TH International Ltd (THCH) 2026 Q1 法說會逐字稿

Ladies and gentlemen, welcome to Tims China's first-quarter 2026 earnings conference call.

女士們、先生們，歡迎參加 Tims 中國 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

Today's conference is being recorded. At this time, I'd like to turn the call over to Patty Yu, Tims China's Public and Media Relations Manager for prepared remarks and introductions. Please go ahead, Patty.

本次會議將進行錄音。現在，我想把電話交給 Tims 中國公共與媒體關係經理 Patty Yu，進行事先準備的發言與介紹。Patty，請開始。

Hello, everyone, and thank you for joining us on today's call. TH International Limited announced its first-quarter 2026 financial results earlier today. A press release as well as the accompanying presentation, which contains operational and financial highlights, are now available on the company's IR website at ir.timschina.com. Today, you will hear from Yongchen Lu, our CEO, Director; and Albert Li, our CFO.

各位好，感謝大家參加今天的電話會議。TH International Limited 已於今日稍早公布其 2026 年第一季財務業績。新聞稿以及隨附的簡報（包含營運與財務重點）現已發布於公司投資人關係網站 ir.timschina.com。今天，您將聽到我們的執行長兼董事盧永臣，以及財務長 Albert Li 的分享。

After the company's prepared remarks, the management team will conduct a question-and-answer session. You will find the webcast of today's earnings call on our IR website. Before we get started, I'd like to remind you that our earnings presentation and investor materials contain forward-looking statements, which are subject to future events and uncertainties. Statements that are not historical facts, including, but not limited to, statements about the company's beliefs and expectations are forward-looking statements.

在公司事先準備的發言結束後，管理團隊將進行問答環節。您可在我們的投資人關係網站上找到今天財報電話會議的網路直播。在開始之前，我想提醒各位，我們的財報簡報與投資人資料包含前瞻性陳述，可能受到未來事件與不確定因素影響。非歷史事實的陳述（包括但不限於關於公司信念與預期的陳述）均屬前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties, and our actual results may differ materially from those forward-looking statements. All forward-looking statements should be considered in conjunction with the cautionary statements in our earnings release and the risk factors included in our filings with the SEC.

前瞻性陳述涉及固有風險與不確定性，我們的實際結果可能與這些前瞻性陳述存在重大差異。所有前瞻性陳述均應結合我們財報新聞稿中的警示性陳述，以及我們向美國證券交易委員會（SEC）提交文件中所列的風險因素一併考量。

This presentation also includes certain non-GAAP financial measures, which we believe can be helpful in evaluating our performance. However, those measures should not be considered a substitute for the comparable GAAP measures. The accompanying reconciliation information related to those non-GAAP and GAAP measures can be found in our earnings press release issued earlier today.

本簡報亦包含若干非 GAAP 財務衡量指標，我們認為這些指標有助於評估我們的表現。然而，這些指標不應被視為可替代相對應的 GAAP 指標。與上述非 GAAP 與 GAAP 指標相關的調節資訊，可於我們今日稍早發布的財報新聞稿中查閱。

With that said, I would now like to turn it over to Yongchen Lu, our CEO, Director. Please go ahead, Yongchen.

接下來，我想把時間交給我們的執行長兼董事盧永臣。永臣，請開始。

Thank you, Patty. Good morning and good evening, everyone. Thank you for joining us today. As the coffee industry entered a seasonal slowdown during the first-quarter, the company proactively optimized its operating rhythm and moderately reduced discount-driven promotions, reallocating resources towards franchise system development and long-term brand building. While certain short-term revenue indicators face pressure, core user quality continued to improve, in line with the company's strategic transition from prioritizing scale growth to prioritizing quality growth.

