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） 獨立非執行董事 劉異偉先生 謝永明先生 張立鈞先生 董事會設有三個董事會委員會。下表提供本公司各董事所在該等委員會的成員資 料。 （股份代號：2150） | | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 趙林先生 | | M | | | 彭心女士 | | | M | | 劉異偉先生 | M | C | M | | 謝永明先生 | M | M | C | | 張立鈞先生 | C | | | 董事名單及其角色和職能 附註： 奈 雪 的 茶 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）成 員 載 列 如 下。 C 相關董事會委員會主席 執行董事 趙林先生 （本公司董事長及首席執行官） 彭心女士 M 相關董事會委員會成員 二零二五年八月一日 ...

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。 會議進一步決議委任張立鈞先生（「張先生」）為獨立非執行董事兼審核委員會主席，自二 零二五年八月一日起生效。 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） 獨立非執行董事及 審核委員會主席變動 罷免獨立非執行董事 奈雪的茶控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」，各 為一名「董事」）會（「董事會」）會議（「會議」）已於二零二五年七月三十一日召開。於會 議上，董事會決議罷免獨立非執行董事兼本公司審核委員會（「審核委員會」）主席張蕊女 士（「張女士」）的現有職務（「罷免」）。根據本公司第七版經修訂及經重列組織章程大綱 及組織章程細則（「細則」）第105(h)條，罷免將向其送達當時在任不少於四分之三名（或 倘非整數，則以最接近之較低整數為準）的董事（包括張女士）簽署的書面通知（「通知」） 而生效。根據細 ...

Core Insights - The new tea beverage industry is experiencing a slowdown in store opening speed, with a total of 116,978 stores as of June 2025, reflecting a growth of only 0.74% compared to the end of 2024 [1][2] - The brand landscape is undergoing significant changes, with leading brands expanding steadily while many mid-tier brands face closures, indicating an accelerated process of "survival of the fittest" [1][3] Brand Expansion and Performance - Among the 26 tracked brands, 11 showed positive growth in store numbers, with leading brands like Mixue Ice City and Gu Ming showing robust expansion rates of 4.69% and 9.69% respectively [2][3] - Notable closures were observed in mid-tier brands, with Shuyi Burned Grass experiencing the highest net loss of 1,049 stores, a decline of 18.32% [3][4] - The overall trend indicates that the industry is shifting from quantity-focused expansion to quality-driven strategies, with brands like Mixue Ice City and Gu Ming emphasizing deeper market penetration and operational efficiency [6][8] Market Dynamics and Strategy Adjustments - The number of new cities entered by brands has decreased compared to the previous year, with only 11 brands expanding their city presence while 14 brands exited certain cities [6][8] - Brands are increasingly focusing on optimizing their business models, with stricter franchise management and a shift towards enhancing product offerings and customer experiences [7][8] - The industry is moving towards a "tea + " model, integrating elements like baking, light meals, and retail into their store concepts to meet evolving consumer demands [11][12] International Expansion - The U.S. has become a primary target for international expansion, with brands adapting their business models to fit local markets rather than replicating domestic success [14][21] - Key brands like Heytea and Bawang Chaji are establishing a presence in major U.S. cities, focusing on high-end positioning and localized product offerings [18][19] - The U.S. market for ready-to-drink tea is projected to grow significantly, with a potential market size increase of 5 to 10 times by 2030, driven by favorable consumer preferences [21]

Group 1 - The Hong Kong restaurant stocks experienced a downward trend, with Nayuki's Tea (02150.HK) falling over 4% [1] - Yum China (09987.HK) saw a decline of more than 2% [1] - Jiumaojiu (09922.HK) dropped over 1% [1]

Group 1 - Tea Yan Yue Se faced allegations of plagiarizing the album cover of Fang Datong's "Dreamer" for its snack packaging, leading to the product's removal and an apology for oversight in the creative review process [1] - Naixue's Tea launched a "Slim Green Bottle" that misled consumers into thinking it was a weight-loss drink, while the actual product has a calorie count comparable to a bowl of rice, raising concerns about potential false advertising [2] - Cha Bai Dao opened its first two stores in Singapore, offering 18 drink options with prices ranging from 2.5 to 6.9 Singapore dollars (approximately 14 to 38.6 RMB) [3] Group 2 - Hu Shang A Yi celebrated its 12th anniversary with new product launches and promotional activities, emphasizing the theme of "Eastern Her Power" through collaborations with various female representatives [4] - The brand has expanded significantly since its inception in 2013, now operating over 9,000 stores across more than 300 cities [4] - Hu Shang A Yi plans to continue leveraging tea as a medium for product development, brand building, and social responsibility, aiming to empower consumers, particularly women [5]

