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FAIR VALUE MEASUREMENT - Recurring basis (Details) - Recurring ¥ in Thousands	Dec. 31, 2025 CNY (¥)
FAIR VALUE MEASUREMENT
Short-term investments	¥ 100,093
Total	100,093
Level 2
FAIR VALUE MEASUREMENT
Short-term investments	100,093
Total	¥ 100,093

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

LEASES (Details)	Dec. 31, 2025
Minimum
LEASES
Operating lease term	3 months
Maximum
LEASES
Operating lease term	11 years

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Schedule of Accrued expenses and other current liabilities


		As of December 31,
		2024		2025
		RMB		RMB
Accrued employee payroll and welfare benefits		468,835		659,920
Franchise deposits		143,974		146,418
Accrued service fees		249,292		169,515
Payables for property and equipment		45,202		76,134
Others		115,368		275,361
		1,022,671		1,327,348

SUBSEQUENT EVENTS (Details) - Subsequent events		1 Months Ended
SUBSEQUENT EVENTS (Details) - Subsequent events	Apr. 03, 2026 case	Feb. 28, 2026 lawsuit
SUBSEQUENT EVENTS
Number of lawsuits filed \| lawsuit		2
Number of cases consolidated \| case	2

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Issuances Summary (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands						1 Months Ended	12 Months Ended
	Dec. 05, 2023	Jul. 20, 2023	May 14, 2021	Feb. 22, 2021	Dec. 25, 2020	Jul. 31, 2023	Dec. 31, 2023
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Fair value change of forward contract related to Series B+ preferred shares							¥ (105,483)
Series A preferred stock
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Issue Price per share				¥ 4.7	¥ 4.7
Shares issued				1,055,546	33,777,482
Aggregate issuance price				¥ 5,000	¥ 160,000
Series B preferred stock
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Issue Price per share			¥ 11.4
Shares issued			12,256,755				2,657,649
Aggregate issuance price			¥ 140,000				¥ 39,172
Series B+ Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Issue Price per share		¥ 16.2
Shares issued		12,780,417					20,374,577
Aggregate issuance price		¥ 209,902					¥ 436,905
Fair value change of forward contract related to Series B+ preferred shares							¥ 105,000
Series B+ Preferred Shares \| One Series B+ Preferred shareholder
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Issue Price per share	¥ 16.2
Shares issued	7,594,160
Aggregate issuance price	¥ 123,000
Number of convertible redeemable preferred shares agreed to purchase						7,594,160
Cash consideration from issue of convertible redeemable preferred shares						¥ 123,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Cash and cash equivalents	¥ 7,607,270	$ 1,087,825	¥ 4,754,783		¥ 2,322,680
Restricted cash	26,156	3,740	13,898
Total cash and restricted cash shown in the statement of cash flows	¥ 7,633,426	$ 1,091,565	¥ 4,768,681	$ 681,912	¥ 2,322,680	¥ 200,746

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

TAXATION (Details)	12 Months Ended
TAXATION (Details)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
TAXATION
Income tax rate (%)	25.00%	25.00%	25.00%
Withholding tax rate (%)	10.00%
Singapore
TAXATION
Income tax rate (%)	17.00%
Malaysia
TAXATION
Income tax rate (%)	24.00%
PRC
TAXATION
Income tax rate (%)	25.00%
Preferential EIT rate (%)	15.00%
Withholding tax rate (%)	10.00%
U.S.
TAXATION
Income tax rate (%)	21.00%
U.S. \| Minimum
TAXATION
State income tax (%)	6.50%
U.S. \| Maximum
TAXATION
State income tax (%)	8.84%

CONCENTRATION AND RISKS (Details) ¥ in Millions	12 Months Ended
CONCENTRATION AND RISKS (Details) ¥ in Millions	Dec. 31, 2025 CNY (¥) customer item	Dec. 31, 2024 CNY (¥) customer item	Dec. 31, 2023 item
CONCENTRATION AND RISKS
Cash and cash equivalents, restricted cash and time deposits in RMB \| ¥	¥ 6,492.9	¥ 4,708.8
Currency concentration risk \| Cash, cash equivalents and time deposits \| Cash, cash equivalents and time deposits denominated in RMB
CONCENTRATION AND RISKS
Concentration risk, percentage	82.30%	96.70%
Customer concentration risk \| Accounts receivable
CONCENTRATION AND RISKS
Number of customers \| customer	1	1
Customer concentration risk \| Accounts receivable \| Customer A
CONCENTRATION AND RISKS
Concentration risk, percentage	14.00%
Supplier concentration risk \| Raw materials and packaging
CONCENTRATION AND RISKS
Number of suppliers \| item	1	2	1
Supplier concentration risk \| Raw materials and packaging \| Supplier A
CONCENTRATION AND RISKS
Concentration risk, percentage		11.00%	13.00%
Supplier concentration risk \| Raw materials and packaging \| Supplier B
CONCENTRATION AND RISKS
Concentration risk, percentage	13.00%	14.00%

ACCOUNTS PAYABLE (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
ACCOUNTS PAYABLE
Raw materials	¥ 434,434		¥ 387,884
Packaging material	109,952		127,653
Equipment	16,946		40,700
Decoration material	10,778		17,065
Storage and logistics	37,411		20,346
Others	20,268		3,443
Total	¥ 629,789	$ 90,059	¥ 597,091

TAXATION - Deferred Taxes (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Contract liabilities	¥ 46,691	¥ 43,794
Net operating tax losses carried forward	353,148	126,368
Accrued expenses	18,166	15,968
Advertising expenses in excess of deduction limit	125,605	102,621
Expected credit loss	2,291	1,548
Lease liabilities	272,614	127,026
Others	5,567
Subtotal	824,082	417,325
Less: valuation allowance	(142,520)	(38,201)
Less: deferred tax liabilities in relation to property and equipment-(accelerated depreciation)	(5,957)
Less: deferred tax liabilities in relation to right-of-use asset	(272,784)	(125,914)
Total deferred tax assets, net	¥ 402,821	¥ 253,210

LEASES - Maturities of operating lease liabilities (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
LEASES
For the year ending December 31, 2026	¥ 472,680
For the year ending December 31, 2027	402,880
For the year ending December 31, 2028	273,154
For the year ending December 31, 2029	121,321
For the year ending December 31, 2030	55,384
Thereafter	78,173
Total remaining undiscounted lease payments	1,403,592
Less: imputed interest	(129,293)
Present value of operating lease liabilities	¥ 1,274,299

COMMITMENTS AND CONTINGENCIES (Details) - Property management commitments ¥ in Thousands	Dec. 31, 2025 CNY (¥)
COMMITMENTS AND CONTINGENCIES
Property management commitments, Less than 1 year	¥ 63,556
Property management commitments, 1-5 years	97,347
Property management commitments, More than 5 years	26,721
Property management commitments	¥ 187,624

LEASES (Tables)

12 Months Ended

Dec. 31, 2025

LEASES

Schedule of operating lease


		As of December 31,
		2024		2025
		RMB		RMB
Right-of-use assets, net		542,202		1,275,805
Operating lease liabilities, current		195,438		424,363
Operating lease liabilities, non-current		352,618		849,936

Schedule of operating lease expenses and short-term lease expenses


		For the Years Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating lease expenses		46,775		152,682		311,619
Short-term lease expenses		5,734		14,697		23,290
Cash paid for amounts included in the measurement of lease liabilities		50,871		144,651		323,239
Right-of-use assets obtained in exchange for new operating lease liabilities		95,476		552,682		1,052,922


		As of December 31,
		2024		2025
		RMB		RMB
Weighted average remaining lease term (in years)		3.32		3.61
Weighted average discount rate		4.14	%	4.85	%

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of December 31, 2025 are as follows:


		RMB
For the year ending December 31, 2026		472,680
For the year ending December 31, 2027		402,880
For the year ending December 31, 2028		273,154
For the year ending December 31, 2029		121,321
For the year ending December 31, 2030		55,384
Thereafter		78,173
Total remaining undiscounted lease payments		1,403,592
Less: imputed interest		(129,293)
Present value of operating lease liabilities		1,274,299

INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES

INVENTORIES

5.INVENTORIES

Inventories consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Raw materials		45,693		69,796
Teahouse operation equipment		20,980		44,815
Packaging and other supplies		65,396		113,398
		132,069		228,009

SHARE BASED COMPENSATION EXPENSES

12 Months Ended

Dec. 31, 2025

SHARE BASED COMPENSATION EXPENSES

SHARE BASED COMPENSATION EXPENSES

16.SHARE BASED COMPENSATION EXPENSES

On January 20, 2022, the shareholders and Board of Directors of Beijing Chagee approved the 2021 share option plan (the “2021 Plan”). Under the 2021 Plan, Beijing Chagee authorized shares of Beijing Chagee (equivalent to 13,999,000 shares of the Company upon the Restructuring), to be available to its eligible employees, officers, directors or any other individual as determined by the board of directors. The purpose of the 2021 Plan is to attract and retain exceptionally qualified individuals and to motivate them to exert their best efforts on behalf of the Group by providing incentives through granting awards. On February 28, 2024, the shareholders and Board of Directors of the Company approved a resolution to adopt the Public Company Share Incentive Plan (“2024 Plan”), pursuant to which the Company assumes all outstanding share incentive awards issued under 2021 Plan and to administer the assumed awards pursuant to the 2024 Plan. The maximum aggregate number of ordinary shares that may be issued pursuant to all awards under the 2024 Plan (the “Award Pool”) is 28,061,349.

Options granted to employees

The options granted under the 2021 Plan have a nominal exercise price and a contractual term of 8 years and were granted with the term that either (i) 100% vested on March 31 of the following year from the day of the grant; or (ii) 25% vested on March 31 of each of the following four years from the day of the grant.

The grantees can exercise vested options before the earlier of: 1) expiration of its contractual term (i.e. 8 years after its grant date); or 2) upon the grantee terminating their employment if the vested option has not been exercised.

16.SHARE BASED COMPENSATION EXPENSES (CONTINUED)

Options granted to employees (continued)

Pursuant to the share-based award agreement, if the grantee voluntarily resigns, the Group is entitled to repurchase the shares obtained and held by the grantee from the exercise of options under the 2021 Plan, for which the repurchase price is calculated based on the most recent round of equity financing of the Group. The repurchase right shall become effectively lapsed should the Company complete an IPO. The Group considers such a repurchase term substantive, therefore the share-based awards are considered to have two components, including (i) a cash settled component that vests based on the continued service; and (ii) an equity settled component that vests based on the continued service and the Company completes the IPO. The portion of cash settled awards are accounted for as liability-classified awards and remeasured to an updated fair value at each reporting date until the awards are settled.

The options granted to employees under the 2024 Plan are scheduled to be vested over 4 years evenly from the grant date with a contractual term of 10 years and are subject to services and performance condition as below.

In June 2024, the Company granted share awards under the 2024 Plan to assume 4,032,703 outstanding share incentive awards issued under the 2021 Plan with the same remaining requisite vesting periods and modification to: i. remove the repurchase provision upon grantee’s voluntarily resignation; ii. modify the contractual term from 8 years to 10 years from the grant date of the replacement awards under 2024 Plan (i.e. 10 years from modification date); iii. on the date of the consummation of an IPO, all of the unvested options shall automatically become fully vested and exercisable. Accordingly, the 2021 Plan was replaced by the 2024 Plan. As the original awards under the 2021 Plan included a liability-classified portion and an improbable equity-classified portion, the Company accounted for the replacement as (i) reclassification of liability classified portion to equity-classified award as a result of removal of the repurchase right and (ii) a Type IV (improbable-to-improbable) modification relating to the improbable equity-classified portion. 264 grantees under the 2021 Plan were affected by the modification. To account for such modification, the Company remeasured the liability of the cash settled component at fair value as of the modification date and reclassified the liability to additional paid-in capital. The incremental fair value in an amount of RMB42.1 million that equals to the difference between the liability balance of the liability-classified portion and the fair value of the modified equity award on the modification date should be recognized upon the completion of the Company’s IPO. The Company does not recognize any share-based compensation expense on the share options relating to the equity-classified portion and the Type IV modification. The Company has recognized share-based compensation expenses representing the fair value of the modified award relating to the Type IV modification as of the modification date, upon the completion of the Company’s IPO.

