[HK]奈雪的茶(02150):中期报告2026
原标题:奈雪的茶:中期报告2026 CORPORATE INFORMATION 公司資料 COMPANY NAME 公司名稱 Nayuki Holdings Limited 奈雪的茶控股有限公司 DIRECTORS 董事 Executive Directors 執行董事 Mr. Zhao Lin (Chairman and Chief Executive Officer) 趙林先生（董事長及首席執行官）Ms. Peng Xin 彭心女士 Independent Non-executive Directors 獨立非執行董事 Mr. Liu Yiwei 劉異偉先生 Mr. Xie Yongming 謝永明先生 Mr. Chang Lih Hsun 張立鈞先生 AUDIT COMMITTEE 審核委員會 Mr. Chang Lih Hsun (Chairperson) 張立鈞先生（主席） Mr. Liu Yiwei 劉異偉先生 Mr. Xie Yongming 謝永明先生 REMUNERATION COMMITTEE 薪酬委員會 Mr. Liu Yiwei (Chairperson) 劉異偉先生（主席） Mr. Xie Yongming 謝永明先生 Mr. Zhao Lin 趙林先生 NOMINATION COMMITTEE 提名委員會 Mr. Xie Yongming (Chairperson) 謝永明先生（主席） Mr. Liu Yiwei 劉異偉先生 Ms. Peng Xin 彭心女士 COMPANY SECRETARY 公司秘書 Ms. Yung Mei Yee 翁美儀女士 AUTHORISED REPRESENTATIVES 授權代表 Mr. Zhao Lin 趙林先生 Ms. Yung Mei Yee 翁美儀女士 AUDITOR 核數師 畢馬威會計師事務所 KPMG 根據《會計及財務匯報局條例》註冊的 Public Interest Entity Auditor registered in accordance 公眾利益實體核數師 with the Accounting and Financial Reporting Council Ordinance香港中環 8th Floor, Prince’s Building 遮打道10號 10 Chater Road 太子大廈8樓 Central, Hong Kong CORPORATE INFORMATION 公司資料 LEGAL ADVISERS 法律顧問 As to Hong Kong laws: 有關香港法律： Eric Chow & Co. 周俊軒律師事務所 in Association with Commerce & Finance Law Offices 與通商律師事務所聯營 3401, Alexandra House 香港 18 Chater Road 中環 Central 遮打道18號 Hong Kong 歷山大廈3401室 REGISTERED OFFICE IN CAYMAN ISLANDS 開曼群島註冊辦事處 Walkers Corporate Limited Walkers Corporate Limited 190 Elgin Avenue, George Town 190 Elgin Avenue, George Town Grand Cayman KY1-9008 Grand Cayman KY1-9008 Cayman Islands Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OF 總部及中國主要營業地點 BUSINESS IN THE PRC 4-5/F, OCT REAL ONE 中國 Baoxing Road 深圳市 Bao’an District 寶安區 Shenzhen 寶興路 The PRC 華僑城瑞灣府4-5樓 PRINCIPAL PLACE OF BUSINESS IN 香港主要營業地點 HONG KONG 40th Floor, Dah Sing Financial Centre 香港 No. 248 Queen’s Road East 灣仔 Wanchai 皇后大道東248號 Hong Kong 大新金融中心40樓 PRINCIPAL SHARE REGISTRAR AND TRANSFER 開曼群島股份過戶登記總處 OFFICE IN THE CAYMAN ISLANDS Walkers Corporate Limited Walkers Corporate Limited 190 Elgin Avenue 190 Elgin Avenue George Town George Town Grand Cayman KY1-9008 Grand Cayman KY1-9008 Cayman Islands Cayman Islands CORPORATE INFORMATION 公司資料 HONG KONG SHARE REGISTRAR 香港證券登記處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Shops 1712–1716, 17th Floor 香港 Hopewell Centre 灣仔皇后大道東183號 183 Queen’s Road East, Wanchai 合和中心 Hong Kong 17樓1712-1716號舖 PRINCIPAL BANKERS 主要往來銀行 China Merchants Bank Co., Ltd. 招商銀行股份有限公司 Shenzhen Branch 深圳分行 China Merchants Bank Shenzhen Branch Building 中國 No. 2016, Shennan Blvd 深圳市 Futian District 福田區 Shenzhen 深南大道2016號 The PRC 招商銀行深圳分行大廈 China CITIC Bank Corporation Limited 中信銀行股份有限公司 Shenzhen Branch 深圳分行 5-10/F, North Tower, Excellence Times Plaza II 中國 No. 8 Zhong Xin San Road 深圳市 Futian District 福田區 Shenzhen 中心三路8號 The PRC 卓越時代廣場二期北座5-10層 STOCK CODE 股份代號 2150 2150 COMPANY WEBSITE 公司網址 www.naixuecha.com www.naixuecha.com CONTACT INFORMATION FOR INVESTORS 投資者聯絡方式 ir@pin-dao.cn ir@pin-dao.cn 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 2026, the Group’s revenue decreased by 13.1% 2026年上半年，本集團收入由截至2025年6 to RMB1,892.5 million from RMB2,177.6 million for the six months 月30日止六個月的人民幣2,177.6百萬元下 ended June 30, 2025. The adjusted net loss decreased by 18.0% 跌13.1%至人民幣1,892.5百萬元。經調整淨 from loss of RMB117.9 million for the six months ended June 30, 虧損由截至2025年6月30日止六個月的虧損 2025 to loss of RMB96.7 million. Net cash generated from operating 人民幣117.9百萬元減少18.0%至虧損人民 activities of the Group decreased by 56.1% from RMB138.2 million 幣96.7百萬元。本集團經營活動所得現金淨 for the six months ended June 30, 2025 to RMB60.7 million. 額由截至2025年6月30日止六個月的人民幣 138.2百萬元減少56.1%至人民幣60.7百萬元。 During the Reporting Period, we continued to expand our product 報告期內，我們持續豐富產品矩陣，在保持 portfolio. While maintaining the competitive edge of our core 「霸氣鮮果茶」、「鮮乳茶」等核心產品系列優 product lines, such as “Supreme Fruit Tea” and “Fresh Milk Tea”, 勢的基礎上，持續推廣「蔬果酸奶昔」、「每日 we continued to promote green and healthy product lines such 蔬果瓶」等綠色健康產品系列，以及「佛卡夏 as “Fruit and Vegetable Yogurt Smoothie” and “Daily Fruit and 三明治」、「果咖」等輕食及咖啡產品，以滿足 Vegetable Bottle”, as well as light meals and coffee products such 消費者多元化需求。 as “Focaccia Sandwiches” and “Fruit-infused Coffee”, to meet consumers’ diverse needs. We continued to optimize our store operating model, making 我們持續優化門店經營模型，根據不同門店 adjustments based on the actual operating conditions of different 實際經營情況進行調整，並通過優化門店人 stores, and further improved store operational quality through 力配置、提升營運管理效率及改善資源利用 measures such as optimizing store staffing, enhancing operational 效率等措施，進一步改善門店經營質量。 management efficiency, and improving resource utilization efficiency. As of June 30, 2026, the Group had a total of 1,685 Nayuki 截至2026年6月30日，本集團共擁有奈雪的 teahouses, of which 1,315 were self-operated stores and 370 were 茶茶飲店1,685家，其中直營門店1,315家， franchise stores. As of December 31, 2025, the Group had a total of 加盟門店370家。而於2025年12月31日，本 1,646 Nayuki teahouses, of which 1,288 were self-operated stores 集團共擁有奈雪的茶茶飲店1,646家，其中直 and 358 were franchise stores. The change in the Group’s store 營門店1,288家，加盟門店358家。本集團於 number at the end of the Reporting Period was primarily due to the 報告期末的門店數量變化主要由於本集團持 Group’s ongoing optimization and adjustments based on the actual 續根據門店實際經營情況進行優化調整，並 operating conditions of its stores, as well as the steady expansion 於優勢城市及核心消費市場穩步拓展門店網 of its store network in competitive cities and core consumer 絡。 