新消费日报 10月26日讯， 今日新消费日报的主要内容有：全国汽车报废更新补贴申请157万份；京东内 部人士回应"震虎价"案件开庭；贵州茅台前三季度归母净利润608.28亿元。 行业要闻 梅赛德斯-奔驰第三季度销售额345.3亿欧元 10月25日，梅赛德斯-奔驰集团发布第三季度业绩。第三季度销售额345.3亿欧元，同比下降6.7%，预估 362.5亿欧元；第三季度息税前利润25.2亿欧元，同比下降48%，预估25.6亿欧元；净利润17.2亿欧元， 同比下降54%，预估25亿欧元。 奈雪的茶回应欠税 天眼查经营风险信息显示，近日，奈雪的茶关联公司深圳市品道餐饮管理有限公司新增一则欠税公告， 欠税税种为印花税，欠税余额为31万余元。对此，奈雪的茶回应称，欠税信息系误传，经核实，奈雪的 茶并无欠税情况，该错误信息奈雪也已向税务部门反馈。 中国外运前三季度归母净利润28.25亿元 中国外运前三季度实现营业收入858.72亿元，同比增长17.93%；归属于上市公司股东的净利润28.25亿 元，同比下降10.41%；基本每股收益0.3891元。其中，第三季度实现营业收入295.05亿元，同比增长 18.27%；归属于上市 ...

奈雪的茶控股有限公司 NAYUKI HOLDINGS LIMITED (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock Code 股份代號 : 2150 | --- | --- | |-------|--------------------------------------------------------------------------| | | | | 目錄 | CONTENTS | | | | | 2 | Corporate Information 公司資料 | | 5 | Management Discussion and Analysis 管理層討論及分析 | | 28 | Other Information 其他資料 | | 46 | Review Report 審閱報告 | | 48 | Consolidated Statement of Profit or Loss | | | 綜合損益表 | | 49 | Consolidated Statement of Profit ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 21 年 月 日 奈雪的茶（02150.HK） 直营门店经营承压，加盟、海外业务稳步推进 事件：8 月 27 日，公司发布 2024 年中期业绩公告，2024H1 实现收入 25.44 亿元/同 比-1.9%，归母净亏损 4.35 亿元/上年同期盈利 0.66 亿元，经调整净亏损 4.38 亿元/上 年同期盈利 0.70 亿元。分产品来看，现制茶饮/烘焙产品/瓶装饮料/其他产品收入分别 为 17.22/2.70/1.72/3.80 亿元，分别同比-9.6%/-26.2%/+9.6%/+128.7%，占比分别 为 67.7%/10.6%/6.8%/14.9%，瓶装饮料、其他产品中的加盟业务发展较快。分收入 来源来看，奈雪的茶直营门店点单/自提订单/外卖订单占比分别13.4%/46.0%/40.6% 自提订单收入占比同比+4.9pct。 直营店展店放缓，单店日销承压。1）展店：2024H1，公司净新增直营门店数 23 家， 相对上年同期的 126 家有所放缓。截至报告期末，直营门店数 1597 家。其中，一线 新一线/二线/其他城市直营门店数 ...

港股通 证券研究报告 奈雪的茶 (2150 HK) 经营尚待调整，关注加盟和海外拓展 投资评级(下调): 增持 目标价(港币): 1.58 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 研究员 曾珺 SAC No. S0570523120004 SFC No. BTM417 zengjun@htsc.com +(86) 21 2897 2228 研究员 梅昕 SAC No. S0570516080001 SFC No. BQE385 meixin@htsc.com +(86) 21 2897 2080 华泰研究 更新报告 2024 年 9 月 09 日│中国香港 餐饮 1H24 营收与利润承压，静待经营修复 奈雪的茶 1H24 收入 25.44 亿元/yoy-1.9%，经调整净亏损为 4.38 亿元 （vs1H23 经调整净利润为 0.7 亿），其中有 1.5 亿系 24 年预计 200 家已闭 店或计划闭店带来的相关减值，以及相关递延所得税资产冲回。截至 1H24， 公司在营直营店 1597 ...