In addition, in June and November 2024, the Company granted additional 5,442,833 options to certain employees that are subject to the grantee’s continuous service of 4 years and are only exercisable upon the completion of the Company’s IPO. As such, there was no share-based compensation expense recognized until the date of consummation of an IPO. The Company has recognize compensation expenses relating to options vested cumulatively upon the Company’s IPO and the remaining compensation expenses, is expected to be recognized over the remaining service period.

RSUs granted to employees

In June 2025, a new tool of award, RSU, was introduced under the 2024 Plan. The RSUs granted to employees under the 2024 Plan are scheduled to be vested over 4 years evenly from the grant date with a contractual term of 10 years.

Share-based compensation expense recognized as a result of cash settled components was RMB3,526 and RMB603 for the years ended December 31, 2023 and 2024, respectively. Share-based compensation expense recognized as a result of equity settled components was nil for the years ended December 31, 2023 and 2024, as the vest of equity settled component was not probable, and RMB723,538, including RMB713,351 from share options and RMB10,187 from RSUs, for the year ended December 31, 2025.

16.SHARE BASED COMPENSATION EXPENSES (CONTINUED)

The following table sets forth the share options activity for the year ended December 31, 2025:


				Weighted-		Weighted-
				average		average		Aggregate
		Number of		exercise		remaining contractual		intrinsic
		shares		price		term		Value
				US$
				per share		Years		RMB
Outstanding, January 1, 2025		16,447,636		1.2316
Granted		3,260,697		3.6414
Exercised		(12,011,093)		0.3329
Forfeited		(506,183)		3.6980
Outstanding, December 31, 2025		7,191,057		3.6518		8.85		406,622
Vested and expected to be vested as of December 31, 2025		7,191,057		3.6518		8.85		406,622
Exercisable as of December 31, 2025		1,161,113		2.6700		8.63		73,125

The aggregated intrinsic value of share options outstanding and exercisable as of December 31, 2025, was calculated based on the fair value of the Company’s ordinary shares on December 31, 2025.

Total intrinsic value of options exercised for the years ended December 31, 2023, 2024 and 2025 was nil, nil and RMB2,044 million, respectively. The total fair value of options vested during the years ended December 31, 2023, 2024 and 2025 was nil, nil and RMB529 million, respectively.

The weighted average fair value at measurement date of share options granted during the years ended December 31, 2023, 2024 and 2025 were RMB9.78, RMB40.56 and RMB138.00 per share, respectively.

As of December 31, 2025, there was RMB306 million of unrecognized share-based compensation expense related to share options. Total unrecognized share-based compensation expense may be adjusted for actual forfeitures occurring in the future.

The following table sets forth the RSUs activity for the year ended December 31, 2025:


		Number of		Weighted-average
		restricted shares		grant day fair value
				US$ per share
Unvested, January 1, 2025		—		—
Granted		483,274		20.73
Vested		(6,772)		26.54
Forfeited		(90,940)		26.80
Unvested, December 31, 2025		385,562		19.19

The total fair value of the restricted shares vested during the year ended December 31, 2025 was RMB1 million. The weighted-average grant-date fair value of the restricted shares granted during the year ended December 31, 2025 was RMB147.60 per share.

As of December 31, 2025, there was RMB44 million of unrecognized share-based compensation expenses related to RSUs, which is expected to be recognized over a weighted-average vesting period of 3.76 years. Total unrecognized share-based compensation expense may be adjusted for actual forfeitures occurring in the future.

There was no income tax benefit recognized in the consolidated statements of operations and comprehensive income for share-based compensation expenses and the Group did not capitalize any of the share-based compensation expenses as part of the cost of any assets during the years ended December 31, 2023, 2024 and 2025.

16.SHARE BASED COMPENSATION EXPENSES (CONTINUED)

Fair value of employee share options

The estimated fair value of share options granted before the completion of the Company’s IPO was determined using the binomial option valuation model, with the assistance from an independent third-party appraiser. The binomial model requires the input of highly subjective assumptions, including the expected share price volatility. For expected volatilities, the Company has made reference to historical volatilities of several comparable companies. The dividend yield is estimated based on the Company’s expected dividend policy over the expected term of the options. The risk-free rate for periods within the contractual lives of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. The estimated fair value of the ordinary shares, at the option grant dates, were determined with the assistance from an independent third-party appraiser. The Company’s management is ultimately responsible for the determination of the estimated fair value of its ordinary shares.

The estimated fair value of each option granted is estimated on the date of grant using the Binominal option-pricing model with the following assumptions:


	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Risk-free interest rate (per annum)	2.80	%	2.21% – 4.57	%	4.32% – 4.57	%
Expected volatility	36.82	%	38.00% – 39.91	%	38.00% – 39.90	%
Expected dividend yield	0.00	%	0.00	%	0.00	%
Expected post-vesting forfeiture rate	0.97	%	0.00	%	0.00	%
Fair value of the underlying shares on the date of option grants	9.78		57.05 – 102.21		102.21 – 203.08

In 2023, an aggregate of 1,046,761 Class A and 1,610,888 Class B ordinary shares beneficially owned by Junjie Zhang, Xianggui Peng and Peibang Gong, who are also employees of the Company, were exchanged at a premium for Series B preferred shares. Junjie Zhang, Xianggui Peng and Peibang Gong are the ultimate controllers and beneficial owners of Partea Ltd., TasTea Ltd., and TEALATTE Ltd., which are the shareholders of Chagee Holdings Limited. The difference between the fair value of the newly issued preferred shares and the former ordinary shares was recorded as share-based compensation expenses in 2023, amounted to RMB7.0 million. For details, please refer to Note 17.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

21.COMMITMENTS AND CONTINGENCIES

Commitment

(a)Operating lease commitments

Future minimum lease payments for operating lease as of December 31, 2025 are disclosed in Note 12.

(b)Other commitments

The Group leases office space under non-cancelable operating lease agreements, which expire at various dates through to January 2036. Future minimum payments under non-cancelable agreements for property management fees consist of the following as of December 31, 2025:


		Payment due by schedule as of December 31, 2025
		Less than		1 – 5	More than 5
		1 year		years	years		Total
		RMB		RMB	RMB		RMB
Property management commitments		63,556		97,347	26,721		187,624

Legal Proceedings

As of December 31, 2025, the Group was not involved in any legal or administrative proceedings that may have a material adverse impact on the Group’s business, financial position results of operations, or cash flows.

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, net


		As of December 31,
		2024		2025
		RMB		RMB
Leasehold improvements		212,239		568,314
Teahouse operation equipment		40,840		118,807
Electronic equipment		22,106		43,565
Manufacturing equipment		27,449		—
Vehicles		14,289		18,760
Property		649		374
Construction in progress		4,177		37,466
Total		321,749		787,286
Less: accumulated depreciation		(72,746)		(203,616)
Net book value		249,003		583,670

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Cybersecurity risk management is an integral part of our overall risk management program. Our cybersecurity risk management program is designed to provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed and services provided by third-party service providers, and facilitate coordination across different departments of our company. This framework includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our board of directors of material cybersecurity threats and incidents. Our cybersecurity team is responsible for assessing our cybersecurity risk management program and we periodically engage third-party consultants for cybersecurity risk assessment. In addition, our cybersecurity team provides training to our employees on an as-needed basis.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Cybersecurity risk management is an integral part of our overall risk management program. Our cybersecurity risk management program is designed to provide a framework for handling cybersecurity threats and incidents, including threats and incidents associated with the use of applications developed and services provided by third-party service providers, and facilitate coordination across different departments of our company. This framework includes steps for assessing the severity of a cybersecurity threat, identifying the source of a cybersecurity threat including whether the cybersecurity threat is associated with a third-party service provider, implementing cybersecurity countermeasures and mitigation strategies and informing management and our board of directors of material cybersecurity threats and incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our board of directors has overall oversight responsibility for our risk management, and is charged with oversight of our cybersecurity risk management program and delegates cybersecurity risk management oversight to the Information Security and Data Privacy committee of the board of directors. The Information Security and Data Privacy committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The Information Security and Data Privacy committee also reports material cybersecurity risks to our full board of directors. Certain management member is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our chief financial officer and dedicated personnel who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our dedicated cybersecurity and information security personnel are certified and experienced information systems security professionals and information security managers with years of experience. Management, including the chief financial officer and our cybersecurity team, is responsible for updating the board of directors on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports that cover, among other topics, regulatory and compliance updates, major developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies. As of the date of this annual report, we did not identify any cybersecurity threats that had materially affected or were reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats, or provide assurances that we have not experienced an undetected cybersecurity incident. For more information about these risks, please see “Item 3. Key Information—3.D. Risk Factors—Risk Related to Our Business and Industry—Security breaches and attacks against our technology systems, and any potentially resulting breach or failure to otherwise protect confidential and proprietary information, could damage our reputation and negatively impact our business, as well as materially and adversely affect our financial condition and results of operations.” on page 19 of this annual report.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	board of directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Information Security and Data Privacy committee is responsible for ensuring that management has processes in place designed to identify and evaluate cybersecurity risks to which the company is exposed and implement processes and programs to manage cybersecurity risks and mitigate cybersecurity incidents. The Information Security and Data Privacy committee also reports material cybersecurity risks to our full board of directors.
Cybersecurity Risk Role of Management [Text Block]	Certain management member is responsible for identifying, considering and assessing material cybersecurity risks on an ongoing basis, establishing processes to ensure that such potential cybersecurity risk exposures are monitored, putting in place appropriate mitigation measures and maintaining cybersecurity programs. Our cybersecurity programs are under the direction of our chief financial officer and dedicated personnel who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents. Our dedicated cybersecurity and information security personnel are certified and experienced information systems security professionals and information security managers with years of experience. Management, including the chief financial officer and our cybersecurity team, is responsible for updating the board of directors on the company’s cybersecurity programs, material cybersecurity risks and mitigation strategies and provide cybersecurity reports that cover, among other topics, regulatory and compliance updates, major developments in cybersecurity and updates to the company’s cybersecurity programs and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Information Security and Data Privacy committee
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our dedicated cybersecurity and information security personnel are certified and experienced information systems security professionals and information security managers with years of experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity programs are under the direction of our chief financial officer and dedicated personnel who receives reports from our cybersecurity team and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

ACCOUNTS RECEIVABLE, NET (Tables)

12 Months Ended

Dec. 31, 2025

ACCOUNTS RECEIVABLE, NET

Schedule of accounts receivable, net


		As of December 31,
		2024		2025
		RMB		RMB
Accounts receivable		126,911		150,381
Less: allowance for credit losses		(4,944)		(4,478)
		121,967		145,903

Schedule of movements in allowance for credit losses


		For the Years Ended December 31,
		2023		2024		2025
Allowance for expected credit losses:
Balance at beginning of the year		(835)		(2,535)		(4,944)
Additions		(1,711)		(3,552)		(695)
Write-offs		11		1,143		1,161
		(2,535)		(4,944)		(4,478)

ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

Schedule of company major subsidiaries

As of December 31, 2025, the Company’s major subsidiaries were as follows:


						Percentage of
		Place of		Date of		beneficial
		Incorporation		incorporation		ownership		Principal Activities
Major subsidiaries:
Chagee Holdings Pte. Ltd. (“Chagee Holdings Singapore”)		Singapore		June 9, 2023		100	%	Investing holding company
Chagee Investment Pte. Ltd. (“Chagee Investment”)		Singapore		June 30, 2023		100	%	Investing holding company
Beijing Chagee Catering Management Co., Ltd. (“Beijing Chagee”)		PRC		December 11, 2020		100	%	Investing holding company
Sichuan Chagee Enterprise Management Co., Ltd.		PRC		March 24, 2021		100	%	Franchise business
Sichuan Chayudao Enterprise Management Co., Ltd.		PRC		May 11, 2023		100	%	Supply chain product sales
Chagee (Shanghai) Brand Management Co., Ltd.		PRC		January 8, 2024		100	%	Brand, Marketing and Management
Chagee (Shanghai) Information Technology Co., Ltd.		PRC		September 23, 2024		100	%	Information Technology Services

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

(a)Basis of presentation

The consolidated financial statements of the Group have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below.

