"五年前，茶饮品牌创始人们关心的是产品与加盟管理；三年前，他们关注的是资本运作和供应链建设；现在，他们 更在意第二曲线与品牌内涵的升华" 文丨 姚兰 编辑丨高洪浩 国内现制茶饮行业的竞争日趋激烈，霸王茶姬是过去一年成长最快的一家。 我们了解到，霸王茶姬 2023 年营收突破 40 亿元，净利润在8 亿—10 亿元。2022 年，它的营收约 为 5 亿元，亏损约 4800 万元。 比霸王茶姬历史更悠久的竞争对手们——2023 年，蜜雪冰城前三季度收入超百亿元，净利润近 2 亿元；古茗前三季度收入超 55 亿元，净利润超 10 亿元；茶百道全年收入超 55 亿元，净利润超 1 亿元；奈雪的茶全年收入超 50 亿元，净利润为 0.21 亿元；沪上阿姨前三季度收入超 25 亿元，净 利润超 3 亿元。 2020 年中霸王茶姬只有不到 200 家门店。一位来自长沙的消费投资人回忆其看项目时的心态称，霸王 茶姬虽说要做 "东方星巴克"，但感受不到与茶颜悦色有什么区别。当时，诞生于长沙的新中式茶饮品 牌茶颜悦色虽未大举扩张，却已在互联网有颇高的讨论热度。 据天眼查，新式茶饮融资总金额在 2021 年达到 178.19 亿元 ...

Share Incentive and Option Plans - The company's 2020 Share Incentive Plan was approved and adopted on May 15, 2020[5] - The 2020 Share Option Plan was also approved and adopted on May 15, 2020[5] - The Equity Incentive Plans include the 2020 Share Option Plan and the 2020 Share Incentive Plan[6] - The Group adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan to reward employees, directors, and senior management[107] Annual General Meeting and Corporate Governance - The Annual General Meeting (AGM) is proposed to be held on June 28, 2024[5] - The company's shares are listed and traded on the Stock Exchange[6] - The company's listing date on the Hong Kong Stock Exchange was June 30, 2021[7] - The company's shares were listed on the Stock Exchange on June 30, 2021, and it operates Nayuki teahouses, a leading premium modern teahouse chain in China[155] - The company's executive directors have service agreements with an initial term of three years, while non-executive and independent non-executive directors have service contracts/letters of appointment with the same initial term[168] - Independent non-executive directors receive an annual remuneration of HK$120,000[168] Subsidiaries and Investments - Beijing Tiantu Xingbei Investment Center was established on June 26, 2015[5] - Chengdu Tiantu Tiantou Dongfeng Equity Investment Fund Center was established on November 17, 2016[5] - The company was incorporated in the Cayman Islands on September 5, 2019[6] - Shenzhen Fucheng Technology Co., Ltd. is a connected person of the company[6] - Linxin Group Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[7] - Linxin Holdings Limited, another controlling shareholder, was incorporated in the BVI on September 5, 2019[7] - Linxin International Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[7] - Linxin Trust, an irrevocable discretionary trust, was established in Guernsey on December 30, 2020, with Linxin Holdings as the beneficiary[7] - Shenzhen Pindao Group Co., Ltd., a wholly-owned subsidiary, was incorporated in the PRC on December 17, 2019[8] - Shenzhen Pindao Food & Beverage Management Co., Ltd., a wholly-owned subsidiary, was incorporated in the PRC on May 12, 2014[8] - Tiantu Dongfeng, a limited partnership, was established under the laws of the PRC on July 25, 2017[9] - Tiantu Xingpeng, a limited partnership, was established under the laws of the PRC on December 29, 2017[9] - The Group invested in Shanghai Chatian, the operator of the "LELECHA" brand, to enhance brand diversity and reduce store expansion and operation costs[105] - The Group received approval from the State Administration for Market Regulation for the Shanghai Chatian investment, with all completion conditions satisfied by June 2, 2023[105] Financial Performance and Metrics - Revenue for 2023 increased to RMB 5,164,056 thousand, up 20.3% from RMB 4,291,586 thousand in 2022[14] - Adjusted net profit for 2023 was RMB 20,912 thousand, compared to an adjusted net loss of RMB 461,331 thousand in 2022[14] - Cost of materials in 2023 was RMB 1,699,442 thousand, a 20% increase from RMB 1,416,094 thousand in 2022[14] - Staff costs in 2023 were RMB 1,403,868 thousand, a 3.1% increase from RMB 1,362,115 thousand in 2022[14] - Delivery service fees in 2023 were RMB 392,638 thousand, a 3.2% increase from RMB 380,520 thousand in 2022[14] - Advertising and promotion expenses in 2023 were RMB 165,804 thousand, a 16% increase from RMB 142,933 thousand in 2022[14] - Logistics and storage fees in 2023 were RMB 140,833 thousand, a 14.4% increase from RMB 123,112 thousand in 2022[14] - Utilities expenses in 2023 were RMB 143,899 thousand, a 26.7% increase from RMB 113,556 thousand in 2022[14] - Other income in 2023 was RMB 186,490 thousand, a 49.2% increase from RMB 124,950 thousand in 2022[14] - Adjusted net profit margin for 2023 was 0.4%, compared to an adjusted net loss margin of 10.7% in 2022[14] - Revenue increased by 20.3% from RMB4,291.6 million in 2022 to RMB5,164.1 million in 2023[24] - Adjusted net profit changed from a loss of RMB461.3 million in 2022 to a profit of RMB20.9 million in 2023[24] - Store-level operating profit for Nayuki self-operated stores increased by 76.3% to RMB828.7 million in 2023[24] - Store-level operating profit margin for Nayuki self-operated stores increased by 5.9 percentage points to 17.7% in 2023[24] - Net cash generated from operating activities increased by 170.2% from RMB306.6 million in 2022 to RMB828.5 million in 2023[24] - Nayuki self-operated stores revenue increased to RMB 4,691,501 thousand in 2023, up from RMB 3,969,306 thousand in 2022, representing a growth of 18.2%[28] - Ready-to-drink beverage revenue grew significantly to RMB 266,619 thousand in 2023, a 69.8% increase from RMB 157,031 thousand in 2022[28] - Store-level operating