奈雪的茶（2150.HK）2023年全年业绩公告点评 经营利润率优化明显，加盟门店扩张步入快车道 2024年03月30日 ➢ 奈雪的茶发布 2023年全年业绩公告。从业绩表现来看，2023年公司营业 推荐 维持评级 收入51.64亿元/同比+20.33%，经调整净利润0.21亿元/22年同期为-4.61亿 元。按业态划分收入，2023年奈雪的茶直营店收入46.92亿元/同比+18.19%， 当前价格： 2.66港元 瓶装饮料收入2.67亿元/同比+69.79%，台盖收入0.53亿元/同比-35.22%，其 他收入1.52亿元/同比+84.40%。聚焦旗下品牌经营利润情况，奈雪的茶直营店 经营利润 8.29 亿元/同比+76.34%，对应门店经营利润率 17.70%/同比 +5.90pcts；台盖收入-0.08亿元/22年同期为-0.12亿元，对应门店经营利润率 [Table_Author] -15.80%/22年同期为-14.50%。23年公司主品牌经营态势向好，瓶装饮料业务 逐步崛起，但台盖品牌营收表现有所下滑，可能是公司经营全面聚焦主品牌所致； 作为主品牌奶茶业务补充项的烘焙产品业务收入减少，可能是主品牌 ...

Investment Rating - The report maintains an OUTPERFORM rating for Nayuki Holdings [2][8]. Core Insights - Nayuki achieved a revenue of RMB 5.16 billion in 2023, representing a year-on-year growth of 20.3%, and turned a profit with an adjusted net profit of RMB 20.91 million, resulting in an adjusted net profit margin of 0.4% [8][9]. - The revenue from self-operated stores was RMB 4.69 billion, up 18.2% year-on-year, with daily sales per store averaging about RMB 10,000, a decrease of 14.7% year-on-year [8][9]. - The company plans to open 200 new self-operated stores in 2024, primarily in top-tier cities, and aims to expand its franchise stores to 2,000-3,000 within the next 2-3 years [8][9]. Financial Performance Summary - The company reported a gross profit margin of 67.1% in 2023, with a slight increase of 0.1 percentage points year-on-year [2][9]. - The adjusted net profit is projected to grow significantly in the coming years, with estimates of RMB 268 million in 2024, RMB 501 million in 2025, and RMB 683 million in 2026 [8][9]. - The report forecasts total revenue to reach RMB 7.38 billion in 2024, RMB 9.25 billion in 2025, and RMB 10.94 billion in 2026, reflecting growth rates of 42.9%, 25.4%, and 18.3% respectively [4][9]. Market Position and Strategy - Nayuki's strategy includes a focus on light-asset operations for future store expansions, which is expected to enhance profitability [8][9]. - The company has demonstrated a commitment to optimizing its cost structure, with labor costs, rental costs, and delivery costs showing a downward trend [9]. - Nayuki's market presence is expanding, with a total of 1,574 self-operated stores by the end of 2023, an increase of 506 stores year-on-year [8][9].

Financial Performance - For the year ended December 31, 2023, Nayuki Holdings reported a revenue increase of approximately 20.3% to RMB 5,164.1 million, up from RMB 4,291.6 million in 2022[2]. - The adjusted net profit shifted from a loss of RMB 461.3 million in 2022 to a profit of RMB 20.9 million in 2023[2]. - The total revenue for the group was RMB 5,164.1 million, an increase of approximately 20.3% compared to RMB 4,291.6 million in 2022, primarily due to the continuous increase in the number of operating stores and the lifting of COVID-19 restrictions in mainland China[27]. - The company reported a total comprehensive income of RMB 218,970,000 for the year ended December 31, 2023, compared to a total comprehensive income of RMB 455,595,000 for the year ended December 31, 2022[117]. - The company reported a net profit of RMB 11,166 thousand for the year, a significant recovery from a net loss of RMB 475,806 thousand in the previous year[66]. Revenue Breakdown - Revenue from the sale of freshly made tea drinks was RMB 3,776,943,000, up 20.5% from RMB 3,135,326,000 in 2022[79]. - Revenue from bottled beverages increased to RMB 266,619,000, a rise of 69.8% compared to RMB 157,031,000 in 2022[79]. - Revenue from baked goods and other income reached RMB 1,120,494,000, an increase of 12.1% from RMB 999,229,000 in 2022[79]. - The ready-to-drink tea business generated revenue of RMB 4,897,437 thousand