Chagee Holdings Limited · Q2 2025 earnings

Briefing

Chagee Q2 2025: revenue up 10% to RMB 3.33B as teahouse network expands 41%, GAAP net income hit by IPO share-based comp

Chagee Holdings reported Q2 2025 unaudited results for the quarter ended June 30, 2025, with net revenues rising 10.2% year over year to RMB 3.33 billion as the premium tea brand continued rapid store expansion. The teahouse network grew 40.9% to 7,038 locations and total GMV increased 15.5% to RMB 8.10 billion, though same-store GMV in Greater China declined 23.0%. GAAP net income fell 87.7% to RMB 77.2 million due to RMB 552.5 million in share-based compensation tied to IPO performance vesting, while non-GAAP net income was essentially flat at RMB 629.8 million. Operating margin compressed to 3.2% from 24.6% as sales, marketing, and G&A spending rose with global expansion and North America leadership hires.

• Net revenues rose 10.2% to RMB 3.33B; franchised teahouse revenue up 6.1% to RMB 3.02B.
• GAAP net income fell 87.7% to RMB 77.2M; non-GAAP net income was RMB 629.8M (+0.1% YoY).
• Teahouse network expanded 40.9% to 7,038 stores; total GMV grew 15.5% to RMB 8.10B.
• Registered members reached 206.9M (+42.7%); average monthly GMV per Greater China teahouse was RMB 404,352.
• Cash and equivalents plus restricted cash and time deposits totaled RMB 8.89B as of June 30, 2025.

Headline financials

Revenue & EPS history