奈雪的茶：2024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:21502024ANNUAL REPORT 年 報CONTENTS目錄2 Definitions釋義6 Corporate Information公司資料9 Financial Summary財務摘要11 Management Discussion and Analysis管理層討論及分析35 Biographical Details of Directors and Senior Management董事及高級管

2、理層履歷詳情41 Directors Report董事會報告69 Corporate Governance Report企業管治報告94 Independent Auditors Report獨立核數師報告102 Consolidated Statement of Profit or Loss綜合損益表103 Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表104 Consolidated Statement of Financial Position綜合財務狀況表106 Co

3、nsolidated Statement of Changes in Equity綜合權益變動表108 Consolidated Statement of Cash Flows綜合現金流量表110 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 have

4、 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“AGM

5、”the forthcoming annual general meeting of the Company proposed to be held on Friday,June 27,2025股東週年大會指本公司建議於2025年6月27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“Board”or“Board

6、of Directors”the board of Directors of the Company董事會指本公司董事會“BVI”the British Virgin Islands英屬維爾京群島指英屬維爾京群島“BYX”Bangyixia(Shenzhen)Supply Chain Co.,Ltd.*(邦壹夏（深圳）供應鏈有限公司),a company incorporated in the PRC on January 22,2016 and is a connected person of our Company邦壹夏指邦壹夏（深圳）供應鏈有限公司，一家於2016年1月22日於中國註冊成

7、立的公司，並為本公司的關連人士“Chairman”the 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“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 on September 5,2019,whose Shares are li

8、sted 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 2024“Controlling Shareholders”has the meaning ascribed to it under the Listing Rules and,in the context of this report,means Mr.Zhao Lin,Ms.Pen

9、g Xin,Linxin Group,Linxin International,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 ind

10、ependent non-executive directors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“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 subsidiari

11、es(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”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 R

12、egion of the PRC香港 或 香港特別行政區指中國香港特別行政區“Linxin Group”Linxin Group Limited,a company incorporated in the BVI on December 29,2020,one of our Controlling ShareholdersLinxin 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 inc

13、orporated 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”Linxin International Limited,a company incorporated in the BVI on December 29,2020,one of our Controlling ShareholdersLinxin International指Linxin Inte

14、rnational 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DEFINITIONS釋義 4Nayuki Holdings Limited奈雪的茶控股有限公司“Linxin Trust”Linxin Trust,an irrevocable discretionary trust established in Guernsey on December 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

15、，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 from 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）“Macau”or“Macau SAR”the Macau Special Admin

16、istrative Region of the PRC澳門 或 澳門特別行政區指中國澳門特別行政區“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(s)”sh

17、are 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,referenc

18、es 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“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”Renminbi,the lawful currency of the PRC人民幣指中國法

19、定貨幣人民幣“Reporting Period”the year ended December 31,2024報告期間指截至2024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DEFINITIONS釋義 5Annual Report 年報 2024“Shanghai Chatian”Shanghai Chatian Catering Management Co.,Ltd.(上海茶田餐飲管理有限公司

20、),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 to ti

21、me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 17,2019

22、 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深圳品道管理指深圳市品道餐飲

23、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 under the Listing Rules主要股東指具有上市規則賦予該詞的涵義“Treasury Share(s)“has the meaning ascribed to it under the Listing Rules庫存股份指具有上市規則賦予該詞

24、的涵義“US$”United States dollars,the lawful currency of the United States美元指美國的法定貨幣美元“%”per cent%指百分比6Nayuki Holdings Limited奈雪的茶控股有限公司CORPORATE INFORMATION公司資料 COMPANY NAMENayuki Holdings LimitedDIRECTORSExecutive DirectorsMr.Zhao Lin(Chairman and Chief Executive Officer)Ms.Peng XinMr.Deng Bin(resigne

25、d on February 26,2025)Non-executive DirectorsMr.Wei Guoxing(resigned on March 14,2025)Mr.Ma Yanjun(appointed on May 17,2024 and resigned on April 1,2025)Mr.Wong Tak-wai(resigned on May 17,2024)Independent Non-executive DirectorsMr.Liu YiweiMs.Zhang RuiMr.Xie YongmingAUDIT COMMITTEEMs.Zhang Rui(Chair

26、person)Mr.Liu YiweiMr.Xie YongmingNOMINATION COMMITTEEMr.Zhao Lin(Chairperson)Mr.Liu YiweiMr.Xie YongmingREMUNERATION COMMITTEEMr.Liu Yiwei(Chairperson)Mr.Zhao LinMr.Xie YongmingCOMPANY SECRETARYMs.Shi ChaoMs.Ho Yin Kwan(resigned on July 1,2024)AUTHORIZED REPRESENTATIVESMr.Zhao LinMs.Shi Chao(appoin

27、ted on July 1,2024)Ms.Ho Yin Kwan(resigned on July 1,2024)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（於2025年2月26日辭任）非執行董事魏國興先生（於2025年3月14日辭任）馬焱俊先生（於2024年5月17日獲委任及 於2025年4月1日辭任）黃德煒先生（於2024年5月17日辭任）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）趙林先生謝永明先生公司秘書史超女士何燕群女士（

28、於2024年7月1日辭任）授權代表趙林先生史超女士（於2024年7月1日獲委任）何燕群女士（於2024年7月1日辭任）7Annual Report 年報 2024CORPORATE INFORMATION公司資料 AUDITORKPMGPublic Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance8th Floor,Princes Building 10 Chater RoadCentral,Hong KongLEGAL A

29、DVISEREric Chow&Co.in Association with Commerce&Finance Law Offices3401,Alexandra House18 Chater RoadCentralHong KongREGISTERED OFFICE IN CAYMAN ISLANDSWalkers Corporate Limited190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman IslandsHEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC4-5F,O

30、CT REAL ONE Baoxing RoadBaoan DistrictShenzhen PRCPRINCIPAL PLACE OF BUSINESS IN HONG KONG40th Floor,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

31、KY1-9008 Cayman Islands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 Limited190 Elgin AvenueGeorge TownGrand Cayman KY1-9008Cayman Islands總部及中國主要營業地點中國深圳市寶安區寶興路華僑城瑞灣府4-5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 Co

32、rporate Limited190 Elgin Avenue George TownGrand Cayman KY1-9008 Cayman Islands8Nayuki Holdings Limited奈雪的茶控股有限公司 CORPORATE INFORMATION公司資料 HONG KONG SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor Hopewell Centre183 Queens Road East,Wanchai Hong KongPRINCI

33、PAL BANKERSChina Merchants Bank Co.,Ltd.Shenzhen BranchChina Merchants Bank Shenzhen Branch Building No.2016,Shennan BlvdFutian District Shenzhen PRCChina CITIC Bank Corporation LimitedShenzhen Branch5-10/F,North Tower,Excellence Times Plaza IINo.8 Zhong Xin San RoadFutian DistrictShenzhenThe PRCSTO

34、CK 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信銀行股份有限公司深圳分行中國深圳市福田區中心三路8號卓越時代廣場二期北座5-10層股份代號2150公司網址投資者聯絡方式irpin-9Annual Report 年報 2024FINANCIAL SUMMARY財務摘要 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

35、負債的摘要：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202420232022202120202024年2023年2022年2021年2020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4,921,2015,164,0564

36、,291,5864,296,6183,057,181Other income其他收入157,749186,490124,95027,339205,951Cost of materials材料成本(1,809,010)(1,699,442)(1,416,094)(1,400,674)(1,159,322)Staff costs員工成本(1,434,604)(1,403,868)(1,362,115)(1,424,358)(919,096)Depreciation of right-of-use assets 使用權資產折舊(413,223)(411,588)(434,930)(420,272)(

37、352,912)Other rentals and related expenses其他租金及相關開支(274,751)(306,258)(228,962)(212,996)(100,568)Depreciation and amortization of other assets其他資產的折舊及攤銷(335,503)(304,439)(263,183)(204,026)(154,117)Advertising and promotion expenses廣告及推廣開支(246,017)(165,804)(142,933)(111,592)(82,172)Delivery service fe

38、es配送服務費(345,616)(392,638)(380,520)(258,976)(167,369)Utilities expenses水電開支(154,027)(143,899)(113,556)(90,750)(66,909)Logistic and storage fees物流及倉儲費(152,597)(140,833)(123,112)(90,502)(56,710)Other expenses其他開支(496,256)(261,301)(249,578)(176,325)(123,655)Other net losses其他虧損淨額(90,370)(45,912)(130,865

39、)(38,746)(7,382)Finance costs融資成本(68,863)(65,873)(80,326)(91,547)(130,258)Share of losses of associates應佔聯營公司虧損(123,585)(38,722)(1,288)Fair value changes of financial assets at fair value through profit or loss(“FVTPL”)以公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(4,289)36,141(2,603)7,560Fair val

40、ue 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）(869,761)6,110(516,518)(4,529,629)(190,095)Income tax所得稅(56,494)5,05640,7124,1

41、05(13,207)Profit/(loss)for the year年內溢利（虧損）(926,255)11,166(475,806)(4,525,524)(203,302)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)(918,687)20,912(461,331)(145,265)16,643Adjusted 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

42、則計量）(2)(18.7)%0.4%(10.7)%(3.4)%0.5%10Nayuki Holdings Limited奈雪的茶控股有限公司 FINANCIAL SUMMARY財務摘要 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 they are not directly c

43、orrelate with the Groups business performance in a given period.(2)Calculated using adjusted net(loss)/profit(non-IFRS measure)divided by revenue in a given period.As at December 31,於12月31日202420232022202120202024年2023年2022年2021年2020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,Lia

44、bilities and Equity/(Deficit)資產、負債及 權益（虧絀）Total assets總資產6,165,1507,540,3646,939,7007,328,4463,314,109Total liabilities總負債(2,249,018)(2,718,592)(2,174,116)(2,385,016)(3,738,526)Total equity/(deficit)權益（虧絀）總額3,916,1324,821,7724,765,5844,943,430(424,417)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

45、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（虧損）利潤（非國際財務報告準則計量）除以給定期間的收益計算。11Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 ENTERPRISE OVERVIEWEstablished in Shenzhen City of Guangdong Province in 2014,the Group is a catering group principally engaged in Chinese freshly-made tea dr

46、inks 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 handcrafted baked goods,a

47、nd 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 creating and promoting the tea c

48、ulture to the world as our brand vision.Focusing on green and healthy strategy,we make high-quality and healthy products with high cost performance ratio and less sugar content,using high-quality ingredients such as fresh fruits,high-quality tea leaves and fresh milk instead of syrup,tea powder and

49、creamer,building a lifestyle suitable for modern 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 sto

50、re and launched our first“Nayuki green”store in the first quarter of 2025,to provide customers with healthy light drinks and light meals products.As of December 31,2024,our network of Nayuki teahouses has increased by 143 to 1,798 from 1,655 as of December 31,2023,of which 1,453 are self-operated st

