<img src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260331/6391059460778927676518151.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://leidinews-1256465536.cos.ap-chengdu.myqcloud.com/u_News/20260331/6391059460778927676518151.jpeg"/>
Leidi Network, March 31
Chagee (NASDAQ: CHA) today announced its performance data for the fourth quarter and the full year of 2025. The data shows that as of December 31, 2025, Chagee's global store count reached 7,453. The total GMV for the year was 31.58 billion yuan, with net revenue of 12.91 billion yuan and adjusted net profit of 1.91 billion yuan. Chagee had over 44.7 million active members in the fourth quarter of 2025.
Chagee's founder, chairman, and global CEO Zhang Junjie, Chagee's global COO, global executive president, and CEO for China Yin Dengfeng, and Chagee's global CFO Huang Hongfei analyzed the performance during a conference call, sharing the 2026 strategy themed &#34;high-quality development&#34; and answering analysts' questions.
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, the company will focus on five major directions: brand upgrading, category innovation, scenario penetration, experience enhancement, and organizational capability improvement, to strengthen the connection between the brand and users and drive high-quality growth.
Overseas GMV increased by over 84% year-on-year, with plans to add 200 stores overseas in 2026.
Chagee's overseas business has experienced rapid growth for several consecutive quarters, with fourth-quarter overseas GMV reaching 370 million yuan, a year-on-year increase of 84.6% and a quarter-on-quarter growth of 23.9%. Overseas GMV has seen over 75% year-on-year growth for three consecutive quarters. In the fourth quarter of 2025, Chagee added a net of 83 overseas stores, bringing the total to 345. During the conference call, management revealed that the average monthly GMV per store for Chagee's overseas stores outperformed that of domestic stores.
At the end of 2025, Chagee collaborated with Hello Kitty to launch a new product &#34;Cocoa Oolong&#34; in five Southeast Asian countries, which was well received. On the first day of its launch in the Thai market, sales accounted for as much as 75%, and in the first three days of its launch in the Asia-Pacific region, sales accounted for 38.3%.
In the fourth quarter, Chagee celebrated a grand opening in Vietnam, with three stores collectively selling over 20,000 cups in three days, quickly rising to the second position in the local tea beverage category. Additionally, in the fourth quarter, Chagee opened several key stores in Southeast Asia, including the largest local store in Kuala Lumpur, Malaysia, the &#34;highest&#34; store in Bangkok, Thailand, and the first pet-friendly store in Southeast Asia located in the Philippines.
Zhang Junjie stated that 2026 is the &#34;foundation year for overseas expansion&#34; for Chagee, with plans to add approximately 200 stores overseas. More importantly, the company aims to solidify and establish a profitable model in each country it has entered, creating a replicable same-store growth paradigm
In 2025, Chagee opened 4 new national markets, including Indonesia, the United States, the Philippines, and Vietnam. Along with the previously entered markets of Singapore, Malaysia, and Thailand, Chagee has established a presence in 7 overseas markets. Recently, the company also announced plans to enter the South Korean market in the second quarter of 2026.
In May 2025, Chagee's first store in the United States opened in Los Angeles. During a conference call, Zhang Junjie shared some insights on the U.S. market. He stated 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 beverages 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 has precisely focused on product innovation. While consolidating the base of its original leaf fresh milk tea, it continues to launch highly-rated new products as incremental offerings.
In December 2025, the newly launched &#34;Return to Yunnan&#34; series, based on Pu'er tea and complemented by ingredients such as cheese cloud, black truffle salt, dried beef crumbs, and caramel, differentiated itself from the previously highlighted original leaf fresh milk tea series and was well received by consumers.
Management revealed during the conference call that the awakening rate of dormant members for the &#34;Return to Yunnan&#34; series reached 51%—for every two members purchasing the &#34;Return to Yunnan&#34; series, one was an old user who had not consumed in the previous month. The new product's 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 proves 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; section offers a limited-time buy-one-get-one-free promotion, while the &#34;Evening Series&#34; products mainly consist of lower-caffeine &#34;light caffeine&#34; series products. The brand is also expanding into life event scenarios such as gatherings, weddings, and birthdays.
2026: Focus on users, focus on stores, and concentrate on high-quality growth
Zhang Junjie stated during the conference call that 2023 to 2024 is the company's rapid development period, with over 7,000 stores nationwide. The &#34;Bo Ya Jue Xian&#34; product, a billion-level flagship item, has successfully defined the original leaf fresh milk tea category and accumulated nearly 240 million members. &#34;These constitute our solid competitive barriers.&#34; However, in 2025, the tea beverage market entered a new phase, and &#34;we did not meticulously cultivate (the ultimate consumer experience) here.&#34; 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 experiencing 2025, Zhang Junjie stated that the internal adjustments have been basically completed, and the operational rhythm and order have returned to stability. Looking towards 2026, Chagee will continue to adhere to &#34;high-value brands and high-quality products.&#34; Specifically, this includes launching new store formats and focusing on multi-category innovations targeting primarily young users, such as tea specialties and tea lattes
Strengthen the penetration of morning and evening scenes, as well as diverse scenarios such as workplace, major life events, birthdays, campus, and weddings; enhance user experience through environment and services; and internally, fully promote 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, recovering in the second half.'&#34;
Yin Dengfeng explained the motivation behind the company's transition to a new business model. He mentioned that the supply and marketing model (raw material sales model) is difficult to provide sufficient buffer and support to franchisees during industry downturns. Therefore, starting in 2026, the company will fully shift to a deep brand commission (GMV sharing) cooperation model. The model transition aims to establish a true strategic partnership with franchisees based on &#34;shared risks and shared benefits.&#34; Under the new model, although the fees charged by the brand have 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;In other words, only when franchisees make money can the company 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;
——————————————

Chagee (NASDAQ: CHA) announced its fourth quarter and full-year results for 2025 during a conference call, with the total number of global stores reaching 7,453, total GMV for the year at 31.58 billion yuan, and net revenue of 12.91 billion yuan. Overseas GMV grew by over 84% year-on-year, with plans to add 200 overseas stores in 2026. Management emphasized its commitment to a high-value brand positioning, driving high-quality growth through brand upgrades and category innovation

Chagee conference call: Overseas growth exceeds 84%, plans to add 200 new stores overseas by 2026