As competition intensifies in the premium tea beverage sector, market consensus suggests that product quality and consumer experience rooted in genuine value are becoming more critical than mere marketing hype.
NAYUKI (Stock Code: 02150.HK), a pioneer and high-end market leader, announced actress Gao Yuanyuan as its brand ambassador on December 2, coinciding with its 10th anniversary. This move appears part of a systematic celebrity partnership strategy. In May 2025, actor Chen Haoyu was named ambassador for NAYUKI’s Green Grape Oolong Tea, followed by Tang Jiuzhou as its light beverage and snack promoter in late June. By October, young actor Hou Minghao joined as a youth ambassador.
However, NAYUKI faces significant operational challenges. Its latest financial report shows H1 2025 revenue plunged ~40% YoY to RMB 2.178 billion, lagging behind rivals like Mixue Bingcheng and Bawang Chaji in scale and growth. Persistent losses remain unaddressed, while its stock price has collapsed ~95% from its 2021 IPO peak of HK$19 to ~HK$1, erasing over RMB 30 billion in market cap.
Amid this celebrity-driven visibility push, a pressing question emerges: Is this a strategic upgrade or a costly gamble amid growth anxieties? Market reactions may prove more telling than endorsers’ smiles.
**Celebrity Marketing Under Scrutiny** NAYUKI simultaneously promoted its health-focused "Slim Green Bottle" product alongside Gao Yuanyuan’s appointment, leveraging her image to bolster its wellness pivot. Yet, the campaign sparked skepticism on social media. Comments on NAYUKI’s Xiaohongshu page, such as "milk tea drinkers don’t care about ambassadors," garnered thousands of likes, with critics noting mismatched demographics and urging investment in R&D over star power.
Comparisons arose with Mixue Bingcheng and 1-Dian-Dian, which built loyalty through affordability and community engagement rather than celebrity deals. Similarly, Bawang Chaji’s rise was attributed to its unique "Oriental Tea" flavors and experience—highlighting a market shift from marketing noise to tangible product value.
**Quality Concerns Persist** NAYUKI’s product and operational issues further complicate its image. Over 2,000 complaints on the Hei Mao platform by December 4, 2025, included recurring reports of foreign objects in drinks, undermining its health-brand aspirations.
**RMB 6 Billion Losses and Cost Woes** NAYUKI’s H1 2025 administrative expenses hit RMB 1.37 billion, surpassing its RMB 744 million sales costs, reflecting the toll of its "direct stores + rapid expansion + digital investment" model. Operating 1,300+ directly managed stores ensures consistency but demands heavy staffing and overheads.
Its "third space" concept—central to premium branding—faces scrutiny as 89% of orders come from delivery/takeout, with dine-in shrinking to 10.6%. Despite 11.43% higher per-store orders in H1 2025, average spending dropped from over RMB 40 (2021) to RMB 25.7, with daily sales per store sliding to ~RMB 7,600, diluting its upscale positioning.
Financially, NAYUKI’s H1 2025 net loss narrowed to RMB 117 million but follows years of red ink: RMB 469 million (2022), RMB 917 million (2024), and a staggering RMB 4.525 billion (2021). Cumulative losses exceed RMB 6 billion, raising sustainability concerns.
As of H1 2025, its debt-to-asset ratio stood at 35.04%, with RMB 849 million in cash—higher YoY but far below RMB 3.7 billion in mid-2022.
**95% Stock Plunge: A Crisis of Confidence** Strategic inconsistencies compound NAYUKI’s woes. While rivals like Mixue and Gu Ming thrive in lower-tier cities via franchising, ~90% of NAYUKI’s stores cling to Tier 1-2 markets. Recent price cuts failed to revive growth, exposing structural limitations.
Frequent rebranding—from "NAIXUE Tea" to "NAYUKI" and English name shifts—has muddled its identity. Executive churn in 2025, including multiple directors and the COO, alongside 50%+ staff attrition, further destabilized operations.
Investors delivered a brutal verdict: delisted from the Stock Connect in March 2025 (triggering a 20% single-day crash), its stock hit a historic low of HK$0.89 in April—95% below its IPO price.
At this crossroads, NAYUKI’s celebrity tactics may be superficial. True revival hinges on redirecting resources to measurable consumer value—whether in product, experience, or emotional resonance.
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