51、ores and 345 are franchise stores.BUSINESS REVIEWThe weak performance of the consumer market in 2024 led to more customers leaning towards cautious spending or purpose-based spending.Moreover,after the COVID-19 outbreak,consumer habits have changed to a certain extent,and foot traffic in shopping ce

52、nters and other offline consumption venues has not yet fully recovered,resulting in a contraction in the demand side of the consumer market.On the other hand,the continuous influx of new brands and crossover brands into the freshly-made tea industry has intensified competition in the industry,result

53、ing in pressure on the revenue of the Groups stores.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。我們聚焦綠色健康戰略，堅持打造高品質、高性價比的健康產品，以新鮮水果代替糖漿，以優質

54、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，我們在門店上不斷迭代，更是在2025年第一季度推出首家奈雪green 店，旨在為顧客提供健康的輕飲輕食產品。截至2024年12月31日，我們的奈雪的茶茶飲店網絡已由2023年12月31日的1,655家增加143家至1,798家，其中直營門店1,453家，加盟門店345家。業務回顧2024年度消費市場表現疲弱，更多的顧客傾向於謹慎消費或目的性消費，且COVID-19疫情後，消費者習慣發生一定改變，購物中心等線下消費場景的

55、人流量尚未完全恢復，消費市場需求端有所收縮。另一方面，新品牌及跨界品牌持續湧入現製茶飲行業，使得行業競爭加劇，導致本集團門店收入承壓。12Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 In response to the pressure and challenges posed by the severe external environment,in 2024,we made corresponding adjustments to our development strategie

56、s of the network of Nayuki teahouses:(i)for our self-operated stores,we continued to develop new market opportunities,expand into new markets and cultivate mature markets.At the same time,through the establishment of our store assessment mechanism,we proactively closed or renovated some underperform

57、ing stores to optimize resource allocation;(ii)for our franchise business,we continued to optimize our store model to reduce the initial investment cost,and at the same time,we are more rational in selecting mature franchisees to ensure the expansion of our franchise stores in a high quality manner;

58、and(iii)we are steadily advancing our international business and building a global network of teahouses,and have gradually entered overseas markets such as Thailand,Macau SAR,Singapore and Malaysia.As of December 31,2024,our network of Nayuki teahouses has increased by 143 to 1,798 from 1,655 as of

59、December 31,2023,of which 1,453 are self-operated stores and 345 are franchise stores.In 2024,the Groups revenue decreased by 4.7%from RMB5,164.1 million in 2023 to RMB4,921.2 million.The adjusted net profit/(loss)changed from profit of RMB20.9 million in 2023 to loss of RMB918.7 million in 2024.Net

60、 cash generated from operating activities of the Group decreased by 75.7%from RMB828.5 million in 2023 to RMB201.6 million in 2024.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 sel

61、f-operated stores only.面對嚴峻的外部環境帶來的壓力與挑戰，2024年度我們對奈雪的茶茶飲店網絡的發展戰略進行對應調整：(i)針對直營門店，我們不斷開發新的市場機會，持續拓展新市場並深耕成熟市場。同時，通過建立門店評估機制，我們主動關閉或改造部分經營不善的門店，優化資源配置；(ii)針對加盟業務，我們不斷優化門店模型以降低初期投入成本，同時更理性地篩選成熟加盟商，保證加盟門店的高質量拓展；以及(iii)我們正穩步推進國際市場業務，構建茶飲店全球網絡，並已陸續進入泰國、澳門特別行政區、新加坡、馬來西亞等境外市場。截至2024年12月31日，我們的奈雪的茶茶飲店網絡已從截至2

62、023年12月31日的1,655家新增143家至1,798家，其中直營門店1,453家，加盟門店345家。2024年，本集團收入由2023年度的人民幣5,164.1百萬元下跌4.7%至人民幣4,921.2百萬元。經調整淨利潤（虧損）由2023年度的盈利人民幣20.9百萬元轉變為2024年的虧損人民幣918.7百萬元。本集團經營活動所得現金淨額由2023年的人民幣828.5百萬元下跌75.7%至2024年的人民幣201.6百萬元。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。13Annual Report 年報 2024MANAGEMENT DIS

63、CUSSION AND ANALYSIS管理層討論及分析 Performance by business linesWe 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 demand

64、s of our customers,we have launched ready-to-drink beverage and various retail products such as snacks and gift products.The following table sets out our revenue by business lines.For the year ended December 31,截至12月31日止年度20242023Change2024年2023年變動RMB%RMB%RMBPercentage point(s)人民幣元人民幣元人民幣元百分點(in tho

65、usands,except percentages)（以千計，百分比除外）Nayuki self-operated stores奈雪的茶直營門店4,158,43684.54,691,50190.8(533,065)(6.3)Ready-to-drink beverage瓶裝飲料293,3076.0266,6195.226,6880.8Others(1)其他(1)469,4589.5205,9364.0263,5225.5 Total總計4,921,201100.05,164,056100.0(242,855)N/A 不適用 Note:(1)Including revenue derived f

66、rom business lines other than Nayuki self-operated stores and ready-to-drink beverage,which consist primarily of revenue generated from our franchise business,as well as sales of retail products such as gift tea boxes,seasonal gift sets and gifts.In 2024,we have officially shut down all stores of ou

67、r sub-brand Tai Gai and ceased the operation of Tai Gai brand.During the Reporting Period,our revenue derived from Tai Gai brand was minimal.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收益情況。附註：(1)包括在奈雪的茶直營門店及瓶裝飲料以外的業務線產生的收入，其中

68、主要包括我們的加盟業務帶來的收入以及茶禮盒、節日類限定禮盒、伴手禮等零售產品銷售額。我們已於2024年正式關停子品牌臺蓋的所有門店並停止運營臺蓋品牌，報告期間，我們來自於臺蓋品牌的收入已微乎其微。14Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Performance by productsFor the year ended December 31,截至12月31日止年度20242023Change2024年2023年變動RMB%RMB%RMBPercentage point(s)人民

69、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 drinks現製茶飲3,388,39868.93,776,94373.1(388,545)(4.2)Baked goods烘焙產品528,44410.7707,66213.7(179,218)(3.0)Ready-to-drink beverage瓶裝飲料293,3076.0266,6195.226,6880.8Other products(1)其他產品(1)711,05214.4412,8328.0298,2206.4 Total總計4,921,

70、201100.05,164,056100.00(242,855)N/A 不適用 Note:(1)Primarily include revenue generated from our franchise business,as well as coffee,peripheral products,retail products and gifts,such as snacks,gift tea boxes,seasonal gift sets.Product innovationWe are committed to providing our customers with high-qua

71、lity and healthy products,ensuring the highest product quality and continuous product innovation to meet the diverse needs and preferences of our customers.In 2024,we launched a total of 70 new beverages based on our judgments of market trends and our analysis of the consumption habits of our large

72、customer base.We have also been promoting the concept of pairing freshly-made tea drinks with baked goods.In order to continue to consolidate and deepen this differential advantage from other teahouse brands,we have also launched 55 new products for baked goods.分產品表現附註：(1)主要包括我們的加盟業務帶來的收入以及咖啡、周邊產品、零

73、售產品及伴手禮，如零食、茶禮盒、節日類限定禮盒。產品創新我們堅持為顧客提供高品質、健康的產品，致力於保證最優質的產品質量和不斷進行產品創新，以滿足顧客的多樣化需求及偏好。2024年度，依據對市場趨勢的判斷，以及基於我們龐大的顧客群體進行的消費習慣分析，我們一共新推出了70款飲品。我們也一直堅持推廣現製茶飲搭配烘焙產品的概念，為了持續鞏固並加深我們與其他茶飲品牌的這一差異化優勢，我們亦針對烘焙產品推出了55款新品。15Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 奈雪的茶會員體系建設於2024年12月31日，本公司

74、註冊會員數量達到約102.8百萬名，月度活躍會員(1)總數達到約4.8百萬名，月度複購率(2)約24.0%。附註：(1)指2024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2024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。加盟業務隨著本集團在自動製茶設備、自動排班系統等數字化、自動化能力的逐漸成熟，我們已經於2023年7月正式開啟加盟業務，以期進一步擴張我們的奈雪的茶茶飲店網絡，提升我們在現製茶飲行業的市場佔有率，特別是在我們直營門店較少觸及的中、低線城市。截至2024年12月31日，本集團奈雪的茶加盟門店從截至2023年12月31日的81家新增264家

75、至345家。於報告期間，我們的加盟業務僅貢獻本集團的小部分收益，隨著加盟業務的逐漸增長，我們將在合適的時機為市場提供更多關於加盟業務的財務表現。Nayuki Membership ProgramAs at December 31,2024,the Company had registered members of approximately 102.8 million.The monthly active members(1)of the Company amounted to approximately 4.8 million,with a monthly repurchase rate(2

76、)of approximately 24.0%.Notes:(1)Representing the average number of members who ordered our products at least once a month during 2024;(2)Representing the average proportion of active members who ordered our products at least twice a month during 2024.Franchise BusinessWith the gradual sophisticatio

77、n of the Groups digitalization and automation capabilities on automatic tea-making equipment and automatic shift scheduling system,we have officially commenced our franchise business in July 2023,so as to further expand our Nayuki teahouse network and enhance our market share in the freshly-made tea

78、 industry,especially on mid and low-tier cities where the Group seldom opened self-operated stores.As of December 31,2024,the number of Nayuki franchise stores of the Group increased from 81 as of December 31,2023 by 264 to 345.During the Reporting Period,our franchise business only contributed a sm

79、all portion of the Groups revenue.With the gradual growth of our franchise business,we will provide more information on the financial performance of our franchise business for the market as and when appropriate.16Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 PERFORMANC

80、E ANALYSIS OF NAYUKI SELF-OPERATED STORESNumber and distribution of storesAs of December 31,2024,the Group had 1,453 Nayuki self-operated stores in 112 cities.We insist on further expanding our teahouse network and increasing market penetration mainly in the existing Tier 1 cities,New Tier 1 cities

81、and key Tier 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 31,2024As at December 31,2023於2024年12月31日於2023年12月31日 Number of Nayuki self-operated

82、 stores(#)奈雪的茶直營門店數目(#)Tier 1 cities一線城市522542New Tier 1 cities新一線城市504552Tier 2 cities二線城市287328Other cities(1)其他城市(1)140152 Total總計1,4531,574 Note:(1)Including(i)cities of other tiers across mainland China and(ii)cities outside mainland China.Operational key indicatorsFor the year ended December 3

83、1,截至12月31日止年度202420232024年2023年 Nayuki self-operated stores奈雪的茶直營門店Average sales value per order(RMB)(1)每筆訂單平均銷售價值（人民幣元）(1)26.729.6Average orders per teahouse per day(#)(2)每間茶飲店平均每日訂單量(#)(2)270.5344.3 Notes:(1)Calculated by the revenue generated by a Nayuki self-operated store in certain period divi