in 2023, up from RMB 4,134,555 thousand in 2022, reflecting a growth of approximately 18.5%[86]. Store Operations - The company opened approximately 200 franchise stores by the end of February 2024, focusing on lower-tier cities to explore new markets[2]. - As of December 31, 2023, Naixue operated 1,574 direct-operated stores, with a net addition of 506 stores during the year[16]. - The total number of stores in first-tier cities increased from 309 in 2022 to 398 in 2023[17]. - The average daily sales per store in first-tier cities was RMB 12.7 thousand, down from RMB 14.4 thousand in 2022, with an operating profit margin of 19.6%[19]. Cost Management - Material costs amounted to RMB 1,699.4 million, representing 32.9% of total revenue, which is a slight decrease from 33.0% in 2022, despite a 20.0% increase in material costs compared to the previous year[29]. - Employee costs were RMB 1,403.9 million, accounting for 27.2% of total revenue, down from 31.7% in 2022, due to improved human resource efficiency[31]. - The financing costs decreased to RMB 65,873 thousand in 2023 from RMB 80,326 thousand in 2022, showing a reduction of about 18%[90]. - The total depreciation expense for property and equipment increased to RMB 304,274,000 in 2023 from RMB 263,016,000 in 2022, an increase of 15.7%[91]. Market Expansion - The company plans to continue expanding its overseas market presence, having opened its first store in Thailand by the end of 2023[2]. - The company plans to enhance marketing efforts for classic products and expand franchise operations and overseas markets in 2024 to address ongoing demand pressures[25]. - The company has made strategic adjustments in response to changing consumer behavior and market conditions, particularly in the franchise business[2]. Liquidity and Financial Position - The group held cash and deposits totaling RMB 2,983.5 million as of December 31, 2023, with no interest-bearing borrowings, indicating strong liquidity for operations and expansion[26]. - The company's total equity as of December 31, 2023, stands at RMB 5,986,570,000, an increase from RMB 5,757,854,000 as of December 31, 2022[117]. - The debt-to-asset ratio increased to 36.0% as of December 31, 2023, compared to 31.3% in 2022, indicating a higher level of leverage[121]. Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with the previous year[120]. - The company repurchased 3,509,500 shares at a price range of HKD 2.64 to HKD 3.07, totaling approximately RMB 9,420,000[116]. - The share capital remains at 5,000,000,000 ordinary shares with a par value of USD 0.00005 per share as of December 31, 2023[116]. Compliance and Governance - The financial statements were prepared in accordance with International Financial Reporting Standards, reflecting the company's commitment to transparency and compliance[73]. - The audit committee, chaired by Ms. Zhang Rui, reviewed the audited consolidated financial statements for the year ending December 31, 2023[124]. - The company has maintained compliance with corporate governance codes, with recent adjustments to board composition to meet regulatory requirements[122].

公司研究 | 首次报告 奈雪的茶 02150.HK 增持（首次） 行业高速增长，打磨店型提效率 股价（2024年02月28日） 3.12港元 目标价格 3.52港元 52周最高价/最低价 9.11/2.4港元 总股本/流通H股（万股） 171,513/171,513 H股市值（百万港币） 5,351 核心观点 国家/地区 中国 行业 餐饮旅游 ⚫ 高端现制茶饮店市场呈现持续增长态势。中国现制茶饮进入新茶饮阶段，高端现制 报告发布日期 2024年02月29日 茶饮品牌出现，对品牌塑造极为重视，强调以天然优质原料制茶，大部分门店为直 营，以更精致多样的门店内容吸引消费者。根据灼识咨询预测，2023年国内现制茶 1周 1月 3月 12月 饮店市场规模将达到2119亿元，2018-2023年CAGR为24.7%。其中高端茶饮店 绝对表现% 5.41 7.96 -12.36 -57.02 市场规模为271亿元， 2018-2023年CAGR为34.3%，增速远超同期低端茶饮店 相对表现% 5.21 4.3 -7.65 -40.6 CAGR：22.3%和同期中端茶饮店CAGR：24.6%。预计高端茶饮店市场规模将持续 恒 ...