2024 年 9 月 5 日 公司研究 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | --- | --- | --- | --- | |----------------------|------------------|---------------------------------------------------|------------| | | | | | | % | 1M | 3M | 1Y | | 相对 | -10.32 | -17.36 | -65.04 | | 绝对 | | | | | 资料来源： | -7.60 Wind | -22.60 | -72.40 | | 相关研报 | | | | | 的茶（ （ 2023-08-30 | 2150.HK）2023 ） ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 奈雪的茶（02150.HK） 2024 年中报业绩点评：直营门店经营承压， 加盟、海外稳步拓展 2024 年 09 月 02 日 增持（下调） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|------------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4292 | 5164 | 4689 | 5851 | 6275 | | 同比 (%) | (0.12) | 20.33 | (9.20) | 24.79 | 7.24 | | 归母净利润（百万元） | (475.81) | 11.17 | (645.84) | 100.68 | 161.71 | | 同比 (%) | 89.48 | 102.35 | (5,883.97) | 115.59 | 60.62 | | EPS ...

执行董事兼总经理彭欣女士公司CFO申浩先生今天的发布会流程如下申总会举行专访随后我们将留时间请发布会现场的投资者提问下面有请申总各位老朋友新朋友们大家上午好欢迎出席耐水的茶控股有限公司2024年中期业绩发布会 投资者可以通过公司的投资者关系网站ir.naixue.com浏览我们的演示文稿在会议开始前请阅读我们的免责声明今天我的展示主要分为三个部分首先我会对上半年的整体业务情况做一个简单的回顾 今年大家也知道需求压力端仍然较大较往年相比我们控制了直营门店的新增数量关闭了部分表现不佳的门店并稳步推进加盟业务上半年我们净新增了23家直营门店预计三季度还将有数十家的闭店全年门店数量不会出现明显的净新增 我们看到门店的收入和利润表现同比均有下滑由于经营杠杆的存在收入下滑对利润率有较大的影响例如在6大城市中深圳和西安的日均电效在1万元以上经营利润率分别为16%和19%相对较高但也未能达到20%的水平从城市线集来看一线城市上半年日均电效8600元 门店经营利润率约为10%仍然高于其他县级但较去年也有较大的下滑得益于上半年的新产品以及加盟业务帮助我们触及了更多消费者会员数量和活跃度在上半年持续增长注册会员在6月底达到9230 ...

Revenue and Profitability - Revenue for the first half of 2024 decreased by 1.9% to RMB 2,544.4 million compared to RMB 2,593.8 million in the same period of 2023[2] - Adjusted net loss for the first half of 2024 was RMB 437.7 million, compared to a profit of RMB 70.2 million in the same period of 2023[2] - Total revenue for the reporting period was RMB 2,544.4 million, a decrease of 1.9% compared to the same period in 2023[18] - Net loss for the six months ended June 30, 2024, was RMB 440 million, compared to a net profit of RMB 64.8 million in the same period in 2023[34] - Adjusted net loss (non-IFRS) for the six months ended June 30, 2024, was RMB 437.7 million, with an adjusted net loss margin of 17.2%[34] - Revenue for the six months ended June 30, 2024, was RMB 2,544,352 thousand, a decrease of 1.9% compared to RMB 2,593,846 thousand in the same period in 2023[55] - Net loss for the period was RMB 440,000 thousand, compared to a net profit of RMB 64,846 thousand in the same period in 2023[55] - Total comprehensive loss for the period was RMB 424,984 thousand, compared to a total comprehensive income of RMB 161,177 thousand in the same period in 2023[56] - Revenue from ready-made tea drinks decreased to RMB 1,721,809 thousand in 2024 from RMB 1,904,535 thousand in 2023, a decline of 9.6%[64] - Revenue from bottled beverages increased to RMB 172,220 thousand in 2024 from RMB 156,848 thousand in 2023, a growth of 9.8%[64] - Revenue from baked goods and other products increased to RMB 650,323 thousand in 2024 from RMB 532,463 thousand in 2023, a growth of 22.1%[64] - Total revenue for the six months ended June 30, 2024, was RMB 2,544,352 thousand, a slight decrease from RMB 2,593,846 thousand in 2023[64] - Operating profit for the ready-made tea drinks and franchise operations segment decreased to RMB 147,125 thousand in 2024 from RMB 429,899 thousand in 2023[67] - Operating profit for the bottled beverages segment increased to RMB 12,695 thousand in 2024 from RMB 11,628 thousand in 2023[67] - Total operating profit for the six months ended June 30, 2024, was RMB 159,820 thousand, a significant decrease from RMB 441,527 thousand in 2023[67] - Pre-tax loss for the six months ended June 30, 2024, was RMB 392,613 thousand, compared to a pre-tax profit of RMB 78,557 thousand in 2023[68] - Revenue for the twelve months ended June 30, 2024, was RMB 5,114,562 thousand, an increase from RMB 4,840,485 thousand in 2023[70] - The company reported a basic and diluted loss per share of RMB 0.25 for the six months ended June 30, 2024, compared to a profit per share of RMB 0.04 in the same period in 2023[55] - The company reported a basic loss per share of RMB 0.25 in H1 2024, compared to a profit of RMB 0.04 in H1 2023[77] Store Operations and Performance - Operating