Financial Performance - In the first half of 2025, the Group's revenue decreased by 14.4% to RMB2,177.6 million from RMB2,544.4 million in the same period of 2024[13] - The adjusted net loss significantly decreased by 73.1% from a loss of RMB437.7 million in the first half of 2024 to a loss of RMB117.9 million in the same period of 2025[13] - For the six months ended June 30, 2025, total revenue was RMB 2,177,632, a decrease of RMB 366,720 compared to RMB 2,544,352 in the same period of 2024[22] - The Group's total revenue for the Reporting Period was RMB 2,177.6 million, a decrease of 14.4% compared to RMB 2,544.4 million for the six months ended June 30, 2024[64] Revenue Breakdown - Revenue from Nayuki self-operated stores was RMB1,912.3 million, accounting for 87.8% of total revenue[20] - Revenue from ready-to-drink beverages decreased by 37.7% to RMB107.1 million, accounting for 4.9% of total revenue[20] - Revenue from other business lines decreased by 40.9% to RMB158.2 million, accounting for 7.3% of total revenue[20] - Freshly-made tea drinks accounted for 75.3% of total revenue, generating RMB 1,638,847, down from RMB 1,721,778 in 2024, reflecting a change of RMB (82,931) or 7.6 percentage points[22] Store Operations - As of June 30, 2025, the Group had a total of 1,638 Nayuki teahouses, including 1,321 self-operated stores and 317 franchise stores[15] - The average daily sales per teahouse increased by 4.1% to RMB7.6 thousand from RMB7.3 thousand in the same period of 2024[14] - Average orders per teahouse per day increased by 11.4% to 296.3 orders from 265.9 orders in the same period of 2024[14] - The average daily sales per teahouse in Shenzhen remained stable at RMB10.4 thousand, while sales in Shanghai decreased from RMB6.8 thousand to RMB6.4 thousand[44] Membership and Customer Engagement - The number of registered members as of June 30, 2025, reached approximately 111.1 million, with monthly active members at approximately 3.9 million and a monthly repurchase rate of 23.5%[28] - Nayuki self-operated stores generated approximately 44.2% of their revenue from delivery orders placed by third-party platforms, and about 3.9% from their self-operated platform[60] - The Group plans to leverage its digital membership system to enhance customer engagement and boost repurchase rates in a competitive market[54] Financial Position - As of June 30, 2025, the Group held cash and deposits totaling RMB2,793.2 million, reflecting a 3.7% increase from RMB2,694.2 million as of December 31, 2024[55] - Total cash and cash equivalents as of June 30, 2025, amounted to RMB848.7 million, an increase from RMB579.1 million as of December 31, 2024[100] - The gearing ratio as of June 30, 2025, was 35.0%, a decrease from 36.5% as of December 31, 2024[113] - The current ratio as of June 30, 2025, was approximately 3.02 times, compared to approximately 2.51 times as of December 31, 2024[117] Cost Management - Cost of materials amounted to RMB743.6 million, representing 34.1% of total revenue, down from 36.7% in the same period of 2024[63] - Staff costs were RMB648.8 million, accounting for 29.8% of total revenue, compared to RMB746.7 million or 29.3% for the six months ended June 30, 2024[68] - Depreciation of right-of-use assets was RMB145.6 million, representing 6.7% of total revenue, down from RMB233.8 million or 9.2% for the six months ended June 30, 2024[70] - Other rentals and related expenses were RMB112.8 million, accounting for 5.2% of total revenue, compared to RMB140.4 million or 5.5% for the six months ended June 30, 2024[75] Capital Expenditure and Future Plans - Capital expenditures for the Reporting Period amounted to RMB 6.5 million, primarily for equipment and leasehold improvements[124] - Approximately 70.0% or HK$3,389.8 million of the net proceeds will be used to expand the Group's teahouse network and deepen market penetration[142] - The Group aims to expand its teahouse network and deepen market penetration, targeting a penetration rate of 70% by December 2025[144] - The Group plans to further improve overall operations by 10%, with an allocation of HK$484.2 million expected to be fully utilized by December 2024[144] Employee and Governance - The Group has adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan to motivate and retain employees[138] - The Group is committed to establishing a competitive remuneration environment, with remuneration based on qualifications, experience, and performance[135] - The Group has implemented an employee retention initiative, incorporating employee retention rate as a key performance indicator[135] - The Group has undergone changes in its board of directors, with several resignations and appointments noted[149][150][151] Shareholder Information - As of June 30, 2025, Mr. Zhao Lin and Ms. Peng Xin hold a beneficial interest in 1,007,281,120 shares, representing approximately 58.99% of the Company's issued share capital[160] - The total number of shares in issue as of June 30, 2025, is 1,707,588,147[169] - The total number of shares underlying the Equity Incentive Plans is 110,881,012, which is about 6.5% of the total issued shares as of June 30, 2025[172] - The total number of shares available for grant under the Equity Incentive Plans is 76,828,619, representing approximately 4.5% of the total issued shares of the company[172]
奈雪的茶(02150) - 2025 - 中期财报