84、ded by the total number of orders placed by customers to such Nayuki self-operated store in the same period.(2)Calculated by the arithmetic average amount of valid orders per day of a Nayuki self-operated store in certain period.奈雪的茶直營門店表現分析門店數量及分佈截至2024年12月31日，本集團在112個城市擁有1,453間奈雪的茶直營門店。我們堅持主要在現有的一

85、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。營運關鍵指標附註：(1)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。(2)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。17Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 分收入來源表現Performance by income sou

86、rcesFor the year ended December 31,截至12月31日止年度20242023Change2024年2023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Order at store counter(1)門店點單(1)544,15713.1680,19514.5(136,038)(1.4)Pickup orders(2)自提訂單(2)1,894,44745.5

87、2,044,66743.6(150,220)1.9Delivery orders(3)外賣訂單(3)1,719,83241.41,966,63941.9(246,807)(0.5)Total總計4,158,436100.04,691,501100.0(533,065)N/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 a

88、nd third-party platform mini programs).(2)Representing revenue generated from customer orders placed through our WeChat,Alipay and third-party platform mini programs.(3)Representing revenue generated from delivery orders that require delivery services.In 2024,out of the revenue of the Groups Nayuki

89、self-operated stores,approximately 36.2%was derived from revenue generated from delivery orders placed by third-party platforms;and approximately 5.2%was derived from revenue generated from delivery orders placed by the Groups self-operated platform.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

90、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。2024年度，本集團奈雪的茶直營門店收入的約36.2%來自於第三方外賣平臺下達的外賣訂單所產生的收入，約5.2%來自於本集團自營平臺下達的外賣訂單所產生的收入。18Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Performance by marketFor the year ended December 31,截至12月31日止年度20242

91、0232024年2023年Average daily sales per teahouse 平均單店日均銷售額(RMB000)（人民幣千元）Nayuki self-operated stores(1)奈雪的茶直營門店(1)Shenzhen深圳10.514.6Shanghai上海6.711.0Guangzhou廣州8.311.1Wuhan武漢6.79.8Xian西安8.312.2Beijing北京7.711.3 For the year ended December 31,截至12月31日止年度202420232024年2023年Average daily sales per teahouse

92、平均單店日銷售額(RMB000)（人民幣千元）Nayuki self-operated stores(1)奈雪的茶直營門店(1)Tier 1 cities一線城市8.912.7New Tier 1 cities新一線城市6.89.5Tier 2 cities二線城市6.99.6Other cities(2)其他城市(2)6.99.7 分市場表現19Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 同店表現Performance by same storesFor the year ended December 31,

93、截至12月31日止年度20242023Number of stores(3)(#)2024年2023年Average daily sales per teahouse同店數目(3)(#)平均單店日銷售額(RMB000)（人民幣千元）Nayuki self-operated stores奈雪的茶直營門店Shenzhen深圳19711.014.8Shanghai上海637.311.2Guangzhou廣州868.711.2Wuhan武漢747.010.1Xian西安568.812.2Beijing北京538.011.7 Notes:(1)Only including stores that ope

94、rated for at least 60 days as of December 31 of that year and did not cease operation as of December 31 of that year.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 ove

95、rall data being unrepresentative and misleading to investors.Therefore,we have excluded those stores.(2)Including(i)cities of other tiers across mainland China and(ii)cities outside mainland China.(3)Only including stores that operated for at least 60 days in 2023 and 2024 and did not cease operatio

96、ns as of December 31,2024.附註：(1)僅包括截至當年12月31日營業時間不少於60天，且於當年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)包括(i)中國大陸其他線城市及(ii)中國大陸境外城市。(3)僅包括在2023年及2024年營業時間均不少於60天，且於2024年12月31日尚未停止營業之門店。20Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION

97、AND ANALYSIS管理層討論及分析 OUTLOOKAs a leading manager and operator of a premium modern teahouse brand in China,we always adhere to the brand vision of creating and promoting the tea culture to the world,and are committed to becoming a global teahouse brand loved by everyone.Notwithstanding the pressure o

98、n store revenue in 2024,which resulted in a decline in the Groups profitability,the Group will adhere to its consumer-oriented approach,and will proactively adjust and continue to implement a series of measures to cope with the challenges in the current situation.In 2025,we will focus on our green a

99、nd healthy strategy by continuing to create high-quality and cost-effective products,and working with continuous and innovative brand marketing campaigns to enhance customer awareness and strengthen our brand power.At the store level,the Board is of the view that the existing store type of Nayuki te

100、ahouses is no longer adequate for the current business development of the Group,especially with the continued advancement of our franchise business and international markets.Looking ahead to 2025,we will explore more store types to accommodate the expansion of the Groups teahouse network in differen

101、t consumption scenarios,so as to further increase the Groups market share,which was evidenced by:(i)different store types and differentiated product matrix,which will help us to extend consumption periods and adapt to more consumption scenarios,such as the coverage of dining periods and office scena

102、rios for which the performance of the freshly-made tea industry is relatively weak,so as to boost store revenue;and(ii)different store types and different investment barriers brought by it,which can cover diversified franchise needs and reach wider investment groups,thereby facilitating the rapid ex

103、pansion of the franchise business of the Group.展望作為中國領先的高端現制茶飲品牌管理者及運營者，我們始終堅持以 成為茶文化走向世界的創新者和推動者 為品牌願景，並致力於成為受顧客喜愛的全球性茶飲品牌。儘管2024年門店收入承壓，導致本集團盈利能力出現下滑，但本集團將堅持以消費者為中心，積極調整並持續執行一系列舉措以應對當前形勢下的挑戰。2025年，我們將聚焦綠色健康戰略，持續打造高品質、高性價比的產品，並配合持續的創新的品牌營銷活動，提升顧客認知與增強品牌勢能。門店層面，董事會認為，現有的奈雪的茶茶飲店店型已不再滿足當下本集團的業務發展，特別是隨

104、著我們加盟業務與國際市場的持續推進。展望2025年，我們將探索更多的店型以適應不同消費場景下我們茶飲店網絡的拓張，以進一步提升市場佔有率，具體表現在：(i)不同店型與差異化的產品矩陣，將有助於我們延長消費時段並適應更多的消費場景，例如覆蓋現製茶飲行業表現較為薄弱的正餐時段、寫字樓場景等，提振門店收入；以及(ii)不同店型與其帶來的不同投資門檻，能覆蓋多元化的加盟需求，觸達更廣泛的投資群體，有助於本集團加盟業務的加速拓展。21Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 On the other hand,we w

105、ill continue to proactively optimize our some existing stores through our store assessment mechanism,including but not limited to remodeling,adjusting the store type or closure,to further unlock store profits.During the Reporting Period,we have made provision for impairment losses for such optimizat

106、ion measures.At the same time,to match the future development of different store types and the continuous optimization of stores,we will carry out a comprehensive upgrade of our store operation and management system to make it more efficient and intelligent,thus enhancing the profitability of stores

107、.At the headquarters level,we will also continue to optimize operating costs of headquarters by strengthening the management of supply chain and building an efficient organizational structure.All of the capital investment derived from the aforementioned series of adjustment measures will be generate

108、d from our own operating cash flow and the net proceeds raised from our Global Offering.As at December 31,2024,the Group held cash and deposits totaling RMB2,694.2 million.We have sufficient cash to cope with timely adjustments of our business and support its stable development.The Board is also con

109、fident that these adjusting measures will bring favorable outcomes for the Group.FINANCIAL REVIEWRevenueThe Group generates substantially all of its revenue from sales of products offered by Nayuki self-operated stores.For the Reporting Period and 2023,Nayuki self-operated stores contributed 84.5%an

110、d 90.8%of the total revenue,respectively.The remaining small portion of revenue was mainly derived from our ready-to-drink beverage business and the franchise business.The Group recorded revenue of RMB4,921.2 million for the Reporting Period(2023:RMB5,164.1 million),representing a decrease of approx

111、imately 4.7%as compared with 2023.The decrease in revenue was mainly attributable to(i)the overall weak performance of the consumer market in 2024,with more customers leaning towards cautious spending or purpose-based spending,as well as the intensified competition in the freshly-made tea industry,r

112、esulting in pressure on the store revenue;and(ii)the closure of some of our underperforming stores.At the end of the Reporting Period,the number of Nayuki self-operated stores that we operated decreased as compared to the end of 2023.另一方面，我們將繼續通過門店評估機制對部分存量門店進行主動優化，包括但不限於改造、調整店型或者關閉等方式，以進一步釋放門店利潤。於報

113、告期內，我們已為此等優化舉措計提若干減值損失。同時，為匹配未來不同店型的發展與門店的持續優化，我們將對門店運營管理體系進行全面升級，使其更高效化與智能化，進而提升門店盈利能力?？偛繉用?，我們也將通過加強供應鏈管理、打造高效組織架構等措施持續優化總部運營成本。前述的一系列調整舉措產生的資金投入，將全部來源於我們的自有運營現金流以及我們於全球發售募集的所得款項淨額。於2024年12月31日，本集團持有現金及存款共計人民幣2,694.2百萬元。我們有充足的現金以應對業務的適時調整與穩健發展，董事會亦有信心一系列的調整舉措能為集團帶來理想效益。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

114、部分收益。於報告期間及2023年，奈雪的茶直營門店分別貢獻84.5%及90.8%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以及加盟業務。於報告期間，本集團錄得收益為人民幣4,921.2百萬元（2023年：人民幣5,164.1百萬元），較2023年減少約4.7%，收益的減少主要是由於(i)2024年度消費市場整體表現疲弱，更多的顧客傾向於謹慎消費或目的性消費，且現製茶飲行業競爭加劇，導致門店收入承壓；以及(ii)我們關閉了部分經營不善的門店，於報告期末，我們所運營的奈雪的茶直營門店數量較2023年末有所減少。22Nayuki Holdings Limited奈雪的茶控股有限公司 M

115、ANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Other incomeOther income of the Group consists primarily of(i)interest income on bank deposits,term deposits,rental deposits;(ii)government grants,primarily representing grants and unconditional cash awards granted by local governments;and(iii)dividend incom

116、e from listed equity investment.Other income of the Group amounted to RMB157.8 million for the Reporting Period(2023:RMB186.5 million).The decrease in the Groups other income was primarily due to the reduction in bank interest income as a result of fund utilization,as well as the decrease in additio

117、nal deduction of input VAT as compared to the same period in 2023.ExpensesCost of materialsCost of materials consists primarily of(i)cost of raw materials,including tea leaves,dairy products,seasonal fruits,juices,and other raw materials used for the preparation of our freshly made tea drinks,baked

118、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 RMB1,809.0 million,representing 36.8%of the total revenue for the Reporting Period,compared to RMB1,699.4 million,representing 32.9%of the total reve