profit margin for directly-operated stores dropped to 7.8% in the first half of 2024, down 12.3 percentage points from 20.1% in the same period of 2023[2] - The company had 297 franchise stores as of June 30, 2024, with plans to provide more performance information in the future[2] - Average daily orders per store decreased to 265.9 in the first half of 2024 from 363.4 in the same period of 2023[4] - The company operated 1,597 directly-operated stores in 114 cities as of June 30, 2024, with a net addition of 23 stores in the first half of 2024[10] - Total number of Nayuki's directly operated stores increased to 1,597 as of June 30, 2024, up from 1,574 as of December 31, 2023[11] - Average daily sales per store in Shenzhen reached RMB 10.4k, with a store operating profit margin of 14.7%[12] - Store operating profit margin for directly operated stores in first-tier cities was 13.8%, while in new first-tier cities it was 10.7%[13] - Same-store sales in Shenzhen increased to RMB 11.8k per day, with a store operating profit margin of 15.9%[14] - The company plans to increase marketing efforts and maintain R&D intensity to improve store revenue performance[17] - The flagship store in Thailand achieved record daily sales, boosting confidence in overseas business expansion[17] - Impairment losses on cash-generating units (tea stores) reached RMB 129,540 thousand in H1 2024, a significant jump from RMB 4,877 thousand in H1 2023[82] Costs and Expenses - Labor costs as a percentage of revenue increased to 24.6% in 2024, up from 19.6% in 2023[16] - Material costs accounted for 36.7% of total revenue, up from 31.8% in the same period last year[20] - Employee costs increased to RMB 746.7 million, accounting for 29.3% of total revenue, up from RMB 685.6 million (26.4% of total revenue) in the same period last year, primarily due to lower-than-expected single-store revenue and an increase in store count[21] - Depreciation of right-of-use assets rose to RMB 233.8 million, representing 9.2% of total revenue, compared to RMB 200.4 million (7.7% of total revenue) in the previous period, driven by an increase in the number of directly operated stores[23] - Advertising and promotion expenses increased to RMB 112.7 million, accounting for 4.4% of total revenue, up from RMB 74.1 million (2.9% of total revenue) in the same period last year, due to intensified marketing efforts such as increased delivery promotion activities[26] - Delivery service fees decreased to RMB 170.1 million, representing 6.7% of total revenue, down from RMB 191.2 million (7.4% of total revenue) in the previous period[27] - Logistics and warehousing expenses rose to RMB 80.1 million, accounting for 3.1% of total revenue, compared to RMB 68.6 million (2.6% of total revenue) in the same period last year[28] - Other expenses increased significantly to RMB 248.4 million, representing 9.8% of total revenue, up from RMB 117.3 million (4.5% of total revenue) in the previous period, primarily due to higher impairment losses on property and equipment[30] - Depreciation and amortization of other assets increased to RMB 174.4 million, accounting for 6.9% of total revenue, compared to RMB 142.9 million (5.5% of total revenue) in the same period last year, driven by an increase in the number of directly operated stores[25] - Other rental and related expenses decreased to RMB 140.4 million, representing 5.5% of total revenue, down from RMB 162.4 million (6.3% of total revenue) in the previous period, mainly due to a decline in variable rental payments resulting from lower store revenue[24] - Income tax expenses rose to RMB 47.4 million, compared to RMB 13.7 million in the same period last year[32] - Administrative expenses increased to RMB 56,503 thousand in H1 2024, up from RMB 45,678 thousand in H1 2023, reflecting a 23.7% year-over-year growth[73] - Impairment losses on property and equipment surged to RMB 101,441 thousand in H1 2024, compared to RMB 2,676 thousand in H1 2023, indicating a significant increase in asset write-downs[73] - Depreciation expenses for property and equipment rose to RMB 174,314 thousand in H1 2024, up from RMB 142,864 thousand