Financial Performance - The company reported a revenue of HK$1.2 billion for the fiscal year ended December 31, 2024, representing a year-over-year increase of 15%[9]. - Revenue for the year ended December 31, 2024, was RMB 4,921,201, a decrease of 4.7% from RMB 5,164,056 in 2023[22]. - Adjusted net loss for 2024 was RMB 918,687, compared to a profit of RMB 20,912 in 2023, reflecting a significant decline in profitability[22]. - Total assets as of December 31, 2024, were RMB 6,165,150, down from RMB 7,540,364 in 2023, indicating a reduction of approximately 18.2%[24]. - Total liabilities decreased to RMB (2,249,018) in 2024 from RMB (2,718,592) in 2023, a reduction of about 17.3%[24]. - The adjusted net profit margin for 2024 was (18.7)%, compared to 0.4% in 2023, indicating a substantial decline in operational efficiency[22]. - The consumer market's weak performance in 2024 led to cautious spending habits among customers, impacting revenue generation[28]. - The introduction of new brands in the freshly-made tea industry intensified competition, further pressuring the Group's store revenues[28]. - The Group recorded revenue of RMB4,921.2 million for the Reporting Period, representing a decrease of approximately 4.7% compared to RMB5,164.1 million in 2023[83]. User Engagement and Market Expansion - User data showed a total of 5 million active users, with a growth rate of 20% compared to the previous year[9]. - The company expects revenue growth to continue at a rate of 10-15% for the next fiscal year, driven by new product launches and market expansion[9]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[9]. - The company is exploring partnerships with e-commerce platforms to boost online sales, aiming for a 50% increase in digital revenue[9]. - The number of Nayuki teahouses increased by 143 to 1,798 as of December 31, 2024, with 1,453 self-operated stores and 345 franchise stores[27]. - The Group plans to launch its first "Nayuki green" store in Q1 2025, focusing on healthy light drinks and meals[27]. - The Group plans to expand its franchise business, increasing the number of franchise stores from 81 to 345 by December 31, 2024[53]. Product Development and Innovation - Investment in research and development increased by 25%, focusing on innovative beverage products and technology enhancements[9]. - The company launched three new product lines, which accounted for 10% of total sales in the last quarter[9]. - The company launched 70 new beverages and 55 new baked goods in 2024 to meet diverse customer preferences and strengthen its market position[45]. Financial Management and Costs - Cost of materials amounted to RMB1,809.0 million, representing 36.8% of total revenue, an increase from 32.9% in 2023[88]. - Staff costs amounted to RMB1,434.6 million, representing 29.2% of total revenue for the Reporting Period, an increase from RMB1,403.9 million and 27.2% in 2023[94]. - Depreciation of right-of-use assets was RMB413.2 million, accounting for 8.4% of total revenue, compared to RMB411.6 million and 8.0% in 2023[95]. - Other expenses totaled RMB 496.3 million, accounting for 10.1% of total revenue, an increase from RMB 261.3 million and 5.1% in 2023[116]. Corporate Governance and Management - The company has undergone significant changes in its board of directors, with multiple resignations and appointments in 2024 and 2025[11][12]. - The audit committee is chaired by Ms. Zhang Rui, ensuring compliance and oversight[12]. - The company has a comprehensive corporate governance structure, including various committees for remuneration and nominations[12][13]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors[174]. - Mr. Zhao Lin has been the Chairman of the Board and Chief Executive Officer since February 5, 2021, and co-founded the Group in May 2014[178]. Cash Flow and Liquidity - The Group held cash and deposits totaling RMB2,694.2 million as of December 31, 2024, providing sufficient liquidity for business adjustments[81]. - As of December 31, 2024, total cash and cash equivalents were RMB 579.1 million, up from RMB 444.3 million as of December 31, 2023[127]. - The current ratio improved to approximately 2.51 times as of December 31, 2024, compared to approximately 2.27 times as of December 31, 2023[147]. Strategic Initiatives and Future Outlook - The Group aims to focus on a green and healthy strategy by creating high-quality, cost-effective products and innovative brand marketing campaigns in 2025[75]. - The Board is confident that the adjusting measures will yield favorable outcomes for the Group[81]. - The Group continues to expand its operations and enhance its product offerings through strategic initiatives[183].