謝謝 Patty。各位早安、晚安。感謝大家今天加入我們。隨著咖啡產業在第一季進入季節性放緩，公司主動優化營運節奏，並適度降低以折扣驅動的促銷，將資源重新配置至加盟體系建設與長期品牌打造。儘管部分短期營收指標面臨壓力，核心用戶品質仍持續提升，符合公司由優先追求規模成長轉向優先追求高品質成長的策略轉型。

During the first-quarter, we continued our strategic adjustment to prune under-performing stores, and we expect to complete this process and resume net new store openings starting from the second-quarter of 2026. On same-store sales growth, we experienced overall comparable transactions decline of 8.3% and an average comparable ticket size decline of 4.8%, which led to a negative 13.2% same-store sales growth for the system-wide stores in Q1. The decline was partly due to delivery aggregators backing down subsidies significantly, partly due to understand our marketing spending and discount control.

第一季期間，我們持續進行策略調整，汰除表現不佳的門店；我們預期將完成此流程，並自 2026 年第二季起恢復淨新增開店。在同店銷售成長方面，我們的整體可比交易量下降 8.3%，平均可比客單價下降 4.8%，導致第一季系統門店同店銷售成長為負 13.2%。下滑部分原因在於外送聚合平台大幅回撤補貼，部分原因在於我們對行銷支出與折扣的控制。

Despite the temporary headwinds on top line growth and fierce industry competition, we continue to witness strong performance of our 2024 and 2025 vintage stores, most of which were compact and made-to-order stores. With further optimized store capital expenditures and enhanced store unit economics, our 2024 vintage year company-owned and operated stores generated store contribution margin of nearly 15% in 2025 full year and low teens in Q1 2026 and are expected to achieve a payback period within two to three years.

儘管營收端成長面臨短期逆風且產業競爭激烈，我們仍持續看到 2024 與 2025 年開設的門店表現強勁，其中多數為小型、現點現做門店。隨著門店資本支出進一步優化、單店經濟模型提升，我們 2024 年度公司自營門店在 2025 全年實現接近 15% 的門店貢獻毛利率，於 2026 年第一季達到約低十位數百分比，並預期可在兩到三年內達成投資回收期。

Our 2025 vintage year stores, which are still ramping up now, expect to achieve similar unit economics too. In the meantime, our company-owned and operated stores in Tier 1 cities, including Beijing, Shanghai, Guangzhou and Shenzhen, and in those cities with 10-plus stores generate over 10% and 7% store contribution margin in 2025, respectively, outperforming other tier cities with lower store density.

我們 2025 年度開設的門店目前仍在爬坡期，預期也能達到類似的單店經濟表現。同時，我們在一線城市（包括北京、上海、廣州與深圳）的公司自營門店，以及在擁有 10 家以上門店的城市之公司自營門店，於 2025 年分別實現超過 10% 與 7% 的門店貢獻毛利率，表現優於門店密度較低的其他城市層級。

We will continue adding density in existing cities to achieve higher economic scale. Leveraging subfranchise partnerships, new store will open across multiple core cities and emerging markets, including Shanghai, Guangzhou, Shenzhen, Hangzhou, Beijing, Suzhou, Nantong, et cetera, in Q1 2026.

我們將持續在既有城市提升門店密度，以取得更高的規模經濟。藉助次級加盟（subfranchise）合作夥伴，新門店將於 2026 年第一季在多個核心城市與新興市場開設，包括上海、廣州、深圳、杭州、北京、蘇州、南通等。

The company continued to expand across diversified locations such as transportation hubs, office buildings, commercial complexes and university campus, et cetera, further enhancing brand penetration and consumer reach. Since we launched our individual franchise business in December 2023, we have received over 10,500 applications, signed up for over 440 stores and successfully opened nearly 260 stores by the end of March 2026, showcasing continued market confidence in our franchise model.

公司持續在多元化點位拓展，例如交通樞紐、辦公大樓、商業綜合體與大學校園等，進一步提升品牌滲透率與觸達消費者的能力。自我們於 2023 年 12 月推出個人加盟業務以來，已收到超過 10,500 份申請，簽約超過 440 家門店，並於 2026 年 3 月底前成功開業近 260 家門店，展現市場對我們加盟模式的持續信心。

We have witnessed reasonable returns for our franchise stores. For instance, our franchise stores and special channels, including railway stations, hospitals and highway rest areas generate store contribution margin of high teens in 2025 and are expected to achieve a payback period of approximately two years. We will accelerate opening franchise stores on those special channels.