in H1 2023, a 22.0% increase[75] - Total lease payments for tea stores and offices amounted to RMB 310,536 thousand in H1 2024, compared to RMB 295,702 thousand in H1 2023, showing a 5.0% increase[80] - The company recognized a loss of RMB 31,568 thousand from the sale of non-current assets in H1 2024, up from RMB 18,306 thousand in H1 2023[75] - Total tax expenses increased to RMB 47,387 thousand in H1 2024, up from RMB 13,711 thousand in H1 2023, reflecting higher tax liabilities[76] Cash Flow and Financial Position - Net cash generated from operating activities decreased by 73.3% to RMB 103.8 million in the first half of 2024 from RMB 388.1 million in the same period of 2023[2] - Cash and cash equivalents totaled RMB 374.1 million as of June 30, 2024, down from RMB 444.3 million as of December 31, 2023[36] - Total fixed deposits and certificates of deposit amounted to RMB 2,298.6 million as of June 30, 2024, compared to RMB 2,539.1 million as of December 31, 2023[36] - Right-of-use assets decreased to RMB 1,199.4 million as of June 30, 2024, from RMB 1,609.2 million as of December 31, 2023, due to impairment and depreciation[37] - Property and equipment decreased to RMB 1,240.7 million as of June 30, 2024, from RMB 1,419.2 million as of December 31, 2023, primarily due to impairment and depreciation[38] - Inventory turnover days were 28.7 days for the six months ended June 30, 2024, compared to 28.6 days for the same period in 2023[39] - Trade and other receivables increased to RMB 274.2 million as of June 30, 2024, from RMB 250.4 million as of December 31, 2023, driven by growth in deposits and receivables[40] - Capital expenditure during the reporting period was RMB 217.3 million, mainly related to equipment purchases and leasehold improvements[46] - The capital-to-debt ratio was 33.8% as of June 30, 2024, compared to 36.0% as of December 31, 2023[42] - Property, plant, and equipment decreased to RMB 1,240,748 thousand as of June 30, 2024, from RMB 1,419,221 thousand as of December 31, 2023[57] - Cash and cash equivalents decreased to RMB 374,088 thousand as of June 30, 2024, from RMB 444,346 thousand as of December 31, 2023[58] - Total assets decreased to RMB 5,248,004 thousand as of June 30, 2024, from RMB 6,189,318 thousand as of December 31, 2023[58] - Total equity attributable to the company's shareholders decreased to RMB 4,389,362 thousand as of June 30, 2024, from RMB 4,824,977 thousand as of December 31, 2023[60] - Non-current liabilities decreased to RMB 866,645 thousand as of June 30, 2024, from RMB 1,367,546 thousand as of December 31, 2023[59] - The company's total equity decreased to RMB 4,381,359 thousand as of June 30, 2024, from RMB 4,821,772 thousand as of December 31, 2023[60] - The company added RMB 44,019 thousand in right-of-use assets in H1 2024, down from RMB 351,616 thousand in H1 2023, indicating a slowdown in new lease agreements[79] - The company's large-denomination certificates of deposit increased to RMB 70,000 thousand in current assets and decreased to RMB 340,000 thousand in non-current assets as of June 30, 2024, compared to RMB 410,000 thousand in non-current assets as of December 31, 2023[86] - The fair value of listed equity investments decreased to RMB 104,330 thousand as of June 30, 2024, from RMB 130,833 thousand as of December 31, 2023[87] - Inventory increased to RMB 150,394 thousand as of June 30, 2024, from RMB 147,208 thousand as of December 31, 2023, with raw materials decreasing to RMB 85,520 thousand from RMB 98,145 thousand[88] - Trade receivables increased to RMB 34,045 thousand as of June 30, 2024, from RMB 17,374 thousand as of December 31, 2023, with a significant increase in receivables within one month to RMB 15,458 thousand from RMB 7,884 thousand[89] - Cash and cash equivalents decreased to RMB 374,088 thousand as of June 30, 2024, from RMB 444,346 thousand as of December 31, 2023, with a reduction in time deposits and large-denomination certificates of deposit[90] - The company held RMB 266,493 thousand in cash and cash equivalents in mainland China banks as of June 30, 2024, down from RMB 366,794 thousand as of December 31, 