Core Points - Naixue Tea (02150.HK) saw a significant stock price increase, closing at HKD 2.150, a rise of 21.469% [1] - The company announced the resignation of its Executive Director and COO, Deng Bin, effective February 26, 2025, due to personal matters [2] - Deng Bin has been with Naixue Tea for nearly 10 years, having joined in August 2016 and served as COO since January 2019 [2] Financial Performance - Naixue Tea reported net losses of RMB 69.73 million, RMB 39.68 million, and RMB 203 million for the years 2018, 2019, and 2020, respectively [4] - The company continued to experience losses post-IPO, with adjusted net losses of RMB 145 million, RMB 461 million, and RMB 438 million for the years 2021, 2022, and the first half of 2024, respectively [5] - In 2023, Naixue Tea recorded a net profit of RMB 20.9 million, marking a rare positive performance amidst previous losses [5][6] Business Overview - Naixue Tea was founded in 2015 and pioneered the "tea + soft European bread" dual-category model [6] - The company has established three main business segments: "freshly made tea drinks," "Naixue Mingcha," and "RTD bottled tea" [7] - As of now, Naixue Tea operates over 1,200 stores across nearly 100 major cities in China [9]

以下文章来源于真故研究室 ，作者尹凯 真故研究室 . 真问题，更商业 精品县城生活。 作者 | 尹 凯 编辑｜龚 正 来源 | 真故研究室 (ID：zhengulab） 2020年播出的电视剧《三十而已》中，王漫妮返回老家县城后，连一杯手磨咖啡都喝不到，溢出屏幕的嫌弃感，让准备返乡的年轻人 望而却步。 如今，县城的商业门面早已天翻地覆。瑞幸、奈雪、蜜雪冰城纷纷下沉。尾随这些大牌其后的，是各种将一线城市业态复制到县城的 区域连锁品牌，包括轻食店、火锅店、零食店等。 降维版的它们，一方面让县城青年吃上了健身餐、喝上了精酿啤酒，过上了能对标一线的"精品级县城生活"，但另一方面，千篇一律 的店头也让县城少了些烟火气，关键是部分实力不佳的品牌，还套牢了返乡创业的年轻人。 精品县城生活： 大城市业态的降维版复制 北漂七年的夏天今年5月回到了老家平顶山——一个GDP 只有2700多亿的地级城市，她给自己留出了一年时间做自媒体创业，虽然不 稳定，但幸福感暴增。 以前，她在北京每月花4300元只能租到一间30平小公寓，但在老家花800元就租到了80平的两室一厅，养的猫也由一只变为了两 只。 夏天最大的爱好就是喝酒。在北京时，她 ...

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 ...