Shareholding and Voting Rights - Tian Tu Capital Co., Ltd. holds 169,252,016 shares, representing 9.87% of the voting rights in the company[117] - Mr. Wang Yonghua holds 169,252,016 shares, representing 9.87% of the voting rights in the company[117] - PAGAC Nebula Holdings Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Asia III LP holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Asia Capital GP III Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Capital Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Mr. Shan Weijian holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Pacific Alliance Group Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Linxin Group's voting rights in the company are exercised by Mr. Zhao Lin and Ms. Peng Xin, who each ultimately control 50% of Linxin Holdings[118]

Financial Performance - For the six months ended June 30, 2023, the group's revenue increased by 26.8% to RMB 2,593.8 million, compared to RMB 2,044.9 million for the same period in 2022[2]. - The adjusted net profit turned from a loss of RMB 249.0 million for the six months ended June 30, 2022, to a profit of RMB 70.2 million for the current period[2]. - The operating profit from tea shops reached RMB 472.5 million, a significant increase of 141.6% compared to the same period in 2022, with an operating profit margin of 20.1%, up by 9.7 percentage points[2]. - The net cash generated from operating activities rose by 296.1% to RMB 407.6 million, compared to RMB 102.9 million for the same period in 2022[2]. - The group reported a total operating profit of RMB 504,581,000 for the six months ended June 30, 2023, compared to RMB 192,996,000 in 2022, an increase of 161.5%[76]. - The company reported a gross profit margin improvement, with materials cost rising to RMB 825,490 thousand from RMB 648,365 thousand, reflecting a controlled increase in costs relative to revenue growth[59]. - The income tax expense for the reporting period was approximately RMB 137 million, significantly higher than RMB 29 million for the six months ended June 30, 2022[37]. - The company reported a total of RMB 314,072,000 in trade and other receivables as of June 30, 2023, up from RMB 284,901,000 as of December 31, 2022, indicating a growth of 10.2%[98]. Revenue Breakdown - Revenue from freshly brewed tea accounted for 73.5% of total revenue, amounting to RMB 1,904.5 million, while bakery products contributed 14.1% with RMB 366.3 million[7]. - The revenue from takeaway orders was RMB 1,033.2 million, representing 43.9% of total revenue, while self-pickup orders generated RMB 966.7 million, accounting for 41.1%[8]. - Sales of freshly made tea amounted to RMB 1,904,535 thousand, up 29% from RMB 1,472,141 thousand in the previous year[72]. - Sales of bottled beverages increased to RMB 156,848 thousand, a growth of 84% from RMB 85,359 thousand in the prior year[72]. - The total reported segment revenue for the bottled beverage business was RMB 2,593,846,000, up from RMB 2,044,947,000 in 2022, indicating a growth of 27%[76]. Membership and Store Expansion - As of June 30, 2023, the registered membership reached approximately 66.4 million, with monthly active members totaling around 4.3 million and a monthly repurchase rate of approximately 23.0%[10]. - The group operated 1,194 tea shops across 93 cities, with a net addition of 126 tea shops in the first half of 2023, focusing on expanding in first-tier, new first-tier, and key second-tier cities[11]. - As of June 30, 2023, the total number of tea shops reached 975, an increase of 8.8% from 896 on December 31, 2022[12]. - The number of tea shops in first-tier cities increased to 393, with a profit margin of 21.2%[16]. Cost Management - The material cost percentage decreased to 29.6% in the first half of 2023, down from 30.2% in the same period of 2022[20]. - The labor cost percentage was maintained below 20% for the first half of 2023, reflecting effective cost control measures[21]. - Employee costs were approximately RMB 685.6 million, accounting for about 26.4% of total revenue, a decrease from 34.8% in the same period last year, indicating improved human resource efficiency[26]. - Other rental and related expenses were approximately RMB 162.4 million, accounting for about 6.3% of total revenue, an increase from 5.0% in the same period last year due to a higher proportion of variable lease payments in new agreements[29]. Cash Flow and Liquidity - As of June 30, 2023, the total cash and cash equivalents amounted to approximately RMB 671 million, down from RMB 1,387.5 million as of December 31, 2022[41]. - The current ratio as of June 30, 2023, was approximately 2.78 times, down from 3.30 times as of December 31, 2022[49]. - Cash and cash equivalents decreased to RMB 671,001,000 as of June 30, 2023, down from RMB 1,387,495,000 as of December 31, 2022, representing a decline of 51.6%[101]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of roles between the chairman and CEO[112]. - The audit committee consists of three independent non-executive directors, who reviewed the interim results and confirmed compliance with applicable accounting standards[115]. - The company has appointed a new independent non-executive director effective July 28, 2023, ensuring compliance with listing rules regarding the composition of the board[113]. - The company confirmed that all directors complied with the standard code for securities transactions during the reporting period[114]. Future Plans and Investments - The company plans to open its first partner stores in the second half of 2023, targeting lower-tier cities to increase market share[21]. - The group aims to modernize traditional tea culture and expand its product offerings, including bottled drinks and snacks, to meet diverse consumer needs[6]. - Approximately 10.0% or HKD 484.2 million of the net proceeds will be used to enhance operational efficiency through strengthened technological capabilities over the next three years[56]. - The net proceeds from the global offering amounted to approximately HKD 4,842.4 million, with 70.0% or HKD 3,389.8 million allocated for expanding the tea shop network and increasing market penetration over the next three years[56].