2023[90] - Trade payables remained stable at RMB 275,312 thousand as of June 30, 2024, compared to RMB 274,969 thousand as of December 31, 2023[93] - The company's time deposits in USD increased to RMB 1,888,602 thousand as of June 30, 2024, from RMB 1,855,667 thousand as of December 31, 2023[92] Investments and Capital Allocation - The company holds a 43.64% equity stake in Shanghai Tea Field (Lele Tea Investment), with a book value of approximately RMB 479.8 million, accounting for about 7.3% of the company's total assets. The investment recorded an unrealized loss of approximately RMB 34.6 million during the reporting period[48] - The company has no other significant investment or capital asset plans beyond those disclosed in the announcement as of June 30, 2024[49] - The company raised approximately HKD 4,842.4 million from its global offering, with 70% (HKD 3,389.8 million) allocated for expanding the tea store network and increasing market penetration[52] - As of June 30, 2024, HKD 2,146.5 million of the HKD 3,389.8 million allocated for tea store network expansion has been utilized, with the remaining HKD 1,243.3 million expected to be fully utilized by December 2025[53] - The company has utilized HKD 464.0 million out of the HKD 484.2 million allocated for enhancing overall operations and supply chain capabilities, with the remaining HKD 20.2 million expected to be fully utilized by December 2024[53] - The company has fully utilized the HKD 484.2 million allocated for working capital and general corporate purposes as of June 30, 2024[53] - The company has utilized HKD 381.0 million out of the HKD 484.2 million allocated for general corporate purposes, with the remaining HKD 103.2 million expected to be fully utilized by June 2025[53] - The company repurchased 7,538,000 shares during the six months ended June 30, 2024, at a total cost of HKD 19,937,000 (approximately RMB 18,166,000)[96] Corporate Governance and Compliance - The company's corporate governance practices are in compliance with the Corporate Governance Code, except for the dual role of Chairman and CEO held by Mr. Zhao Lin[100] - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Companies, and all directors confirmed compliance during the reporting period[101] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim results and confirmed compliance with applicable accounting standards[102] - The company's interim report for the reporting period will be published on its website and the Hong Kong Stock Exchange website[103] - The reporting period covers the six months ending June 30, 2024[106] - The company's shares are listed and traded on the Hong Kong Stock Exchange under the stock code 2150[105] - The company's independent auditor, KPMG, conducted an independent review of the interim financial report in accordance with Hong Kong Standard on Review Engagements 2410[102] - The company's board includes executive directors Zhao Lin, Peng Xin, and Deng Bin, non-executive directors Wei Guoxing and Ma Yanjun, and independent non-executive directors Liu Yiwei, Zhang Rui, and Xie Yongming[106] Other Income and Expenses - Other income increased to RMB 95.6 million, primarily due to higher government subsidies[19] - Other income increased to RMB 95,615 thousand in 2024 from RMB 87,601 thousand in 2023, with government grants contributing RMB 32,213 thousand[71] - The company's share of losses from associates was RMB 35,285 thousand in H1 2024, compared to a profit of RMB 55 thousand in H1 2023[85] - No interim dividend was declared or paid for the six months ended June 30, 2024, consistent with the same period in 2023[94]

时间：2024年5月9日 嘉宾：陆总 纪要核心要点 1.经营情况：24年一季度订单量同比下降30%，客单价下降十几个点，去除23年一季度高基数影响依旧疲软，没有明 显向上或向下的迹象。 2.市场竞争：行业早就是充分竞争，不担心新上市竞对加剧竞争环境，预计头部品牌有集中机会，没有大规模降价的 紧迫性。 3.未来增长：增长点主要来自门槛降低后加盟店增长和海外扩张，期待国内需求修复。 纪要正文 一、经营情况： 从2021年8月开始，尽管疫情相对稳定，但收入下滑非常快。22 年当然都很差。23年一季度相对乐观，因为看到恢复 速度非常快，一直到 4 月份表现都是很好的，五一之后市场持续疲软，到现在24 年的 5 月份没有变得更烂，但也没 有好转迹象。2024年1-5月市场很疲软，也有去年高基数影响，抛去以后还是不行。未来走势不好说，向上向下都没 有明显痕迹。 二、未来展望： 公司过去节流已经做的很多了：自动化改造减少了全职员工，转而使用兼职员工；降低了培训需求和损耗，优化了供 应链管理等 接下来要做的是开源： ① 加盟商方面：下线城市的加盟是一个新增长点，目标是今年开设数百至1000家加盟店（实际可能无法达到），目 前 ...

