Nayuki Holdings Limited reported full-year 2025 revenue of RMB4.33 billion, down 12.0% year-on-year as the group closed underperforming outlets and scaled back its ready-to-drink (“RTD”) beverage business.

Adjusted net loss narrowed 73.8% to RMB240.51 million, while statutory net loss attributable to shareholders was RMB239.08 million. Operating cash inflow increased 35.7% to RMB273.60 million, and total cash, term deposits and certificates of deposit stood at RMB2.66 billion at year-end. The gearing ratio improved to 32.1% (2024: 36.5%).

Store network rationalisation remained a focus. Total teahouses declined to 1,646 (2024: 1,798), including 1,288 self-operated stores and 358 franchise stores. Despite the smaller footprint, key operating metrics strengthened: • Average daily sales per self-operated teahouse rose 5.2% to RMB7,700. • Average orders per store per day climbed 15.7% to 313. • Same-store sales advanced 6.3% to RMB3.55 billion.

Self-operated stores generated 88.3% of revenue, RTD beverages 4.1% and other businesses—including franchise fees and retail products—7.6%. Product-wise, freshly-made tea drinks contributed 77.4% of turnover, baked goods 8.1%, RTD beverages 4.1% and other products 10.4%.

Cost discipline offset weaker top-line performance. Materials cost ratio fell to 34.0% (2024: 36.8%), staff cost ratio eased to 28.2% (2024: 29.2%) and depreciation of right-of-use assets dropped to 6.3% of revenue following store closures and lease renegotiations. Delivery service fees rose to 10.7% of revenue amid higher third-party platform sales.

The membership base reached 118.9 million; monthly active members averaged 3.6 million with a 24.2% monthly repurchase rate.

Looking to 2026, management plans to deepen penetration in tier-one and new tier-one cities, refine regional management and continue optimising the store mix, supported by a cash balance it deems “sufficient for steady development.” No final dividend was proposed.