119、nue for 2023.For the Reporting Period,our cost of materials and the proportion of that over total revenue increased as compared to the same period in 2023,which was mainly attributable to(i)the increase in the cost of materials during the Reporting Period derived from the addition of our new franchi

120、se business in the second half of 2023;and(ii)our commitment to high quality raw materials.Staff costsStaff costs consist primarily of(i)salaries,wages and other benefits;(ii)contributions to defined contribution retirement plan;(iii)equity-settled share-based payment expenses;and(iv)outsourced staf

121、f costs.其他收入本集團其他收入主要包括(i)銀行存款、定期存款、租賃按金的利息收入；(ii)政府補助，主要是指地方政府授出的補貼及無條件現金獎勵；及(iii)於上市股權投資之股息收入。於報告期間，本集團其他收入為人民幣157.8百萬元（2023年：人民幣186.5百萬元）。本集團其他收入的減少主要是由於資金使用導致銀行利息收入減少以及進項增值稅的額外扣減較2023年同比有所下降。開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

122、料成本為人民幣1,809.0百萬元，佔總收益的36.8%，而2023年材料成本為人民幣1,699.4百萬元，佔總收益的32.9%。報告期內我們的材料成本及其佔總收益比例較2023年同期增加，主要是由於(i)我們於2023年下半年新增的加盟業務帶來的報告期內材料成本增長；以及(ii)我們對高品質原材料的堅持。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)以權益結算以股份為基礎的付款開支；及(iv)外包員工成本。23Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Staff

123、 costs of the Group amounted to RMB1,434.6 million,representing 29.2%of the total revenue for the Reporting Period,compared to RMB1,403.9 million,representing 27.2%of the total revenue for 2023.During the Reporting Period,our staff costs and the proportion of that over total revenue increased as com

124、pared to the same period in 2023,which was mainly attributable to(i)during the Reporting Period,the total number of operating days of Nayuki self-operated stores increased as compared to the same period of 2023 despite the decrease in the number of Nayuki self-operated stores at the end of the Repor

125、ting Period as compared to the end of 2023;and(ii)the pressure on store revenue.During the Reporting Period,staff costs classified by business lines included:(i)store-level staff costs for Nayuki self-operated stores,which amounted to RMB1,011.3 million,representing 24.3%of revenue for Nayuki self-o

126、perated stores;(ii)staff costs for ready-to-drink beverage business,which amounted to RMB73.5 million,representing 25.1%of revenue for ready-to-drink beverage;and(iii)staff costs for headquarters and others,which amounted to RMB349.8 million,representing 7.1%of the total revenue.Depreciation of righ

127、t-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 useful life of the right-of-use assets or the end of t

128、he lease term.Depreciation of right-of-use assets of the Group amounted to RMB413.2 million for the Reporting Period,representing 8.4%of the Groups total revenue during the Reporting Period(2023:RMB411.6 million,representing 8.0%of the Groups revenue for 2023).For the Reporting Period,the Groups pro

129、portion of depreciation of right-of-use assets over total revenue remained generally stable as compared to 2023.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 lease

130、s that have a lease term of 12 months or less and leases of low-value assets.於報告期間，本集團員工成本為人民幣1,434.6百萬元，佔總收益的29.2%，而2023年則為人民幣1,403.9百萬元，佔總收益的27.2%。報告期內我們的員工成本及其佔總收益比例較2023年同期增加，主要是由於(i)儘管於報告期末奈雪的茶直營門店數量較2023年末有所減少，但於報告期間，奈雪的茶直營門店的總營業天數較2023年同期增加；以及(ii)門店收入承壓。於報告期間，按業務線劃分的員工成本為(i)奈雪的茶直營門店員工成本為人民幣1,

131、011.3百萬元，佔奈雪的茶直營門店收益的24.3%；(ii)瓶裝飲料業務員工成本為人民幣73.5百萬元，佔瓶裝飲料收益的25.1%；及(iii)總部員工成本及其他為人民幣349.8百萬元，佔總收益的7.1%。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413.2百萬元，佔報告期間內本集團總收益的8.4%（2023年：人民幣411.6百萬元，佔2023年本集團收益的8.0%）。於報告期間，本集團使用權資產折舊佔總收益比例與2023年相比基本維持穩定。其他租金及相

132、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。24Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Other rentals and related expenses of the Group amounted to RMB274.8 million for the Reporting Period,representing 5.6%of the Groups total revenue durin

133、g the Reporting Period(2023:RMB306.3 million,representing 5.9%of the Groups revenue for 2023).The decrease in other rentals and related expenses of the Group was mainly due to the decline in revenue of Nayuki self-operated stores and closure of certain stores,leading to a decrease in variable lease

134、payments in stores.Depreciation and amortization of other assetsDepreciation 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 RMB335.5

135、 million for the Reporting Period,representing 6.8%of the Groups total revenue during the Reporting Period(2023:RMB304.4 million,representing 5.9%of the Groups revenue for 2023).The increase in the proportion of depreciation and amortization of other assets over total revenue was mainly due to the f

136、ull year impact of the self-operated stores added in the second half of 2023.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 th

137、e Group amounted to RMB246.0 million for the Reporting Period,representing 5.0%of the Groups total revenue during the Reporting Period(2023:RMB165.8 million,representing 3.2%of the Groups revenue for 2023).The increase in advertising and promotion expenses of the Group and the proportion of that ove

138、r total revenue was mainly attributable to the Groups increased marketing efforts to enhance its brand reputation during the Reporting Period,such as the increase in takeaway promotional activities.Delivery service feesDelivery service fees represent fees paid by the Group to third-party delivery se

139、rvice providers.Delivery service fees of the Group amounted to RMB345.6 million for the Reporting Period,representing 7.0%of the Groups total revenue during the Reporting Period(2023:RMB392.6 million,representing 7.6%of the Groups revenue for 2023).The decrease in delivery service fees was primarily

140、 due to the decrease in the revenue of delivery orders from our Nayuki self-operated stores.於報告期間，本集團其他租金及相關開支為人民幣274.8百萬元，佔報告期間內本集團總收益的5.6%（2023年：人民幣306.3百萬元，佔2023年本集團收益的5.9%），本集團其他租金及相關開支減少主要是由於奈雪的茶直營門店收入下降以及關閉部分門店導致門店可變租賃付款減少。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335

141、.5百萬元，佔報告期間內本集團總收益的6.8%（2023年：人民幣304.4百萬元，佔2023年本集團收益的5.9%）。其他資產的折舊及攤銷佔總收益的比例增加主要是由於2023年下半年新增的直營門店的全年影響。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246.0百萬元，佔報告期間內本集團總收益的5.0%（2023年：人民幣165.8百萬元，佔2023年本集團收益的3.2%）。本集團廣告及推廣開支及其佔總收益比例增加主要是由於報告期間，本集團為提升品牌聲量而加大營銷力度，例如增加外賣推廣活動等。配送服務費配送服務費指本集團

142、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345.6百萬元，佔報告期間內本集團總收益的7.0%（2023年：人民幣392.6百萬元，佔2023年本集團收益的7.6%）。配送服務費的減少主要是由於我們來自奈雪的茶直營門店的外賣訂單收入減少。25Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Utilities expensesUtilities expenses consist primarily of expenses in relation to electricity utiliti

143、es,and to a lesser extent,gas and water utilities that are attributable to the operation of the Groups teahouses.Utilities expenses of the Group amounted to RMB154.0 million for the Reporting Period,representing 3.1%of the Groups total revenue during the Reporting Period(2023:RMB143.9 million,repres

144、enting 2.8%of the Groups revenue for 2023).During the Reporting Period,the proportion of utilities expenses over total revenue remained generally stable as compared to 2023.Logistic and storage feesLogistic and storage fees represent fees paid by the Group to third-party service providers for raw ma

145、terials transportation and warehousing services.Logistic and storage fees of the Group amounted to RMB152.6 million for the Reporting Period,representing 3.1%of the Groups total revenue during the Reporting Period(2023:RMB140.8 million,representing 2.7%of the Groups revenue for 2023).The proportion

146、of logistic and storage fees of the Group over total revenue remained generally stable as compared to 2023.Finance costsFinance costs consist primarily of interests on lease liabilities and interests on provisions.Finance costs of the Group amounted to RMB68.9 million for the Reporting Period,repres

147、enting 1.4%of the Groups total revenue during the Reporting Period(2023:RMB65.9 million,representing 1.3%of the Groups revenue for 2023).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 ye

148、ar ended December 31,截至12月31日止年度202420232024年2023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67,2351.464,7971.3Interest on provisions撥備利息1,5590.01,0760.0Interest on bank loans銀行貸款利息690.00.0 68,8631.465,8731.3 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

149、開支。於報告期間，本集團水電開支為人民幣154.0百萬元，佔報告期間內本集團總收益的3.1%（2023年：人民幣143.9百萬元，佔2023年本集團收益的2.8%）。於報告期間，水電開支佔總收益的比例與2023年相比基本維持穩定。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152.6百萬元，佔報告期間本集團總收益的3.1%（2023年：人民幣140.8百萬元，佔2023年本集團收益的2.7%）。本集團物流及倉儲費佔總收益的比例與2023年相比基本維持穩定。融資成本融資成本主要包括租賃負債利息及撥備利息。於報告期間，本

150、集團融資成本為人民幣68.9百萬元，佔報告期間內本集團總收益的1.4%（2023年：人民幣65.9百萬元，佔2023年本集團收益的1.3%）。下表載列於所示期間我們融資成本的組成部分（以絕對金額及佔總收益的百分比計）。26Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Other expensesOther expenses consist primarily of(i)administrative expenses incurred during the ordinary course

151、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 third party management consulting and other professional services;

152、(iv)impairment losses;and(v)others,such as insurance fees and other tax and surcharges.Other expenses of the Group amounted to RMB496.3 million for the Reporting Period,representing 10.1%of the Groups total revenue during the Reporting Period(2023:RMB261.3 million,representing 5.1%of the Groups reve

153、nue for 2023).The following table sets forth the components of our other expenses in absolute amounts and as percentages of total revenue for the periods indicated.For the year ended December 31,截至12月31日止年度202420232024年2023年RMB%RMB%人民幣元%人民幣元%(in thousands,except percentages)（以千計，百分比除外）Administrative

154、 expenses行政開支147,2683.0150,5582.9Travelling and business development expenses差旅及業務開發開支45,1930.949,7851.0Other-party service fees其他方服務費12,4880.313,6260.3Impairment losses減值虧損 property and equipment物業及設備106,1052.28,8110.2 right-of-use assets使用權資產0.04,4880.1 interests in associates於聯營公司的權益155,4373.20.0

155、Write-down of inventories撇減存貨1,8600.07450.0Others其他27,9050.533,2880.6 496,25610.1261,3015.1 Income TaxThe income tax expense of the Group amounted to RMB56.5 million for the Reporting Period.The income tax benefits of the Group for the year ended December 31,2023 amounted to RMB5.1 million.其他開支其他開支主