Share Incentive and Option Plans - The company's 2020 Share Incentive Plan was approved and adopted on May 15, 2020[5] - The 2020 Share Option Plan was also approved and adopted on May 15, 2020[5] - The Equity Incentive Plans include the 2020 Share Option Plan and the 2020 Share Incentive Plan[6] - The Group adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan to reward employees, directors, and senior management[107] Annual General Meeting and Corporate Governance - The Annual General Meeting (AGM) is proposed to be held on June 28, 2024[5] - The company's shares are listed and traded on the Stock Exchange[6] - The company's listing date on the Hong Kong Stock Exchange was June 30, 2021[7] - The company's shares were listed on the Stock Exchange on June 30, 2021, and it operates Nayuki teahouses, a leading premium modern teahouse chain in China[155] - The company's executive directors have service agreements with an initial term of three years, while non-executive and independent non-executive directors have service contracts/letters of appointment with the same initial term[168] - Independent non-executive directors receive an annual remuneration of HK$120,000[168] Subsidiaries and Investments - Beijing Tiantu Xingbei Investment Center was established on June 26, 2015[5] - Chengdu Tiantu Tiantou Dongfeng Equity Investment Fund Center was established on November 17, 2016[5] - The company was incorporated in the Cayman Islands on September 5, 2019[6] - Shenzhen Fucheng Technology Co., Ltd. is a connected person of the company[6] - Linxin Group Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[7] - Linxin Holdings Limited, another controlling shareholder, was incorporated in the BVI on September 5, 2019[7] - Linxin International Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[7] - Linxin Trust, an irrevocable discretionary trust, was established in Guernsey on December 30, 2020, with Linxin Holdings as the beneficiary[7] - Shenzhen Pindao Group Co., Ltd., a wholly-owned subsidiary, was incorporated in the PRC on December 17, 2019[8] - Shenzhen Pindao Food & Beverage Management Co., Ltd., a wholly-owned subsidiary, was incorporated in the PRC on May 12, 2014[8] - Tiantu Dongfeng, a limited partnership, was established under the laws of the PRC on July 25, 2017[9] - Tiantu Xingpeng, a limited partnership, was established under the laws of the PRC on December 29, 2017[9] - The Group invested in Shanghai Chatian, the operator of the "LELECHA" brand, to enhance brand diversity and reduce store expansion and operation costs[105] - The Group received approval from the State Administration for Market Regulation for the Shanghai Chatian investment, with all completion conditions satisfied by June 2, 2023[105] Financial Performance and Metrics - Revenue for 2023 increased to RMB 5,164,056 thousand, up 20.3% from RMB 4,291,586 thousand in 2022[14] - Adjusted net profit for 2023 was RMB 20,912 thousand, compared to an adjusted net loss of RMB 461,331 thousand in 2022[14] - Cost of materials in 2023 was RMB 1,699,442 thousand, a 20% increase from RMB 1,416,094 thousand in 2022[14] - Staff costs in 2023 were RMB 1,403,868 thousand, a 3.1% increase from RMB 1,362,115 thousand in 2022[14] - Delivery service fees in 2023 were RMB 392,638 thousand, a 3.2% increase from RMB 380,520 thousand in 2022[14] - Advertising and promotion expenses in 2023 were RMB 165,804 thousand, a 16% increase from RMB 142,933 thousand in 2022[14] - Logistics and storage fees in 2023 were RMB 140,833 thousand, a 14.4% increase from RMB 123,112 thousand in 2022[14] - Utilities expenses in 2023 were RMB 143,899 thousand, a 26.7% increase from RMB 113,556 thousand in 2022[14] - Other income in 2023 was RMB 186,490 thousand, a 49.2% increase from RMB 124,950 thousand in 2022[14] - Adjusted net profit margin for 2023 was 0.4%, compared to an adjusted net loss margin of 10.7% in 2022[14] - Revenue increased by 20.3% from RMB4,291.6 million in 2022 to RMB5,164.1 million in 2023[24] - Adjusted net profit changed from a loss of RMB461.3 million in 2022 to a profit of RMB20.9 million in 2023[24] - Store-level operating profit for Nayuki self-operated stores increased by 76.3% to RMB828.7 million in 2023[24] - Store-level operating profit margin for Nayuki self-operated stores increased by 5.9 percentage points to 17.7% in 2023[24] - Net cash generated from operating activities increased by 170.2% from RMB306.6 million in 2022 to RMB828.5 million in 2023[24] - Nayuki self-operated stores revenue increased to RMB 4,691,501 thousand in 2023, up from RMB 3,969,306 thousand in 2022, representing a growth of 18.2%[28] - Ready-to-drink beverage revenue grew significantly to RMB 266,619 thousand in 2023, a 69.8% increase from RMB 157,031 thousand in 2022[28] - Store-level operating profit margin for Nayuki self-operated stores improved to 17.7% in 2023, compared to 11.8% in 2022[28] - Average sales value per order at Nayuki self-operated stores decreased