Financial Performance - In the first half of 2024, the Group's revenue decreased by 1.9% to RMB 2,544.4 million from RMB 2,593.8 million for the same period in 2023[9]. - The adjusted net loss turned from a profit of RMB 70.2 million in the first half of 2023 to a loss of RMB 437.7 million in the same period in 2024[9]. - Total revenue for the first half of 2024 was RMB 2,544.4 million, a decrease of RMB 49.5 million compared to the same period in 2023[12]. - The Group recorded revenue of approximately RMB 2,544.4 million, a decrease of approximately 1.9% compared to RMB 2,593.8 million for the same period in 2023[50]. - The company reported a loss for the period of RMB 435,202,000 for the six months ended June 30, 2024, compared to a profit of RMB 66,098,000 for the same period in 2023[185]. - Total comprehensive income for the six months ended June 30, 2024, was a loss of RMB 420,186,000, significantly down from a total comprehensive income of RMB 162,429,000 in the previous year[185]. Revenue Breakdown - Revenue from Nayuki self-operated stores was RMB 2,104.6 million, accounting for 82.7% of total revenue[12]. - Revenue from ready-to-drink beverages was RMB 172.0 million, representing 6.8% of total revenue[12]. - Other revenue sources contributed RMB 267.8 million, accounting for 10.5% of total revenue[12]. - Nayuki teahouses contributed approximately 82.7% of the Group's total revenue for the reporting period, down from 90.8% in the same period of 2023[50]. - Revenue from delivery orders accounted for approximately 35.2% of total revenue generated from Nayuki self-operated stores[25]. Operating Profit and Margins - Store-level operating profit for Nayuki self-operated stores was RMB 165.1 million, representing a decrease of 65.1% compared to the same period in 2023[9]. - The store-level operating profit margin for Nayuki self-operated stores was 7.8%, a decrease of 12.3 percentage points compared to the same period in 2023[9]. - The store-level operating profit margin decreased to 7.8% in the first half of 2024 from 20.1% in the same period of 2023, reflecting pressure on store revenue levels[46]. Cash Flow and Liquidity - Net cash generated from operating activities decreased by 73.3% from RMB 388.1 million in the first half of 2023 to RMB 103.8 million in the same period in 2024[9]. - The total cash and cash equivalents at June 30, 2024, were RMB 374,088, down from RMB 671,001 at the end of the previous year[193]. - The Group reported a net decrease in cash and cash equivalents of RMB 81,357 for the six months ended June 30, 2024, compared to a much larger decrease of RMB 727,783 in the same period of 2023[193]. Cost Structure - Labour costs as a percentage of revenue increased to 24.6% in 2024 from 19.6% in 2023, indicating rising operational costs[46]. - Material costs amounted to approximately RMB 933.0 million, representing about 36.7% of total revenue, an increase from RMB 825.5 million or 31.8% of total revenue for the same period in 2023[56]. - Staff costs were approximately RMB 746.7 million, accounting for about 29.3% of total revenue, up from RMB 685.6 million or 26.4% for the same period in 2023[59]. - Advertising and promotion expenses were approximately RMB 112.7 million, representing about 4.4% of total revenue, an increase from RMB 74.1 million or 2.9% for the same period in 2023[66]. Store Expansion and Operations - As of June 30, 2024, the Group had a total of 297 Nayuki franchise stores[9]. - As of June 30, 2024, the Group had 1,597 Nayuki self-operated stores, reflecting a net increase of 23 stores in the first half of 2024[30]. - The Group aims to expand its market presence primarily in existing Tier 1 cities, New Tier 1 cities, and key Tier 2 cities[30]. Employee and Talent Management - The Group has adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan to motivate employees and retain talent[95]. - A one-month in-store training program is mandatory for all newly recruited operational employees to ensure high-quality product delivery and customer service[96]. - The Group has established a vanguard program to maintain a local talent pool and provide promotion paths for outstanding employees[96]. Shareholder Information - As of June 30, 2024, Mr. Zhao Lin and Ms. Peng Xin each hold a beneficial interest in 1,007,281,120 shares, representing approximately 58.73% of the company's issued share capital[107]. - The total number of shares in issue as of June 30, 2024, is 1,715,126,147[108]. - The company has a significant concentration of ownership, with the top shareholder holding nearly 57% of the shares[113]. Corporate Governance - The company has complied with all applicable code provisions of the Corporate Governance Code during the reporting period[149]. - The roles of chairman and chief executive officer are held by Mr. Zhao Lin, who has extensive experience in the group's business operations[149]. - The board will review the corporate governance structure and practices periodically[149]. Audit and Compliance - The interim financial report for Nayuki Holdings Limited for the six months ended June 30, 2024, has been reviewed and is in compliance with International Accounting Standard 34[155]. - KPMG performed an independent review of the Group's interim financial information for the reporting period, ensuring adherence to relevant auditing standards[156].

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 ...

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 1.58 for the company [5][7]. Core Views - The company is currently facing operational challenges, with a focus on franchise expansion and overseas growth opportunities. The first half of 2024 saw a revenue decline of 1.9% year-on-year, with an adjusted net loss of RMB 438 million, primarily due to store closures and related impairments [2][4][5]. - The company maintains a high-end product positioning and aims for high-quality development, with expectations for potential profit recovery in the medium to long term if same-store sales stabilize [2][3]. Summary by Sections Financial Performance - In 1H24, the company's revenue was RMB 2.544 billion, with a year-on-year decrease of 1.9%. The adjusted net loss was RMB 438 million, compared to an adjusted net profit of RMB 70 million in 1H23. This loss includes RMB 150 million related to the anticipated closure of 200 stores [2][5]. - The company operated 1,597 directly managed stores and 297 franchise stores as of 1H24. Direct store revenue was RMB 2.105 billion, down 10.6% year-on-year, with an average transaction value of RMB 27.5, a decrease of 15.12% [3][4]. Store Expansion and Franchise Model - The company is actively expanding its franchise model, with 297 franchise stores as of 1H24, a net increase of approximately 216 stores, mainly in lower-tier cities. Franchise-related income grew by 222.8% year-on-year, accounting for 10.5% of total revenue [4][5]. - The company is also exploring overseas markets, with a flagship store opening in Thailand in August 2024, achieving record sales for overseas locations [4][5]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at RMB -0.4, RMB 0.05, and RMB 0.09, respectively. The target price of HKD 1.58 is based on a 16x PE ratio for 2026, compared to an average of 11x for comparable companies [5][11][12].

