---
title: "Chayan Yuese: The Brand Upgrade Path from New Tea Drinks to Retail Innovation Going Global"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/31602335.md"
description: "Entering 2025, two companies in the Hong Kong stock market's tea beverage sector are experiencing a baptism of fire and ice. The first new tea beverage stock, "Nayuki's Tea (02150.HK)", after years of hovering around the break-even line, finally recorded an unprecedented "huge loss" of 900 million yuan in its full-year 2024 performance report submitted in May this year. The stock price has also fallen from the highest price of HK$18.9 on the first day of listing to the latest HK$1.1, a cumulative drop of 93.6%. On the other hand..."
datetime: "2025-07-09T04:34:42.000Z"
locales:
  - [en](https://longbridge.com/en/topics/31602335.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/31602335.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/31602335.md)
author: "[真灼财经](https://longbridge.com/en/profiles/1067948.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/31602335.md) | [繁體中文](https://longbridge.com/zh-HK/topics/31602335.md)


# Chayan Yuese: The Brand Upgrade Path from New Tea Drinks to Retail Innovation Going Global

​

Entering 2025, the two companies in the Hong Kong stock tea beverage sector are experiencing a coronation and baptism of ice and fire.

The first new tea stock "Nayuki's Tea (02150.HK)" recorded an unprecedented "huge loss" of 900 million yuan in its full-year 2024 results submitted in May this year, after years of hovering around the breakeven line. The stock price also fell from the highest price of 18.9 Hong Kong dollars on the first day of listing to the latest 1.1 Hong Kong dollars, a cumulative decline of 93.6%.

On the other hand, the new tea beverage upstart "Mixue Bingcheng (02097.HK)", which landed on the Hong Kong Stock Exchange on March 3 this year, achieved a net profit of 4.45 billion yuan for the full year of 2024. The stock price also rose from the IPO offering price of 202 Hong Kong dollars to 514 Hong Kong dollars at yesterday's close, and even reached a stage high of 618 Hong Kong dollars on June 4, with a cumulative increase of 2.5 to 3 times.

The financial performance comparison between Nayuki and Mixue reflects the industry's strategic choice between "scale efficiency" and "brand value"—according to data from the China Chain Store & Franchise Association, there were over 550,000 new-style tea beverage stores nationwide in 2024. Homogenized competition has led to the gradual blurring of brand differences, and brands relying on franchise expansion are under pressure from declining single-store profitability.

When the entire industry is deeply trapped in "scale anxiety", **Chayan Yuese suddenly announced its entry into the North American market through e-commerce platforms, expanding its retail business,** which has sparked industry thinking: Beyond the "polarization" of Nayuki and Mixue, could cross-border retail become a new path for the tea beverage industry to break through internal competition?​

**1 Innovative Lifestyle Brand**

Since its inception, Chayan Yuese has established a brand image of "strong innovation + high quality + deep content" and insisted on using a direct sales model. With these differentiated strategies, Chayan has formed unique product strength and innovative brand power in the tea beverage field. This is also the foundation for Chayan Yuese to explore new paths by going overseas through e-commerce with a corresponding asset-light model to achieve brand output.

In December 2013, the first Chayan Yuese store opened on Jiefang West Road in the Wuyi business district of Changsha, Hunan. Unlike traditional milk tea, Chayan Yuese focuses on "new Chinese fresh tea", insisting on using good ingredients, freshly prepared to ensure the best taste. By innovatively incorporating ingredients such as milk, light cream, and nut crumbs into tea leaves, it achieves "new Chinese tea", which is both particular about raw materials and enriches the taste experience. Coupled with highly recognizable names like "Youlan Latte", it jointly constructs a unique brand symbol and cultural image.

The essence of a brand is to shape preferences and even lead a lifestyle.

Chayan Yuese started in Changsha and deeply operated in the Changsha market, becoming one of the well-known brands among local consumers through product innovation and high quality, combined with warm and interesting cultural connotations and visuals. Since the first store in Changsha in 2013, Chayan Yuese has comprehensively shaped the "new national style" aesthetics from products, store decoration to tea snacks and peripheral cultural creations. The store's antique design, combined with cultural products rich in national style elements, creates a unique cultural consumption scene. It has even become a "cultural new landmark" in Changsha, attracting a large number of tourists from other places to check in. According to Xiaohongshu data, there are over 2.8 million notes related to "Chayan Yuese check-in", with more than 40% of tourists from other places, forming "in-store consumption + quality, visual and content experience + spontaneous social communication".

At this time, the success of Chayan Yuese is not only due to product innovation and high quality but also the unique charm formed by deep cultural content and visuals, achieving a phenomenal scene experience and forming high-frequency repurchases by consumers. This strongly supports the brand's steady expansion. As of 2024, the revenue share of non-Changsha area stores has reached 35%, quickly breaking the circle and continuously deepening in new expansion areas such as Wuhan and Chongqing. The average store efficiency and per capita efficiency of all stores are at the top of the industry, fully proving the lasting vitality of its business model. According to public data estimates in 2024, Chayan Yuese stores serve more than 500 people per day. This number is already quite close to the thin-profit and high-sales Mixue Bingcheng, reflecting that the brand's multi-dimensional attributes have brought better consumer trust to Chayan.

(Data source: Zhenzhuo Finance, organized and estimated based on public data)

**2 Entering Retail: Bold and Effective Cross-Border**

Since 2020, Chayan Yuese has been deeply learning and building a retail product line. Focusing on high-frequency repurchase categories such as tea and snacks, it insists on offline in-store as the main venue, using the "beverage + retail" repurchase structure to reverse attract more consumers to in-store consumption, building a brand ecosystem from beverages to retail, from social to life.