156、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，即與第三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496.3百萬元，佔報告期間內本集團總收益的10.1%（2023年：人民幣261.3百萬元，佔2023年本集團收益的5.1%）。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。所得稅於報告期間，本集團所得稅支出為人民幣56.5百萬元。截至2023年12月31日止年度，本集團所得稅優惠為人民幣5.1百萬

157、元。27Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Non-IFRS MeasureTo supplement the Groups consolidated financial statements that are presented in accordance with IFRS,the Group also use adjusted net(loss)/profit(non-IFRS measure)as an additional financial measure,which is not requ

158、ired by,or presented 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 opera

159、ting performance.The Group believes that this measure provides useful information to shareholders,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(lo

160、ss)/profit(non-IFRS measure)may 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 opera

161、tions or financial condition as reported under IFRS.Year Ended December 31,截至12月31日止年度202420232024年2023年(RMB in thousands)（人民幣千元）Reconciliation of net(loss)/profit and adjusted net(loss)/profit (non-IFRS measure)淨（虧損）利潤與經調整淨（虧損）利潤（非國際財務報告準則計量）之對賬Net(loss)/profit for the year年內淨（虧損）利潤(926,255)11,166A

162、dd: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)7,5689,746Adjusted net(loss)/profit(non-IFRS measure)經調整淨（虧損）利潤（非國際財務報告準則計量）(918,687)20,912Adjusted net(loss)/profit margin (non-IFRS measure)(2)經調整淨（虧損）利潤率（非國際財務報告準則計量）(2)(18.7)%0.4%Notes:(1)Equity-settled share-based payment ex

163、penses consist of share options and RSUs granted under the 2020 Share Incentive Plan,which are non-cash and non-operational in nature and they are not directly correlate with the Groups business performance in a given period.(2)Calculated using adjusted net(loss)/profit(non-IFRS measure)divided by r

164、evenue in a given period.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（虧損）利潤（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，此計量指標為股東、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方式了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（虧損）利潤（非國際財務報告準則計量）未必可與其他公

165、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。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（虧損）利潤（非國際財務報告準則計量）除以給定期間的收益計算。28Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Cash,Bank

166、 Deposits and BorrowingsAs of December 31,2024,the total cash and cash equivalents of the Group amounted to RMB579.1 million(as of December 31,2023:RMB444.3 million)and the total term deposits and certificates of deposit of the Group amounted to RMB2,115.1 million(as of December 31,2023:RMB2,539.1 m

167、illion),primarily denominated in RMB,USD and HKD.As of December 31,2024,the Group has RMB50.0 million bank loan with 2.5%interest rate(as of December 31,2023:Nil).Right-of-Use AssetsThe Groups right-of-use assets primarily represent the leases for the Groups teahouses,office at headquarters and ware

168、houses.As of December 31,2024,the right-of-use assets of the Group amounted to RMB1,226.4 million(as of December 31,2023:RMB1,609.2 million).The decrease in the balance of the Groups right-of-use assets was mainly due to the decrease in the number of Nayuki self-operated stores at the end of the Rep

169、orting Period as compared to the end of 2023,and the partial decrease in the proportion of fixed rent.Property and EquipmentThe Groups property and equipment consist primarily of leasehold improvements,kitchen equipment,furniture equipment,electronic equipment and others and construction in progress

170、.As of December 31,2024,the property and equipment of the Group amounted to RMB1,136.5 million(as of December 31,2023:RMB1,419.2 million).The decrease in the Groups property and equipment was primarily due to the decrease in the number of Nayuki self-operated stores and the provision of impairment l

171、oss at the end of the Reporting Period as compared to the end of 2023.InventoriesThe Groups inventories consist primarily of raw materials and packaging materials.As of December 31,2024,the inventories of the Group amounted to RMB127.6 million(as of December 31,2023:RMB147.2 million).The decrease in

172、 inventories of the Group was mainly due to the decrease in the number of Nayuki self-operated stores and the lower stocking level of the stores.The Groups inventories turnover days decreased from 29.4 days for 2023 to 27.7 days for the Reporting Period.現金、銀行存款及借款截至2024年12月31日，本集團的現金及現金等價物總額為人民幣579.

173、1百萬元（截至2023年12月31日：人民幣444.3百萬元）以及本集團定期存款及大額存單總額為人民幣2,115.1百萬元（截至2023年12月31日：人民幣2,539.1百萬元），主要以人民幣、美元及港元計值。截至2024年12月31日，本集團有人民幣50.0百萬元的銀行貸款，利率為2.5%（截至2023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2024年12月31日，本集團使用權資產為人民幣1,226.4百萬元（截至2023年12月31日：人民幣1,609.2百萬元）。本集團使用權資產的餘額減少主要是因為於報告期末，奈雪的茶直營門

174、店數量較2023年末有所減少，固定租金佔比部份減少。物業及設備本集團的物業及設備主要包括租賃物業裝修、廚房設備、傢俱設備、電子設備及其他以及在建工程。截至2024年12月31日，本集團的物業及設備金額為人民幣1,136.5百萬元（截至2023年12月31日：人民幣1,419.2百萬元）。本集團物業及設備的減少主要是因為於報告期末，奈雪的茶直營門店數量較2023年末有所減少及減值虧損撥備。存貨本集團的存貨主要包括原材料及包裝材料。截至2024年12月31日，本集團的存貨金額為人民幣127.6百萬元（截至2023年12月31日：人民幣147.2百萬元）。本集團存貨的減少主要是由於奈雪的茶直營門店數

175、量減少，門店備貨量降低。本集團的存貨周轉天數由2023年的29.4天減少至於報告期間的27.7天。29Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 Trade and Other Receivables and PrepaymentsThe Groups trade receivables consist primarily of receivables due from third parties in connection with the sales of products.The Groups other

176、 receivables and prepayments consist primarily of input valued-added tax recoverable in connection with purchase of raw materials,rental deposits within one year,interest receivables and prepayments to suppliers.Trade and other receivables and prepayments of the Group increased from RMB250.4 million

177、 as of December 31,2023 to RMB272.1 million as of December 31,2024,which was mainly due to the increase in rental deposits within one year as compare to 2023.Trade and Other PayablesThe Groups trade payables consist primarily of trade payables to the Groups raw materials suppliers.The Group also rec

178、orded other payables and accrued charges in connection with various 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

179、decreased from RMB635.8 million as of December 31,2023 to RMB528.5 million as of December 31,2024,which was mainly due to the decrease in trade payables to the suppliers and franchise performance guarantee deposits.Gearing RatioAs of December 31,2024,our gearing ratio,which is calculated as total de

180、bt divided by total assets,was 36.5%,as compared with 36.0%as of December 31,2023.Treasury PolicyThe Group adopts a prudent financial management approach for its treasury policy to ensure that the Groups liquidity structure comprising assets,liabilities and other commitments is able to always meet i

181、ts capital requirements.Liquidity and Financial ResourcesTaking into account the financial resources available to the Group,including cash and cash equivalents,cash generated from operations and available facilities of the Company,and the net proceeds from the Global Offering,and after diligent and

182、careful investigation,the Directors are of the view that the Group has sufficient working capital required for the Groups operations at present.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2023年12月31日的人民幣250.4

183、百萬元增加至截至2024年12月31日的人民幣272.1百萬元，主要是由於一年內到期的租賃押金較2023年有所增加。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2023年12月31日的人民幣635.8百萬元減少至截至2024年12月31日的人民幣528.5百萬元，主要是由於應付供應商貨款以及加盟履約保證金減少。資本負債比率截至2024年12月31日，資本負債比

184、率（按總負債除以總資產計算）為36.5%，而截至2023年12月31日為36.0%。庫務政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。30Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 As of December

185、31,2024,the Group had total cash and cash equivalents of RMB579.1 million(as of December 31,2023:RMB444.3 million).In 2024,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 31,2024,the total term dep

186、osits and certificates of deposit of the Group amounted to RMB2,115.1 million(as of December 31,2023:RMB2,539.1 million).The current ratio as of December 31,2024 was approximately 2.51 times(as of December 31,2023:approximately 2.27 times).FOREIGN CURRENCY RISKFor the Reporting Period,the Group main

187、ly operated in China and the majority of the transactions were settled in RMB.As of December 31,2024,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 Per

188、iod,the Group did not engage in any foreign exchange hedging activities.The Group will continue to monitor foreign exchange changes to best preserve the Groups cash value.CONTINGENT LIABILITYAs of December 31,2024,the Group did not have any significant contingent liabilities.CAPITAL EXPENDITURESOur

189、capital expenditures amounted to approximately RMB299.7 million for the Reporting Period,which were primarily related to payment for purchase of equipment and leasehold improvements.CHARGE ON ASSETSAs of December 31,2024,the Group did not pledge any group assets.SIGNIFICANT INVESTMENTAs of December

190、31,2024,there was no significant investment held by the Group.截至2024年12月31日，本集團的現金及現金等價物總額為人民幣579.1百萬元（截至2023年12月31日：人民幣444.3百萬元）。本集團於2024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2024年12月31日，本集團定期存款及大額存單總額為人民幣2,115.1百萬元（截至2023年12月31日：人民幣2,539.1百萬元）。截至2024年12月31日的流動比率為約2.51倍（截至2023年12月31日：約2.27倍）。外匯風險於

191、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2024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，本集團未從事任何外匯對沖活動。本集團將繼續監察外匯變動，以盡量保障本集團的現金價值?；蛉回搨刂?024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299.7百萬元，主要與購買設備及租賃裝修的付款有關。資產抵押截至2024年12月31日，本集團並無抵押任何集團資產。重大投資截至2024年12月31日，本集團並無持有重大投資。31Annual Report 年報 2024

192、MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 FUTURE PLAN FOR MATERIAL INVESTMENTS OR CAPITAL ASSETSAs of December 31,2024,save for the“Future Plans and Use of Proceeds”disclosed in the Prospectus and as disclosed in this report,the Group did not have any future plan for material investments or capital

193、 assets.MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND AFFILIATED COMPANIESThe Group did not have any material acquisitions or disposals of subsidiaries,associates and joint ventures during the Reporting Period.EMPLOYEES AND REMUNERATION POLICIESAs of December 31,2024,the Group h

194、ad a total of 6,122 full-time employees,among which 1,453 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 has launched an employee retention initiative,un

195、der 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.Remuneration is determined with reference to the

196、 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 Groups business development team through remuner

197、ation 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 regulations,the Group participates in various emp

198、loyee 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.未來重大投資或資本資產計劃截至2024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 及本報告所披露者外，本集團並無

199、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於報告期間，本集團概無任何有關附屬公司、聯營公司及合營企業的重大收購或出售。僱員及薪酬政策截至2024年12月31日，本集團共有6,122名全職僱員，其中1,453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