我們已看到加盟門店帶來合理回報。例如，我們的加盟門店與特殊通路（包括火車站、醫院與高速公路服務區）在 2025 年實現約十位數百分比後段的門店貢獻毛利率，並預期投資回收期約為兩年。我們將加速在這些特殊通路開設加盟門店。

During the quarter, the company officially launched its 2026 nationwide franchise roadshow program, systematically communicating its brand strength, operational standards and unit economic model to prospective franchise partners. At the same time, the company introduced upgraded franchise support policies, including multi-store incentives, high revenue rebates and opening support packages, further enhancing franchise attractiveness, attracting high-quality partners and laying a solid foundation for long-term scalable expansion.

本季期間，公司正式啟動 2026 年全國加盟巡迴推介（roadshow）計畫，系統性地向潛在加盟夥伴傳達品牌實力、營運標準與單店經濟模型。同時，公司推出升級版加盟支持政策，包括多店獎勵、高營收返利與開店支持方案，進一步提升加盟吸引力，吸引高品質夥伴，並為長期可規模化擴張奠定堅實基礎。

In the meantime, our sub-franchise business contributes steady cash flows and profitability. Other revenue increased by 7.7% year-over-year and profits from other revenues achieved a year-over-year growth of 14% in Q1 2026. The first-quarter marked the traditional seasonal slowdown for the coffee industry and intensified market competition. Against this backdrop, the company remains focused on improving operational quality and efficiency, making progress across product innovation, brand marketing and loyal member engagement.

同時，我們的次級加盟業務貢獻穩定現金流與獲利能力。其他收入年增 7.7%，而其他收入的利潤在 2026 年第一季年增 14%。第一季是咖啡產業傳統的季節性放緩期，市場競爭亦更為激烈。在此背景下，公司仍專注於提升營運品質與效率，並在產品創新、品牌行銷與會員忠誠度經營方面持續取得進展。

During the first-quarter of 2026, the company launched a total of 21 new products across categories, including 15 new beverage products and 6 new food items centered around seasonal occasions, health care and health conscious offerings and localized flavors with a strong market response.

在 2026 年第一季，公司共推出 21 款新品，涵蓋多個品類，包括 15 款新飲品與 6 款新食品，聚焦季節性場景、健康照護與健康取向產品，以及在地化風味，市場反應熱烈。

On the product beverage side, the Cherry series returned with strong consumer recognition, effectively driving traffic and repurchases. The company also introduced limited time Apple series beverage and the zero-sugar, zero-fat, Luo Zero to further address seasonal and health-oriented demand.

在飲品方面，櫻桃系列強勢回歸，獲得消費者高度認可，有效帶動客流與回購。公司亦推出限時蘋果系列飲品，以及零糖、零脂的「Luo Zero」，以進一步滿足季節性與健康導向需求。

On the food side, the launch of the non-chicken bagel sandwich and naan bagel further strengthened localized product innovation among the new launches, the spring Apple series delivered particularly strong performance, achieving the highest repeat purchase rate among all product series.

在食品方面，推出「非雞肉」貝果三明治與饢貝果，進一步強化在地化產品創新；在新品中，春季蘋果系列表現尤為突出，達成所有產品系列中最高的重複購買率。

In brand marketing and loyalty member engagement, the company focused on Chinese New Year social occasions and younger consumer segment through diversified crossover collaborations, partnerships with the popular drama IP, The Vendetta of An [Tai Suiji], Air Canada and NetEase Cloud Music enhanced brand awareness and member engagement and penetration among younger consumers. In Q1 2026, transacting members under the age of 30 accounted for nearly 50% of our total membership base.

在品牌行銷與會員忠誠度經營方面，公司聚焦春節社交場景與年輕消費族群，透過多元跨界合作，與熱門劇集 IP《The Vendetta of An [Tai Suiji]》、加拿大航空（Air Canada）及網易雲音樂的合作，提升品牌知名度與會員互動，並加深在年輕消費者中的滲透。在 2026 年第一季，30 歲以下的交易會員約占我們會員總數的近 50%。

In addition, through our customer acquisition partnership with DiDi, the company successfully added approximately 4 million new members during the quarter, representing nearly threefold year-over-year growth. As of March 31, 2026, our registered loyalty club members exceeded 35.9 million, reflecting a remarkable 42.9% year-over-year growth. The average number of members per store has now surpassed 35,000 serving a solid foundation for growth and a testament to our customers' support for and embrace of Tims Hortons loyalty program.