profit margin for Nayuki self-operated stores improved to 17.7% in 2023, compared to 11.8% in 2022[28] - Average sales value per order at Nayuki self-operated stores decreased to RMB 29.6 in 2023 from RMB 34.3 in 2022[32] - Average orders per teahouse per day slightly declined to 344.3 in 2023 from 348.2 in 2022[32] - Freshly-made tea drinks accounted for 73.1% of total revenue in 2023, with a revenue of RMB 3,776,943 thousand[37] - Baked goods revenue decreased to RMB 707,662 thousand in 2023, down 8.8% from RMB 775,672 thousand in 2022[37] - Pickup orders revenue increased to RMB 2,044,667 thousand in 2023, a 49.0% rise from RMB 1,372,624 thousand in 2022[42] - Delivery orders revenue grew to RMB 1,966,639 thousand in 2023, up 7.1% from RMB 1,836,938 thousand in 2022[42] - The company's registered membership reached 80.5 million, with monthly active members totaling 4.7 million and a monthly repurchase rate of 23.9%[46] - In 2023, 35.5% of the company's direct-operated store revenue came from third-party delivery platforms, while 6.4% came from the company's own delivery platform[45] - The average daily sales per teahouse in Tier 1 cities was RMB 12,700, with a store-level operating profit margin of 19.6%[56] - In Shenzhen, the company's self-operated stores achieved an average daily sales of RMB 14,600 and a store-level operating profit margin of 23.2%[55] - The company's self-operated stores in Xi'an had the highest store-level operating profit margin at 24.7%[55] - The company's same-store sales in Shenzhen increased from RMB 16,000 in 2022 to RMB 17,400 in 2023[59] - The store-level operating profit margin for same-stores in Xi'an rose from 18.4% in 2022 to 25.0% in 2023[59] - Number of Type-I Teahouses reached 1,105 with an average daily sales per store of RMB 11,100 and a store-level operating profit margin of 18.3%[65] - Number of Type-II Teahouses reached 288 with an average daily sales per store of RMB 8,500 and a store-level operating profit margin of 20.4%[65] - Labour cost ratio decreased from 23.5% in 2022 to 20.3% in 2023, while rent cost ratio decreased from 15.5% to 14.5%[71] - Delivery order fee ratio decreased from 9.4% in 2022 to 8.2% in 2023[71] - Store-level operating profit margin increased from 11.9% in 2022 to 17.7% in 2023[71] - Revenue for 2023 increased by 20.3% to RMB 5,164.1 million compared to RMB 4,291.6 million in 2022[75] - Other income increased to RMB 186.5 million in 2023 from RMB 125.0 million in 2022, primarily due to higher interest income from term deposits[75] - The company held cash and deposits totaling RMB 2,983.5 million as of December 31, 2023, with no interest-bearing borrowings[75] - Material costs increased by 20.0% to RMB1,699.4 million, representing 32.9% of total revenue[77] - Staff costs decreased to 27.2% of total revenue, amounting to RMB1,403.9 million, due to improved HR efficiency[77] - Depreciation of right-of-use assets decreased to 8.0% of total revenue, amounting to RMB411.6 million, due to lower rental unit prices and reduced leased area for new stores[78] - Other rentals and related expenses increased to 5.9% of total revenue, amounting to RMB306.3 million, due to more variable lease payments in new contracts[78] - Advertising and promotion expenses amounted to RMB165.8 million, representing 3.2% of total revenue[80] - Delivery service fees decreased to 7.6% of total revenue, amounting to RMB392.6 million, due to a lower proportion of delivery orders post-COVID-19[81] - Utilities expenses increased to 2.8% of total revenue, amounting to RMB143.9 million[82] - Logistic and storage fees amounted to RMB140.8 million, representing 2.7% of total revenue[83] - Logistics and storage fees for the Group amounted to RMB 140.8 million, accounting for 2.7% of the Group's total revenue during the Reporting Period (2022: RMB 123.1 million, 2.9% of revenue)[87] - Finance costs of the Group amounted to RMB 65.9 million, representing 1.3% of the Group's total revenue during the Reporting Period (2022: RMB 80.3 million, 1.8% of revenue)[88][89] - Interest on lease liabilities accounted for RMB 64.8 million (1.3% of revenue) in 2023, compared to RMB 79.2 million (1.8% of revenue) in 2022[90] - Other expenses of the Group amounted to RMB 261.3 million, representing 5.1% of the Group's total revenue during the Reporting Period (2022: RMB 249.6 million, 5.8% of revenue)[91][92] - Administrative expenses increased to RMB 150.6 million (2.9% of revenue) in 2023 from RMB 142.0 million (3.3% of revenue) in 2022[94] - Travelling and business development expenses rose to RMB 49.8 million (1.0% of revenue) in 2023 from RMB 40.8 million (1.0% of revenue) in 2022[94] - The Group's income tax benefits amounted to RMB 5.1 million for the Reporting Period, significantly lower than the RMB 40.7 million in 2022[95][97] - The Group reported a net profit of RMB 11.2 million for 2023, compared to a net loss of RMB 475.8 million in 2022[98] - Adjusted net profit (non-IFRS measure) for 2023 was RMB 20.9 million, with an adjusted net profit margin of 0.4% (2022: RMB -461.3 million, -10.7% margin)[98] - Total cash and cash equivalents decreased to RMB444.3 million as of December 31, 2023, from RMB1,387.5 million as of December 31, 2022[99] - Total term deposits and certificates of deposit increased to RMB2,539.1 million as of