markets. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Performance by business lines 分業務線表現 For the six months ended June 30, 截至6月30日止六個月 2026 2025 Change 2026年 2025年 變動 Percentage RMB % RMB % RMB point(s) 人民幣元 人民幣元 人民幣元 百分點 (in thousands, except percentages) （以千計，百分比除外） Nayuki self-operated stores 1,639,092 86.6 1,912,258 87.8 (273,166) (1.2)奈雪的茶直營門店 Ready-to-drink beverage 73,335 3.9 107,141 4.9 (33,806) (1.0)瓶裝飲料 (1) (1) Others 180,071 9.5 158,233 7.3 21,838 2.2 其他 Total 1,892,498 100.0 2,177,632 100.0 (285,134) 總計 N/A 不適用 Note: 附註： (1) Including revenue derived from business lines other than Nayuki self-operated (1) 包括在奈雪的茶直營門店及瓶裝飲料以外的業務線 stores and ready-to-drink beverage, which consist primarily of revenue generated 產生的收入，其中主要包括我們的加盟業務帶來的 from our franchise business, as well as sales of retail products such as gift tea 收入以及茶禮盒、節日類限定禮盒、伴手禮等零售 boxes, seasonal gift sets and gifts. 產品銷售額。 Performance by products 分產品表現 For the six months ended June 30, 截至6月30日止六個月 2026 2025 Change 2026年 2025年 變動 Percentage RMB % RMB % RMB point(s) 人民幣元 人民幣元 人民幣元 百分點 (in thousands, except percentages) （以千計，百分比除外） Freshly-made tea drinks 現制茶飲 1,455,984 76.9 1,638,847 75.3 (182,863) 1.6Baked goods 烘焙產品 133,228 7.0 197,122 9.0 (63,894) (2.0) Ready-to-drink beverage 瓶裝飲料 73,335 3.9 107,141 4.9 (33,806) (1.0) (1) (1) Other products 其他產品 229,951 12.2 234,522 10.8 (4,571) 1.4Total 總計 1,892,498 100.0 2,177,632 100.0 (285,134) N/A 不適用 Note: 附註： (1) Primarily include revenue generated from our franchise business, as well as (1) 主要包括我們的加盟業務帶來的收入以及咖啡、周 coffee, peripheral products, retail products and gifts, such as snacks, gift tea 邊產品、零售產品及伴手禮，如零食、茶禮盒、節 boxes and seasonal gift sets. 日類限定禮盒。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Nayuki Membership Program 會員體系建設 As at June 30, 2026, the Company had registered members of 於2026年6月30日，本公司註冊會員數量達(1) (1) approximately 125.7 million. The monthly active members of the 到約125.7百萬名，月度活躍會員 總數達到 (2) Company amounted to approximately 3.02 million, with a monthly 約3.02百萬名，月度複購率 約25.0%。 (2) repurchase rate of approximately 25.0%. Notes: 附註： (1) Representing the average number of members who ordered our products at least (1) 指截至2026年6月30日止六個月內，每個月至少購買 once a month for the six months ended June 30, 2026; 一次公司產品的會員數目的平均值； (2) Representing the average proportion of active members who ordered our (2) 指截至2026年6月30日止六個月內，每個月至少購買 products at least twice a month for the six months ended June 30, 2026.兩次公司產品的會員佔活躍會員的比例的平均值。 Franchise Business 加盟業務 With the gradual sophistication of the Group’s digitalization and 隨著本集團在自動製茶設備、自動排班系統 automation capabilities on automatic tea-making equipment and 等數字化及自動化能力的不斷完善，我們已 automatic shift scheduling system, we have officially commenced 於2023年7月正式開展加盟業務，以進一步拓 our franchise business in July 2023, so as to further expand our 展奈雪的茶茶飲店網絡，提升本集團在現製 Nayuki teahouse network and enhance our market share in the 茶飲行業的市場覆蓋，尤其是直營門店較少 freshly-made tea industry, especially on mid and low-tier cities 覆蓋的中、低線城市。於報告期間，我們持 where the Group seldom opened self-operated stores. During 續優化加盟政策及加盟商支持體系，進一步 the Reporting Period, we continued to optimize our franchise 提升加盟業務的運營及管理能力。 policies and the franchisee support system to further enhance the operational and management capabilities of our franchise business. As of June 30, 2026, the Group’s Nayuki franchise stores increased 截至2026年6月30日，本集團奈雪的茶加盟 to 370 stores from 358 stores as of December 31, 2025. During 門店從截至2025年12月31日的358家增至370 the Reporting Period, our franchise business only contributed a 家。於報告期間，我們的加盟業務僅貢獻本 small portion of the Group’s revenue. With the gradual growth of 集團的小部分收益。隨著加盟業務的持續拓 our franchise business, we will provide more information on the 展，我們將在合適的時機為市場提供更多關 financial performance of our franchise business for the market as 於加盟業務的財務表現。 and when appropriate. 2. PERFORMANCE ANALYSIS OF NAYUKI 2. 奈雪的茶直營門店表現分析SELF-OPERATED STORES Number and distribution of stores 門店數量及分佈 As of June 30, 2026, the Group had 1,315 Nayuki self-operated 截至2026年6月30日，本集團在118個城市擁 stores in 118 cities. We insist on further expanding our teahouse 有1,315間奈雪的茶直營門店。我們堅持主要 network and increasing market penetration mainly in the existing 在現有的一線、新一線和重點二線城市進一 Tier 1 cities, New Tier 1 cities and key Tier 2 cities, so as to 步擴張茶飲店網絡並提高市場滲透率，以期 cultivate and consolidate consumers’ consumption habits of high-培養和鞏固消費者對優質現制茶飲的消費習 quality freshly-made tea drinks. The following table sets out the 慣。下表載列了我們按地理位置劃分的奈雪 breakdown of the number of our Nayuki self-operated stores by 的茶直營門店數量明細。 geographic location. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 As at As at June 30, December 31, 2026 2025 於2026年 於2025年 6月30日 12月31日 (#) Number of Nayuki self-operated 奈雪的茶直營門店數目 (#) stores Tier 1 cities 一線城市 473 478 New Tier 1 cities 新一線城市 443 437 Tier 2 cities 二線城市 257 241 (1) (1) Other cities 其他城市 142 132 Total 總計 1,315 1,288 Note: 附註： (1) Including (i) cities of other tiers across Chinese Mainland and (ii) cities outside (1) 包括(i)中國內地其他線城市及(ii)中國內地境外城市。 Chinese Mainland. Operational key indicators 營運關鍵指標 For the six months ended June 30, 截至6月30日止六個月 2026 2025 2026年 2025年 Nayuki self-operated stores 奈雪的茶直營門店 Average daily sales per teahouse 平均單店日銷售額 (1) (1) (RMB’000) （人民幣千元） 7.0 7.6 (#)(2) (#)(2) Average orders per teahouse per day 每間茶飲店平均每日訂單量 286.7 296.3 (3) (3) Average sales value per order (RMB) 每筆訂單平均銷售價值（人民幣元） 24.3 25.7 Notes: 附註： (1) Calculated by the arithmetic average amount of average daily sales per teahouse (1) 按某一期間相關奈雪的茶直營門店單店日均銷售額 of a Nayuki self-operated store in certain period. 