On March 31, Chagee Holdings Limited released its financial results for the fourth quarter and full year of 2025.
The data shows that as of December 31, 2025, the company had a total of 7,453 stores globally. For the full year, total Gross Merchandise Volume reached 315.8 billion yuan, with net revenue of 129.1 billion yuan. Adjusted net profit was 1.91 billion yuan. The number of active members in the fourth quarter of 2025 exceeded 44.7 million.
Notably, the company's overseas business has experienced high growth for multiple consecutive quarters. In the fourth quarter, overseas GMV reached 370 million yuan, a significant year-on-year increase of 84.6% and a quarter-on-quarter increase of 23.9%. Overseas GMV has seen year-on-year growth exceeding 75% for three consecutive quarters. Adjusted net profit for the overseas segment was 100 million yuan, marking 12 consecutive quarters of profitability. During the fourth quarter, Chagee added a net 115 new stores, 83 of which were overseas, bringing the total store count to 7,453.
Starting in the fourth quarter of 2025, Chagee significantly increased its frequency of new product launches. In November, the company upgraded a classic product and introduced a new "Floral Scent" version of its Boya Juexian offering. In December, it launched a completely new product series named "Return to Yunnan." Entering 2026, Chagee has introduced nearly 10 new products, including matcha and da hong pao series.
The company maintains a healthy cash position. As of December 31, 2025, its cash and cash equivalents, restricted cash, and term deposits totaled 7.89 billion yuan, with no interest-bearing debt.
Outside of mainland China, Chagee operated 345 overseas stores across seven countries in Southeast Asia and North America as of the end of 2025. Throughout the year, the company expanded into four new national markets: Indonesia, the United States, the Philippines, and Vietnam. Combined with its previous entries into Singapore, Malaysia, and Thailand, Chagee now has a presence in seven overseas markets.
In 2026, Chagee will continue to invest in its overseas expansion. In January, it collaborated with the Singapore Tourism Board and the Asian Civilisations Museum to host a tea culture exhibition titled "Dreams in the Tea Garden." This month, the company announced plans to enter the South Korean market, with three stores in Gangnam, Yongsan, and Sinchon scheduled to open in the second quarter. Two stores officially opened in Chiang Mai, and a new store also opened in Bali, Indonesia.
On January 1, 2026, Chagee comprehensively revamped its membership system. In March, the company introduced dedicated "Morning Series" and "Evening Series" sections, targeting morning and evening tea consumption occasions respectively. Products in the "Morning Series" section were offered on a buy-one-get-one-free basis for a limited time, while the "Evening Series" primarily features "Light Caffeine" products with reduced caffeine content.
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