<p>Chagee Holdings Limited 未赞助的 ADR ((CHA)) 已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Chagee Holdings 最新的财报电话会议传达了谨慎乐观的语气，管理层在稳健的基本面与明显的短期压力之间取得了平衡。公司强调了利润、现金实力和海外势头，但并未回避同店销售的急剧下滑和成本上升，将 2026 年框定为专注于质量而非快速增长的重置年。</p>
<h2>扩展门店网络支撑增长战略</h2>
<p>Chagee 在大中华区及海外的茶馆数量以 7,453 家结束了这一年，比一年前的 6,440 家增长了 15.7%，突显了其规模优势。公司自营门店数量从 2024 年底的 169 家跃升至 615 家，最新季度净增 248 家，显示出向更大运营控制的战略倾斜。</p>
<h2>大量会员和旗舰产品驱动护城河</h2>
<p>该品牌目前拥有近 2.4 亿注册会员，为其提供了强大的流量和数据引擎，以进行精准营销。收入高度集中于其核心的鲜茶叶拿铁——博雅茶拿铁，占销售额的 90% 以上，并作为其竞争护城河的关键支柱。</p>
<h2>GMV 增长由强劲的海外第四季度推动</h2>
<p>2025 年全年总商品交易额达到 316 亿元人民币，同比增长 7.2%，尽管同店表现较弱。在第四季度，总 GMV 为 73.229 亿人民币，海外 GMV 激增 84.6% 达到 3.719 亿人民币，国际门店的平均月 GMV 高于国内门店。</p>
<h2>自营门店提升收入结构</h2>
<p>第四季度自营茶馆的净收入攀升至 53.96 亿元人民币，比一年前的 23.86 亿元人民币增长了 126.2%。管理层强调，这证明了在中国和海外自营门店的有意识扩展开始重塑收入结构。</p>
<h2>毛利率在逆风中小幅上升</h2>
<p>第四季度毛利润达到 15.819 亿元人民币，毛利率为 53.2%，高于一年前的 51.6%。这一改善得益于包装、设备和供应链成本的降低，显示出成本措施在顶线增长放缓的情况下开始见效。</p>
<h2>净利润持续增长但利润率收窄</h2>
<p>公司在净收入层面实现了连续第 12 个盈利季度，第四季度 GAAP 净收入为 3390 万元人民币，非 GAAP 利润为 1 亿元人民币，利润率为 3.4%。全年 GAAP 净收入达到 118.63 亿元人民币，非 GAAP 收益为 190.99 亿元人民币，尽管最新季度的盈利势头明显减弱。</p>
<h2>强劲的现金储备支撑战略灵活性</h2>
<p>截至季度末，现金、现金等价物、受限现金和定期存款总计 78.924 亿元人民币，较 2024 年底的 48.687 亿元人民币增长约 62%。这一流动性缓冲为 Chagee 提供了充足的空间，以便在周期中进行投资、资助国际扩张，并吸收其持续业务模式转型的成本。</p>
<h2>新产品发布展示再参与的力量</h2>
<p>管理层指出，“四款招牌茶” 的推出证明了即使在更艰难的环境中，创新仍然可以推动业绩。该产品重新激活了 51% 的沉睡会员，并在推出周产生了 15.2% 的周环比 GMV 增长，突显了聚焦高影响力发布的潜力。</p>
<h2>国际扩张加速</h2>
<p>2025 年，公司进入了印度尼西亚、美国、越南和菲律宾，将其业务扩展到七个国家。第四季度净增 83 家海外门店，总数达到 345 家，并计划在 2026 年新增约 200 家海外茶馆，将国际市场定位为关键增长杠杆。</p>
<h2>同店销售下滑成为核心风险</h2>
<p>第四季度同店销售同比下降 25.5%，管理层称这是 2025 年面临的最大挑战，也是收入压力的主要来源。下滑突显了流量减弱和杯量下降，强调了在门店生产力和客户参与度方面需要更好的执行。</p>
<h2>收入增长因消费者需求疲软而停滞</h2>
<p>2025 年第四季度净收入从去年同期的 33.344 亿元人民币下降至 29.745 亿元人民币，下降约 10.8%。全年净收入仅增长 4% 至 129 亿元人民币，反映出国内需求和同店趋势变得更加困难，增速放缓。</p>
<h2>运营亏损反映重组成本</h2>
<p>公司在第四季度出现了 3550 万元人民币的运营亏损，而去年同期为 6.425 亿元人民币的运营收入。管理层将第四季度约 3.2 亿元人民币的影响归因于组织重组和商业模式转型成本，将亏损框定为主要是一次性的性质。</p>
<h2>利润压缩反映投资周期</h2>
<p>第四季度非 GAAP 净利润率从一年前的 9.3% 降至 3.4%，而非 GAAP 运营收入滑落至 3050 万元人民币，仅为 1% 的利润率。这些数据反映出公司在转型和重新定位以期望实现更可持续的增长阶段时，投资和重组的增加。</p>
<h2>运营费用因扩张和管理费用激增</h2>
<p>一般和行政费用同比激增 89% 至 6.356 亿元人民币，非 GAAP G&amp;A 占收入的 19.7%，而之前为 10.1%。自营茶馆的运营成本上升 130.8% 至 3.768 亿元人民币，而其他运营成本增加 26.9% 至 2.314 亿元人民币，使其在收入中的占比从 5.5% 提升至 7.6%。</p>
<h2>送餐价格战和市场波动对需求造成压力</h2>
<p>管理层指出，第三方配送平台的激烈价格竞争和更广泛的市场波动是主要的外部阻力。这些因素对线下运营造成了伤害，减缓了产品推出的节奏，并导致杯量下降，加剧了同店销售的压力。</p>
<h2>战略暂停延迟收入恢复</h2>
<p>Chagee 还承认，其在 2025 年下半年故意放缓新产品推出和全面内部调整对增长产生了影响。这一战略暂停造成了可测量的收入阻力，并推迟了全面战略实施的时间表，尽管这本是为了为未来的执行建立一个更强大的平台。</p>
<h2>指引显示 2026 年将保持平稳，关注质量</h2>
<p>对于 2026 年，管理层指引 “高质量” 增长，旨在上半年稳定同店销售，下半年改善同店销售，同时保持收入和利润基本持平。计划在中国大陆开设约 300 家新茶馆，海外约 200 家，推出基于 GMV 的特许经营收入分成模式，并优先关注市场份额、品牌升级、产品创新、新使用场景、改善店内体验以及在更严格的成本控制下提高组织效率。</p>
<p>Chagee 的财报电话会议描绘了一幅公司转型的图景，依靠其庞大的网络、庞大的会员基础和强劲的现金状况，同时应对同店销售疲软和利润压缩。对于投资者而言，短期内的故事是整合和运营修复，2026 年将成为检验有纪律的执行是否能将规模转化为可持续增长的考验。</p>

霸王茶姬

食品饮料 ETF - PowerShares

纳斯达克食品饮料 ETF - First Trust