Principles of consolidation

(b)Principles of consolidation

The Group’s consolidated financial statements include the financial statements of the Company and entities controlled by the Company and its subsidiaries.

A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting powers; or has the power to appoint or remove the majority of the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the financial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.

All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

Non-controlling interests

(c)Non-controlling interests

For the Group’s non-wholly owned subsidiaries, a non-controlling interests is recognized to reflect the portion of equity that is not attributable, directly or indirectly, to the Group. Non-controlling interests are classified as a separate line item in the equity section of the Group’s consolidated balance sheets and have been separately disclosed in the Group’s consolidated statements of operations and comprehensive income to distinguish the interests from that of the Group.

Redeemable non-controlling interests are recognized at fair value on the acquisition date as a mezzanine equity. When the non-controlling interests is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Company, the non-controlling interests is classified as mezzanine equity according to Accounting Standards Codification (“ASC”) 480. The Group evaluates the possibility of the redemption at every balance sheet date, and records accretions of the mezzanine equity to its redemption amount when the redemption becomes probable. The accretion is recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in-capital. Once additional paid-in-capital has been exhausted, additional charges are recorded by increasing the accumulated deficit.

The accretion process of adjusting redeemable non-controlling interests to its redemption value is performed after attribution of net income or loss pursuant to ASC 810, Consolidation. The redemption value is calculated according to the terms agreed with the non-controlling interests. The carrying amount of the redeemable non-controlling interests will equal the higher of the amount resulting from application of ASC 810 or its redemption amount. Upon the elapse of the redemption feature, the carrying amount of redeemable non-controlling interests is reclassified to non-controlling interests.

Use of estimates

(d)Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, mezzanine equity and disclosure of contingent liabilities at the balance sheet date and reported revenues and expenses during the reported periods in the consolidated financial statements and accompanying notes.

Functional currency and foreign currency translation

(e)Functional currency and foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The functional currency of the Company and its overseas subsidiaries which are incorporated in Cayman Islands and the United States is United States dollars (“US$”). Other overseas subsidiaries use their local currency as their functional currency, while the functional currency of the PRC entities subsidiary in the Group is RMB. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use currency other than RMB as their functional currency, have been translated into RMB. The determination of the respective functional currency is based on the criteria set out by Accounting Standards Codification (ASC) 830, Foreign Currency Matters.

Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into functional currency using the applicable exchange rates at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses resulting from foreign currency transactions denominated in a currency other than the functional currency are recorded as others, net in the consolidated statements of operations and comprehensive income.

The financial statements of the Group are translated from the functional currency into RMB. Assets and liabilities denominated in foreign currencies are translated into RMB using the applicable exchange rates at the balance sheet date. Equity accounts other than earnings generated in current period are translated into RMB at the appropriate historical rates. Revenues, expenses, gains and losses are translated into RMB using the average exchange rates for the relevant period. The resulting foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income in the consolidated statements of changes in shareholders’ (deficit)/equity and a component of other comprehensive income in the consolidated statements of operations and comprehensive income.

Convenience translation

(f)Convenience translation

Translations of balances in the consolidated balance sheet, consolidated statement of operations and comprehensive income, changes in shareholder’s equity and cash flows from RMB into US$ as of and for the year ended December 31, 2025 are solely for the convenience of the readers and were calculated at the noon buying rate of US$1.00=RMB6.9931 representing the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on December 31, 2025. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2025, or at any other rate. The US$ convenience translation is not required under U.S. GAAP and all US$ convenience translation amounts in the accompanying consolidated financial statements are unaudited.

Fair value measurements

(g)Fair value measurements

Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurement for assets and liabilities required or permitted to be either recorded or disclosed at fair value, the Group considers the principal or most advantageous market in which it would transact, and it also considers assumptions that market participants would use when pricing the asset or liability.

Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Accounting guidance establishes three levels of inputs that may be used to measure fair value:

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other than quoted prices included in Level 1 inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

Accounting guidance also describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset.

When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates.

See Note 20 Fair Value Measurement for additional information.

Cash, cash equivalents, restricted cash and time deposits

(h)Cash, cash equivalents, restricted cash and time deposits

Cash and cash equivalents represent cash on hand, time deposits and highly-liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less.

Cash that is restricted as to withdrawal or for use is reported separately on the consolidated balance sheets, and is included in the total cash, cash equivalents, and restricted cash in the consolidated statements of cash flows. The restricted cash primarily represents guarantee deposits related to the leases.

Time deposits represent time deposits placed with banks in original maturities of more than three months and less than one year.

The time deposits carry fixed interest per annum for the years presented.

Short-term investments

(i)Short-term investments

Short-term investments include investments in financial instruments with a variable interest rate indexed to performance of underlying assets. In accordance with ASC 825, Financial Instruments, the Group elected the fair value option at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of operations and comprehensive income as “others, net”. Fair value is estimated based on quoted prices of similar products provided by financial institutions at the end of each reporting period. The Group classifies these inputs as Level 2 fair value measurement.

Accounts receivable, net

(j)Accounts receivable, net

Accounts receivable are stated at the historical carrying amount net of provision for expected credit losses. The accounts receivable mainly include the receivables due from franchisees.

Expected credit losses

(k)Expected credit losses

In 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which requires entities to measure all expected credit losses for financial assets held at the reporting date, including accounts receivable and other receivables, using a current expected credit loss for the model based on historical experience adjusted for judgments about the effects of relevant observable data, including current and future economic conditions periodically. The Group has early adopted this ASC Topic 326 and several associated ASUs in 2021, this adoption of ASC 326 using a modified retrospective approach did not have a material impact on the consolidated financial statements.

The Group’s accounts receivable, other receivables included in prepayments, other current assets and other non-current assets are within the scope of ASC 326. The Group has identified the relevant risk characteristics of its customers and the related receivables which includes the size, type of the services or the products the Group provides, or a combination of these characteristics. Receivables with similar risk characteristics have been grouped into pools. For each pool, the Group considers the historical credit losses experience, current economic conditions, supportable forecasts of future economic conditions, and any recoveries in assessing the lifetime expected credit losses. Other key factors that influence the expected credit losses analysis include customer demographics, payment terms offered to customers, and industry- specific factors that could impact the Group’s receivables. Additionally, external data and macroeconomic factors are also considered.

The Group recorded RMB1.7 million, RMB3.6 million and RMB0.7 million expected credit losses in general and administrative expenses for accounts receivable for the years ended December 31, 2023, 2024 and 2025, respectively. The provision/(reversal) for expected credit losses recorded for other receivables included in prepayments and other current assets and other non-current assets were RMB2.4 million, RMB3.4 million and RMB(0.7) million for the years ended December 31, 2023, 2024 and 2025.

Inventories

(l)Inventories

Inventories, consisting of raw materials, packaging, teahouse equipment and other supplies, are stated at the lower of cost and net realizable value. Cost of inventories is determined using the weighted average cost method. Adjustments are recorded to write down the cost of inventories to the estimated net realizable value due to slow-moving merchandise and damaged goods, which is dependent upon factors such as expiration aging, historical and forecasted consumer demand, and market conditions that impact pricing. Once inventory is written-down, a new, lower-cost basis for that inventory is established and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.

Long-term investments

(m)Long-term investments

Equity investments using the measurement alternative

The Group measures long-term equity investments other than equity method investments at fair value through earnings in accordance with ASU 2016-01. For the investments without readily determinable fair values, the Group elected to record these investments at cost, less impairment, plus or minus subsequent adjustments for observable price changes (“measurement alternative”). Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. The Group makes reasonable efforts to identify price changes that are known or that can reasonably be known.

Equity method investments

The Group applies the equity method to account for equity investments in common stock, according to ASC 323 “Investments — Equity Method and Joint Ventures”, over which it has significant influence but does not own a controlling financial interest, unless the fair value option is elected for an investment.

Under the equity method, the Group’s share of the post-acquisition profits or losses of the equity method investee is recognized in the consolidated statements of operations and comprehensive income and its share of post-acquisition movements in accumulated other comprehensive income is recognized in other comprehensive income.

As of December 31, 2024 and 2025, the Group’s long-term investment primarily included the equity investment in investees. Investment was accounted for using equity method as the Group can exercise significant influence on the investees.

The Group assesses these investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the companies, and other company- specific information. The Group uses a combination of valuation methodologies in determination of the fair value, including market and income approaches based on the Group’s best estimate, which is determined by using information including but not limited to the pricing of recent rounds of financing, future cash flow forecasts, liquidity factors and selection of the comparable companies. The fair value determination, particularly for investments in privately-held companies whose revenue model is still unclear, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments. If this assessment indicates that an impairment exists, the Group will estimate the fair value of the investment and, if the fair value is less than carrying value, the Group will write down the asset to its fair value and take the corresponding charge to the consolidated statements of operations and comprehensive income.

Property and equipment, net

(n)Property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation and impairment, if any. Depreciation is calculated on a straight-line basis over the following estimated useful lives.


Category		Estimated useful lives
Electronic equipment		3 years
Teahouse operation equipment		3 years
Vehicles		4 years
Manufacturing equipment		10 years
Property		20 years
Leasehold improvements		Shorter of the term of the lease or the estimated useful lives of the assets

Repairs and maintenance costs are charged to expenses as incurred, whereas the costs of betterments that extend the useful life of property and equipment are capitalized as additions to the related assets. The Group recognizes the gain or loss on the disposal of property and equipment in “others, net” in the consolidated statements of operations and comprehensive income.

Impairment of long-lived assets

(o)Impairment of long-lived assets

Long-lived assets or asset groups such as property and equipment, intangible assets and right of use assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be fully recoverable or that the useful life is shorter than the Group had originally estimated. When these events occur, the Group evaluates the impairment for the long-lived asset or asset group by comparing the carrying value of the asset or asset group to an estimate of future undiscounted cash flows expected to be generated from the use of the asset or asset group and their eventual disposition. If the sum of the expected future undiscounted cash flows is less than the carrying value of the asset or asset group, the Group recognizes an impairment loss based on the excess of the carrying value of the asset or asset group over the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Nil of impairment of long-lived asset was recognized for the years ended December 31, 2023, 2024 and 2025.

Leases

(p)Leases

The Group accounts for leases in accordance with ASU 2016-02, Leases (ASC Topic 842), which requires lessees to recognize leases on the consolidated balance sheets in the presentation of operating lease right-of- use (“ROU”) assets and operating lease liabilities, and disclose key information about leasing arrangements.

The Group determines if a contract contains a lease based on whether it has the right to obtain substantially all of the economic benefits from the use of an identified asset which the Group does not own and whether it has the right to direct the use of an identified asset in exchange for consideration. All of the Group’s leases are operating leases. Operating lease assets are included within right-of-use assets, net and the corresponding lease liabilities are included within operating lease liabilities, current and operating lease liabilities, non-current of the consolidated balance sheets.

The Group has elected not to present short-term leases on the consolidated balance sheets as these leases have a lease term of 12 months or less at commencement date of the lease and do not include options to purchase or renew that the Group is reasonably certain to exercise. The Group recognizes lease expenses for such short-term leases on a straight-line basis over the lease term. All other lease assets and lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Group’s leases do not provide an implicit rate of return, the Group uses the Group’s incremental borrowing rate based on the credit quality of the Group and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of each lease at the lease commencement date.

Business combination

(q)Business combination

Business combinations are recorded using the acquisition method of accounting, and the cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of the (i) the total of consideration paid, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the subsidiary acquired over (ii) the fair value of the identifiable net assets of the subsidiary acquired is recorded as goodwill. If the consideration of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of operations and comprehensive income.

Goodwill

(r)Goodwill

Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the business combination. The Group performs quantitative goodwill impairment test annually or more frequently when an event occurs or circumstances change that indicate the carrying value may not be recoverable. A goodwill impairment loss is recognized for the amount that the carrying amount of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to that reporting unit. There was no impairment loss of goodwill recognized for all the years presented.

Treasury stock

(s)Treasury stock

The Company accounts for repurchased ordinary shares under the cost method and includes such treasury stock as a component of the shareholders’ equity. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. An excess of purchase price over par value is allocated to additional paid-in-capital first with any remaining excess charged entirely to retained earnings. Repurchased shares were reserved for the share settlement upon share option exercises. The cost of treasury stock reissued is determined using the weighted average method. Gains on reissuances of treasury shares are credited to additional paid-in-capital; and losses on reissuances may be charged to additional paid-in-capital to the extent that previous net gains from retirements of the same class of shares are included in additional paid-in-capital, otherwise they are charged to retained earnings.

