$CHA

Chagee Holdings Ltd.

CIK:0002013649|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues
Total net revenues	¥ 12,907,407	$ 1,845,734	¥ 12,405,582	¥ 4,640,171
Cost of materials, storage and logistics	6,001,463	858,198	6,256,744	2,562,254
Other operating costs	(756,465)	(108,173)	(572,621)	(272,773)
Sales and marketing expenses	(1,362,504)	(194,835)	(1,108,911)	(261,563)
General and administrative expenses	(2,450,379)	(350,400)	(1,113,387)	(363,099)
Total operating expenses	(11,560,170)	(1,653,082)	(9,518,983)	(3,566,068)
Income from operations	1,347,237	192,652	2,886,599	1,074,103
Fair value change of forward contract related to Series B+ preferred shares (Note 18)				(105,483)
Financial income, net	147,494	21,091	37,306	17,016
Others, net	123,355	17,640	118,193	20,691
Income before income tax	1,618,086	231,383	3,042,098	1,006,327
Income tax expenses	(431,741)	(61,738)	(527,507)	(203,761)
Net income	1,186,345	169,645	2,514,591	802,566
Less: Net income attributable to non-controlling interests	(15,196)	(2,173)	(17,368)	(1,663)
Add: Net loss attributable to redeemable non-controlling interests			18,891
Net income attributable to the Company	1,171,149	167,472	2,516,114	800,903
Less: accretion to redemption value of convertible redeemable preferred shares	(20,082)	(2,872)	(62,000)	(43,330)
Cumulative undeclared dividends on convertible redeemable preferred shares	(15,702)	(2,245)	(51,032)	(32,081)
Less: accretion to redemption value of redeemable non-controlling interests			(18,891)
Net income attributable to the Company's ordinary shareholders	1,135,365	162,355	2,384,191	725,492
Other comprehensive (loss)/income
Foreign currency translation adjustment, net of nil income tax expenses	(68,455)	(9,789)	11,756	(9,159)
Total comprehensive income	1,117,890	159,856	2,526,347	793,407
Less: Comprehensive income attributable to non-controlling interests	(15,196)	(2,173)	(17,368)	(1,663)
Add: Net loss attributable to redeemable non-controlling interests			18,891
Comprehensive income attributable to the Company	¥ 1,102,694	$ 157,683	¥ 2,527,870	¥ 791,744
Weighted average number of ordinary shares used in computing net income per share, basic and diluted
Basic \| shares	162,470,727	162,470,727	100,628,189	104,465,049
Diluted \| shares	164,714,666	164,714,666	100,628,189	152,731,792
Net income per ordinary share
Basic \| (per share)	¥ 6.27	$ 0.9	¥ 14.26	¥ 5.04
Diluted \| (per share)	¥ 6.18	$ 0.88	¥ 14.26	¥ 4.98
Franchised Teahouses
Net revenues
Total net revenues	¥ 11,417,091	$ 1,632,622	¥ 11,632,374	¥ 4,395,908
Company-owned teahouse operating costs
Net revenues
Total net revenues	1,490,316	213,112	773,208	244,263
Operating costs	¥ (989,359)	$ (141,476)	¥ (467,320)	¥ (106,379)