近日，蜜雪冰城部分门店改24小时营业的话题冲上热搜，许多网友在热搜下面留言，半夜睡不着的时候可以点一杯柠檬水来助眠了。实际上，在奶茶赛 道，24小时营业的并不只有蜜雪冰城一家，霸王茶姬、茶百道、喜茶等多个头部品牌都开设了24小时营业门店。 以往大众对24小时营业的门店印象，主要停留在7-11、便利蜂、罗森等便利店上，或者是一些像海底捞这样的大型餐饮企业。但在最近几年，许多快餐、 甜品品牌都已涉足全时段经营，像巴奴火锅、老乡鸡等也都推出了24小时营业门店。 奶茶店们为何相继开启深夜茶堂？24小时营业能帮企业赚到更多钱吗？继开拓门店、出海、9.9一口价后，奶茶品牌又把战场卷向营业市场了吗？在竞争 白热化的当下，奶茶品牌还有哪些竞争手段可以在赛道杀出重围？ 20多家奶茶品牌都24小时营业 2023年9月，霸王茶姬官宣了两家位于广州的24小时营业门店，以及10家广东省延长营业时间的门店，引起行业极大关注。 同年12月，喜茶也宣布在北京、上海、深圳等地的24家门店上线24小时营业计划。业内的其他品牌紧跟其后，茶百道、古茗等一众茶饮品牌都宣布延长门 店营业时间，24小时营业的奶茶店在全国范围内越来越多。 据壹览商业报道， ...

Industry Overview - The ready-to-drink beverage industry in China is experiencing rapid expansion, driven by product characteristics and consumption upgrades, with market size growing from 187.8 billion yuan in 2018 to 627.9 billion yuan in 2024, and expected to reach 746.4 billion yuan by 2025 [1][12] - The proportion of ready-to-drink beverages in the overall beverage market has increased from 20.6% to 39.4% from 2018 to 2024, with projections indicating it will exceed 40% by 2025 [1][12] - The industry is characterized by fresh, customizable, and convenient products, including various types of tea, coffee, and fresh juices, sold through both offline and online channels [1][5] Market Dynamics - The competition in the ready-to-drink beverage sector has intensified, with brands engaging in price wars and rapid franchise expansions, leading to market saturation [9][14] - In 2024, a total of 2,681 new products were launched by 96 representative brands, with tea beverages accounting for 70.7% and coffee beverages 29.3% of new product launches [9][10] - The average monthly new product launches for tea brands (157.9) outpaced coffee brands (65.5), with seasonal trends influencing product introductions [10] Consumer Behavior - 72.6% of Generation Z consumers in China purchase ready-to-drink beverages weekly, with a notable increase in the frequency of coffee purchases compared to tea [7] - The per capita annual consumption of ready-to-drink beverages in China has risen from 8 cups in 2018 to 22 cups in 2023, but remains significantly lower than in developed markets [22] Competitive Landscape - The market is concentrated, with the top five brands (Mizuki Ice City, Luckin Coffee, Starbucks, Guming, and Chabaidao) holding a combined market share of 35%, indicating a strong head effect [14][16] - Mizuki Ice City leads the market with an 11.3% share, followed by Luckin Coffee (8.3%) and Starbucks (6.3%) [16] Future Trends - The ready-to-drink beverage market is expected to continue growing, with projections indicating that the market size could exceed 1 trillion yuan by 2028 [12] - The increasing consumer focus on product quality and experience is driving supply chain upgrades and innovation in product offerings [23][24] - The chain rate for ready-to-drink tea and coffee shops is anticipated to rise significantly, enhancing market growth potential [24]

Core Viewpoint - The domestic ready-to-drink tea industry is undergoing a significant reshuffle, with major brands reporting strong revenue growth while Nayuki Tea faces severe losses, highlighting a stark industry divide [1][2]. Company Performance - In 2024, five major tea brands achieved a total revenue exceeding 55.8 billion yuan, but Nayuki Tea reported a revenue decline of 4.7% year-on-year and a net loss of 918 million yuan, making it the only brand among the top five to transition from profit to loss [2][3]. - Nayuki Tea's management disclosed that the losses were primarily due to 160 million yuan from store closures and 320 million yuan from historical investment project losses [2][4]. Strategic Adjustments - Nayuki Tea is shifting towards a "light asset operation" model to ensure stable cash flow and improve store quality, halting new franchise additions starting May 2024 [5][6]. - The company is innovating with new store formats, such as "Nayuki Green," which focuses on low-calorie and healthy offerings, aiming to cater to urban white-collar consumers [5][6]. Industry Dynamics - The ready-to-drink tea industry is experiencing intense competition, with brands like Mixue Ice City leading with over 46,000 stores, while Nayuki Tea lags with only 1,798 stores [6][7]. - The industry is facing challenges from high store density and declining profitability per store, with brands like Bawang Tea and Gu Ming also reporting reduced same-store sales [6][7]. Market Trends - Consumer rationality is increasing, leading to price wars that pressure mid-to-high-end brands, making it difficult for Nayuki Tea to maintain high profit margins [6][7]. - The shift towards a more refined market approach is evident, with brands needing to adapt to changing consumer preferences and competitive pressures [7].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

