香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2150） 截 至2025年12月31日止年度 全年業績公告 董事會謹此宣佈本集團截至2025年12月31日 止 年 度 的 經 審 核 綜 合 全 年 業 績（「業 績 公 告」）連 同 截 至2024年12月31日止年度的比較數字，見下文。審核委員會已審閱 有關業績。 – 1 – 管理層討論及分析 業務回顧 2025年，集團聚焦綠色健康戰略，堅持打造高品質、高性價比的產品，積極推出了 「每 日 蔬 果 瓶」、「蔬 果 酸 奶 昔」與「貝 果」等 系 列 現 製 飲 品 及 烘 焙 產 品，並 配 合 我 們 原 有 的「霸 氣 鮮 果 茶」、「鮮 奶 茶」等 系 列 經 典 產 品，以 多 元 化 的 產 品 矩 陣 滿 足 顧 客 早餐、午餐、下午茶、晚餐的全時段消費需求。我們亦為佈局不同的消費場景推 出了更為輕量級的多種全新店型， ...

以下文章来源于咖门 ，作者伍月 咖门 . 聚焦茶饮、咖啡行业，关注饮品新风潮 3 月春饮混战刚拉开序幕，一款水果率先突围——芭乐。 蜜雪冰城、奈雪、库迪、乐乐茶、 1 点点……超 20 家品牌密集推出芭乐新品，覆盖果茶、冰茶、冰沙、酸奶等多个品类。 社交平台上"哪杯芭乐更好喝"等话题持续刷屏。 芭乐霸屏饮品圈 蜜雪、奈雪等20+ 品牌"上车" 进入 3 月，饮品圈彻底被一抹粉色席卷。 从头部连锁到区域品牌，已有超 20 家茶饮品牌押注芭乐，密集推新。 社交平台上，"春天最好喝的一杯，被芭乐承包了""粉嘟嘟的颜值暴击，谁能拒绝"等评论不断刷屏。 更有网友自发发起" 芭乐饮品哪家好喝" 的推荐比拼，评论区带图测评一波接一波。有人真诚安利，还有硬核玩家直接晒出战绩：一周怒喝六种芭乐。 这轮芭乐热，为何来得如此迅猛？与往年相比有哪些新变化？ 3 月 5 日，奈雪推出红心芭乐系列，带来浓抹芭乐果昔、香柠芭乐冰茶两款新品，上市即收获大量好评。 同日，蜜雪冰城各地旗舰店集中上新芭乐茉莉、芭乐奶绿，以及芭乐雪葩、雪葩小圣代、雪葩摇摇冰等多款冰品，覆盖不同消费场景。 百分茶则紧扣地域风物，把"闽南土芭乐"玩出新高度。闽南土芭乐 ...

（股份代號：2150） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Nayuki Holdings Limited 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） 董事會會議召開日期 奈雪的茶控股有限公司（「本公司」，連同其附屬公司，合稱「本集團」）董事會（「董事 會」）兹通告，謹定於2026年3月26日（星期四）舉行董事會會議，以考慮及通過（其中包 括）本集團截至2025年1 2月3 1日止年度之全年業績及其發佈、建議派發末期股息（如 有），以及處理其他任何事項。 承董事會命 奈雪的茶控股有限公司 董事長 趙林 深圳，2026年3月13日 於本公告日期，董事會包括執行董事趙林先生及彭心女士；及獨立非執行董事劉異偉先 生、謝永明先生及張立鈞先生。 ...

