The stock may face downward pressure due to declining core revenue and profitability despite store expansion and overseas growth. Monitor whether rising G&A costs from international expansion and restructuring will reverse in 2026, and watch for margin recovery signals in the next quarter.
Price Chart
Executive Summary
Chagee reported mixed Q4 2025 results with a 15.7% store count increase to 7,453 locations and 7.2% annual GMV growth, but Q4 revenue declined 10.8% YoY to $425.3M and the company posted an operating loss of $5.1M due to restructuring and rising G&A costs. Full-year net income fell 52.8% to $169.6M despite expanding overseas GMV by 84.6% YoY.
Key Facts
- Total teahouses grew 15.7% YoY to 7,453 as of Dec 31, 2025
- Q4 2025 net revenue was $425.3M (RMB2,974.5M), down 10.8% YoY from $476.8M
- Q4 2025 operating loss was $5.1M (RMB35.5M) vs. $91.9M operating income in Q4 2024
- Full-year 2025 net income was $169.6M (RMB1,186.3M), down 52.8% from $359.8M in 2024
- Overseas GMV surged 84.6% YoY to $53.2M (RMB371.9M) in Q4 2025
- General and administrative expenses jumped 89% YoY in Q4 to $90.9M (RMB635.6M)
- Cash and equivalents rose to $1.13B (RMB7.89B) as of Dec 31, 2025 from $696.3M a year prior
Financial Impact
Revenue declined 10.8% YoY in Q4 to $425.3M with operating loss of $5.1M; full-year net income down 52.8% to $169.6M despite 7.2% GMV growth
Risk Factors
- Continued decline in Greater China GMV and same-store sales (down 25.5% YoY)
- Sustained high G&A spending could pressure margins further
- Franchise revenue weakness may indicate brand or competitive issues
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001104659-26-037353 |
| Document: tm2610595d1_6k.htm | 0001104659-26-037353 |
| Document: 0001104659-26-037353-index-headers.html | 0001104659-26-037353 |
| Document: 0001104659-26-037353-index.html | 0001104659-26-037353 |
| Document: 0001104659-26-037353.txt | 0001104659-26-037353 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 28, 2026 8w ago | 6-K | $10.80 | awaiting T+60 | — | $12.25 (+13.43%) |
Aug 28, 2026 8w ago | Press Release | $10.80 | awaiting T+60 | — | $12.25 (+13.43%) |
Aug 21, 2026 9w ago | Press Release | $10.81 | awaiting T+60 | — | $12.25 (+13.32%) |
May 29, 2026 21w ago | 6-K | $12.76 $10.84 | ▲ +15.05% | ▲ +16.23% | $12.25 (+4.00%) |
May 29, 2026 21w ago | Press Release | $13.19 $10.63 | ▲ +19.41% | ▲ +20.66% | $12.25 (+7.13%) |
May 22, 2026 22w ago | Press Release | $9.54 $10.05 | ▲ +5.35% | ▲ +2.16% | $12.25 (+28.41%) |
Apr 29, 2026 25w ago | Press Release | $10.68 $11.20 | ▲ +4.87% | ▲ +0.76% | $12.25 (+14.70%) |
Mar 31, 2026 30w ago | 6-K | $9.31 $12.14 | ▲ +30.40% | ▲ +18.02% | $12.25 (+31.58%) |
Mar 31, 2026 30w ago | Press Release | $9.31 $12.14 | ▼ −30.40% | ▼ −18.02% | $12.25 (−31.58%) |
US Market Status
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