Revenue recognition

(t)Revenue recognition

In accordance with ASC 606, Revenue from Contracts with Customers, revenue is recognized when the Group satisfies a performance obligation by transferring a promised good or service to a customer, for an amount that reflects the consideration the Group expects to be entitled to in exchange for these goods or services. Depending on the terms of the contract and the laws that apply to the contract, control of the goods or services may be transferred over time or at a point in time. Control of the goods or services is transferred over time if the Group’s performance:

●

provides all of the benefits received and consumed simultaneously by the customer;

●

creates and enhances an asset that the customer controls as the Group performs; or

●

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

If a customer pays consideration or the Group has a right to an amount of consideration that is unconditional, before the Group transfers goods or services to the customer, the Group presents the advance payment in contract liabilities, current and contract liabilities, non-current in the consolidated balance sheets when the payment is received or receivable. A contract liability is the Group’s obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the customer.

In accordance with ASC 606, the Group evaluates whether it is appropriate to record the gross amount of product sales and related costs or the net amount earned as commissions. When the Group obtains control of the specified goods or services before they are transferred to the customers, such that the Group is a principal, the revenues are recognized at the gross amount of consideration to which it expects to be entitled in exchange for the specified goods or services transferred. When the Group is an agent and its obligation is to arrange for the provision of the specified goods or services by another party, the revenues are recognized at the net amount for the amount of commission.

When a contract with a customer includes multiple performance obligations, transaction price is allocated to the performance obligations on a relative standalone selling price basis.

The Group principally generates its revenue from the following major sources: 1) revenue from franchised teahouses, and 2) revenue from company-owned teahouses. Below is a discussion of how the revenues are earned and the corresponding revenue recognition policies.

1)Revenue from franchised teahouses

The revenue from franchised teahouses principally consists of 1) sales of products to franchisees and 2) franchising and other services. Further details are as follows:

Revenue from sales of products to franchisees

Revenue from sales of products to franchisees primarily comprises of sales of raw materials, packaging, teahouse equipment and other supplies to franchisees. Transfer of those products is considered a separate performance obligation distinct from the franchise agreements as the franchisees can benefit from transfer of those products on its own. The Group considers itself the principal in this arrangement as the Group has the ability to control the promised products before transferring to the franchisees. Accordingly, the related revenue is presented on a gross basis on the consolidated statements of operations and comprehensive income. Rebates to its franchisees according to the Group’s incentive policies are recognized as a reduction to revenue.

Revenue from sales of products to franchisees is recognized at the point in time when the control over those products is transferred to the franchisee, which is when the franchisee receives and accepts the products, and related expenses are recognized as incurred. In general, the Group does not have any obligation or past practices to accept any return of unsold products, except for rare cases such as a latent defect subject to product recall.

Franchising and other services

Under the franchise agreements, the franchisees are required to pay the Group continuing royalty fees based on a percentage of the applicable teahouses’ sales/profits in exchange for the license of the intellectual property associated with the franchise right and provision of administrative support services by the Group. The continuing royalty fees are generally billed and paid on a monthly basis. Typically the franchisees are also required to pay a fixed non-refundable upfront franchise fee, primarily in exchange for pre-opening support services, and a fixed annual brand license fee, both of which are billed and paid when a franchise agreement becomes effective.

Under the franchise model, the franchise teahouse is operated by the franchisee in accordance with the Group’s operating standards and continuing royalty fees are typically billed and paid monthly based on a fixed percentage of the monthly reported sales of the franchised teahouse. As an alternative, some franchisees may choose for the Group to operate the teahouse on a day-to-day basis, in which case continuing royalty fees are billed and paid monthly and are based on a fixed percentage of the reported monthly profit of the franchise teahouse. Continuing royalty are recognized as the related sales and profits occur.

The franchise agreements are generally for a one-year term, and are renewable annually by the franchisees. The Group has determined that the pre-opening support services are highly interrelated with the franchise right and are therefore not distinct from providing the ongoing access to the franchise license. The Group has also determined that the upfront franchise fees give rise to a material right as the Group grants the franchisees a right to renew the franchise agreements by not having to pay a similar upfront fee upon renewal. Accordingly, the upfront franchise fees are recognized as revenue on a straight-line basis over the expected franchise period. The annual brand license fees are recognized as revenue on a straight-line basis over the stated franchise period. Continuing royalty fees are recognized as revenue when the related sales or profits occur.

2)Revenue from company-owned teahouses

Revenue from company-owned teahouses is recognized when the control of the product is transferred to the customer. Revenue from company-owned teahouses is reported net of value added tax, discounts and returns, if any.

From time to time, the Group offers discounts to customers in the form of issuing coupons that can be applied in future purchases. Those coupons are not issued as part of an existing contract and therefore do not give rise to a separate performance obligation. The coupons are accounted for as a reduction of revenue when they are used by the customers.

3)Membership program

The Group operates a customer loyalty program under which customers accumulate credits from purchases made which entitle them to discounted products in future. The award credits expire one year after issuance. The Group accounts for the award credits as a performance obligation separate from the products transferred in the initial sale. The Group estimates the stand-alone selling price of the award credits granted based on the discount that the customer would obtain when redeeming the credits, adjusted for the likelihood that the credits will be redeemed. Transaction price is allocated to the award credits granted and the products transferred in the initial sale on a relative stand-alone selling price basis. Transaction price allocated to the award credits granted is initially recognized as contract liabilities, and subsequently recognized as revenue when the credits are redeemed or expire, whichever is earlier. The contract liabilities balances for customer loyalty program were not material as of December 31, 2024 and 2025.

Costs of materials and storage and logistics

(u)Costs of materials and storage and logistics

Costs of materials consist primarily of materials and ingredients for resale to franchised teahouses and the production of tea drinks, packaging, equipment and other materials.

Storage and logistics costs consist primarily of cost for the inventory storage and logistics costs for shipping the inventory to the franchised teahouses and company-owned teahouses. The Group incurred storage and logistics costs of RMB99.9 million, RMB243.8 million and RMB290.0 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Effective in the first quarter of 2025, the Group combined the (i) cost of materials and (ii) storage and logistics costs as cost of materials, storage and logistics on the consolidated statements of operations and comprehensive income. This reclassification has been applied retrospectively.

Company-owned teahouses operating costs

(v)Company-owned teahouses operating costs

Company-owned teahouses operating costs consist primarily of lease expenses for the company-owned teahouses, payroll costs for the front employees in the company-owned teahouses, commission and delivery fees for third-party platforms, deprecation expenses and utility costs. The commission and delivery costs were RMB20.1 million, RMB65.0 million and RMB127.4 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Other operating costs

(w)Other operating costs

Other operating costs consist primarily of the other costs except for those costs mentioned in note 2(u) and note 2(v), including payroll, rental and utilities costs for personnel associated with primary business functions, excluding those in company-owned teahouses, and tax surcharges.

Sales and marketing expenses

(x)Sales and marketing expenses

Sales and marketing expenses consist primarily of promotion and advertising expenses, staff costs including share-based compensation and other daily expenses which are related to the selling and marketing departments. Advertising expenses are expensed as incurred and were RMB140.4 million, RMB781.2 million and RMB763.4 million for the years ended December 31, 2023, 2024 and 2025, respectively.

General and administrative expenses

(y)General and administrative expenses

General and administrative expenses consist of salaries and benefits including share-based compensation expenses and other expenses which are related to the general corporate functions, rental and general expenses associated with these functions, professional service fees and research and development expenses.

Research and development expenses are included in general and administrative expenses, which are mainly salaries and benefits expenses and other expenses related to product development department. The Group charged RMB11.5 million, RMB193.5 million and RMB268.5 million of research and development costs to expense for the years ended December 31, 2023, 2024 and 2025, respectively.

Government grants

(z)Government grants

The government grants mainly represent subsidies and benefits from local governments in China (usually subject to assessment and changes in policies, and therefore are not recurring in nature), which are primarily related to our income, and are awarded as a form of recognition for our contributions to local economic growth in accordance with relevant supportive policies. Government grants of RMB38.4 million, RMB128.4 million and RMB141.3 million were recorded in the consolidated statements of operations and comprehensive income in “others, net” for the years ended December 31, 2023, 2024 and 2025, respectively.

Share-based compensation

(aa)Share-based compensation

Share-based compensation expenses arise from share-based awards, including share options for the purchase of restricted shares and restricted stock units (“RSUs”). The Company grants options or RSUs to its employees, directors and consultants with performance conditions and service conditions.

The Group determines the classification of share-based awards based on the natures of such awards. It is classified as a liability award when any of the following conditions are met: i) an award with conditions other than a market, performance, or service condition; ii) an award that meets certain criteria of ASC 480 in distinguishing liabilities from equity; iii) a share award with a repurchase feature that permits an employee to avoid the risks and rewards that are normally associated with stock ownership or it is probable that the employer would prevent the employee from bearing the risks and rewards that are normally associated with stock ownership; iv) an option or similar instrument that could require the employer to pay cash or other assets to an employee; v) an option or similar instrument where the underlying stock is classified as a liability.

For share options granted with service conditions and the occurrence of an IPO as a performance condition, cumulative share-based compensation costs for the awards that have satisfied the service condition are recorded upon the completion of the IPO based on their grant date fair value, using a graded-vesting method. For share options granted with additional repurchase features and determined to be liability-classified awards, the fair value of the options are measured at grant date and are remeasured to an updated fair value at each reporting date until the awards are settled. The related share-based compensation costs are recognized over the requisite service period and trued up each reporting date for changes in fair value pro-rated for the portion of the requisite service period rendered. For share options and RSUs granted with service conditions, cumulative share-based compensation costs for the awards are recorded based on their grant date fair value, using a graded-vesting method.

The Group, with the assistance of an independent third-party valuation firm, determines the fair value of share-based awards granted to employees and non-employees, if applicable. The determination of the fair value is affected by the fair value of ordinary shares. Before the completion of the IPO, the fair value of the ordinary shares was assessed using the income approach/discounted cash flow method, with a discount for lack of marketability given that the shares underlying the awards were not publicly traded at the time of grant. This assessment requires complex and subjective judgments regarding the Group’s projected financial and operating results, its unique business risks, the liquidity of its ordinary shares and its operating history and prospects at the time the grants were made. The fair value of share options is estimated on the grant date using the binomial option pricing model. The assumptions used in share-based compensation expense represent management’s best estimates, but these estimates involve inherent uncertainties and application of management judgment. After the completion of the IPO, the fair value of the ordinary shares was based on the quoted market price as of the grant date.

Cancellation of an award accompanied by the concurrent grant of a replacement award is accounted for as a modification (that is, an exchange of the original award for a new award), unless the award’s fair value, vesting conditions, and classification as an equity instrument are the same as immediately before and after the change. The compensation costs associated with the modified awards are recognized if the new vesting condition is achieved. Total recognized compensation cost for the awards is at least equal to the fair value of the awards at the grant date unless at the date of the modification the performance or service conditions of the original awards are not expected to be satisfied. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date.

Employee benefits

(bb)Employee benefits

Full-time employees of the Group, primarily in the PRC participate in the local government mandated defined contribution plans, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to the employees. Labour related regulations of these countries, require that the local subsidiaries make contributions to the government for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by local governments. The Group has no legal obligation for the benefits beyond the contributions made. Employee social security and welfare benefits included as expenses in the consolidated statements of operations and comprehensive income amounted to RMB59.3 million, RMB159.1 million and RMB251.0 million for the years ended December 31, 2023, 2024 and 2025, respectively.

Taxation

(cc)Taxation

Income taxes

The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate.

The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognized tax benefit recognized in accordance with ASC 740 are classified in the consolidated statements of operations and comprehensive income as income tax benefit/(expense).

Value added Tax (“VAT”)

The Group is subject to VAT on revenues. The sales of products are subject to VAT rate from 9% to 20% depending on the products type and the tax jurisdictions where the sales generated, and the revenue generated from services are subject to VAT rate of 6% or 1% depending on whether the entity is a general taxpayer. The Group records revenue net of VAT. Entities that are VAT general taxpayers are allowed to offset qualified input VAT, paid to suppliers against their output VAT liabilities.

