Chagee Announces Second Quarter 2026 Unaudited Financial Results
Chagee (NASDAQ: CHA) reported second quarter 2026 net revenues of RMB3,414.6 million, up 2.5% year over year, with operating income rising 387.6% to RMB524.7 million and GAAP net income reaching RMB464.8 million, a 13.6% margin.
Rhea-AI Summary
Chagee (NASDAQ: CHA) reported second quarter 2026 net revenues of RMB3,414.6 million, up 2.5% year over year, with operating income rising 387.6% to RMB524.7 million and GAAP net income reaching RMB464.8 million, a 13.6% margin. According to Chagee, total GMV was RMB7,660.3 million, including RMB504.0 million from overseas markets, up 114.3% year over year, while Greater China GMV fell to RMB7,156.3 million.
The teahouse network grew 8.5% year over year to 7,639 locations, including 883 company-owned teahouses. Non-GAAP net income was RMB488.7 million, below RMB629.8 million a year earlier. As of June 30, 2026, cash, restricted cash and time deposits totaled RMB6,795.5 million. The board authorized a US$150 million share repurchase program, under which 2.57 million ADSs for US$29.5 million had been repurchased by August 24, 2026. Chagee also announced the resignation of board member Yong Zhang for personal reasons.
Positive
- Net revenues grew 2.5% year over year to RMB3,414.6 million
- Operating income increased 387.6% year over year to RMB524.7 million
- GAAP net income rose to RMB464.8 million, a 13.6% margin
- Total operating expenses declined 10.4% year over year to RMB2,889.9 million
- General and administrative expenses fell 64.6% to RMB334.5 million
- Overseas GMV rose 114.3% year over year to RMB504.0 million
- Teahouse network expanded 8.5% year over year to 7,639 locations
- Board approved a US$150 million share repurchase; US$29.5 million executed
Negative
- Greater China GMV decreased to RMB7,156.3 million from RMB7,867.9 million year over year
- Net revenues from franchised teahouses fell to RMB2,474.0 million from RMB3,020.7 million
- Non-GAAP net income declined to RMB488.7 million from RMB629.8 million
- Same store GMV growth remained negative at (16.1)% in Q2 2026
- Average monthly GMV per teahouse in Greater China slipped to RMB338,259 from RMB404,352 year over year
- Active members decreased to 47.1 million from 50.0 million in Q1 2026
- Cash, restricted cash and time deposits fell to RMB6,795.5 million from RMB7,892.4 million at year-end 2025
News Market Reaction – CHA
In the Aug 28 session, CHA gained 4.35%, reflecting a moderate positive market reaction. Argus tracked a trough of -10.9% from its starting point during tracking. Our momentum scanner triggered 8 alerts that day, indicating moderate trading interest and price volatility. Trading volume was exceptionally heavy at 86.2x the daily average, suggesting very strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
SHANGHAI, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Chagee Holdings Limited (NASDAQ: CHA) (“Chagee” or the “Company”), a leading premium tea drinks brand serving healthy and delicious freshly-made tea drinks, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Operational Highlights1
- As of June 30, 2026, there were 7,639 teahouses within the Company’s teahouse network in Greater China and overseas, representing an
8.5% increase in the number of teahouses as of June 30, 2025. - Total GMV generated in the second quarter of 2026 was RMB7,660.3 million. Geographically, total GMV generated in overseas markets was RMB504.0 million in the second quarter of 2026, representing a
114.3% year-over-year increase; total GMV generated in Greater China market was RMB7,156.3 million, compared to RMB7,867.9 million in the same quarter of 2025. - Average monthly GMV per teahouse in Greater China was RMB338,259 in the second quarter of 2026, compared to RMB356,080 in the first quarter of 2026.
- Chagee had 47.1 million active members in the second quarter of 2026, compared to 50.0 million in the first quarter of 2026.
Second Quarter 2026 Financial Highlights
- Net revenues increased by
2.5% to RMB3,414.6 million (US$503.3 million ) from RMB3,331.9 million in the same quarter of 2025. - Operating income increased by
387.6% to RMB524.7 million (US$77.3 million ) from RMB107.6 million in the same quarter of 2025. - GAAP net income was RMB464.8 million (US
$68.5 million ), compared to RMB77.2 million in the same quarter of 2025. - Non-GAAP net income, which adjusts for share-based compensation expenses in the amount of RMB23.9 million, was RMB488.7 million (US
$72.0 million ), compared to RMB629.8 million in the same quarter of 2025.