December 31, 2023, from RMB2,088.8 million as of December 31, 2022[99] - Right-of-use assets increased to RMB1,609.2 million as of December 31, 2023, from RMB1,273.3 million as of December 31, 2022, in line with store growth[99] - Property and equipment increased to RMB1,419.2 million as of December 31, 2023, from RMB1,024.1 million as of December 31, 2022, due to store expansion[101] - Inventories turnover days decreased from 38.7 days in 2022 to 29.4 days in the reporting period[101] - Trade and other receivables decreased to RMB250.4 million as of December 31, 2023, from RMB376.5 million as of December 31, 2022[101] - Trade and other payables increased to RMB635.8 million as of December 31, 2023, from RMB478.5 million as of December 31, 2022, due to higher raw material and property-related payables[101] - Gearing ratio increased to 36.0% as of December 31, 2023, from 31.3% as of December 31, 2022[102] - Current ratio decreased to 2.27 times as of December 31, 2023, from 3.30 times as of December 31, 2022[102] - Capital expenditures for the reporting period amounted to approximately RMB 540.9 million, primarily for equipment purchases and leasehold improvements[104] - The company's distributable reserves as of December 31, 2023, amounted to RMB 5,986,012,000, compared to RMB 5,757,296,000 as of December 31, 2022[163] - The company did not recommend the payment of any final dividend for the year ended December 31, 2023[158][159] Store Expansion and Operations - The company opened 506 new Nayuki self-operated stores in 2023, bringing the total to 1,574 stores across 111 cities[20][22] - The company launched its franchise business in July 2023, with approximately 200 franchise stores opened by February 2024[24] - The company opened its first store in Thailand at the end of 2023 and plans to expand further in overseas markets[24] - The company added a net increase of 506 self-operated stores in 2023, bringing the total to 1,574 stores across 111 cities[49] - The number of Type-I teahouses in Tier 1 cities increased from 309 in 2022 to 398 in 2023[50] - The number of Type-II teahouses in Tier 1 cities grew from 64 in 2022 to 144 in 2023[51] - The company plans to optimize franchisee requirements with more flexible store types and lower initial investment costs in 2024[69] - The company expects to further optimize middle and back-office labor costs to improve efficiency and profitability in 2024[70] Membership and Customer Engagement - Nayuki Membership Program reached 80.5 million registered members by December 31, 2023, with 4.7 million monthly active members and a 23.9% monthly repurchase rate[44] - The company's registered membership reached 80.5 million, with monthly active members totaling 4.7 million and a monthly repurchase rate of 23.9%[46] Environmental, Social, and Governance (ESG) - The company's environmental policies and performance are outlined in the 2023 Environmental, Social, and Governance (ESG) Report, which will be published on the company's website and the HKEXnews website[160] - The company made charitable donations totaling approximately RMB 3.4 million during the reporting period[198] Legal and Compliance - The company was not involved in any material legal proceedings during the reporting period[198] - The company has disclosed significant related party transactions in the comprehensive financial statements, Note 30 of the annual report[199] - The company has complied with the disclosure requirements of Chapter 14A of the Listing Rules and disclosed related party transactions in the annual report[199] - No management or administrative contracts were signed or existed for the entire business or any part of it during the reporting period[200] Employee Management and Training - The Group had 7,199 full-time employees as of December 31, 2023, with 1,662 working in headquarters and regional offices, and the remainder as in-store staff[107] - The Group launched an employee retention initiative, incorporating retention rate as a key performance metric for teahouses[107] - The Group offers competitive remuneration and benefits, including social security plans and financial rewards, to motivate employees[107] - The Group emphasizes employee training, including a one-month in-store training for new operational staff and a vanguard program to develop future teahouse managers[108] - The company participates in a defined contribution basic pension insurance in China's social insurance system, with contributions based on government-stipulated benchmarks and rates[173] - The company operates a Mandatory Provident Fund Scheme in Hong Kong, with contributions vesting immediately and no forfeited contributions[174] Capital and Funding - The company raised approximately HK$4,842.4 million from its global offering, with 70% (HK$3,389.8

本期关注企业：蚂蚁金服、茶颜悦色、爱诗科技。 蚂蚁集团投资视频生成模型公司爱诗科技，由字节前视觉技术负责人王长虎创立 今年 2 月 OpenAI 发布 Sora 后，投资人对视频生成模型的判断更趋割裂：有人认为，OpenAI 已碾压其他公司， 创业机会不再；另一派观点是，Sora 证明视频生成模型路线清晰、成果可复制，这反而会给更多公司机会。 乐观者已用钱做出了选择。《晚点 LatePost》独家获悉，蚂蚁集团已于近期独家投资了中国视频生成大模型公司 爱诗科技的 A2 轮，该轮金额超过 1 亿元人民币。 接近蚂蚁的人士说，蚂蚁除自研大模型并落地应用外，也在持续关注行业的前瞻探索，围绕大模型技术能力、产 业应用和 AI 算力等核心技术和生态，已陆续投资了智谱 AI、月之暗面等大模型创业公司和专注多模态的生数科 技等。 爱诗科技成立于 2023 年 4 月，目前团队约有 30 人，创始人兼 CEO 王长虎曾任字节跳动视觉技术负责人，在视 频理解、数据处理、内容安全和视频生成等领域都有积累。 爱诗科技既做视频生成大模型，又做面向内容创作者和普通人的视频生成产品。 爱诗科技称自己 2023 年 6 月以来就尝试 Di ...