此外，透過我們與滴滴（DiDi）的獲客合作夥伴關係，公司於本季度成功新增約400萬名新會員，年增幅接近三倍。截至2026年3月31日，我們的註冊會員忠誠俱樂部會員數超過3,590萬名，年增42.9%，表現亮眼。目前每家門市的平均會員數已超過35,000名，為成長奠定堅實基礎，也證明顧客對Tims Hortons會員忠誠計畫的支持與認同。

At this time, I would like to turn it over to our CFO, Albert Li, to discuss our first-quarter 2026 financial performance in more detail.

接下來，我想把時間交給我們的財務長Albert Li，請他更詳細地說明我們2026年第一季的財務表現。

Thank you, Yongchen. During the first-quarter of 2026, our total revenues and system sales dropped by 14.6% and 14.2% year-over-year, respectively, which was primarily due to the closure of certain underperforming company-owned and operated stores and a decrease in same-store sales growth.

謝謝你，永辰。在2026年第一季，我們的總營收與系統銷售額分別年減14.6%與14.2%，主要原因是關閉部分表現不佳的自營門市，以及同店銷售成長下滑。

Our overall monthly average transacting customers reached 2.69 million during the first-quarter of 2026 compared to 2.92 million in the same quarter of 2025. Digital orders as a percentage of total orders rose from 86.3% in the first-quarter of 2025 to 87.5% in the first-quarter of 2026. We continue to enhance our digital capabilities to meet the growing demand for delivery and takeaway services.

2026年第一季，我們整體每月平均交易顧客數達269萬人次，相較於2025年同季的292萬人次。數位訂單占總訂單的比例由2025年第一季的86.3%上升至2026年第一季的87.5%。我們持續強化數位能力，以滿足外送與外帶服務日益成長的需求。

Total number of delivery orders increased by 10.2% year-over-year during the first-quarter of 2026. We are committed to improving our financial performance by refining store unit economics and boosting operational efficiencies at both store and corporate levels, setting the foundation for long-term sustainable growth.

2026年第一季外送訂單總量年增10.2%。我們致力於透過優化單店經濟模型並提升門市與公司層級的營運效率來改善財務表現，為長期可持續成長奠定基礎。

Specifically, through refinements in our supply chain capabilities and economies of scale, we managed to reduce Q1 2026 food and packaging costs as a percentage of revenues from company-owned and operated stores by 2.0-percentage-points from 30.4% in the first-quarter of 2025 to 28.4% in the same quarter of 2026.

具體而言，透過提升供應鏈能力與規模經濟，我們將2026年第一季自營門市的食品與包材成本占營收比重，從2025年第一季的30.4%下降2.0個百分點至2026年同季的28.4%。

Rental and property management fees were RMB47.2 million (USD6.8 million) for the three months ended March 31, 2026, representing a decrease of 16.2% from RMB56.3 million in the same quarter of 2025, which was in line with the revenue trend as the number of our company-owned and operated stores decreased from 569 as of March 31, 2025, to 541 as of March 31, 2026. Rental and property management fees as a percentage of revenues from company-owned and operated stores increased by 0.7-percentage-points from 22.1% in the first-quarter of 2025 to 22.8% in the same quarter of 2026.

截至2026年3月31日止三個月，租金及物業管理費為人民幣4,720萬元（約合680萬美元），較2025年同季的人民幣5,630萬元下降16.2%；此與營收趨勢一致，因我們的自營門市數由截至2025年3月31日的569家降至截至2026年3月31日的541家。租金及物業管理費占自營門市營收的比重由2025年第一季的22.1%上升0.7個百分點至2026年同季的22.8%。

Payroll and employee benefit expenses were RMB44.8 million, (USD6.5 million) for the three months ended March 31, 2026, representing a decrease of 10.4% from RMB50.0 million in the same quarter of 2025, which was in line with the revenue trend. Payroll and employee benefits expenses as a percentage of revenues from company-owned and operated stores increased by 2.0-percentage-points from 19.6% in the first-quarter of 2025 to 21.6% in the same quarter of 2026.