Investment Rating - The report maintains an "Overweight" rating for the overseas pharmaceutical industry, indicating a positive outlook for the sector's performance compared to the overall market [5][10]. Core Insights - The report highlights significant developments in the pharmaceutical sector, including a licensing agreement between China National Pharmaceutical Group (Sinopharm) and Sanofi for the JAK/ROCK inhibitor, and the approval of a new indication for Innovent Biologics' BTK inhibitor in China [1][2]. - Performance forecasts for companies such as Crystal Holding and He Yu indicate substantial revenue growth, with Crystal Holding expected to achieve at least 780 million RMB in revenue for 2025, representing a year-on-year increase of approximately 193% [6][7]. Summary by Sections 1. Overseas Pharmaceuticals - Sinopharm and Sanofi have entered into an exclusive licensing agreement for the global development, production, and commercialization of the JAK/ROCK inhibitor, with potential milestone payments totaling up to 1.395 billion USD [2][7]. - Innovent Biologics' BTK inhibitor, Jiepalit (Pirtobrutinib), has received NMPA approval for a new indication in adult patients with chronic lymphocytic leukemia (CLL) who have previously undergone systemic treatment [2][7]. - Roche's BTK inhibitor Fenebrutinib has successfully met primary endpoints in a Phase III trial for relapsing multiple sclerosis, potentially becoming the first effective oral treatment for both relapsing and primary progressive forms of the disease [3][8]. 2. Performance Updates - Crystal Holding anticipates a revenue of no less than 780 million RMB in 2025, with a net profit of at least 100 million RMB, marking a turnaround from losses [6][7]. - He Yu expects to achieve 612 million RMB in revenue for 2025, reflecting a 21% year-on-year growth, with net profit projected at 55 million RMB, a 95% increase [6][7]. 3. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with active commercialization and business development opportunities, including companies like BeiGene, Innovent Biologics, and others [10]. - It also highlights the importance of monitoring clinical progress in key pipelines for companies transitioning towards innovation [10].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 奈雪的茶控股有限公司 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02150 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00005 | USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00005 | USD | | 250,000 | 本月底法定/ ...

Group 1 - The core point of the article is the collective price increase in the restaurant and beverage market, which marks a shift from the previously dominant low-price strategy [1][3] - Major brands like KFC and McDonald's have recently raised prices, with KFC adjusting delivery prices by an average of 0.8 yuan while keeping dine-in prices unchanged [1][2] - Other brands such as Nayuki, Luckin Coffee, and others are also increasing prices, typically by 1-2 yuan, to balance costs and profits [1][2] Group 2 - The abandonment of low-price strategies is attributed to rising operational costs, particularly in raw materials, with fresh fruit prices increasing by 4.4% as of December 2025 [5][7] - The competitive landscape in the restaurant and beverage market has intensified, with new brands emerging and consumer demand shifting towards quality and experience, necessitating increased investment in product innovation [7][8] - Price increases are seen as a necessary response to cost pressures and market competition, but companies must also focus on establishing sustainable profit models rather than relying solely on price wars [8][10] Group 3 - The risk of collective price increases lies in potential strategic disagreements among leading companies, which could lead to market disruption if a major player opts to maintain lower prices [10] - If a brand like Mixue Ice City maintains low prices while others raise theirs, it could attract consumers away from mid-tier brands, creating a market divide [10]

Core Viewpoint - Nayuki Tea has launched a new store concept called "Fiber·Studio" in Shenzhen, focusing on health and innovative experiences in the tea beverage industry [1] Group 1: Store Concept and Offerings - The "Fiber·Studio" store features a unique product line that emphasizes "low GI & high fiber" options, aiming to set a new health trend in the tea beverage sector [1] - The store's design is centered around the concept of "Nature+Art+Imagination," creating an immersive space that combines natural health, artistic aesthetics, and relaxed social interactions [1] Group 2: Product Launch - Six exclusive "low GI & high fiber" core products have been introduced, including high-fiber fruit and vegetable smoothies and low GI fruit and vegetable teas, addressing consumer demand for healthier, slow-glycemic options [1] - Additional offerings include fresh fruit Greek yogurt smoothies, kombucha specials, Jing Shan matcha, fresh fruit coffee series, and ten types of "half-sugar sweet donuts," which have reduced sugar content by over 50% using natural ingredients [1]