Financial Performance - For the year ended December 31, 2023, Nayuki Holdings reported a revenue increase of approximately 20.3% to RMB 5,164.1 million, up from RMB 4,291.6 million in 2022[2]. - The adjusted net profit shifted from a loss of RMB 461.3 million in 2022 to a profit of RMB 20.9 million in 2023[2]. - The total revenue for the group was RMB 5,164.1 million, an increase of approximately 20.3% compared to RMB 4,291.6 million in 2022, primarily due to the continuous increase in the number of operating stores and the lifting of COVID-19 restrictions in mainland China[27]. - The company reported a total comprehensive income of RMB 218,970,000 for the year ended December 31, 2023, compared to a total comprehensive income of RMB 455,595,000 for the year ended December 31, 2022[117]. - The company reported a net profit of RMB 11,166 thousand for the year, a significant recovery from a net loss of RMB 475,806 thousand in the previous year[66]. Revenue Breakdown - Revenue from the sale of freshly made tea drinks was RMB 3,776,943,000, up 20.5% from RMB 3,135,326,000 in 2022[79]. - Revenue from bottled beverages increased to RMB 266,619,000, a rise of 69.8% compared to RMB 157,031,000 in 2022[79]. - Revenue from baked goods and other income reached RMB 1,120,494,000, an increase of 12.1% from RMB 999,229,000 in 2022[79]. - The ready-to-drink tea business generated revenue of RMB 4,897,437 thousand in 2023, up from RMB 4,134,555 thousand in 2022, reflecting a growth of approximately 18.5%[86]. Store Operations - The company opened approximately 200 franchise stores by the end of February 2024, focusing on lower-tier cities to explore new markets[2]. - As of December 31, 2023, Naixue operated 1,574 direct-operated stores, with a net addition of 506 stores during the year[16]. - The total number of stores in first-tier cities increased from 309 in 2022 to 398 in 2023[17]. - The average daily sales per store in first-tier cities was RMB 12.7 thousand, down from RMB 14.4 thousand in 2022, with an operating profit margin of 19.6%[19]. Cost Management - Material costs amounted to RMB 1,699.4 million, representing 32.9% of total revenue, which is a slight decrease from 33.0% in 2022, despite a 20.0% increase in material costs compared to the previous year[29]. - Employee costs were RMB 1,403.9 million, accounting for 27.2% of total revenue, down from 31.7% in 2022, due to improved human resource efficiency[31]. - The financing costs decreased to RMB 65,873 thousand in 2023 from RMB 80,326 thousand in 2022, showing a reduction of about 18%[90]. - The total depreciation expense for property and equipment increased to RMB 304,274,000 in 2023 from RMB 263,016,000 in 2022, an increase of 15.7%[91]. Market Expansion - The company plans to continue expanding its overseas market presence, having opened its first store in Thailand by the end of 2023[2]. - The company plans to enhance marketing efforts for classic products and expand franchise operations and overseas markets in 2024 to address ongoing demand pressures[25]. - The company has made strategic adjustments in response to changing consumer behavior and market conditions, particularly in the franchise business[2]. Liquidity and Financial Position - The group held cash and deposits totaling RMB 2,983.5 million as of December 31, 2023, with no interest-bearing borrowings, indicating strong liquidity for operations and expansion[26]. - The company's total equity as of December 31, 2023, stands at RMB 5,986,570,000, an increase from RMB 5,757,854,000 as of December 31, 2022[117]. - The debt-to-asset ratio increased to 36.0% as of December 31, 2023, compared to 31.3% in 2022, indicating a higher level of leverage[121]. Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with the previous year[120]. - The company repurchased 3,509,500 shares at a price range of HKD 2.64 to HKD 3.07, totaling approximately RMB 9,420,000[116]. - The share capital remains at 5,000,000,000 ordinary shares with a par value of USD 0.00005 per share as of December 31, 2023[116]. Compliance and Governance - The financial statements were prepared in accordance with International Financial Reporting Standards, reflecting the company's commitment to transparency and compliance[73]. - The audit committee, chaired by Ms. Zhang Rui, reviewed the audited consolidated financial statements for the year ending December 31, 2023[124]. - The company has maintained compliance with corporate governance codes, with recent adjustments to board composition to meet regulatory requirements[122].

Shareholding and Voting Rights - Tian Tu Capital Co., Ltd. holds 169,252,016 shares, representing 9.87% of the voting rights in the company[117] - Mr. Wang Yonghua holds 169,252,016 shares, representing 9.87% of the voting rights in the company[117] - PAGAC Nebula Holdings Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Asia III LP holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Asia Capital GP III Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Capital Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Mr. Shan Weijian holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Pacific Alliance Group Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Linxin Group's voting rights in the company are exercised by Mr. Zhao Lin and Ms. Peng Xin, who each ultimately control 50% of Linxin Holdings[118]

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].