200、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。32Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 The Group also share its success with employees by offering them a variety of incentives and

201、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 incentives to them to remain with and further contribute to the Group,the Group has ado

202、pted the 2020 Share Option Plan and the 2020 Share Incentive Plan by way of resolutions of the Board on May 15,2020.In addition,the Group places strong emphasis on providing trainings to its employees in order to enhance their professional skills,understanding of industry and work place safety stand

203、ards,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 positions.For example,the Group requires every newly recr

204、uited 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 are responsible for guiding them through the probati

205、on 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.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）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2

206、020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。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員工配對，後者負責於彼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陞途徑，使彼等成為我們

207、未來的店長。33Annual Report 年報 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 USE OF NET PROCEEDS FROM GLOBAL OFFERINGThe Shares were listed 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 co

208、mmissions and other estimated expenses payable by the Company in connection with the Global Offering,were approximately HK$4,842.4 million.As of the date of this report,there was no change in the intended use of net proceeds as previously disclosed in the section headed“Future Plans and Use of proce

209、eds”in the Prospectus.However,in light of the lack of significant recovery in consumer demand,the Company has adopted a more prudent business expansion strategy.As a result,the expected timeline of utilization of the proceeds will be extended as detailed in the table below.The net proceeds received

210、by the Company from the Global Offering will be used for the following purposes:approximately 70.0%,or HK$3,389.8 million,will be used to expand the Groups teahouse network and deepen the Groups market penetration;approximately 10.0%,or HK$484.2 million,will be used to further improve the Groups ove

211、rall operations through enhancing technology capabilities,with a goal to improve operational efficiency;approximately 10.0%,or HK$484.2 million,will be used to strengthen the Groups supply chain and product distribution capabilities,with a goal to support our expanding scale;and the remaining approx

212、imately 10.0%,or HK$484.2 million,will be used for working capital and general corporate purposes.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。截至本報告日期，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無變動。然而，由於消費需求未有顯著回復，本公司在業務拓展方面擬採取更為審慎的策略，因此動用所得款項預期時間表將有所延

213、長，詳情請見下表。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3,389.8百萬港元將用於擴張本集團的茶飲店網絡並提高本集團的市場滲透率；約10.0%或484.2百萬港元將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。34Nayuki Holdings Limited奈雪的茶控股有限公司 MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 The follo

214、wing table sets forth a summary of the utilization of the net proceeds from the Global Offering as of December 31,2024:PurposePercentage to total amountNet proceeds incurred from the Global OfferingUtilized amount during the Reporting Period Actual use of proceeds up to December 31,2024Unutilized am

215、ount as of December 31,2024Expected timeline of full utilization of the remaining proceeds目的佔總額百分比全球發售產生的所得款項淨額於報告期間動用金額直至2024年12月31日實際動用所得款項截至2024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$(million)HK$(million)港元（百萬元）港元（百萬元）港元（百萬元）港元（百萬元）Expand the Groups teahouse network and deepen the

216、 Groups market penetration70.0%3,389.8375.82,247.61,142.2December 2025擴張本集團的茶飲店網絡並提高本集團的 市場滲透率2025年12月Further improve the Groups overall operations10.0%484.271.7484.20December 2024進一步提升本集團的整體運營2024年12月Strengthen the Groups supply chain and product distribution capabilities10.0%484.284.3484.20June 20

217、24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%484.2119.2422.961.3June 2025為本集團的營運資金及一般企業用途撥資2025年6月 Total100.0%4,842.4651.13,638.91,203.5總計 IMPORTANT EVENTS AFTER THE REPORTING PERIODThere have been no important events subsequent to the Reporting Period

218、and up to the date of this report,which would affect the Groups business operations in material aspects.下表載列截至2024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。35Annual Report 年報 2024BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 As of the date of this

219、 annual report,biographical details of the Directors and senior management are set out below.DIRECTORSThe Board currently comprises five Directors,of which two are executive Directors and three are independent non-executive Directors.The following table sets forth information regarding our Directors

220、.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 Lin45Chairman of the Board,Executive 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 Xin37Executive Director and General ManagerSeptember 5,2019彭心女士執行董事兼總經理2019年9月5日Indepen

221、dent Non-executive Directors獨立非執行董事Mr.Liu Yiwei53Independent 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 Rui62Independent non-executive DirectorJune 18,2021張蕊女士獨立非執行董事2021年6月18日Mr.Xie Yongming45Independent 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

222、詳情載列如下。董事董事會目前由五名董事組成，其中兩名為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。36Nayuki Holdings Limited奈雪的茶控股有限公司 BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 EXECUTIVE DIRECTORSMr.Zhao Lin(趙林),aged 45,has served as a director of Shenzhen Pindao Management from February 2017 to October 2020 and Dire

223、ctor of our Company since June 2020.Mr.Zhao was redesignated as executive Director and appointed as Chairman of the Board and Chief Executive Officer 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 dev

224、elopment of store locations to further the Groups expansion.After leaving Meixin(defined below)in January 2016,he has dedicated his full capacity 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 th

225、e chairperson of the Nomination Committee and member of the Remuneration Committee.Mr.Zhao has been acting as a director of Shanghai Chatian since 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

226、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 to 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

227、 Xin,our executive Director and General Manager.執行董事趙林先生，45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。

228、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。趙先生是我們的執行董事兼總經理彭心女士的配偶。37Annual Report 年報 2024BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 Ms.Peng Xin(彭心),aged 37,has served as the directo

229、r of Shenzhen Pindao Management since our inception in May 2014 and a Director since September 2019.Ms.Peng was redesignated as executive Director 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 d

230、evelopment,quality control and overall marketing strategy of our Group.Ms.Peng has been acting as a director of Shanghai Chatian since February 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 ge

231、neral 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 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 Commu

232、nication 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 Finance 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

233、 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 the Board,executive Director and Chief Executive Officer.彭心女士，37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

234、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

235、董事長、執行董事兼首席執行官趙林先生的配偶。38Nayuki Holdings Limited奈雪的茶控股有限公司 BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Liu Yiwei(劉異偉),aged 53,has been appointed as our independent non-executive Director with effect from June 18,2021.Mr.Liu is the chairper

236、son of the Remuneration Committee,member of the Audit Committee and member of the Nomination Committee.Mr.Liu 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 majo

237、r from Communication University of China(中國傳媒大學,formerly known as Beijing Coal Management Cadre College(北京煤炭管理幹部學院)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 Securiti

238、es Practitioner(證券從業人員)in June 2004 and Futures Practitioner(期貨從業人員)in January 2003,respectively.Ms.Zhang Rui(張蕊),aged 62,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 w

239、orking at Jiangxi University of Finance and Economics(江西財經大學,formerly known as Jiangxi Institute 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

240、 accounting,a deputy head of department of finance and accounting,the dean of faculty of accounting 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

241、Exchange(stock code:002416),since October 2019 and 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),since November 2023.In addition,she has been serving as a director of Shenzhen Pufanglimin Technolo

242、gy Co.,Ltd.(深圳市普方立民科技股份有限公司)since November 2023.獨立非執行董事劉異偉先生，53歲，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。張蕊女士，62歲，於2021年6月18日獲委任為獨立非執行董事。

243、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。39Annual Report 年報 2024BIOGRAPHICAL DETAILS OF

244、 DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 Ms.Zhang received a bachelors degree in commercial 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 ac

245、counting from Zhongnan University of Economics and Law(中南財經政法大學)in December 2001.Ms.Zhang 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

246、of Education of the Peoples Republic of China in September 2009.Ms.Zhang was accredited as a professor by Jiangxi Title Reform Committee(江西省職稱改革領導小組)in March 1999.Mr.Xie Yongming(謝永明),aged 45,has been appointed as independent non-executive Director with effect from July 28,2023.Mr.Xie is member of t

247、he Audit Committee,member of the Remuneration Committee and member of the Nomination Committee.Mr.Xie has extensive years of experience in consumer 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 and has been actin

248、g as the executive vice chairman of the same association since 2025.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).Mr.Xie graduated from Xinjiang University(新疆大學)with a bachelors degree majoring in fashion design and engineering.SENIO

249、R MANAGEMENTMr.Zhao Lin(趙林)is 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.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

250、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。謝永明先生，45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豐富經驗。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，並自2025年起擔任執行會長。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。謝先生畢業於新疆大學，取得

251、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。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。40Nayuki Holdings Limited奈雪的茶控股有限公司 BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情 公司秘書史超女士於2021年2月5日獲委任為我們的聯席公司秘書之一，並於2024年7月1日調任為唯一公司秘書。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

252、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資格證書。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2024年6月30日止六個月的中

253、期報告起及截至本年報日期的變動載列如下：於2025年2月26日，鄧彬先生因需發展其他個人事務辭任執行董事及首席運營官。於2025年3月14日，魏國興先生因其他工作安排辭任非執行董事。於2025年4月1日，馬焱俊先生因其他工作安排辭任非執行董事。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。COMPANY SECRETARYMs.Shi Chao(史超)was appointed as one of our joint company secretaries on February 5,2021 and redesignated as sole company

254、secretary on July 1,2024.Ms.Shi joined our Group in January 2019 and has served as the deputy director of corporate finance and legal department.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

255、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 consultant.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 Un

256、iversity of China in July 2012.Ms.Shi also received a postgraduate diploma in international and European law from Universit Jean Moulin 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 r

257、eceived 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 2017.CHANGES IN INFORMATION OF DIRECTORS AND CHIEF EXECUTIVESPursuant to Rule 13.51B(1)of the Listing Rules,the changes in the information of Directors and chief execu

258、tives of the Company since the publication of the interim report for the six months ended June 30,2024 of the Company and up to the date of this annual report are set out below:On February 26,2025,Mr.Deng Bin resigned as an executive Director and the chief operation officer in order to pursue other

259、personal commitments.On March 14,2025,Mr.Wei Guoxing resigned as a non-executive Director due to other work arrangements.On April 1,2025,Mr.Ma Yanjun resigned as a non-executive Director due to other work arrangements.Save as disclosed above in this annual report,there is no other information requir

260、ed to be disclosed Pursuant to Rule 13.51B(1)of the Listing Rules.41Annual Report 年報 2024DIRECTORS REPORT董事會報告 The Board is pleased to present this annual report together with the audited consolidated financial statements of the Group for the year ended December 31,2024.GLOBAL OFFERING AND PRINCIPAL

261、 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 the Grou

262、p.The Group operates Nayuki teahouses,a leading premium modern teahouse chain in China serving freshly-made tea drinks and baked goods.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 sec

263、tion headed“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 re

264、view of the 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 r

265、eview and discussion form part of this directors report.RESULTSThe consolidated results of the Group for the year ended December 31,2024 are set out on pages 102 to 216 of this annual report.FINAL DIVIDENDSThe Board has resolved not to recommend the payment of any final dividend for the year ended D