Chayan Yuese focuses on tea and its core raw materials, actively carrying out cutting-edge basic research and development work. On this basis, it has built a full-chain technology system covering basic physical research such as raw material characteristic analysis and industrial application, achieving efficient transformation of research and development results into market value. As of May 2025, Chayan Yuese has independently designed and launched more than 500 SKUs, including tea, tea powder, snacks, stationery, and daily necessities.

From the performance of e-commerce data, the retail business has become one of the key growths in Chayan Yuese's business structure. Its online platform has achieved high-frequency repurchase and user circle-breaking: According to data, Chayan's snack e-commerce sales exceeded 100 million in 2024, with an annual sales growth of 12 times year-on-year, of which Douyin accounted for more than 40%. This data is significantly higher than Mixue Bingcheng's more than 47 million yuan. The topic "#Chayan Snack Review" on social platforms has accumulated over 1.6 billion views, forming a strong interactive content conversion closed loop. According to brand data, Chayan snack single products have entered the top 10 in the leisure snack category in Douyin Mall for several consecutive months, and the number of fans in the flagship store has exceeded 1.8 million.

**3 Going Overseas: Product R&D + Product Innovation Hard Power**

With the continuous enrichment of retail research and innovation product combinations, coupled with more and more Chinese brands expanding their overseas efforts, it has driven the recognition of "emotional value + quality value" of Chinese products to rise. Yesterday, Chayan Yuese officially announced its entry into the North American market through e-commerce platforms, expanding its retail business.

According to a recent research report by Galaxy Securities, the world is currently experiencing a trend of "dual consumption structure", namely "rationalization of material consumption and luxury of spiritual consumption". This trend is deeply reconstructing the trend consumption market in China and even globally, providing a good market opportunity for Chayan Yuese to go overseas, while also prompting it to expand the "1+N" model.

Specifically, the core strategic positioning of Chayan Yuese's overseas expansion is "brand value of visual content interaction + product value of innovative high quality" dual-wheel drive. As mentioned earlier, Chayan Yuese is one of the few tea beverage brands in the current Chinese tea beverage market that insists on expanding through direct sales stores. If it wants to expand its store network scale in overseas markets on a large scale, it will inevitably involve huge store opening costs. However, using the leading "trendy drinks, trendy food, trendy life" product matrix and consumer recognition, going overseas through online retail is undoubtedly a unique overseas market exploration method for Chayan. With strong product innovation and technology research and development, combined with the brand's expertise in visual content and consumer interaction, it can establish a rapid iteration mechanism to ensure adaptability to new markets.

However, Chayan Yuese's e-commerce overseas layout is not without challenges. From China to North America, how to better understand local market demands and integrate into local consumers' lives is a big challenge. Chayan Yuese is also well aware of these challenges and will conduct in-depth localization learning and build localized product and marketing teams to improve localization operation capabilities during the exploration of overseas markets.

In terms of channels, Chayan Yuese has built a Shopify independent e-commerce store, as well as brand self-operated stores on platforms such as Amazon, TikTok shop, Walmart, Weee, and Yamibuy, which will be put into operation in July, launching retail products such as snacks, stationery, and daily necessities, taking the lead in achieving full online retail product and brand output in overseas markets.

The globalization deployment of the tea beverage industry can be said to fit the new paradigm of Chinese enterprises going overseas from "product output" to "consumer value output". The uniqueness of Chayan Yuese lies in that its retail business is not simply product sales, but a "emotional interaction + product interaction" scenario presentation—according to Amazon market research, when North American consumers purchase freeze-dried tea snacks, they are accompanied by a "Chinese afternoon tea brewing guide" with a QR code link. This emotional interaction makes its product premium reach 30%-50%, far exceeding the 15% premium level of ordinary cross-border food. From the perspective of regional layout, the North American market has become the core area of focus at this stage. According to a report by the third-party research institution Global Market Insights, the total size of the US food retail market in 2023 was about 1.67 trillion US dollars, of which the online food retail market size reached about 90 billion US dollars, accounting for 5.4% of the total food retail, with an annual growth rate of nearly 20%. According to research by CapitalOne Shopping Research, during the period from 2023 to 2027, the compound annual growth rate of the online beverage and food market size will reach 22.1%, the second highest growth sector among all categories.

Looking around the entire Chinese tea beverage industry, Chayan Yuese is an outlier, with the dual-wheel drive advantage of 'tea beverage + retail', using product R&D and innovation hard power to build a retail model of "1 product R&D innovation hub + N overseas sales channels" in overseas markets. At this point, we also look forward to seeing Chayan Yuese take a unique path in the tea beverage sector.

**4 Conclusion**

In the pre-pandemic era, when the tea beverage industry was always talking about "consumption upgrade", it was once the darling of the capital market; after three years of pandemic baptism, when people's consumption became rational, it became the flag bearer and protagonist of the "market sinking" story. The so-called scale expansion and the discourse system of "ten thousand stores in three years" are nothing more than traditional wisdom of thin-profit and high-sales dressed in modern clothes. In fact, the core contradiction facing the current industry is: the construction of product and brand value jointly pursued by consumers, capital parties, and brand parties, and the highly capitalized and fast-paced industry environment have a natural conflict. Chayan Yuese, through differentiated capability building and strategic thinking, demonstrates the achievability of this goal.

Chayan Yuese's first step in exploring overseas is actually a test of its business model in a larger market space.

Based on the brand's long-term business strategy and continuous accumulation of product innovation and content creation capabilities over the years, the author believes that Chayan Yuese is expected to export brand value and product value in the global market, achieving a larger commercial territory.

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