的算術平均數計算。 (2) Calculated by the arithmetic average amount of average orders per teahouse per (2) 按某一期間相關奈雪的茶直營門店單店日均訂單數 day of a Nayuki self-operated store in certain period. 的算術平均數計算。 (3) Calculated by the revenue generated by a Nayuki self-operated store in certain (3) 按某一期間相關奈雪的茶直營門店產生的收入除以 period divided by the total number of orders placed by customers to such Nayuki 同期客戶向該間奈雪的茶直營門店下達的訂單總數 self-operated store in the same period. 計算。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Performance by income sources 分收入來源表現 For the six months ended June 30, 截至6月30日止六個月 2026 2025 Change 2026年 2025年 變動 Percentage RMB % RMB % RMB point(s) 人民幣元 人民幣元 人民幣元 百分點 (in thousands, except percentages) （以千計，百分比除外） Nayuki self-operated stores 奈雪的茶直營門店 (1) (1) Order at store counter 126,173 7.7 201,907 10.6 (75,734) (2.9)門店點單 (2) (2) Pickup orders 596,729 36.4 789,922 41.3 (193,193) (4.9) 自提訂單 (3) (3) Delivery orders 916,190 55.9 920,429 48.1 (4,239) 7.8 外賣訂單 Total 1,639,092 100.0 1,912,258 100.0 (273,166) 總計 N/A 不適用 Notes: 附註： (1) Representing revenue generated from customer orders placed on-site at Nayuki (1) 指在我們的奈雪的茶直營門店現場下達客戶訂單（不 self-operated stores (excluding orders placed through our WeChat, Alipay mini 包括通過我們的微信、支付寶小程序及第三方平臺 program and third-party platforms). 所下訂單）所產生的收入。 (2) Representing revenue generated from pickup orders placed through our (2) 指通過我們的微信、支付寶小程序及第三方平臺下 WeChat, Alipay mini program and third-party platforms. 達的自提訂單所產生的收入。 (3) Representing revenue generated from delivery orders that require delivery (3) 指需要配送服務的外賣訂單所產生的收入。截至 services. For the six months ended June 30, 2026, out of the revenue of the 2026年6月30日止六個月，本集團奈雪的茶直營門店 Group’s Nayuki self-operated stores, approximately 53.3% was derived from 收入的約53.3%來自於第三方外賣平臺下達的外賣訂 revenue generated from delivery orders placed by third-party delivery platforms; 單所產生的收入，約2.6%來自於本集團自營平臺下 and approximately 2.6% was derived from revenue generated from delivery 達的外賣訂單所產生的收入。 orders placed by the Group’s self-operated platform. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Performance by market 分市場表現 For the six months ended June 30, 截至6月30日止六個月 2026 2025 2026年 2025年 Average daily sales per teahouse 平均單店日銷售額 (RMB’000) （人民幣千元） (1) (1) Nayuki self-operated stores 奈雪的茶直營門店 Shenzhen 9.3 10.4 深圳 Shanghai 6.0 6.4 上海 Guangzhou 8.1 8.7 廣州 Wuhan 6.4 7.4 武漢 Xi’an 6.5 8.3 西安 Beijing 7.6 8.5 北京 For the six months ended June 30, 截至6月30日止六個月 2026 2025 2026年 2025年 Average daily sales per teahouse 平均單店日銷售額 (RMB’000) （人民幣千元） (1) (1) Nayuki self-operated stores 奈雪的茶直營門店 Tier 1 cities 一線城市 8.4 9.1 New Tier 1 cities 新一線城市 6.4 7.2 Tier 2 cities 二線城市 6.4 7.0 (2) (2) Other cities 其他城市 6.3 6.9 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Performance by same stores 同店表現 For the six months ended June 30, 截至6月30日止六個月 2026 2025 2026年 2025年 Number of Average daily sales (3)(#) same stores per teahouse (3)(#) 同店數目 平均單店日銷售額 (RMB’000) （人民幣千元） Nayuki self-operated stores 奈雪的茶直營門店 Shenzhen 217 9.5 10.5 深圳 Shanghai 55 6.2 6.5 上海 Guangzhou 86 8.6 8.8 廣州 Wuhan 76 6.6 7.5 武漢 Xi’an 58 6.8 8.4 西安 Beijing 54 7.8 8.7 北京 Notes: 附註： (1) Only including stores that operated for at least 60 days as of June 30 of that (1) 僅包括截至當年6月30日開業時間不少於60天，且於 year and did not cease operation as of June 30 of that year. We are of view that 當年6月30日尚未停止營業之門店。我們認為，開業 stores opened for less than 60 days may be significantly affected by opening 時間少於60天的門店可能受到開業促銷活動、「開業 promotions, “store opening customer traffic” and other factors, which may 客戶流量」等因素影響過大，可能導致整體數據不具 lead to the overall data being unrepresentative and misleading to investors. 代表性，對投資者造成誤導。因此，我們已將這些 Therefore, we have excluded those stores. 門店排除在外。 (2) Including (i) cities of other tiers across Chinese Mainland and (ii) cities outside (2) 包括(i)中國內地其他線城市及(ii)中國內地境外城市。 Chinese Mainland. (3) Only including stores that operated for at least 60 days in the first half of 2026 and (3) 僅包括在2026年上半年及2025年上半年營業時間均 the first half of 2025 and did not cease operations as of June 30, 2026. 不少於60天，且於2026年6月30日尚未停止營業之門 店。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 3. OUTLOOK 3. 展望 In the first half of 2026, the Group continued to implement 2026年上半年，本集團圍繞提升門店經營 adjustments aimed at improving store operational quality. In 質量持續推進相關調整，特別是通過對經營 particular, through ongoing optimization of underperforming 表現不佳門店的持續優化及門店經營模型調 stores and adjustments to the store operating model, the Group 整，推進門店經營效率及成本結構優化，集 has improved store operational efficiency and optimized its cost 團經調整淨虧損較去年同期進一步收窄。 structure, and the Group’s adjusted net loss further narrowed compared to the same period last year. In the second half of 2026, the Group will continue to focus its 2026年下半年，本集團將圍繞提升整體經營 efforts on improving its overall operating performance and long-表現及長期盈利能力繼續努力，我們將： term profitability. We will: (i) continue to optimize the store operating model by making (i) 持續優化門店經營模型，根據不同門店 dynamic adjustments based on actual operating conditions of 實際經營情況進行動態調整，進一步完 different stores, thereby further improving resource allocation 善門店資源配置及營運效率。