Nai Xue's Tea (02150) announced results for the year ended December 31, 2023, and the group made profits during the period...
According to the Zhitong Finance App, Nai Xue's Tea (02150) announced the results for the year ended December 31, 2023. The group achieved revenue of 5.164 billion yuan (RMB, same below) during the period, an increase of 20.33% over the previous year; profit attributable to the company's equity shareholders was 13.224 million yuan, which turned a loss into a profit over the previous year; and a basic profit of 0.01 yuan per share.
According to the announcement, the group generated most of its revenue through sales of products provided by Nai Xue's direct tea stores. In the reporting period and in 2022, Nai Xue's direct-run tea stores contributed 90.8% and 92.5% of total revenue, respectively. The remaining small portion of the Group's revenue mainly comes from the Group's bottled beverage business, tea shops operated by the Group's sub-brand Taigai, and franchise business.
In 2023, Nai Xue's direct-run tea store obtained a store operating profit of 829 million yuan, an increase of about 76.3% over 2022. In 2023, Nai Xue's tea direct-run store operating profit margin was 17.7%, up about 5.9 percentage points from 2022. Net cash from the Group's operating activities increased by about 170.2% to $829 million from $307 million in 2022.
As of December 31, 2023, the Group has 1,574 stores directly managed by Nayuki's tea in 111 cities. In 2023, the Group added a net of 506 stores directly managed by Nayuki's tea. The Group insists on further expanding the tea shop network and increasing market penetration, mainly in existing first-tier, new first-tier and key second-tier cities, with a view to cultivating and consolidating consumers' consumption habits.