Second Quarter 2026 Financial Results
Total net revenues increased by
- Net revenues from franchised teahouses in the second quarter of 2026 were RMB2,474.0 million (US
$364.6 million ), compared to RMB3,020.7 million in the same quarter of 2025. This was mainly attributable to a decrease in total GMV in Greater China resulting from the economic headwinds as well as intense industry competition. Net revenues from franchised teahouses represented72.5% of the Company’s total net revenues for the second quarter of 2026. - Net revenues from company-owned teahouses in the second quarter of 2026 were RMB940.6 million (US
$138.6 million ), increasing from RMB311.2 million in the same quarter of 2025. The increase was mainly attributable to the change in the Company’s teahouse composition in Greater China and the expansion of overseas teahouse network. Net revenues from company-owned teahouses represented27.5% of the Company’s total net revenues for the second quarter of 2026.
Total operating expenses were RMB2,889.9 million (US
- Cost of materials, storage and logistics was RMB1,571.2 million (US
$231.6 million ), representing an increase of2.2% from RMB1,536.8 million in the same quarter of 2025, generally in line with overall revenue growth. - Company-owned teahouse operating costs were RMB566.8 million (US
$83.5 million ), representing an increase of207.8% from RMB184.1 million in the same quarter of 2025. The increase mainly resulted from the increase in the number of company-owned teahouses, which led to higher payroll, store rental, utilities, and other store operating expenses. - Other operating costs were RMB115.8 million (US
$17.1 million ), representing a decrease of33.3% from RMB173.7 million in the same quarter of 2025. This was mainly due to a decrease of RMB30.2 million in payroll expenses driven by organizational structure adjustments and headcount optimization. Other operating costs as a percentage of total net revenues were3.4% , compared to5.2% in the same quarter of 2025. - Sales and marketing expenses were RMB301.5 million (US
$44.4 million ), representing a decrease of21.7% from RMB385.0 million in the same quarter of 2025. This was mainly driven by decreases of (i) RMB30.7 million in share-based compensation expenses for sales and marketing staff; (ii) RMB31.1 million in payroll expenses (excluding share-based compensation expenses), both resulting from the streamlined branding and marketing team; and (iii) RMB14.0 million in advertising expenses supported by improved efficiency in advertising placements and precision marketing initiatives. Sales and marketing expenses as a percentage of total net revenues were8.8% , compared to11.6% in the same quarter of 2025. - General and administrative expenses were RMB334.5 million (US
$49.3 million ), representing a decrease of64.6% from RMB944.6 million in the same quarter of 2025. The decrease was primarily driven by decreases of (i) RMB482.7 million in share-based compensation expenses for administration, research and development staff; (ii) RMB48.0 million in payroll expenses (excluding share-based compensation expenses) and RMB30.2 million in rental, utilities, office and travelling expenses, both resulting from the streamlined administration and research team; and (iii) RMB28.6 million in professional service fees, primarily due to the service fees incurred in connection with the Company’s initial public offering in the second quarter of 2025. General and administrative expenses as a percentage of total net revenues were9.8% , compared to28.3% in the same quarter of 2025.
Net income was RMB464.8 million (US
Non-GAAP net income was RMB488.7 million (US
Basic net income per ordinary share was RMB2.44 (US
Non-GAAP basic net income per ordinary share was RMB2.57 (US
Cash and cash equivalents, restricted cash, and time deposits were RMB6,795.5 million (US
Key Operating Data
| For the three months ended/ As of | |||||
| Jun 30, 2025 | Sep 30, 2025 | Dec 31, 2025 | Mar 31, 2026 | June 30, 2026 | |
| Total teahouses | 7,038 | 7,338 | 7,453 | 7,531 | 7,639 |
| Franchised teahouses | 6,799 | 6,971 | 6,838 | 6,741 | 6,756 |
| Greater China market | 6,666 | 6,836 | 6,700 | 6,603 | 6,616 |
| Overseas markets | 133 | 135 | 138 | 138 | 140 |
| Company-owned teahouses | 239 | 367 | 615 | 790 | 883 |
| Greater China market | 164 | 240 | 408 | 554 | 624 |
| Overseas markets | 75 | 127 | 207 | 236 | 259 |
| Total GMV (RMB in million) | 8,103.1 | 7,929.5 | 7,322.9 | 7,917.8 | 7,660.3 |
| Greater China market | 7,867.9 | 7,629.2 | 6,951.0 | 7,491.4 | 7,156.3 |
| Overseas markets | 235.2 | 300.3 | 371.9 | 426.4 | 504.0 |
| Average monthly GMV per teahouse in Greater China (RMB) | 404,352 | 378,506 | 337,358 | 356,080 | 338,259 |
| Same store GMV growth | (23.0)% | (27.8)% | (25.5)% | (16.0)% | (16.1)% |
| Greater China market | (23.1)% | (27.9)% | (25.5)% | (16.1)% | (16.1)% |
| Overseas markets | (18.1)% | (23.4)% | (25.5)% | (12.0)% | (15.1)% |
Recent Developments
Share Repurchase Program
On May 28, 2026, the Board authorized a share repurchase program (the “Share Repurchase Program”) under which the Company may repurchase up to US
Pursuant to the Share Repurchase Program, the Company had repurchased approximately 2.57 million ADSs for an aggregate consideration of US
Resignation of Board Member
Mr. Yong Zhang has resigned as a member of the Company's board of directors (the “Board”), effective immediately. Mr. Zhang's resignation was for personal reasons. The Company would like to take this opportunity to express its appreciation to Mr. Zhang for his service to the Board in the past years. Following Mr. Yong Zhang's resignation, the Board consists of six directors, including three independent directors.
Key Definitions
- GMV (gross merchandise value) refers to gross merchandise value, a key operating metric that the Company’s management uses to measure and evaluate teahouses’ sales performance, which represents the sales value of product(s) in consumer orders (excluding unfulfilled, canceled or returned consumer orders, and including relevant value-added taxes) before discounts, if any, are applied, including shipping charges paid by consumers for orders placed on its mobile mini program, but excluding those charges paid by consumers for orders placed on other third-party online delivery platforms.
- Average monthly GMV per teahouse in Greater China is calculated by dividing (i) the sum of GMV generated by the monthly fully operational teahouses in Greater China in each calendar month during the specific period by (ii) the sum of the total number of the monthly fully operational teahouses in Greater China in each calendar month during the corresponding period.
- Same store GMV growth refers to the growth rate of GMV generated by same stores in Greater China and/or overseas during that specific period compared to GMV generated by these same stores during the corresponding period in the preceding year. Same stores are defined to be teahouses that (i) have been in operation for at least 13 months, and (ii) without material operational changes in both comparison periods.
- Non-GAAP net income. Calculated by net income excluding share-based compensation expenses.
- Non-GAAP basic and diluted net income per share. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted shares.
Conference Call
The Company’s management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on Friday, August 28, 2026 (or 8:00 P.M. Hong Kong Time on the same day) to discuss the financial results. Details for the conference call are as follows:
| Event Title: | Chagee Holdings Limited Second Quarter 2026 Earnings Conference Call |
| Registration Link: | https://register-conf.media-server.com/register/BI6caae46008444a9aa57a278859ab6d40 |
All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will be available at the Company’s investor relations website at investor.chagee.com.
About Chagee
Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks. Founded in 2017, Chagee has transformed traditional tea culture into a modern lifestyle experience, leveraging cutting-edge technology and innovative branding. With its commitment to quality, innovation, and cultural connection, Chagee continues to reshape the global tea industry.
Use of Non-GAAP Financial Measures
The Company considers non-GAAP net income, as well as related margin or per share data, non-GAAP financial measures, as a supplemental measure to review and assess the operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents this non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of this non-GAAP measure facilitates investors’ assessment of the operating performance.
This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using this non-GAAP financial measure is that it does not reflect all items of income and expense that affect the operations. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling this non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the performance. The Company encourages you to review the financial information in its entirety and not rely on a single financial measure.