Comprehensive income

(dd)Comprehensive income

Comprehensive income is defined to include all changes in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income includes net income and foreign currency translation adjustments of the Group.

Net income per share

(ee)Net income per share

In accordance with ASC 260, Earnings per Share, basic income per share is computed by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period using the two-class method. The net income will be adjusted by deducting (1) dividends declared in the period on preferred shares (if any), (2) cumulative dividends on preferred shares (whether or not declared) and (3) the accretion on preferred shares to redemption value. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Diluted income per share is calculated by dividing net income attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Ordinary equivalent shares consist of shares issuable upon the conversion of the convertible redeemable preferred shares using the if-converted method, and ordinary shares issuable upon the exercise of share options and vesting of unvested restricted share units (using the treasury stock method). Ordinary equivalent shares are excluded from the computation of diluted loss per share if their effect would be anti-dilutive.

Statutory reserves

(ff)Statutory reserves

The Company’s subsidiaries established in the PRC are required to make appropriations to certain non- distributable reserve funds. Pursuant to the laws applicable to China’s Foreign Invested Enterprises (“FIE”), the Company’s subsidiaries which are registered as a wholly foreign-owned enterprise have to make appropriations from their annual after-tax profits (as determined under generally accepted accounting principles in the PRC (“PRC GAAP”)) to reserve funds including the general reserve fund, enterprise expansion fund and staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the annual after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. Appropriations to the enterprise expansion fund and staff bonus and welfare fund are made at the respective company’s discretion.

Related parties

(gg)Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the Group or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or have significant influence, such as a family member or relative, shareholder, or a related corporation.

Segment reporting

(hh)Segment reporting

In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), or decision-making group, in deciding how to allocate resources and in assessing performance. Based on the criteria established by ASC 280, the Group’s CODM has been identified as the founder, chairman of the board of directors and chief executive officer of the Group, who reviews consolidated results of the Group when making decisions about allocating resources and assessing performance.

The Group’s CODM reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole and hence, the Group operates and manages its business as a single operating and reportable segment. The Group’s CODM uses consolidated net income as the measure of profit or loss to monitor budget versus actual results and decide where to allocate and invest additional resources to continue growth. Significant segment expenses and other segment items are consistent with the financial information included on the consolidated statements of operations and comprehensive income. The measure of segment assets is reported on the consolidated balance sheet as total assets. As substantially all of the Group’s revenues are derived from within the PRC, no geographical revenue information is presented.

The following table shows long-lived assets as of December 31, 2024 and 2025 for countries that individually accounted for 10% or more of the total long-lived assets, as well as aggregate amounts for the remaining countries.


		As of December 31,
		2024		2025
		RMB		RMB
Long-lived assets:
China		591,653		979,834
Singapore		147,078		298,268
Other countries		52,474		581,373
Total long-lived assets		791,205		1,859,475

Recently issued accounting pronouncements

(ii)Recently issued accounting pronouncements

In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations. The amendments in this Update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The objectives of the amendments are to (1) provide decision-useful information to investors and other allocators of capital (collectively, investors) in a joint venture’s financial statements and (2) reduce diversity in practice. ASU 2023-05 is effective prospectively for all joint venture formations with a formation date on or after January 1, 2025. Early adoption permitted in any interim or annual period in which financial statements have not yet been issued (or made available for issuance), either prospectively or retrospectively. The Group adopted ASU 2023-05 for the year beginning on January 1, 2025 and concluded that it has no material impact on the consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which applies to all entities subject to income taxes. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. For public business entities, ASU 2023-09 is effective for annual periods beginning after December 15, 2024. For entities other than public business entities, the requirements will be effective for annual periods beginning after December 15, 2025. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. Early adoption is permitted. The Group adopted ASU 2023-09 for the year beginning on January 1, 2025, prospectively. See Note 15 for further information.

In November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220)- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40), which was subsequently amended with ASU 2025-01 to clarify the effective date. ASU 2024-03, requires publicly-traded business entities to disclose specified information about the components of certain costs and expenses that are currently disclosed in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Group is currently evaluating the impact of adopting these standard updates on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other - Internal-Use Software (Subtopic 350-40). ASU 2025-06 modernizes the accounting for internal-use software to reflect current development practices, clarifies when to begin capitalizing costs, and enhances disclosure requirements. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact of adopting these standard updates on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832). ASU 2025-10 establishes guidance on the recognition, measurement, and presentation of government grants received by business entities. The guidance is effective for annual reporting periods beginning after December 15, 2029, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact of adopting these standard updates on its consolidated financial statements.

All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

NET REVENUES - Significant changes to the contract liabilities balances (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NET REVENUES
Beginning balance	¥ 522,646	¥ 341,907	¥ 46,521
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the year	(68,790)	(45,263)	(5,394)
Increase for upfront fees associated with contracts that became effective during the year, net of amounts recognized as revenue during the year	17,735	164,398	161,121
Increase for payments received in advance of transferring control of goods to franchised stores and franchise related service fee, net of amounts recognized as revenue during the year	8,111	61,604	139,659
Ending balance	¥ 479,702	¥ 522,646	¥ 341,907

ORGANIZATION AND PRINCIPAL ACTIVITIES

12 Months Ended

Dec. 31, 2025

ORGANIZATION AND PRINCIPAL ACTIVITIES

ORGANIZATION AND PRINCIPAL ACTIVITIES

1.ORGANIZATION AND PRINCIPAL ACTIVITIES

(a)Principal activities and subsidiaries

Chagee Holdings Limited (the “Company” or “Chagee”) was incorporated in the Cayman Islands under the Cayman Islands Companies Law as an exempted company with limited liability on May 12, 2023. The Company and its subsidiaries, together referred to as the “Group”. The Group is primarily engaged in the sales of freshly-made tea drinks, related raw materials, packaging, teahouse equipment and other supplies in the People’s Republic of China (the references to “PRC” are to the People’s Republic of China, for the purposes of the financial statements only, excluding Hong Kong, Macau and Taiwan) and overseas.

As of December 31, 2025, the Company’s major subsidiaries were as follows:


						Percentage of
		Place of		Date of		beneficial
		Incorporation		incorporation		ownership		Principal Activities
Major subsidiaries:
Chagee Holdings Pte. Ltd. (“Chagee Holdings Singapore”)		Singapore		June 9, 2023		100	%	Investing holding company
Chagee Investment Pte. Ltd. (“Chagee Investment”)		Singapore		June 30, 2023		100	%	Investing holding company
Beijing Chagee Catering Management Co., Ltd. (“Beijing Chagee”)		PRC		December 11, 2020		100	%	Investing holding company
Sichuan Chagee Enterprise Management Co., Ltd.		PRC		March 24, 2021		100	%	Franchise business
Sichuan Chayudao Enterprise Management Co., Ltd.		PRC		May 11, 2023		100	%	Supply chain product sales
Chagee (Shanghai) Brand Management Co., Ltd.		PRC		January 8, 2024		100	%	Brand, Marketing and Management
Chagee (Shanghai) Information Technology Co., Ltd.		PRC		September 23, 2024		100	%	Information Technology Services

(b)Reorganization

Prior to the incorporation of the Company and the completion of the restructuring (the “Restructuring”) as described below, the Group conducted its business initially through Beijing Chagee and its subsidiaries in the PRC. Beijing Chagee had previously issued Series A and Series B preferred shares to certain investors during the years of 2020 and 2021 (Note 18).

In connection with the proposed initial public offering of the Company’s shares, the Group undertook certain corporate restructuring activities in 2023 to establish an offshore structure with the Company as the Group’s ultimate holding company.

To effect the Restructuring, the following steps were undertaken:

●

In June 2023, the Company established a directly wholly owned subsidiary Chagee Holdings Singapore, and Chagee Holdings Singapore established a wholly owned subsidiary Chagee Investment.

In July 2023, in anticipation of the Restructuring, the Company issued preferred shares to certain Beijing Chagee’s Series A and Series B preferred shareholders in proportion to their previous respective equity interest in Beijing Chagee and with substantially the same terms. For preferred shareholders who are required to complete certain regulatory procedures before they can legally own shares in the Company, the Company entered into an exchange agreement with them that they shall exchange their interest in Beijing Chagee into preferred shares of the Company when regulatory procedures are completed.

1.	ORGANIZATION AND PRINCIPAL ACTIVITIES (CONTINUED)

(b)Reorganization (continued)

●

In October 2023, Chagee investment paid to Beijing Chagee RMB36.9 million as capital contribution and then all existing ordinary shareholders of Beijing Chagee transferred their interest in Beijing Chagee to Chagee Investment for nominal consideration and all preferred shareholders’ interest in Beijing Chagee were repurchased by Beijing Chagee. As a result, Chagee Investment obtained 100% equity interests of Beijing Chagee. In September and November 2023, Beijing Chagee paid RMB195.0 million and RMB110.0 million, respectively to the Series A and Series B preferred shareholders as legal consideration for repurchase of their interest in Beijing Chagee. Such consideration must be returned to the Company as the legal subscription price for the preferred shares of the Company and was actually received by the Company before the completion of the Restructuring in December 2023. The consideration paid is accounted for as a bridge loan to the shareholders.

●

In December 2023, the required regulatory procedures were completed for certain preferred shareholders to legally own shares in the Company. As such, they completed the exchange of their interest in Beijing Chagee into preferred shares of the Company pursuant to the exchange agreement.

●

Upon completion of the Restructuring in December 2023, all of the ordinary and preferred shareholders of Beijing Chagee exchanged their interests into ordinary shares, Series A and Series B preferred shares of the Company as applicable, which are in proportion to their previous respective equity interests in Beijing Chagee prior to the Restructuring.

Upon the completion of the Restructuring, the business was still carried out by PRC subsidiaries and within the Group. The Company, Chagee Holdings Singapore and Chagee Investment had no operations and only nominal amounts of net assets prior to the consummation of the Restructuring and did not meet the definition of a business. All of the Group’s business continued to be conducted through Beijing Chagee and its subsidiaries after the Restructuring. There was no change in control over the Group before and after the Restructuring.

Accordingly, the above Restructuring transactions, are regarded as a non-substantive recapitalization of Beijing Chagee with no change in the basis of presentation of the financial statements. The Group’s financial information has been prepared on a consolidated basis as if the corporate structure of the Company after the Restructuring had been in existence throughout the periods presented, and represents a continuation of the consolidated financial statements of Beijing Chagee whereas the assets, liabilities and operating results were presented at their historical carrying values.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

23.SUBSEQUENT EVENTS

In February 2026, two lawsuits were filed in the New York County Supreme Court alleging violations of Sections 11 and 15 of the Securities Act of 1933. The complaints allege that the Company’s IPO registration statement was materially false and misleading by failing to disclose the adverse financial impacts of price competition between major Chinese food delivery services. On April 3, 2026, the two cases were consolidated. The plaintiffs are required to file a consolidated complaint by May 26, 2026. As of the date of issue of the consolidated financial statements, the Company is unable to predict the outcome of the lawsuit, or reasonably estimate a range of possible losses, if any, given the early stage of this lawsuit.

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2025

INVENTORIES

Schedule of inventories


		As of December 31,
		2024		2025
		RMB		RMB
Raw materials		45,693		69,796
Teahouse operation equipment		20,980		44,815
Packaging and other supplies		65,396		113,398
		132,069		228,009

TAXES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

TAXES PAYABLE

Schedule of taxes payable


		As of December 31,
		2024		2025
		RMB		RMB
VAT payable		19,780		7,697
Enterprise income taxes payable		189,717		151,304
Surtaxes and others		7,890		15,745
		217,387		174,746

FAIR VALUE MEASUREMENT

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENT

FAIR VALUE MEASUREMENT

20.FAIR VALUE MEASUREMENT

a.Assets and liabilities measured at fair value on a recurring basis

The following table summarizes the Group’s assets and liabilities that are measured at fair value on a recurring basis and are categorized under the fair value hierarchy:


	As of December 31,
	2024		2025
	Level 2	Total	Level 2	Total
	RMB	RMB	RMB	RMB
Short-term investments	—	—	100,093	100,093
	—	—	100,093	100,093

Short-term investments

The short-term investments are comprised of investments in wealth management products issued by financial institutions. The Group estimates the fair value of investments in short-term investments using alternative pricing sources and models utilizing market observable inputs, and accordingly the Group classifies the valuation techniques that use these inputs as Level 2. The carrying amount of short-term investments approximates to its fair value because of its short maturities.

