奈雪的茶：2023年度報告.PDF

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1、(Incorporated in the Cayman Islands with limited liability)(於開曼群島註冊成立的有限公司)Stock Code 股份代號:21502023ANNUAL REPORT 年 報CONTENTS目錄2 Definitions釋義7 Corporate Information公司資料10 Financial Summary財務摘要12 Management Discussion and Analysis管理層討論及分析37 Biographical Details of Directors and Senior Management董事及高級

2、管理層履歷詳情47 Directors Report董事會報告78 Corporate Governance Report企業管治報告102 Independent Auditors Report獨立核數師報告110 Consolidated Statement of Profit or Loss綜合損益表111 Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表112 Consolidated Statement of Financial Position綜合財務狀況表114

3、Consolidated Statement of Changes in Equity綜合權益變動表116 Consolidated Statement of Cash Flows綜合現金流量表118 Notes to the Consolidated Financial Statements綜合財務報表附註DEFINITIONS釋義 2Nayuki Holdings Limited奈雪的茶控股有限公司In this report,unless the context otherwise requires,the following words and expressions shall ha

4、ve the following meanings.“2020 Share Incentive Plan”the share incentive plan of the Company approved and adopted on May 15,20202020年股份激勵計劃指於2020年5月15日批準及採納的本公司股份激勵計劃“2020 Share Option Plan”the share option plan of the Company approved and adopted on May 15,20202020年購股權計劃指於2020年5月15日批準及採納的本公司購股權計劃“A

5、GM”the forthcoming annual general meeting of the Company proposed to be held on Friday,June 28,2024股東週年大會指本公司建議於2024年6月28日（星期五）舉行的應屆股東週年大會“associate(s)”has the meaning ascribed to it under the Listing Rules聯繫人指具有上市規則賦予該詞的涵義“Audit Committee”the audit committee of the Board審核委員會指董事會審核委員會“Beijing Tiant

6、u”Beijing Tiantu Xingbei Investment Center(Limited Partnership)(北京天圖興北投資中心（有限合夥）),a limited partnership established under the Laws of the PRC on June 26,2015北京天圖指北京天圖興北投資中心（有限合夥），一家於2015年6月26日根據中國法律成立的有限合夥企業“Board”or“Board of Directors”the board of Directors of the Company董事會指本公司董事會“BVI”the British

7、Virgin Islands英屬維爾京群島指英屬維爾京群島“Chengdu Tiantu”Chengdu Tiantu Tiantou Dongfeng Equity Investment Fund Center(Limited Partnership)(成都天圖天投東風股權投資基金中心（有限合夥）),a limited partnership established under the Laws of the PRC on November 17,2016成都天圖指成都天圖天投東風股權投資基金中心（有限合夥），一家於2016年11月17日根據中國法律成立的有限合夥企業“Chairman”th

8、e chairman of the Board董事長指董事長“Chief Executive Officer”the chief executive officer of our Company首席執行官指本公司首席執行官於本報告內，除非文義另有所指，否則以下詞彙及表述具有下列涵義。DEFINITIONS釋義 3Annual Report 年報 2023“Company”Nayuki Holdings Limited(奈雪的茶控股有限公司),an exempted company with limited liability incorporated in the Cayman Islands

9、 on September 5,2019,whose Shares are listed and traded on the Stock Exchange本公司指奈雪的茶控股有限公司，一家於2019年9月5日在開曼群島註冊成立的獲豁免有限公司，其股份於聯交所上市及買賣“Controlling Shareholders”has the meaning ascribed to it under the Listing Rules and,in the context of this report,means Mr.Zhao Lin,Ms.Peng Xin,Linxin Group,Linxin I

10、nternational,Linxin Holdings and Crystal Tide Profits Limited控股股東指具有上市規則賦予該詞的涵義，就本報告而言，指趙林先生、彭心女士、Linxin Group、Linxin International、林心控股及Crystal Tide Profits Limited“Director(s)”member(s)of the board of directors of the Company,including all executive,non-executive and independent non-executive dire

11、ctors董事指本公司董事會成員，包括全體執行董事、非執行董事及獨立非執行董事“Equity Incentive Plans”the 2020 Share Option Plan and the 2020 Share Incentive Plan股權激勵計劃指2020年購股權計劃及2020年股份激勵計劃“Fucheng”Shenzhen Fucheng Technology Co.,Ltd.(深圳市賦程科技有限公司),a company established in PRC and a connected person of our Company賦程指深圳市賦程科技有限公司，一家於中國成立的

12、公司，並為本公司的關連人士“General Manager”the general manager of our Company總經理指本公司總經理“Group,”“our Group,”“we”or“us”the Company and our subsidiaries(or the Company and any one or more of our subsidiaries,as the context may require)本集團 或 我們指本公司及我們的附屬公司（或本公司及我們的任何一家或以上附屬公司（視文義而定）“HK$”or“HKD”or “Hong Kong dollars”

13、Hong Kong dollars,the lawful currency of Hong Kong港元指香港法定貨幣港元“Hong Kong”or“HK”or “Hong Kong SAR”the Hong Kong Special Administrative Region of the PRC香港 或 香港特別行政區指中國香港特別行政區“Independent Third Party”or“Independent Third Parties”any entity or person who is not a connected person of our Company or an as

14、sociate of any such person within the meaning ascribed thereto under the Listing Rules獨立第三方指並非本公司關連人士或任何相關人士的聯繫人（具有上市規則賦予該詞的涵義）之任何實體或人士 DEFINITIONS釋義 4Nayuki Holdings Limited奈雪的茶控股有限公司“Linxin Group”Linxin Group Limited,a company incorporated in the BVI on December 29,2020,one of our Controlling Shar

15、eholdersLinxin Group指Linxin Group Limited，一家於2020年12月29日在英屬維爾京群島註冊成立的公司，為我們的控股股東之一“Linxin Holdings”Linxin Holdings Limited(林心控股有限公司),a company incorporated in the BVI on September 5,2019,one of our Controlling Shareholders林心控股指林心控股有限公司，一家於2019年9月5日在英屬維爾京群島註冊成立的公司，為我們的控股股東之一“Linxin International”Linx

16、in International Limited,a company incorporated in the BVI on December 29,2020,one of our Controlling ShareholdersLinxin International指Linxin International Limited，一家於2020年12月29日在英屬維爾京群島註冊成立的公司，為我們的控股股東之一“Linxin Trust”Linxin Trust,an irrevocable discretionary trust established in Guernsey on Decembe

17、r 30,2020 with Linxin Holdings as beneficiaryLinxin Trust指Linxin Trust，於2020年12月30日在根西島設立的不可撤銷全權信託，林心控股為受益人“Listing Date”June 30,2021上市日期指2021年6月30日“Listing Rules”the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited,as amended,supplemented or otherwise modified fr

18、om time to time上市規則指香港聯合交易所有限公司證券上市規則（經不時修訂、補充或以其他方式修改）“Model Code”the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules標準守則指上市規則附錄C3所載上市發行人董事進行證券交易的標準守則“Nomination Committee”the nomination committee of the Board提名委員會指董事會提名委員會“Option

19、(s)”share option(s)granted pursuant to the 2020 Share Option Plan購股權指根據2020年購股權計劃授出的購股權“Prospectus”the prospectus of the Company dated June 18,2021招股章程指本公司日期為2021年6月18日的招股章程“PRC”or“China”or the“Peoples Republic of China”the Peoples Republic of China and,except where the context otherwise requires,re

20、ferences in this report to the PRC or China do not apply to Hong Kong SAR,Macau SAR or Taiwan Province中國 或 中華人民共和國指中華人民共和國，除非文義另有所指，本報告中對中國的提述並不適用於香港特別行政區、澳門特別行政區或臺灣省DEFINITIONS釋義 5Annual Report 年報 2023“Remuneration Committee”the remuneration committee of the Board薪酬委員會指董事會薪酬委員會“Renminbi”or“RMB”Renm

21、inbi,the lawful currency of the PRC人民幣指中國法定貨幣人民幣“Reporting Period”the year ended December 31,2023報告期間指截至2023年12月31日止年度“RSU(s)”restricted share unit(s)granted pursuant to the 2020 Share Incentive Plan受限制股份單位指根據2020年股份激勵計劃授出的受限制股份單位“Shanghai Chatian”Shanghai Chatian Catering Management Co.,Ltd.(上海茶田餐飲

22、管理有限公司),a company with limited liability established and existing under the laws of the PRC上海茶田指上海茶田餐飲管理有限公司，一家依照中國法律組建和存續的有限責任公司“SFO”or“Securities and Futures Ordinance”the Securities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong),as amended,supplemented or otherwise modified from time

23、 to time證券及期貨條例指香港法例第571章證券及期貨條例（經不時修訂、補充或以其他方式修改）“Share(s)”share(s)of the Company of nominal value of US$0.00005 each股份指本公司每股面值0.00005美元的股份“Shareholder(s)”holder(s)of the Shares股東指股份持有人“Shenzhen Pindao Group”Shenzhen Pindao Group Co.,Ltd.(深圳市品道集團有限公司),a company incorporated in the PRC on December 1

24、7,2019 and a wholly-owned subsidiary of our Company深圳品道集團指深圳市品道集團有限公司，一家於2019年12月17日在中國註冊成立的公司，為本公司的全資附屬公司“Shenzhen Pindao Management”Shenzhen Pindao Food&Beverage Management Co.,Ltd.(深圳市品道餐飲管理有限公司),a company incorporated in the PRC on May 12,2014 and a wholly owned subsidiary of our Company深圳品道管理指深

25、圳市品道餐飲管理有限公司，一家於2014年5月12日在中國註冊成立的公司，為本公司的全資附屬公司“Stock Exchange”The Stock Exchange of Hong Kong Limited聯交所指香港聯合交易所有限公司“substantial shareholder(s)”has the meaning ascribed to it in the Listing Rules主要股東指具有上市規則賦予該詞的涵義 DEFINITIONS釋義 6Nayuki Holdings Limited奈雪的茶控股有限公司“Tiantu Dongfeng”Shenzhen Tiantu Don

26、gfeng Medium Small and Micro Enterprises Equity Investment Fund Partnership(Limited Partnership)(深圳市天圖東峰中小微企業股權投資基金合夥企業（有限合夥）),a limited partnership established under the Laws of the PRC on July 25,2017天圖東峰指深圳市天圖東峰中小微企業股權投資基金合夥企業（有限合夥），一家於2017年7月25日根據中國法律成立的有限合夥企業“Tiantu Entities”collectively,Tiantu

27、 Xingli,Chengdu Tiantu,Tiantu Dongfeng,Tiantu Xingnan and Tiantu Xingpeng天圖實體指天圖興立、成都天圖、天圖東峰、天圖興南及天圖興鵬的統稱“Tiantu Xingli”Shenzhen Tiantu Xingli Investment Enterprise(Limited Partnership)(深圳天圖興立投資企業（有限合夥）),a limited partnership established under the Laws of the PRC on March 15,2016天圖興立指深圳天圖興立投資企業（有限合夥

28、），一家於2016年3月15日根據中國法律成立的有限合夥企業“Tiantu Xingnan”Shenzhen Tiantu Xingnan Investment Enterprise(Limited Partnership)(深 圳 天 圖 興 南 投 資 合 夥 企 業（有 限 合 夥）),a limited partnership established under the Laws of the PRC on April 3,2018天圖興南指深圳天圖興南投資合夥企業（有限合夥），一家於2018年4月3日根據中國法律成立的有限合夥企業“Tiantu Xingpeng”Shenzhen T

29、iantu Xingpeng Consumption Industry Equity InvestmentFund Partnership(Limited Partnership)(深圳天圖興鵬大消費產業股權投資基金合夥企業（有限合夥）),a limited partnership established under the Laws of the PRC on December 29,2017天圖興鵬指深圳天圖興鵬大消費產業股權投資基金合夥企業（有限合夥），一家於2017年12月29日根據中國法律成立的有限合夥企業“US$”United States dollars,the lawful c

30、urrency of the United States美元指美國的法定貨幣美元“Zundao”Dongguan Zundao Environmental Packaging Services Co.,Ltd.(東莞市遵道環保包裝實業有限公司),a company established in PRC and is a connected person of our Company遵道指東莞市遵道環保包裝實業有限公司，一家於中國成立的公司，並為本公司的關連人士“%”per cent%指百分比CORPORATE INFORMATION公司資料 7Annual Report 年報 2023COMP

31、ANY NAMENayuki Holdings LimitedDIRECTORSExecutive DirectorsMr.Zhao Lin(Chairman and Chief Executive Officer)Ms.Peng Xin Mr.Deng BinNon-executive DirectorsMr.Wei GuoxingMr.Wong Tak-waiIndependent Non-executive DirectorsMr.Liu YiweiMs.Zhang RuiMr.Xie YongmingAUDIT COMMITTEEMs.Zhang Rui(Chairperson)Mr.

32、Liu YiweiMr.Xie YongmingNOMINATION COMMITTEEMr.Zhao Lin(Chairperson)Mr.Liu YiweiMr.Xie YongmingREMUNERATION COMMITTEEMr.Liu Yiwei(Chairperson)Mr.Zhao LinMr.Xie YongmingJOINT COMPANY SECRETARIESMs.Shi Chao Ms.Ho Yin KwanAUTHORIZED REPRESENTATIVESMr.Zhao LinMs.Ho Yin KwanAUDITORKPMGPublic Interest Ent

33、ity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance8th Floor,Princes Building 10 Chater RoadCentral,Hong Kong公司名稱奈雪的茶控股有限公司董事執行董事趙林先生（董事長及首席執行官）彭心女士鄧彬先生非執行董事魏國興先生黃德煒先生獨立非執行董事劉異偉先生張蕊女士謝永明先生審核委員會張蕊女士（主席）劉異偉先生謝永明先生提名委員會趙林先生（主席）劉異偉先生謝永明先生薪酬委員會劉異偉先生（主席）趙林先生謝

34、永明先生聯席公司秘書史超女士何燕群女士授權代表趙林先生何燕群女士核數師畢馬威會計師事務所根據 會計及財務匯報局條例 註冊的 公眾利益實體核數師香港中環遮打道10號太子大廈8樓 CORPORATE INFORMATION公司資料 8Nayuki Holdings Limited奈雪的茶控股有限公司LEGAL ADVISEREric Chow&Co.in Association with Commerce&Finance Law Offices3401,Alexandra House18 Chater RoadCentral Hong KongREGISTERED OFFICE IN CAYMAN

35、 ISLANDSWalkers Corporate Limited190 Elgin Avenue George TownGrand Cayman KY1-9008 Cayman IslandsHEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRCZone F,2F,Building 3 Huangguan Science Park Chegongmiao Industrial Zone Futian DistrictShenzhen PRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG40th Floo

36、r,Dah Sing Financial Centre No.248 Queens Road EastWanchai Hong KongPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN THE CAYMAN ISLANDSWalkers Corporate Limited190 Elgin Avenue George TownGrand Cayman KY1-9008 Cayman Islands法律顧問周俊軒律師事務所 與通商律師事務所聯營香港中環遮打道18號歷山大廈3401室開曼群島註冊辦事處Walkers Corporate Limited

37、190 Elgin Avenue George TownGrand Cayman KY1-9008 Cayman Islands總部及中國主要營業地點中國深圳市福田區車公廟工業區皇冠科技園3棟F座2樓香港主要營業地點香港灣仔皇后大道東248號大新金融中心40樓開曼群島股份過戶登記總處Walkers Corporate Limited190 Elgin Avenue George TownGrand Cayman KY1-9008 Cayman IslandsCORPORATE INFORMATION公司資料 9Annual Report 年報 2023HONG KONG SHARE REGIS

38、TRARComputershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor Hopewell Centre183 Queens Road East,Wanchai Hong KongPRINCIPAL BANKERSChina Merchants Bank Co.,Ltd.Shenzhen BranchChina Merchants Bank Shenzhen Branch Building No.2016,Shennan BlvdFutian District ShenzhenPRCChina Everbri