Company Overview and Structure - Nayuki Holdings Limited is an exempted company with limited liability incorporated in the Cayman Islands on September 5, 2019, and its shares are listed and traded on the Stock Exchange[5] - The company's controlling shareholders include Mr. Zhao, Ms. Peng, Linxin Group, Linxin International, Linxin Holdings, and Crystal Tide Profits Limited[5] - The company's subsidiaries and associates are detailed in the 2022 annual report[5] - The company's directors include executive, non-executive, and independent non-executive directors[5] - Linxin Group Limited, one of the controlling shareholders, was incorporated in the BVI on December 29, 2020[6] - Linxin Holdings Limited, another controlling shareholder, was incorporated in the BVI on September 5, 2019[6] - Linxin International Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[6] - Linxin Trust, an irrevocable discretionary trust, was established in Guernsey on December 30, 2020, with Linxin Holdings as the beneficiary[6] - The company's listing date on the Hong Kong Stock Exchange was June 30, 2021[6] - The company was incorporated in the Cayman Islands on September 5, 2019[166] - The company operates Nayuki teahouses, a leading premium modern teahouse chain in China[166] - The company's headquarters and principal place of business in China is located in Zone F, 2F, Building 3, Huangguan Science Park, Chegongmiao Industrial Zone, Futian District, Shenzhen[13] - Nayuki Holdings Limited's principal place of business in Hong Kong is at the 40th Floor, Dah Sing Financial Centre, No. 248 Queen's Road East, Wanchai[14] - The company's stock code is 2150 and its website is www.naixuecha.com[15] - The company's principal bankers include China Merchants Bank Co., Ltd. and China Everbright Bank Company Limited, both with branches in Shenzhen[15] Financial Performance and Metrics - Revenue for the year was RMB 4,291,586 thousand, showing a slight decrease from RMB 4,296,618 thousand in the previous year[18] - The company reported a net loss of RMB 475,806 thousand for the year, compared to a net loss of RMB 4,525,524 thousand in the previous year[18] - Adjusted net loss (non-IFRS measure) was RMB 461,331 thousand, with an adjusted net loss margin of 10.7%[18] - Total assets decreased to RMB 6,939,700 thousand from RMB 7,328,446 thousand in the previous year[22] - Total liabilities decreased to RMB 2,174,116 thousand from RMB 2,385,016 thousand in the previous year[22] - Total equity increased to RMB 4,765,584 thousand from RMB 4,943,430 thousand in the previous year[22] - Delivery service fees increased significantly to RMB 380,520 thousand from RMB 258,976 thousand in the previous year[18] - Staff costs decreased to RMB 1,362,115 thousand from RMB 1,424,358 thousand in the previous year[18] - Advertising and promotion expenses increased to RMB 142,933 thousand from RMB 111,592 thousand in the previous year[18] - Logistics and storage fees increased to RMB 123,112 thousand from RMB 90,502 thousand in the previous year[18] - Revenue decreased by 0.1% to RMB 4,291.6 million in 2022 from RMB 4,296.6 million in 2021[24] - Adjusted net loss in 2022 was RMB 461.3 million, impacted by COVID-19 and changes in the consumption environment[24] - Store-level operating profit for Nayuki teahouses decreased by 20.6% to RMB 469.9 million in 2022, with a profit margin of 11.8%, down 2.7 percentage points from 2021[26] - Net cash generated from operating activities decreased by 39.4% to RMB 306.6 million in 2022 from RMB 506.1 million in 2021[26] - Nayuki teahouses contributed 92.5% of total revenue in 2022, a decrease of 2.2 percentage points from 94.7% in 2021[29] - Average sales value per order at Nayuki teahouses decreased to RMB 34.3 in 2022 from RMB 41.6 in 2021[31] - Average orders per teahouse per day decreased to 348.2 in 2022 from 416.7 in 2021[31] - Tai Gai teahouses recorded a store-level operating loss of RMB 11.9 million in 2022, compared to a profit of RMB 18.7 million in 2021[31] - Revenue from other sub-brands increased by 3.6 percentage points to 5.6% in 2022, driven by sales of retail products such as bottled drinks and gift sets[29][33] - Freshly-made tea drinks revenue decreased by 1.1% to RMB 3,135,326 thousand in 2022 compared to RMB 3,186,988 thousand in 2021[38] - Baked products revenue decreased by 3.8% to RMB 775,672 thousand in 2022 compared to RMB 940,054 thousand in 2021[38] - Other products revenue increased by 5.0% to RMB 380,588 thousand in 2022 compared to RMB 169,576 thousand in 2021[38] - Delivery orders accounted for 46.3% of total revenue in 2022, an increase of 9.5 percentage points from 36.8% in 2021[45] - The company had 56.6 million registered members as of December 31, 2022, with 3.2 million monthly active members and a monthly repurchase rate of 26.3%[44] - The company operated 1,068 self-owned Nayuki teahouses in 89 cities as of December 31, 2022, with a net increase of 251 teahouses in 2022[50] - Type-I teahouses increased to 896 in 2022 from 718 in 2021, with significant growth in Tier 1, New Tier 1, and Tier 2 cities[51] - Type-II teahouses increased to 172 in 2022 from 99 in 2021, with growth across all city tiers[52] - Approximately 38.4% of delivery revenue in 2022 was generated from third-party platforms, while 7.9% came from the company's self-operated platform[43] - Nayuki