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 ） ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" [1][4] Core Views - The company reported a revenue of 2.54 billion yuan for H1 2024, a year-on-year decrease of 1.9%, and a net loss attributable to shareholders of 435 million yuan, compared to a net profit of 66 million yuan in H1 2023 [2][3] - The company continues to expand its direct stores, with a total of 1,597 stores by the end of H1 2024, net adding 23 stores during the year. However, some store closures have led to impairment losses [3][4] - The average transaction value per store decreased by 15.1% to 27.5 yuan, and daily order volume per store dropped by 26.8% to 265.9 orders, indicating pressure on store revenue [3][4] - The bottled beverage segment showed steady growth, with revenue of 172 million yuan, up 9.6% year-on-year, and the franchise business grew significantly by 223% to 268 million yuan [3][4] Financial Summary - The total revenue forecast for 2024-2026 has been revised down to 4.69 billion, 5.85 billion, and 6.27 billion yuan respectively, with year-on-year changes of -9.2%, +25%, and +7% [4][11] - The net profit forecast for 2024-2026 has been adjusted to -650 million, 101 million, and 161 million yuan, with corresponding year-on-year changes of -6.5 billion, +116%, and +61% [4][11] - The average P/E ratios for 2025 and 2026 are projected to be 22x and 13x respectively [4][11]

英伟达股价下跌，因为业绩预期超得不够多 去年二季度是英伟达业绩因为人工智能需求而爆发的开始，营收翻倍，净利润增长超 8 倍。即使同比基 数这么高，英伟达这次营收和利润依旧分别增长了 122% 和 168%。 只是很多投资者觉得还不够好。英伟达已经连续一年业绩远超预期，之前两次发财报后分别涨了 16.4% 和 9.3%。随着市值一起被拔高的还有投资者预期，这一次公司业绩没好到完美程度，加上管理层对关键 问题的回应略显平淡，股价盘后罕见大跌。 华为半年收入增长千亿元，增量从哪来？ 中公教育盈利，考公培训收入占比再次过半 奈雪茶饮烘焙收入下滑，上海门店利润率跌至 1.4% TikTok 算法推荐惹祸，美国法院判定平台需担责 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 英伟达股价下跌，因为业绩预期超得不够多 怎么看英伟达最近一季的业绩都很好，收入、利润、毛利率、下季度指引，全都超出市场一致预期。 市场现在主要关心两件事：新品延期、客户的资本回报率。 黄仁勋确认下一代旗舰芯片 Blackwell 因生产问题而延期。好在影响良率的掩膜已更换完毕，四季度将 开始发货给客户，带来数十亿美元收入，产能恢复需要几周至 ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics during the mid-year performance review, indicating a robust financial position [1] Business Line Data and Key Metrics Changes - Specific business lines showed varied performance, with some segments outperforming expectations while others faced challenges [1] Market Data and Key Metrics Changes - The company highlighted changes in market dynamics, including shifts in consumer demand and competitive pressures that impacted overall performance [1] Company Strategy and Development Direction - The management outlined strategic initiatives aimed at enhancing market share and improving operational efficiency, focusing on innovation and customer engagement [1] Management Comments on Operating Environment and Future Outlook - Management provided insights into the current operating environment, expressing cautious optimism about future growth prospects despite potential economic headwinds [1] Other Important Information - Additional information regarding upcoming product launches and market expansion plans was shared, indicating a proactive approach to capturing new opportunities [1] Q&A Session Summary Question: What are the expectations for revenue growth in the next quarter? - Management indicated that they anticipate steady revenue growth, driven by strong demand in key markets and effective cost management strategies [1] Question: How is the company addressing competitive pressures? - The company is focusing on innovation and enhancing customer experience to differentiate itself from competitors [1] Question: What are the plans for capital investment in the upcoming year? - Management confirmed plans for increased capital investment aimed at expanding production capacity and improving technology infrastructure [1]