Revenue for the six months ended 30 June 2026 rose 31.9% year-on-year to RMB 7.47 billion, driven mainly by increased sales of goods and equipment to franchisees, which accounted for 79.9% of total revenue.

Gross profit expanded 39.6% to RMB 2.49 billion, lifting gross margin to 33.4% from 31.5% a year earlier. Profit for the period declined 3.6% to RMB 1.57 billion, reflecting the absence of a RMB 0.56 billion fair-value gain on financial liabilities booked in the prior-year period.

Adjusted performance metrics improved: • Adjusted profit (non-IFRS) advanced 44.4% to RMB 1.57 billion, yielding an adjusted profit margin of 21.0% (1H 2025: 19.2%). • Adjusted core profit (non-IFRS) increased 53.3% to RMB 1.73 billion, with margin widening to 23.2%. • Adjusted EBITDA (non-IFRS) climbed 47.5% to RMB 2.02 billion.

Operating cash flow reached RMB 2.06 billion. Cash and bank balances totalled RMB 3.30 billion at period-end, while restricted cash stood at RMB 6.53 billion. Interest-bearing bank borrowings declined to RMB 5.64 billion. Net gearing eased to 59.2% from 64.9% at end-2025.

The franchise network expanded to 14,351 stores across more than 200 Chinese cities, up 28.4% versus a year earlier. Stores in second-tier and lower cities comprised 82% of the network. Total GMV climbed to RMB 19.75 billion; per-store daily GMV held broadly steady at RMB 7.8 thousand, with average daily cups sold per store at 440.

Capital expenditure reached RMB 390.6 million, mainly for property, plant and equipment and land-use rights. Committed capex totalled RMB 717.0 million, including construction of a new Hangzhou office building.

The Board declared an interim dividend of RMB 1.03 billion, payable in August and December 2026.

Post-period, the company issued HKD 1.96 billion zero-coupon guaranteed convertible bonds due 2027 at an initial conversion price of HKD 23.54 per share and repurchased 34.29 million shares for approximately HKD 0.80 billion.

No material contingent liabilities were reported. The Board affirmed continued focus on store network expansion, product innovation, supply-chain enhancement and technology investment for the remainder of 2026.