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LeiDi Network, Lei Jianping, April 1
Chagee (NASDAQ:CHA) announced its Q4 and full-year performance data for 2025 yesterday. The financial report shows that Chagee's total GMV for 2025 reached 31.58 billion yuan, with revenue of 12.91 billion yuan (approximately 1.846 billion USD), an increase of 4.1% compared to 12.4 billion yuan in the same period last year. The net profit was 1.135 billion yuan (approximately 162 million USD), and the adjusted net profit was 1.91 billion yuan.
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As of December 31, 2025, Chagee's global store count reached 7,453, with 345 overseas stores outside of the Chinese market, covering 7 countries in Southeast Asia and North America.
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Chagee's founder, chairman, and global CEO Zhang Junjie, along with Chagee's global COO, global executive president, and CEO for China Yin Dengfeng, and global CFO Huang Hongfei, analyzed the performance during a conference call yesterday. The management stated that in 2026, Chagee will continue to adhere to a high-value brand positioning, focusing on user value and meticulously refining every aspect related to users. Specifically, they will focus on five major directions: brand upgrading, category innovation, scenario penetration, experience upgrading, and organizational capability enhancement, to strengthen the connection between the brand and users and drive high-quality growth.
Continuous investment in overseas markets, overseas GMV has increased by over 75% year-on-year for three consecutive quarters
In Q4 2025, Chagee's overseas GMV reached 370 million yuan, a year-on-year increase of 84.6% and a quarter-on-quarter increase of 23.9%, with overseas GMV increasing by over 75% year-on-year for three consecutive quarters.
In 2025, Chagee opened markets in four new countries, including Indonesia, the United States, the Philippines, and Vietnam. Along with previously entered markets in Singapore, Malaysia, and Thailand, Chagee has established a presence in 7 overseas countries.
In Q4 2025, Chagee launched a new product, Cocoa Oolong, in collaboration with HelloKitty in five Southeast Asian countries; during the quarter, several key overseas stores opened, including the largest local store in Kuala Lumpur, Malaysia, the &#34;tallest&#34; store in Bangkok, Thailand, and Southeast Asia's first pet-friendly store in the Philippines