Summary of Conference Call Company Overview - The conference call is for Nai Xue's Tea, discussing the performance for the fiscal year 2024 and future strategies [1] Industry Context - The overall consumer market in 2024 is described as weak, with changes in consumer habits affecting foot traffic in offline shopping centers, leading to a contraction in market demand [1] Key Financial Performance - As of the end of 2024, Nai Xue's total store count reached 1,798, with 1,453 direct-operated stores and 345 franchise stores, despite a challenging year [2] - The company recorded a net loss of 910 million yuan in 2024, with 160 million yuan attributed to store closures and 321 million yuan from past investments [4] - Operating cash flow decreased by 76% year-on-year to 200 million yuan due to pressure on store revenues [4] Membership and Customer Engagement - The registered membership surpassed 100 million by the end of the year, with an increase in active members and repurchase rates compared to 2022 [3] Marketing and Product Strategy - The company is focusing on health-oriented products and has implemented targeted marketing strategies to enhance brand visibility [2][3] - In 2024, the proportion of tea drinks was 69%, while baked goods accounted for 11% of total sales [5] Store Performance and Adjustments - Average daily revenue per store in major cities showed a significant decline, with Shenzhen maintaining an average of over 10,000 yuan [6] - The management plans to optimize existing stores and explore new store formats, such as the "Nai Xue Green" model, which offers healthier options [7][8] International Expansion - Nai Xue is expanding internationally, having entered markets in Thailand, Singapore, and Malaysia, with plans to open its first store in the United States soon [2][21] - The Thai market has shown strong acceptance, with stores performing well and gaining popularity [21][22] Future Outlook - For 2025, the company aims to focus on a green health strategy, offering high-quality, cost-effective health products [6][7] - Management expresses confidence in the adjustments made to cope with current challenges, anticipating positive outcomes from these strategies [8] Challenges and Strategic Adjustments - The company acknowledges the need to adapt its business model and product offerings in response to changing consumer preferences and market conditions [13][14] - There is a focus on reducing operational costs through improved efficiency and automation in stores [8] Conclusion - Nai Xue's Tea is navigating a challenging market environment by optimizing its store operations, expanding internationally, and focusing on health-oriented products to meet evolving consumer demands [1][6][21]

喜茶方面表示，去年7月，喜茶"超级植物茶"正式上线，首款羽衣纤体瓶上线首月售出超350万杯。截至 2024年12月底，"超级植物茶"系列累计售出超3700万杯，成为行业2024年现象级大单品。 喜茶方面表示，2024年起，喜茶在这两个上游基地展开订单农业的合作模式探索，以强化对上游产地种 植端过程管理，从而提升鲜果品质、降低食安风险，赋能农户提质增收。以此为基础，喜茶已在全国布 局超万亩订单农业合作果园，分布于辽宁至海南的全国优质产区。 除了喜茶外，港股"新茶饮第一股"奈雪的茶带来了招牌"霸气鲜果茶"系列，同时也有茉莉初雪奶茶、纯 茶及热销烘焙产品，以及哈利波特、三丽鸥、飞天小女警、小王子等知名IP的人气联名周边。 奈雪的茶对记者表示，目前奈雪在全球拥有近2000家门店，会员数超过1亿人。 4月13日，第五届中国国际消费品博览会(下称"消博会")在海南国际会展中心开幕。本届消博会以"共享 开放机遇，共创美好生活"为主题，吸引来自71个国家和地区的4100余个品牌参展，65家世界500强及行 业龙头企业同台竞技，规模再创新高。 "在周边方面，奈雪从2015年创立以来，跟非常多知名国际IP、艺术、动漫类IP都展开 ...

出品丨搜狐财经 作者丨闫思羽 编辑丨李文贤 一年关闭近350家门店，2024年巨亏9.17亿元，近日公布业绩的奈雪的茶深陷多重危机。 四年间，这家以"中国星巴克"为愿景的企业市值蒸发90%，资本方太盟、天图接连减持套现，核心成员离职。 香颂资本董事长沈萌表示，资方减持和董事退出确实与企业的业绩有关，但不是唯一相关性。 2024年财报显示，奈雪的茶再度陷入巨额亏损。 公司全年营收49.21亿元，同比下滑4.7%；净利润亏损达9.17亿元。从2021年上市至今，奈雪的茶仅在2023年短暂恢复盈利1300万元。 奈雪在财报中表示，2024年度消费市场表现疲弱，而现制茶饮行业竞争加剧，导致直营门店的收益及门店经营利润率产生波动。另外，闭店损失也进一步侵 蚀了公司的利润。 经营数据显示，奈雪直营门店数量从2023年的1574家缩减至1453家，净减少121家。 曾经的"新式茶饮明星"如今面临严峻挑战，其大店模式与直营策略的弊端逐渐暴露。 中国食品产业分析师朱丹蓬表示，奈雪亏钱的根本原因就是奈雪品牌力不足以支撑其大店模式，奈雪的整个产品矩阵、团队，都无法支撑它做大店。 当大店模式遭遇消费降级，当直营策略碰上加盟狂潮，这个 ...