Core Insights - The new tea beverage market is experiencing a peak in new product launches and marketing as the summer season approaches [1] - In June 2025, 26 tracked tea beverage brands opened a total of 2,120 new stores, representing a year-on-year decline of 27.55% [1][4] - Despite the monthly decline in new store openings, the total number of stores in the industry has reached 116,978, an increase of 3,697 from May [1] Store Opening Trends - The leading brand, Mixue Ice City, opened 857 new stores in June, down from 1,352 in May, maintaining a total of 38,938 existing stores [3][4] - Gu Ming saw a significant increase, opening 437 new stores in June, a year-on-year surge of 283.33%, with a total of 10,968 stores [4][7] - Other notable brands include Bawang Chaji and Tianlala, each opening 91 new stores in June, with Bawang Chaji experiencing a slight decline [4][7] Product Launches - In June, a total of approximately 124 new SKUs were launched across 26 brands, an increase of 19 from May [7] - Leading brands in new product launches include Coco, which introduced 9 new SKUs, and Mixue Ice City, which launched 6 [9][10] - Seasonal flavors such as peach and berry are trending, with multiple brands introducing products featuring these ingredients [10][11] Marketing Strategies - The number of collaborative marketing campaigns has significantly increased, with 14 brands engaging in partnerships, nearly doubling from May [11] - Brands are leveraging celebrity endorsements and cultural collaborations to enhance their marketing efforts, such as Tea Yan Yue Se's partnership with the Suzhou Silk Museum [11][12] - The industry is shifting towards a more integrated marketing approach, focusing on cultural value and consumer engagement rather than relying solely on single hit products [11]

Group 1 - The new consumption concept stocks in the Hong Kong market experienced a decline, with companies such as Shangmei Holdings (02145.HK) and Pop Mart (09992.HK) both dropping nearly 3.5% [1] - Other companies like Mixue Group (02097.HK) and Guming (01364.HK) saw declines exceeding 3%, while Nayuki's Tea (02150.HK) fell by 2.5% [1] - Additional declines were noted for Cha Baidao (02555.HK), NIO (09866.HK), Laopu Gold (06181.HK), and Xiaomi Group (01810.HK), all of which dropped over 1.5% [1]

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the **new tea beverage industry** in China, particularly in the context of the ongoing **food delivery competition** and its impact on market dynamics [1][2]. Key Points and Arguments 1. **Food Delivery Subsidies**: - A significant increase in subsidies for food delivery services has been observed, with Taobao launching a 50 billion yuan subsidy plan on July 2, aimed at consumers and merchants over the next year [1]. - Major players like Meituan and Ele.me have also been involved in aggressive coupon distribution, contributing to record-high order volumes [1]. 2. **Shift to New Tea Beverage Sector**: - The new tea beverage sector is attracting younger consumers who are more price-sensitive and open to new brands, making it a key beneficiary of the food delivery competition [2][3]. - The marketing capabilities and social attributes of tea brands enhance their appeal, positioning them favorably in the current market [2]. 3. **Operational Challenges**: - Instant delivery services face challenges during peak consumption times, particularly for traditional meals, while tea beverages benefit from more evenly distributed order patterns [3]. 4. **Performance of Tea Brands**: - The overall performance of tea brands has improved significantly, with many reporting double-digit growth in revenue, contrary to earlier cautious expectations [4][5]. - The proportion of revenue from food delivery has increased from 40% to 55% for several brands, indicating a strong reliance on this channel [4]. 5. **Market Concentration**: - The chain rate for tea beverage stores in China is approximately 56%, showing a rapid increase over the past few years, despite a net decrease in the total number of stores [6]. - Leading brands are expanding aggressively, contributing to a higher market concentration [6][7]. 6. **Individual Brand Insights**: - **Mixue Ice City**: Recognized for its strong supply chain and focus on low-price segments, it has established a solid market position [8][9]. - **Guo Min**: Noted for its diverse menu and quick adaptation to market trends, which helps mitigate fashion risk [9][10]. - **Cha Bai Dao and Hu Xiang A Yi**: Both brands are expected to continue their growth trajectories with significant new store openings planned [7][10]. Additional Important Insights - The tea beverage sector is expected to maintain its growth trajectory, supported by the current competitive landscape and favorable consumer trends [7][10]. - The focus on supply chain efficiency and product diversity is crucial for brands to navigate market challenges and consumer preferences effectively [8][9].