to RMB 29.6 in 2023 from RMB 34.3 in 2022[32] - Average orders per teahouse per day slightly declined to 344.3 in 2023 from 348.2 in 2022[32] - Freshly-made tea drinks accounted for 73.1% of total revenue in 2023, with a revenue of RMB 3,776,943 thousand[37] - Baked goods revenue decreased to RMB 707,662 thousand in 2023, down 8.8% from RMB 775,672 thousand in 2022[37] - Pickup orders revenue increased to RMB 2,044,667 thousand in 2023, a 49.0% rise from RMB 1,372,624 thousand in 2022[42] - Delivery orders revenue grew to RMB 1,966,639 thousand in 2023, up 7.1% from RMB 1,836,938 thousand in 2022[42] - The company's registered membership reached 80.5 million, with monthly active members totaling 4.7 million and a monthly repurchase rate of 23.9%[46] - In 2023, 35.5% of the company's direct-operated store revenue came from third-party delivery platforms, while 6.4% came from the company's own delivery platform[45] - The average daily sales per teahouse in Tier 1 cities was RMB 12,700, with a store-level operating profit margin of 19.6%[56] - In Shenzhen, the company's self-operated stores achieved an average daily sales of RMB 14,600 and a store-level operating profit margin of 23.2%[55] - The company's self-operated stores in Xi'an had the highest store-level operating profit margin at 24.7%[55] - The company's same-store sales in Shenzhen increased from RMB 16,000 in 2022 to RMB 17,400 in 2023[59] - The store-level operating profit margin for same-stores in Xi'an rose from 18.4% in 2022 to 25.0% in 2023[59] - Number of Type-I Teahouses reached 1,105 with an average daily sales per store of RMB 11,100 and a store-level operating profit margin of 18.3%[65] - Number of Type-II Teahouses reached 288 with an average daily sales per store of RMB 8,500 and a store-level operating profit margin of 20.4%[65] - Labour cost ratio decreased from 23.5% in 2022 to 20.3% in 2023, while rent cost ratio decreased from 15.5% to 14.5%[71] - Delivery order fee ratio decreased from 9.4% in 2022 to 8.2% in 2023[71] - Store-level operating profit margin increased from 11.9% in 2022 to 17.7% in 2023[71] - Revenue for 2023 increased by 20.3% to RMB 5,164.1 million compared to RMB 4,291.6 million in 2022[75] - Other income increased to RMB 186.5 million in 2023 from RMB 125.0 million in 2022, primarily due to higher interest income from term deposits[75] - The company held cash and deposits totaling RMB 2,983.5 million as of December 31, 2023, with no interest-bearing borrowings[75] - Material costs increased by 20.0% to RMB1,699.4 million, representing 32.9% of total revenue[77] - Staff costs decreased to 27.2% of total revenue, amounting to RMB1,403.9 million, due to improved HR efficiency[77] - Depreciation of right-of-use assets decreased to 8.0% of total revenue, amounting to RMB411.6 million, due to lower rental unit prices and reduced leased area for new stores[78] - Other rentals and related expenses increased to 5.9% of total revenue, amounting to RMB306.3 million, due to more variable lease payments in new contracts[78] - Advertising and promotion expenses amounted to RMB165.8 million, representing 3.2% of total revenue[80] - Delivery service fees decreased to 7.6% of total revenue, amounting to RMB392.6 million, due to a lower proportion of delivery orders post-COVID-19[81] - Utilities expenses increased to 2.8% of total revenue, amounting to RMB143.9 million[82] - Logistic and storage fees amounted to RMB140.8 million, representing 2.7% of total revenue[83] - Logistics and storage fees for the Group amounted to RMB 140.8 million, accounting for 2.7% of the Group's total revenue during the Reporting Period (2022: RMB 123.1 million, 2.9% of revenue)[87] - Finance costs of the Group amounted to RMB 65.9 million, representing 1.3% of the Group's total revenue during the Reporting Period (2022: RMB 80.3 million, 1.8% of revenue)[88][89] - Interest on lease liabilities accounted for RMB 64.8 million (1.3% of revenue) in 2023, compared to RMB 79.2 million (1.8% of revenue) in 2022[90] - Other expenses of the Group amounted to RMB 261.3 million, representing 5.1% of the Group's total revenue during the Reporting Period (2022: RMB 249.6 million, 5.8% of revenue)[91][92] - Administrative expenses increased to RMB 150.6 million (2.9% of revenue) in 2023 from RMB 142.0 million (3.3% of revenue) in 2022[94] - Travelling and business development expenses rose to RMB 49.8 million (1.0% of revenue) in 2023 from RMB 40.8 million (1.0% of revenue) in 2022[94] - The Group's income tax benefits amounted to RMB 5.1 million for the Reporting Period, significantly lower than the RMB 40.7 million in 2022[95][97] - The Group reported a net profit of RMB 11.2 million for 2023, compared to a net loss of RMB 475.8 million in 2022[98] - Adjusted net profit (non-IFRS measure) for 2023 was RMB 20.9 million, with an adjusted net profit margin of 0.4% (2022: RMB -461.3 million, -10.7% margin)[98] - Total cash and cash equivalents decreased to RMB444.3 