Other financial instruments

Other financial assets and liabilities of the Group primarily consist of cash and cash equivalents, restricted cash, time deposits, accounts receivable, other receivables, amounts due from related parties, certain other current assets and certain accruals and other liabilities. As of December 31, 2024 and 2025, the carrying values of these financial assets are approximated to the fair values due to their short-term maturity. They are not measured at fair value in the consolidated balance sheets, but the fair value is estimated for disclosure purposes.

b.Assets and liabilities measured at fair value on a non-recurring basis

The Group’s long-term equity investments are measured at fair value on a non-recurring basis under measurement alternative, if an impairment loss is charged or fair value adjustment is made for an observable price in an orderly transaction for identical or similar investments of the same issuer. The related inputs used are classified as Level 3 fair value measurement. Please refer to Note 2(g) for more details of valuation techniques.

The Group’s non-financial assets, such as property and equipment and right-of-use assets, would be measured at fair value on a non-recurring basis only if they were determined to be impaired.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

TAXATION - Movement of Deferred Tax Assets Valuation Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
TAXATION
Balance at the beginning of the year	¥ 38,201
Increase during the year	104,319	¥ 38,201
Balance at the end of the year	¥ 142,520	¥ 38,201

SIGNIFICANT ACCOUNTING POLICIES - Segment reporting (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024
SIGNIFICANT ACCOUNTING POLICIES
Total long-lived assets	¥ 1,859,475	¥ 791,205
PRC
SIGNIFICANT ACCOUNTING POLICIES
Total long-lived assets	979,834	591,653
Singapore
SIGNIFICANT ACCOUNTING POLICIES
Total long-lived assets	298,268	147,078
Other countries
SIGNIFICANT ACCOUNTING POLICIES
Total long-lived assets	¥ 581,373	¥ 52,474

INVENTORIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
INVENTORIES
Raw materials	¥ 69,796		¥ 45,693
Teahouse operation equipment	44,815		20,980
Packaging and other supplies	113,398		65,396
Total	¥ 228,009	$ 32,605	¥ 132,069

TAXATION

12 Months Ended

Dec. 31, 2025

TAXATION

TAXATION

15.TAXATION

(a)Enterprise income tax (“EIT”)

Cayman Islands

Under the current laws of the Cayman Islands, the Group is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed.

Singapore

Under the current laws of Singapore, the subsidiaries incorporated in Singapore are subject to the prevailing Singapore Corporate Tax of 17%.

Malaysia

Under the current laws of Malaysia, the subsidiaries incorporated in Malaysia are subject to the Malaysia Cooperate Income Tax of 24%.

The United States of America (“U.S.”)

Under the current laws of the U.S., the subsidiaries incorporated in the U.S. are subject to U.S. Federal Income Tax of 21%, and State Income Tax of 6.5% to 8.84%.

PRC

Under the PRC Enterprise Income Tax Law (the “EIT Law”), the standard enterprise income tax rate for domestic enterprises and foreign invested enterprises is 25%.

According to the circular of “Continuing to Implement Preferential Enterprise Income Tax Policies for Western Development”(Ministry of Finance announcement [2020] No. 23) issued by the Ministry of Finance, the State Administration of Taxation and the National Development and Reform Commission and relevant PRC enterprise income tax regulations, entities that are qualified and located in certain western provinces of mainland China are entitled to a preferential enterprise income tax rate of 15%. Certain entities of the Group that are engaged in the “Encouraged Industries in the Western Region” stated in the Ministry of Finance announcement [2020] No. 23 are eligible for the preferential EIT rate at 15%.

Dividends, interests, rent or royalties payable by the Company’s PRC subsidiaries, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the cost base of such assets) shall be subject to 10% withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax.

15.TAXATION (CONTINUED)

(a)Enterprise income tax (“EIT”) (continued)

The following table sets forth the component of profit before income tax expenses of the Group for the year ended December 31, 2025.


		For the Years Ended
		December 31,
		2025
		RMB
PRC		2,214,170
Others		(596,084)
		1,618,086

The following table sets forth the component of enterprise income tax expenses of the Group for the years ended December 31, 2023, 2024 and 2025.


		For the Years Ended December 31,
		2023		2024
		RMB		RMB
Current income tax expense		299,533		654,380
Deferred income tax benefit		(95,772)		(126,873)
Income tax expense		203,761		527,507


		For the Year Ended
		December 31,
		2025
		RMB
Current income tax expense
- PRC		560,956
- Others		20,396
Deferred income tax benefit
- PRC		(52,791)
- Others		(96,820)
Income tax expense		431,741

For the year ended December 31, 2025, total income tax paid in the PRC was RMB604.1 million, and total income tax paid in other jurisdictions was RMB26.1 million.

15.TAXATION (CONTINUED)

(a)Enterprise income tax (“EIT”) (continued)

The following table presents a reconciliation of the differences between the statutory income tax rate of the PRC and the Group’s effective income tax rate for the years ended December 31, 2023, 2024 and 2025:


		For the Years Ended December 31,
		2023	2024
		%	%
PRC statutory income tax rate		25.00	25.00
Effect of tax rate differential in other jurisdictions		—	0.47
Tax effect of preferential tax treatments		(6.80)	(9.55)
Tax effect of permanent differences		2.05	0.16
Changes in valuation allowance		—	1.26
Effective income tax rate		20.25	17.34


	For the Year Ended December 31, 2025
	Amount	Percent
	RMB	%
PRC statutory income tax rate	404,521	25.00
Tax effect of PRC preferential tax treatments	(293,247)	(18.12)
Tax effect of permanent differences
Share-based compensation expenses	161,128	9.96
Others	18,999	1.17
Changes in valuation allowance	53,803	3.33
Foreign tax effects
the U.S.
Effect of tax rate differential in other jurisdictions	(13,129)	(0.81)
Non-deductible expenses	7,308	0.45
Changes in valuation allowance	71,520	4.42
Singapore
Effect of tax rate differential in other jurisdictions	25,131	1.55
Non-deductible expenses	20,122	1.24
Changes in valuation allowance	(24,008)	(1.48)
Other tax jurisdictions	(407)	(0.03)
Effective income tax rate	431,741	26.68

15.TAXATION (CONTINUED)

(b)Deferred Taxes

The significant components of deferred taxes are as follows:


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets:
Contract liabilities		43,794		46,691
Net operating tax losses carried forward		126,368		353,148
Accrued expenses		15,968		18,166
Advertising expenses in excess of deduction limit		102,621		125,605
Expected credit loss		1,548		2,291
Lease liabilities		127,026		272,614
Others		—		5,567
Subtotal		417,325		824,082
Less: valuation allowance		(38,201)		(142,520)
Less: deferred tax liabilities in relation to property and equipment-(accelerated depreciation)		—		(5,957)
Less: deferred tax liabilities in relation to right-of-use asset		(125,914)		(272,784)
Total deferred tax assets, net		253,210		402,821

The following table presents the movement of the valuation allowance for the deferred tax assets:


	For the Years Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB

Balance at the beginning of the year	—	—	38,201
Increase during the year	—	38,201	104,319
Balance at the end of the year	—	38,201	142,520

The tax losses of the Group expire over different time intervals depending on the local jurisdiction. As of December 31, 2025, total net operating tax losses carried forward of the Group, if not utilized, will expire as follows:


		RMB
Loss expiring for the year ending December 31, 2026		5,582
Loss expiring for the year ending December 31, 2027		6,986
Loss expiring for the year ending December 31, 2028		46,884
Loss expiring for the year ending December 31, 2029		276,462
Loss expiring for the year ending December 31, 2030		472,413
Thereafter		662,970
Subtotal		1,471,297

15.TAXATION (CONTINUED)

(b)Deferred Taxes (continued)

In addition, according to the EIT Law and its implementation rules, foreign enterprises, which have no establishment or place in the PRC but derive dividends, interest, rents, royalties and capital gains from sources in the PRC shall be subject to PRC withholding tax (“WHT”) at 10% (a further reduced WHT rate may be available according to the applicable double tax treaty or arrangement). The 10% WHT is applicable to any dividends to be distributed from the Group’s PRC subsidiaries to the Group’s overseas companies unless otherwise reduced pursuant to applicable tax treaties or tax arrangements between the PRC government and the government of other jurisdiction. Although there are undistributed earnings of the Company’s subsidiaries in the PRC that are available for distribution to the Company, the undistributed earnings of the Company’s subsidiaries located in the PRC are to be indefinitely reinvested for use in the operation and expansion of its business. Accordingly, no deferred income tax liability has been accrued for the PRC dividend withholding taxes that would be payable upon the distribution of those amounts to the Company as of December 31, 2024 and 2025. The undistributed earnings from the Company’s subsidiaries in the PRC as of December 31, 2024 and 2025 were RMB4,025.85 million and RMB6,231.28 million, respectively. An estimated withholding tax of RMB402.59 million and RMB623.13 million would be due if these earnings were remitted as dividends as of December 31, 2024 and 2025, respectively.

The major jurisdictions in which the Group are subject to potential examination are the PRC, the U.S. and Singapore.

According to the PRC Tax Administration and Collection Law, the statute of limitation is three years if the underpayment of taxes is due to computational errors made by the taxpayer or the withholding agent. The statute of limitation is extended to five years under special circumstances where the underpayment of taxes is more than RMB100 thousand. In the case of transfer pricing issues, the statute of limitation is 10 years. There is no statute of limitation in the case of tax evasion.

According to the U.S. Internal Revenue Code, the statute of limitation is three years in general. The statute of limitation is extended to six years under certain circumstances involving substantial understatement of income. There is no statute of limitation in the case of tax fraud or willful tax evasion.

Under Singapore Income Tax Act, the statute of limitation is four years in general, with no statute of limitation in the case of tax fraud or willful default.

Accordingly, the income tax returns of the Company’s PRC subsidiaries for the years starting from 2020, for its U.S. subsidiaries for 2023 and after, and for its Singapore subsidiaries for 2023 and after, remain open to examination by the respective tax authorities.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

SHARE BASED COMPENSATION EXPENSES - Stock option activity (Details) - 12 months ended Dec. 31, 2025 ¥ in Thousands	$ / shares shares	CNY (¥) shares
Shares
Outstanding at the beginning \| shares	16,447,636
Granted \| shares	3,260,697
Exercised \| shares	(12,011,093)
Forfeited \| shares	(506,183)
Outstanding at the end \| shares	7,191,057
Vested and expected to be vested at the end \| shares		7,191,057
Exercisable at the end \| shares		1,161,113
Weighted average exercise price
Outstanding at the beginning \| $ / shares	$ 1.2316
Granted \| $ / shares	3.6414
Exercised \| $ / shares	0.3329
Forfeited \| $ / shares	3.698
Outstanding at the end \| $ / shares	3.6518
Vested and expected to be vested at the end \| $ / shares	3.6518
Exercisable at the end \| $ / shares	$ 2.67
Additional disclosure
Weighted-average remaining contractual term, Outstanding	8 years 10 months 6 days
Weighted average remaining contractual term, Vested and expected to be vested at the end	8 years 10 months 6 days
Weighted average remaining contractual term, exercisable at the end	8 years 7 months 17 days
Aggregate intrinsic value, Outstanding \| ¥		¥ 406,622
Aggregate intrinsic value, Vested and expected to be vested at the end \| ¥		406,622
Aggregate intrinsic value, Exercisable at the end \| ¥		¥ 73,125

CONCENTRATION AND RISKS (Tables)

12 Months Ended

Dec. 31, 2025

CONCENTRATION AND RISKS

Schedule of concentration risks


		As of December 31,
		2024		2025
Accounts receivable, net
Customer A		*		14	%


		For the Years Ended December 31,
		2023		2024		2025
Supplier A		13	%	11	%	*
Supplier B		*		14	%	13	%

