On August 26, NAYUKI released its interim results for the first half of 2026. During the period, the company's revenue reached RMB 1.893 billion, a year-on-year decline of 13.1%, while its adjusted net loss narrowed by 18% to RMB 97 million. Concurrently, net cash generated from operating activities fell by 56.1% year-on-year, dropping from RMB 138 million to RMB 61 million.

Although the loss has continued to narrow, revenue and cash flow have yet to show a synchronized recovery. When factoring in the reduced proportion of costs such as labor, materials, and depreciation relative to revenue, it appears that NAYUKI's current loss reduction is still primarily driven by operational optimization and cost containment measures.

Direct-operated stores still contribute 86.6% of NAYUKI's revenue and remain the core determinant of its operational performance.

In the first half, average daily sales per direct-operated store declined from RMB 7,600 to RMB 7,000, average daily order volume fell from 296.3 to 286.7 orders, and the average order value dropped from RMB 25.7 to RMB 24.3, reflecting downturns on both the volume and price fronts.

At the same time, NAYUKI's sales channels have shifted further toward delivery services.

During the first half, in-store ordering revenue at direct-operated stores decreased by 37.5% year-on-year, self-pickup revenue fell by 24.5%, while delivery revenue remained essentially flat. As a result, delivery's share of direct-operated store revenue rose from 48.1% to 55.9%, with third-party delivery platforms contributing 53.3% of direct-operated store revenue.

This shift in channel structure has also introduced new cost pressures.

In the first half, NAYUKI's delivery service fees only decreased from RMB 201 million to RMB 197 million, while their share of group revenue actually increased from 9.2% to 10.4%. Meanwhile, advertising and promotional expenses rose from RMB 94 million to approximately RMB 100 million, with their share of revenue climbing from 4.3% to 5.3%.

The company stated that the increased marketing and promotional spending includes more promotional activities on delivery platforms.

This added pressure partially offset the loss-reduction benefits gained from optimizing material and labor costs.

Another noteworthy development is that NAYUKI's direct-operated store count has ended its previous contraction trend and shifted toward selective expansion.

As of the end of June, NAYUKI operated a total of 1,685 stores, a net increase of 39 stores compared to the end of 2025. Among these, direct-operated stores grew from 1,288 to 1,315, a net addition of 27 stores, while franchise stores increased from 358 to 370, a net addition of 12 stores.

From a regional perspective, direct-operated stores in first-tier cities decreased by 5, while new first-tier, second-tier, and other cities saw net increases of 6, 16, and 10 stores, respectively. NAYUKI stated that it will continue to make dynamic adjustments based on actual store performance and steadily expand its store network in advantageous cities and core consumer markets.

This indicates that NAYUKI is attempting to find a new balance between "reducing losses" and "reigniting growth."

For the second half of the year, the company remains focused on enhancing overall operational performance and long-term profitability, continuing to refine its store operating models and resource allocation, steadily expanding in advantageous cities and core consumer markets, while simultaneously advancing its franchise and overseas business initiatives.