Financial Performance - In the first half of 2022, Nayuki Holdings' revenue decreased by 3.8% to RMB2,044.9 million from RMB2,125.9 million in the same period of 2021[14]. - The adjusted net loss for the first half of 2022 was RMB249.0 million, compared to a profit of RMB48.2 million in the first half of 2021[14]. - Store-level operating profit for Nayuki teahouses fell by 49.2% to RMB195.6 million, with a store-level operating profit margin of 10.4%, down 8.8 percentage points from the previous year[15]. - Net cash generated from operating activities decreased by 72.8% to RMB102.9 million from RMB377.9 million in the first half of 2021[15]. - The total revenue for the first half of 2022 was RMB 2,044,947, a decrease from RMB 2,125,927 in the same period of 2021[24]. - The net loss for the period was RMB 256.9 million, a substantial improvement from a net loss of RMB 4.3 billion in the previous year[121]. - Adjusted net loss for the period was RMB 249.0 million, with an adjusted net loss margin of (12.2)% compared to 2.3% in the previous year[121]. Revenue Sources - Nayuki teahouses contributed 91.8% of total revenue, amounting to RMB1,878.0 million, while the sub-brand Tai Gai contributed 2.2% with RMB43.7 million[19]. - The revenue from the "Others" category increased by 4.0% to RMB123.2 million, compared to RMB41.9 million in the previous year[19]. - Freshly-made tea drinks generated RMB 1,472,141, accounting for 72.0% of total revenue, down from RMB 1,587,444 and 74.7% in the first half of 2021[24]. - Baked products revenue decreased to RMB 380,610, representing 18.6% of total revenue, compared to RMB 468,754 and 22.0% in the same period of 2021[24]. - Delivery orders increased to RMB 836,909, making up 44.6% of total income, up from RMB 687,830 and 34.3% in the first half of 2021[32]. Market Conditions and Strategy - The overall performance reflects the ongoing impact of the COVID-19 pandemic, particularly in high-tier cities where Nayuki teahouses are concentrated[14]. - The company is actively monitoring market conditions and adjusting strategies to navigate the challenges posed by the pandemic[14]. - Future outlook remains cautious as the company aims to recover from the operational disruptions caused by COVID-19[14]. - The company plans to focus on the research and development of freshly-made tea drinks to restore profitability more quickly[24]. - The company intends to continue launching more baked products once market conditions improve[26]. Membership and Customer Engagement - As of June 30, 2022, Nayuki had approximately 49.0 million registered members, an increase of 5.7 million from December 31, 2021[35]. - The number of active members reached approximately 7.2 million, with a repurchase rate of approximately 33.6%, up by 3.3 percentage points year-over-year[35]. - For the six months ended June 30, 2022, approximately 36.1% of revenue from Nayuki teahouses was generated from delivery orders placed by third-party platforms, while approximately 8.5% came from the Group's self-operated platform[33]. Store Operations and Expansion - As of June 30, 2022, the Group operated 904 self-owned Nayuki teahouses across 85 cities, with 87 new teahouses opened in the first half of 2022[42]. - The total number of Type-I Teahouses increased to 767, with 261 in Tier 1 cities, 252 in New Tier 1 cities, and 184 in Tier 2 cities[45]. - The total number of Type-II Teahouses rose to 137, with 48 in Tier 1 cities and 25 in Tier 2 cities[45]. - The company plans to convert existing regular teahouses into PRO teahouses upon lease expiration, enhancing operational efficiency and market adaptability[41]. Cost Management - Raw material costs were maintained at 34.5% in June 2022, slightly improved from 35.1% in June 2021, indicating ongoing supply chain optimization efforts[71]. - Labor costs were reduced to 18.9% in June 2022 from 23.7% in June 2021, reflecting successful optimization measures[71]. - Rent costs increased to 15.7% in June 2022 from 13.9% in June 2021, due to renegotiation and stricter requirements for new stores[71]. - The Group aims to stabilize labor costs at the store level within 20% in the short to medium term, better than the level in the first half of 2021[75]. Financial Position and Liquidity - As of June 30, 2022, the total cash and bank balances of the Group amounted to approximately RMB3,721.6 million, a decrease from approximately RMB4,052.8 million as of December 31, 2021[125]. - The Group's gearing ratio as of June 30, 2022, was 31.3%, compared to 32.5% as of December 31, 2021[136]. - The Group did not have any interest-bearing borrowings as of June 30, 2022, down from approximately RMB0.4 million as of December 31, 2021[125]. - Capital expenditures for the reporting period were approximately RMB 239.1 million, primarily related to equipment purchases and leasehold improvements[149][155]. Shareholder Information - As of June 30, 2022, Mr. Zhao Lin and Ms. Peng Xin each hold a beneficial interest of 1,007,281,120 shares, representing approximately 58.73% of the Company's issued share capital[187]. - As of June 30, 2022, Linxin Group holds 977,344,414 shares, representing approximately 56.98% of the voting rights in Nayuki Holdings Limited[195]. - The ownership structure of Chengdu Tiantu includes multiple stakeholders, with the largest being Shantou Dongfeng Printing Co., Ltd.[200].
奈雪的茶(02150) - 2022 - 中期财报