截至2026年3月31日止三個月，薪資及員工福利費用為人民幣4,480萬元（約合650萬美元），較2025年同季的人民幣5,000萬元下降10.4%，與營收趨勢一致。薪資及員工福利費用占自營門市營收的比重由2025年第一季的19.6%上升2.0個百分點至2026年同季的21.6%。

Delivery costs were RMB27.3 million (USD4.0 million) for the three months ended March 31, 2026, representing an increase of 1.0% from RMB27.0 million in the same quarter of 2025, which was in line with the 8.9% increase in delivery orders from 4.5 million in the first-quarter of 2025 to 4.9 million in the same quarter of 2026, partially offset by a reduction in average delivery cost per order.

截至2026年3月31日止三個月，外送成本為人民幣2,730萬元（約合400萬美元），較2025年同季的人民幣2,700萬元增加1.0%；此與外送訂單量增加8.9%一致，外送訂單由2025年第一季的450萬單增至2026年同季的490萬單，部分增幅被每單平均外送成本下降所抵銷。

Delivery costs as a percentage of revenues from company-owned and operated stores increased by 2.6-percentage-points to 13.2% in the first-quarter of 2026, compared to 10.6% in the same quarter of 2025, which was primarily due to delivery revenue as a percentage of total revenues from company-owned and operated stores increased from 53.1% in Q1 2025 to 65.1% in Q1 2026.

外送成本占自營門市營收的比重在2026年第一季上升2.6個百分點至13.2%，相較於2025年同季的10.6%；主要原因是外送營收占自營門市總營收的比重由2025年第一季的53.1%提高至2026年第一季的65.1%。

Other operating expenses were RMB18.2 million (USD2.6 million) for the three months ended March 31, 2026, representing an increase of 0.9% from RMB18.0 million in the same quarter of 2025. Other operating expenses as a percentage of revenues from company-owned and operated stores increased by 1.7-percentage-points to 8.8% in the first-quarter of 2026 compared to 7.1% in the same quarter of 2025.

截至2026年3月31日止三個月，其他營運費用為人民幣1,820萬元（約合260萬美元），較2025年同季的人民幣1,800萬元增加0.9%。其他營運費用占自營門市營收的比重在2026年第一季上升1.7個百分點至8.8%，相較於2025年同季的7.1%。

Benefiting from our cost optimization measures and improved brand influence, our marketing expenses were RMB9.8 million (USD1.4 million) in Q1 2026, representing a decrease of 43.7% from RMB17.4 million in the same quarter of 2025. Marketing expenses as a percentage of total revenues decreased by 2.0-percentage-points from 5.8% in the first-quarter of 2025 to 3.8% in the same quarter of 2026.

受惠於成本優化措施與品牌影響力提升，我們2026年第一季的行銷費用為人民幣980萬元（約合140萬美元），較2025年同季的人民幣1,740萬元下降43.7%。行銷費用占總營收的比重由2025年第一季的5.8%下降2.0個百分點至2026年同季的3.8%。

Our adjusted general and administrative expenses were RMB43.4 million (USD6.3 million) in Q1 2026 representing a decrease of 7.9% from RMB47.2 million in the same quarter of 2025, which was primarily due to a decrease in credit loss of accounts receivables and cost savings from professional and other service fees. Adjusted general and administrative expenses as a percentage of total revenues increased by 1.2-percentage-points from 15.7% in the first-quarter of 2025 to 16.9% in the same quarter of 2026.

我們2026年第一季的調整後一般及行政費用為人民幣4,340萬元（約合630萬美元），較2025年同季的人民幣4,720萬元下降7.9%，主要由於應收帳款信用損失減少，以及專業服務及其他服務費用節省所致。調整後一般及行政費用占總營收的比重由2025年第一季的15.7%上升1.2個百分點至2026年同季的16.9%。

As a result of the foregoing, adjusted corporate EBITDA margin was negative 11.8% in the first-quarter of 2026 compared to negative 9.8% in the same quarter of 2025. Turning to liquidity. As of March 31, 2026, our total cash and cash equivalents, time deposits and restricted cash were RMB111.4 million (USD16.2 million) compared to RMB129.7 million as of December 31, 2025. The change was primarily attributable to cash disbursements on business operations, partially offset by the draw-down of additional bank facilities.