<p>Chagee Holdings Limited 举行了第四季度财报电话会议，强调在稳健基本面的背景下持谨慎态度。公司报告茶馆数量增加了 15.7%，达到了 7,453 个地点，自营门店数量也显著上升。尽管同店销售额下降了 25.5%，第四季度净收入下降了 10.8%，但毛利率提高至 53.2%。公司保持盈利，净收入为人民币 3,390 万元。强劲的现金储备为人民币 79 亿元支持了战略灵活性，同时国际扩张仍在继续，计划在 2026 年开设 200 家新的海外门店</p>

<p>Chagee Holdings Limited Unsponsored ADR ((CHA)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Chagee Holdings Limited 未赞助的 ADR ((CHA)) 已举行其第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>复活节促销 - 70% 折扣 TipRanks</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
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</div><p>Chagee Holdings’ latest earnings call struck a cautiously constructive tone, as management balanced solid fundamentals against clear near-term pressures. The company emphasized profits, cash strength, and overseas momentum, but did not shy away from a sharp same-store sales slump and higher costs, framing 2026 as a reset year focused on quality over breakneck growth.</p>
<div class="lb-trans"><p>Chagee Holdings 最新的财报电话会议传达了谨慎乐观的语气，管理层在稳健的基本面与明显的短期压力之间取得了平衡。公司强调了利润、现金实力和海外势头，但并未回避同店销售的急剧下滑和成本上升，将 2026 年框定为专注于质量而非快速增长的重置年。</p>
</div><h2>Expanding Store Network Anchors Growth Strategy</h2>
<div class="lb-trans"><h2>扩展门店网络支撑增长战略</h2>
</div><p>Chagee closed the year with 7,453 tea houses across Greater China and overseas, up 15.7% from 6,440 a year earlier, underscoring its scale advantage. Company-owned locations jumped to 615 from 169 at end-2024, with a net 248 additions in the latest quarter, signaling a strategic tilt toward greater operational control.</p>
<div class="lb-trans"><p>Chagee 在大中华区及海外的茶馆数量以 7,453 家结束了这一年，比一年前的 6,440 家增长了 15.7%，突显了其规模优势。公司自营门店数量从 2024 年底的 169 家跃升至 615 家，最新季度净增 248 家，显示出向更大运营控制的战略倾斜。</p>
</div><h2>Massive Membership and Flagship Product Drive Moat</h2>
<div class="lb-trans"><h2>大量会员和旗舰产品驱动护城河</h2>
</div><p>The brand now counts nearly 240 million registered members, giving it a powerful traffic and data engine for targeted marketing. Revenue remains highly concentrated in its core fresh tea leaf latte, the Boya Tea Latte, which accounts for over 90% of sales and serves as a key pillar of its competitive moat.</p>
<div class="lb-trans"><p>该品牌目前拥有近 2.4 亿注册会员，为其提供了强大的流量和数据引擎，以进行精准营销。收入高度集中于其核心的鲜茶叶拿铁——博雅茶拿铁，占销售额的 90% 以上，并作为其竞争护城河的关键支柱。</p>
</div><h2>GMV Growth Led by Strong Overseas Q4</h2>
<div class="lb-trans"><h2>GMV 增长由强劲的海外第四季度推动</h2>
</div><p>Full-year 2025 gross merchandise value reached RMB 31.6 billion, up 7.2% year over year despite softer same-store performance. In Q4, total GMV was RMB 7,322.9 million, with overseas GMV surging 84.6% to RMB 371.9 million, and international stores delivering higher average monthly GMV than domestic outlets.</p>
<div class="lb-trans"><p>2025 年全年总商品交易额达到 316 亿元人民币，同比增长 7.2%，尽管同店表现较弱。在第四季度，总 GMV 为 73.229 亿人民币，海外 GMV 激增 84.6% 达到 3.719 亿人民币，国际门店的平均月 GMV 高于国内门店。</p>
</div><h2>Company-Owned Stores Lift Revenue Mix</h2>
<div class="lb-trans"><h2>自营门店提升收入结构</h2>