The Company’s non-GAAP financial measure reflects adjustments for share-based compensation expense. The Company believes that the exclusion of share-based compensation expense is appropriate because it eliminates the impact of non-cash expenses that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies due to factors that are unrelated to their core operating performance and that can be outside of their control. Although the Company excludes share-based compensation expense from the non-GAAP measure, equity compensation has been, and will continue to be, an important part of future compensation strategy and a significant component of future expenses and may increase in future periods.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.7851 to US
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Chagee may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Chagee’s beliefs and expectations, including its beliefs and expectations on overseas development, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Chagee’s growth strategies; its future business development, results of operations and financial condition; its ability to retain and attract its customers; its ability to expand into overseas markets as expected; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s freshly-made tea drinks industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s freshly-made tea drinks industry or China’s food and beverage sector in general; governmental policies and regulations relating to Chagee’s industry; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in Chagee’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Chagee undertakes no obligation to update any forward-looking statement, except as required under applicable law.
Contact
Investor Relations
Robin Yang, Partner
ICR, LLC
Email: Chagee.IR@icrinc.com
Phone: +1 (212) 537-5825
Media Relations
Brad Burgess, SVP
ICR, LLC
Email: Chagee.PR@icrinc.com
____________________________
1 Please refer to the section “Key Definitions” for detailed definitions on certain terms used.
| CHAGEE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share, per share data or otherwise noted) | |||
| As of | |||
| December 31, 2025 | June 30, 2026 | ||
| RMB | RMB | US$ | |
| Assets | |||
| Current Assets | |||
| Cash and cash equivalents | 7,607,270 | 6,540,279 | 963,918 |
| Restricted cash | 26,156 | 27,207 | 4,010 |
| Time deposits | 259,000 | 228,000 | 33,603 |
| Short-term investments | 100,093 | 1,405,759 | 207,183 |
| Accounts receivable, net | 145,903 | 89,345 | 13,168 |
| Inventories | 228,009 | 301,459 | 44,430 |
| Prepayments and other current assets, net | 481,913 | 552,258 | 81,393 |
| Amounts due from related parties | 2,085 | 2,476 | 365 |
| Total current assets | 8,850,429 | 9,146,783 | 1,348,070 |
| Non-current assets | |||
| Long-term investments | 2,109 | 2,253 | 332 |
| Property and equipment, net | 583,670 | 742,726 | 109,464 |
| Deferred tax assets, net | 402,821 | 432,281 | 63,710 |
| Right-of-use assets, net | 1,275,805 | 1,397,766 | 206,005 |
| Goodwill | 97,985 | 167,780 | 24,728 |
| Intangible assets | 12,078 | 12,036 | 1,774 |
| Other non-current assets | 238,086 | 296,782 | 43,740 |
| Total non-current assets | 2,612,554 | 3,051,624 | 449,753 |
| Total Assets | 11,462,983 | 12,198,407 | 1,797,823 |
| Liabilities and shareholders' equity | |||
| Current liabilities | |||
| Short-term borrowings | - | 185,749 | 27,376 |
| Accounts payable | 629,789 | 605,615 | 89,257 |
| Contract liabilities, current | 293,706 | 144,787 | 21,339 |
| Taxes payable | 174,746 | 119,770 | 17,652 |
| Operating lease liabilities, current | 424,363 | 508,428 | 74,933 |
| Accrued expenses and other liabilities | 1,327,348 | 1,153,361 | 169,984 |
| Total current liabilities | 2,849,952 | 2,717,710 | 400,541 |
| Non-current liabilities | |||
| Contract liabilities, non-current | 185,996 | 143,595 | 21,163 |
| Operating lease liabilities, non-current | 849,936 | 898,130 | 132,368 |
