Chagee Holdings Network Up 15.7%, GMV Reaches $31.6B Despite Q4 Loss
Chagee Holdings expanded its teahouse network by 15.7% to 7,453 locations and reported a 7.2% GMV increase to $31.6 billion, with overseas markets surging 84.6%. However, Q4 net revenue fell to $2,974.5 million, operating loss was $35.5 million, and same-store sales dropped 25.5%.
1. Network Expansion and GMV Growth
Chagee Holdings expanded its teahouse network to 7,453 locations, a 15.7% increase year-over-year, and achieved GMV of $31.6 billion for 2025, up 7.2%. Overseas markets drove significant momentum with an 84.6% GMV rise in Q4 and entry into four new countries.
2. Declining Revenue and Same-Store Sales
Despite network growth, Q4 net revenue dropped to $2,974.5 million from $3,334.4 million a year earlier, and same-store sales declined 25.5%. The company reported a Q4 operating loss of $35.5 million compared to an operating income of $642.5 million in the prior-year quarter.
3. Business Model Shift and Cost Management
Chagee implemented a GMV-based revenue-sharing model with franchisees in 2026, increasing brand fees while reducing raw material costs. General and administrative expenses rose 89% due to organizational restructuring and global expansion, targeting improved efficiency and sustainable growth, including plans for 200 new overseas teahouses.