Nayuki (2150) investor relations material

Executive summary

• Revenue for H1 2026 declined 13.1% year-over-year to RMB1,892.5 million, mainly due to lower same-store sales and reduced income from ready-to-drink beverages and baked goods.

• Adjusted net loss narrowed by 18.0% to RMB96.7 million, reflecting improved operational efficiency and cost controls.

• Store network expanded to 1,685 teahouses (1,315 self-operated, 370 franchise), up from 1,646 at year-end 2025.

• Membership base reached 125.7 million, with 3.02 million monthly active members and a 25% monthly repurchase rate as of June 30, 2026.

• U.S. market expansion continues, with 7 stores and strong monthly sales performance, some exceeding $400,000.

Financial highlights

• Revenue for H1 2026 was RMB1,892.5 million, down 13.1% year-over-year from RMB2,177.6 million.

• Adjusted net loss: RMB96.7 million (margin -5.1%), improved from RMB117.9 million (-5.4%).

• Net cash generated from operating activities was RMB60.7 million, down 56.1% year-over-year.

• Cash and bank deposits totaled RMB2,403.6 million as of June 30, 2026, including RMB423.6 million in cash and RMB1,980.0 million in term deposits.

• No interim dividend declared for the period.

Outlook and guidance

• Plans to advance refined operations, optimize store types, and focus on expansion in competitive cities.

• Continued product innovation, especially in green and healthy offerings, and expansion into light meals and coffee.

• Franchise business to be steadily expanded, with enhanced support systems and increased overseas focus, especially in North America.

• Ongoing refinement of franchise model and exploration of overseas market opportunities.

• Focus on cost structure optimization to improve profitability.