| Total non-current liabilities | 1,035,932 | 1,041,725 | 153,531 |
| Total liabilities | 3,885,884 | 3,759,435 | 554,072 |
| CHAGEE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except for share, per share data or otherwise noted) | |||
| As of | |||
| December 31, 2025 | June 30, 2026 | ||
| RMB | RMB | US$ | |
| Shareholders' equity | |||
| Class A Ordinary shares | 93 | 94 | 14 |
| Class B Ordinary shares | 49 | 49 | 7 |
| Treasury stock | (210,082) | (301,002) | (44,362) |
| Additional paid-in capital | 3,696,445 | 3,804,618 | 560,731 |
| Statutory reserve | 34,913 | 53,927 | 7,948 |
| Retained earnings | 3,886,242 | 4,784,933 | 705,212 |
| Accumulated other comprehensive losses | (65,858) | (128,598) | (18,953) |
| Total shareholders' equity of the Company | 7,341,802 | 8,214,021 | 1,210,597 |
| Non-controlling interests | 235,297 | 224,951 | 33,154 |
| Total shareholders' equity | 7,577,099 | 8,438,972 | 1,243,751 |
| Total liabilities and shareholders' equity | 11,462,983 | 12,198,407 | 1,797,823 |
| CHAGEE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (All amounts in thousands, except for share, per share data or otherwise noted) | |||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||
| 2025 | 2026 | 2025 | 2026 | ||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||
| Net revenues | |||||||
| Net revenues from franchised teahouses | 3,020,668 | 2,473,964 | 364,617 | 6,170,590 | 5,217,906 | 769,024 | |
| Net revenues from company-owned teahouses | 311,213 | 940,640 | 138,633 | 554,002 | 1,742,699 | 256,842 | |
| Total net revenues | 3,331,881 | 3,414,604 | 503,250 | 6,724,592 | 6,960,605 | 1,025,866 | |
| Cost of materials, storage and logistics | (1,536,787) | (1,571,199) | (231,566) | (3,127,072) | (3,145,691) | (463,617) | |
| Company-owned teahouse operating costs | (184,132) | (566,762) | (83,530) | (341,175) | (1,063,978) | (156,811) | |
| Other operating costs | (173,723) | (115,829) | (17,071) | (346,181) | (274,794) | (40,500) | |
| Sales and marketing expenses | (385,040) | (301,546) | (44,442) | (684,363) | (607,748) | (89,571) | |
| General and administrative expenses | (944,585) | (334,537) | (49,305) | (1,297,411) | (796,505) | (117,390) | |
| Total operating expenses | (3,224,267) | (2,889,873) | (425,914) | (5,796,202) | (5,888,716) | (867,889) | |
| Income from operations | 107,614 | 524,731 | 77,336 | 928,390 | 1,071,889 | 157,977 | |
| Financial income, net | 50,830 | 3,093 | 456 | 66,524 | 2,027 | 299 | |
| Others, net | 45,197 | 53,017 | 7,814 | 44,790 | 74,858 | 11,033 | |
| Income before income tax | 203,641 | 580,841 | 85,606 | 1,039,704 | 1,148,774 | 169,309 | |
| Income tax expenses | (126,403) | (116,072) | (17,107) | (285,149) | (236,333) | (34,831) | |
| Net income | 77,238 | 464,769 | 68,499 | 754,555 | 912,441 | 134,478 | |
| Add: Net (income)/losses attributable to non-controlling interests | (7,697) | 2,491 | 367 | (6,156) | 5,147 | 759 | |
| Net income attributable to the Company | 69,541 | 467,260 | 68,866 | 748,399 | 917,588 | 135,237 | |
| Accretion of convertible redeemable preferred shares to redemption value | (3,843) | - | - | (20,082) | - | - | |
| Cumulative undeclared dividends on convertible redeemable preferred shares | (2,944) | - | - | (15,702) | - | - | |
| Net income attributable to ordinary shareholders of the Company | 62,754 | 467,260 | 68,866 | 712,615 | 917,588 | 135,237 | |
| Weighted average number of ordinary shares used in computing net income per share, basic and diluted | |||||||
| − Basic | 168,594,146 | 191,363,658 | 191,363,658 | 133,861,975 | 191,232,930 | 191,232,930 | |
| − Diluted | 171,130,715 | 193,037,349 | 193,037,349 | 135,130,260 | * | 192,600,225 | 192,600,225 |
| Net income per ordinary share | |||||||
| − Basic | 0.36 | 2.44 | 0.36 | 4.12 | 4.80 | 0.71 | |
| − Diluted | 0.35 | 2.42 | 0.36 | 4.08 | * | 4.76 | 0.70 |
| CHAGEE HOLDINGS LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (All amounts in thousands, except for share, per share data or otherwise noted) | ||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||