</div><p>Net revenue from company-owned tea houses in Q4 climbed to RMB 539.6 million, an impressive 126.2% increase from RMB 238.6 million a year ago. Management highlighted this as evidence that the deliberate build-out of self-operated stores, both in China and abroad, is starting to reshape the revenue structure.</p>
<div class="lb-trans"><p>第四季度自营茶馆的净收入攀升至 53.96 亿元人民币，比一年前的 23.86 亿元人民币增长了 126.2%。管理层强调，这证明了在中国和海外自营门店的有意识扩展开始重塑收入结构。</p>
</div><h2>Gross Margins Edge Higher Despite Headwinds</h2>
<div class="lb-trans"><h2>毛利率在逆风中小幅上升</h2>
</div><p>Fourth-quarter gross profit reached RMB 1,581.9 million, translating into a gross margin of 53.2%, up from 51.6% a year earlier. The improvement was driven by lower packaging, equipment, and supply chain costs, showing that cost initiatives are bearing fruit even as top-line growth slows.</p>
<div class="lb-trans"><p>第四季度毛利润达到 15.819 亿元人民币，毛利率为 53.2%，高于一年前的 51.6%。这一改善得益于包装、设备和供应链成本的降低，显示出成本措施在顶线增长放缓的情况下开始见效。</p>
</div><h2>Net Profit Streak Intact but Margins Narrow</h2>
<div class="lb-trans"><h2>净利润持续增长但利润率收窄</h2>
</div><p>The company delivered its 12th straight profitable quarter at the net income level, with Q4 GAAP net income of RMB 33.9 million and non-GAAP profit of RMB 100 million, a 3.4% margin. For the full year, GAAP net income reached RMB 1,186.3 million and non-GAAP earnings RMB 1,909.9 million, though profitability momentum clearly cooled in the latest quarter.</p>
<div class="lb-trans"><p>公司在净收入层面实现了连续第 12 个盈利季度，第四季度 GAAP 净收入为 3390 万元人民币，非 GAAP 利润为 1 亿元人民币，利润率为 3.4%。全年 GAAP 净收入达到 118.63 亿元人民币，非 GAAP 收益为 190.99 亿元人民币，尽管最新季度的盈利势头明显减弱。</p>
</div><h2>Robust Cash Pile Underpins Strategic Flexibility</h2>
<div class="lb-trans"><h2>强劲的现金储备支撑战略灵活性</h2>
</div><p>Cash, cash equivalents, restricted cash, and time deposits totaled RMB 7,892.4 million at quarter-end, up from RMB 4,868.7 million at the end of 2024, a roughly 62% increase. This liquidity buffer gives Chagee ample room to invest through the cycle, fund international expansion, and absorb the costs of its ongoing business model transition.</p>
<div class="lb-trans"><p>截至季度末，现金、现金等价物、受限现金和定期存款总计 78.924 亿元人民币，较 2024 年底的 48.687 亿元人民币增长约 62%。这一流动性缓冲为 Chagee 提供了充足的空间，以便在周期中进行投资、资助国际扩张，并吸收其持续业务模式转型的成本。</p>
</div><h2>New Product Launch Demonstrates Re-Engagement Power</h2>
<div class="lb-trans"><h2>新产品发布展示再参与的力量</h2>
</div><p>Management pointed to the ‘Signature Four Tea’ launch as evidence that innovation can still move the needle even in a tougher environment. The product reactivated 51% of dormant members and generated a 15.2% week-on-week GMV uplift in its launch week, underscoring the potential of focused, high-impact launches.</p>
<div class="lb-trans"><p>管理层指出，“四款招牌茶” 的推出证明了即使在更艰难的环境中，创新仍然可以推动业绩。该产品重新激活了 51% 的沉睡会员，并在推出周产生了 15.2% 的周环比 GMV 增长，突显了聚焦高影响力发布的潜力。</p>
</div><h2>International Expansion Gathers Pace</h2>
<div class="lb-trans"><h2>国际扩张加速</h2>