39、ght Bank Company Limited Shenzhen Branch1/F,Education Technology Building No.26 Zizhu 7th RoadFutian District ShenzhenPRCSTOCK CODE2150COMPANY WEBSITECONTACT INFORMATION FOR INVESTORSirpin-香港證券登記處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖主要往來銀行招商銀行股份有限公司深圳分行中國深圳市福田區深南大道2016號招商銀行深圳分行大廈中國光大銀行股份有限公司深圳

40、分行中國深圳市福田區紫竹七道26號教育科技大廈1層股份代號2150公司網址投資者聯絡方式irpin-FINANCIAL SUMMARY財務摘要 10Nayuki Holdings Limited奈雪的茶控股有限公司A summary of the results and of the assets and liabilities of our Group for the last five financial years,is set out below:For the year ended December 31,截至12月31日止年度202320222021202020192023年202

41、2年2021年2020年2019年RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Revenue收益5,164,0564,291,5864,296,6183,057,1812,501,510Other income其他收入186,490124,95027,339205,9515,604Cost of materials材料成本(1,699,442)(1,416,094)(1,400,674)(1,159,322)(915,653)Staff costs員工成本(1,403,868)(1,362,115)(1,424,358)(91

42、9,096)(750,724)Depreciation of right-of-use assets 使用權資產折舊(411,588)(434,930)(420,272)(352,912)(261,417)Other rentals and related expenses其他租金及相關開支(306,258)(228,962)(212,996)(100,568)(127,379)Depreciation and amortization of other assets其他資產的折舊及攤銷(304,439)(263,183)(204,026)(154,117)(92,534)Advertisin

43、g and promotion expenses廣告及推廣開支(165,804)(142,933)(111,592)(82,172)(67,484)Delivery service fees配送服務費(392,638)(380,520)(258,976)(167,369)(64,435)Utilities expenses水電開支(143,899)(113,556)(90,750)(66,909)(51,659)Logistic and storage fees物流及倉儲費(140,833)(123,112)(90,502)(56,710)(39,891)Other expenses其他開支(

44、261,301)(249,578)(176,325)(123,655)(80,267)Other net losses其他虧損淨額(45,912)(130,865)(38,746)(7,382)(2,176)Finance costs融資成本(65,873)(80,326)(91,547)(130,258)(96,185)Share of losses of associates應佔聯營公司虧損(38,722)(1,288)Fair value changes of financial assets at fair value through profit or loss(“FVTPL”)以公

45、允價值計量且其變動計入當期損益（以公允價值計量且其變動計入當期損益）的金融資產的公允價值變動36,141(2,603)7,560 Fair value changes of financial liabilities at FVTPL以公允價值計量且其變動計入當期損益的金融負債的公允價值變動(2,989)(11,330)(132,757)Fair value changes of convertible redeemable preferred shares可轉換可贖回優先股的公允價值變動(4,329,052)Profit/(loss)before taxation除稅前溢利（虧損）6,110

46、(516,518)(4,529,629)(190,095)(42,690)Income tax所得稅5,05640,7124,105(13,207)3,010 Profit/(loss)for the year年內溢利（虧損）11,166(475,806)(4,525,524)(203,302)(39,680)Non-IFRS measure非國際財務報告準則計量Adjusted net profit/(loss)(non-IFRS measure)(1)經調整淨利潤（虧損）（非國際財務報告準則計量）(1)20,912(461,331)(145,265)16,643(11,735)Adjust

47、ed net profit/(loss)margin(non-IFRS measure)(2)經調整淨利潤（虧損）率（非國際財務報告 準則計量）(2)0.4%(10.7)%(3.4)%0.5%(0.5)%下文載列有關本集團於過往五個財政年度的業績以及資產及負債的摘要：FINANCIAL SUMMARY財務摘要 11Annual Report 年報 2023附註：(1)經調整淨利潤（虧損）（非國際財務報告準則計量）界定為通過加回以公允價值計量且其變動計入當期損益的金融負債的公允價值變動、可轉換可贖回優先股的公允價值變動、上市開支、以權益結算以股份為基礎的付款開支、可贖回注資額的利息、免徵銷項增值

48、稅所得收入及不可抵扣的進項增值稅而調整的期內淨利潤（虧損）。(2)採用經調整淨利潤（虧損）（非國際財務報告準則計量）除以既定期間的收益計算。Notes:(1)The adjusted net profit/(loss)(non-IFRS measure)is defined as net profit/(loss)for the period adjusted by adding back fair value changes of financial liabilities at FVTPL,fair value changes of convertible redeemable prefe

49、rred shares,listing expenses,equity-settled share-based payment expenses,interest on redeemable capital contributions,income from output value-added tax exemption and uncreditable input value-added tax.(2)Calculated using adjusted net profit/(loss)(non-IFRS measure)divided by revenue for a given per

50、iod.As at December 31,於12月31日202320222021202020192023年2022年2021年2020年2019年RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Assets,Liabilities and Equity/(Deficit)資產、負債及 權益（虧絀）Total assets總資產7,540,3646,939,7007,328,4463,314,1092,051,148Total liabilities總負債2,718,592(2,174,116)(2,385,016)(3,738,

51、526)(2,200,614)Total equity/(deficit)權益（虧絀）總額4,821,7724,765,5844,943,430(424,417)(149,466)MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 12Nayuki Holdings Limited奈雪的茶控股有限公司ENTERPRISE OVERVIEWEstablished in Shenzhen City of Guangdong Province in 2014,the Group is a catering group principally engaged in C

52、hinese freshly-made tea drinks chain operation,whose Shares were listed on the main board of the Stock Exchange on June 30,2021.As a leading manager and operator of premium modern teahouse brand in China,we operate Nayuki teahouses which focus on offering a broad array of freshly-made tea drinks and

53、 handcrafted baked goods,and we establish a dual category model featured with“tea drinks+European soft bread”in line with meeting two kinds of pleasures by enjoying a nice cup of tea and a bite of European soft bread,and are committed to becoming a global teahouse brand loved by everyone,with creati

54、ng and promoting the tea culture to the world as our brand vision.We make high-quality and healthy products with less sugar content,using high-quality ingredients such as fresh fruits,high-quality tea leaves and fresh milk instead of syrup,tea powder and creamer,building a lifestyle suitable for mod

55、ern people through tea drinks.Through our operated modern teahouses,we have created a comfortable social space for our customers and communities to get together.In order to promote the long-term development of our brand,we have continued to iterate on store space.As of December 31,2023,our Group has

56、 1,574 Nayuki self-operated stores in 111 cities.In 2023,we recorded net increase of 506 Nayuki self-operated stores.BUSINESS REVIEWIn 2023,the offline consumer industry environment changed considerably.With the COVID-19 outbreak rapidly receding,offline consumer performance recovered quickly in the

57、 first quarter of 2023.However,this trend has not been sustained,with traditional peak seasons such as the Labour Day holidays and the summer season for students,in particular,performing largely in line with or below expectations,and showing the characteristics of“demand not robust during peak seaso

58、n”.If factors such as population movement during holidays are excluded,the trend of change in performance is basically the same across different regions and city lines.In the case of the freshly-made tea industry,we have not observed any major changes on the supply side,but there is no doubt about t

59、he pressure on the demand side.企業概況本集團在2014年始建於廣東省深圳市，是一家以中式現制茶飲連鎖經營為核心的餐飲集團，並在2021年6月30日於聯交所主板上市。作為中國領先的高端現制茶飲品牌管理者及運營者，我們所經營的奈雪的茶茶飲店專注於提供各種現製茶飲及烘焙產品，我們以 一杯好茶一口軟歐包，在奈雪遇見兩種美好 開創了 茶飲+軟歐包 雙品類模式，致力於 成為受顧客喜愛的全球性茶飲品牌，以成為茶文化走向世界的創新者和推動者 為品牌願景。我們堅持打造高品質、健康的產品，以新鮮水果代替糖漿，以優質茶葉代替茶粉茶末，以新鮮牛奶代替奶精，堅持更低糖的配方，通過茶飲打造

60、適合現代人的生活方式。我們通過經營的現制茶飲店，為客戶及社區打造適合聚會和舒適的社交場所，為促進品牌長足發展，我們在門店空間上不斷迭代。截至2023年12月31日，本集團在111個城市擁有1,574間奈雪的茶直營門店。2023年，我們淨新增506間奈雪的茶直營門店。業務回顧2023年，線下消費行業環境發生了較大的變化。隨著COVID-19疫情迅速消退，在2023年第一季度，線下消費表現迅速恢復。然而，這一態勢並未得到持續，尤其是 五一假期及學生暑期等傳統旺季的表現僅僅基本符合或遜於預期，呈現出旺季不旺 的特點。如果排除假期人口流動等因素，從不同區域和城市線級的表現來看，變化趨勢也基本一致。就現

61、製茶飲行業而言，我們並未觀察到供給側出現重大變化，然而需求側的壓力毋庸置疑。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 13Annual Report 年報 2023In response to the above,we made several adjustments in 2023,the most significant of which was the franchise business.In late July 2023,we formally announced the opening of franchising for our mai

62、n brand.As of the end of February 2024,approximately 200 franchise stores had opened.Franchise stores are mainly focused on mid and low-tier cities,which will help us explore new markets and tap new demand.In addition,we opened our first store in Thailand at the end of 2023 and will continue to incr

63、ease our overseas expansion efforts thereafter.In 2023,the Groups revenue increased by approximately 20.3%from RMB4,291.6 million in 2022 to RMB5,164.1 million,and the adjusted net profit/(loss)changed from loss of RMB461.3 million in 2022 to profit of RMB20.9 million in 2023.In 2023,we recorded sto

64、re-level operating profit of RMB828.7 million for our Nayuki self-operated stores,representing an increase of approximately 76.3%compared to 2022.The store-level operating profit margin of Nayuki self-operated stores was 17.7%in 2023,representing an increase of approximately 5.9 percentage points co

65、mpared to 2022.Net cash generated from operating activities of the Group increased by approximately 170.2%from RMB306.6 million in 2022 to RMB828.5 million.As of December 31,2023,the Group had a total of 81 Nayuki franchise stores,and we plan to provide the market with more information on the perfor

66、mance of the franchise stores at an appropriate time.For the avoidance of doubt,unless otherwise stated,the figures in the section headed“Management Discussion and Analysis”in respect of Nayuki teahouses include Nayuki self-operated stores only.為此，我們在2023年做出了多項調整，其中最受關注當屬加盟業務。2023年7月下旬，我們正式宣佈對主品牌開放加

67、盟。截至2024年2月底，約200家加盟門店已經開業。加盟門店主要專注中、低線城市，將有助於我們開拓新市場，發掘新的需求。此外，我們於2023年底在泰國開出首家門店，此後也將持續加大境外市場拓展力度。2023 年，本 集 團 收 入 由 2022 年 的 人 民 幣4,291.6百萬元上升約20.3%至人民幣5,164.1百萬元，經調整淨利潤（虧損）由於2022年的虧損人民幣461.3百萬元變為2023年的盈利人民幣20.9百萬元。2023年，奈雪的茶直營門店錄得門店經營利潤人民幣828.7百萬元，較2022年上升約76.3%。2023年奈雪的茶直營門店門店經營利潤率為17.7%，較2022年

68、上升約5.9個百分點。本集團經營活動所得現金淨額由2022年的人民幣306.6百萬元上升約170.2%至人民幣828.5百萬元。截至2023年12月31日，本集團共有81家奈雪的茶加盟門店，我們計劃在合適的時機為市場提供更多關於加盟門店的表現信息。為免存疑，除非特別註明，管理層討論及分析章節關於奈雪的茶茶飲店的數據僅包括奈雪的茶直營門店。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 14Nayuki Holdings Limited奈雪的茶控股有限公司Performance by sub-brandsFor the Reporting Period,Na

69、yuki self-operated stores contributed a vast majority of our revenue.In the foreseeable future,we expect that Nayuki self-operated stores will continue to be our key business.The following table sets out our performance by our sub-brands.For the year ended December 31,截至12月31日止年度20232022Change2023年2

70、022年變動RMB%RMB%RMBPercentage point(s)人民幣元人民幣元人民幣元百分點(in thousands,except percentages)（以千計，百分比除外）Nayuki self-operated stores奈雪的茶直 營門店4,691,50190.83,969,30692.5722,195(1.7)Ready-to-drink beverage瓶裝飲料266,6195.2157,0313.7109,5881.5Tai Gai臺蓋53,4981.082,5841.9(29,086)(0.9)Others(1)其他(1)152,4383.082,6651.96

71、9,7731.1 Total總計5,164,056100.04,291,586100.0872,470N/A 不適用 For the year ended December 31,2023For the year ended December 31,2022截至2023年12月31日止年度截至2022年12月31日止年度Store-level Operating Profit(2)Store-level Operating Profit Margin(2)Store-level Operating Profit(2)Store-level Operating Profit Margin(2)門

72、店經營利潤(2)門店經營利潤率(2)門店經營利潤(2)門店經營利潤率(2)RMB%RMB%人民幣元人民幣元(in thousands,except percentages)（以千計，百分比除外）Nayuki self-operated stores奈雪的茶直營門店828,72317.7469,94511.8Tai Gai臺蓋(8,440)(15.8)(11,949)(14.5)分品牌表現於報告期內，奈雪的茶直營門店貢獻了本集團的絕大部分收入。我們預計，在可預見的未來，奈雪的茶直營門店仍將是我們的主要業務重心。下表載列了我們按品牌劃分的表現情況。MANAGEMENT DISCUSSION AND

73、 ANALYSIS管理層討論及分析 15Annual Report 年報 2023For the year ended December 31,2023For the year ended December 31,2022截至2023年12月31日止年度截至2022年12月31日止年度 Nayuki self-operated stores奈雪的茶直營門店Average sales value per order(RMB)(3)每筆訂單平均銷售價值（人民幣元）(3)29.634.3Average orders per teahouse per day(#)(4)每間茶飲店平均 每日訂單量（#）

74、(4)344.3348.2 Notes:(1)Including revenue derived from business lines other than Nayuki self-operated stores,Tai Gai teahouses and ready-to-drink beverage,which consist primarily of sales of gifts such as gift tea boxes,seasonal gift sets and retail products,as well as revenue generated from our fran

75、chise business.(2)We define store-level operating profit as revenue deducting operational costs,comprising costs of materials,staff costs,depreciation of right-of-use assets,other rentals and related expenses,depreciation and amortization of other assets,utilities expenses and delivery expenses,incu

76、rred at the store level under each teahouse brand,while store-level operating profit margin is calculated by dividing store-level operating profit by revenue for the corresponding period.(3)Calculated by the revenue generated by a Nayuki self-operated store in certain period divided by the total num

77、ber of orders placed by customers to such Nayuki self-operated store in the same period.(4)Calculated by the arithmetic average amount of valid orders per day of a Nayuki self-operated store in certain period.附註：(1)包括奈雪的茶直營門店、臺蓋茶飲店、瓶裝飲料以外的業務線產生的收入，其中主要包括茶禮盒、節日類限定禮盒等伴手禮及零售產品銷售額以及我們的加盟業務帶來的收入。(2)我們將門店

78、經營利潤定義為各茶飲店品牌的門店層面收入扣除產生的營業成本，包括材料成本、員工成本、使用權資產折舊、其他租金及相關開支、其他資產折舊及攤銷、水電開支以及配送開支，門店經營利潤率採用門店經營利潤除以相應期間的收入計算。(3)按某一期間相關奈雪的茶直營門店產生的收入除以同期客戶向該間奈雪的茶直營門店下達的訂單總數計算。(4)按某一期間相關奈雪的茶直營門店每日有效訂單數的算術平均數計算。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 16Nayuki Holdings Limited奈雪的茶控股有限公司Performance by business linesW

79、e intend to modernize Chinas long-lived tea-drinking culture and promote it to more customers by offering freshly-made tea drinks and baked goods coupled with enjoyable customer experience.Moreover,in order to cater to the diversified demands of our customers,we have launched ready-to-drink beverage