同時，繼 and operational efficiency of stores. At the same time, we will 續關注優勢城市及核心消費市場的發展 continue to focus on development opportunities in competitive 機會，穩步推進門店網絡佈局； cities and core consumer markets, steadily advancing the expansion of our store network; (ii) continue to optimize our product portfolio in line with the (ii) 持續圍繞綠色健康戰略及消費者需求變 strategy of green and healthy living and evolving consumer 化優化產品矩陣，在鞏固特色產品系列 demands. While building on the strengths of our signature 優勢的基礎上，持續推進產品創新，拓 product lines, we will continue to drive product innovation and 展飲品、輕食等多元消費場景，以滿足 expand into diverse consumption scenarios, such as beverages 消費者多樣化需求； and light meals, to meet consumers’ varied needs; (iii) continuously refine the franchise business model, optimize (iii) 持續完善加盟業務模式，根據市場需求 franchise policies and the franchisee support system in line with 優化加盟政策及加盟商支持體系，穩步 market demand, and steadily advance the development of the 推進加盟業務發展；以及 franchise business; and (iv) actively seize opportunities for overseas market development, (iv) 積極把握海外市場發展機會，通過現有 draw on experience gained from operating existing overseas 海外門店運營積累經驗，並結合不同國 stores, and steadily advance the development of overseas 家及地區市場的發展階段、營運能力及 operations while taking into account the development stages, 成本因素，穩步推進海外業務發展。 operational capabilities, and cost factors of markets in different countries and regions. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 FINANCIAL REVIEW 財務回顧 Revenue 收益 The Group generates a substantial portion of its revenue from sales 本集團透過奈雪的茶茶飲店提供的產品銷售 of products offered by Nayuki teahouses. For the Reporting Period 產生大部分收益。於報告期間及截至2025年 and for the six months ended June 30, 2025, Nayuki teahouses 6月30日止六個月，奈雪的茶茶飲店分別貢獻 contributed 86.6% and 87.8% of the Group’s total revenue, 86.6%及87.8%的本集團總收益。我們剩餘的 respectively. Our remaining portion of revenue was mainly derived 小部分收益主要來自我們的瓶裝飲料業務以 from our ready-to-drink beverage business and the franchise 及加盟業務。 business. The Group recorded revenue of RMB1,892.5 million for the 於報告期間，本集團錄得收益為人民幣 Reporting Period (for the six months ended June 30, 2025: 1,892.5百萬元（截至2025年6月30日止六個 RMB2,177.6 million), representing a decrease of 13.1% as 月：人民幣2,177.6百萬元），較截至2025年 compared with the six months ended June 30, 2025. The decrease 6月30日止六個月減少13.1%。收益的減少主 in revenue was mainly due to (i) the decline in same store sales 要是由於(i)報告期內我們的奈雪的茶直營門 of our Nayuki self-operated stores during the Reporting Period 店同店銷售額較2025年同期有所下降；以及 compared to the same period in 2025; and (ii) the decrease in (ii)瓶裝飲料及烘焙產品收入減少。 revenue from ready-to-drink beverage and baked goods. Other income 其他收入 Other income of the Group consists primarily of (i) interest income; 本集團其他收入主要包括(i)利息收入；(ii)政 (ii) government grants, primarily representing unconditional cash 府補助，主要是指地方政府授出的無條件現 awards granted by local governments. Other income of the Group 金獎勵。於報告期間，本集團其他收入為人 amounted to RMB45.5 million for the Reporting Period (for the six 民幣45.5百萬元（截至2025年6月30日止六個 months ended June 30, 2025: RMB89.9 million). The decrease in the 月：人民幣89.9百萬元）。本集團其他收入的 Group’s other income was primarily due to the decrease in interest 減少主要是由於利息收入和政府補助的減少。 income and government grants. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Expenses 開支 Cost of materials 材料成本 Cost of materials consists primarily of (i) cost of raw materials, 材料成本主要包括(i)原材料成本，包括茶 including tea leaves, dairy products, seasonal fruits, juices, and 葉、乳製品、新鮮時令水果、果汁，以及其 other raw materials used for the preparation of our freshly-made 他用於製備現製茶飲、烘焙產品以及其他產 tea drinks, baked goods and other products, and (ii) cost of 品的原材料，以及(ii)包裝材料及消耗品的成 packaging materials and consumables such as tea cups and paper 本，如茶杯及紙袋。 bags. Cost of materials of the Group amounted to RMB637.9 million, 於報告期間，本集團材料成本為人民幣637.9 representing 33.7% of the Group’s total revenue for the Reporting 百萬元，佔本集團總收益的33.7%，而截至 Period, compared to RMB743.6 million, or 34.1% of the total 2025年6月30日止六個月材料成本為人民幣 revenue for the six months ended June 30, 2025. During the 743.6百萬元，佔總收益的34.1%。於報告 Reporting Period, our cost of materials and its proportion to the 期間，我們的材料成本及其佔總收益比例較 total revenue decreased as compared to the same period in 2025, 2025年同期減少，主要是由於(i)本集團的總 which was mainly due to (i) the decline in the Group’s total revenue, 收益減少，材料成本相應下降；以及(ii)我們 which led to a corresponding decline in cost of materials; and (ii) 來自於瓶裝飲料業務等其他業務的收入佔比 the decrease in the proportion of revenue derived from our other 下降，而該等業務的材料成本佔收益比例高 businesses such as ready-to-drink beverage business, and the 於我們的主要業務。 proportion of cost of materials to revenue for those businesses is higher than that for our core businesses. Staff costs 員工成本 Staff costs consist primarily of (i) salaries, wages and other benefits; 員工成本主要包括(i)薪金、工資及其他福利； (ii) contributions to defined contribution retirement plan; (iii) (ii)定額供款退休計劃供款；(iii)以權益結算 equity-settled share-based payment expenses; and (iv) outsourced 以股份為基礎的付款開支；及(iv)外包員工成 staff costs. 本。 Staff costs of the Group amounted to RMB541.9 million, 於報告期間，本集團員工成本為人民幣541.9 representing 28.6% of the total revenue for the Reporting Period, 百萬元，佔總收益的28.6%，而截至2025年6 compared to RMB648.8 million, or 29.8% of the total revenue for 月30日止六個月則為人民幣648.8百萬元，佔 the six months ended June 30, 2025. For the Reporting Period, the 總收益的29.8%。