Core Insights - The launch of Nai Xue's new store "Xian.Studio" in Shenzhen marks a significant step in the company's strategy to innovate in the health beverage sector, introducing a new product line focused on low glycemic index (GI) and high fiber options [1][10] - The store aims to create an immersive tea-drinking experience that combines health, art, and social interaction, appealing to consumer desires for unique and therapeutic spaces [7][9] Product Launch - Nai Xue's "Xian.Studio" exclusively features six new "Low GI & High Fiber" products, including fruit and vegetable teas and smoothies, designed to meet consumer demand for healthier, slower sugar absorption options [4][10] - The product lineup includes innovative items like "Low GI & High Fiber Vegetable Tea" and "High Fiber Smoothies," which utilize fresh ingredients to enhance health benefits [4][6] Store Concept and Design - The "Xian.Studio" store redefines the tea-drinking experience by integrating natural aesthetics and artistic elements, creating a space that encourages exploration and relaxation [7][9] - The store's design emphasizes a green aesthetic with ample natural light and artistic displays, aiming to provide a gallery-like experience for consumers [9] Health Strategy and Industry Position - Nai Xue's commitment to health and experiential consumption is seen as a key growth driver in the new tea beverage industry, with the "Xian.Studio" store representing a strategic alignment of health functionality and consumer experience [10][11] - The company has a history of pioneering health initiatives, such as introducing zero-calorie sugars and becoming a leader in nutritional labeling for ready-to-drink products [10][11] Future Directions - The launch of the "Xian.Studio" store and its product offerings reflects Nai Xue's ongoing evolution in health strategy, aiming to integrate health concepts throughout the consumer experience [11][12] - The company is positioned to continue leading the industry towards a focus on health, quality, and experiential consumption, enhancing the overall value of tea beverages for consumers [12]

Core Insights - The launch of Nai Xue's new store "Xian·Studio" in Shenzhen marks a significant step in the company's strategy to innovate in the health beverage sector, introducing a new product line focused on low glycemic index (GI) and high fiber offerings [1][10] - The store aims to create an immersive tea-drinking experience that combines health, art, and social interaction, appealing to consumer desires for unique and therapeutic spaces [7][9] Product Launch - Nai Xue's "Xian·Studio" exclusively debuts six core products in the "Low GI & High Fiber" series, targeting consumer demand for healthier, slow-glycemic options [4][10] - The product lineup includes "Low GI & High Fiber Fruit and Vegetable Tea" and "High Fiber Smoothies," designed to meet the needs of sugar-conscious consumers through scientifically paired ingredients [4][10] Store Concept and Design - The "Xian·Studio" store redefines the tea-drinking experience by integrating natural aesthetics and artistic elements, creating a space that encourages exploration and relaxation [7][9] - The service model has been upgraded to a Lounge Bar format, where trained bartenders not only prepare beverages but also enhance the cultural and experiential aspects of tea drinking [9][10] Health and Industry Trends - Nai Xue's focus on health and experiential consumption is seen as a key growth driver in the new tea beverage industry, with the "Xian·Studio" store exemplifying the brand's commitment to health functionality and experiential design [10][11] - The company has a history of leading health initiatives in the beverage sector, having introduced various low-calorie and natural sweetener options over the years, positioning itself as a pioneer in health-oriented tea products [10][11]

Core Viewpoint - The launch of the "Spring Festival 30 Billion Free Order" campaign by Qianwen APP has led to a massive surge in orders for milk tea shops, resulting in over 10 million orders within just 9 hours, significantly impacting the tea beverage industry and stock prices of related companies [1][6][12]. Group 1: Impact on the Milk Tea Industry - The Qianwen APP's free order card can be used in over 300,000 milk tea shops nationwide, including popular brands like Mixue Ice Cream, Luckin Coffee, and Nayuki [3][6]. - Many stores reported overwhelming order volumes, with some locations experiencing a tenfold increase in orders compared to normal days, leading to operational challenges [6][22]. - The stock prices of several tea beverage companies rose significantly, with Gu Ming increasing over 5% and Cha Bai Dao rising over 4% following the campaign [6][12]. Group 2: Historical Context and Comparison - This event follows a similar "takeout war" that occurred in July 2025, where tea beverage shops also faced an unprecedented surge in orders, leading to operational chaos and complaints from staff [7][10]. - The previous "takeout war" resulted in a 50% increase in orders for some brands, highlighting the volatility and challenges faced by the industry during such promotional events [7][10]. Group 3: Consumer Behavior and Market Dynamics - The milk tea market in China is projected to reach 354.72 billion yuan by 2024, with a growth rate of 6.4%, indicating a strong consumer base primarily consisting of young women and white-collar workers [16][18]. - Milk tea's low decision-making cost and high repurchase rate make it an attractive product for platforms looking to engage users, as it serves as a low-cost method to acquire and retain customers [16][21]. Group 4: Operational Challenges - The sudden influx of orders during the Qianwen APP campaign led to significant operational strain on milk tea shops, with many unable to meet the demand due to insufficient staffing and supply chain issues [22][23]. - Customer experiences were negatively impacted, with reports of long wait times and order inaccuracies, which could harm long-term customer trust and repeat business [23][25].