爱游戏

On June 30, high-end ready-made tea chain brand Nayuki (stock code: 2150.HK ) was successfully listed on the Hong Kong Stock Exchange at an issue price of HK$19.8 per share, with the IPO raising a total of HK$4.84 billion in net proceeds. As the earliest and also the largest institutional shareholder of Nayuki, Tiantu Capital has continued to support the innovative development of startups in the large consumer sector over the years, creating a better life experience for consumers.

Since the opening of its first store in Shenzhen at the end of 2015, Nayuki has grown rapidly in just over five years, redefining the high-end ready-made tea industry with fresh fruit, fresh milk and premium tea, and committing itself to becoming a facilitator of Chinese tea to the world. Based on the number of cities covered, Nayuki has the most extensive network of high-end ready-made tea stores in China, with more than 70 cities and 570 stores at home and abroad.

Nayuki founder Peng Xin said at the listing celebration ceremony, “As one of the most representative products and cultures in China, tea has a great opportunity to export a global brand in the context of the rise of China and the development of globalization. We will always strive to give the best products to our consumers!”

Pan Pan, the managing partner of Tiantu Capital, said, “From a team of 30-odd people at the beginning to more than 20,000 people at present, Tiantu has been fortunate enough to accompany Nayuki almost all the way from the start-up to the IPO, warm congratulations on the IPO of Nayuki! As the first domestic investment institution focusing on the big consumer sector, Tiantu has long been optimistic about the development opportunities of Chinese consumer brands. Nayuki is a lifestyle brand that always pursues to create the ultimate experience for consumers. Its founding team has very strong innovation and organizational skills, and is extremely diligent and good at learning, with a strong desire to win and ambition, I believe that under the leadership of the founders Zhao Lin and Peng Xin, Nayuki will be able to go even further on the road of representing Chinese tea to the world!"

The prospectus shows that along with the rapid expansion of the store network, Nayuki revenue will grow steadily from 2018 to 2020, reaching 1.087 billion RMB, 2.502 billion RMB and 3.057 billion RMB respectively, with a compound annual growth rate of 67.7%. Nayuki annual adjusted net profit is even more in 2020 to reach 16.64 million RMB (non-IFRS), turning a loss into a profit despite the impact of the epidemic. And in accordance with IAS 17, which better reflects actual rent levels, Nayuki achieved a full-year net profit of 62.17 million RMB in 2020.

At the store level, Nayuki has actually achieved sustained operating profits of 172 million RMB and 374 million RMB in 2018 and 2019 respectively, with operating margins of 18.9% and 16.3%, with net profit falling to 351 million RMB in 2020 due to the impact of the epidemic, but the newly announced Q1 2021 store operating margins have recovered to 16.8%.

According to an insider consulting report, in 2020, China’s ready-made tea and beverage market size reached 113.6 billion RMB, of which the high-end ready-made tea and beverage represented by Nayuki in the past five years by virtue of 75.8% compound annual growth has become the fastest-growing and most popular segment of the entire ready-made tea and beverage industry. In the next five years, this golden track is expected to continue to accelerate with a CAGR of 32.2%, leading the entire ready-made tea industry.

Tiantu is committed to discovering and investing in outstanding companies with lasting value. We will continue to leverage our unique knowledge and practice system in the consumer sector and the large consumer ecosystem and value network built by our portfolio companies to find outstanding companies that have insight into human nature and conform to lifestyle changes, and accompany them as venture partners to create great brands that change the world.