於報告期間，我們的員工 decrease of our staff costs and its proportion to the total revenue 成本及其佔總收益比例較2025年同期減少， as compared to the same period in 2025 was primarily due to (i) 主要由於(i)本集團持續優化門店人員結構； the Group’s ongoing optimization of its store staff composition; 及(ii)瓶裝飲料業務員工成本佔其收益的比 and (ii) the decline in the ratio of staff costs to revenue in the 例，以及總部及其他員工成本佔本集團總收 ready-to-drink beverage business, as well as a decrease in the 益的比例有所下降。於報告期間，按業務線 ratio of headquarters and other staff costs to the Group’s total 劃分的員工成本為：(i)奈雪的茶直營門店員工 revenue. During the Reporting Period, staff costs classified by 成本為人民幣390.4百萬元，佔奈雪的茶直營 business lines included: (i) staff costs for Nayuki self-operated 門店收益的23.8%，(ii)瓶裝飲料業務員工成 stores, which amounted to RMB390.4 million, representing 23.8% 本為人民幣12.9百萬元，佔瓶裝飲料業務收 of revenue of Nayuki self-operated stores, (ii) staff costs for ready-益的17.7%，及(iii)總部及其他員工成本為人 to-drink beverage business, which amounted to RMB12.9 million, 民幣138.6百萬元，佔本集團總收益的7.3%。 representing 17.7% of the revenue of our ready-to-drink beverage MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 使用權資產折舊 Depreciation of right-of-use assets 使用權資產折舊指本集團租賃的折舊費用。 Depreciation of right-of-use assets represents depreciation 使用權資產折舊使用直線法於開始日期至使 charges for the Group’s leases. Depreciation of right-of-use 用權資產可使用年期結束或租賃期結束之較 assets is recognized as using the straight-line method from the 早者確認。 commencement date to the earlier of the end of the useful life of the right-of-use assets or the end of the lease term. 於報告期間，本集團使用權資產折舊為人民 Depreciation of right-of-use assets of the Group amounted to 幣116.6百萬元，佔該期間內本集團總收益 RMB116.6 million for the Reporting Period, representing 6.2% of 的6.2%（截至2025年6月30日止六個月：人民 the Group’s total revenue during such period (for the six months 幣145.6百萬元，佔該期間內本集團總收益的 ended June 30, 2025: RMB145.6 million, representing 6.7% of the 6.7%），本集團使用權資產折舊及其佔總收益 Group’s total revenue during such period). The decrease in the 比例下降主要是由於我們持續優化部分奈雪 Group’s depreciation of right-of-use assets and its proportion 的茶直營門店的店型及租賃結構，固定租金 to the total revenue was primarily due to our ongoing efforts to 及其佔比有所下降。 optimize the store types and lease structures of certain Nayuki self-operated stores, which have led to a reduction in fixed rent and its proportion. Other rentals and related expenses 其他租金及相關開支 Our other rentals and related expenses mainly include: (i) short- 其他租金及相關開支主要包括：(i)租賃期為 term leases that have a lease term of 12 months or less and leases 十二個月或以內的短期租賃及低價值資產租 of low-value assets; and (ii) variable lease payments which are 賃；及(ii)受限於若干特定事件或狀況的可變 subject to some specified event or condition. 租賃付款。 Other rentals and related expenses of the Group amounted to 於報告期間，本集團其他租金及相關開支為RMB98.4 million for the Reporting Period, representing 5.2% of the 人民幣98.4百萬元，佔該期間內本集團總收 Group’s total revenue during such period (for the six months ended 益的5.2%（截至2025年6月30日止六個月：人 June 30, 2025: RMB112.8 million, representing 5.2% of the Group’s 民幣112.8百萬元，佔該期間內本集團總收益 total revenue during such period). The proportion of the Group’s 的5.2%），本集團其他租金及相關開支佔總收 other rentals and related expenses over total revenue remained at 益比例維持於2025年同期水平。 the same level as in the same period of 2025. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 其他資產的折舊及攤銷 Depreciation and amortization of other assets 其他資產的折舊及攤銷指物業及設備的折舊 Depreciation and amortization of other assets represent 費用以及租賃物業裝修的折舊費用。於報告 depreciation charges for property and equipment and depreciation 期間，本集團其他資產的折舊及攤銷為人民 expense for leasehold improvements. Depreciation and 幣112.2百萬元，佔該期間內本集團總收益的 amortization of other assets of the Group amounted to RMB112.2 5.9%（截至2025年6月30日止六個月：人民幣 million for the Reporting Period, representing 5.9% of the Group’s 145.2百萬元，佔該期間內本集團總收益的 total revenue during such period (for the six months ended June 6.7%）。本集團其他資產的折舊及攤銷佔總收 30, 2025: RMB145.2 million, representing 6.7% of the Group’s total 益比例與2025年同期相比下降主要是由於我 revenue during such period). The decrease in the proportion of the 們對奈雪的茶直營門店的門店模型進行持續 Group’s depreciation and amortization of other assets over total 優化，使其投資成本更低。 revenue compared to the same period in 2025 was mainly due to our continuous efforts to optimize the store types of Nayuki self-operated stores, resulting in lower investment costs. Advertising and promotion expenses 廣告及推廣開支 Advertising and promotion expenses primarily represent 廣告及推廣開支主要指就我們的營銷、品牌expenses incurred in connection with our marketing, branding 及推廣活動產生的開支。於報告期間，本集and promotion activities. Advertising and promotion expenses 團廣告及推廣開支為人民幣99.8百萬元，佔of the Group amounted to RMB99.8 million for the Reporting 該期間內本集團總收益的5.3%（截至2025年6Period, representing 5.3% of the Group’s total revenue during 月30日止六個月：人民幣94.0百萬元，佔該 such period (for the six months ended June 30, 2025: RMB94.0 期間內本集團總收益的4.3%）。於報告期間， million, representing 4.3% of the Group’s total revenue during 本集團廣告及推廣開支及其佔總收益比例較 such period). During the Reporting Period, the Group’s advertising 2025年同期增加，主要是由於報告期間本集 and promotion expenses and its proportion to the total revenue 團加大營銷及推廣投入，包括增加外賣平台 increased as compared to the same period in 2025. This was 推廣活動等。 primarily due to the Group’s increased investment in marketing and promotion during the Reporting Period, including expanded promotional activities on delivery platforms. Delivery service fees 配送服務費 Delivery service fees represent fees paid by the Group to third- 配送服務費指本集團支付予第三方配送服務 party delivery service providers. Delivery service fees of the 提供商的費用。