Financial Performance - For the six months ended June 30, 2023, the group's revenue increased by 26.8% to RMB 2,593.8 million, compared to RMB 2,044.9 million for the same period in 2022[2]. - The adjusted net profit turned from a loss of RMB 249.0 million for the six months ended June 30, 2022, to a profit of RMB 70.2 million for the current period[2]. - The operating profit from tea shops reached RMB 472.5 million, a significant increase of 141.6% compared to the same period in 2022, with an operating profit margin of 20.1%, up by 9.7 percentage points[2]. - The net cash generated from operating activities rose by 296.1% to RMB 407.6 million, compared to RMB 102.9 million for the same period in 2022[2]. - The group reported a total operating profit of RMB 504,581,000 for the six months ended June 30, 2023, compared to RMB 192,996,000 in 2022, an increase of 161.5%[76]. - The company reported a gross profit margin improvement, with materials cost rising to RMB 825,490 thousand from RMB 648,365 thousand, reflecting a controlled increase in costs relative to revenue growth[59]. - The income tax expense for the reporting period was approximately RMB 137 million, significantly higher than RMB 29 million for the six months ended June 30, 2022[37]. - The company reported a total of RMB 314,072,000 in trade and other receivables as of June 30, 2023, up from RMB 284,901,000 as of December 31, 2022, indicating a growth of 10.2%[98]. Revenue Breakdown - Revenue from freshly brewed tea accounted for 73.5% of total revenue, amounting to RMB 1,904.5 million, while bakery products contributed 14.1% with RMB 366.3 million[7]. - The revenue from takeaway orders was RMB 1,033.2 million, representing 43.9% of total revenue, while self-pickup orders generated RMB 966.7 million, accounting for 41.1%[8]. - Sales of freshly made tea amounted to RMB 1,904,535 thousand, up 29% from RMB 1,472,141 thousand in the previous year[72]. - Sales of bottled beverages increased to RMB 156,848 thousand, a growth of 84% from RMB 85,359 thousand in the prior year[72]. - The total reported segment revenue for the bottled beverage business was RMB 2,593,846,000, up from RMB 2,044,947,000 in 2022, indicating a growth of 27%[76]. Membership and Store Expansion - As of June 30, 2023, the registered membership reached approximately 66.4 million, with monthly active members totaling around 4.3 million and a monthly repurchase rate of approximately 23.0%[10]. - The group operated 1,194 tea shops across 93 cities, with a net addition of 126 tea shops in the first half of 2023, focusing on expanding in first-tier, new first-tier, and key second-tier cities[11]. - As of June 30, 2023, the total number of tea shops reached 975, an increase of 8.8% from 896 on December 31, 2022[12]. - The number of tea shops in first-tier cities increased to 393, with a profit margin of 21.2%[16]. Cost Management - The material cost percentage decreased to 29.6% in the first half of 2023, down from 30.2% in the same period of 2022[20]. - The labor cost percentage was maintained below 20% for the first half of 2023, reflecting effective cost control measures[21]. - Employee costs were approximately RMB 685.6 million, accounting for about 26.4% of total revenue, a decrease from 34.8% in the same period last year, indicating improved human resource efficiency[26]. - Other rental and related expenses were approximately RMB 162.4 million, accounting for about 6.3% of total revenue, an increase from 5.0% in the same period last year due to a higher proportion of variable lease payments in new agreements[29]. Cash Flow and Liquidity - As of June 30, 2023, the total cash and cash equivalents amounted to approximately RMB 671 million, down from RMB 1,387.5 million as of December 31, 2022[41]. - The current ratio as of June 30, 2023, was approximately 2.78 times, down from 3.30 times as of December 31, 2022[49]. - Cash and cash equivalents decreased to RMB 671,001,000 as of June 30, 2023, down from RMB 1,387,495,000 as of December 31, 2022, representing a decline of 51.6%[101]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period, except for the separation of roles between the chairman and CEO[112]. - The audit committee consists of three independent non-executive directors, who reviewed the interim results and confirmed compliance with applicable accounting standards[115]. - The company has appointed a new independent non-executive director effective July 28, 2023, ensuring compliance with listing rules regarding the composition of the board[113]. - The company confirmed that all directors complied with the standard code for securities transactions during the reporting period[114]. Future Plans and Investments - The company plans to open its first partner stores in the second half of 2023, targeting lower-tier cities to increase market share[21]. - The group aims to modernize traditional tea culture and expand its product offerings, including bottled drinks and snacks, to meet diverse consumer needs[6]. - Approximately 10.0% or HKD 484.2 million of the net proceeds will be used to enhance operational efficiency through strengthened technological capabilities over the next three years[56]. - The net proceeds from the global offering amounted to approximately HKD 4,842.4 million, with 70.0% or HKD 3,389.8 million allocated for expanding the tea shop network and increasing market penetration over the next three years[56].
奈雪的茶(02150) - 2023 - 中期业绩