80、 and various retail products such as snacks and gift products.The following table sets out our performance by business lines.For the year ended December 31,截至12月31日止年度20232022Change2023年2022年變動RMB%RMB%RMBPercentage point(s)人民幣元人民幣元人民幣元百分點(in thousands,except percentages)（以千計，百分比除外）Freshly-made tea d

81、rinks現製茶飲3,776,94373.13,135,32673.0641,6170.1Baked goods烘焙產品707,66213.7775,67218.1(68,010)(4.4)Ready-to-drink beverage瓶裝飲料266,6195.2157,0313.7109,5881.5Others(1)其他(1)412,8328.0223,5575.2189,2752.8 Total總計5,164,056100.04,291,586100.0872,470N/A 不適用 Note:(1)Primarily include coffee,peripheral products,

82、retail products and gifts,such as gift tea boxes,snacks,seasonal gift sets and revenue generated from our franchise business.分業務線表現我們希望通過提供現製茶飲和烘焙產品以及愉悅的顧客體驗，為中國悠久的茶飲文化注入現代元素並傳播至更多客戶。除此之外，為了滿足多樣化的需求，我們也推出了瓶裝飲料以及包含零食、伴手禮在內的多種零售產品。下表載列了我們按業務線劃分的表現情況。附註：(1)主要包括咖啡、周邊產品、零售產品及伴手禮，如茶禮盒、零食、節日類限定禮盒以及我們的加盟業務帶

83、來的收入。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 17Annual Report 年報 2023Performance by income sources Nayuki self-operated storesThe following table sets out the performance of Nayuki self-operated stores by income sources.For the year ended December 31,截至12月31日止年度20232022Change2023年2022年變動RMB%RMB%RM

84、BPercentagepoint(s)人民幣元人民幣元人民幣元百分點(in thousands,except percentages)（以千計，百分比除外）Nayuki self-operated stores奈雪的茶 直營門店Order at store counter(1)門店點單(1)680,19514.5759,74419.1(79,549)(4.6)Pickup orders(2)自提訂單(2)2,044,66743.61,372,62434.6672,0439.0Delivery orders(3)外賣訂單(3)1,966,63941.91,836,93846.3129,701(4

85、.4)Total總計4,691,501100.03,969,306100.0722,195N/A 不適用 Notes:(1)Representing revenue generated from customer orders placed on-site at Nayuki self-operated stores(excluding orders placed through our WeChat,Alipay and third-party platform mini programs).(2)Representing revenue generated from customer or

86、ders placed through our WeChat,Alipay and third-party platform mini programs.(3)Representing revenue generated from delivery orders that require delivery services.In 2023,out of the revenue of the Groups Nayuki self-operated stores,approximately 35.5%was derived from revenue generated from delivery

87、orders placed by third-party platforms;and approximately 6.4%was derived from revenue generated from delivery orders placed by the Groups self-operated platform.Nayuki Membership ProgramAs at December 31,2023,the Company had registered members of approximately 80.5 million.The monthly active members

88、(1)of the Company amounted to approximately 4.7 million,with a monthly repurchase rate(2)of approximately 23.9%.Notes:(1)Representing the average number of members who ordered our products at least once a month during 2023;(2)Representing the average proportion of active members who ordered our prod

89、ucts at least twice a month during 2023.分收入來源表現奈雪的茶直營門店下表載列了奈雪的茶直營門店分收入來源的表現情況。附註：(1)指在我們的奈雪的茶直營門店現場下達客戶訂單（不包括通過我們的微信、支付寶及第三方平臺小程序所下訂單）所產生的收入。(2)指通過我們的微信、支付寶及第三方平臺小程序下達的客戶訂單所產生的收入。(3)指需要配送服務的外賣訂單所產生的收入。2023年，本集團奈雪的茶直營門店收入的約35.5%來自於第三方外賣平臺下達的外賣訂單所產生的收入，約6.4%來自於本集團自營平臺下達的外賣訂單所產生的收入。會員體系建設於2023年12月31日，

90、本公司註冊會員數量達到約80.5百萬名，月度活躍會員(1)總數達到約4.7百萬名，月度複購率(2)約23.9%。附註：(1)指2023年內，每個月至少購買一次公司產品的會員數目的平均值；(2)指2023年內，每個月至少購買兩次公司產品的會員佔活躍會員的比例的平均值。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 18Nayuki Holdings Limited奈雪的茶控股有限公司PERFORMANCE ANALYSIS OF NAYUKI SELF-OPERATED STORESNumber and distribution of storesAs of

91、 December 31,2023,the Group had 1,574 Nayuki self-operated stores in 111 cities.In 2023,we recorded a net increase of 506 Nayuki self-operated stores.We insist on further expanding our teahouse network and increasing market penetration mainly in the existing Tier 1 cities,New Tier 1 cities and key T

92、ier 2 cities,so as to cultivate and consolidate consumers consumption habits.The following table sets out the breakdown of the number of our Nayuki self-operated stores by geographic location.As at December 31,2023As at December 31,2022於2023年12月31日於2022年12月31日 Number of Type-I Teahouses(#)第一類茶飲店數目(#

93、)Tier 1 cities一線城市398309New Tier 1 cities新一線城市421294Tier 2 cities二線城市278213Other cities(1)其他城市(1)13380 Total總計1,230896 As at December 31,2023As at December 31,2022於2023年12月31日於2022年12月31日 Number of Type-II Teahouses(#)第二類茶飲店數目(#)Tier 1 cities一線城市14464New Tier 1 cities新一線城市13163Tier 2 cities二線城市5029O

94、ther cities(1)其他城市(1)1916 Total總計344172 Note:(1)Including(i)cities of other tiers across mainland China;and(ii)cities outside mainland China.奈雪的茶直營門店表現分析門店數量及分佈截至2023年12月31日，本集團在111個城市擁有1,574間奈雪的茶直營門店。2023年，我們淨新增506間奈雪的茶直營門店。我們堅持主要在現有的一線、新一線和重點二線城市進一步擴張茶飲店網絡並提高市場滲透率，以期培養和鞏固消費者的消費習慣。下表載列了我們按地理位置劃分的奈雪

95、的茶直營門店數量明細。附註：(1)包括(i)中國大陸其他線城市；及(ii)中國大陸境外城市。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 19Annual Report 年報 2023Performance by marketThe following table sets out certain key performance indicators for stores in certain cities.As of and for the year ended December 31,2023截至2023年12月31日及截至該日止年度Number o

96、f stores(1)(#)Average daily sales per teahouseStore-level operating profit margin(2)門店數目(1)(#)平均單店日銷售額門店經營利潤率(2)(RMB000)(%)（人民幣千元）Nayuki self-operated stores奈雪的茶直營門店Shenzhen深圳20814.623.2Shanghai上海9411.015.0Guangzhou廣州10111.119.2Wuhan武漢869.818.9Xian西安5712.224.7Beijing北京7711.312.6 The following table

97、sets out certain key performance indicators for stores in different tiered cities.For the year ended December 31,截至12月31日止年度20232022202320222023年2022年2023年2022年Number of stores(1)(#)Average daily sales per teahouseStore-level operating profit margin(2)門店數目(1)(#)平均單店日銷售額門店經營利潤率(2)(RMB000)(%)（人民幣千元）Na

98、yuki self-operated stores奈雪的茶直營門店Tier 1 cities一線城市48012.714.419.613.5New Tier 1 cities新一線城市4809.511.417.312.6Tier 2 cities二線城市3029.611.118.113.0Other cities(3)其他城市(3)1319.711.919.616.6 分市場表現下表載列了若干城市門店的若干關鍵績效指標。下表載列了各綫級城市門店的若干關鍵績效指標。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 20Nayuki Holdings Limite

99、d奈雪的茶控股有限公司The following table sets out certain same-store key performance indicators of Nayuki self-operated stores in certain cities.For the year ended December 31,截至12月31日止年度20232022202320222023年2022年2023年2022年Number of stores(4)(#)Average daily sales per teahouseStore-level operating profit marg

100、in(2)同店數目(4)(#)平均單店日銷售額門店經營利潤率(2)(RMB000)(%)（人民幣千元）Nayuki self-operated stores奈雪的茶直營門店Shenzhen深圳14316.017.423.417.7Shanghai上海5711.511.114.03.6Guangzhou廣州6811.512.418.713.4Wuhan武漢5110.711.519.011.3Xian西安3813.113.625.018.4Beijing北京5411.911.512.54.9 Notes:(1)Only including stores that opened for at lea

101、st 60 days as of December 31,2023 and did not cease operation as of December 31,2023.We are of view that stores opened for less than 60 days may be significantly affected by opening promotions,“store opening customer traffic”and other factors,which may lead to the overall data being unrepresentative

102、 and misleading to investors.Therefore,we have excluded those stores.(2)Since there are one-off opening expenses,including but are not limited to,pre-operating labor costs for the teahouse and other expenses,to be included in the profit and loss for the month that the teahouse commences operation,it

103、 will be not meaningful for reference due to the fact that the store-level profit margin of such teahouses to be significantly affected by the opening expenses.To facilitate investors to have a better understanding and compare the daily profitability of teahouses in different types,the store-level o

104、perating profit margin listed in the table has excluded the impact of the one-off opening expenses mentioned above.(3)Including(i)cities of other tiers across mainland China;and(ii)cities outside mainland China.(4)Only including stores that operated for at least 60 days in 2022 and 2023 and did not

105、cease operations as of December 31,2023.下表載列了若干城市奈雪的茶直營門店的若干同店關鍵績效指標。附註：(1)僅包括截至2023年12月31日開業時間不少於60天，且於2023年12月31日尚未停止營業之門店。我們認為，開業時間少於60天的門店可能受到開業促銷活動、開業客戶流量 等因素影響過大，可能導致整體數據不具代表性，對投資者造成誤導。因此，我們已將這些門店排除在外。(2)由於茶飲店開業當月將有一次性開辦費用計入損益（其中包括但不僅限於：該茶飲店開業前的人力費用等），其門店經營利潤率將受到開辦費用的顯著影響而失去參考意義。為了幫助投資者更好地理解並對

106、比不同類型茶飲店的日常盈利能力，本表格所列示之門店經營利潤率已排除上述一次性開辦費用所帶來的影響。(3)包括(i)中國大陸其他線城市；及(ii)中國大陸境外城市。(4)僅包括在2022年及2023年營業時間均不少於60天，且於2023年12月31日尚未停止營業之門店。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 21Annual Report 年報 2023Performance by store natureThe following table sets out certain key performance indicators of Type-I

107、 Teahouses and Type-II Teahouses.As of and for the year ended December 31,2023截至2023年12月31日及截至該日止年度Number of stores(1)(#)Average daily sales per teahouseStore-level operating profit margin(2)門店數目(1)(#)平均單店日銷售額門店經營利潤率(2)(RMB000)(%)（人民幣千元）Type-I Teahouses第一類茶飲店1,10511.118.3Type-II Teahouses第二類茶飲店2888.

108、520.4 Notes:(1)Only including stores that opened for at least 60 days as of December 31,2023 and did not cease operation as of December 31,2023.We are of view that stores opened for less than 60 days may be significantly affected by opening promotions,“store opening customer traffic”and other factor

109、s,which may lead to the overall data being unrepresentative and misleading to investors.Therefore,we have excluded those stores.(2)Since there are one-off opening expenses,including but are not limited to,pre-operating labor costs for the teahouse and other expenses,to be included in the profit and

110、loss for the month that the teahouse commences operation,it will be not meaningful for reference due to the fact that the store-level profit margin of such teahouses to be significantly affected by the opening expenses.To facilitate investors to have a better understanding and compare the daily prof

111、itability of teahouses in different types,the store-level operating profit margin listed in the table has excluded the impact of the one-off opening expenses mentioned above.分門店性質表現下表列示了奈雪的茶第一類茶飲店和第二類茶飲店的若干關鍵績效指標。附註：(1)僅包括截至2023年12月31日開業時間不少於60天，且於2023年12月31日尚未停止營業之門店。我們認為，開業時間少於60天的門店可能受到開業促銷活動、開業客

112、戶流量 等因素影響過大，可能導致整體數據不具代表性，對投資者造成誤導。因此，我們已將這些門店排除在外。(2)由於茶飲店開業當月將有一次性開辦費用計入損益（其中包括但不僅限於：該茶飲店開業前的人力費用等），其門店經營利潤率將受到開辦費用的顯著影響而失去參考意義。為了幫助投資者更好地理解並對比不同類型茶飲店的日常盈利能力，本表格所列示之門店經營利潤率已排除上述一次性開辦費用所帶來的影響。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 22Nayuki Holdings Limited奈雪的茶控股有限公司Unit economic modelThe follow

113、ing table sets forth the changes in the unit economic model of the stores of Nayuki self-operated stores:For the year ended December 31,截至12月31日止年度202320222023年2022年 Labour(%)人力（%）20.323.5Rent(%)租金（%）14.515.5Delivery order fee(%)外賣費用（%）8.29.4Raw material,utilities expenses,other depreciation and amo

114、rtization(%)(1)原材料、水電費用、其它折舊攤銷（%）（1）39.339.7Store-level operating profit margin(%)門店經營利潤率（%）17.711.9 Note:(1)Raw material cost ratio remains stable,utilities expenses are basically variable costs and other depreciation and amortization are fixed cost.We believe that the other three cost ratios(i.e.,

115、labour,rent,and delivery order fee)are the main indicators of the optimisation in the unit economic model of the stores.OUTLOOKLooking ahead to 2024,we expect demand pressures to continue.In this regard,we will step up the upgrading and promotion of our classic products such as the“Nayuki Fragrant O

116、ctet”series,which is a drinkable“perfume”,and maintain a reasonable and proactive marketing effort through co-branding activities,in order to consolidate consumer demand.We will also continue to invest in franchise business and overseas expansion to reach consumers in a wider range of markets.In Feb

117、ruary 2024,we optimized our franchisee requirements,with more flexible types of stores and lower initial investment costs.This will help to reduce the pressure on franchisees capital and support the continued growth of the franchise business.We will further strengthen our focus on the quality of gro

118、wth and increase profits by improving efficiency.We expect to make greater optimization adjustments to middle and back-office labor costs.Meanwhile,with the development of the industry,changes in the external consumer environment and the capital market,while the top brands continue to grow,there may

119、 be a“crowding out effect”on small and medium brands with weaker overall strength.單位經濟模型下表列示了奈雪的茶直營門店單位經濟模型變化情況：附註：（1）原材料成本率保持穩定，水電費用基本為浮動成本，其他折舊攤銷為固定成本。我們認為，其他三項成本率（即：人力、租金與外賣費用）才是反映門店單位經濟模型優化的主要指標。展望展望2024年，我們預計需求端的壓力仍將持續。為此，我們將加大可以喝的香水奈雪八香系列等經典產品升級和推廣，並通過聯名活動等方式，維持合理而積極的營銷力度，以鞏固消費者的需求。我們也將繼續投入加盟業

120、務和境外市場拓展，以面向更廣泛市場的消費者。2024年2月，我們優化了對加盟商的要求，開店店型更為靈活，初期投入成本要求亦有下降。這將幫助降低加盟商的資金壓力，助力加盟業務持續增長。我們將進一步加強對增長質量的關注，通過提高效率增厚利潤。我們預計將對中、後臺人力成本做出更大的優化調整。同時，隨著行業發展、外部消費環境及資本市場變化，頭部品牌繼續增長的同時，或將對綜合實力更弱的中、小品牌產生 擠出效應。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 23Annual Report 年報 2023資金安全方面，於2023年12月31日，本集團持有現金及存款共計

