Chagee (CHA) Q3 2025 earnings summary

Executive summary

• Net revenue for Q3 2025 was RMB 3,208.3 million, down 9.4% year-over-year, reflecting macro challenges and intensified competition.

• Non-GAAP net income reached RMB 502.8 million (15.7% margin), demonstrating business resilience despite a decline from last year.

• Global teahouse network expanded 25.9% year-over-year to 7,338 locations, with 300 net new additions, including significant overseas growth.

• Registered members reached 222 million, up 36.7% year-over-year.

• Special cash dividend of $0.92 per share/ADS, totaling $177 million, was declared, payable December 15, 2025.

Financial highlights

• Total GMV for the quarter was RMB 7,929.5 million, with overseas GMV up 75.3% year-over-year.

• Gross profit was RMB 1,726.5 million, with gross margin improving to 53.8% from 50.1% a year ago.

• Operating income was RMB 454.4 million (14.2% margin), down from RMB 794.3 million (22.4%) last year.

• GAAP net income was RMB 397.9 million (12.4% margin), down from RMB 646.6 million (18.3%) year-over-year.

• Cash and cash equivalents, restricted cash, and time deposits totaled RMB 9,142 million at quarter end, more than doubling year-to-date.

Outlook and guidance

• No formal financial guidance provided; focus remains on product innovation, brand investment, and operational efficiency for sustainable long-term growth.

• Ongoing strategic expansion in both Greater China and overseas markets, including new entries in Vietnam and the Philippines.

• Management highlighted intensified subsidy competition among food delivery platforms in China as a key challenge impacting sales volume.