奈雪的茶中期报告2025

CONTENTS目錄 2Corporate Information公司資料5Management Discussion and Analysis管理層討論及分析27Other Information其他資料41Review Report審閱報告43Consolidated Statement of Profit or Loss綜合損益表44Consolidated Statement of Profit or Loss andOther Comprehensive Income綜合損益及其他全面收益表45Consolidated Statement of Financial Position綜合財務狀況表47Consolidated Statement of Changes in Equity綜合權益變動表49Condensed Consolidated Cash Flow Statement簡明綜合現金流量表51Notes to the Unaudited Interim Financial Report未經審核中期財務報告附註69Definitions釋義 CORPORATE INFORMATION公司資料 COMPANY NAMENayuki Holdings Limited 公司名稱奈雪的茶控股有限公司 董事執行董事趙林先生（董事長及首席執行官）彭心女士 DIRECTORS Executive DirectorsMr. Zhao Lin(Chairman and Chief Executive Officer)Ms. Peng Xin 獨立非執行董事劉異偉先生謝永明先生張立鈞先生 Independent Non-executive Directors Mr. Liu YiweiMr. Xie YongmingMr. Chang Lih Hsun AUDIT COMMITTEE 審核委員會 Mr. Chang Lih Hsun(Chairperson)Mr. Liu YiweiMr. Xie Yongming 張立鈞先生（主席）劉異偉先生謝永明先生 薪酬委員會 REMUNERATION COMMITTEE 劉異偉先生（主席）謝永明先生趙林先生 Mr. Liu Yiwei(Chairperson)Mr. Xie YongmingMr. Zhao Lin NOMINATION COMMITTEE 提名委員會 Mr. Xie Yongming(Chairperson)Mr. Liu YiweiMs. Peng Xin 謝永明先生（主席）劉異偉先生彭心女士 公司秘書翁美儀女士 COMPANY SECRETARY Ms. Yung Mei Yee 授權代表 AUTHORISED REPRESENTATIVES Mr. Zhao LinMs. Yung Mei Yee 趙林先生翁美儀女士 核數師 AUDITOR 畢馬威會計師事務所根據《會計及財務匯報局條例》註冊的公眾利益實體核數師香港中環遮打道10號太子大廈8樓 KPMG Public Interest Entity Auditor registered in accordancewith the Accounting and Financial Reporting Council Ordinance8th Floor, Prince’s Building10 Chater RoadCentral, Hong Kong 法律顧問 LEGAL ADVISERS 有關香港法律：周俊軒律師事務所與通商律師事務所聯營香港中環遮打道18號歷山大廈3401室 As to Hong Kong laws:Eric Chow & Co. in Association withCommerce & Finance Law Offices3401, Alexandra House18 Chater RoadCentralHong Kong REGISTERED OFFICE IN CAYMAN ISLANDS 開曼群島註冊辦事處 Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008Cayman Islands Walkers Corporate Limited190 Elgin Avenue, George TownGrand Cayman KY1-9008Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 總部及中國主要營業地點 中國深圳市寶安區寶興路華僑城瑞灣府4-5樓 4-5F, OCT REAL ONEBaoxing RoadBao’an DistrictShenzhenThe PRC 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS INHONG KONG 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong 香港灣仔皇后大道東248號大新金融中心40樓 開曼群島股份過戶登記總處 PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Walkers Corporate Limited Walkers Corporate Limited 190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands 190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands CORPORATE INFORMATION公司資料 香港證券登記處 HONG KONG SHARE REGISTRAR 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road East, WanchaiHong Kong PRINCIPAL BANKERS 主要往來銀行 招商銀行股份有限公司深圳分行中國深圳市福田區深南大道2016號招商銀行深圳分行大廈 China Merchants Bank Co., Ltd.Shenzhen BranchChina Merchants Bank Shenzhen Branch BuildingNo. 2016, Shennan BlvdFutian DistrictShenzhenThe PRC 中信銀行股份有限公司深圳分行中國深圳市福田區中心三路8號卓越時代廣場二期北座5-10層 China CITIC Bank Corporation LimitedShenzhen Branch5-10/F, North Tower, Excellence Times Plaza IINo. 8 Zhong Xin San RoadFutian DistrictShenzhenThe PRC 股份代號2150 STOCK CODE2150 公司網址www.naixuecha.com COMPANY WEBSITEwww.naixuecha.com 投資者聯絡方式ir@pin-dao.cn CONTACT INFORMATION FOR INVESTORS MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 1.BUSINESS REVIEW 1.業務回顧 In the first half of 2025, the Group’s revenue decreased by 14.4%to RMB2,177.6 million from RMB2,544.4 million for the six monthsended June 30, 2024. The adjusted net loss significantly decreasedby 73.1% from loss of RMB437.7 million for the six months endedJune 30, 2024 to loss of RMB117.9 million in the same period in2025. Net cash generated from operating activities of the Groupincreased by 33.1% from RMB103.8 million for the six monthsended June 30, 2024 to RMB138.2 million. 2025年上半年，本集團收入由截至2024年6月30日止六個月的人民幣2,544.4百萬元下跌14.4%至人民幣2,177.6百萬元。經調整淨虧損由截至2024年6月30日止六個月的虧損人民幣437.7百萬元大幅減少73.1%至2025年同期的虧損人民幣117.9百萬元。本集團經營活動所得現金淨額由截至2024年6月30日止六個月的人民幣103.8百萬元增加33.1%至人民幣138.2百萬元。 得益於我們(i)圍繞綠色健康戰略，積極推出的 一 系 列 創 新 產 品 ， 例 如「 每 日 蔬 果 瓶 」系列與「蔬果酸奶昔」系列； 以及(ii)對經營不善的門店的持續優化，於報告期間，我們的奈雪的茶 直營門店的平均單店日銷售額(1)較2024年同期的人民幣7.3千元增長4.1%至人民幣7.6千元；每間茶飲店平均每日訂單量(2)較2024年同期的265.9單增長11.4%至296.3單；以及我們的奈雪的茶 直營門店同店銷售額(3)較2024年同期的人民幣1,720.8百萬元增長2.3%至人民幣1,760.2百萬元。 Benefiting from (i) our green and healthy strategy with the activelaunch of innovative products such as the “Daily Fruit & VegetableBottle” series and “Fruit & Vegetable Yogurt Smoothie” series;and (ii) continuous optimization of underperforming stores, duringthe Reporting Period, ourNayukiself-operated stores achieved anaverage daily sales per teahouse(1)of RMB7.6 thousands, up 4.1%from RMB7.3 thousands in the same period of 2024; the averageorders per teahouse per day(2)increased by 11.4% to 296.3 ordersfrom 265.9 orders in the same period of 2024; and same-storesales for ourNayukiself-operated stores(3)increased by 2.3% toRMB1,760.2 million from RMB1,720.8 million in the s