million as of December 31, 2023, from RMB1,387.5 million as of December 31, 2022[99] - Total term deposits and certificates of deposit increased to RMB2,539.1 million as of December 31, 2023, from RMB2,088.8 million as of December 31, 2022[99] - Right-of-use assets increased to RMB1,609.2 million as of December 31, 2023, from RMB1,273.3 million as of December 31, 2022, in line with store growth[99] - Property and equipment increased to RMB1,419.2 million as of December 31, 2023, from RMB1,024.1 million as of December 31, 2022, due to store expansion[101] - Inventories turnover days decreased from 38.7 days in 2022 to 29.4 days in the reporting period[101] - Trade and other receivables decreased to RMB250.4 million as of December 31, 2023, from RMB376.5 million as of December 31, 2022[101] - Trade and other payables increased to RMB635.8 million as of December 31, 2023, from RMB478.5 million as of December 31, 2022, due to higher raw material and property-related payables[101] - Gearing ratio increased to 36.0% as of December 31, 2023, from 31.3% as of December 31, 2022[102] - Current ratio decreased to 2.27 times as of December 31, 2023, from 3.30 times as of December 31, 2022[102] - Capital expenditures for the reporting period amounted to approximately RMB 540.9 million, primarily for equipment purchases and leasehold improvements[104] - The company's distributable reserves as of December 31, 2023, amounted to RMB 5,986,012,000, compared to RMB 5,757,296,000 as of December 31, 2022[163] - The company did not recommend the payment of any final dividend for the year ended December 31, 2023[158][159] Store Expansion and Operations - The company opened 506 new Nayuki self-operated stores in 2023, bringing the total to 1,574 stores across 111 cities[20][22] - The company launched its franchise business in July 2023, with approximately 200 franchise stores opened by February 2024[24] - The company opened its first store in Thailand at the end of 2023 and plans to expand further in overseas markets[24] - The company added a net increase of 506 self-operated stores in 2023, bringing the total to 1,574 stores across 111 cities[49] - The number of Type-I teahouses in Tier 1 cities increased from 309 in 2022 to 398 in 2023[50] - The number of Type-II teahouses in Tier 1 cities grew from 64 in 2022 to 144 in 2023[51] - The company plans to optimize franchisee requirements with more flexible store types and lower initial investment costs in 2024[69] - The company expects to further optimize middle and back-office labor costs to improve efficiency and profitability in 2024[70] Membership and Customer Engagement - Nayuki Membership Program reached 80.5 million registered members by December 31, 2023, with 4.7 million monthly active members and a 23.9% monthly repurchase rate[44] - The company's registered membership reached 80.5 million, with monthly active members totaling 4.7 million and a monthly repurchase rate of 23.9%[46] Environmental, Social, and Governance (ESG) - The company's environmental policies and performance are outlined in the 2023 Environmental, Social, and Governance (ESG) Report, which will be published on the company's website and the HKEXnews website[160] - The company made charitable donations totaling approximately RMB 3.4 million during the reporting period[198] Legal and Compliance - The company was not involved in any material legal proceedings during the reporting period[198] - The company has disclosed significant related party transactions in the comprehensive financial statements, Note 30 of the annual report[199] - The company has complied with the disclosure requirements of Chapter 14A of the Listing Rules and disclosed related party transactions in the annual report[199] - No management or administrative contracts were signed or existed for the entire business or any part of it during the reporting period[200] Employee Management and Training - The Group had 7,199 full-time employees as of December 31, 2023, with 1,662 working in headquarters and regional offices, and the remainder as in-store staff[107] - The Group launched an employee retention initiative, incorporating retention rate as a key performance metric for teahouses[107] - The Group offers competitive remuneration and benefits, including social security plans and financial rewards, to motivate employees[107] - The Group emphasizes employee training, including a one-month in-store training for new operational staff and a vanguard program to develop future teahouse managers[108] - The company participates in a defined contribution basic pension insurance in China's social insurance system, with contributions based on government-stipulated benchmarks and rates[173] - The company operates a Mandatory Provident Fund Scheme in Hong Kong, with contributions vesting immediately and no forfeited contributions[174] Capital and Funding - The company raised approximately HK$4,842.4 million from its global offering, with 70% (HK$3,389.8