Core Viewpoint - The tea beverage industry experienced a significant surge in sales over the weekend of July 5-6, driven by increased subsidies from delivery platforms, leading to record-breaking order volumes and revenue for many brands [1][12][21]. Group 1: Sales Performance - A tea beverage brand reported total sales exceeding 63 million yuan over the weekend, with individual store daily sales reaching a record of 54,000 yuan [12][14]. - Several brands achieved over 1 million orders within the same two-day period, indicating a substantial increase in consumer demand [12][17]. - The average sales volume for a tea shop increased by approximately 30% to 50% compared to the previous month, with some stores experiencing a staggering 499% increase in sales [8][20]. Group 2: Market Dynamics - The surge in online orders has led to a noticeable decline in in-store customer traffic, as consumers prefer the convenience and lower prices offered by delivery platforms [6][11]. - Major delivery platforms reported a total of over 200 million orders in a single day, reflecting the heightened activity in the food and beverage sector [21][23]. - The competitive landscape intensified with platforms like Taobao launching a substantial subsidy program, resulting in a 190% increase in orders for restaurant brands [21]. Group 3: Stock Market Reaction - Following the sales boom, stock prices for several publicly listed tea companies rose sharply on July 7, although this upward trend was not sustained in the following days [4][21]. - Specific stock price increases included a 5.74% rise for Mixue Ice City and an 11.04% increase for Tea Baidao, although many stocks later experienced declines [24]. Group 4: Operational Challenges - The rapid increase in order volume has put significant pressure on staff and operational capacity, with some stores needing to increase staff numbers to manage the workload [8][11]. - Despite the revenue growth, the reliance on discounts and promotions raises concerns about long-term sustainability and brand loyalty within the industry [25].

Core Viewpoint - The tea beverage industry in Hong Kong is experiencing a stark contrast between two companies, Nayuki and Mixue, highlighting the strategic choices of "scale efficiency" versus "brand value" in a highly competitive market [1][3]. Group 1: Financial Performance Comparison - Nayuki reported a record loss of 900 million yuan for the fiscal year 2024, with its stock price plummeting 93.6% from its IPO peak of 18.9 HKD to 1.1 HKD [1]. - In contrast, Mixue achieved a net profit of 4.45 billion yuan for the same period, with its stock price increasing from the IPO price of 202 HKD to 514 HKD, marking a growth of 2.5 to 3 times [1]. Group 2: Industry Dynamics - The tea beverage sector is facing homogenization due to over 550,000 new-style tea shops in China, leading to a dilution of brand differentiation and pressure on profitability for franchise-based brands [3]. - Tea Yan Yue Se's recent announcement to enter the North American market via e-commerce has sparked discussions on whether cross-border retail could be a new path for the tea industry amidst intense competition [3]. Group 3: Brand Strategy and Innovation - Tea Yan Yue Se has established a unique brand identity through "strong innovation + high quality + deep content," focusing on direct sales to enhance product strength and brand appeal [4][5]. - The brand has successfully created a cultural consumption scene in Changsha, becoming a local landmark and attracting significant foot traffic from tourists [4]. Group 4: Retail Expansion and E-commerce - Since 2020, Tea Yan Yue Se has developed a retail product line, focusing on high-frequency repurchase categories like tea and snacks, which has become a key growth driver for the brand [8]. - The brand has launched over 500 SKUs, with e-commerce sales reaching over 100 million yuan in 2024, reflecting a 12-fold year-on-year increase, significantly outperforming Mixue's sales [8]. Group 5: International Market Strategy - Tea Yan Yue Se's entry into the North American market is driven by a dual strategy of "visual content interaction + innovative high-quality product value," leveraging its direct sales model to minimize costs [9][10]. - The North American food retail market is projected to grow significantly, with online food retail expected to reach approximately 90 billion USD by 2023, presenting a favorable environment for Tea Yan Yue Se's expansion [12]. Group 6: Conclusion - The tea beverage industry is transitioning from a focus on "product output" to "consumer value output," with Tea Yan Yue Se's unique approach combining retail and emotional interaction positioning it well for future growth [12][15].