香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Nayuki Holdings Limited 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2150） 截 至2023年12月31日止年度 全年業績公告 董事會謹此宣佈本集團截至2023年12月31日 止 年 度 的 經 審 核 綜 合 全 年 業 績（「業 績 公 告」）連 同 截 至2022年12月31日止年度的比較數字，見下文。審核委員會已審閱 有關業績。 – 1 – 管理層討論及分析 1. 業務回顧 2023年，線 下 消 費 行 業 環 境 發 生 了 較 大 的 變 化。隨 著COVID-19疫情迅速消 退，在2023年第一季度，線下消費表現迅速恢復。然而，這一態勢並未得到持 續，尤 其 是「五 一」假 期 及 學 生 暑 期 等 傳 統 旺 季 的 表 現 僅 僅 基 本 符 合 或 遜 於 預 期，呈 現 出「旺 季 不 旺」的 特 點。如 果 排 除 假 期 人 ...

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]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Nayuki Holdings Limited 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2150） 截 至2023年6月30日止六個月 中期業績公告 董事會謹此宣佈本集團於報告期間的未經審核綜合中期業績。本集團於報告期間 的簡明綜合財務報表未經審核但已經由本公司外聘核數師畢馬威會計師事務所 根據香港會計師公會頒佈的香港審閱委聘準則第2410號「由實體獨立核數師審閱 中期財務資料」進行審閱。 – 1 – 管理層討論及分析 截 至6月30日止六個月 1. 業務回顧 於 報 告 期 間，本 集 團 收 入 由 截 至2022年6月30日止六個月的人民幣2,044.9百萬元 上 升26.8%至人民幣2,593.8百 萬 元。經 調 整 淨 利 潤╱（虧 損）由 截 至2022年6月30日 止六個月的虧損人民幣249.0百萬元變為於報告期間的盈利人民幣70.2百萬元。 於 報 告 期 間 ...

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 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Nayuki Holdings Limited 奈雪的茶控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2150） 截 至2022年12月31日止年度 全年業績公告 董事會謹此宣佈本集團截至2022年12月31日 止 年 度 的 經 審 核 綜 合 全 年 業 績（「業 績 公 告」）連 同 截 至2021年12月31日止年度的比較數字，見下文。審核委員會已審閱 有關業績。 – 1 – 管理層討論及分析 1. 業務回顧 包括現製茶飲行業在內的線下消費行業在2022年面臨了巨大挑戰。COVID-19 疫 情（「疫 情」）不 斷 反 覆，對 行 業 內 企 業 的 運 營 造 成 了 顯 著 的 干 擾，並 通 過 相 對較高的經營槓桿，對盈利能力造成衝擊。同時，受宏觀環境影響，消費者 收入下降或增速放緩，收入預期受到壓制，對未來不確定性預期有所增加， 進而影響了其消費可選消費品的能力和意願。 為 ...

(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 CONTENTS 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論及分析 29 Other Information 其他資料 46 Consolidated Statement of Profit or Loss 綜合損益表 47 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 48 Consolidated Statement of Financial Position 綜合財務狀況表 50 Consolidated Statement of Changes in Equity 綜合權益變動表 52 Condensed Consolidated Cash Flow Statement 簡明綜合 ...