基於上述因素，2026年第一季調整後公司EBITDA利潤率為負11.8%，相較於2025年同季的負9.8%。接著談流動性。截至2026年3月31日，我們的現金及現金等價物、定期存款及受限制現金合計為人民幣1.114億元（約合1,620萬美元），相較於截至2025年12月31日的人民幣1.297億元。變動主要源於營運活動的現金支出，部分由額外銀行授信的動用所抵銷。

We are pleased to enter into a definitive agreement with THRI, our brand owner for the issuance of up to USD55.0 million additional senior secured convertible notes, which underscores the strong commitment of our brand owner and founding shareholder. The proposed financing transaction provides pivotal capital to fund further expansion of our store network nationwide and to fortify our balance sheet.

我們很高興與THRI（我們的品牌所有人）簽署具約束力的最終協議，將發行最高達5,500萬美元的額外優先擔保可轉換公司債，凸顯品牌所有人及創始股東的堅定承諾。此擬議融資交易提供關鍵資金，用於支持我們在全國範圍內進一步擴張門市網絡，並強化資產負債表。

Looking ahead, our near-term priorities would be to deliver sustainable revenue growth to further enhance supply chain capabilities and expand store level profitability to continuously optimize cost structure to accelerate the expansion of our successful sub-franchising and to achieve corporate EBITDA breakeven.

展望未來，我們短期的優先事項包括：實現可持續的營收成長、進一步提升供應鏈能力、擴大門市層級獲利能力、持續優化成本結構、加速成功的次級加盟（sub-franchising）擴張，並達成公司EBITDA損益兩平。

With that, I will now turn it over to Yongchen for concluding remarks followed by Q&A.

接下來，我將把時間交回永辰進行總結致詞，之後進入問答環節。

Thank you, Albert. Before we turn to Q&A, I would like to take this opportunity to express my utmost gratitude to our customers, employees, business partners and shareholders for your continued support, dedication and belief during the past seven years.

謝謝你，Albert。在進入問答之前，我想藉此機會向我們的顧客、員工、業務夥伴與股東，在過去七年持續給予的支持、投入與信任，致上最誠摯的感謝。

With a heartfelt passion in the Tim Hortons brand and a strong confidence in the China market, we began our journey from the very first store at the People's Square in Shanghai seven years ago. Together, we have now established an overwhelming community as one of China's top coffee brands with over 35 million loyalty club members, a unique coffee plus fresh prepared healthy food business model, offering the best value for quality products as an international coffee brand, differentiated and comprehensive store formats with over 1,000 stores in 93 cities, most of which are made-to-order stores, we expect payback period between two to three years and a unique advantage of offering franchise opportunities as international coffee brand.

懷抱對 Tim Hortons 品牌的由衷熱情，以及對中國市場的堅定信心，我們於七年前從上海人民廣場的第一家門店啟程。如今，我們已共同建立起一個極具規模的社群，成為中國領先的咖啡品牌之一：擁有超過3,500萬名會員的忠誠俱樂部、獨特的「咖啡＋現製健康鮮食」商業模式，作為國際咖啡品牌以高品質產品提供最佳性價比；並以差異化且全面的門店型態，在93座城市開設逾1,000家門店，其中多數為現點現做門店；我們預期投資回收期約為兩至三年，並具備作為國際咖啡品牌提供加盟機會的獨特優勢。

Today, China stood as the largest international market in Tim Horton's global system by number of stores, and Tims China has moved beyond its start-up and exploration phase and entering a new stage of high-quality growth.

