消息面上，据上证报报道，9月20日，奈雪的茶在美国纽约法拉盛王子街开启快闪活动。活动首日便迎 来"人山人海"的盛况。相关话题迅速在微博、小红书等平台发酵，"奈雪快闪人气""美国首店什么时候 开" 等讨论持续升温。据悉，此次快闪活动只是奈雪美国首店的"前哨战"：其美国首店将于10月3日正 式开业，这也是奈雪继泰国、新加坡等东南亚市场后，在海外版图的又一重要布局。 华泰证券此前指，展望后续，公司有序推进绿色健康战略，门店优化和转型初见成效，该行预计2H25 公司仍将延续存量门店的调整动作，并继续优化奈雪Green新店型和高质价比健康产品，期待单店UE的 进一步优化和整体运营效率的提升。该行认为26年公司有望重启扩张，建议关注盈利企稳后规模的再增 长。维持"增持"评级。 奈雪的茶(02150)涨超5%，截至发稿，涨5.13%，报1.23港元，成交额309.71万港元。 ...

华泰证券此前指，展望后续，公司有序推进绿色健康战略，门店优化和转型初见成效，该行预计2H25 公司仍将延续存量门店的调整动作，并继续优化奈雪Green新店型和高质价比健康产品，期待单店UE的 进一步优化和整体运营效率的提升。该行认为26年公司有望重启扩张，建议关注盈利企稳后规模的再增 长。维持"增持"评级。 智通财经APP获悉，奈雪的茶(02150)涨超5%，截至发稿，涨5.13%，报1.23港元，成交额309.71万港 元。 消息面上，据上证报报道，9月20日，奈雪的茶在美国纽约法拉盛王子街开启快闪活动。活动首日便迎 来"人山人海"的盛况。相关话题迅速在微博、小红书等平台发酵，"奈雪快闪人气""美国首店什么时候 开" 等讨论持续升温。据悉，此次快闪活动只是奈雪美国首店的"前哨战"：其美国首店将于10月3日正 式开业，这也是奈雪继泰国、新加坡等东南亚市场后，在海外版图的又一重要布局。 ...

Core Insights - The company reported a decline in total revenue for the first half of 2025, amounting to RMB 2.18 billion, a decrease of 14.4% compared to RMB 2.54 billion in the same period of 2024 [1][2] - The average daily sales per store increased by 4.1% to RMB 7.6 thousand, while the average daily order volume rose by 11.4% to 296.3 orders [2] - The company registered a total of 111 million members, with 8.3 million new members primarily from the younger demographic, indicating a shift in consumption patterns from "immediate thirst relief" to "daily light nourishment" [4] Revenue Breakdown - Directly operated stores generated RMB 1.91 billion, accounting for 87.8% of total revenue, compared to RMB 2.10 billion and 82.7% in the previous year [1] - Bottled beverages contributed RMB 107 million, representing 4.9% of total revenue, down from RMB 172 million and 6.8% [1] - Other products accounted for RMB 158 million, or 7.3% of total revenue, a decrease from RMB 268 million and 10.5% [1] Same-Store Sales Performance - Same-store sales increased by 2.3% year-on-year to RMB 1.76 billion, with positive growth observed across all city tiers, particularly in new first-tier cities where average daily sales per store grew by over 9% [3]

Core Viewpoint - Nai Xue's Tea reported a revenue of RMB 2.178 billion for the six months ending June 30, 2025, with a loss attributable to equity shareholders of RMB 117 million, translating to a loss per share of RMB 0.07 [1] Group 1: Financial Performance - The average daily sales per store for Nai Xue's Tea increased by 4.1% to RMB 7,600 compared to the same period in 2024 [1] - The average daily order volume per tea shop rose by 11.4% to 296.3 orders compared to the same period in 2024 [1] - Same-store sales for Nai Xue's Tea increased by 2.3% to RMB 1.76 billion compared to the same period in 2024 [1] Group 2: Store and Membership Metrics - As of June 30, 2025, the company operated a total of 1,638 tea shops, including 1,321 direct-operated stores and 317 franchised stores [1] - The registered membership reached approximately 111 million, with monthly active members totaling around 3.9 million and a monthly repurchase rate of approximately 23.5% [1] Group 3: Future Strategies - In the second half of 2025, the company aims to enhance store revenue performance and optimize cost structure by focusing on existing store optimization and adjusting store formats [2] - The company will continue to improve the new store model launched in the first half of 2025, such as the "Nai Xue Green" store, and explore new store types or consumption scenarios to reach a broader consumer base [2] - The company plans to create high-quality, cost-effective health products and utilize a diversified product matrix and targeted brand marketing strategies to meet the consumption needs of different age groups throughout the day [2]

Core Insights - The company reported a revenue of RMB 2.178 billion for the six months ending June 30, 2025, with a loss attributable to equity shareholders of RMB 117 million, translating to a loss per share of RMB 0.07 [1] - The average daily sales per store increased by 4.1% to RMB 7,600 compared to the same period in 2024, while the average daily order volume rose by 11.4% to 296.3 orders [1] - The total number of stores reached 1,638, comprising 1,321 direct-operated stores and 317 franchised stores as of June 30, 2025 [1] Performance Metrics - Same-store sales increased by 2.3% to RMB 1.76 billion compared to RMB 1.721 billion in the same period of 2024 [1] - The company had approximately 111 million registered members, with around 3.9 million monthly active members and a monthly repurchase rate of 23.5% [1] Strategic Initiatives - The company plans to enhance store revenue and optimize cost structures in the second half of 2025 by focusing on existing store optimization and adjusting store formats [2] - Continuous improvement of the newly launched store model, such as the "Nai Xue Green" store, is a priority, along with exploring new store types and consumption scenarios to reach a broader consumer base [2] - The company aims to create high-quality, cost-effective health products through a diversified product matrix and targeted brand marketing strategies to meet the consumption needs of different age groups [2]

Group 1 - The company focuses on a "green health strategy" and is actively exploring new store formats, with plans to open its first light drink and light food store in Shenzhen by March 2025 [1] - The company will optimize existing stores and emphasize the introduction of health products, with a net reduction of 121 direct stores in 2024 and a focus on high-line markets [1] - The company is expanding its overseas business and steadily developing its bottled beverage segment, with bottled beverage revenue reaching 293 million yuan in 2024, a year-on-year increase of 10% [1] Group 2 - The company maintains revenue forecasts for 2025-2027 at 5.2 billion, 5.3 billion, and 5.5 billion yuan, representing year-on-year growth of 5.3%, 1.7%, and 3.5% respectively [2] - The company expects net profit for 2025-2027 to be -13 million, 500,000, and 5.6 million yuan, with significant year-on-year growth of 86%, 104%, and 980% respectively [2] - The company maintains an "overweight" rating, considering the ongoing exploration of new models and the potential for future profitability [2]