Company Overview and Structure - Nayuki Holdings Limited is an exempted company with limited liability incorporated in the Cayman Islands on September 5, 2019, and its shares are listed and traded on the Stock Exchange[5] - The company's controlling shareholders include Mr. Zhao, Ms. Peng, Linxin Group, Linxin International, Linxin Holdings, and Crystal Tide Profits Limited[5] - The company's subsidiaries and associates are detailed in the 2022 annual report[5] - The company's directors include executive, non-executive, and independent non-executive directors[5] - Linxin Group Limited, one of the controlling shareholders, was incorporated in the BVI on December 29, 2020[6] - Linxin Holdings Limited, another controlling shareholder, was incorporated in the BVI on September 5, 2019[6] - Linxin International Limited, a controlling shareholder, was incorporated in the BVI on December 29, 2020[6] - Linxin Trust, an irrevocable discretionary trust, was established in Guernsey on December 30, 2020, with Linxin Holdings as the beneficiary[6] - The company's listing date on the Hong Kong Stock Exchange was June 30, 2021[6] - The company was incorporated in the Cayman Islands on September 5, 2019[166] - The company operates Nayuki teahouses, a leading premium modern teahouse chain in China[166] - The company's headquarters and principal place of business in China is located in Zone F, 2F, Building 3, Huangguan Science Park, Chegongmiao Industrial Zone, Futian District, Shenzhen[13] - Nayuki Holdings Limited's principal place of business in Hong Kong is at the 40th Floor, Dah Sing Financial Centre, No. 248 Queen's Road East, Wanchai[14] - The company's stock code is 2150 and its website is www.naixuecha.com[15] - The company's principal bankers include China Merchants Bank Co., Ltd. and China Everbright Bank Company Limited, both with branches in Shenzhen[15] Financial Performance and Metrics - Revenue for the year was RMB 4,291,586 thousand, showing a slight decrease from RMB 4,296,618 thousand in the previous year[18] - The company reported a net loss of RMB 475,806 thousand for the year, compared to a net loss of RMB 4,525,524 thousand in the previous year[18] - Adjusted net loss (non-IFRS measure) was RMB 461,331 thousand, with an adjusted net loss margin of 10.7%[18] - Total assets decreased to RMB 6,939,700 thousand from RMB 7,328,446 thousand in the previous year[22] - Total liabilities decreased to RMB 2,174,116 thousand from RMB 2,385,016 thousand in the previous year[22] - Total equity increased to RMB 4,765,584 thousand from RMB 4,943,430 thousand in the previous year[22] - Delivery service fees increased significantly to RMB 380,520 thousand from RMB 258,976 thousand in the previous year[18] - Staff costs decreased to RMB 1,362,115 thousand from RMB 1,424,358 thousand in the previous year[18] - Advertising and promotion expenses increased to RMB 142,933 thousand from RMB 111,592 thousand in the previous year[18] - Logistics and storage fees increased to RMB 123,112 thousand from RMB 90,502 thousand in the previous year[18] - Revenue decreased by 0.1% to RMB 4,291.6 million in 2022 from RMB 4,296.6 million in 2021[24] - Adjusted net loss in 2022 was RMB 461.3 million, impacted by COVID-19 and changes in the consumption environment[24] - Store-level operating profit for Nayuki teahouses decreased by 20.6% to RMB 469.9 million in 2022, with a profit margin of 11.8%, down 2.7 percentage points from 2021[26] - Net cash generated from operating activities decreased by 39.4% to RMB 306.6 million in 2022 from RMB 506.1 million in 2021[26] - Nayuki teahouses contributed 92.5% of total revenue in 2022, a decrease of 2.2 percentage points from 94.7% in 2021[29] - Average sales value per order at Nayuki teahouses decreased to RMB 34.3 in 2022 from RMB 41.6 in 2021[31] - Average orders per teahouse per day decreased to 348.2 in 2022 from 416.7 in 2021[31] - Tai Gai teahouses recorded a store-level operating loss of RMB 11.9 million in 2022, compared to a profit of RMB 18.7 million in 2021[31] - Revenue from other sub-brands increased by 3.6 percentage points to 5.6% in 2022, driven by sales of retail products such as bottled drinks and gift sets[29][33] - Freshly-made tea drinks revenue decreased by 1.1% to RMB 3,135,326 thousand in 2022 compared to RMB 3,186,988 thousand in 2021[38] - Baked products revenue decreased by 3.8% to RMB 775,672 thousand in 2022 compared to RMB 940,054 thousand in 2021[38] - Other products revenue increased by 5.0% to RMB 380,588 thousand in 2022 compared to RMB 169,576 thousand in 2021[38] - Delivery orders accounted for 46.3% of total revenue in 2022, an increase of 9.5 percentage points from 36.8% in 2021[45] - The company had 56.6 million registered members as of December 31, 2022, with 3.2 million monthly active members and a monthly repurchase rate of 26.3%[44] - The company operated 1,068 self-owned Nayuki teahouses in 89 cities as of December 31, 2022, with a net increase of 251 teahouses in 2022[50] - Type-I teahouses increased to 896 in 2022 from 718 in 2021, with significant growth in Tier 1, New Tier 1, and Tier 2 cities[51] - Type-II teahouses increased to 172 in 2022 from 99 in 2021, with growth across all city tiers[52] - Approximately 38.4% of delivery revenue in 2022 was generated from third-party platforms, while 7.9% came from the company's self-operated platform[43] - Nayuki teahouses experience higher initial sales due to strong brand influence, but daily sales per teahouse decline as store density remains low, impacting operating margins[56][58] - As store density increases and customer habits form, average daily sales per teahouse are expected to stabilize, leading to improved store-level operating profit margins[57][58] - Shenzhen leads in performance with 146 stores, average daily sales of RMB 17.7k, and a store-level operating profit margin of 17.5%[60] - Shanghai shows weaker performance with 66 stores, average daily sales of RMB 11.8k, and a store-level