teahouses experience higher initial sales due to strong brand influence, but daily sales per teahouse decline as store density remains low, impacting operating margins[56][58] - As store density increases and customer habits form, average daily sales per teahouse are expected to stabilize, leading to improved store-level operating profit margins[57][58] - Shenzhen leads in performance with 146 stores, average daily sales of RMB 17.7k, and a store-level operating profit margin of 17.5%[60] - Shanghai shows weaker performance with 66 stores, average daily sales of RMB 11.8k, and a store-level operating profit margin of 1.6%[60] - Type-I Teahouses (827 stores) have average daily sales of RMB 13.3k and a store-level operating profit margin of 12.5%, while Type-II Teahouses (157 stores) show lower sales (RMB 9.5k) but higher margins (16.1%)[64] - Same-store sales in Shenzhen declined from RMB 23.4k in 2021 to RMB 18.7k in 2022, with operating profit margins dropping from 21.8% to 17.5%[61] - Shanghai's same-store sales dropped significantly from RMB 18.2k in 2021 to RMB 12.7k in 2022, with operating profit margins turning negative (-0.2%)[61] - The company plans to increase store density in existing markets to accelerate market maturity and stabilize sales performance[63][65] - Revenue for the reporting period was RMB 4,291.6 million, a decrease of 0.1% compared to 2021, primarily due to the impact of recurring COVID-19 outbreaks in mainland China[72] - Nayuki teahouses contributed 92.5% of total revenue in the reporting period, down from 94.7% in 2021[72] - Other income increased significantly to RMB 125.0 million, up from RMB 27.3 million in 2021, driven by higher interest income and increased government subsidies[75] - The company aims to stabilize labor costs at store level below 20% and maintain rental costs below 15%[68] - Store expansion in 2023 will focus on increasing density in existing high-tier cities, with optimized store models that are more streamlined and easier to reach breakeven[69] - The company has sufficient cash and cash flow to support operations and expansion, with no plans for large-scale refinancing[71] - Delivery order proportion decreased as consumers returned to offline consumption, leading to recovery in same-store income and profitability[67] - The company plans to introduce more quality products with a balanced price range suitable for a wide range of customer groups[68] - Digitalization and automation capabilities will be enhanced to strengthen refined management[68] - The company is confident in maintaining a reasonable level of profit for shareholders in 2023, supported by store performance in January and February 2023[68] - Material costs amounted to RMB 1,416.1 million, representing 33.0% of total revenue, showing stability compared to 2021 (RMB 1,400.7 million, 32.6%)[76] - Staff costs decreased to RMB 1,362.1 million, representing 31.7% of total revenue, down from 33.2% in 2021 due to improved management efficiency[76] - Depreciation of right-of-use assets increased to RMB 434.9 million, representing 10.1% of total revenue, up from 9.8% in 2021[76] - Delivery service fees rose to RMB 380.5 million, representing 8.9% of total revenue, up from 6.0% in 2021 due to increased delivery orders influenced by COVID-19[81] - Advertising and promotion expenses increased to RMB 142.9 million, representing 3.3% of total revenue, up from 2.6% in 2021[80] - Depreciation and amortization of other assets increased to RMB 263.2 million, representing 6.1% of total revenue, up from 4.7% in 2021 due to store expansion[79] - Logistics and storage fees rose to RMB 123.1 million, representing 2.9% of total revenue, up from 2.1% in 2021[87] - Utilities expenses increased to RMB 113.6 million, representing 2.6% of total revenue, up from 2.1% in 2021[86] - Finance costs decreased to RMB 80.3 million, representing 1.8% of total revenue, down from 2.1% in 2021[88] - Other rentals and related expenses increased to RMB 229.0 million, representing 5.3% of total revenue, up from 5.0% in 2021[78] - Interest on lease liabilities increased to RMB79,182 thousand (1.8% of total revenue) in 2022 from RMB88,757 thousand (2.1% of total revenue) in 2021[93] - Other expenses for the Group amounted to RMB249.6 million, representing 5.8% of total revenue in 2022, compared to RMB176.3 million (4.1% of total revenue) in 2021[94][95] - Administrative expenses increased to RMB142,016 thousand (3.3% of total revenue) in 2022 from RMB72,631 thousand (1.7% of total revenue) in 2021[97] - Travelling and business development expenses rose to RMB40,825 thousand (1.0% of total revenue) in 2022 from RMB31,873 thousand (0.7% of total revenue) in 2021[97] - Impairment losses and write-down of inventories increased to RMB18,368 thousand (0.4% of total revenue) in 2022 from RMB8,410 thousand (0.2% of total revenue) in 2021[97] - Income tax benefits for the Group amounted to RMB40.7 million in 2022, compared to RMB4.1 million in 2021[98][100] - Adjusted net loss (non-IFRS measure) for 2022 was RMB461,331 thousand, representing a net loss margin of 10.7%, compared to RMB145,265 thousand (3.4% net loss margin) in 2021[102] - Total cash and cash equivalents amounted to RMB1,387.5 million as of December 31, 2022, compared to RMB4,052.8 million as of December 31, 2021[103] - Total term deposits and