Nayuki (2150) H2 2025 earnings summary

Executive summary

• Revenue declined 12.0% year-over-year to RMB4,331.2 million, mainly due to store closures and lower ready-to-drink beverage sales.

• Adjusted net loss narrowed by 73.8% to RMB240.5 million, reflecting significant operational improvements.

• Store optimization led to a reduction in total teahouses from 1,798 to 1,646, with self-operated stores decreasing and franchise stores slightly increasing.

• Product innovation remained strong, with 70 new beverages and 54 new baked goods launched.

Financial highlights

• Revenue: RMB4,331.2 million (down 12.0% year-over-year).

• Adjusted net loss: RMB240.5 million (down from RMB918.7 million in 2024).

• Net cash from operating activities: RMB273.6 million (up 35.7% year-over-year).

• No dividends declared for 2025.

Outlook and guidance

• Focus on high-quality development and further store network optimization in 2026.

• Continued expansion in competitive cities and enhancement of franchise business.

• Sufficient cash and deposits (RMB2,657.7 million) to support business growth.