operating profit margin of 1.6%[60] - Type-I Teahouses (827 stores) have average daily sales of RMB 13.3k and a store-level operating profit margin of 12.5%, while Type-II Teahouses (157 stores) show lower sales (RMB 9.5k) but higher margins (16.1%)[64] - Same-store sales in Shenzhen declined from RMB 23.4k in 2021 to RMB 18.7k in 2022, with operating profit margins dropping from 21.8% to 17.5%[61] - Shanghai's same-store sales dropped significantly from RMB 18.2k in 2021 to RMB 12.7k in 2022, with operating profit margins turning negative (-0.2%)[61] - The company plans to increase store density in existing markets to accelerate market maturity and stabilize sales performance[63][65] - Revenue for the reporting period was RMB 4,291.6 million, a decrease of 0.1% compared to 2021, primarily due to the impact of recurring COVID-19 outbreaks in mainland China[72] - Nayuki teahouses contributed 92.5% of total revenue in the reporting period, down from 94.7% in 2021[72] - Other income increased significantly to RMB 125.0 million, up from RMB 27.3 million in 2021, driven by higher interest income and increased government subsidies[75] - The company aims to stabilize labor costs at store level below 20% and maintain rental costs below 15%[68] - Store expansion in 2023 will focus on increasing density in existing high-tier cities, with optimized store models that are more streamlined and easier to reach breakeven[69] - The company has sufficient cash and cash flow to support operations and expansion, with no plans for large-scale refinancing[71] - Delivery order proportion decreased as consumers returned to offline consumption, leading to recovery in same-store income and profitability[67] - The company plans to introduce more quality products with a balanced price range suitable for a wide range of customer groups[68] - Digitalization and automation capabilities will be enhanced to strengthen refined management[68] - The company is confident in maintaining a reasonable level of profit for shareholders in 2023, supported by store performance in January and February 2023[68] - Material costs amounted to RMB 1,416.1 million, representing 33.0% of total revenue, showing stability compared to 2021 (RMB 1,400.7 million, 32.6%)[76] - Staff costs decreased to RMB 1,362.1 million, representing 31.7% of total revenue, down from 33.2% in 2021 due to improved management efficiency[76] - Depreciation of right-of-use assets increased to RMB 434.9 million, representing 10.1% of total revenue, up from 9.8% in 2021[76] - Delivery service fees rose to RMB 380.5 million, representing 8.9% of total revenue, up from 6.0% in 2021 due to increased delivery orders influenced by COVID-19[81] - Advertising and promotion expenses increased to RMB 142.9 million, representing 3.3% of total revenue, up from 2.6% in 2021[80] - Depreciation and amortization of other assets increased to RMB 263.2 million, representing 6.1% of total revenue, up from 4.7% in 2021 due to store expansion[79] - Logistics and storage fees rose to RMB 123.1 million, representing 2.9% of total revenue, up from 2.1% in 2021[87] - Utilities expenses increased to RMB 113.6 million, representing 2.6% of total revenue, up from 2.1% in 2021[86] - Finance costs decreased to RMB 80.3 million, representing 1.8% of total revenue, down from 2.1% in 2021[88] - Other rentals and related expenses increased to RMB 229.0 million, representing 5.3% of total revenue, up from 5.0% in 2021[78] - Interest on lease liabilities increased to RMB79,182 thousand (1.8% of total revenue) in 2022 from RMB88,757 thousand (2.1% of total revenue) in 2021[93] - Other expenses for the Group amounted to RMB249.6 million, representing 5.8% of total revenue in 2022, compared to RMB176.3 million (4.1% of total revenue) in 2021[94][95] - Administrative expenses increased to RMB142,016 thousand (3.3% of total revenue) in 2022 from RMB72,631 thousand (1.7% of total revenue) in 2021[97] - Travelling and business development expenses rose to RMB40,825 thousand (1.0% of total revenue) in 2022 from RMB31,873 thousand (0.7% of total revenue) in 2021[97] - Impairment losses and write-down of inventories increased to RMB18,368 thousand (0.4% of total revenue) in 2022 from RMB8,410 thousand (0.2% of total revenue) in 2021[97] - Income tax benefits for the Group amounted to RMB40.7 million in 2022, compared to RMB4.1 million in 2021[98][100] - Adjusted net loss (non-IFRS measure) for 2022 was RMB461,331 thousand, representing a net loss margin of 10.7%, compared to RMB145,265 thousand (3.4% net loss margin) in 2021[102] - Total cash and cash equivalents amounted to RMB1,387.5 million as of December 31, 2022, compared to RMB4,052.8 million as of December 31, 2021[103] - Total term deposits and certificates of deposit amounted to RMB2,088.8 million as of December 31, 2022, compared to nil as of December 31, 2021[103] - The Group had no interest-bearing borrowings as of December 31, 2022, compared to approximately RMB0.4 million as of December 31, 2021[103] - Right-of-use assets amounted to RMB1,273.3 million as of December 31, 2022, compared to RMB1,313.3 million as of December 31, 2021[103] - Fair value changes of financial liabilities at fair value through profit or loss were one-off and non-cash, with no further gains or losses after conversion into ordinary shares on June 30, 2021[103] - Fair value changes of convertible redeemable preferred shares were non-cash and ceased after conversion into ordinary shares upon the closing of the Global Offering[103] - Listing expenses related to the Global Offering were one-off and not directly related to operating activities[103] - Equity-settled share-based payment expenses included non-cash and non-operational items, not directly correlated with business performance[103] - Interest on redeemable capital contribution ceased after conversion into ordinary shares on June 30, 2021, and was non-cash and non-operational[103] - The Group's right-of-use assets primarily represent