奈雪财报：上半年关店160家，三年累计关店1479家

Group 1 - The core viewpoint of the articles indicates that Naixue, recognized as the first stock of China's new-style tea beverage industry, reported a revenue of 2.178 billion yuan for the first half of 2025, representing a 14.4% decline compared to the same period last year [1] - The adjusted net loss for Naixue was 118 million yuan, although this reflects a significant narrowing of 73.1% year-on-year, it remains the only loss-making brand among listed tea beverage companies [1] - Naixue's total revenue of 2.178 billion yuan for the first half of 2025 shows a double-digit decline compared to 2.544 billion yuan in the same period last year [1] Group 2 - Over the past three years, Naixue's store count has decreased from 2,800 to 1,321, a reduction of 1,479 stores [2] - All main business lines of Naixue are facing downward pressure, with revenue from direct-operated stores amounting to 1.912 billion yuan, accounting for 87.8% of total revenue, despite a year-on-year increase of 5.1 percentage points, the revenue amount decreased by 9% compared to the same period last year [2] - The bottled beverage business has shown particularly weak performance, generating only 107 million yuan in revenue, a decline of 37.8% from 172 million yuan in the same period last year, indicating significant challenges for this business line [2]