 138 million [1][3] - Cash on hand as of June 30 reached 2.79 billion, indicating strong financial stability [3] Sales and Operational Metrics - Average daily sales per store increased by 4.1% compared to the same period in 2024 [3] - Daily order volume rose from 265.9 to 296.3, a year-on-year increase of 11.4% [3] - Directly operated same-store sales grew by 2.3% to 1.76 billion [3] - New first-tier cities saw average daily sales per store increase by over 9% [3] Membership and Customer Engagement - Registered membership increased to 111 million, with 8.3 million new members, predominantly young consumers [3][11] - Consumption scenarios have shifted from "immediate thirst" to "daily light nutrition" [3] Product Strategy and Market Positioning - The "No Sugar Natural Nutrition+" initiative was launched in collaboration with various organizations, marking a shift in the industry towards natural nutrition [4] - The "Little Purple Bottle" series achieved over 500,000 sales within three days of launch, indicating strong market acceptance [6] - The introduction of "Nayuki Green" stores extends consumption scenarios to breakfast, lunch, and afternoon tea, with significant sales performance [8] Strategic Directions - The company plans to optimize the "Nayuki Green" store model and explore new consumption scenarios in office and community areas [9] - Focus will remain on health-centric products, leveraging the "Natural Nutrition+" plan to introduce more health products using "super ingredients" [9] - The company aims to enhance its digital membership strategy and accelerate overseas market expansion [9]

Investment Rating - The report indicates a slowdown in the expansion of the new tea beverage industry, with a net decrease of 17,000 stores in the past year, highlighting a significant market consolidation [1][2]. Core Insights - The new tea beverage market in China has grown rapidly, with the market size increasing from RMB 187.8 billion in 2018 to RMB 517.5 billion in 2023, reflecting a CAGR of 22.5% [2]. - The competition among new tea brands is evolving from scale and price wars to a more complex, multifaceted competition focusing on product innovation and brand differentiation [1][2]. - The top five brands in the ready-to-drink tea market have increased their market share from 38.5% in 2020 to 46.8% in 2023, indicating a trend towards market concentration [1]. Summary by Sections Product Innovation and Marketing - New tea brands are focusing on health-oriented product innovations, with companies like沪上阿姨 launching over 100 new products annually [4][6]. - The marketing strategies of brands are diversifying, with successful collaborations and IP creations enhancing brand recognition and consumer engagement [8][15]. - The demand for healthier and higher-quality options is driving the evolution of ready-to-drink tea products, with brands prioritizing differentiation [7][19]. Franchise and Supply Chain Dynamics - The franchise model is becoming increasingly important, with 56.1% of tea beverage stores being part of a chain as of 2023, projected to rise to 72% by 2028 [17][20]. - The initial investment cost for opening a new store under沪上阿姨 is approximately RMB 275,000, which is lower than the industry average, making it attractive for potential franchisees [18]. - A robust supply chain is critical for maintaining product quality and customer loyalty, with沪上阿姨 achieving extensive national coverage for fresh ingredient delivery [21][19]. Market Trends and Future Outlook - The report highlights that the fastest growth in the ready-to-drink tea market is occurring in third-tier and lower cities, with沪上阿姨 having 49.4% of its stores in these areas as of 2023 [28][31]. - The overall revenue for沪上阿姨 in 2024 is projected to be RMB 3.28 billion, with 48.2% of this revenue coming from third-tier and lower cities [31]. - The industry is expected to continue evolving, with brands that can innovate and differentiate themselves likely to thrive, while those lacking in these areas may face significant challenges [39].

Core Viewpoint - The article discusses the challenges faced by Nayuki, a prominent player in the new tea beverage industry, highlighting its recent rebranding efforts and the underlying issues of declining performance and market competitiveness [3][5][11]. Brand Rebranding - Nayuki has changed its brand logo and name as part of its "internationalization strategy" for its 10th anniversary, simplifying its name from "Nayuki's Tea" to "Nayuki" and altering its English representation to "Naìsnow" [3][5]. - The rebranding has not been well received by consumers, with negative feedback on social media and a significant drop in stock price, reducing its market value to less than 1% of its peak [5][6]. Financial Performance - In 2024, Nayuki reported revenue of 4.92 billion yuan, a year-on-year decline of 4.7%, and an adjusted net loss of 919 million yuan, with average daily sales per store dropping below 10,000 yuan [5][7]. - Since its IPO, Nayuki has struggled with profitability, only briefly returning to profit in 2023 with a net income of 13 million yuan [5][7]. Operational Challenges - Nayuki's direct sales model, which aims to replicate Starbucks' "third space" experience, has faced severe cost control challenges, with employee costs at 29.2% and raw material costs at 36.8% [7][11]. - The average daily order volume per store has decreased from 363 orders in 2018 to 270 orders in 2024, and the average transaction value has dropped from 32.4 yuan to 26.7 yuan [7][11]. Market Positioning - Nayuki primarily targets women aged 20-35 but faces competition from brands like Chayan Yueshu and Hushang Ayi, which have increased their market share by offering products priced below 10 yuan [7][11]. - The market share of products priced above 30 yuan has fallen to 12%, while those priced between 10-20 yuan account for 58% of the new tea beverage market [7][11]. Competitive Landscape - The new tea beverage industry has entered a phase of rapid expansion, with franchise models becoming crucial for efficiency. Nayuki has only 345 franchise stores compared to competitors like Mixue Ice City, which has 23,000 stores [8][11]. - Nayuki's market presence is diminishing, with a total of 1,798 stores as of the end of 2024, including a reduction of 121 direct stores [8][11]. Strategic Adjustments - Nayuki is attempting to adjust its strategy by closing underperforming stores, launching "Nayuki Green" light food outlets, and lowering franchise investment costs from 980,000 yuan to 580,000 yuan [10][11]. - The company is also exploring international markets, having opened several stores in Southeast Asia, but faces challenges due to limited market capacity and cultural differences in Western markets [10][11]. Industry Trends - The article indicates a fundamental shift in the new tea beverage industry, moving away from capital-driven growth to a focus on efficiency and differentiation [11]. - Brands that fail to establish a unique market position risk being pushed out of the market as competition intensifies [11].