*	The percentage is less than 10%

ACCOUNTS RECEIVABLE, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)
ACCOUNTS RECEIVABLE, NET
Accounts receivable	¥ 150,381	¥ 126,911
Less: allowance for credit losses	(4,478)	(4,944)		¥ (2,535)	¥ (835)
Accounts receivable, net	¥ 145,903	¥ 121,967	$ 20,864
Credit period (in days)	60 days	60 days

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of related party transactions

(a)Significant transactions with related parties


		For the Years Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Services and sales to related parties
Investees		2,511		18,811		32,707
Total		2,511		18,811		32,707
Loans advanced to the related parties
Junjie Zhang		20,000		—		—
Xianggui Peng		7,000		—		—
Peibang Gong		5,000		—		—
Jiangmen Pengjiang District Yu Sheng Beverage Plant		2,000		—		—
Total		34,000		—		—
Share-based compensation related to ordinary shares exchanged for preferred shares (Note 16)
Partea Ltd		4,237		—		—
TasTea Ltd		1,633		—		—
TEALATTE Ltd		1,120		—		—
Total		6,990		—		—
Repayment of the loans advanced to the related parties
Junjie Zhang		24,000		—		—
Xianggui Peng		7,000		—		—
Peibang Gong		5,000		—		—
Jiangmen Pengjiang District Yu Sheng Beverage Plant		2,000		—		—
Total		38,000		—		—
Bridge loans to shareholders related to Restructuring
XVC Group		138,000		—		—
Qiushi Chenxing		117,000		—		—
Fosun Group		50,000		—		—
Total		305,000		—		—
Repayment of bridge loans to shareholders related to Restructuring
XVC Group		138,000		—		—
Qiushi Chenxing		117,000		—		—
Fosun Group		50,000		—		—
Total		305,000		—		—

(b)Balances with related parties


		As of December 31,
		2024		2025
		RMB		RMB
Amounts due from related parties
Investees		1,547		2,085
Total		1,547		2,085

OTHER NON-CURRENT ASSETS

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS

OTHER NON-CURRENT ASSETS

8.OTHER NON-CURRENT ASSETS

Other non-current assets consist of the following:


		As of December 31,
		2024	2025
		RMB	RMB
Long-term rental deposits		69,046	152,279
Prepayments for property, equipment and software		12,991	37,889
Prepayment for business combination		—	12,978
Others		7,306	34,940
		89,343	238,086

OTHER NON-CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2025

OTHER NON-CURRENT ASSETS

Schedule of other non-current assets


		As of December 31,
		2024	2025
		RMB	RMB
Long-term rental deposits		69,046	152,279
Prepayments for property, equipment and software		12,991	37,889
Prepayment for business combination		—	12,978
Others		7,306	34,940
		89,343	238,086

SIGNIFICANT ACCOUNTING POLICIES - Property and equipment, net (Details)	Dec. 31, 2025
Electronic equipment
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3 years
Teahouse operation equipment
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	3 years
Vehicles
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	4 years
Manufacturing equipment
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	10 years
Property
SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives	20 years
Leasehold improvements
SIGNIFICANT ACCOUNTING POLICIES
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

INCOME PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

INCOME PER SHARE

Schedule of basic and diluted income per share


		For the Years Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Numerator:
Net income		802,566		2,514,591		1,186,345
Less: Net income attributable to non-controlling interests		(1,663)		(17,368)		(15,196)
Add: Net loss attributable to redeemable non-controlling interests		—		18,891		—
Less: accretion to redemption value of convertible redeemable preferred shares		(43,330)		(62,000)		(20,082)
Less: accretion to redemption value of redeemable non-controlling interests		—		(18,891)		—
Less: cumulative undeclared dividends on convertible redeemable preferred shares		(32,081)		(51,032)		(15,702)
Less: Net income attributable to preferred shareholders based on their participating rights		(198,548)		(949,041)		(116,785)
Net earnings available for distribution – basic		526,944		1,435,150		1,018,580
Reversal of accretion on redemption value of Series A and Series B convertible redeemable preferred shares		34,484		—		—
Reversal and reallocation of net income attributable to preferred shareholders		199,331		—		—
Net earnings available for distribution – diluted		760,759		1,435,150		1,018,580
Denominator:
Denominator for basic income per share calculation		104,465,049		100,628,189		162,470,727
Effects of dilutive securities − convertible redeemable preferred shares		48,266,743		—		—
Effects of dilutive securities − outstanding share options and RSUs		—		—		2,243,939
Denominator for diluted income per share calculation		152,731,792		100,628,189		164,714,666
Basic income per share		5.04		14.26		6.27
Dilutive income per share		4.98		14.26		6.18

INCOME PER SHARE (Details) - shares	12 Months Ended
INCOME PER SHARE (Details) - shares	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Preferred shares
INCOME PER SHARE
Antidilutive securities excluded from computation of earnings per share	21,132,660	70,122,009	6,283,388
Employee Stock Option
INCOME PER SHARE
Antidilutive securities excluded from computation of earnings per share	0	14,088,184	10,632,274

ORGANIZATION AND PRINCIPAL ACTIVITIES - Reorganization (Details) - CNY (¥)	1 Months Ended
	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2023
Chagee Investment \| Beijing Chagee
ORGANIZATION AND PRINCIPAL ACTIVITIES
Capital contribution		¥ 36,900,000
Percentage of equity interest obtained		100.00%
Beijing Chagee \| Series A preferred stock
ORGANIZATION AND PRINCIPAL ACTIVITIES
Payments for bridge loans to shareholders			¥ 195,000,000
Beijing Chagee \| Series B preferred stock
ORGANIZATION AND PRINCIPAL ACTIVITIES
Payments for bridge loans to shareholders	¥ 110,000,000

SHARE BASED COMPENSATION EXPENSES (Tables)

12 Months Ended

Dec. 31, 2025

SHARE BASED COMPENSATION EXPENSES

Summary of stock options


				Weighted-		Weighted-
				average		average		Aggregate
		Number of		exercise		remaining contractual		intrinsic
		shares		price		term		Value
				US$
				per share		Years		RMB
Outstanding, January 1, 2025		16,447,636		1.2316
Granted		3,260,697		3.6414
Exercised		(12,011,093)		0.3329
Forfeited		(506,183)		3.6980
Outstanding, December 31, 2025		7,191,057		3.6518		8.85		406,622
Vested and expected to be vested as of December 31, 2025		7,191,057		3.6518		8.85		406,622
Exercisable as of December 31, 2025		1,161,113		2.6700		8.63		73,125

Summary of share options activity


		Number of		Weighted-average
		restricted shares		grant day fair value
				US$ per share
Unvested, January 1, 2025		—		—
Granted		483,274		20.73
Vested		(6,772)		26.54
Forfeited		(90,940)		26.80
Unvested, December 31, 2025		385,562		19.19

Summary of fair value of employee share options


	For the year ended December 31,
	2023		2024		2025
	RMB		RMB		RMB
Risk-free interest rate (per annum)	2.80	%	2.21% – 4.57	%	4.32% – 4.57	%
Expected volatility	36.82	%	38.00% – 39.91	%	38.00% – 39.90	%
Expected dividend yield	0.00	%	0.00	%	0.00	%
Expected post-vesting forfeiture rate	0.97	%	0.00	%	0.00	%
Fair value of the underlying shares on the date of option grants	9.78		57.05 – 102.21		102.21 – 203.08

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Leasehold improvements		212,239		568,314
Teahouse operation equipment		40,840		118,807
Electronic equipment		22,106		43,565
Manufacturing equipment		27,449		—
Vehicles		14,289		18,760
Property		649		374
Construction in progress		4,177		37,466
Total		321,749		787,286
Less: accumulated depreciation		(72,746)		(203,616)
Net book value		249,003		583,670

Depreciation expense was RMB10.4 million, RMB60.3 million and RMB133.0 million for the years ended December 31, 2023, 2024 and 2025, respectively.

TAXATION - Deferred Taxes - Total net operating tax losses (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)
TAXATION
Loss expiring for the year ending December 31, 2026	¥ 5,582
Loss expiring for the year ending December 31, 2027	6,986
Loss expiring for the year ending December 31, 2028	46,884
Loss expiring for the year ending December 31, 2029	276,462
Loss expiring for the year ending December 31, 2030	472,413
Thereafter	662,970
Subtotal	¥ 1,471,297

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2025 shares
Document and Entity Information
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2025
Entity File Number	001-42598
Entity Registrant Name	Chagee Holdings Limited
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Tower B, Hongqiao Lianhe Building
Entity Address, Adress Line Two	No.99 Kaihong Road
Entity Address, Address Line Three	Changning District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	20051
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	190,763,326
Entity Central Index Key	0002013649
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG Huazhen LLP
Auditor Location	Beijing, China
Auditor Firm ID	1186
ADS
Document and Entity Information
Title of 12(b) Security	American depositary shares, each ADS represents one Class A ordinary share, par value US$0.0001 per share
Trading Symbol	CHA
Security Exchange Name	NASDAQ
Class A Ordinary shares
Document and Entity Information
Title of 12(b) Security	Class A ordinary shares, par value US$0.0001 per share
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	125,489,219
Class B Ordinary shares
Document and Entity Information
Entity Common Stock, Shares Outstanding	65,274,107
Business Contact
Document and Entity Information
Contact Personnel Name	Mr. Junjie Zhang
Contact Personnel Email Address	Chagee.IR@icrinc.com
Entity Address, Address Line One	Tower B, Hongqiao Lianhe Building
Entity Address, Adress Line Two	No.99 Kaihong Road
Entity Address, Address Line Three	Changning District
Entity Address, City or Town	Shanghai
Entity Address, Country	CN
Entity Address, Postal Zip Code	20051
Country Region	86
City Area Code	186
Local Phone Number	8893 0014

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Preferred shares activity (Details) ¥ in Thousands, $ in Thousands					12 Months Ended
	Jul. 20, 2023 CNY (¥) shares	May 14, 2021 CNY (¥) shares	Feb. 22, 2021 CNY (¥) shares	Dec. 25, 2020 CNY (¥) shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at the beginning					¥ 933,780		¥ 871,780	¥ 352,373
Accretion of convertible redeemable preferred shares to redemption value					20,082	$ 2,872	62,000	43,330
Conversion of redeemable preferred shares into ordinary shares upon IPO, value					(953,862)
Balance at the end							933,780	871,780
Series A preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at the beginning					¥ 231,944		¥ 212,421	¥ 194,589
Balance at the beginning (in shares) \| shares					34,833,028	34,833,028	34,833,028	34,833,028
Accretion of convertible redeemable preferred shares to redemption value					¥ 6,268		¥ 19,523	¥ 17,832
Issuance of Preferred Shares, net of issuance cost			¥ 5,000	¥ 160,000
Issuance of Preferred Shares, net of issuance cost (in shares) \| shares			1,055,546	33,777,482
Conversion of redeemable preferred shares into ordinary shares upon IPO, value					¥ (238,212)
Conversion of redeemable preferred shares into ordinary shares upon IPO (in shares) \| shares					(34,833,028)	(34,833,028)
Balance at the end							¥ 231,944	¥ 212,421
Balance at the end (in shares) \| shares					0	0	34,833,028	34,833,028
Series B preferred stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at the beginning					¥ 234,715		¥ 213,608	¥ 157,784
Balance at the beginning (in shares) \| shares					14,914,404	14,914,404	14,914,404	12,256,755
Accretion of convertible redeemable preferred shares to redemption value					¥ 6,717		¥ 21,107	¥ 16,652
Issuance of Preferred Shares, net of issuance cost		¥ 140,000						¥ 39,172
Issuance of Preferred Shares, net of issuance cost (in shares) \| shares		12,256,755						2,657,649
Conversion of redeemable preferred shares into ordinary shares upon IPO, value					¥ (241,432)
Conversion of redeemable preferred shares into ordinary shares upon IPO (in shares) \| shares					(14,914,404)	(14,914,404)
Balance at the end							¥ 234,715	¥ 213,608
Balance at the end (in shares) \| shares					0	0	14,914,404	14,914,404
Series B+ Preferred Shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at the beginning					¥ 467,121		¥ 445,751
Balance at the beginning (in shares) \| shares					20,374,577	20,374,577	20,374,577
Accretion of convertible redeemable preferred shares to redemption value					¥ 7,097		¥ 21,370	¥ 8,846
Issuance of Preferred Shares, net of issuance cost	¥ 209,902							¥ 436,905
Issuance of Preferred Shares, net of issuance cost (in shares) \| shares	12,780,417							20,374,577
Conversion of redeemable preferred shares into ordinary shares upon IPO, value					¥ (474,218)
Conversion of redeemable preferred shares into ordinary shares upon IPO (in shares) \| shares					(20,374,577)	(20,374,577)
Balance at the end							¥ 467,121	¥ 445,751
Balance at the end (in shares) \| shares					0	0	20,374,577	20,374,577
Class A Ordinary shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Exchange of ordinary shares for preferred shares (in shares) \| shares								1,046,761
Class A Ordinary shares \| Junjie Zhang, Xianggui Peng And Peibang Gong (Employees)
Increase (Decrease) in Temporary Equity [Roll Forward]
Exchange of ordinary shares for preferred shares (in shares) \| shares								1,046,761
Class B Ordinary shares
Increase (Decrease) in Temporary Equity [Roll Forward]
Exchange of ordinary shares for preferred shares (in shares) \| shares								1,610,888
Class B Ordinary shares \| Junjie Zhang, Xianggui Peng And Peibang Gong (Employees)
Increase (Decrease) in Temporary Equity [Roll Forward]
Exchange of ordinary shares for preferred shares (in shares) \| shares								1,610,888