121、人民幣2,983.5百萬元，並且沒有有息借款。我們有充足的現金和現金流支持運營和拓張。目前，我們沒有大規模再融資的計劃。在複雜的市場環境下，我們由衷地感謝股東與分析師的持續關注和支持。2024年，我們將繼續竭力提供市場領先的資本市場溝通與服務。我們相信，在全體夥伴開源節流的努力下，公司將向市場交出一份令人滿意的基本面答卷。財務回顧收益本集團透過奈雪的茶直營門店提供的產品銷售產生大部分收益。於報告期間及2022年，奈雪的茶直營門店分別貢獻90.8%及92.5%的總收益。我們剩餘的小部分收益主要來自我們的瓶裝飲料業務、我們的子品牌臺蓋經營的茶飲店以及加盟業務。於報告期間，本集團錄得收益為人民幣5,

122、164.1百萬元（2022年：人民幣4,291.6百萬元），較2022年增加約20.3%，收益的增加主要由於本集團經營門店數量的持續增加以及於2023年中國大陸地區COVID-19疫情管控措施的開放。其他收入本集團其他收入主要包括(i)銀行存款、定期存款及租賃按金的利息收入；及(ii)政府補助，主要是指地方政府授出的無條件現金獎勵。於報告期間，本集團其他收入為人民幣186.5百萬元（2022年：人民幣125.0百萬元）。本集團其他收入的增加主要是定期存款的利息收入增加導致。In terms of capital security,as at December 31,2023,the Group

123、 held cash and deposits totaling RMB2,983.5 million and had no interest-bearing borrowings.We have sufficient cash and cash flow to support operations and expansion.Currently,we have no plan for large-scale refinancing.In this complex market environment,we sincerely thank our Shareholders and analys

124、ts for their continued interest and support.In 2024,we will continue to endeavor to provide market-leading communications and services in the capital markets.We believe that with the efforts of all our partners in broadening sources of income and reducing costs,the Company will deliver satisfactory

125、fundamental results to the market.FINANCIAL REVIEWRevenueThe Group generates substantially all of its revenue from sales of products offered by Nayuki self-operated stores.For the Reporting Period and 2022,Nayuki self-operated stores contributed 90.8%and 92.5%of the total revenue,respectively.The re

126、maining small portion of revenue was mainly derived from our ready-to-drink beverage business,teahouses operated under our sub-brand Tai Gai as well as the franchise business.The Group recorded revenue of RMB5,164.1 million for the Reporting Period(2022:RMB4,291.6 million),representing an increase o

127、f approximately 20.3%as compared with 2022.The increase in revenue was mainly attributable to the on-going increase in number of operating stores of the Group and the relaxation of control measures on COVID-19 across the regions in the mainland China in 2023.Other incomeOther income of the Group con

128、sists primarily of(i)interest income on bank deposits,term deposits and rental deposits;and(ii)government grants,primarily representing unconditional cash awards granted by local governments.Other income of the Group amounted to RMB186.5 million for the Reporting Period(2022:RMB125.0 million).The in

129、crease in the Groups other income was primarily due to the increase in interest income from term deposits.MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 24Nayuki Holdings Limited奈雪的茶控股有限公司ExpensesCost of materialsCost of materials consists primarily of(i)cost of raw materials,including tea leaves,dairy

130、products,seasonal fruits,juices,and other raw materials used for the preparation of our freshly made tea drinks,baked goods and other products;and(ii)cost of packaging materials and consumables such as tea cups and paper bags.Cost of materials of the Group amounted to RMB1,699.4 million,representing

131、 32.9%of the total revenue for the Reporting Period,compared to RMB1,416.1 million,representing 33.0%of the total revenue for 2022.For the Reporting Period,our cost of materials increased by 20.0%as compared to the same period in 2022,which is generally in line with our overall business growth trend

132、.For the Reporting Period,the proportion of cost of materials over total revenue remained generally stable as compared to the same period in 2022.Staff costsStaff costs consist primarily of(i)salaries,wages and other benefits;(ii)contributions to defined contribution retirement plan;(iii)equity-sett

133、led share-based payment expenses;and(iv)outsourced staff costs.Staff costs of the Group amounted to RMB1,403.9 million,representing 27.2%of the total revenue for the Reporting Period,compared to RMB1,362.1 million,representing 31.7%of the total revenue for 2022.The proportion of staff costs over tot

134、al revenue decreased,primarily due to the steady improvement in the efficiency of the Groups human resources.During the Reporting Period,staff costs classified by brands included:(i)store-level staff costs for Nayuki self-operated stores,which amounted to RMB954.6 million,representing 20.3%of revenu

135、e for Nayuki self-operated stores;(ii)staff costs for ready-to-drink beverage business,which amounted to RMB73.4 million,representing 27.5%of revenue for ready-to-drink beverage;and(iii)staff costs for headquarters and others,which amounted to RMB375.9 million,representing 7.3%of the total revenue.開

136、支材料成本材料成本主要包括(i)原材料成本，包括茶葉、乳製品、新鮮時令水果、果汁，以及其他用於製備現製茶飲、烘焙產品以及其他產品的原材料；以及(ii)包裝材料及消耗品的成本，如茶杯及紙袋。於報告期間，本集團材料成本為人民幣1,699.4百萬元，佔總收益的32.9%，而2022年材料成本為人民幣1,416.1百萬元，佔總收益的33.0%。報告期內我們的材料成本較2022年同期增加20.0%，此與我們的整體業務增長趨勢基本一致。於報告期間，材料成本佔總收益的比例與2022年同期相比基本維持穩定。員工成本員工成本主要包括(i)薪金、工資及其他福利；(ii)定額供款退休計劃供款；(iii)以權益結算以

137、股份為基礎的付款開支；及(iv)外包員工成本。於報告期間，本集團員工成本為人民幣1,403.9百萬元，佔總收益的27.2%，而2022年則為人民幣1,362.1百萬元，佔總收益的31.7%。員工成本佔總收益的比例減少，主要由於集團人力資源效率在穩步提高。於報告期間，按品牌劃分的員工成本為(i)奈雪的茶直營門店員工成本為人民幣954.6百萬元，佔奈雪的茶直營門店收益的20.3%；(ii)瓶裝飲料業務員工成本為人民幣73.4百萬元，佔瓶裝飲料收益的27.5%；及(iii)總部員工成本及其他為人民幣375.9百萬元，佔總收益的7.3%。MANAGEMENT DISCUSSION AND ANALYS

138、IS管理層討論及分析 25Annual Report 年報 2023Depreciation of right-of-use assetsDepreciation of right-of-use assets represents depreciation charges for the Groups leases.Depreciation of right-of-use assets is recognized using the straight-line method from the commencement date to the earlier of the end of the

139、useful life of the right-of-use assets or the end of the lease term.Depreciation of right-of-use assets of the Group amounted to RMB411.6 million for the Reporting Period,representing 8.0%of the Groups total revenue during the Reporting Period(2022:RMB434.9 million,representing 10.1%of the Groups re

140、venue for 2022).For the Reporting Period,the decrease in the Groups proportion of depreciation of right-of-use assets over total revenue was primarily due to(i)the decrease in store rental unit price as a result of the Groups improved bargaining power in respect of newly signed leases;and(ii)the lea

141、sed area of the newly opened Nayuki stores is reduced as compared to that of Nayuki regular teahouses.Other rentals and related expensesOur other rentals and related expenses mainly include(i)variable lease payments which subject to some specified event or condition;and(ii)short-term leases that hav

142、e a lease term of 12 months or less and leases of low-value assets.Other rentals and related expenses of the Group amounted to RMB306.3 million for the Reporting Period,representing 5.9%of the Groups total revenue during the Reporting Period(2022:RMB229.0 million,representing 5.3%of the Groups reven

143、ue for 2022).The increase in other rentals and related expenses of the Group and the increase in the proportion of that over total revenue was mainly due to the increase in the proportion of the Groups newly signed leases with variable lease payments.Depreciation and amortization of other assetsDepr

144、eciation and amortization of other assets represent depreciation charges for property and equipment and depreciation expenses for leasehold improvements.Depreciation and amortization of other assets of the Group amounted to RMB304.4 million for the Reporting Period,representing 5.9%of the Groups tot

145、al revenue during the Reporting Period(2022:RMB263.2 million,representing 6.1%of the Groups revenue for 2022).The proportion of depreciation and amortization of other assets over total revenue remained generally stable as compared to the same period in 2022.使用權資產折舊使用權資產折舊指本集團租賃的折舊費用。使用權資產折舊使用直線法於開始日

146、期至使用權資產可使用年期結束或租賃期結束之較早者確認。於報告期間，本集團使用權資產折舊為人民幣411.6百萬元，佔報告期間內本集團總收益的8.0%（2022年：人民幣434.9百萬元，佔2022年本集團收益的10.1%）。於報告期間，本集團使用權資產折舊佔總收益比例下降主要是由於(i)本集團對於新簽約租約的議價能力提升，門店租金單價有所下降；及(ii)奈雪的茶新開門店的租賃面積較奈雪的茶標準茶飲店有所減少。其他租金及相關開支其他租金及相關開支主要包括(i)受限於若干特定事件或狀況的可變租賃付款；及(ii)租賃期為12個月或以內的短期租賃及低價值資產租賃。於報告期間，本集團其他租金及相關開支為人

147、民幣306.3百萬元，佔報告期間內本集團總收益的5.9%（2022年：人民幣229.0百萬元，佔2022年本集團收益的5.3%），本集團其他租金及相關開支增加及佔總收益比例增加主要是由於集團新簽租約中採用可變租賃付款的租約佔比增加。其他資產的折舊及攤銷其他資產的折舊及攤銷指物業及設備的折舊費用以及租賃物業裝修的折舊費用。於報告期間，本集團其他資產的折舊及攤銷為人民幣304.4百萬元，佔報告期間內本集團總收益的5.9%（2022年：人民幣263.2百萬元，佔2022年本集團收益的6.1%）。其他資產的折舊及攤銷佔總收益的比例與2022年同期相比基本維持穩定。MANAGEMENT DISCUSSI

148、ON AND ANALYSIS管理層討論及分析 26Nayuki Holdings Limited奈雪的茶控股有限公司Advertising and promotion expensesAdvertising and promotion expenses primarily represent expenses incurred in connection with marketing,branding and promotion activities of the Group.Advertising and promotion expenses of the Group amounted t

149、o RMB165.8 million for the Reporting Period,representing 3.2%of the Groups total revenue during the Reporting Period(2022:RMB142.9 million,representing 3.3%of the Groups revenue for 2022).Delivery service feesDelivery service fees represent fees paid by the Group to third-party delivery service prov

150、iders.Delivery service fees of the Group amounted to RMB392.6 million for the Reporting Period,representing 7.6%of the Groups total revenue during the Reporting Period(2022:RMB380.5 million,representing 8.9%of the Groups revenue for 2022).The proportion of delivery service fees over total revenue de

151、creased,primarily due to the decrease in the proportion of delivery orders from the Groups teahouses after the relaxation of control measures on COVID-19 in 2023.Utilities expensesUtilities expenses consist primarily of expenses in relation to electricity utilities,and to a lesser extent,gas and wat

152、er utilities that are attributable to the operation of the Groups teahouses.Utilities expenses of the Group amounted to RMB143.9 million for the Reporting Period,representing 2.8%of the Groups total revenue during the Reporting Period(2022:RMB113.6 million,representing 2.6%of the Groups revenue for

153、2022).Logistic and storage feesLogistic and storage fees represent fees paid by the Group to third-party service providers for raw materials transportation and warehousing services.Logistic and storage fees of the Group amounted to RMB140.8 million for the Reporting Period,representing 2.7%of the Gr

154、oups total revenue during the Reporting Period(2022:RMB123.1 million,representing 2.9%of the Groups revenue for 2022).廣告及推廣開支廣告及推廣開支主要指就本集團的營銷、品牌及推廣活動產生的開支。於報告期間，本集團廣告及推廣開支為人民幣165.8百萬元，佔報告期間內本集團總收益的3.2%（2022年：人民幣142.9百萬元，佔2022年本集團收益的3.3%）。配送服務費配送服務費指本集團支付予第三方配送服務提供商的費用。於報告期間，本集團配送服務費為人民幣392.6百萬元，佔報告

155、期間內本集團總收益的7.6%（2022年：人民幣380.5百萬元，佔2022年本集團收益的8.9%）。配送服務費佔總收益比例下降主要是由於2023年COVID-19疫情管控放開後，本集團茶飲店外賣訂單比例有所下降。水電開支水電開支主要包括電費開支，其次是經營本集團茶飲店所產生的燃氣及水費開支。於報告期間，本集團水電開支為人民幣143.9百萬元，佔報告期間內本集團總收益的2.8%（2022年：人民幣113.6百萬元，佔2022年本集團收益的2.6%）。物流及倉儲費物流及倉儲費指本集團就原材料運輸及倉儲服務向第三方服務提供商支付的費用。於報告期間，本集團物流及倉儲費為人民幣140.8百萬元，佔報告

156、期間本集團總收益的2.7%（2022年：人民幣123.1百萬元，佔2022年本集團收益的2.9%）。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 27Annual Report 年報 2023Finance costsFinance costs consist primarily of interests on lease liabilities.Finance costs of the Group amounted to RMB65.9 million for the Reporting Period,representing 1.3%of the G

157、roups total revenue during the Reporting Period(2022:RMB80.3 million,representing 1.8%of the Groups revenue for 2022).The following table sets forth the components of our finance costs for the period indicated,both in absolute amount and as a percentage of total revenue.For the year ended December 3

158、1,截至12月31日止年度202320222023年2022年RMB%RMB%人民幣元人民幣元(in thousands,except percentages)（以千計，百分比除外）Interest on lease liabilities租賃負債利息64,7971.379,1821.8Interest on provisions撥備利息1,0760.01,1440.0 65,8731.380,3261.8 Other expensesOther expenses consist primarily of(i)administrative expenses incurred during th

159、e ordinary course of business of the Group,such as telecommunication expenses and maintenance expenses;(ii)travelling and business development expenses incurred by employees of the Group;(iii)other-party service fees representing costs associated with other party management consulting and other prof

160、essional services;(iv)impairment losses;and(v)others,such as insurance fees and other tax and surcharges.Other expenses of the Group amounted to RMB261.3 million for the Reporting Period,representing 5.1%of the Groups total revenue during the Reporting Period(2022:RMB249.6 million,representing 5.8%o

161、f the Groups revenue for 2022).The following table sets forth the components of our other expenses in absolute amounts and as percentages of total revenue for the periods indicated.融資成本融資成本主要包括租賃負債利息。於報告期間，本集團融資成本為人民幣65.9百萬元，佔報告期間內本集團總收益的1.3%（2022年：人民幣80.3百萬元，佔2022年本集團收益的1.8%）。下表載列於所示期間我們融資成本的組成部分（以

162、絕對金額及佔總收益的百分比計）。其他開支其他開支主要包括(i)於本集團一般業務過程中產生的行政開支，例如電訊開支及維護開支；(ii)本集團員工產生的差旅及業務開發開支；(iii)其他方服務費，即與另一方管理諮詢及其他專業服務有關的費用；(iv)減值虧損；及(v)其他，例如保險費及其他稅項及附加費。於報告期間，本集團其他開支為人民幣261.3百萬元，佔報告期間內本集團總收益的5.1%（2022年：人民幣249.6百萬元，佔2022年本集團收益的5.8%）。下表載列於所示期間我們其他開支的絕對金額及佔總收益的百分比明細。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論

163、及分析 28Nayuki Holdings Limited奈雪的茶控股有限公司For the year ended December 31,截至12月31日止年度202320222023年2022年RMB%RMB%人民幣元人民幣元(in thousands,except percentages)（以千計，百分比除外）Administrative expenses行政開支150,5582.9142,0163.3Travelling and business development expenses差旅及業務開發開支49,7851.040,8251.0Other-party service fee

164、s其他方服務費13,6260.323,2570.5Impairment losses and write-down of inventories 減值虧損及存貨撇減14,0440.318,3680.4Others其他33,2880.625,1120.6 261,3015.1249,5785.8 Income TaxThe income tax benefits of the Group amounted to RMB5.1 million for the Reporting Period.The income tax benefits of the Group for the year end