certificates of deposit amounted to RMB2,088.8 million as of December 31, 2022, compared to nil as of December 31, 2021[103] - The Group had no interest-bearing borrowings as of December 31, 2022, compared to approximately RMB0.4 million as of December 31, 2021[103] - Right-of-use assets amounted to RMB1,273.3 million as of December 31, 2022, compared to RMB1,313.3 million as of December 31, 2021[103] - Fair value changes of financial liabilities at fair value through profit or loss were one-off and non-cash, with no further gains or losses after conversion into ordinary shares on June 30, 2021[103] - Fair value changes of convertible redeemable preferred shares were non-cash and ceased after conversion into ordinary shares upon the closing of the Global Offering[103] - Listing expenses related to the Global Offering were one-off and not directly related to operating activities[103] - Equity-settled share-based payment expenses included non-cash and non-operational items, not directly correlated with business performance[103] - Interest on redeemable capital contribution ceased after conversion into ordinary shares on June 30, 2021, and was non-cash and non-operational[103] - The Group's right-of-use assets primarily represent leases for teahouses, headquarters office, and warehouses[103] - Property and equipment increased to RMB1,024.1 million as of December 31, 2022, up from RMB801.4 million in 2021, primarily due to store expansion and office building purchase in Shanghai[105] - Inventories decreased to RMB126.3 million as of December 31, 2022, down from RMB174.1 million in 2021, with inventory turnover days increasing from 36.1 days to 38.7 days[105] - Trade and other receivables increased to RMB376.5 million as of December 31, 2022, up from RMB346.1 million in 2021, mainly due to a loan to an ongoing investment[105] - Trade and other payables decreased to RMB478.5 million as of December 31, 2022, down from RMB654.2 million in 2021, primarily due to reduced payables for raw material purchases[105] - Gearing ratio decreased to 31.3% as of December 31, 2022, compared to 32.5% in 2021[106] - Cash and cash equivalents decreased to RMB1,387.5 million as of December 31, 2022, down from RMB4,052.8 million in 2021, with RMB2,088.8 million in term deposits and certificates of deposit[106] - The company had no bank loans or interest-bearing borrowings as of December 31, 2022, with a current ratio of 3.30 times[106] - Capital expenditures for the reporting period amounted to approximately RMB448.3 million, primarily for equipment purchases and leasehold improvements[108] - The company invested in Shanghai Chatian, acquiring approximately 43.64% of its enlarged equity capital, expected to be completed in the first half of 2023[108][110] - As of December 31, 2022, the company had no significant contingent liabilities[108] - Bank deposits of RMB1.0 million were restricted by courts due to contractual disputes, with RMB0.3 million released by the report date[108] - The company does not engage in foreign exchange hedging activities apart from forward foreign exchange contracts[108] - Shanghai Chatian, operator of the "LELECHA" brand, is expected to enhance the company's brand diversity and reduce store expansion and operation costs[109] - The State Administration for Market Regulation issued a decision on no further examination regarding the investment in Shanghai Chatian, indicating regulatory approval[110] - As of December 31, 2022, the company had no plans for acquiring other material investments or capital assets beyond the disclosed investment in Shanghai Chatian[111][112] - The company had a total of 7,557 full-time employees as of December 31, 2022, with 1,550 working at headquarters and regional offices, and the rest as in-store staff[114] - The company allocated HK$3,389.8 million (70% of net proceeds) to expand its teahouse network and deepen market penetration over the next three years[116] - HK$484.2 million (10% of net proceeds) will be used to improve overall operations through enhanced technology capabilities over the next three years[116] - HK$484.2 million (10% of net proceeds) will be invested in strengthening the supply chain and product distribution capabilities over the next three years[116] - The remaining HK$484.2 million (10% of net proceeds) will be used for working capital and general corporate purposes[116] - As of December 31, 2022, the company had utilized HK$1,063.8 million out of the HK$3,389.8 million allocated for teahouse network expansion and market penetration[121] - The company had utilized HK$253.8 million out of the HK$484.2 million allocated for improving overall operations as of December 31, 2022[121] - HK$233.8 million out of the HK$484.2 million allocated for strengthening supply chain capabilities had been utilized as of December 31, 202

[268 -> 269] Wait, is that how you do it? [589 -> 592] and gained a relatively high profit margin. [595 -> 620] In terms of members, in the second half of last year, the number of members registered for our water-resistant tea exceeded 50 million and reached 5,660,000 at the end of last year. In order to better demonstrate the active situation of members, we reduced the activity of the season from IPO to the activity of the month. Our monthly activity increased from 24% in 2021 to more than 25% in the first ...