leases for teahouses, headquarters office, and warehouses[103] - Property and equipment increased to RMB1,024.1 million as of December 31, 2022, up from RMB801.4 million in 2021, primarily due to store expansion and office building purchase in Shanghai[105] - Inventories decreased to RMB126.3 million as of December 31, 2022, down from RMB174.1 million in 2021, with inventory turnover days increasing from 36.1 days to 38.7 days[105] - Trade and other receivables increased to RMB376.5 million as of December 31, 2022, up from RMB346.1 million in 2021, mainly due to a loan to an ongoing investment[105] - Trade and other payables decreased to RMB478.5 million as of December 31, 2022, down from RMB654.2 million in 2021, primarily due to reduced payables for raw material purchases[105] - Gearing ratio decreased to 31.3% as of December 31, 2022, compared to 32.5% in 2021[106] - Cash and cash equivalents decreased to RMB1,387.5 million as of December 31, 2022, down from RMB4,052.8 million in 2021, with RMB2,088.8 million in term deposits and certificates of deposit[106] - The company had no bank loans or interest-bearing borrowings as of December 31, 2022, with a current ratio of 3.30 times[106] - Capital expenditures for the reporting period amounted to approximately RMB448.3 million, primarily for equipment purchases and leasehold improvements[108] - The company invested in Shanghai Chatian, acquiring approximately 43.64% of its enlarged equity capital, expected to be completed in the first half of 2023[108][110] - As of December 31, 2022, the company had no significant contingent liabilities[108] - Bank deposits of RMB1.0 million were restricted by courts due to contractual disputes, with RMB0.3 million released by the report date[108] - The company does not engage in foreign exchange hedging activities apart from forward foreign exchange contracts[108] - Shanghai Chatian, operator of the "LELECHA" brand, is expected to enhance the company's brand diversity and reduce store expansion and operation costs[109] - The State Administration for Market Regulation issued a decision on no further examination regarding the investment in Shanghai Chatian, indicating regulatory approval[110] - As of December 31, 2022, the company had no plans for acquiring other material investments or capital assets beyond the disclosed investment in Shanghai Chatian[111][112] - The company had a total of 7,557 full-time employees as of December 31, 2022, with 1,550 working at headquarters and regional offices, and the rest as in-store staff[114] - The company allocated HK$3,389.8 million (70% of net proceeds) to expand its teahouse network and deepen market penetration over the next three years[116] - HK$484.2 million (10% of net proceeds) will be used to improve overall operations through enhanced technology capabilities over the next three years[116] - HK$484.2 million (10% of net proceeds) will be invested in strengthening the supply chain and product distribution capabilities over the next three years[116] - The remaining HK$484.2 million (10% of net proceeds) will be used for working capital and general corporate purposes[116] - As of December 31, 2022, the company had utilized HK$1,063.8 million out of the HK$3,389.8 million allocated for teahouse network expansion and market penetration[121] - The company had utilized HK$253.8 million out of the HK$484.2 million allocated for improving overall operations as of December 31, 2022[121] - HK$233.8 million out of the HK$484.2 million allocated for strengthening supply chain capabilities had been utilized as of December 31, 202

Financial Data and Key Metrics Changes - The company reported a revenue increase of 15% year-over-year, reaching $2.5 billion, driven by strong demand across all business lines [1] - Net income rose to $300 million, reflecting a 10% increase compared to the previous quarter, with a net profit margin of 12% [1] Business Line Data and Key Metrics Changes - The technology services segment saw a 20% increase in revenue, totaling $1 billion, attributed to new client acquisitions and expanded service offerings [1] - The consumer products division experienced a decline of 5% in revenue, down to $800 million, primarily due to supply chain disruptions [1] Market Data and Key Metrics Changes - The North American market contributed 60% of total revenue, showing a 25% growth, while the European market remained stable with a 2% increase [1] - The Asia-Pacific region reported a 15% decline in revenue, impacted by increased competition and regulatory challenges [1] Company Strategy and Development Direction - The company plans to invest $500 million in technology upgrades over the next two years to enhance operational efficiency and service delivery [1] - A focus on expanding into emerging markets is part of the strategic direction, aiming to capture new customer segments and diversify revenue streams [1] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in the consumer products segment, anticipating a rebound in demand as supply chain issues are resolved [1] - The outlook for the next quarter remains positive, with expected revenue growth of 10% to 15%, driven by seasonal demand and new product launches [1] Other Important Information - The company announced a share buyback program worth $100 million to enhance shareholder value [1] - A new partnership with a leading tech firm was established to co-develop innovative solutions, expected to launch in Q3 [1] Q&A Session Summary Question: What are the expectations for the consumer products division moving forward? - Management indicated that they expect a gradual recovery in the consumer products division, with initiatives in place to address supply chain challenges and improve product availability [1] Question: How does the company plan to tackle increased competition in the Asia-Pacific market? - The company is focusing on enhancing its value proposition through innovation and customer engagement strategies to differentiate itself from competitors [1]

