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]