Chagee Holdings Limited · Q4 2025 earnings

Briefing

Chagee Q4 revenue fell 11% to RMB2.97B as restructuring drove an operating loss, but FY revenue rose 4% to RMB12.9B

Chagee Holdings reported Q4 2025 net revenues of RMB2.97 billion (US$425.3 million), down from RMB3.33 billion a year earlier, as Greater China GMV declined and franchise revenue softened amid delivery-platform competition. The company posted a Q4 operating loss of RMB35.5 million and GAAP net income of RMB33.9 million, versus operating income of RMB642.5 million and net income of RMB644.1 million in Q4 2024, reflecting organizational restructuring, business model transition, and higher share-based compensation. For full-year 2025, revenue grew 4.0% to RMB12.91 billion, operating income was RMB1.35 billion (10.4% margin), and GAAP net income was RMB1.19 billion. The teahouse network reached 7,453 locations, up 15.7% year over year, while overseas GMV surged 84.6% in the quarter.

• Q4 net revenues fell to RMB2.97B from RMB3.33B; Q4 operating loss of RMB35.5M vs operating income of RMB642.5M prior year
• Full-year 2025 revenue rose 4% to RMB12.91B with operating margin of 10.4% and GAAP net income of RMB1.19B
• Teahouse count reached 7,453 (+15.7% YoY); overseas Q4 GMV grew 84.6% to RMB371.9M while Greater China GMV fell
• Q4 non-GAAP net income was RMB100.0M (RMB0.49 diluted EPS) after RMB66.1M in share-based compensation
• Cash, restricted cash, and time deposits totaled RMB7.89B at year-end, up from RMB4.87B at end of 2024

Headline financials

Revenue & EPS history