Nayuki Holdings reported first-half 2026 revenue of RMB1.89 billion, down 13.10% year-on-year, as softer consumer demand weighed on sales of freshly made tea drinks and ready-to-drink beverages.
Adjusted net loss narrowed 18.00% to RMB96.70 million, while IFRS net loss came in at RMB97.58 million. Operating cash inflow fell 56.10% to RMB60.70 million.
Self-operated teahouses generated 86.6% of revenue, contributing RMB1.64 billion, with ready-to-drink beverage sales at RMB73.34 million. Other income streams—including franchising, gift boxes and peripheral products—rose 13.80% to RMB180.07 million.
Material costs eased to 33.70% of revenue from 34.10%, and staff costs fell to 28.60% of revenue versus 29.80% a year earlier, reflecting ongoing cost-control efforts. Advertising and promotion spend increased to 5.30% of revenue.
Cash and cash equivalents totalled RMB423.59 million at end-June, supplemented by RMB1.98 billion in term deposits. The group remains debt-free, with a gearing ratio of 29.70%, down from 32.10% at year-end 2025. No interim dividend was declared.
Network optimisation continued: total teahouses reached 1,685, comprising 1,315 self-operated and 370 franchised outlets. The company added 27 self-operated stores and 12 franchise stores since 31 December 2025, emphasising expansion in top-tier and key tier-2 cities while pruning underperforming locations.
Monthly active members averaged 3.02 million, with a 25.0% monthly repurchase rate from a registered base of 125.7 million.
Looking ahead, management plans to: • Refine store operating models and resource allocation to lift efficiency; • Broaden the product mix, extending its green and healthy lines alongside light meals and coffee; • Strengthen the franchise platform to accelerate penetration into lower-tier cities; and • Advance measured overseas expansion leveraging existing pilot stores.
The board reiterated its focus on improving profitability and cash generation, maintaining discipline on capital expenditure and costs while pursuing selective growth opportunities.