</div><p>In 2025 the company entered Indonesia, the U.S., Vietnam, and the Philippines, expanding its presence to seven countries. It added a net 83 overseas stores in Q4 for a total of 345 and plans about 200 net new overseas tea houses in 2026, positioning international markets as a key growth lever.</p>
<div class="lb-trans"><p>2025 年，公司进入了印度尼西亚、美国、越南和菲律宾，将其业务扩展到七个国家。第四季度净增 83 家海外门店，总数达到 345 家，并计划在 2026 年新增约 200 家海外茶馆，将国际市场定位为关键增长杠杆。</p>
</div><h2>Same-Store Sales Slump Becomes Central Risk</h2>
<div class="lb-trans"><h2>同店销售下滑成为核心风险</h2>
</div><p>Same-store sales in Q4 fell 25.5% year over year, which management called its biggest challenge for 2025 and a major source of revenue pressure. The drop highlights weaker traffic and softer cup volumes, putting a spotlight on the need for better execution in store productivity and customer engagement.</p>
<div class="lb-trans"><p>第四季度同店销售同比下降 25.5%，管理层称这是 2025 年面临的最大挑战，也是收入压力的主要来源。下滑突显了流量减弱和杯量下降，强调了在门店生产力和客户参与度方面需要更好的执行。</p>
</div><h2>Revenue Growth Stalls Amid Soft Consumer Demand</h2>
<div class="lb-trans"><h2>收入增长因消费者需求疲软而停滞</h2>
</div><p>Q4 2025 net revenue declined to RMB 2,974.5 million from RMB 3,334.4 million in the prior-year quarter, a fall of about 10.8%. For the full year, net revenue rose only 4% to RMB 12.9 billion, reflecting a slowdown from prior high-growth years as domestic demand and same-store trends turned more challenging.</p>
<div class="lb-trans"><p>2025 年第四季度净收入从去年同期的 33.344 亿元人民币下降至 29.745 亿元人民币，下降约 10.8%。全年净收入仅增长 4% 至 129 亿元人民币，反映出国内需求和同店趋势变得更加困难，增速放缓。</p>
</div><h2>Operating Loss Reflects Restructuring Costs</h2>
<div class="lb-trans"><h2>运营亏损反映重组成本</h2>
</div><p>The company swung to an operating loss of RMB 35.5 million in Q4, compared with operating income of RMB 642.5 million a year earlier. Management attributed roughly RMB 320 million of Q4 impact to organizational restructuring and business model transition costs, framing the loss as largely one-off in nature.</p>
<div class="lb-trans"><p>公司在第四季度出现了 3550 万元人民币的运营亏损，而去年同期为 6.425 亿元人民币的运营收入。管理层将第四季度约 3.2 亿元人民币的影响归因于组织重组和商业模式转型成本，将亏损框定为主要是一次性的性质。</p>
</div><h2>Margin Compression Mirrors Investment Cycle</h2>
<div class="lb-trans"><h2>利润压缩反映投资周期</h2>
</div><p>Non-GAAP net margin dropped to 3.4% in Q4 from 9.3% a year ago, while non-GAAP operating income slid to RMB 30.5 million, just a 1% margin. These figures reflect a step-up in investments and restructuring as the company shifts its model and repositions for what it hopes will be a more sustainable growth phase.</p>
<div class="lb-trans"><p>第四季度非 GAAP 净利润率从一年前的 9.3% 降至 3.4%，而非 GAAP 运营收入滑落至 3050 万元人民币，仅为 1% 的利润率。这些数据反映出公司在转型和重新定位以期望实现更可持续的增长阶段时，投资和重组的增加。</p>
</div><h2>Operating Expenses Surge on Expansion and Overheads</h2>
<div class="lb-trans"><h2>运营费用因扩张和管理费用激增</h2>
</div><p>General and administrative expenses jumped 89% year over year to RMB 635.6 million, with non-GAAP G&amp;A at 19.7% of revenue versus 10.1% previously. Operating costs for company-owned tea houses rose 130.8% to RMB 376.8 million, while other operating costs increased 26.9% to RMB 231.4 million, taking their share to 7.6% of revenue from 5.5%.</p>