Financial Performance - For the year ended December 31, 2022, the company's revenue decreased by approximately 0.1% to RMB 4,291.6 million from RMB 4,296.6 million in 2021[2] - The adjusted net loss for 2022 was RMB 461.3 million, compared to a net loss of RMB 145.3 million in 2021[2] - The total revenue for the group was RMB 4,291.6 million, a slight decrease of approximately 0.1% compared to RMB 4,296.6 million in 2021, primarily due to the impact of recurring COVID-19 outbreaks in mainland China[25] - The company reported a net loss of RMB 475,806 thousand for 2022, significantly improved from a net loss of RMB 4,525,524 thousand in 2021[63] - The total comprehensive loss for the year was RMB 193,671 thousand, compared to a total comprehensive loss of RMB 4,565,970 thousand in the previous year[63] - The company's basic and diluted loss per share was RMB 0.27, a substantial improvement from RMB 3.28 in 2021[62] Revenue Breakdown - Revenue from the tea shop brand accounted for 92.5% of total revenue, contributing RMB 3,969.3 million, down 2.2% from RMB 4,067.3 million in 2021[5] - Revenue from baked goods decreased by 3.8% to RMB 775.7 million, representing 18.1% of total revenue[9] - In 2022, total revenue from Naixue's tea stores was approximately RMB 3,969.3 million, a decrease of 2.4% compared to RMB 4,067.3 million in 2021[11] - Revenue from the sale of freshly made tea was RMB 3,135,326,000, while revenue from baked goods and other products and services was RMB 1,156,260,000[77] Operational Metrics - The operating profit from tea shops was RMB 469.9 million, a decrease of approximately 20.6% compared to RMB 591.5 million in 2021[3] - The operating profit margin for tea shops was 11.8%, down approximately 2.7 percentage points from 14.5% in 2021[3] - The average order value for tea shops decreased to RMB 34.3 from RMB 41.6 in 2021[7] - The average daily order volume per tea shop fell to 348.2 from 416.7 in 2021[7] - The number of store orders decreased by 28.2% to 759,744, while takeaway orders increased by 9.5% to 1,836,938, indicating a shift in consumer preference[11] Store Expansion and Market Strategy - As of December 31, 2022, Naixue had 1,068 self-operated tea stores across 89 cities, with a net addition of 251 stores during the year[14] - The company aims to enhance its market presence by increasing store density and optimizing store models to improve consumer accessibility[2] - The company plans to continue expanding its store network in first-tier, new first-tier, and key second-tier cities to enhance market penetration[14] - The company aims to increase store density in existing markets to cultivate consumer habits and drive market maturity[20] - The number of first-class tea stores in first-tier cities increased from 245 in 2021 to 309 in 2022, reflecting a strategic focus on high-end tea consumption[15] Cost Management - Material costs amounted to RMB 1,416.1 million, representing 33.0% of total revenue, compared to 32.6% in 2021[27] - Employee costs were RMB 1,362.1 million, accounting for 31.7% of total revenue, down from 33.2% in 2021, attributed to improved management efficiency[28] - Depreciation of right-of-use assets was RMB 434.9 million, constituting 10.1% of total revenue, compared to 9.8% in 2021[29] - Advertising and promotional expenses amounted to RMB 142.9 million, representing 3.3% of total revenue for the reporting period, up from RMB 111.6 million and 2.6% in 2021[31] - Delivery service fees were RMB 380.5 million, accounting for 8.9% of total revenue, an increase from RMB 259.0 million and 6.0% in 2021, primarily due to changes in consumer habits during the pandemic[32] Cash Flow and Liquidity - As of December 31, 2022, the total cash and cash equivalents amounted to RMB 1,387.5 million, a decrease from RMB 4,052.8 million as of December 31, 2021[43] - The company has sufficient cash and cash flow to support operations and expansion, with no plans for large-scale refinancing[23] - Cash and cash equivalents decreased to RMB 1,387,495,000 in 2022 from RMB 4,052,806,000 in 2021, reflecting a significant reduction in liquidity[104] Employee and Governance - The company has a total of 7,557 full-time employees, with 1,550 working at headquarters and regional offices, while the rest are store staff[58] - The company emphasizes competitive and fair compensation and benefits for employees, with performance-based bonuses linked to financial performance and market conditions[58] - The company maintains a governance structure that separates the roles of Chairman and CEO, although the current individual holds both positions[121] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[131] Future Outlook - The company expresses optimism for 2023, anticipating a recovery in consumer spending and improved profitability[24] - The company plans to maintain a proactive and steady store opening strategy in 2023, focusing on increasing store density in high-tier cities[23] - The company is actively reviewing and managing its capital structure to balance high shareholder returns with a stable capital position[117] Regulatory and Compliance - The company is registered in the Cayman Islands and its shares are listed and traded on the stock exchange, indicating its compliance with relevant regulations[128] - The company is subject to the listing rules of the Hong Kong Stock Exchange, which govern its operations and disclosures[129] - The company has adopted a code of conduct for securities trading that meets or exceeds standard requirements, confirming compliance during the reporting period[122]