於報告期間，本集團配送服 Group amounted to RMB196.9 million for the Reporting Period, 務費為人民幣196.9百萬元，佔報告期間內本 representing 10.4% of the Group’s total revenue during the 集團總收益的10.4%（截至2025年6月30日止Reporting Period (for the six months ended June 30, 2025: 六個月：人民幣200.7百萬元，佔該期間內本RMB200.7 million, representing 9.2% of the Group’s total revenue 集團總收益的9.2%）。於報告期間，本集團配 during such period). During the Reporting Period, the increase 送服務費佔總收益比例增加主要是由於本集 in the proportion of the Group’s delivery service fees over total 團來自外賣訂單的收入佔本集團總收益的比 revenue was mainly due to the fact that the proportion of the 例較2025年同期增加。 Group’s revenue from delivery orders over the Group’s total revenue increased compared with the same period in 2025. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 水電開支 Utilities expenses 水電開支主要包括電費開支，其次是經營本 Utilities expenses consist primarily of expenses in relation to 集團茶飲店所產生的燃氣及水費開支。於報 electricity utilities, and to a lesser extent, gas and water utilities that 告期間，本集團水電開支為人民幣50.3百萬 are attributable to the operation of the Group’s teahouses. Utilities 元，佔該期間內本集團總收益的2.7%（截至 expenses of the Group amounted to RMB50.3 million for the 2025年6月30日止六個月：人民幣58.5百萬 Reporting Period, representing 2.7% of the Group’s total revenue 元，佔該期間內本集團總收益的2.7%）。於報 during such period (for the six months ended June 30, 2025: 告期間，本集團水電開支佔總收益的比例與 RMB58.5 million, representing 2.7% of the Group’s total revenue 2025年同期相比保持穩定。 during such period). During the Reporting Period, the proportion of the Group’s utilities expenses over total revenue remained stable as compared with the same period of 2025. Logistic and storage fees 物流及倉儲費 Logistic and storage fees represent fees paid by the Group to 物流及倉儲費指本集團就原材料運輸及倉儲 third-party service providers for raw materials transportation 服務向第三方服務提供商支付的費用。於報 and warehousing services. Logistic and storage fees of the 告期間，本集團物流及倉儲費為人民幣57.6Group amounted to RMB57.6 million for the Reporting Period, 百萬元，佔該期間內本集團總收益的3.0%（截 representing 3.0% of the Group’s total revenue during such 至2025年6月30日止六個月：人民幣58.6百萬period (for the six months ended June 30, 2025: RMB58.6 million, 元，佔該期間內本集團總收益的2.7%）。於報 representing 2.7% of the Group’s total revenue during such 告期間，本集團物流及倉儲費佔總收益的比period). During the Reporting Period, the proportion of the 例與2025年同期相比相對較穩定。 Group’s logistic and storage fees over total revenue remained relatively stable as compared to the same period of 2025. Finance costs 融資成本 Finance costs consist primarily of interests on lease liabilities and 融資成本主要包括租賃負債利息及撥備利 provisions. Finance costs of the Group amounted to RMB13.9 息。於報告期間，本集團融資成本為人民million for the Reporting Period, representing 0.7% of the Group’s 幣13.9百萬元，佔該期間內本集團總收益的 total revenue during such period (for the six months ended June 0.7%（截至2025年6月30日止六個月：人民 30, 2025: RMB25.8 million, representing 1.2% of the Group’s total 幣25.8百萬元，佔該期間內本集團總收益的 revenue during such period). 1.2%）。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 其他開支 Other expenses 其他開支主要包括(i)於我們一般業務過程中 Other expenses consist primarily of (i) administrative expenses 產生的行政開支，例如電訊開支及維護開 incurred during our ordinary course of business, such as 支；(ii)我們員工產生的差旅及業務開發開支； telecommunication expenses and maintenance expenses; (ii) (iii)其他方服務費，即與第三方管理諮詢及其 travelling and business development expenses incurred by 他專業服務有關的費用；(iv)減值虧損；及(v) our employees; (iii) other-party service fees representing costs 其他，例如保險費及其他稅項及附加費。於 associated with third-party management consulting and other 報告期間，本集團其他開支為人民幣93.4百 professional services; (iv) impairment losses; and (v) others, such 萬元，佔該期間內本集團總收益的4.9%（截至 as insurance fees and other taxes and surcharges. Other expenses 2025年6月30日止六個月：人民幣116.1百萬 of the Group amounted to RMB93.4 million for the Reporting 元，佔該期間內本集團總收益的5.3%）。下表 Period, representing 4.9% of the Group’s total revenue during 載列於所示期間我們其他開支的組成部分（以 such period (for the six months ended June 30, 2025: RMB116.1 絕對金額及佔總收益的百分比計）。 million, representing 5.3% of the Group’s total revenue during such period). The following table sets forth the components of our other expenses in absolute amounts and as percentages of total revenue for the periods indicated. For the six months ended June 30, 截至6月30日止六個月 2026 2025 2026年 2025年 RMB % RMB % 人民幣元 人民幣元 (in thousands, except percentages) （以千計，百分比除外） Administrative expenses 31,957 1.7 40,881 1.9 行政開支 Travelling and business 差旅及業務開發開支 development expenses 11,185 0.6 15,497 0.7 Other-party service fees 12,980 0.7 12,774 0.6 其他方服務費 Impairment losses 減值虧損 – property and equipment 8,634 0.5 23,572 1.1 －物業及設備 – prepayments 2,358 0.1 – – －預付款項 Write-down of inventories 1,439 0.1 1,092 0.1 撇減存貨 Commissions 4,953 0.3 5,160 0.2 佣金 Bank and third-party platform 銀行及第三方平臺費用 charges 1,318 0.1 1,929 0.1 Others 18,585 1.0 15,162 0.7 其他 93,409 4.9 116,067 5.3 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Income Tax 所得稅 The income tax expenses of the Group amounted to RMB4.1 於報告期間，本集團所得稅開支為人民幣4.1million for the Reporting Period. The income tax expenses of 百萬元。截至2025年6月30日止六個月，本the Group for the six months ended June 30, 2025 amounted to 集團所得稅開支為人民幣6.9百萬元。 RMB6.9 million. Non-IFRS Accounting Standards Measures 非國際財務報告會計準則計量 To supplement the Group’s combined financial statements that 為補充本集團按照國際財務報告會計準則呈 are presented in accordance with IFRS Accounting Standards, the 列的綜合財務報表，本集團亦使用並非國際 Group also uses adjusted net loss (non-IFRS Accounting Standards 財務報告會計準則規定或按其呈列的經調整 measure) as an additional financial measure, which is not required 淨虧損（非國際財務報告會計準則計量）作為 by, or presented in accordance with, IFRS Accounting Standards. 