165、ed December 31,2022 amounted to RMB40.7 million.Non-IFRS MeasureTo supplement the Groups consolidated financial statements that are presented in accordance with IFRS,the Group also use adjusted net profit/(loss)(non-IFRS measure)as an additional financial measure,which is not required by,or presente

166、d in accordance with,IFRS.The Group believes that this non-IFRS measure facilitates comparisons of operating performance from period to period and company to company by eliminating potential impact of items that our management does not consider to be indicative of the Groups operating performance.Th

167、e Group believes that this measure provides useful information to investors and others in understanding and evaluating the Groups consolidated results of operations in the same manner as it helps the Groups management.However,the Groups presentation of adjusted net profit/(loss)(non-IFRS measure)may

168、 not be comparable to similarly titled measures presented by other companies.The use of this non-IFRS measure has limitations as an analytical tool,and the investors should not consider them in isolation from,or as substitute for analysis of,the Groups results of operations or financial condition as

169、 reported under IFRS.所得稅於報告期間，本集團所得稅優惠為人民幣5.1百萬元。截至2022年12月31日止年度，本集團所得稅優惠為人民幣40.7百萬元。非國際財務報告準則計量為補充本集團按照國際財務報告準則呈列的綜合財務報表，本集團亦使用並非國際財務報告準則規定或按其呈列的經調整淨利潤（虧損）（非國際財務報告準則計量）作為附加財務計量指標。本集團認為此非國際財務報告準則計量有助於消除管理層認為對本集團營運表現並無指示性意義的項目的潛在影響，從而可以就不同期間及不同公司的營運表現進行對比。本集團認為，此計量指標為投資者及其他人士提供有用資訊，使其以與本集團管理層所採用者相同的

170、方式瞭解並評估本集團的綜合經營業績。然而，本集團所呈列的經調整淨利潤（虧損）（非國際財務報告準則計量）未必可與其他公司所呈列類似名義的計量指標相比。此非國際財務報告準則計量指標用作分析工具存在局限性，投資者並不應將其視為獨立於或可替代本集團根據國際財務報告準則所呈報經營業績或財務狀況的分析。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 29Annual Report 年報 2023Year Ended December 31,截至12月31日止年度202320222023年2022年(RMB in thousands)（人民幣千元）Reconciliat

171、ion of net profit/(loss)and adjusted net profit/(loss)(non-IFRS measure)淨利潤（虧損）與經調整淨利潤（虧損）（非國際財務報告準則計量）之對賬Net profit/(loss)for the year年內淨利潤（虧損）11,166(475,806)Add:加：Equity-settled share-based payment expenses(1)以權益結算以股份為基礎的付款開支(1)9,74614,475Adjusted net profit/(loss)(non-IFRS measure)經調整淨利潤（虧損）（非國際財

172、務報告準則計量）20,912(461,331)Adjusted net profit/(loss)margin (non-IFRS measure)(2)經調整淨利潤（虧損）率（非國際財務報告準則計量）(2)0.4%(10.7)%Notes:(1)Equity-settled share-based payment expenses consist of share options and RSUs granted under the 2020 Share Incentive Plan,which are non-cash and non-operational in nature and t

173、hey are not directly correlate with the Groups business performance in a given period.(2)Calculated using adjusted net profit/(loss)(non-IFRS measure)divided by revenue in a given period.Cash,Bank Deposits and BorrowingsAs of December 31,2023,the total cash and cash equivalents of the Group amounted

174、 to RMB444.3 million(as of December 31,2022:RMB1,387.5 million)and the total term deposits and certificates of deposit of the Group amounted to RMB2,539.1 million(as of December 31,2022:RMB2,088.8 million),primarily denominated in RMB,USD and HKD.As of December 31,2023,the Group did not have any int

175、erest-bearing borrowings(as of December 31,2022:Nil).Right-of-Use AssetsThe Groups right-of-use assets primarily represent the leases for the Groups teahouses,office at headquarters and warehouses.As of December 31,2023,the right-of-use assets of the Group amounted to RMB1,609.2 million(as of Decemb

176、er 31,2022:RMB1,273.3 million).The balance of the Groups right-of-use assets is in line with the growth trend in the number of the Groups stores.附註：(1)以權益結算以股份為基礎的付款開支包括根據2020年股份激勵計劃授出的購股權及受限制股份單位屬非現金及非經營性質，且與本集團於給定期間的業務表現均無直接關連。(2)採用經調整淨利潤（虧損）（非國際財務報告準則計量）除以給定期間的收益計算?，F金、銀行存款及借款截至2023年12月31日，本集團的現金及

177、現金等價物總額為人民幣444.3百萬元（截至2022年12月31日：人民幣1,387.5百萬元）以及本集團定期存款及大額存單總額為人民幣2,539.1百萬元（截至2022年12月31日：人民幣2,088.8百萬元），主要以人民幣、美元及港元計值。截至2023年12月31日，本集團無計息借款（截至2022年12月31日：無）。使用權資產本集團的使用權資產主要是指本集團的茶飲店、總部辦事處及倉庫的租約。截至2023年12月31日，本集團使用權資產為人民幣1,609.2百萬元（截至2022年12月31日：人民幣1,273.3百萬元）。本集團使用權資產的餘額與本集團門店數量增長趨勢一致。MANAGEM

178、ENT DISCUSSION AND ANALYSIS管理層討論及分析 30Nayuki Holdings Limited奈雪的茶控股有限公司Property and EquipmentThe Groups property and equipment consist primarily of leasehold improvements,office building situated on leasehold land,kitchen equipment,furniture equipment,electronic equipment and others and construction

179、 in progress.As of December 31,2023,the property and equipment of the Group amounted to RMB1,419.2 million(as of December 31,2022:RMB1,024.1 million).The increase in the Groups property and equipment was primarily due to the increased number of the Groups stores.InventoriesThe Groups inventories con

180、sist primarily of raw materials and packaging materials.As of December 31,2023,the inventories of the Group amounted to RMB147.2 million(as of December 31,2022:RMB126.3 million).The Groups inventories turnover days decreased from 38.7 days for 2022 to 29.4 days for the Reporting Period.Trade and Oth

181、er Receivables and PrepaymentsThe Groups trade receivables consist primarily of receivables due from third parties in connection with the sales of products.The Groups other receivables and prepayments consist primarily of input valued-added tax recoverable in connection with purchase of raw material

182、s,rental deposits within one year,interest receivables and prepayments to suppliers.Trade and other receivables and prepayments of the Group decreased from RMB376.5 million as of December 31,2022 to RMB250.4 million as of December 31,2023,which was mainly due to the fully settlement of the loan to t

183、he Investment(as defined below)upon the completion of the relevant acquisition transaction.Trade and Other PayablesThe Groups trade payables consist primarily of trade payables to the Groups raw materials suppliers.The Group also recorded other payables and accrued charges in connection with various

184、 aspects of its operations,including(i)payroll and welfare payables to employees;(ii)payables for purchase of property and equipment;(iii)accrued charges,which are mainly utilities;and(iv)others.Trade and other payables of the Group increased from RMB478.5 million as of December 31,2022 to RMB635.8

185、million as of December 31,2023,which was mainly due to the increase in the payables for raw materials procurement and the payables for property and equipment.物業及設備本集團的物業及設備主要包括租賃物業裝修、位於租賃土地上的寫字樓、廚房設備、傢俱設備、電子設備及其他以及在建工程。截至2023年12月31日，本集團的物業及設備金額為人民幣1,419.2百萬元（截至2022年12月31日：人民幣1,024.1百萬元）。本集團物業及設備的增加主

186、要是由於本集團門店數量的增加。存貨本集團的存貨主要包括原材料及包裝材料。截至2023年12月31日，本集團的存貨金額為人民幣147.2百萬元（截至2022年12月31日：人民幣126.3百萬元）。本集團的存貨周轉天數由2022年的38.7天減少至於報告期間的29.4天。貿易及其他應收款項以及預付款項本集團的貿易應收款項主要包括與銷售產品有關的應收第三方應收款項。本集團的其他應收款項以及預付款項主要包括與購買原材料有關的可收回進項增值稅、一年內到期的租賃押金、應收利息以及向供應商作出的預付款項。本集團的貿易及其他應收款項以及預付款項由截至2022年12月31日的人民幣376.5百萬元減少至截至2

187、023年12月31日的人民幣250.4百萬元，主要是由於向投資事項（定義見下方）的貸款在相關收購交易完成後已悉數結清。貿易及其他應付款項本集團的貿易應付款項主要包括應付本集團原材料供應商的貿易應付款項。本集團亦就其營運多個方面錄得其他應付款項及應計費用，包括(i)應付僱員工資及福利；(ii)購買物業及設備的應付款項；(iii)應計費用，主要為水電費；及(iv)其他。本集團的貿易及其他應付款項由截至2022年12月31日的人民幣478.5百萬元增加至截至2023年12月31日的人民幣635.8百萬元，主要是應付採購原材料款項及應付物業及設備款項的增加。MANAGEMENT DISCUSSION

188、AND ANALYSIS管理層討論及分析 31Annual Report 年報 2023Gearing RatioAs of December 31,2023,our gearing ratio,which is calculated as total debt divided by total assets,was 36.0%,as compared with 31.3%as of December 31,2022.Treasury PolicyThe Group adopts a prudent financial management approach for its treasury

189、policy to ensure that the Groups liquidity structure comprising assets,liabilities and other commitments is able to always meet its capital requirements.Liquidity and Financial ResourcesTaking into account the financial resources available to the Group,including cash and cash equivalents,cash genera

190、ted from operations and available facilities of the Company,and the net proceeds from the Global Offering,and after diligent and careful investigation,the Directors are of the view that the Group has sufficient working capital required for the Groups operations at present.As of December 31,2023,the

191、Group had total cash and cash equivalents of RMB444.3 million(as of December 31,2022:RMB1,387.5 million).In 2023,the Group mainly used cash for store operation and deposited part of idle cash into banks for term deposits and certificates of deposit(as of December 31,2023,the total term deposits and

192、certificates of deposit of the Group amounted to RMB2,539.1 million(as of December 31,2022:RMB2,088.8 million).The current ratio as of December 31,2023 was approximately 2.27 times(as of December 31,2022:approximately 3.30 times).資本負債比率截至2023年12月31日，資本負債比率（按總負債除以總資產計算）為36.0%，而截至2022年12月31日為31.3%。庫務政

193、策本集團針對其庫務政策採取審慎的財務管理方法，確保本集團的資產、負債及其他承擔的流動資金架構始終能夠滿足其資金需求。流動資金及財務資源經考慮本集團可動用的財務資源（包括本公司現金及現金等價物、經營產生的現金及可動用融資）及全球發售所得款項淨額，並經審慎及仔細查詢後，董事認為本集團擁有充足運營資金滿足本集團目前的經營需求。截至2023年12月31日，本集團的現金及現金等價物總額為人民幣444.3百萬元（截至2022年12月31日：人民幣1,387.5百萬元）。本集團於2023年內主要將現金用於門店經營，同時將部份閒置現金存入銀行定期存款及大額存單（截至2023年12月31日，本集團定期存款及大額

194、存單總額為人民幣2,539.1百萬元（截至2022年12月31日：人民幣2,088.8百萬元）。截至2023年12月31日的流動比率為約2.27倍（截至2022年12月31日：約3.30倍）。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 32Nayuki Holdings Limited奈雪的茶控股有限公司FOREIGN CURRENCY RISKFor the Reporting Period,the Group mainly operated in China and the majority of the transactions were set

195、tled in RMB.As of December 31,2023,apart from cash and cash equivalents and term deposits denominated in foreign currency,the Group did not have any significant foreign exchange risk in its business operations.During the Reporting Period,several forward foreign exchange contracts entered into by the

196、 Group in prior years have been fully knocked out.The Group will continue to monitor foreign exchange changes to best preserve the Groups cash value.CONTINGENT LIABILITYAs of December 31,2023,the Group did not have any significant contingent liabilities.CAPITAL EXPENDITURESOur capital expenditures a

197、mounted to approximately RMB540.9 million for the Reporting Period,which were incurred primarily in connection with payment for purchase of equipment and leasehold improvements.CHARGE ON ASSETSAs of December 31,2023,the Group did not pledge any group assets.SIGNIFICANT INVESTMENTAs of December 31,20

198、23,save for the“Material Acquisitions and Disposals of Subsidiaries,Associates and Affiliated Companies”in this report,there was no significant investment held by the Group.外匯風險於報告期間，本集團主要於中國經營，大部分交易以人民幣結算。截至2023年12月31日，除外幣計值的現金及現金等價物以及定期存款外，本集團的業務經營並無任何重大外匯風險。於報告期間，本集團於以前年度簽訂的若干外匯遠期合約已全部敲出。本集團將繼續監察

199、外匯變動，以盡量保障本集團的現金價值?；蛉回搨刂?023年12月31日，本集團並無任何重大或然負債。資本開支於報告期間，本集團的資本開支金額為約人民幣540.9百萬元，主要與用於購買設備及租賃裝修的付款。資產抵押截至2023年12月31日，本集團並無抵押任何集團資產。重大投資截至2023年12月31日，除本報告披露之重大收購及出售附屬公司、聯營公司及聯屬公司 外，本集團並無持有重大投資。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 33Annual Report 年報 2023FUTURE PLAN FOR MATERIAL INVESTMENTS O

200、R CAPITAL ASSETSAs of December 31,2023,save for the“Future Plans and Use of Proceeds”disclosed in the Prospectus,the Group did not have any future plan for material investments or capital assets.MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND AFFILIATED COMPANIESReferences are mad

201、e to the announcements of the Company dated December 5,2022,December 19,2022,January 6,2023 and June 2,2023 in relation to the Groups investment in Shanghai Chatian(the“Investment”).Shanghai Chatian is a company established in the PRC with limited liability and is the operator of the“LELECHA”brand.F

202、ounded in 2016,“LELECHA”is one of the leading brands in freshly-made tea industry in the PRC,focusing on offering freshly-made tea drinks and bakery goods with signature products such as Dirty Milk Tea series(髒髒茶系列)and Dirty Bakery series(髒髒包系列),which gained widespread popularity among the customers

203、.The Directors are of the view that the Investment will further enhance the brand diversity of the Group,reduce the Groups costs in store expansion and operation,and optimize the competitive environment of the freshly-made tea industry in the PRC.After taking into account of its terms and conditions

204、,the Directors are further of the view that the Investment is determined on normal commercial terms,is fair and reasonable and in the interests of the Company and the Shareholders as a whole.On March 1,2023,the Group received the“Decision on No Further Examination in relation to Concentration of Bus

205、iness Operators and Anti-monopoly Examination”(經營者集中反壟斷審查不實施進一步審查決定書)issued by the State Administration for Market Regulation(國家市場監督管理總局)of the PRC with respect to the Investment.Further,on June 2,2023(after trading hours),all the completion conditions of the Investment have been satisfied or waived

206、(if applicable)and the consideration of the Investment has been settled in full.Save as mentioned above,the Group did not have any other material acquisitions or disposals of subsidiaries,associates and joint ventures during the Reporting Period.未來重大投資或資本資產計劃截至2023年12月31日，除招股章程所披露之未來計劃及所得款項用途 外，本集團並

207、無任何未來重大投資或資本資產計劃。重大收購及出售附屬公司、聯營公司及聯屬公司茲提述本公司於2022年12月5日、2022年12月19日、2023年1月6日及2023年6月2日刊發之公告，內容有關本集團投資上海茶田（投資事項）。上海茶田為一家於中國成立的有限責任公司，並運營 樂樂茶 品牌。樂樂茶 於2016年創立，為中國現製茶飲行業龍頭品牌之一，專注於提供現製茶飲及烘焙產品，招牌產品包括髒髒茶系列及髒髒包系列，廣受消費者喜愛。董事認為，投資事項將進一步提升本集團的品牌多樣性，降低本集團在門店拓展及運營方面的成本，並優化中國現製茶飲行業的競爭環境。經考慮其條款及條件，董事進一步認為，投資事項乃根據

208、一般商業條款所釐定，屬公平合理，並且符合本公司及其股東之整體利益。於2023年3月1日，本集團取得中國國家市場監督管理總局出具關於投資事項的 經營者集中反壟斷審查不實施進一步審查決定書。此外，於2023年6月2日（交易時段後），投資事項的交割條件已經全部達成或獲豁免（如適用），而投資事項的對價已全額支付。除上文所述者外，於報告期間，本集團概無任何其他有關附屬公司、聯營公司及合營企業的重大收購或出售。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 34Nayuki Holdings Limited奈雪的茶控股有限公司EMPLOYEES AND REMUNER

209、ATION POLICIESAs of December 31,2023,the Group had a total of 7,199 full-time employees,among which 1,662 employees work in the Groups headquarters and regional offices,and the remaining employees are in-store staff.The Group values its employees and is committed to growing with employees.The Group

210、has launched an employee retention initiative,under which the Group incorporates employee retention rate as one of the key criteria that used to assess its teahouse performance.The Group is also committed to establishing a competitive and fair remuneration and benefits environment for its employees.