Financial Performance - In the first half of 2022, Nayuki Holdings' revenue decreased by 3.8% to RMB2,044.9 million from RMB2,125.9 million in the same period of 2021[14]. - The adjusted net loss for the first half of 2022 was RMB249.0 million, compared to a profit of RMB48.2 million in the first half of 2021[14]. - Store-level operating profit for Nayuki teahouses fell by 49.2% to RMB195.6 million, with a store-level operating profit margin of 10.4%, down 8.8 percentage points from the previous year[15]. - Net cash generated from operating activities decreased by 72.8% to RMB102.9 million from RMB377.9 million in the first half of 2021[15]. - The total revenue for the first half of 2022 was RMB 2,044,947, a decrease from RMB 2,125,927 in the same period of 2021[24]. - The net loss for the period was RMB 256.9 million, a substantial improvement from a net loss of RMB 4.3 billion in the previous year[121]. - Adjusted net loss for the period was RMB 249.0 million, with an adjusted net loss margin of (12.2)% compared to 2.3% in the previous year[121]. Revenue Sources - Nayuki teahouses contributed 91.8% of total revenue, amounting to RMB1,878.0 million, while the sub-brand Tai Gai contributed 2.2% with RMB43.7 million[19]. - The revenue from the "Others" category increased by 4.0% to RMB123.2 million, compared to RMB41.9 million in the previous year[19]. - Freshly-made tea drinks generated RMB 1,472,141, accounting for 72.0% of total revenue, down from RMB 1,587,444 and 74.7% in the first half of 2021[24]. - Baked products revenue decreased to RMB 380,610, representing 18.6% of total revenue, compared to RMB 468,754 and 22.0% in the same period of 2021[24]. - Delivery orders increased to RMB 836,909, making up 44.6% of total income, up from RMB 687,830 and 34.3% in the first half of 2021[32]. Market Conditions and Strategy - The overall performance reflects the ongoing impact of the COVID-19 pandemic, particularly in high-tier cities where Nayuki teahouses are concentrated[14]. - The company is actively monitoring market conditions and adjusting strategies to navigate the challenges posed by the pandemic[14]. - Future outlook remains cautious as the company aims to recover from the operational disruptions caused by COVID-19[14]. - The company plans to focus on the research and development of freshly-made tea drinks to restore profitability more quickly[24]. - The company intends to continue launching more baked products once market conditions improve[26]. Membership and Customer Engagement - As of June 30, 2022, Nayuki had approximately 49.0 million registered members, an increase of 5.7 million from December 31, 2021[35]. - The number of active members reached approximately 7.2 million, with a repurchase rate of approximately 33.6%, up by 3.3 percentage points year-over-year[35]. - For the six months ended June 30, 2022, approximately 36.1% of revenue from Nayuki teahouses was generated from delivery orders placed by third-party platforms, while approximately 8.5% came from the Group's self-operated platform[33]. Store Operations and Expansion - As of June 30, 2022, the Group operated 904 self-owned Nayuki teahouses across 85 cities, with 87 new teahouses opened in the first half of 2022[42]. - The total number of Type-I Teahouses increased to 767, with 261 in Tier 1 cities, 252 in New Tier 1 cities, and 184 in Tier 2 cities[45]. - The total number of Type-II Teahouses rose to 137, with 48 in Tier 1 cities and 25 in Tier 2 cities[45]. - The company plans to convert existing regular teahouses into PRO teahouses upon lease expiration, enhancing operational efficiency and market adaptability[41]. Cost Management - Raw material costs were maintained at 34.5% in June 2022, slightly improved from 35.1% in June 2021, indicating ongoing supply chain optimization efforts[71]. - Labor costs were reduced to 18.9% in June 2022 from 23.7% in June 2021, reflecting successful optimization measures[71]. - Rent costs increased to 15.7% in June 2022 from 13.9% in June 2021, due to renegotiation and stricter requirements for new stores[71]. - The Group aims to stabilize labor costs at the store level within 20% in the short to medium term, better than the level in the first half of 2021[75]. Financial Position and Liquidity - As of June 30, 2022, the total cash and bank balances of the Group amounted to approximately RMB3,721.6 million, a decrease from approximately RMB4,052.8 million as of December 31, 2021[125]. - The Group's gearing ratio as of June 30, 2022, was 31.3%, compared to 32.5% as of December 31, 2021[136]. - The Group did not have any interest-bearing borrowings as of June 30, 2022, down from approximately RMB0.4 million as of December 31, 2021[125]. - Capital expenditures for the reporting period were approximately RMB 239.1 million, primarily related to equipment purchases and leasehold improvements[149][155]. Shareholder Information - As of June 30, 2022, Mr. Zhao Lin and Ms. Peng Xin each hold a beneficial interest of 1,007,281,120 shares, representing approximately 58.73% of the Company's issued share capital[187]. - As of June 30, 2022, Linxin Group holds 977,344,414 shares, representing approximately 56.98% of the voting rights in Nayuki Holdings Limited[195]. - The ownership structure of Chengdu Tiantu includes multiple stakeholders, with the largest being Shantou Dongfeng Printing Co., Ltd.[200].