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Chagee (CHA) investor relations material
Chagee Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Net revenue for Q3 2025 was RMB3,208.3 million, down year-over-year, but non-GAAP net income reached RMB502.8 million, reflecting resilient performance in a competitive market.
The global teahouse network expanded 25.9% year-over-year to 7,338 locations, with 300 net new additions, including significant growth in both Greater China and overseas markets.
Registered members rose 36.7% year-over-year to 222 million, supporting user acquisition and engagement.
Product innovation and overseas expansion, including new markets like the Philippines and Vietnam, drove growth.
Special cash dividend of $0.92 per share/ADS (totaling approximately $177 million) was declared, payable December 15, 2025.
Financial highlights
Total GMV was RMB7,929.5 million; overseas GMV surged 75.3% year-over-year to RMB300.3 million, while Greater China GMV declined.
Gross profit was RMB1,726.5 million, with a gross margin of 53.8%, up from 50.1% a year ago.
Operating income was RMB454.4 million (14.2% margin); non-GAAP operating income was RMB559.3 million (17.4% margin).
Non-GAAP net income was RMB502.8 million (15.7% margin), down from RMB646.6 million (18.3%) last year.
Cash and cash equivalents, restricted cash, and time deposits totaled RMB9,142 million as of September 30, 2025, more than doubling year-to-date.
Outlook and guidance
No formal financial guidance provided; focus remains on sustainable long-term shareholder value, product innovation, and operational efficiency.
Ongoing strategic expansion in both Greater China and overseas markets is expected to continue.
Management highlighted intensified subsidy competition among food delivery platforms in China as a key challenge.
Strategy to reverse same-store GMV decline
Overseas vs. domestic market resource allocation
Timeline for investment impact on net margin
Domestic GMV decline mitigation strategy
Overseas per-store profitability strategy
High-quality strategy's future margin impact
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