Financial Performance - For the year ended December 31, 2022, the company's revenue decreased by approximately 0.1% to RMB 4,291.6 million from RMB 4,296.6 million in 2021[2] - The adjusted net loss for 2022 was RMB 461.3 million, compared to a net loss of RMB 145.3 million in 2021[2] - The total revenue for the group was RMB 4,291.6 million, a slight decrease of approximately 0.1% compared to RMB 4,296.6 million in 2021, primarily due to the impact of recurring COVID-19 outbreaks in mainland China[25] - The company reported a net loss of RMB 475,806 thousand for 2022, significantly improved from a net loss of RMB 4,525,524 thousand in 2021[63] - The total comprehensive loss for the year was RMB 193,671 thousand, compared to a total comprehensive loss of RMB 4,565,970 thousand in the previous year[63] - The company's basic and diluted loss per share was RMB 0.27, a substantial improvement from RMB 3.28 in 2021[62] Revenue Breakdown - Revenue from the tea shop brand accounted for 92.5% of total revenue, contributing RMB 3,969.3 million, down 2.2% from RMB 4,067.3 million in 2021[5] - Revenue from baked goods decreased by 3.8% to RMB 775.7 million, representing 18.1% of total revenue[9] - In 2022, total revenue from Naixue's tea stores was approximately RMB 3,969.3 million, a decrease of 2.4% compared to RMB 4,067.3 million in 2021[11] - Revenue from the sale of freshly made tea was RMB 3,135,326,000, while revenue from baked goods and other products and services was RMB 1,156,260,000[77] Operational Metrics - The operating profit from tea shops was RMB 469.9 million, a decrease of approximately 20.6% compared to RMB 591.5 million in 2021[3] - The operating profit margin for tea shops was 11.8%, down approximately 2.7 percentage points from 14.5% in 2021[3] - The average order value for tea shops decreased to RMB 34.3 from RMB 41.6 in 2021[7] - The average daily order volume per tea shop fell to 348.2 from 416.7 in 2021[7] - The number of store orders decreased by 28.2% to 759,744, while takeaway orders increased by 9.5% to 1,836,938, indicating a shift in consumer preference[11] Store Expansion and Market Strategy - As of December 31, 2022, Naixue had 1,068 self-operated tea stores across 89 cities, with a net addition of 251 stores during the year[14] - The company aims to enhance its market presence by increasing store density and optimizing store models to improve consumer accessibility[2] - The company plans to continue expanding its store network in first-tier, new first-tier, and key second-tier cities to enhance market penetration[14] - The company aims to increase store density in existing markets to cultivate consumer habits and drive market maturity[20] - The number of first-class tea stores in first-tier cities increased from 245 in 2021 to 309 in 2022, reflecting a strategic focus on high-end tea consumption[15] Cost Management - Material costs amounted to RMB 1,416.1 million, representing 33.0% of total revenue, compared to 32.6% in 2021[27] - Employee costs were RMB 1,362.1 million, accounting for 31.7% of total revenue, down from 33.2% in 2021, attributed to improved management efficiency[28] - Depreciation of right-of-use assets was RMB 434.9 million, constituting 10.1% of total revenue, compared to 9.8% in 2021[29] - Advertising and promotional expenses amounted to RMB 142.9 million, representing 3.3% of total revenue for the reporting period, up from RMB 111.6 million and 2.6% in 2021[31] - Delivery service fees were RMB 380.5 million, accounting for 8.9% of total revenue, an increase from RMB 259.0 million and 6.0% in 2021, primarily due to changes in consumer habits during the pandemic[32] Cash Flow and Liquidity - As of December 31, 2022, the total cash and cash equivalents amounted to RMB 1,387.5 million, a decrease from RMB 4,052.8 million as of December 31, 2021[43] - The company has sufficient cash and cash flow to support operations and expansion, with no plans for large-scale refinancing[23] - Cash and cash equivalents decreased to RMB 1,387,495,000 in 2022 from RMB 4,052,806,000 in 2021, reflecting a significant reduction in liquidity[104] Employee and Governance - The company has a total of 7,557 full-time employees, with 1,550 working at headquarters and regional offices, while the rest are store staff[58] - The company emphasizes competitive and fair compensation and benefits for employees, with performance-based bonuses linked to financial performance and market conditions[58] - The company maintains a governance structure that separates the roles of Chairman and CEO, although the current individual holds both positions[121] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[131] Future Outlook - The company expresses optimism for 2023, anticipating a recovery in consumer spending and improved profitability[24] - The company plans to maintain a proactive and steady store opening strategy in 2023, focusing on increasing store density in high-tier cities[23] - The company is actively reviewing and managing its capital structure to balance high shareholder returns with a stable capital position[117] Regulatory and Compliance - The company is registered in the Cayman Islands and its shares are listed and traded on the stock exchange, indicating its compliance with relevant regulations[128] - The company is subject to the listing rules of the Hong Kong Stock Exchange, which govern its operations and disclosures[129] - The company has adopted a code of conduct for securities trading that meets or exceeds standard requirements, confirming compliance during the reporting period[122]

证券简称： 田野股份 证券代码： 832023 田野创新股份有限公司 注册地址：广西壮族自治区桂林市辅星路 13 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相 反的声明均属虚假不实陈述。 广西壮族自治区北海市合浦县工业园区创业大道 田野创新股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行 股票的法律效力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 国海证券股份有限公司 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人 自行负责；投资者自主判断发行人的投资价 ...