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ 1,186,345	$ 169,645	¥ 2,514,591	¥ 802,566
Adjustments to reconcile net income to net cash provided by operating activities
Fair value change of forward contract related to Series B+ preferred shares				105,483
Depreciation and amortization	146,377	20,932	60,904	10,370
Share-based compensation	723,538	103,465	603	10,516
Inventories provisions	1,851	265	143	869
Deferred income tax	(149,611)	(21,394)	(126,873)	(95,772)
Loss/(gains) on disposal of property and equipment	3,083	441	(312)	865
Provision for other current assets	17,185	2,457
Provision for expected credit losses	29	4	6,958	4,101
Loss from disposal of subsidiaries	4,556	651
Loss from disposal of investments	373	53		228
Fair value changes of short-term investments	(9,796)	(1,401)		(944)
Unrealized exchange (gains)/loss	14,915	2,133	5	(911)
Equity in earnings from equity method investments	(1,969)	(282)	(403)
Changes in operating assets and liabilities, net of effects from business combination and disposal of subsidiaries
Accounts receivable	(35,745)	(5,111)	(31,290)	(75,561)
Inventories	(119,012)	(17,018)	(69,422)	(9,176)
Prepayments and other current assets	(170,811)	(24,426)	(213,999)	(55,427)
Amount due from related parties	(536)	(77)	(1,547)	91
Right-of-use assets, net	(735,716)	(105,206)	(427,979)	(47,573)
Other non-current assets	(96,534)	(13,804)	(59,424)	(9,800)
Accounts payable	47,195	6,749	127,801	384,016
Contract liabilities	(22,738)	(3,251)	175,503	295,386
Taxes payable	(42,003)	(6,006)	(63,495)	231,412
Operating lease liabilities	727,440	104,023	439,218	45,385
Accrued expenses and other liabilities	155,685	22,261	506,674	337,483
Net cash provided by operating activities	1,644,101	235,103	2,837,656	1,933,607
Cash flows from investing activities:
Purchase of short-term investments	(4,391,000)	(627,905)		(236,480)
Maturity of short-term investments	4,300,703	614,992		238,335
Placements of time deposits	(159,000)	(22,737)	(300,000)	(100,000)
Maturity of time deposits			300,000
Bridge loans to shareholders related to the restructuring				(305,000)
Repayment of bridge loans from shareholders related to the restructuring				305,000
Purchases of property and equipment	(417,099)	(59,644)	(225,504)	(31,861)
Proceeds from disposal of property and equipment	11	2	2,593	78
Investment in an investee				(2,000)
Proceeds from disposal of a subsidiary, net of cash disposed	(7,968)	(1,139)
Proceeds from disposal of long-term investments				717
Loans to related parties				(34,000)
Loans to third parties				(20,500)
Repayments of loans from a third party			20,000	1,000
Repayments of loans from related parties				38,000
Prepayments for the purpose of intangible assets	(35,231)	(5,038)	(15,755)
Cash paid for business combinations, net of cash acquired	(115,432)	(16,507)	(10,813)
Net cash used in investing activities	(825,016)	(117,976)	(229,479)	(146,711)
Cash flows from financing activities:
Proceeds from issuance of Series B+ Preferred Shares, net of issuance costs				331,422
Proceeds from short-term borrowings	200,000	28,600	24,956
Repayment of short-term borrowings	(200,000)	(28,600)	(27,110)
Repurchase of ordinary shares			(210,082)
Payments for offering expenses	(36,272)	(5,186)	(10,091)
Capital injection from non-controlling interests and redeemable non-controlling interests	175,103	25,039	49,677	14,540
Dividends to non-controlling shareholders	(168)	(24)	(1,282)	(1,765)
Purchase of non-controlling interests	(40,704)	(5,821)
Dividends to the Company's ordinary shareholders	(1,233,069)	(176,327)
Proceeds from the IPO, net of underwriting discounts and commissions	3,181,762	454,986
Net cash provided by/(used in) financing activities	2,046,652	292,667	(173,932)	344,197
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(992)	(141)	11,756	(9,159)
Net increase in cash and cash equivalents and restricted cash	2,864,745	409,653	2,446,001	2,121,934
Cash and cash equivalents and restricted cash at the beginning of the year	4,768,681	681,912	2,322,680	200,746
Cash and cash equivalents and restricted cash at the end of the year	7,633,426	1,091,565	4,768,681	2,322,680
Supplemental disclosures of cash flow information:
Income taxes paid	(630,243)	(90,124)	(644,267)	(206,970)
Interests paid	(1,061)	(152)	(12)
Supplemental schedule of non-cash financing activities:
Accretion of convertible redeemable preferred shares to redemption value	20,082	2,872	62,000	43,330
Accretion of redeemable non-controlling interests to redemption value			18,891
Increase in accrued expenses and other liabilities related to purchases of property and equipment	76,134	10,887	¥ 45,202	2,034
Increase in accrued expenses and other liabilities related to acquisition of non-controlling interests in subsidiaries				820
Preferred shares exchanged for ordinary shares and the related share-based compensation expense				39,173
Ordinary shares exchanged for preferred shares (Note 17)				¥ (32,181)
Automatic conversion of preferred shares to Class A ordinary shares upon the IPO	¥ 953,862	$ 136,400

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets
Cash and cash equivalents	¥ 7,607,270	$ 1,087,825	¥ 4,754,783
Restricted cash	26,156	3,740	13,898
Time deposits	259,000	37,037	100,000
Short-term investments	100,093	14,313
Accounts receivable, net	145,903	20,864	121,967
Inventories	228,009	32,605	132,069
Prepayments and other current assets, net	481,913	68,913	315,404
Amounts due from related parties	¥ 2,085	$ 298	¥ 1,547
Other Receivable, after Allowance for Credit Loss, Current, Related Party [Extensible Enumeration]	Related party	Related party	Related party
Total current assets	¥ 8,850,429	$ 1,265,595	¥ 5,439,668
Non-current assets
Long-term investments	2,109	302	2,403
Property and equipment, net	583,670	83,464	249,003
Deferred tax assets, net	402,821	57,603	253,210
Right-of-use assets, net	1,275,805	182,438	542,202
Goodwill	97,985	14,012	11,837
Intangible assets	12,078	1,727	8,440
Other non-current assets	238,086	34,044	89,343
Total non-current assets	2,612,554	373,590	1,156,438
Total assets	11,462,983	1,639,185	6,596,106
Current liabilities
Accounts payable	629,789	90,059	597,091
Contract liabilities, current	293,706	41,999	265,341
Taxes payable	174,746	24,988	217,387
Operating lease liabilities, current	424,363	60,683	195,438
Accrued expenses and other liabilities	1,327,348	189,810	1,022,671
Total current liabilities	2,849,952	407,539	2,297,928
Non-current liabilities
Contract liabilities, non-current	185,996	26,597	257,305
Operating lease liabilities, non-current	849,936	121,539	352,618
Total non-current liabilities	1,035,932	148,136	609,923
Total liabilities	3,885,884	555,675	2,907,851
Commitments and contingencies (Note 21)
Mezzanine equity
Convertible redeemable preferred shares			933,780
Total mezzanine equity			933,780
Shareholders' equity
Treasury stock	(210,082)	(30,041)	(210,082)
Additional paid-in capital	3,696,445	528,585	90,853
Statutory reserve	34,913	4,992	18,437
Retained earnings	3,886,242	555,725	2,752,024
Accumulated other comprehensive income/(loss)	(65,858)	(9,418)	2,597
Total shareholders' equity of the Company	7,341,802	1,049,863	2,653,905
Non-controlling interests	235,297	33,647	100,570
Total shareholders' equity	7,577,099	1,083,510	2,754,475
Total liabilities, mezzanine equity and shareholders' equity	11,462,983	1,639,185	6,596,106
Series A preferred stock
Mezzanine equity
Convertible redeemable preferred shares			231,944
Series B preferred stock
Mezzanine equity
Convertible redeemable preferred shares			234,715
Series B+ Preferred Shares
Mezzanine equity
Convertible redeemable preferred shares			467,121
Class A Ordinary shares
Shareholders' equity
Ordinary shares	93	13	27
Class B Ordinary shares
Shareholders' equity
Ordinary shares	¥ 49	$ 7	¥ 49