266、ecember 31,2024(2023:Nil).董事會欣然提呈本年報連同本集團截至2024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及烘焙產品。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、

267、主要風險、全球發售所得款項淨額用途、本集團面對的不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2024年12月31日止年度的綜合業績載於本年報第102至216頁。末期股息董事會決議不建議派付截至2024年12月31日止年度的末期股息（2023年：無）。42Nayuki Holdings Limited奈雪的茶控股有限公司DIRECTORS REPORT董事會報告 股東週年大會及暫停辦理股份過戶登記為確定出席將於2025年6月27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2025年6月24日（

268、星期二）至2025年6月27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，所有股票連同已填妥的過戶表格須於2025年6月23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

269、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2024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2024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。ANNUAL GENERAL MEETING AND CLOSURE OF REGISTER OF MEMBERSFor determ

270、ining the entitlement to attend and vote at the AGM to be held on Friday,June 27,2025,the register of members of the Company will be closed from Tuesday,June 24,2025 to Friday,June 27,2025(both days inclusive)during which period no transfer of shares will be registered.In order to qualify for attend

271、ing the AGM,all share certificates with completed 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

272、23,2025.PROPERTY AND EQUIPMENTDetails of 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 environ

273、ment protection and has not noted any material 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

274、be environmental friendly at work by consuming 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 compl

275、iance with relevant laws and regulations which have significant impact on the Group are set out in the Companys Environmental,Social and Governance Report 2024(the“ESG Report”).The ESG Report will be published separately on the websites of the Company()and the HKEXnews website(www.hkexnews.hk)SHARE

276、CAPITALDetails of the movements in share capital of the Company during the year ended December 31,2024 are set out in Note 27 to the consolidated financial statements of this annual report.43Annual Report 年報 2024DIRECTORS REPORT董事會報告 RESERVESDetails of the movement in the reserves of the Group and o

277、f the Company during the year ended December 31,2024 are set out in Note 27 to the consolidated financial statements of this annual report.DISTRIBUTABLE RESERVESAs of December 31,2024,the aggregate amount of distributable reserves of the Company,calculated in accordance with the Companies Law,amount

278、ed to RMB3,928,195,000(as of December 31,2023:RMB5,986,012,000).PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECURITIESDuring the Reporting Period,the Company conducted share repurchases of 7,538,000 listed Shares on the Stock Exchange pursuant to a general mandate granted by the Shareholders

279、to the Directors during the annual general meeting of the Company convened on June 21,2023,and 2,577,500 listed Shares on the Stock Exchange pursuant to a general mandate granted by the Shareholders to the Directors during the annual general meeting of the Company convened on June 28,2024.Details ar

280、e set out as following:Price paid per Share每股支付的價格Month of repurchaseNumber of Shares repurchased and methodHighestLowestTotal consideration回購月份回購股份數目及方式最高最低總代價(HK$)(HK$)(HK$)（港元）（港元）（港元）January 2024Repurchase of 3,377,000 Shares on the Stock Exchange*3.072.709,973,8112024年1月於聯交所回購3,377,000股股份*Febru

281、ary 2024Repurchase of 132,500 Shares on the Stock Exchange*2.752.64358,7252024年2月於聯交所回購132,500股股份*April 2024Repurchase of 1,848,500 Shares on the Stock Exchange*2.692.394,630,5702024年4月於聯交所回購1,848,500股股份*May 2024Repurchase of 570,000 Shares on the Stock Exchange*2.502.471,421,1852024年5月於聯交所回購570,000

282、股股份*June 2024Repurchase of 1,610,000 Shares on the Stock Exchange*2.352.063,552,5202024年6月於聯交所回購1,610,000股股份*July 2024Repurchase of 2,577,500 Shares on the Stock Exchange#1.971.804,882,8402024年7月於聯交所回購2,577,500股股份#TotalRepurchase of 10,115,500 Shares on the Stock Exchange24,819,651總計於聯交所回購10,115,500

283、股股份 儲備截至2024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 2024 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3,928,195,000元（截至2023年12月31日：人民幣5,986,012,000元）。購買、出售或贖回本公司上市證券於報告期間，本公司根據股東於2023年6月21日召開的本公司股東週年大會上授予董事的一般授權，於聯交所回購7,538,000股上市股份，及根據股東於2024年6月28日召開的本公司股東週年大會上授予董事的一般授權，於聯交所回購2,577,500股上市股份

284、。詳情載列如下：44Nayuki Holdings Limited奈雪的茶控股有限公司DIRECTORS REPORT董事會報告*已回購及註銷的股份#已回購及作為庫存股份持有的股份除上文所披露者外，於報告期間，本公司或其任何附屬公司概無購買、出售或贖回本公司的任何證券（包括出售庫存股份）。截至報告期末，本公司持有的庫存股份為2,577,500股，且該等庫存股份可在符合組織章程細則、開曼群島適用法律及上市規則的前提下，以市價在市場上轉售以為本公司籌集資金，或轉讓或用於其他用途。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

285、間及直至本年報日期的董事如下：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（於2025年2月26日辭任）非執行董事馬焱俊先生（於2024年5月17日獲委任 及於2025年4月1日辭任）魏國興先生（於2025年3月14日辭任）黃德煒先生（於2024年5月17日辭任）獨立非執行董事劉異偉先生張蕊女士謝永明先生*Shares repurchased and cancelled#Shares repurchased and held as treasury sharesSave as disclosed above,neither the Company nor any of its sub

286、sidiaries purchased,sold or redeemed any of the securities of the Company during the Reporting Period(including sale of treasury shares).As of the end of the Reporting Period,treasury Shares held by the Company amounted to 2,577,500 and such treasury shares may be resold on the market at market pric

287、es to raise funds for the Company,or transferred or used for other purposes,subject to compliance with the Articles of Association and the applicable laws of the Cayman Islands and the Listing Rules.PRE-EMPTIVE RIGHTSThere are no provisions for pre-emptive rights under the Articles of Association,or

288、 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 Chief Executive Officer)Ms.Peng Xi

289、nMr.Deng Bin(resigned on February 26,2025)Non-executive DirectorsMr.Ma Yanjun (appointed on May 17,2024 and resigned on April 1,2025)Mr.Wei Guoxing(resigned on March 14,2025)Mr.Wong Tak-wai(resigned on May 17,2024)Independent Non-executive DirectorsMr.Liu YiweiMs.Zhang RuiMr.Xie Yongming45Annual Rep

290、ort 年報 2024DIRECTORS REPORT董事會報告 BIOGRAPHICAL DETAILS OF THE DIRECTORS AND THE SENIOR MANAGEMENTBiographical details of the Directors and the senior management of the Group as of the date of this annual report are set out under the section headed“Biographical Details of Directors and Senior Manageme

291、nt”of this annual report.DIRECTORS SERVICE CONTRACTS AND LETTERS OF APPOINTMENTEach of the executive Directors has entered into a service agreement with 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 l

292、ess 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 Association).Each of our non-executive Directors and independent non-executive Directors has entered into a service contract/letter of appointment with

293、 our Company.Each of our non-executive Directors and independent non-executive Directors is appointed with an initial term of three years commencing from the date of their respective appointments and subject to termination in certain circumstances as stipulated in the relevant services contracts/let

294、ters 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 service contract with our Company or any members of

295、 our Group(other than statutory compensation).DIRECTORS INTEREST IN TRANSACTIONS,ARRANGEMENT OR CONTRACT OF SIGNIFICANCESave for the material related party transactions as disclosed in note 30 to the consolidated financial statements of this annual report and the connected transactions as disclosed

296、in the section headed“Connected Transactions”in this directors report,no Director or any entity connected with them had a material interest,either directly or indirectly,in any transaction,arrangement or contract of significance to the business of the Company to which the Company,or any of its subsi

297、diaries or fellow subsidiaries was a party for the year ended December 31,2024.董事及高級管理層履歷詳情截至本年報日期，本集團董事及高級管理層的履歷載於本年報 董事及高級管理層履歷詳情 一節。董事服務合約及委任函各執行董事已與本公司訂立服務合約，由委任日期起計初步為期三年，其後將持續至任何一方向另一方作出不少於三個月之書面通知終止合約為止（惟須按組織章程細則所規定重選）。各非執行董事及獨立非執行董事已與本公司訂立服務協議委任函。各非執行董事及獨立非執行董事的任期由各自的委任日期起計初步為三年，惟可於相關服務協議委任函

298、內訂明的若干情況下終止。根據該等服務協議委任函，各獨立非執行董事將收取董事年薪120,000港元。除上述者外，概無董事與本公司或本集團任何成員公司已訂立或建議訂立任何服務合約（法定賠償除外）。董事於重大交易、安排及合約中擁有的權益除本年報綜合財務報表附註30披露的重大關聯方交易及本董事會報告關連交易 一節披露的關連交易外，於截至2024年12月31日止年度，董事或與彼等有關的任何實體並無在本公司或其任何附屬公司或同系附屬公司所參與的對本公司業務有重大影響的任何交易、安排或合約中直接或間接擁有重大權益。46Nayuki Holdings Limited奈雪的茶控股有限公司DIRECTORS RE

299、PORT董事會報告 COMPENSATION OF DIRECTORS AND SENIOR MANAGEMENTThe Directors and senior management receive compensation from the Group in the form of fees,salaries,bonuses,contributions to pension schemes,allowances and benefits in kind.The emoluments of the Directors and senior management of the Group ar

300、e decided by the Board with reference to the recommendation given by the Remuneration Committee,having regard to the Groups operating results,individual performance and comparable market statistics.Details of the Directors emoluments and emoluments of the five highest paid individuals in the Group a

301、re set out in Note 8 and Note 9 to the consolidated financial statements of this annual report.The emoluments before tax paid to the senior management of the Company whose names are listed in this report are set out by band as follows:Number of senior management for the year ended December 31,2024Ba

302、nd範圍截至2024年12月31日止年度的高級管理層人數 HKD1,000,001 to HKD1,500,0001,000,001港元至1,500,000港元1HKD1,500,001 to HKD2,000,0001,500,001港元至2,000,000港元1For the year ended December 31,2024,no emoluments were paid by the Group to any Director or any of the five highest paid individuals as an inducement to join or upon j

303、oining the Group or as compensation for loss of office.None of the Directors has waived any emoluments for the year ended December 31,2024.董事及高級管理層的薪酬董事及高級管理層自本集團獲得薪酬的形式包括袍金、薪金、花紅、退休金計劃供款、津貼及實物利益。本集團董事及高級管理層的薪酬由董事會參考薪酬委員會的建議，並經考慮本集團的經營業績、個人表現及可比的市場統計資料後決定。董事酬金及本集團五名最高薪酬人士的酬金詳情載於本年報綜合財務報表附註8及附註9。載列於本

304、報告中的本公司高級管理層稅前薪酬按範圍劃分的情況如下：截至2024年12月31日止年度，本集團並無向任何董事或任何五名最高薪酬人士支付酬金，作為加入本集團或加入本集團後的獎勵或作為離職補償。截至2024年12月31日止年度，並無任何董事放棄任何酬金。47Annual Report 年報 2024DIRECTORS REPORT董事會報告 Pursuant to the relevant laws and regulations of the PRC,the Group participates in a defined contribution basic pension insurance

305、in the social insurance system established and managed by government organizations.The Group makes contributions to basic pension insurance plans based on the applicable benchmarks and rates stipulated by the government.The local government authorities are responsible for the pension obligations pay

306、able to the retired employees covered under the defined contribution basic pension insurance.There are no forfeited contributions for the defined contribution basic pension insurance in the PRC social insurance system as the contributions are fully vested to the employees upon payment to the scheme.