附加財務計量指標。本集團認為此非國際財 The Group believes that this non-IFRS Accounting Standards 務報告會計準則計量有助於消除管理層認為 measure facilitates comparisons of operating performance 對營運表現並無指示性意義的項目的潛在影 from period to period and company to company by eliminating 響，從而可以就不同期間及不同公司的營運 potential impact of items that our management does not consider 表現進行對比。本集團認為，此計量指標為 to be indicative of the Group’s operating performance. The 股東、投資者及其他人士提供有用信息，使 Group believes that this measure provides useful information 其以與本集團管理層所採用者相同的方式瞭 to Shareholders, investors and others in understanding and 解並評估本集團的綜合經營業績。然而，本 evaluating the Group’s consolidated results of operations in the 集團所呈列的經調整淨虧損（非國際財務報告 same manner as it helps the Group’s management. However, the 會計準則計量）未必可與其他公司所呈列類似 Group’s presentation of adjusted net loss (non-IFRS Accounting 名義的計量指標相比。此非國際財務報告會 Standards measure) may not be comparable to similarly titled 計準則計量指標用作分析工具存在局限性， measures presented by other companies. The use of this non-IFRS 投資者並不應將其視為獨立於或可替代本集 Accounting Standards measure has limitations as an analytical tool, 團根據國際財務報告會計準則所呈報經營業 and the investors should not consider them in isolation from, or 績或財務狀況的分析。 as a substitute for analysis of, the Group’s results of operations or financial condition as reported under IFRS Accounting Standards.MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 For the six months ended June 30, 截至6月30日止六個月 2026 2025 2026年 2025年 (RMB in thousands, except percentages) （人民幣千元，百分比除外） Reconciliation of net loss and adjusted 淨虧損與經調整淨虧損 net loss (non-IFRS Accounting （非國際財務報告會計準則計量） Standards measure) 之對賬 Net loss for the period 期內淨虧損 (97,579) (119,287) Add: 加： Equity-settled share-based payment 以權益結算以股份為基礎的 (1) (1) expenses 付款開支 870 1,411 Adjusted net loss (non-IFRS 經調整淨虧損 Accounting Standards measure) （非國際財務報告會計準則計量） (96,709) (117,876)Adjusted net loss margin (non-IFRS 經調整淨虧損率 (2) (2) Accounting Standards measure) （非國際財務報告會計準則計量） (5.1)% (5.4)% 附註： Notes: (1) 以權益結算以股份為基礎的付款開支包括根據2020 (1) Equity-settled share-based payment expenses consist of Options and RSUs 年購股權計劃及2020年股份激勵計劃授出的購股權 granted under the 2020 Share Option Plan and 2020 Share Incentive Plan, which 及受限制股份單位屬非現金及非經營性質，且與本 is non-cash and non-operational in nature, and is not directly correlated with the 集團於給定期間的業務表現均無直接關連。 Group’s business performance in a given period. (2) 採用經調整淨虧損（非國際財務報告會計準則計量） (2) Calculated using adjusted net loss (non-IFRS Accounting Standards measure) 除以給定期間的收益計算。 divided by revenue for a given period. 現金、銀行存款及借款 Cash, Bank Deposits and Borrowings 截至2026年6月30日，本集團的現金及現金 As of June 30, 2026, the total cash and cash equivalents of the 等價物總額為人民幣423.6百萬元（截至2025 Group amounted to RMB423.6 million (as of December 31, 2025: 年12月31日：人民幣1,585.1百萬元）以及 RMB1,585.1 million), and the total term deposits and certificates 本集團定期存款及大額存單總額為人民幣 of deposit of the Group amounted to RMB1,980.0 million (as of 1,980.0百萬元（截至2025年12月31日：人民 December 31, 2025: RMB1,072.5 million), primarily denominated 幣1,072.5百萬元），主要以人民幣及美元計 in RMB and USD. As of June 30, 2026, the Group did not have any 值。截至2026年6月30日，本集團無任何銀 bank loans (as of December 31, 2025: the Group did not have any 行貸款（截至2025年12月31日：本集團無任 bank loans). 何銀行貸款）。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Right-of-Use Assets 使用權資產 The Group’s right-of-use assets primarily represent the leases for 本集團的使用權資產主要是指本集團的茶飲 the Group’s teahouses, office at headquarters and warehouses. As 店、總部辦事處及倉庫的租約。截至2026年6 of June 30, 2026, the right-of-use assets of the Group amounted 月30日，本集團使用權資產為人民幣698.8百 to RMB698.8 million (as of December 31, 2025: RMB871.7 million). 萬元（截至2025年12月31日：人民幣871.7百 During the Reporting Period, the decrease in the Group’s right- 萬元）。於報告期間，本集團使用權資產減少 of-use assets was mainly due to our continuous efforts to optimize 主要由於我們持續優化奈雪的茶直營門店的 the store types and leasing structure of our Nayuki self-operated 店型及租賃結構。 stores. Property and Equipment 物業及設備 The Group’s property and equipment consist primarily of leasehold 本集團的物業及設備主要包括租賃物業裝 improvements, kitchen equipment, furniture equipment, electronic 修、廚房設備、傢俱設備、電子設備及其他 equipment and others, as well as construction in progress. As of 以及在建工程。截至2026年6月30日，本集 June 30, 2026, the property and equipment of the Group amounted 團的物業及設備金額為人民幣758.1百萬元 to RMB758.1 million (as of December 31, 2025: RMB831.1 million). （截至2025年12月31日：人民幣831.1百萬 During the Reporting Period, the decrease in the Group’s property 元）。於報告期間，本集團物業及設備的減少 and equipment was mainly due to provision for impairment of 主要是由於報告期間內部分門店相關資產計 relevant assets and depreciation of property and equipment of 提減值以及物業及設備折舊所致。 certain stores during the Reporting Period. Inventories 存貨 The Group’s inventories consist primarily of raw materials and 本集團的存貨主要包括原材料及包裝材料。 packaging materials. As of June 30, 2026, the inventories of the 截至2026年6月30日，本集團的存貨金額為 Group amounted to RMB111.0 million (as of December 31, 2025: 人民幣111.0百萬元（截至2025年12月31日： RMB115.9 million). 人民幣115.9百萬元）。 The Group’s inventories turnover days for the Reporting Period was 報告期間，本集團的存貨周轉天數為32.2天 32.2 days (for the six months ended June 30, 2025: 29.5 days).（截至2025年6月30日止六個月為29.5天）。 Trade and Other Receivables and Prepayments 貿易及其他應收款項以及預付款項 The Group’s trade receivables consist primarily of receivables due 本集團的貿易應收款項主要包括與銷售產品 from third parties in connection with the sales of products. The 有關的第三方應收款項。