211、Remuneration is determined with reference to the qualification,experience and work performance,whereas the payment of discretionary bonus is generally subject to work performance,the financial performance of the Group in that particular year and general market conditions.To effectively motivate the

212、Groups business development team through remuneration incentives and ensure that our employees receive competitive remuneration packages,the Group continually refine its remuneration and incentive policies through market research and comparisons with its competitors.As required by the PRC laws and r

213、egulations,the Group participates in various employee social security plans for its employees that are organized by municipal and provincial governments,including basic pension,unemployment insurance,maternity insurance,work-related injury insurance,medical insurance and housing fund.The Group also

214、share its success with employees by offering them a variety of incentives and financial rewards to keep them motivated.To recognize and reward,among others,the Groups employees,directors and senior management for their contributions to the Group,to attract suitable personnel and to provide incentive

215、s to them to remain with and further contribute to the Group,the Group has adopted the 2020 Share Option Plan and the 2020 Share Incentive Plan by way of resolutions of the Board on May 15,2020.僱員及薪酬政策截至2023年12月31日，本集團共有7,199名全職僱員，其中1,662名僱員在本集團總部及區辦公室工作，剩餘僱員為店員。本集團重視僱員並致力於與僱員一同成長。我們已發起一項僱員留存計劃，據此，我

216、們將僱員留存率納入評估茶飲店表現的關鍵指標之一。本集團亦致力於為僱員建立具競爭力且公平的薪酬及福利環境。薪酬乃按僱員的資歷、經驗及工作表現釐定，而酌情花紅一般視乎工作表現、本集團於特定年度的財務表現及整體市場狀況而釐定。為通過薪酬激勵有效地激發我們的業務開發團隊並確保僱員獲得具競爭力的薪酬待遇，本集團通過市場調研及與競爭對手的比較不斷完善薪酬及激勵政策。根據中國的法律及法規，我們參加市政府及省政府籌辦的多項僱員社會保障計劃，包括基本養老、失業保險、生育保險、工傷保險、醫療保險及住房公積金。本集團為了保持僱員的積極性，亦向僱員提供各種激勵及經濟獎勵，以與僱員分享我們的成功。為認可及嘉獎（其中包括

217、）本集團僱員、董事及高級管理層對本集團的貢獻，吸引合適人才及激勵彼等在本集團留任並繼續對本集團作出貢獻，本集團於2020年5月15日通過董事會決議案的方式採納2020年購股權計劃及2020年股份激勵計劃。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 35Annual Report 年報 2023In addition,the Group places strong emphasis on providing trainings to its employees in order to enhance their professional skills,u

218、nderstanding of industry and work place safety standards,and appreciation of the Groups value,especially the Groups unwavering commitment to food safety and product quality as well as satisfying customer services.The Group designs and offers different training programs for employees at various posit

219、ions.For example,the Group requires every newly recruited employee at operational functions to attend a one-month in-store training as the Group strives for consistency and high quality of its product delivery and customer services.In addition,the Group pairs its new in-store staff with seniors,who

220、are responsible for guiding them through the probation period.The Group have also established a vanguard program to foster and maintain a local talent pool and offer a promotion path for excellent employees to become future teahouse managers.USE OF NET PROCEEDS FROM GLOBAL OFFERINGThe Shares were li

221、sted on the Stock Exchange on June 30,2021.The net proceeds raised from the Companys global offering(the“Global Offering”),after deduction of the underwriting fees and commissions and other estimated expenses payable by the Company in connection with the Global Offering,were approximately HK$4,842.4

222、 million.As of December 31,2023,there was no change in the intended use of net proceeds and the expected timeline as previously disclosed in the section headed“Future Plans and Use of proceeds”in the Prospectus.The net proceeds received by the Company from the Global Offering will be used for the fo

223、llowing purposes:approximately 70.0%,or HK$3,389.8 million,will be used over the next three years to expand the Groups teahouse network and deepen the Groups market penetration;approximately 10.0%,or HK$484.2 million,will be used over the next three years to further improve the Groups overall operat

224、ions through enhancing technology capabilities,with a goal to improve operational efficiency;approximately 10.0%,or HK$484.2 million,will be used over the next three years to strengthen the Groups supply chain and product distribution capabilities,with a goal to support our expanding scale;and the r

225、emaining approximately 10.0%,or HK$484.2 million,will be used for working capital and general corporate purposes.此外，我們非常重視為僱員提供培訓，旨在提高彼等的專業技能、對我們行業及工作場所安全標準的瞭解及對我們價值觀（尤其是我們對食品安全與產品品質以及令人滿意的客戶服務的堅定承諾）的認同。我們為不同職位的僱員設計及提供不同的培訓計劃。例如，我們要求每名新招聘的運營職能部門僱員均須參加為期一個月的店內培訓，因為我們力求確保產品交付及顧客服務的一致性及高質量。此外，我們將新的店員與老

226、員工配對，後者負責於彼等的試用期內向彼等提供指導。我們亦建立人才先鋒計劃，以培養及維持本地人才庫，並為優秀僱員提供晉升途徑，使彼等成為我們未來的店長。全球發售所得款項淨額用途股份於2021年6月30日在聯交所上市。自本公司之全球發售（全球發售）募集的所得款項淨額（經扣除本公司就全球發售應付的包銷費用及傭金以及其他估計開支後）為約4,842.4百萬港元。截至2023年12月31日，招股章程 未來計劃及所得款項用途 一節先前披露的所得款項淨額擬定用途及預期時間表概無變動。本公司自全球發售募集的所得款項淨額將用於以下目的：約70.0%或3,389.8百萬港元將在未來三年用於擴張本集團的茶飲店網絡並提

227、高本集團的市場滲透率；約10.0%或484.2百萬港元將在未來三年用於通過強化技術能力，進一步提升本集團的整體運營，以提升運營效率；約10.0%或484.2百萬港元將在未來三年用於提升本集團的供應鏈及渠道建設能力，以支援我們的規模擴張；及 剩餘約10.0%或484.2百萬港元將用作營運資金及作一般企業用途。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 36Nayuki Holdings Limited奈雪的茶控股有限公司The following table sets forth a summary of the utilization of the n

228、et proceeds from the Global Offering as of December 31,2023:PurposePercentage to total amountNet proceeds incurred from the Global OfferingActual use of proceeds up to December 31,2023Unutilized amount as of December 31,2023Expected timeline of full utilization of the remaining proceeds目的佔總額百分比全球發售產

229、生的所得款項淨額直至2023年12月31日實際動用所得款項截至2023年12月31日未動用金額悉數動用餘下所得款項的預期時間表HK$(million)HK$(million)HK$(million)港元（百萬元）港元（百萬元）港元（百萬元）Expand the Groups teahouse network and deepen the Groups market penetration70.0%3,389.81,871.81,518.0June 2024擴張本集團的茶飲店網絡並提高本集團 的市場滲透率2024年6月Further improve the Groups overall oper

230、ations10.0%484.2412.571.7June 2024進一步提升本集團的整體運營2024年6月Strengthen the Groups supply chain and product distribution capabilities10.0%484.2399.984.3June 2024提升本集團的供應鏈及渠道建設能力2024年6月Fund the Groups working capital and general corporate purposes10.0%484.2303.7180.5June 2024為本集團的營運資金及一般企業用途撥資2024年6月 Total1

231、00.0%4,842.42,987.91,854.5總計 IMPORTANT EVENTS AFTER THE REPORTING PERIODThere has been no important events subsequent to the Reporting Period and up to the date of this report,which would affect the Groups business operations in material aspects.下表載列截至2023年12月31日全球發售所得款項淨額動用情況的概要：報告期後重大事項於報告期後及直至本報告

232、日期，概無發生任何對本集團業務營運產生重大影響的重大事項。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 37Annual Report 年報 2023As of the date of this annual report,biographical details of the Directors and senior management are set out below.DIRECTORSThe Board currently comprises eight Directors,of which t

233、hree are executive Directors,two are non-executive Directors and three are independent non-executive Directors.The following table sets forth information regarding our Directors.NameAgePositionDate of appointment as Director姓名年齡職務獲委任為董事的日期 Executive Directors執行董事Mr.Zhao Lin44Chairman of the Board,Ex

234、ecutive Director and Chief Executive OfficerJune 9,2020趙林先生董事長、執行董事兼首席執行官2020年6月9日Ms.Peng Xin36Executive Director and General ManagerSeptember 5,2019彭心女士執行董事兼總經理2019年9月5日Mr.Deng Bin42Executive Director and chief operation officerJune 9,2020鄧彬先生執行董事兼首席運營官2020年6月9日Non-executive Directors非執行董事Mr.Wei Gu

235、oxing37Non-executive DirectorDecember 22,2023魏國興先生非執行董事2023年12月22日Mr.Wong Tak-wai47Non-executive DirectorDecember 31,2020黃德煒先生非執行董事2020年12月31日Independent non-executive Directors獨立非執行董事Mr.Liu Yiwei52Independent non-executive DirectorJune 18,2021劉異偉先生獨立非執行董事2021年6月18日Ms.Zhang Rui61Independent non-exec

236、utive DirectorJune 18,2021張蕊女士獨立非執行董事2021年6月18日Mr.Xie Yongming44Independent non-executive DirectorJuly 28,2023謝永明先生獨立非執行董事2023年7月28日於本年報日期，董事及高級管理層履歷詳情載列如下。董事董事會目前由八名董事組成，其中三名為執行董事、兩名為非執行董事及三名為獨立非執行董事。下表載列有關董事的資料。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 38Nayuki Holdings L

237、imited奈雪的茶控股有限公司EXECUTIVE DIRECTORSMr.Zhao Lin(趙林),aged 44,has served as a director of Shenzhen Pindao Management from February 2017 to October 2020 and Director of our Company since June 2020.Mr.Zhao was redesignated as executive Director and appointed as Chairman of the Board and Chief Executive O

238、fficer of our Company on February 5,2021.Mr.Zhao co-founded our Group with Ms.Peng in May 2014 and was principally responsible for the identification and development of store locations to further the Groups expansion.After leaving Meixin(defined below)in January 2016,he has dedicated his full capaci

239、ty to the Group and is responsible for overall strategic planning and business direction of our Group and overseeing management of our business.Mr.Zhao is the chairperson of the Nomination Committee and member of the Remuneration Committee.Mr.Zhao has been acting as a director of Shanghai Chatian si

240、nce February 2023.Mr.Zhao is also the director of Linxin Group.Prior to founding Shenzhen Pindao Management,Mr.Zhao worked at BK Foods(Shenzhen)Co.,Ltd.(漢堡王食品（深圳）有限公司)from January 2010 to May 2011.Mr.Zhao served as the development manager of Meixin Food(Shenzhen)Co.,Ltd.(美心食品（深圳）有限公司)from May 2011 t

241、o January 2016(“Meixin”).Mr.Zhao received a diploma in chrematistics from Urumqi Vocational University(烏魯木齊職業大學)in July 2001.Mr.Zhao is the spouse of Ms.Peng Xin,our executive Director and General Manager.執行董事趙林先生，44歲，自2017年2月至2020年10月擔任深圳品道管理董事及自2020年6月起擔任本公司董事。於2021年2月5日，趙先生被重新委任為執行董事並獲委任為本公司董事長及首

242、席執行官。於2014年5月，趙先生與彭女士聯合創辦本集團，主要負責物色及發展店址以進行本集團的進一步擴張。於2016年1月離任美心（定義見下文）後，其全心投入於本集團，負責規劃本集團的整體戰略及業務方向，並負責監督我們的業務管理。趙先生為提名委員會主席及薪酬委員會成員。趙先生自2023年2月起擔任上海茶田之董事。趙先生亦為Linxin Group的董事。在創辦深圳品道管理前，趙先生於2010年1月至2011年5月任職於漢堡王食品（深圳）有限公司。趙先生自2011年5月至2016年1月擔任美心食品（深圳）有限公司（美心）開發經理。趙先生於2001年7月取得烏魯木齊職業大學理財學文憑。趙先生是我們

243、的執行董事兼總經理彭心女士的配偶。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 39Annual Report 年報 2023Ms.Peng Xin(彭心),aged 36,has served as the director of Shenzhen Pindao Management since our inception in May 2014 and a Director since September 2019.Ms.Peng was redesignated as executive Direc

244、tor and appointed as our General Manager on February 5,2021.Ms.Peng co-founded our Group with Mr.Zhao in May 2014 and is responsible for overseeing product development,quality control and overall marketing strategy of our Group.Ms.Peng has been acting as a director of Shanghai Chatian since February

245、 2023.Ms.Peng is also the director of Linxin Group and Linxin Holdings.Prior to founding Shenzhen Pindao Management,Ms.Peng served as the deputy secretary general of Pearl Club of Kingdee Software(China)Co.,Ltd.(金蝶軟件（中國）有限公司)from August 2010 to October 2012;as the director of Shenzhen Linxin Culture

246、 Communication Co.,Ltd.(深圳市林心文化傳播有限責任公司)from July 2018(which has been voluntarily deregistered in July 2022)and the director of Shenzhen Xinlin Culture Communication Co.,Ltd.(深圳市心林文化傳播有限責任公司)from August 2017.Ms.Peng received a bachelors degree in business management from Jiangxi University of Financ

247、e and Economics(江西財經大學)in July 2010.Ms.Peng currently holds directorships in the following principal subsidiaries of our Group:Shenzhen Pindao Group,Shenzhen Pindao Management and Shenzhen Pindao Supply Chain Management Co.,Ltd.(深圳市品道供應鏈管理有限公司).Ms.Peng is the spouse of Mr.Zhao Lin,our Chairman of th

248、e Board,executive Director and Chief Executive Officer.Mr.Deng Bin(鄧彬),aged 42,was appointed as our Director on June 9,2020 and redesignated as our executive Director on February 5,2021.Mr.Deng joined our Group in August 2016 and has served as our chief operation officer since January 2019.Mr.Deng i

249、s responsible for overseeing operations of our Group.Mr.Deng served as an operation officer of our Group from August 2016 to December 2017 and he served as regional general manager in charge of our South China businesses from January 2018 to December 2018.Mr.Deng has been acting as a director of Sha

250、nghai Chatian since February 2023.Prior to joining our Group,Mr.Deng served as senior division manager of Genki Sushi Catering Service&Management(Shenzhen)Limited(元氣壽司餐飲服務管理（深圳）有限公司)from March 2009 to March 2016 and later,an operation manager from April 2016 to June 2016.Mr.Deng received a bachelors

251、 degree in business management from Yamanashi Gakuin University in March 2006.彭心女士，36歲，自我們於2014年5月成立以來擔任深圳品道管理董事，並自2019年9月起擔任本公司董事。於2021年2月5日，彭女士被重新委任為執行董事並獲委任為總經理。於2014年5月，彭女士與趙先生聯合創辦本集團，負責監督本集團的產品研發、質量控制及整體營銷戰略。彭女士自2023年2月起擔任上海茶田之董事。彭女士亦為Linxin Group及林心控股的董事。在創辦深圳品道管理前，彭女士自2010年8月至2012年10月擔任金蝶軟件（中