<div class="lb-trans"><p>一般和行政费用同比激增 89% 至 6.356 亿元人民币，非 GAAP G&amp;A 占收入的 19.7%，而之前为 10.1%。自营茶馆的运营成本上升 130.8% 至 3.768 亿元人民币，而其他运营成本增加 26.9% 至 2.314 亿元人民币，使其在收入中的占比从 5.5% 提升至 7.6%。</p>
</div><h2>Delivery Price War and Volatile Market Weigh on Demand</h2>
<div class="lb-trans"><h2>送餐价格战和市场波动对需求造成压力</h2>
</div><p>Management cited aggressive price competition on third-party delivery platforms and broader market volatility as key external headwinds. These factors hurt offline operations, slowed product rollout cadence, and contributed to declining cup volumes, compounding the pressure on same-store sales.</p>
<div class="lb-trans"><p>管理层指出，第三方配送平台的激烈价格竞争和更广泛的市场波动是主要的外部阻力。这些因素对线下运营造成了伤害，减缓了产品推出的节奏，并导致杯量下降，加剧了同店销售的压力。</p>
</div><h2>Strategic Pause Delays Revenue Recovery</h2>
<div class="lb-trans"><h2>战略暂停延迟收入恢复</h2>
</div><p>Chagee also acknowledged that its own deliberate slowdown in new product launches and comprehensive internal adjustments in the second half of 2025 weighed on growth. The strategic pause created measurable revenue headwinds and pushed back the timeline for a full strategy rollout, even as it was meant to set up a more robust platform for future execution.</p>
<div class="lb-trans"><p>Chagee 还承认，其在 2025 年下半年故意放缓新产品推出和全面内部调整对增长产生了影响。这一战略暂停造成了可测量的收入阻力，并推迟了全面战略实施的时间表，尽管这本是为了为未来的执行建立一个更强大的平台。</p>
</div><h2>Guidance Points to Flat 2026 With Focus on Quality</h2>
<div class="lb-trans"><h2>指引显示 2026 年将保持平稳，关注质量</h2>
</div><p>For 2026, management is guiding to “high-quality” growth, aiming to stabilize same-store sales in the first half and improve them in the second, while keeping revenue and profit broadly flat year on year. The plan calls for about 300 net new tea houses in Mainland China and roughly 200 overseas, rolling out a GMV-based franchise revenue-sharing model, and prioritizing market share, brand upgrade, product innovation, new usage scenarios, better in-store experience, and organizational efficiency under tighter cost controls.</p>
<div class="lb-trans"><p>对于 2026 年，管理层指引 “高质量” 增长，旨在上半年稳定同店销售，下半年改善同店销售，同时保持收入和利润基本持平。计划在中国大陆开设约 300 家新茶馆，海外约 200 家，推出基于 GMV 的特许经营收入分成模式，并优先关注市场份额、品牌升级、产品创新、新使用场景、改善店内体验以及在更严格的成本控制下提高组织效率。</p>
</div><p>Chagee’s earnings call painted a picture of a company in transition, leaning on its large network, huge member base, and strong cash position while working through weaker same-store sales and margin compression. For investors, the story in the near term is one of consolidation and operational repair, with 2026 set up as a test of whether disciplined execution can convert scale into renewed, sustainable growth.</p>
<div class="lb-trans"><p>Chagee 的财报电话会议描绘了一幅公司转型的图景，依靠其庞大的网络、庞大的会员基础和强劲的现金状况，同时应对同店销售疲软和利润压缩。对于投资者而言，短期内的故事是整合和运营修复，2026 年将成为检验有纪律的执行是否能将规模转化为可持续增长的考验。</p>
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霸王茶姬控股的财报电话会议：规模与重置年相遇