In 2026, Chagee will continue to invest overseas. In January, Chagee collaborated with the Singapore Tourism Board and the Asian Civilisations Museum to hold a tea culture exhibition titled &#34;Dream of the Tea Garden.&#34; In March 2026, the company announced its entry into the South Korean market, with three stores located in Gangnam, Yongsan, and Sinchon set to open in the second quarter; Chagee has officially opened two stores in Chiang Mai, Thailand; and a store in Bali, Indonesia has also officially opened, marking the brand's expansion beyond the capital Jakarta.
Zhang Junjie stated that 2026 is the &#34;foundation year for Chagee overseas,&#34; with plans to add approximately 200 new stores abroad. More importantly, the company aims to solidify and establish a replicable same-store growth model in every country it enters.
In May 2025, Chagee's first store in the United States opened in Los Angeles. Zhang Junjie mentioned in a conference call that compared to localized franchise models, Chagee (which adopts a direct sales model) has taken a difficult yet correct path, as the company's goal is not only to open stores and sell products but also to make Chinese tea drinks a lifestyle choice for American consumers, similar to coffee.
The &#34;Return to Yunnan&#34; series awakens 51% of old users.
Starting in the fourth quarter of 2025, Chagee significantly increased its product launch frequency. In November, Chagee upgraded its classic products and launched the new &#34;Floral&#34; version of Boya Juexian. In December, it introduced a new product series called &#34;Return to Yunnan.&#34; This series uses Pu'er tea as the base, combined with ingredients like cheese cloud top, black truffle salt, dried beef crumbs, and caramel. Entering 2026, Chagee launched nearly 10 new products, including matcha and Da Hong Pao series.
In the fourth quarter of 2025, Chagee had over 44.7 million active members. Management revealed in a conference call that the awakening rate of dormant members for the &#34;Return to Yunnan&#34; series reached 51%—for every two members purchasing from the &#34;Return to Yunnan&#34; series, one was a previous user who had not consumed in the past month. The new product launch in its first week drove a 16.2% week-on-week increase in overall GMV, surpassing the historical average week-on-week growth for new products. This demonstrates that its product innovation is the core driving force for overcoming cycles and restoring same-store sales.
On the other hand, Chagee is exploring multiple consumption scenarios. In March, Chagee launched &#34;Morning Series&#34; and &#34;Evening Series&#34; sections, targeting tea drinking scenarios in the morning and evening, respectively. The &#34;Morning Series&#34; products are offered as a limited-time buy one get one free, while the &#34;Evening Series&#34; products mainly consist of the &#34;Light Caffeine&#34; series with lower caffeine content. Chagee stated that the company will continue to focus on user value, such as enhancing penetration in scenarios like weddings, gatherings, meetings, and birthdays.
Chagee's Q4 revenue reached 2.975 billion
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Chagee's revenue for the fourth quarter of 2025 was 2.975 billion yuan (approximately 425 million USD), a decrease of 11% compared to 3.334 billion yuan in the same period last year.
Chagee's net income from franchise stores in the fourth quarter of 2025 was 2.4349 billion yuan (approximately 348.2 million USD), down from 3.0959 billion yuan in the same period of 2024. This decline was mainly due to the different timing and rhythm of new product launches in various periods, as well as changes in the competitive landscape of subsidies on China's online food delivery platforms. In the fourth quarter of 2025, net income from franchise stores accounted for 81.9% of the company's total net income.
Chagee's net income from directly operated stores in the fourth quarter of 2025 was 539.6 million yuan (approximately 77.2 million USD), an increase of 126.2% compared to 238.6 million yuan in the same period of 2024. The main reason for the growth was the transformation of the company's domestic tea house composition and the continued expansion of directly operated stores in international markets. In the fourth quarter of 2025, net income from directly operated stores accounted for 18.1% of the company's total net income.
Chagee's Q4 costs and expenses were 3.01 billion yuan, an increase of 12% year-on-year.
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Chagee's costs and expenses for the fourth quarter of 2025 were 3.01 billion yuan (approximately 430 million USD), an increase of 12% compared to 2.692 billion yuan in the same period last year.
Chagee's raw materials, warehousing, and logistics costs for the fourth quarter of 2025 were 1.3926 billion yuan (199.1 million USD), down 13.7% from 1.6143 billion yuan in the same period of 2024. This decrease was mainly attributed to lower costs of raw materials and packaging materials.
Chagee's operating costs for directly operated tea houses in the fourth quarter of 2025 were 376.8 million yuan (53.9 million USD), an increase of 130.8% compared to 163.2 million yuan in the same period of 2024. The growth was mainly due to the addition of 446 directly operated tea houses in the Greater China region and overseas markets, leading to increased employee salaries, store rents, utilities, and other operating expenses.
Chagee's other operating costs for the fourth quarter of 2025 were 231.4 million yuan (33.1 million USD), an increase of 26.9% compared to 182.4 million yuan in the same period of 2024. This was mainly due to an increase in wage expenses of 21 million yuan, resulting from an increase in the number of employees to support the ongoing expansion of the tea house network and the growing overseas business; equity incentive expenses increased by 5.9 million yuan
Other operating costs accounted for 7.8% of total net revenue, compared to 5.5% in the same period of 2024.
Chagee's sales and marketing expenses for the fourth quarter of 2025 were CNY 373.6 million (USD 53.4 million), a decrease of 5.6% from CNY 395.7 million in the same period of 2024. This was mainly due to a reduction in advertising expenses, in line with the pace of new product launches. Sales and marketing expenses accounted for 12.6% of total net revenue, compared to 11.9% in the same period of 2024.
Chagee's general and administrative expenses for the fourth quarter of 2025 were CNY 635.6 million (USD 90.9 million), an increase of 89.0% from CNY 336.3 million in the same period of 2024. This includes costs incurred from targeted organizational restructuring to support more flexible and efficient operations. This increase reflects the company's ongoing investment in global corporate infrastructure to support international expansion, as well as costs associated with initiatives to continuously optimize internal processes and resource allocation. It also includes an increase of CNY 50.9 million in equity incentive expenses.
2026: Focus on users, focus on stores, and concentrate on high-quality growth
Zhang Junjie stated in a conference call that 2023 to 2024 is a period of rapid development for the company, with over 7,000 stores nationwide. The &#34;Bo Ya Jue Xian&#34; product, a blockbuster worth billions, has successfully defined the fresh milk tea category for Chagee, accumulating nearly 240 million members.
&#34;These constitute our solid competitive barriers.&#34; However, in 2025, the tea beverage market entered a new phase, and we did not refine our efforts in (the ultimate consumer experience) here.
According to Zhang Junjie, the comprehensive internal adjustments in the second half of 2025 led to a slow response and a noticeable decline in performance due to the postponement of new product launches, which indeed posed the biggest challenge for the company in 2025. After 2025, the internal adjustments have been largely completed, and the operational rhythm and order have returned to stability. Looking towards 2026, Chagee remains committed to &#34;high-value brands and high-quality products.&#34;
Specifically, this includes launching new store formats; targeting young users for multi-category innovations, such as tea specialties and tea lattes; strengthening penetration in morning and evening scenarios, as well as diverse scenarios like workplace, life events, birthdays, campuses, and weddings; enhancing user experience through environment and service improvements; and internally, fully promoting systematic capability building.
&#34;Entering 2026, recent same-store sales data in the domestic market has shown a month-on-month improvement trend. This gives us confidence in the annual rhythm of 'stabilizing in the first half and recovering in the second half.'&#34;
Yin Dengfeng addressed the motivation behind the company's transition in business models. Yin Dengfeng stated that the supply and marketing model (raw material sales model) was difficult to provide sufficient buffer and support to franchisees during the industry's downturn. Therefore, in 2026, the company began to fully transition to a deep brand commission (GMV sharing) cooperation model. The model shift aims to form a true strategic partnership with franchisees based on &#34;shared risks and shared benefits.&#34; Under the new model, although the fee rate charged by the brand has increased, the brand can better control the discount rate through market insights and precise marketing; at the same time, it significantly reduces the cost rate of raw materials and consumables for franchisees
&#34;That is to say, the company can only make money if the franchisees make money.&#34; &#34;This marks the realization of a true community of interests with our franchisees, and we will work together with a closer collaborative relationship to promote the continuous growth of future GMV.&#34;

FTXG

Chagee (NASDAQ: CHA) announced its 2025 financial report, with a total GMV of 31.58 billion yuan, revenue of 12.91 billion yuan, and net profit of 1.135 billion yuan. The number of global stores reached 7,453, of which 345 are overseas stores. Management stated that in 2026, they will continue to focus on brand upgrading and user value, planning to add 200 new stores in overseas markets. In the fourth quarter of 2025, overseas GMV reached 370 million yuan, a year-on-year increase of 84.6%

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Chagee financial report illustration: Annual GMV of 31.58 billion, plans to add 200 stores overseas by 2026