307、The Group also operates a Mandatory Provident Fund Scheme under the Hong Kong Mandatory Provident Fund Schemes Ordinance for employees employed under the jurisdiction of the Hong Kong Employment Ordinance.Contributions to the plan vest immediately.There are no forfeited contributions for the the Man

308、datory Provident Fund Schemes as the contributions are fully vested to the employees upon payment to the scheme.Save as disclosed in this annual report,no other payments have been made or are payable,during the Reporting Period,by our Group to or on behalf of any of the Directors.NON-COMPETE UNDERTA

309、KING BY CONTROLLING SHAREHOLDERSIn respect of the non-compete undertaking(the“Non-compete Undertaking”)made by each of Mr.Zhao Lin and Ms.Peng Xin,being the ultimate beneficiaries and holders of the voting rights to the controlling interests of every other Controlling Shareholder,the Company has rev

310、iewed the annual declaration from Mr.Zhao Lin and Ms.Peng Xin on the compliance with the terms of the Non-compete Undertaking.The independent non-executive Directors have reviewed the compliance with the Non-compete Undertaking and are satisfied that Mr.Zhao Lin and Ms.Peng Xin have complied with th

311、e terms of the Non-compete Undertaking during the Reporting Period.根據中國相關的法律及法規，本集團參加由政府組織所成立及管理的社會保險體系的定額供款基本退休保險。本集團按照政府規定的適用基準及比率向基本退休保險計劃供款。當地政府部門負責向參加定額供款基本退休保險的離退休員工支付的養老金。中國社會保險制度下的界定供款基本退休金保險並無已沒收供款，原因為供款於支付予計劃時悉數歸屬予僱員。本集團亦根據香港強制性公積金計劃條例為受香港僱傭條例管轄範圍內受僱的僱員向強制性公積金計劃供款。計劃的供款立刻歸屬。強制性公積金計劃並無已沒收供款

312、，原因為供款於支付予計劃時悉數歸屬予僱員。除本年報所披露者外，於報告期間，本集團並無已付或應付董事其他款項或代表董事的已付或應付其他款項?？毓晒蓶|的不競爭承諾就趙林先生及彭心女士（即各其他控股股東的控股權益之最終受益人及所附投票權持有人）各自作出的不競爭承諾（不競爭承諾）而言，本公司已審閱趙林先生及彭心女士有關遵守不競爭承諾條款情況的年度聲明。獨立非執行董事已審閱不競爭承諾的遵守情況，並信納趙林先生及彭心女士於報告期間已遵守不競爭承諾的條款。48Nayuki Holdings Limited奈雪的茶控股有限公司DIRECTORS REPORT董事會報告 董事於股東擔任的職位及董事於競爭業務的權

313、益於報告期間，根據上市規則第8.10條，除於本公司及或其附屬公司擔任董事外，董事或彼等的緊密聯繫人（定義見上市規則）於與本集團的業務直接或間接構成競爭或可能構成競爭的業務中並無擁有任何權益。除本報告 董事及高級管理層履歷詳情 所披露者外，就董事會所知，概無董事在於本公司股份或相關股份中擁有根據證券及期貨條例第XV部第2及3分部之條文須向本公司披露的權益的公司擔任董事或僱員。重大合約於報告期間，除本年報所披露者外，本公司或其任何附屬公司與控股股東或彼等各自的附屬公司均無訂立任何重大合約，亦無任何控股股東或其任何附屬公司向本公司或其任何附屬公司就提供服務訂立重大合約?？毓晒蓶|合約及其質押股份於20

314、24年12月31日，就本公司所深知，控股股東概無根據上市規則第13.21條質押其股份。關連交易本集團與本集團的若干關連人士已簽訂若干項關連交易協議，詳情見下文。POSITIONS HELD BY DIRECTORS IN SHAREHOLDERS AND DIRECTORS INTERESTS IN COMPETING BUSINESSDuring the Reporting Period,none of the Directors or their respective close associates(as defined in the Listing Rules)had any inte

315、rest in a business that competed or was likely to compete,either directly or indirectly,with the business of the Group,other than being a director of the Company and/or its subsidiaries under Rule 8.10 of the Listing Rules.Save as disclosed under the section headed“Biographical Details of Directors

316、and Senior Management”of this report,to the knowledge of the Board,none of the Directors is a director or employee of a company which has an interest in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV

317、 of the SFO.CONTRACT OF SIGNIFICANCEDuring the Reporting Period,save as disclosed in this annual report,neither the Company nor any of its subsidiaries had any contract of significance with the Controlling Shareholders or their respective subsidiaries,nor any contract of significance for the provisi

318、on of services to the Company or any of its subsidiaries by a Controlling Shareholder or any of its subsidiaries.CONTRACT WITH CONTROLLING SHAREHOLDERS AND THEIR PLEDGED SHARESAs at December 31,2024,to the best knowledge of the Company,none of the Controlling Shareholders pledged their shares pursua

319、nt to Rule 13.21 of the Listing Rules.CONNECTED TRANSACTIONSOur Group has entered into several connected transaction agreements with certain connected persons of our Group as described in the paragraphs below.49Annual Report 年報 2024DIRECTORS REPORT董事會報告 附註：(1)邦壹夏由趙英龍先生（執行董事及控股股東趙林先生的侄兒）間接持有65%股權。Par

320、tially-exempted Continuing Connected TransactionsContinuing connected transactionsPartiesTerm of agreementContents of transactionPricing policy持續關連交易訂約方協議年期交易內容定價政策 Fresh Goods Storage and Transportation Services Framework AgreementOur Company and BYX(1)The term shall commence from May 1,2024 to Dec

321、ember 31,2026Our Company agreed to purchase storage and transportation services in relation to fresh goods such as fruits and dairy products from BYXThe service fees chargeable by BYX under the Fresh Goods Storage and Transportation Services Framework Agreement shall be calculated based on the unit

322、service price(the“Unit Price”)quoted by BYX and approved by the Group,which shall be similar to the service price charged by BYX from independent clients in relation to the provision of similar services.Such Unit Price has been determined based on arms length negotiations between the Company and BYX

323、 and could be re-determined according to the actual needs of the Group.The Unit Price should be not less favourable to the Group than the prices from independent suppliers for similar services.The business department of the Group will,on a quarterly basis and at the time of renegotiation of the unit

324、 service price,review the current Unit Price and compare the it with the prices(the“Comparable Prices”)from at least two independent suppliers for similar services,which will be reported to the financial department of the Group.The financial department of the Group will further monitor the fairness

325、of the price comparison process.The Group will only continue to engage BYX in the event that the Unit Price is not less favourable to the Group than the Comparable Prices.生鮮倉儲及配送服務 框架協議本公司及邦壹夏(1)年期於2024年 5月1日開始 至2026年 12月31日本公司同意向邦壹夏就有關水果及 乳製品等生鮮購買倉儲及配送服務邦壹夏根據生鮮倉儲及配送服務框架協議收取的服務費須按邦壹夏所報價並經本集團批準的服務單價（

326、單價）計算，其須與邦壹夏就提供同類服務向獨立客戶收取的服務價格相近。有關單價經本公司與邦壹夏公平磋商後釐定，及可按照本集團的實際需求重新釐定。單價須不遜於獨立供應商向本集團提供同類服務之價格。本集團的業務部門將按季度並在每一次重新協商確定服務單價時審查當前單價，並就同類服務將其與最少兩名獨立供應商的報價（可資比較價格）作比較，並匯報至本集團的財務部，本集團的財務部會進一步監控比價過程的公允性。僅在向本集團提出的單價不遜於可資比較價格的情況下，本集團方會繼續與邦壹夏合作。Notes:(1)BYX is indirectly held as to 65%by Mr.ZhaoYinglong(趙英龍

327、),who is the nephew of Mr.Zhao Lin(our executive Director and Controlling Shareholder).部分豁免持續關連交易50Nayuki Holdings Limited奈雪的茶控股有限公司DIRECTORS REPORT董事會報告 Transaction caps and actual transaction amounts for the Reporting PeriodActual transaction amounts and transaction caps of the above-mentioned par

328、tially-exempt continuing connected transactions for the Reporting Period are as follows:For the year ended December 31,2024截至2024年12月31日止年度Proposed annual capsActual transaction amounts建議交易上限實際交易金額RMB000RMB000人民幣千元人民幣千元 Fresh Goods Storage and Transportation Services Framework Agreement生鮮倉儲及配送服務框架協議

329、36,00026,147The Company has followed the pricing policies as disclosed in the Prospectus and this annual report in respect of the above continuing connected transactions for the year ended December 31,2024.For the year ended December 31,2024,the independent non-executive Directors have reviewed the

330、aforesaid non-exempt continuing connected transactions and confirmed that the transactions have been entered into:(i)in the ordinary and usual course of business of the Company;(ii)on normal commercial terms or better;and(iii)in accordance with relevant agreements governing them on terms that are fa

331、ir and reasonable and in the interest of the Company and Shareholders as a whole.報告期間的交易上限及交易金額報告期間上述部分豁免持續關連交易的實際交易金額及交易上限如下：截至2024年12月31日止年度，本公司就上述持續關連交易已遵守招股章程及本年報所披露的定價政策。截至2024年12月31日止年度，獨立非執行董事已審閱上述非豁免持續關連交易並確認該等交易：(i)在本公司一般及日常業務過程進行；(ii)按正常商業條款或更佳的條款進行；及(iii)根據相關交易的協議條款進行，而交易條款公平合理，並且符合本公司及股東

332、的整體利益。51Annual Report 年報 2024DIRECTORS REPORT董事會報告 The Companys auditor was engaged to report on the Groups continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000(Revised)“Assurance Engagements Other Than Audits or Reviews of Historical Financial Inform

333、ation”and with reference to Practice Note 740(Revised)“Auditors Letter on Continuing Connected Transactions under theHong Kong Listing Rules”issued by the Hong Kong Institute of Certified Public Accountants.The Companys auditor has confirmed in a letter to the Board that:(i)nothing has come to their attention that causes the auditor to believe that the disclosed continuing connected transactions h