| 2025 | 2026 | 2025 | 2026 | |||
| RMB | RMB | US$ | RMB | RMB | US$ | |
| Net cash provided by operating activities | 611,127 | 358,453 | 52,829 | 971,159 | 551,773 | 81,321 |
| Net cash used in investing activities | (116,825) | (998,432) | (147,151) | (309,304) | (1,673,828) | (246,692) |
| Net cash provided by financing activities | 3,036,205 | 90,978 | 13,408 | 3,238,377 | 117,880 | 17,373 |
| Effect of exchange rate changes on cash and cash equivalents, restricted cash | (36,102) | (29,805) | (4,391) | (41,122) | (61,765) | (9,102) |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | 3,494,405 | (578,806) | (85,305) | 3,859,110 | (1,065,940) | (157,100) |
| Cash and cash equivalents, restricted cash at the beginning of the period | 5,133,386 | 7,146,292 | 1,053,233 | 4,768,681 | 7,633,426 | 1,125,028 |
| Cash and cash equivalents, restricted cash at the end of the period | 8,627,791 | 6,567,486 | 967,928 | 8,627,791 | 6,567,486 | 967,928 |
| CHAGEE HOLDINGS LIMITED RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES (Unaudited, all amounts in thousands, except for share, per share data or otherwise noted) | |||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||
| 2025 | 2026 | 2025 | 2026 | ||||
| RMB | RMB | US$ | RMB | RMB | US$ | ||
| A. Non-GAAP net income | |||||||
| Net income | 77,238 | 464,769 | 68,499 | 754,555 | 912,441 | 134,478 | |
| Net income margin | |||||||
| Adjusted for: Share-based compensation expenses# | 552,529 | 23,905 | 3,523 | 552,529 | 82,921 | 12,221 | |
| Share-based compensation expenses over net revenue ratio | |||||||
| Non-GAAP net income | 629,767 | 488,674 | 72,022 | 1,307,084 | 995,362 | 146,699 | |
| Non-GAAP net income margin | |||||||
| B. Non-GAAP net income per ordinary share | |||||||
| Weighted average number of ordinary shares used in computing net income per share, basic and diluted: | |||||||
| − Basic | 168,594,146 | 191,363,658 | 191,363,658 | 133,861,975 | 191,232,930 | 191,232,930 | |
| − Diluted | 171,130,715 | 193,037,349 | 193,037,349 | 135,130,260 | * | 192,600,225 | 192,600,225 |
| Net income per ordinary share | |||||||
| − Basic | 0.36 | 2.44 | 0.36 | 4.12 | 4.80 | 0.71 | |
| − Diluted | 0.35 | 2.42 | 0.36 | 4.08 | * | 4.76 | 0.70 |
| Adjusted for: Share-based compensation expenses per ordinary share | |||||||
| − Basic | 2.99 | 0.13 | 0.02 | 3.12 | 0.43 | 0.06 | |
| − Diluted | 2.95 | 0.12 | 0.01 | 3.09 | 0.43 | 0.06 | |
| Non-GAAP net income per ordinary share: | |||||||
| − Basic | 3.35 | 2.57 | 0.38 | 7.24 | 5.23 | 0.77 | |
| − Diluted | 3.30 | 2.54 | 0.37 | 7.17 | * | 5.19 | 0.76 |
* In preparing this unaudited condensed consolidated financial statements on Form 6-K, the Company identified a calculation error in the weighted-average number of ordinary shares used in computing diluted net income per share and corresponding diluted net income per ordinary share (“Diluted EPS”) as well as non-GAAP Diluted EPS for the six months ended June 30, 2025, as presented in the previously furnished Form 6-K for Second Quarter 2025. The error was limited solely to the computation of the cumulative six-month weighted-average number of ordinary shares used in computing Diluted EPS, and did not impact Diluted EPS for any individual three-month periods or any other reported amounts.
# The components of the Company’s share-based compensation expenses are as follows (all amounts in thousands):
| For the three months ended June 30, | For the six months ended June 30, | |||||
| 2025 | 2026 | 2025 | 2026 | |||
| RMB | RMB | US$ | RMB | RMB | US$ | |
| Other operating costs | (15,799) | (565) | (83) | (15,799) | (5,836) | (860) |
| Sales and marketing expenses | (31,131) | (480) | (71) | (31,131) | (2,102) | (310) |
| General and administrative expenses | (505,599) | (22,860) | (3,369) | (505,599) | (74,983) | (11,051) |
There were no tax effects of share-based compensation expenses adjustments.
