Despite aggressive store expansion, Chagee is experiencing severe domestic demand weakness and margin compression. The stock is likely to face downward pressure as the core market deteriorates, even as overseas growth offers a partial offset. Monitor same-store sales trends and G&A cost discipline in coming quarters.
Price Chart
Executive Summary
Chagee reported a sharp decline in Q4 2025 revenue and profitability despite 15.7% store growth, with net revenues down 10.8% YoY and GAAP net income collapsing from RMB644.1M to RMB33.9M. Overseas GMV surged 84.6% YoY, but domestic performance deteriorated with same-store GMV down 25.5%, leading to a bearish earnings print.
Key Financial Metrics
Key Facts
- Q4 2025 net revenues: RMB2.97B (US$425.3M), down 10.8% YoY from RMB3.33B
- GAAP net income: RMB33.9M vs. RMB644.1M in Q4 2024, a 94.7% decline
- Non-GAAP net income: RMB100.0M vs. RMB644.1M in Q4 2024
- Operating loss of RMB35.5M in Q4 2025 vs. RMB642.5M operating income in Q4 2024
- Same-store GMV in Greater China down 25.5% YoY
- Overseas GMV up 84.6% YoY to RMB371.9M
- Total teahouses grew 15.7% to 7,453 as of Dec 31, 2025
Financial Impact
Revenue down $359.9M YoY, net income down $610.2M YoY, operating margin collapsed from 19.3% to 1.1%
Risk Factors
- Continued same-store sales decline in core Greater China market
- High G&A expenses (up 89% YoY) and organizational restructuring costs
- Franchised teahouse revenue decline (down 21.3% YoY) despite store count growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3265298 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 8w ago | 6-K | $10.80 | awaiting T+60 | — | $12.23 (+13.24%) |
Aug 28, 2026 8w ago | Press Release | $10.80 | awaiting T+60 | — | $12.23 (+13.24%) |
Aug 21, 2026 9w ago | Press Release | $10.81 | awaiting T+60 | — | $12.23 (+13.14%) |
May 29, 2026 21w ago | 6-K | $12.76 $10.84 | ▲ +15.05% | ▲ +16.23% | $12.23 (+4.15%) |
May 29, 2026 21w ago | Press Release | $13.19 $10.63 | ▲ +19.41% | ▲ +20.66% | $12.23 (+7.28%) |
May 22, 2026 22w ago | Press Release | $9.54 $10.05 | ▲ +5.35% | ▲ +2.16% | $12.23 (+28.20%) |
Apr 29, 2026 25w ago | Press Release | $10.68 $11.20 | ▲ +4.87% | ▲ +0.76% | $12.23 (+14.51%) |
Mar 31, 2026 30w ago | 6-K | $9.31 $12.14 | ▲ +30.40% | ▲ +18.02% | $12.23 (+31.36%) |
Mar 31, 2026 30w ago | Press Release | $9.31 $12.14 | ▼ −30.40% | ▼ −18.02% | $12.23 (−31.36%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers