Chagee (CHA) Q2 2025 earnings summary

Executive summary

• Teahouse network expanded 40.9% year-over-year to 7,038 locations as of June 30, 2025, with strong growth in Greater China and overseas markets.

• Achieved total net revenues of RMB3,331.9 million in Q2 2025, a 10.2% year-over-year increase, driven by brand value, product innovation, and network expansion.

• Non-GAAP net income for Q2 2025 reached RMB629.8 million, up 0.1% year-over-year; H1 2025 non-GAAP net income was RMB1,307.1 million, up 6.8% year-over-year.

• Registered members grew to 206.9 million, a 42.7% year-over-year increase.

• Strategic executive hires in North America, including Chief Commercial Officer and Chief Development Officer, to accelerate overseas expansion.

Financial highlights

• Q2 2025 revenue reached RMB3,331.9 million, up 10.2% year-over-year; GMV was RMB8,103.1 million, up 15.5% year-over-year.

• Non-GAAP net income was RMB629.8 million, up 0.1% year-over-year; GAAP net income decreased 87.7% to RMB77.2 million due to share-based compensation.

• Gross profit for Q2 was RMB1.8 billion, with a gross margin of 53.9%, up from 48.4% last year.

• Cash and equivalents rose to RMB8,886.8 million as of June 30, 2025, more than doubling since year-end 2024.

• Net cash from operating activities was RMB611.1 million for Q2 2025.

Outlook and guidance

• No formal financial guidance for the full year; focus remains on executing long-term growth strategy and building global operational foundations.

• Overseas store count expected to surpass 200 by year-end, with continued rapid expansion in Southeast Asia and North America.

• Management highlights steady growth amid market complexity and volatility, with continued focus on product innovation and global expansion.