今天，按門店數量計，中國已成為 Tim Hortons 全球體系中最大的國際市場，而 Tims China 也已走出創業與探索階段，正邁入高品質成長的新階段。

Effective from June 15, 2026, I am honored to take on the new role as Chairman, while I remain as engaged and committed to the company's long-term success as ever. I'm excited to work with Mr. John Cheung, our new CEO, who brings more than 25 years of extensive experience leading major consumer companies in China and across Asia and with proven record in brand building, consumer insights, business growth and operational management to drive the next phase of growth for Tims China and to generate long-term value for our shareholders.

自2026年6月15日起，我很榮幸將擔任新職務——董事長，同時我仍將一如既往地積極投入並致力於公司的長期成功。我也很期待與我們的新任執行長 John Cheung 先生共事；他在中國及亞洲各地領導大型消費企業方面擁有逾25年的豐富經驗，並在品牌打造、消費者洞察、業務成長與營運管理方面具備經驗證明，將推動 Tims China 下一階段的成長，並為股東創造長期價值。

I will now turn the call over to Patty for today's Q&A session. Patty?

接下來我把電話交給 Patty，進行今天的問答環節。Patty？

Thank you, Yongchen. We will turn it over to Q&A and open it up for our registered questions. Let's begin with the first question. Operator, please go ahead.

謝謝你，Yongchen。我們將進入問答環節，並開放已登記的提問。我們先從第一個問題開始。接線員，請開始。

(Operator Instructions)

(接線員指示)

Steve Silver, Argus Research Corporation.

Steve Silver，Argus Research Corporation。

So same-store sales growth has been under pressure during Q1, both on comparable transactions as well as average comparable ticket sizes. So considering the aggressive delivery aggregator subsidies since Q2 of last year, can you just discuss your current thinking on the same-store sales growth that you see for the rest of 2026?

所以第一季同店銷售成長承壓，無論是可比交易量還是可比平均客單價。考量自去年第二季以來外送聚合平台補貼相當激進，能否談談你們目前對2026年剩餘期間同店銷售成長的看法？

Yes. No, very good question, Steve. Thank you. Actually, we have seen same-store sales recovering very well recently, especially for the past few weeks after we launched several great marketing campaigns. So I believe we will have better same-store sales in the second-quarter, and we expect much better for the rest of the year.

是的。不，這是個非常好的問題，Steve。謝謝。其實我們最近看到同店銷售恢復得很好，尤其是在我們推出幾個很棒的行銷活動後的過去幾週。所以我相信第二季同店銷售會更好，並且我們預期今年剩餘時間會明顯更佳。

Great. And so you've also cited 2024 and 2025 store trends for strong performance and maybe mid-teens store contribution margins. More recently, you've talked about the special channel stores generating high teens store contribution margins. So can you just talk about your expectations on store margin profiles moving forward?

很好。另外，你們也提到2024與2025年開店批次的門店趨勢表現強勁，門店貢獻毛利率可能在十幾個百分點的中段。最近你們又談到特殊渠道門店可帶來十幾個百分點偏高的門店貢獻毛利率。能否談談未來門店利潤率結構的展望？

Okay. Steve, I think I will take this question. Okay. So on the overall, I think profitability level for our company-owned stores, we would expect that the margin profile can be improved gradually and can be improved further from existing level.

好的。Steve，我想我來回答這個問題。好的。整體而言，對於我們自營門店的獲利水準，我們預期利潤率結構可以逐步改善，並且在現有水準之上進一步提升。

I think, firstly, as Yongchen has mentioned, so in terms of the recovery on same-store sales and also we have seen a very positive trend on the same-store sales in the second-quarter. So with the improvement on the same-store sales, definitely, we are expecting higher revenues at the store level. So -- and I think, accordingly, in terms of the store labor cost, rental and other operating costs as a percentage of revenue will naturally go down, right? So that's the first point.

我想第一點，如 Yongchen 所提到的，就同店銷售的回升而言，我們也在第二季看到非常正面的同店銷售趨勢。隨著同店銷售改善，我們當然預期門店層面的營收會更高。因此——我想相應地，門店人力成本、租金及其他營運成本占營收的比例自然會下降，對吧？這是第一點。

I think secondly, we are in the process of, I think, wrapping up in terms of pruning our under-performing stores. So which we expect it can be mostly completed within the year. So definitely, we are expecting a higher percentage of higher-margin stores, I think including those 2025, 2024 and later vintage year stores and also those special channel stores. So the higher-margin stores will take a higher percentage of revenues on that.

