On August 27, NAYUKI (02150.HK) released its 2025 interim results report. The report showed that the company's adjusted net loss narrowed by 73.1% year-on-year, decreasing from 438 million yuan in the same period last year to 118 million yuan. Operating cash flow increased by 33.1% year-on-year to 138 million yuan, maintaining positive inflows for three consecutive reporting periods.
Against the backdrop of intensifying competition in the tea beverage industry, NAYUKI's average daily sales per store increased by 4.1%, with daily order volumes rising by 11.4%. The company achieved revenue of 2.178 billion yuan in the first half of the year, down 14.4% year-on-year, primarily due to the closure of 132 underperforming stores.
Financial Performance: Loss Narrowing and Cash Flow Improvement
In the first half of 2025, NAYUKI demonstrated improvements across multiple financial metrics. The loss margin narrowed significantly, while cash flow conditions remained stable.
The company's revenue structure underwent adjustments, with income declining 14.4% year-on-year, but this was the result of proactive store network optimization. As of June 30, the company held cash reserves of 2.79 billion yuan, providing funding support for business operations and development.
Cost control measures began to show initial results. Store operational efficiency improved and raw material costs as a percentage decreased, with these factors collectively contributing to the narrowing of losses.
Operational Data: Store Efficiency and Membership Growth
NAYUKI's operational data for this period showed a degree of improvement. Daily average sales per store increased from 7,300 yuan to 7,600 yuan, representing a 4.1% increase. Average daily orders per tea beverage store rose from 265.9 to 296.3, growing by 11.4%.
Performance varied across different city tiers. Daily sales per store in new first-tier cities increased by over 9%, while growth in other city tiers was relatively moderate.
Membership base continued to expand, with registered members reaching 111 million, an increase of 8.3 million from the previous period. The proportion of young consumers increased, with consumption scenarios showing diversification trends.
Product Strategy: Health Positioning and Market Response
In 2025, NAYUKI clarified its strategic positioning as a healthy tea beverage brand. The company partnered with multiple institutions to launch the "No Added Sugar Natural Nutrition+" initiative, emphasizing the product concept of "nutritional ingredients + fresh preparation + low-calorie sugar control."
The healthy product series gained considerable market attention. Among them, the "Little Purple Bottle" series sold 500,000 cups within the first three days of launch, becoming one of the highest-selling single products.
The company simultaneously tested new store formats. The "NAYUKI Green" light beverage and food store format attempted to cover consumption scenarios including breakfast, lunch, and afternoon tea. The flagship store in Shenzhen Qianhai achieved sales of 120,000 yuan in its first three days of operation, with some stores entering regional popularity rankings.
Development Strategy: Store Optimization and Product Innovation
According to the financial report, NAYUKI plans to advance business development in three directions in the second half of the year.
Store formats will continue to undergo adjustment and optimization. The "NAYUKI Green" light beverage and food store format will expand pilot scope, exploring operational models in different scenarios such as office areas and residential communities.
Product development will continue in the health direction. The company plans to launch more products using natural ingredients, strengthening the brand positioning of healthy tea beverages.
In terms of membership operations and overseas markets, the company will deepen precision marketing based on its existing membership system while cautiously advancing international expansion.
Industry Environment and Future Outlook
Competition in the fresh-made tea beverage industry remains intense, with market scale maintaining growth momentum. Industry data indicates that China's new-style tea beverage market is expected to reach 374.93 billion yuan in 2025.
In this competitive environment, NAYUKI faces multiple challenges, including homogenization competitive pressure, cost control requirements, and changing consumer preferences.
The company's plans for the second half of 2025 include: further optimizing the store network, exploring new store formats, improving the product matrix, and enhancing membership operation efficiency. The effectiveness of these measures awaits market validation.
The tea beverage industry is undergoing a transformation from scale expansion to quality improvement. NAYUKI is attempting to establish differentiated competitive advantages through healthy product positioning and store format adjustments.
As of June 2025, NAYUKI's membership reached 111 million, showing growth from the previous period. Consumer acceptance of healthy tea beverages will influence the implementation effectiveness of the company's strategy.
Financial data shows that NAYUKI has made progress in loss control and cash flow improvement, but the company still faces the challenge of achieving profitability. Future performance will depend on strategy execution effectiveness and market environment changes.