252、國）有限公司明珠俱樂部副秘書長；自2018年7月起，擔任深圳市林心文化傳播有限責任公司（該公司已於2022年7月自願註銷）董事；自2017年8月起，擔任深圳市心林文化傳播有限責任公司董事。彭女士於2010年7月取得江西財經大學工商管理學士學位。彭女士目前在本集團以下主要附屬公司擔任董事：深圳品道集團、深圳品道管理及深圳市品道供應鏈管理有限公司。彭女士是我們的董事長、執行董事兼首席執行官趙林先生的配偶。鄧彬先生，42歲，於2020年6月9日獲委任為我們的董事並於2021年2月5日被重新委任為執行董事。鄧先生於2016年8月加入本集團並自2019年1月起擔任我們的首席運營官。鄧先生負責監督本集團的

253、業務運營。鄧先生自2016年8月至2017年12月擔任本集團運營主管，自2018年1月至2018年12月擔任區域總經理，主管華南區業務。鄧先生自2023年2月起擔任上海茶田之董事。在加入本集團之前，鄧先生自2009年3月至2016年3月擔任元氣壽司餐飲服務管理（深圳）有限公司高級部門經理，之後自2016年4月至2016年6月擔任運營經理。鄧先生於2006年3月獲得山梨學院大學工商管理學士學位。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 40Nayuki Holdings Limited奈雪的茶控股有限公

254、司NON-EXECUTIVE DIRECTORSMr.Wei Guoxing(魏國興),aged 37,has been appointed as our non-executive Director with effect from December 22,2023.Mr.Wei is responsible for providing professional strategic advice to the Board.Mr.Wei has over 10 years of experience in private equity investment,venture capital an

255、d investment management.Mr.Wei has been working at Shenzhen Tiantu Capital Management Center(Limited Partnership)(深圳天圖資本管理中心（有限合夥）(“Shenzhen Tiantu Capital”),a limited partnership ultimately controlled by Tian Tu Capital Co.,Ltd.(深圳市天圖投資管理股份有 限 公 司),a joint stock company incorporated in the Peoples

256、Republic of China whose H shares are listed on the Stock Exchange(stock code:1973.HK)since September 2012.Mr.Wei previously acted as the investment manager and managing director of Shenzhen Tiantu Capital,and currently acting as the partner and a member of the venture capital investment committee of

257、 Shenzhen Tiantu Capital.Mr.Wei obtained his bachelors degrees in biology and economics from Peking University in 2009.In 2012,Mr.Wei obtained a masters degree in management from Peking University and a masters degree in finance from the University of Hong Kong.Mr.Wong Tak-wai(黃德煒),aged 47,was appoi

258、nted as our Director on December 31,2020 and redesignated as our non-executive Director on February 5,2021.Mr.Wong is responsible for providing professional strategic advice to the Board.Mr.Wong joined Pacific Alliance Group as an executive director since March 2011 and has been a partner of Pacific

259、 Alliance Group since April 2014.Before joining Pacific Alliance Group,Mr.Wong served as a vice president of TPG Capital Ltd.(formerly known as Newbridge Capital Limited)from 2006 to 2010.From 1999 to 2005,Mr.Wong served as a manager of the investment banking department of Morgan Stanley.非執行董事魏國興先生，

260、37歲，於2023年12月22日獲委任為我們的非執行董事。魏先生負責向董事會提供專業戰略意見。魏先生在私募股權投資、創業投資及投資管理領域擁有超過10年經驗。魏先生自2012年9月起一直效力深圳天圖資本管理中心（有限合夥）（深圳天圖資本），深圳天圖資本為深圳市天圖投資管理股份有限公司（於中華人民共和國註冊成立的股份有限公司，其H股於聯交所上市（股份代號：1973.HK)）最終控制的有限合夥企業。魏先生曾任深圳天圖資本的投資經理兼董事總經理，現為深圳天圖資本的合夥人兼風險投資委員會成員。魏先生於2009年獲北京大學頒授生物及經濟專業雙學士學位。於2012年，魏先生獲北京大學頒授管理學碩士學位，並

261、獲香港大學頒授金融學碩士學位。黃德煒先生，47歲，於2020年12月31日獲委任為我們的董事並於2021年2月5日被重新委任為非執行董事。黃先生負責向董事會提供專業戰略意見。黃先生自2011年3月起加入太盟投資集團擔任執行董事，自2014年4月起一直擔任太盟投資集團的合夥人。在加入太盟投資集團之前，黃先生自2006年至2010年曾出任美國德太投資有限公司（前身為美國新橋投資有限公司）的副總裁。自1999年至2005年，黃先生曾在摩根士丹利投資銀行部擔任經理。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 4

262、1Annual Report 年報 2023As a representative of Pacific Alliance Group,Mr.Wong is a board member of various listed companies.He has been a non-executive director of Mobvista Inc.(a company listed on the Stock Exchange,stock code:1860)since February 2021 and a non-executive director of Yingde Gases Grou

263、p Company Limited(a company previously listed on the Stock Exchange,stock code:2168)since April 2017,and he has been serving as the chairman of the board of AirPower Technologies Limited after the integration of Yingde Gases and Baosteel Gases.Mr.Wong also served as an independent director of Tencen

264、t Music Entertainment Group,a company listed on the New York Stock Exchange(NYSE Ticker:TME)and the Stock Exchange(stock code:1698),from July 2016 to September 2020.Mr.Wong received a bachelors degree in business administration and a bachelors degree in Asian studies from University of California,Be

265、rkeley in May 1999.INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Liu Yiwei(劉異偉),aged 52,has been appointed as our independent non-executive Director with effect from June 18,2021.Mr.Liu is the chairperson of the Remuneration Committee,member of the Audit Committee and member of the Nomination Committee.Mr.L

266、iu has served as the director and deputy general manager of Shenzhen Yingtai Investment Management Co.,Ltd.(深圳盈泰投資管理有限公司)since January 2008.Mr.Liu received a diploma in labor and personnel major from Communication University of China(中國傳媒大學,formerly known as Beijing Coal Management Cadre College(北京煤

267、炭管理幹部學院)in July 1991 and a masters degree in monetary banking from Graduate School of Chinese Academy of Social Sciences(中國社會科學院研究生院)in April 1998.Mr.Liu obtained the qualifications of Securities Practitioner(證券從業人員)in June 2004 and Futures Practitioner(期貨從業人員)in January 2003,respectively.黃先生作為太盟投資集

268、團的代表，擔任多家上市公司董事會成員。其自2021年2月起一直擔任香港聯交所上市公司匯量科技有限公司（股份代號：1860）的非執行董事，自2017年4月起一直擔任盈德氣體集團有限公司（一家此前在香港聯交所上市的公司，股份代號：2168）的非執行董事，並自2021年起擔任盈德氣體和寶鋼氣體整合後的氣體動力科技有限公司的董事會主席。黃先生亦曾自2016年7月至2020年9月擔任騰訊音樂娛樂集團（一家於紐約證券交易所（紐交所股票代碼：TME）及聯交所（股份代號：1698）上市的公司）的獨立董事。黃先生於1999年5月獲得加州大學伯克利分校的工商管理和亞洲研究學士學位。獨立非執行董事劉異偉先生，52歲

269、，於2021年6月18日獲委任為我們的獨立非執行董事。劉先生為薪酬委員會主席、審核委員會成員及提名委員會成員。劉先生自2008年1月起擔任深圳盈泰投資管理有限公司董事兼副總經理。劉先生於1991年7月取得中國傳媒大學（前稱北京煤炭管理幹部學院）勞動人事專業文憑，並於1998年4月取得中國社會科學院研究生院貨幣銀行學碩士學位。劉先生於2004年6月獲得證券從業人員資格並於2003年1月取得期貨從業人員資格。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 42Nayuki Holdings Limited奈雪的

270、茶控股有限公司Ms.Zhang Rui(張蕊),aged 61,has been appointed as independent non-executive Director with effect from June 18,2021.Ms.Zhang is the chairperson of the Audit Committee.Since September 1984,Ms.Zhang has been working at Jiangxi University of Finance and Economics(江西財經大學,formerly known as Jiangxi Ins

271、titute of Finance and Economics(江西財經學院),where she successively served as a teacher in department of finance and accounting,the head of the teaching and research section for auditing of department of finance and accounting,a deputy head of department of finance and accounting,the dean of faculty of a

272、ccounting and a director of research and development center for accounting development.Ms.Zhang has been an independent director of Shenzhen Aisidi Co.,Ltd.(深圳市愛施德股份有限公司),a company listed on the Shenzhen Stock Exchange(stock code:002416),since October 2019 and an independent director of Guosen Secur

273、ities Co.,Ltd.(國信證券股份有限公司),a company whose shares are listed on the Shenzhen Stock Exchange(stock code:002736),since November 2023.In addition,she has been serving as a director of Shenzhen Pufanglimin Technology Co.,Ltd.(深圳市普方立民科技股份有限公司)since November 2023.Ms.Zhang received a bachelors degree in co

274、mmercial finance and accounting from Jiangxi Institute of Finance and Economics in July 1984,a masters degree in accounting from Jiangxi Institute of Finance and Economics in July 1990 and a doctorate degree in accounting from Zhongnan University of Economics and Law(中南財經政法大學)in December 2001.Ms.Zha

275、ng has been an expert entitled to special allowance granted by the State Council since August 2005.She also obtained a certificate of Star Teacher in Higher Education Institutions(高等學校教學名師獎)issued by the Ministry of Education of the Peoples Republic of China in September 2009.Ms.Zhang was accredited

276、 as a professor by Jiangxi Title Reform Committee(江西省職稱改革領導小組)in March 1999.張蕊女士，61歲，於2021年6月18日獲委任為獨立非執行董事。張女士為本公司審核委員會主席。張女士自1984年9月起就職於江西財經大學（前稱江西財經學院），歷任財務會計系講師、財務會計系審計教研室帶頭人、財務會計系副主任、會計學院院長及會計發展研究中心主任。張女士自2019年10月起擔任深圳市愛施德股份有限公司（一家於深圳證券交易所上市的公司，證券代碼：002416）獨立董事及自2023年11月起擔任國信證券股份有限公司（一家其股份於深圳證券

277、交易所上市的公司，證券代碼：002736）的獨立董事。此外，彼自2023年11月起擔任深圳市普方立民科技股份有限公司的董事。張女士於1984年7月取得江西財經學院商業財務與會計學學士學位，於1990年7月取得江西財經學院會計學碩士學位及於2001年12月取得中南財經政法大學會計學博士學位。張女士自2005年8月起作為專家享受國務院特殊津貼，並於2009年9月取得中華人民共和國教育部頒發的 高等學校教學名師獎。張女士於1999年3月被江西省職稱改革領導小組評為教授。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳

278、情 43Annual Report 年報 2023Mr.Xie Yongming(謝永明),aged 44,has been appointed as independent non-executive Director with effect from July 28,2023.Mr.Xie is member of the Audit Committee,member of the Remuneration Committee and member of the Nomination Committee.Mr.Xie has 18 years of experience in consum

279、er and retail industries.Mr.Xie has been acting as the executive vice chairman of Shenzhen Smart Retail Association(深圳市智慧零售協會)since 2017.From 2009 to 2017,Mr.Xie acted as the deputy secretary general at Shenzhen Retail Trade Association(深圳市零售商業行業協會).From 2005 to 2009,Mr.Xie acted as the deputy gener

280、al manager at Shenzhen Jianeng Culture Technology Co.,Ltd.(深圳市佳能文化科技有限公司,previously known as Shenzhen Jianeng Costume Technology Co.,Ltd.(深圳市佳能服裝科技有限公司).Mr.Xie graduated from Xinjiang University(新疆大學)with a bachelors degree majoring in fashion design and engineering.SENIOR MANAGEMENTMr.Zhao Lin(趙林)i

281、s our Chief Executive Officer.See the paragraph headed“Executive Directors”above for details of his biography.Ms.Peng Xin(彭心)is our General Manager.See the paragraph headed“Executive Directors”above for details of her biography.Mr.Deng Bin(鄧彬)is our chief operation officer.See the paragraph headed“E

282、xecutive Directors”above for details of his biography.謝永明先生，44歲，於2023年7月28日獲委任為獨立非執行董事。謝先生為審核委員會成員、薪酬委員會成員及提名委員會成員。謝先生於消費及零售行業擁有18年經驗。謝先生自2017年起一直擔任深圳市智慧零售協會的執行副會長。於2009年至2017年，謝先生擔任深圳市零售商業行業協會的副秘書長。於2005年至2009年，謝先生擔任深圳市佳能文化科技有限公司（前稱深圳市佳能服裝科技有限公司）的副總經理。謝先生畢業於新疆大學，取得學士學位，主修服裝設計與工程。高級管理層趙林先生為我們的首席執行官。

283、有關其履歷詳情，請參閱上文 執行董事 一段。彭心女士為我們的總經理。有關其履歷詳情，請參閱上文 執行董事 一段。鄧彬先生為我們的首席運營官。有關其履歷詳情，請參閱上文 執行董事 一段。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 44Nayuki Holdings Limited奈雪的茶控股有限公司Ms.Chen Shengyu(陳聖鈺),aged 46,is our senior human resources director and joined our Group in September 201

284、7.Ms.Chen is responsible for the management of human resources and administrative matters.Prior to joining our Group,Ms.Chen served as human resources director of Guangzhou Jiumaojiu Restaurant Management Co.,Ltd.(廣州九毛九餐飲管理有限公司)from April 2014 to December 2016.Ms.Chen served as a human resources sup

285、ervisor of Guangdong Sanyuan McDonalds Food Co.,Ltd.(廣東三元麥當勞食品有限責任公司)from June 2004 to August 2009 and a human resources manager from August 2009 to April 2014.Ms.Chen received a diploma in economics from Guangdong Ocean University(廣東海洋大學,formerly known as Zhanjiang Ocean University(湛江海洋大學)in June 2

286、000.Ms.Chen received a bachelors degree in human resources from South China Normal University(華南師範大學)through the completion of the adult higher education program in January 2013.Ms.Chen obtained the professional qualification of senior human resources management specialist(高級人力資源管理師)from the Ministr

287、y of Human Resources and Social Security of the PRC in March 2018.Mr.Shen Hao(申昊),aged 35,is our co-chief financial officer,general counsel and board secretary.Mr.Shen joined our Group in July 2019 and is responsible for the capital market and legal matters of our Group.Mr.Shen has been acting as a

288、director of Shanghai Chatian since February 2023.Prior to joining our Group,Mr.Shen worked at SZ DJI Technology Co.,Ltd.(深圳市大疆創新科技有限公司)from June 2013 to June 2019,where he served as legal manager and head of legal department from June 2013 to June 2016 and the head of legal department and corporate

289、development department from July 2016 to June 2019.Mr.Shen also served as a director of Victor Hasselblad AB from November 2017 to May 2019 and a director of Koenigsegg AB from May 2017 to May 2019.Mr.Shen received a bachelors degree in law from Shenzhen University(深圳大學)in June 2010 and a masters de

290、gree in international economic law from The Chinese University of Hong Kong in November 2012.陳聖鈺女士，46歲，為我們的高級人力資源總監，於2017年9月加入本集團。陳女士負責人力資源管理及行政事務。加入本集團之前，陳女士於2014年4月至2016年12月擔任廣州九毛九餐飲管理有限公司的人力資源總監。陳女士於2004年6月至2009年8月擔任廣東三元麥當勞食品有限責任公司的人力資源主管及於2009年8月至2014年4月擔任人力資源經理。陳女士於2000年6月自廣東海洋大學（前稱湛江海洋大學）取得經濟學