第二點，我們正在收尾一項工作，也就是修剪／淘汰表現不佳的門店。我們預期大部分可在今年內完成。因此，我們預期高毛利門店的占比會提高，包括2025、2024以及之後批次開出的門店，也包括那些特殊渠道門店。因此，高毛利門店將在營收中占更高比重。

And I think thirdly, I want to highlight is on gross margin. So as you can see, during the first-quarter of 2026, even our top line is under pressure, we still improved our gross margin by 2.0-percentage-points. So I think based on those initiatives of supply chain optimization efforts, economy of scale, launching higher-margin products and also in terms of optimizing the recipe for existing core product, I think that will all help us to continue improve our gross margin.

第三點我想強調的是毛利率。如你所見，在2026年第一季，即使我們的營收端承壓，我們仍將毛利率提升了2.0個百分點。我認為，基於供應鏈優化、規模經濟、推出更高毛利產品，以及優化現有核心產品配方等舉措，將有助於我們持續提升毛利率。

Yes. I just want to add a point here. I mean our major problem for the early vintage stores are with the rent because we opened a lot of larger format stores for brand building. So you can see the rent percentage of sales are very high for early vintage stores. But if you look at the recent vintage of stores like 2024, 2025 and even the stores we opened this year in 2026, I mean, the rents are very reasonable and they have -- they have teens store level contribution margins.

是的。我想在這裡補充一點。我們早期批次門店的主要問題在於租金，因為我們為了品牌建設開了不少大店型。所以你會看到早期批次門店的租金占銷售比例非常高。但如果你看近期批次的門店，例如2024、2025，甚至我們在2026年今年新開的門店，我的意思是，租金都非常合理，而且——它們在門店層面的貢獻毛利率達到十幾個百分點。

And I believe with the new CEO, John Cheung, with his strong background in sales and marketing under his leadership, I believe that the sales will improve further that will also contribute even higher store contribution margin in the future.

我相信在新任執行長 John Cheung 的帶領下，憑藉他在銷售與行銷方面的深厚背景，我相信銷售將進一步改善，未來也將帶動更高的門店貢獻毛利率。

Great. That's helpful. And one more, if I may. Could you talk a little bit about the current competitive landscape? You guys have talked about quite a bit about the competition on the coffee side.

很好。這很有幫助。如果可以的話我再問一個。能否談談目前的競爭格局？你們談了不少咖啡端的競爭。

But more recently, it looks like some of the tea players in China have entered into the coffee business with some lower-priced offerings. I'm just curious as to whether you think that will have any impact on your business strategy?

但最近看起來，中國一些茶飲玩家也以較低價的產品切入咖啡業務。我想了解你們是否認為這會對你們的業務策略造成任何影響？

Yes, yes. I mean the -- yes, the tea players has been more aggressive in entering into the coffee sector than before and price very low. And that's exactly I want to highlight our differentiation point. We are not only a coffee player. We offer coffee plus fresh prepared food.

是的，是的。我的意思是——是的，茶飲玩家比以前更積極進入咖啡賽道，而且定價非常低。而這正是我想強調我們差異化之處。我們不只是咖啡玩家。我們提供的是咖啡加上現製食品。

That's very different from our peer coffee brand player and also the milk tea players. I mean that's where we are very strong and very different. So that's why we are so much believe in our differentiated model for the future.

這與同業的咖啡品牌玩家以及奶茶玩家都非常不同。我的意思是，這正是我們非常強、也非常不同的地方。因此，我們對未來的差異化模式非常有信心。

Continuing to stabilize and return to top line growth.

持續穩定並重回營收成長。

(Operator Instructions)

(接線員指示)

Operator, I don't see any questions come up.

接線員，我沒有看到有問題進來。

Yes. With that, thank you so much for your time and let's discuss more next quarter. Thank you.

是的。那麼，非常感謝大家撥冗參與，我們下個季度再多交流。謝謝。

Thank you. That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。