本集團的其他應收 Group’s other receivables and prepayments consist primarily of 款項及預付款項主要包括與購買原材料有關 input value-added tax recoverable in connection with purchase of 的可收回進項增值稅、一年內到期的租賃押 raw materials, rental deposits within one year, interest receivables 金、應收利息及向供應商支付的預付款項。 and prepayments to suppliers. Trade and other receivables and 本集團的貿易及其他應收款項以及預付款項 prepayments of the Group decreased from RMB202.9 million as of 由截至2025年12月31日的人民幣202.9百萬元 December 31, 2025 to RMB165.0 million as of June 30, 2026. 減少至截至2026年6月30日的人民幣165.0百 萬元。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Trade and Other Payables 貿易及其他應付款項 The Group’s trade payables consist primarily of trade payables to 本集團的貿易應付款項主要包括應付本集團 the Group’s raw materials suppliers. The Group also recorded other 原材料供應商的貿易應付款項。本集團亦就 payables and accrued charges in connection with various aspects 其營運多個方面錄得其他應付款項及應計費 of its operations, including (i) payroll and welfare payables to 用，包括(i)應付僱員工資及福利；(ii)購買物 employees; (ii) payables for purchase of property and equipment; 業及設備的應付款項；(iii)應計費用，主要為 (iii) accrued charges, which are mainly utilities; and (iv) others. 水電費；及(iv)其他。本集團的貿易及其他應 Trade and other payables of the Group decreased from RMB445.3 付款項由截至2025年12月31日的人民幣445.3 million as of December 31, 2025 to RMB399.4 million as of June 30, 百萬元減少至截至2026年6月30日的人民幣 2026. 399.4百萬元。 Gearing Ratio 資本負債比率 As of June 30, 2026, our gearing ratio, which is calculated as total 截至2026年6月30日，資本負債比率（按總負 debt divided by total assets, was 29.7%, as compared with 32.1% as 債除以總資產計算）為29.7%，而截至2025年 of December 31, 2025. 12月31日為32.1%。 Treasury Policy 庫務政策 The Group adopts a prudent financial management approach for 本集團針對其庫務政策採取審慎的財務管理 its treasury policy to ensure that the Group’s liquidity structure 方法，確保本集團的資產、負債及其他承擔 comprising assets, liabilities and other commitments is able to 的流動資金架構始終能夠滿足其資金需求。 always meet its capital requirements. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 Liquidity and Financial Resources 流動資金及財務資源 Taking into account the financial resources available to the Group, 經考慮本集團可動用的財務資源（包括本公司 including cash and cash equivalents on hand, cash generated 手頭的現金及現金等價物、經營產生的現金from operations and available facilities of the Company, and 及可動用融資）及上市所得款項淨額，並經審 the net proceeds from the listing, and after diligent and careful 慎及仔細查詢後，董事認為本集團擁有充足 investigation, the Directors are of the view that the Group has 運營資金滿足本集團目前的經營需求。 sufficient working capital required for the Group’s operations at present. As of June 30, 2026, the Group had total cash and cash equivalents 截至2026年6月30日，本集團的現金及現金 of RMB423.6 million (as of December 31, 2025: RMB1,585.1 million). 等價物總額為人民幣423.6百萬元（截至2025 In the Reporting Period, the Group mainly used cash for store 年12月31日：人民幣1,585.1百萬元）。本集 operation and deposited part of idle cash into banks for term 團於報告期間主要將現金用於門店經營，同 deposits and certificates of deposit (as of June 30, 2026, the total 時將部分閒置現金存入銀行定期存款及大額 term deposits and certificates of deposit of the Group amounted to 存單（截至2026年6月30日，本集團定期存 RMB1,980.0 million (as of December 31, 2025: RMB1,072.5 million)). 款及大額存單總額為人民幣1,980.0百萬元 （截至2025年12月31日：人民幣1,072.5百萬 元））。 The current ratio as of June 30, 2026 was approximately 3.35 times 截至2026年6月30日的流動比率約為3.35倍 (as of December 31, 2025: approximately 3.26 times). （截至2025年12月31日：約3.26倍）。 FOREIGN CURRENCY RISK 外匯風險 For the Reporting Period, the Group mainly operated in China and 於報告期間，本集團主要於中國經營，大 the majority of the transactions were settled in RMB. As of June 部分交易以人民幣結算。截至2026年6月30 30, 2026, apart from cash and cash equivalents and term deposits 日，除外幣計值的現金及現金等價物以及定 denominated in foreign currency, the Group did not have any 期存款外，本集團業務經營無任何重大外匯 significant foreign exchange risk in its business operations. As of 風險。截至2026年6月30日，本集團未從事 June 30, 2026, the Group did not engage in any foreign exchange 任何外匯對沖活動。本集團將繼續監察外匯 hedging activities. The Group will continue to monitor foreign 變動，以儘量保障本集團的現金價值。 exchange changes to best preserve the Group’s cash value. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 CONTINGENT LIABILITIES 或然負債 As of June 30, 2026, the Group did not have any significant 截至2026年6月30日，本集團並無任何重大 contingent liabilities. 或然負債。 CAPITAL EXPENDITURES 資本開支 Our capital expenditures amounted to RMB52.5 million for the 於報告期間，本集團資本開支金額為人民幣 Reporting Period, which were incurred primarily in connection with 52.5百萬元，主要與購買設備及租賃裝修的 payment for purchase of equipment and leasehold improvements.付款有關。 CHARGE ON ASSETS 資產抵押 As of June 30, 2026, the Group did not pledge any group assets. 截至2026年6月30日，本集團並無抵押任何 集團資產。 SIGNIFICANT INVESTMENTS 重大投資 As of June 30, 2026, the Group did not hold any significant 截至2026年6月30日，本集團並無持有任何investments. 重大投資。 FUTURE PLAN FOR MATERIAL INVESTMENTS 未來重大投資或資本資產計劃 OR CAPITAL ASSETS As of June 30, 2026, save for the “Future Plans and Use of 截至2026年6月30日，除招股章程所披露之 Proceeds” disclosed in the Prospectus, the Group did not have any 「未來計劃及所得款項用途」外，本集團並無 future plan for material investments or capital assets. 任何未來重大投資或資本資產計劃。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 MATERIAL ACQUISITIONS AND DISPOSALS OF 重大收購及出售附屬公司、聯營 SUBSIDIARIES, ASSOCIATES AND AFFILIATED 公司及聯屬公司 COMPANIES The Group did not have any material acquisitions or disposals of 於報告期間，本集團概無任何有關附屬公（未完）  |