291、文憑。陳女士於2013年1月通過完成成人高等教育課程自華南師範大學取得人力資源學士學位。陳女士於2018年3月自中國人力資源和社會保障部取得高級人力資源管理師的專業資格。申昊先生，35歲，為我們的聯席首席財務官、法務總監兼董事會秘書。申先生於2019年7月加入本集團，負責本集團的資本市場及法律事務。申先生自2023年2月起擔任上海茶田之董事。加入本集團前，申先生於2013年6月至2019年6月任職於深圳市大疆創新科技有限公司，於2013年6月至2016年6月任法務經理及法務部主管，於2016年7月至2019年6月任法務部及企業發展部主管。申先生亦於2017年11月至2019年5月擔任Victo

292、r Hasselblad AB的董事及於2017年5月至2019年5月擔任Koenigsegg AB的董事。申先生於2010年6月自深圳大學取得法學學士學位及於2012年11月自香港中文大學取得國際經濟法碩士學位。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 45Annual Report 年報 2023Mr.Liang Feiyan(梁飛燕),aged 41,is our co-chief financial officer and joined our Group in October 2019.Mr

293、.Liang is responsible for overseeing financial operations and capital management of our Group.Prior to joining our Group,Mr.Liang worked at Meten Education(Shenzhen)Co.,Ltd.(美聯教育（深圳）有限公司)from October 2011 to August 2019,where he lastly served as co-financial officer.Mr.Liang received a bachelors deg

294、ree in accounting from Shandong Agricultural University(山東農業大學)in July 2006.JOINT COMPANY SECRETARIESMs.Shi Chao(史超)was appointed as one of our joint company secretaries on February 5,2021.Ms.Shi joined our Group in January 2019 and has served as the deputy director of corporate finance and legal de

295、partment.Ms.Shi worked at Baoneng Department Store Limited(寶能百貨零售有限公司)from November 2017 to January 2019,where she lastly served as the senior legal manager.Ms.Shi worked at Wal-Mart(China)Investment Co.,Ltd.(沃爾瑪（中國）投資有限公司)from February 2014 to November 2017,where she lastly served as the legal cons

296、ultant.Ms.Shi received a bachelors degree in law and economics from Minzu University of China(中央民族大學)in July 2007 and a masters degree in economic law from Minzu University of China in July 2012.Ms.Shi also received a postgraduate diploma in international and European law from Universit Jean Moulin

297、Lyon 3 in March 2012.Ms.Shi passed the National Judicial Examination(國家司法考試)in the PRC and obtained her legal professional qualification in March 2010.Ms.Shi also received the Certification of Fund Practice Qualification(基金從業資格證書)from the Asset Management Association of China(中國證券投資基金業協會)in July 201

298、7.Ms.Ho Yin Kwan(何燕群),was appointed as one of the joint company secretaries of our Company on June 22,2022.Ms.Ho is a Vice President of SWCS Corporate Services Group(Hong Kong)Limited.She has over 20 years of professional experience in corporate secretarial field and has been providing corporate sec

299、retarial services to both listed and private companies incorporated in Hong Kong and overseas.Ms.Ho holds a bachelors degree in business and finance from the University of Portsmouth and a masters degree in corporate governance from the Open University of Hong Kong(currently known as Hong Kong Metro

300、politan University).Ms.Ho is a member of The Hong Kong Chartered Governance Institute and The Chartered Governance Institute in the United Kingdom.梁飛燕先生，41歲，為我們的聯席首席財務官，於2019年10月加入本集團。梁先生負責監督本集團的財務運營及資本管理。加入本集團之前，梁先生於2011年10月至2019年8月任職於美聯教育（深圳）有限公司，最後職位為聯席首席財務官。梁先生於2006年7月自山東農業大學取得會計學學士學位。聯席公司秘書史超女士

301、於2021年2月5日獲委任為我們的聯席公司秘書之一。史女士於2019年1月加入本集團及擔任企業融資及法務部的副主任。自2017年11月至2019年1月，史女士任職於寶能百貨零售有限公司，最後職位為高級法律經理。自2014年2月至2017年11月，史女士任職於沃爾瑪（中國）投資有限公司，最後職位為法律顧問。史女士於2007年7月獲得中央民族大學法學與經濟學士學位及於2012年7月獲得中央民族大學經濟法碩士學位。史女士亦於2012年3月獲得里昂第三大學的國際及歐洲法研究生文憑。史女士於2010年3月通過中國國家司法考試並獲得法律專業資格。史女士亦於2017年7月自中國證券投資基金業協會獲得基金從業

302、資格證書。何燕群女士於2022年6月22日獲委任為本公司的聯席公司秘書之一。何女士現為方圓企業服務集團（香港）有限公司的總監。彼在公司秘書領域擁有逾二十年經驗，一直為在香港及海外註冊成立的上市公司及私人公司提供企業服務。何女士持有英國樸茨茅斯大學商業及金融學士學位及香港公開大學（現稱香港都會大學）企業管治碩士學位。何女士為香港公司治理公會及英國特許公司治理公會的會士。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 46Nayuki Holdings Limited奈雪的茶控股有限公司CHANGES IN I

303、NFORMATION OF DIRECTORS AND CHIEF EXECUTIVESPursuant to Rule 13.51B(1)of the Listing Rules,the changes in the information of Directors and chief executives of the Company since the publication of the interim report for the six months ended June 30,2023 of the Company and up to the date of this annua

304、l report are set out below:On November 4,2023,Ms.Zhang Rui was appointed as an independent director of Guosen Securities Co.,Ltd.(國信證券股份有限公司),a company whose shares are listed on the Shenzhen Stock Exchange(stock code:002736).On November 24,2023,Ms.Zhang Rui was appointed as a director of Shenzhen P

305、ufanglimin Technology Co.,Ltd.(深圳市普方立民科技股份有限公司).On December 22,2023,Mr.Pan Pan resigned as a non-executive Director due to other work arrangements.On December 22,2023,Mr.Wei Guoxing was appointed as a non-executive Director.Save as disclosed above in this annual report,there is no other information

306、required to be disclosed Pursuant to Rule 13.51B(1)of the Listing Rules.董事及最高行政人員的資料變動根據上市規則第13.51B(1)條，本公司的董事及最高行政人員的資料自刊發本公司截至2023年6月30日止六個月的中期報告起及截至本年報日期的變動載列如下：於2023年11月4日，張蕊女士獲委任為國信證券股份有限公司（一家其股份於深圳證券交易所上市的公司，證券代碼：002736）的獨立董事。於2023年11月24日，張蕊女士獲委任為深圳市普方立民科技股份有限公司的董事。於2023年12月22日，潘攀先生因其他工作安排辭任非執

307、行董事。於2023年12月22日，魏國興先生獲委任為非執行董事。除本年報上文所披露者外，並無其他資料須根據上市規則13.51B(1)條予以披露。DIRECTORS REPORT董事會報告 47Annual Report 年報 2023The Board is pleased to present this annual report together with the audited consolidated financial statements of the Group for the year ended December 31,2023.GLOBAL OFFERING AND PRI

308、NCIPAL ACTIVITIESThe Company was incorporated in the Cayman Islands on September 5,2019 as an exempted company with limited liability under the Companies Law of the Cayman Islands.The Companys Shares were listed on the Stock Exchange on June 30,2021.The Company is an investment holding company of th

309、e Group.The Group operates Nayuki teahouses,a leading premium modern teahouse chain in China serving freshly-made tea drinks.The activities and particulars of the Group and an analysis of the Groups revenue and operating profit for the year by principal activities are set out under the section heade

310、d“Management Discussion and Analysis”in this annual report and Note 4 to the consolidated financial statements of this annual report.The principal business activities of the subsidiaries of the Group are set out in Note 12 to the consolidated financial statements of this annual report.A review of th

311、e Groups business,major risks,use of net proceeds from the Global Offering,uncertainties faced by the Group,and the future development of the Groups business could be found in the sections headed“Management Discussion and Analysis”and“Corporate Governance Report”in this annual report.The review and

312、discussion form part of this directors report.RESULTSThe consolidated results of the Group for the year ended December 31,2023 are set out on pages 110 to 228 of this annual report.FINAL DIVIDENDSThe Board has resolved not to recommend the payment of any final dividend for the year ended December 31

313、,2023.董事會欣然提呈本年報連同本集團截至2023年12月31日止年度的經審核綜合財務報表。全球發售及主要業務本公司於2019年9月5日根據開曼群島公司法在開曼群島註冊成立為獲豁免有限公司。本公司的股份於2021年6月30日在聯交所上市。本公司為本集團的投資控股公司。本集團經營的奈雪的茶茶飲店是中國領先的高端現製茶飲連鎖店，專注於提供現製茶飲。本集團的業務及詳情以及本集團按主要業務劃分的年內收入及經營利潤載於本年報 管理層討論及分析 一節及本年報綜合財務報表附註4。本集團之附屬公司的主要業務載於本年報綜合財務報表附註12。有關本集團的業務、主要風險、全球發售所得款項淨額用途、本集團面對的不

314、確定因素以及本集團業務的未來發展的審視，可查閱本年報管理層討論及分析 及企業管治報告。該審視及討論組成本董事會報告。業績本集團截至2023年12月31日止年度的綜合業績載於本年報第110至228頁。末期股息董事會決議不建議派付截至2023年12月31日止年度的末期股息。DIRECTORS REPORT董事會報告 48Nayuki Holdings Limited奈雪的茶控股有限公司ANNUAL GENERAL MEETING AND CLOSURE OF REGISTER OF MEMBERSFor determining the entitlement to attend and vote

315、at the AGM to be held on Friday,June 28,2024,the register of members of the Company will be closed from Tuesday,June 25,2024 to Friday,June 28,2024(both days inclusive)during which period no transfer of shares will be registered.In order to qualify for attending the AGM,all share certificates with c

316、ompleted transfer forms must be lodged with the Companys share registrar in Hong Kong,Computershare Hong Kong Investor Services Limited at Shops 17121716,17th Floor,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong not later than 4:30 p.m.on Monday,June 24,2024.PROPERTY AND EQUIPMENTDetails of

317、the movements in property and equipment of the Group during the Reporting Period are set out in Note 11 to the consolidated financial statements of this annual report.ENVIRONMENTAL POLICIES AND PERFORMANCEThe Group is highly aware of the importance of environment protection and has not noted any mat

318、erial incompliance with all relevant laws and regulations in relation to its business including health and safety,workplace conditions,employment and the environment.The Group has implemented environmental protection measures and has also encouraged staff to be environmental friendly at work by cons

319、uming the electricity and paper according to actual needs,so as to reduce energy consumption and minimize unnecessary waste.Discussion on the key relationships with the Groups major stakeholders,the Groups environmental policy and performance as well as compliance with relevant laws and regulations

320、which have significant impact on the Group are set out in the Companys Environmental,Social and Governance Report 2023(the“ESG Report”).The ESG Report will be published separately on the websites of the Company()and the HKEXnews website(www.hkexnews.hk)SHARE CAPITALDetails of the movements in share

321、capital of the Company during the year ended December 31,2023 are set out in Note 27 to the consolidated financial statements of this annual report.股東週年大會及暫停辦理股份過戶登記為確定出席將於2024年6月28日（星期五）舉行的股東週年大會及於會上投票的資格，本公司將於2024年6月25日（星期二）至2024年6月28日（星期五）（首尾兩天包括在內）暫停辦理股份過戶登記手續，期間將不會辦理任何股份過戶登記。為符合資格出席股東週年大會，所有股票連

322、同已填妥的過戶表格須於2024年6月24日（星期一）下午四時三十分前送交本公司的香港證券登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓17121716號舖，以辦理股份過戶登記手續。物業及設備於報告期間，本集團物業及設備變動的詳情載於本年報綜合財務報表附註11。環保政策及績效本集團清楚知道環境保護的重要性，且在所有與其業務有關的法律法規並無發現有任何重大不合規，包括健康及安全、工作場所條件、就業及環境。本集團已實施環保措施，並鼓勵員工以環保方式工作，根據實際需要消耗電力及紙張，以減少能源消耗及盡量減少不必要的浪費。有關與本集團主要持份者之重要關係、本集團環保政策及

323、表現以及遵守對本集團有重大影響之相關法律及法規之討論載於本公司之2023年環境、社會及管治報告（環境、社會及管治報告）。環境、社會及管治報告將在本公司網站()及聯交所披露易網站(www.hkexnews.hk)另行刊載。股本截至2023年12月31日止年度，本公司股本變動的詳情載於本年報綜合財務報表附註27。DIRECTORS REPORT董事會報告 49Annual Report 年報 2023RESERVESDetails of the movement in the reserves of the Group and of the Company during the year ende

324、d December 31,2023 are set out in Note 27 to the consolidated financial statements of this annual report.DISTRIBUTABLE RESERVESAs of December 31,2023,the aggregate amount of distributable reserves of the Company,calculated in accordance with the Companies Law,amounted to RMB5,986,012,000(as of Decem

325、ber 31,2022:RMB5,757,296,000).PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECURITIESDuring the Reporting Period,neither the Company nor its subsidiaries had purchased,sold or redeemed any of the Companys listed securities.PRE-EMPTIVE RIGHTSThere are no provisions for pre-emptive rights under

326、the Articles of Association,or the laws of Cayman Islands,which would oblige the Company to offer new Shares on a pro-rata basis to its existing Shareholders.DIRECTORSThe Directors for the Reporting Period and up to the date of this annual report were:Executive DirectorsMr.Zhao Lin(Chairman and Chie

327、f Executive Officer)Ms.Peng XinMr.Deng BinNon-executive DirectorsMr.Wei Guoxing(appointed on December 22,2023)Mr.Wong Tak-waiMr.Pan Pan(resigned on December 22,2023)Independent Non-executive DirectorsMr.Liu YiweiMs.Zhang RuiMr.Xie Yongming(appointed on July 28,2023)Mr.Chen Qunsheng(resigned on April

328、 30,2023)儲備截至2023年12月31日止年度，本集團及本公司儲備變動的詳情分別載於本年報綜合財務報表附註27?？晒┓峙蓛浣?至 2023 年 12 月 31 日，根 據 公 司 法 計算，本公司可分派儲備總金額為人民幣5,986,012,000元（截至2022年12月31日：人民幣5,757,296,000元）。購買、出售或贖回本公司上市證券於報告期間，本公司或其附屬公司概無購買、出售或贖回本公司的任何上市證券。優先購買權根據組織章程細則或開曼群島法律並無有關優先購買權的條文，規定本公司須按比例向現有股東提呈發售新股份。董事報告期間及直至本年報日期的董事如下：執行董事趙林先生（董事

329、長及首席執行官）彭心女士鄧彬先生非執行董事魏國興先生（於2023年12月22日獲委任）黃德煒先生潘攀先生（於2023年12月22日辭任）獨立非執行董事劉異偉先生張蕊女士謝永明先生（於2023年7月28日獲委任）陳群生先生（於2023年4月30日辭任）DIRECTORS REPORT董事會報告 50Nayuki Holdings Limited奈雪的茶控股有限公司BIOGRAPHICAL DETAILS OF THE DIRECTORS AND THE SENIOR MANAGEMENTBiographical details of the Directors and the senior ma

330、nagement of the Group as of the date of this annual report are set out under the section headed“Biographical Details of Directors and Senior Management”of this annual report.DIRECTORS SERVICE CONTRACTS AND LETTERS OF APPOINTMENTEach of the executive Directors has entered into a service agreement wit

331、h our Company with an initial term of three years with effect from the date of the appointment,and will continue thereafter until terminated by not less than three months notice in writing served by either party on the other(subject always to re-election as and when required under the Articles of As

332、sociation).Each of our non-executive Directors and independent non-executive Directors has entered into a service contract/letter of appointment with our Company.Each of our non-executive Directors and independent non-executive Directors is appointed with an initial term of three years commencing fr

333、om the date of their respective appointments and subject to termination in certain circumstances as stipulated in the relevant services contracts/letters of appointment.Under these service contracts/letters of appointment,each of the independent non-executive Directors will receive a Directors annual remuneration of HK$120,000.Save as aforesaid,none of our Directors has or is proposed to have a se