NET REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

NET REVENUES

Schedule of key revenue streams


		For the Years Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net Revenues
Net revenues from franchised teahouses		4,395,908		11,632,374		11,417,091
– Sales of products		4,148,198		10,788,976		10,440,456
– Raw materials & packaging		3,585,139		9,890,969		10,083,091
– Teahouse equipment and other supplies		563,059		898,007		357,365
– Franchising and other services		247,710		843,398		976,635
Net revenues from company-owned teahouses		244,263		773,208		1,490,316
		4,640,171		12,405,582		12,907,407

Schedule of significant changes to the contract liabilities

A summary of significant changes to the contract liabilities balances as of December 31, 2023, 2024 and 2025 is presented below.


		2023		2024		2025
		RMB		RMB		RMB
Balance as of January 1		46,521		341,907		522,646
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the year		(5,394)		(45,263)		(68,790)
Increase for upfront fees associated with contracts that became effective during the year, net of amounts recognized as revenue during the year		161,121		164,398		17,735
Increase for payments received in advance of transferring control of goods to franchised stores and franchise related service fee, net of amounts recognized as revenue during the year		139,659		61,604		8,111
Balance as of December 31		341,907		522,646		479,702

Schedule of expected recognition contract liabilities


		As of December 31, 2025
		RMB
Less than 1 year		293,706
1 – 2 years		82,865
2 – 3 years		64,693
3 – 4 years		29,391
4 – 5 years		5,985
Thereafter		3,062
Total		479,702

TAXES PAYABLE

12 Months Ended

Dec. 31, 2025

TAXES PAYABLE

TAXES PAYABLE

10.TAXES PAYABLE

Taxes payable consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
VAT payable		19,780		7,697
Enterprise income taxes payable		189,717		151,304
Surtaxes and others		7,890		15,745
		217,387		174,746

RELATED PARTY BALANCES AND TRANSACTIONS - Significant transactions with related parties (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Services and sales to related parties
RELATED PARTY BALANCES AND TRANSACTIONS
Total	¥ 32,707	¥ 18,811	¥ 2,511
Related party \| Loans advanced to the related parties
RELATED PARTY BALANCES AND TRANSACTIONS
Total			34,000
Related party \| Loans advanced to the related parties \| Junjie Zhang
RELATED PARTY BALANCES AND TRANSACTIONS
Total			20,000
Related party \| Loans advanced to the related parties \| Xianggui Peng
RELATED PARTY BALANCES AND TRANSACTIONS
Total			7,000
Related party \| Loans advanced to the related parties \| Peibang Gong
RELATED PARTY BALANCES AND TRANSACTIONS
Total			5,000
Related party \| Loans advanced to the related parties \| Jiangmen Pengjiang District Yu Sheng Beverage Plant
RELATED PARTY BALANCES AND TRANSACTIONS
Total			2,000
Related party \| Share-based compensation related to ordinary shares exchanged for preferred shares
RELATED PARTY BALANCES AND TRANSACTIONS
Total			6,990
Related party \| Share-based compensation related to ordinary shares exchanged for preferred shares \| Partea Ltd
RELATED PARTY BALANCES AND TRANSACTIONS
Total			4,237
Related party \| Share-based compensation related to ordinary shares exchanged for preferred shares \| TasTea Ltd
RELATED PARTY BALANCES AND TRANSACTIONS
Total			1,633
Related party \| Share-based compensation related to ordinary shares exchanged for preferred shares \| TEALATTE Ltd
RELATED PARTY BALANCES AND TRANSACTIONS
Total			1,120
Related party \| Repayment of the loans advanced to the related parties
RELATED PARTY BALANCES AND TRANSACTIONS
Total			38,000
Related party \| Repayment of the loans advanced to the related parties \| Junjie Zhang
RELATED PARTY BALANCES AND TRANSACTIONS
Total			24,000
Related party \| Repayment of the loans advanced to the related parties \| Xianggui Peng
RELATED PARTY BALANCES AND TRANSACTIONS
Total			7,000
Related party \| Repayment of the loans advanced to the related parties \| Peibang Gong
RELATED PARTY BALANCES AND TRANSACTIONS
Total			5,000
Related party \| Repayment of the loans advanced to the related parties \| Jiangmen Pengjiang District Yu Sheng Beverage Plant
RELATED PARTY BALANCES AND TRANSACTIONS
Total			2,000
Related party \| Bridge loans to shareholders related to Restructuring
RELATED PARTY BALANCES AND TRANSACTIONS
Total			305,000
Related party \| Bridge loans to shareholders related to Restructuring \| XVC Group
RELATED PARTY BALANCES AND TRANSACTIONS
Total			138,000
Related party \| Bridge loans to shareholders related to Restructuring \| Qiushi Chenxing
RELATED PARTY BALANCES AND TRANSACTIONS
Total			117,000
Related party \| Bridge loans to shareholders related to Restructuring \| Fosun Group
RELATED PARTY BALANCES AND TRANSACTIONS
Total			50,000
Related party \| Repayment of bridge loans to shareholders related to Restructuring
RELATED PARTY BALANCES AND TRANSACTIONS
Total			305,000
Related party \| Repayment of bridge loans to shareholders related to Restructuring \| XVC Group
RELATED PARTY BALANCES AND TRANSACTIONS
Total			138,000
Related party \| Repayment of bridge loans to shareholders related to Restructuring \| Qiushi Chenxing
RELATED PARTY BALANCES AND TRANSACTIONS
Total			117,000
Related party \| Repayment of bridge loans to shareholders related to Restructuring \| Fosun Group
RELATED PARTY BALANCES AND TRANSACTIONS
Total			50,000
Investees \| Services and sales to related parties
RELATED PARTY BALANCES AND TRANSACTIONS
Total	¥ 32,707	¥ 18,811	¥ 2,511

TAXATION (Tables)

12 Months Ended

Dec. 31, 2025

TAXATION

Schedule of component of profit before income tax expenses


		For the Years Ended
		December 31,
		2025
		RMB
PRC		2,214,170
Others		(596,084)
		1,618,086

Schedule of component of enterprise income tax expenses of the group


		For the Years Ended December 31,
		2023		2024
		RMB		RMB
Current income tax expense		299,533		654,380
Deferred income tax benefit		(95,772)		(126,873)
Income tax expense		203,761		527,507


		For the Year Ended
		December 31,
		2025
		RMB
Current income tax expense
- PRC		560,956
- Others		20,396
Deferred income tax benefit
- PRC		(52,791)
- Others		(96,820)
Income tax expense		431,741

Schedule of income tax reconciliation


		For the Years Ended December 31,
		2023	2024
		%	%
PRC statutory income tax rate		25.00	25.00
Effect of tax rate differential in other jurisdictions		—	0.47
Tax effect of preferential tax treatments		(6.80)	(9.55)
Tax effect of permanent differences		2.05	0.16
Changes in valuation allowance		—	1.26
Effective income tax rate		20.25	17.34


	For the Year Ended December 31, 2025
	Amount	Percent
	RMB	%
PRC statutory income tax rate	404,521	25.00
Tax effect of PRC preferential tax treatments	(293,247)	(18.12)
Tax effect of permanent differences
Share-based compensation expenses	161,128	9.96
Others	18,999	1.17
Changes in valuation allowance	53,803	3.33
Foreign tax effects
the U.S.
Effect of tax rate differential in other jurisdictions	(13,129)	(0.81)
Non-deductible expenses	7,308	0.45
Changes in valuation allowance	71,520	4.42
Singapore
Effect of tax rate differential in other jurisdictions	25,131	1.55
Non-deductible expenses	20,122	1.24
Changes in valuation allowance	(24,008)	(1.48)
Other tax jurisdictions	(407)	(0.03)
Effective income tax rate	431,741	26.68

Schedule of significant components of deferred taxes


		As of December 31,
		2024		2025
		RMB		RMB
Deferred tax assets:
Contract liabilities		43,794		46,691
Net operating tax losses carried forward		126,368		353,148
Accrued expenses		15,968		18,166
Advertising expenses in excess of deduction limit		102,621		125,605
Expected credit loss		1,548		2,291
Lease liabilities		127,026		272,614
Others		—		5,567
Subtotal		417,325		824,082
Less: valuation allowance		(38,201)		(142,520)
Less: deferred tax liabilities in relation to property and equipment-(accelerated depreciation)		—		(5,957)
Less: deferred tax liabilities in relation to right-of-use asset		(125,914)		(272,784)
Total deferred tax assets, net		253,210		402,821

Schedule of movement of valuation allowance for deferred tax assets


	For the Years Ended December 31,
	2023	2024	2025
	RMB	RMB	RMB

Balance at the beginning of the year	—	—	38,201
Increase during the year	—	38,201	104,319
Balance at the end of the year	—	38,201	142,520

Schedule of net operating tax losses carried forward


		RMB
Loss expiring for the year ending December 31, 2026		5,582
Loss expiring for the year ending December 31, 2027		6,986
Loss expiring for the year ending December 31, 2028		46,884
Loss expiring for the year ending December 31, 2029		276,462
Loss expiring for the year ending December 31, 2030		472,413
Thereafter		662,970
Subtotal		1,471,297

RELATED PARTY BALANCES AND TRANSACTIONS

12 Months Ended

Dec. 31, 2025

RELATED PARTY BALANCES AND TRANSACTIONS

14.RELATED PARTY BALANCES AND TRANSACTIONS

During the years ended December 31, 2023, 2024 and 2025, respectively, other than disclosed elsewhere, the Company had the following major related party transactions:

Name of related parties		Relationship with the Group
XVC FUND II LP and its affiliates (the “XVC Group”)		Shareholder of the Group
Shanghai Fosun High-Tech (Group) Co., Ltd. and its affiliates (the “Fosun Group”)		Shareholder of the Group
Qingdao Qiushi Chenxing L.P. (“Qiushi Chenxing”)		Shareholder of the Group
Junjie Zhang and Partea Ltd. (company controlled and fully owned by Junjie Zhang)		Shareholder of the Group
Xianggui Peng and TasTea Ltd. (company controlled and fully owned by Xianggui Peng)		Shareholder of the Group
Peibang Gong, TEALATTE Ltd. (company controlled and fully owned by Peibang Gong)		Shareholder of the Group
Jiangmen Pengjiang District Yu Sheng Beverage Plant		Company controlled by one of the supervisors* of the Group
Investees		Equity investment

*	A member of Beijing Chagee’s Supervisory Committee responsible for supervising the performance of the Board of Directors and senior management.

14.RELATED PARTY BALANCES AND TRANSACTIONS (CONTINUED)

(a)Significant transactions with related parties


		For the Years Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Services and sales to related parties
Investees		2,511		18,811		32,707
Total		2,511		18,811		32,707
Loans advanced to the related parties
Junjie Zhang		20,000		—		—
Xianggui Peng		7,000		—		—
Peibang Gong		5,000		—		—
Jiangmen Pengjiang District Yu Sheng Beverage Plant		2,000		—		—
Total		34,000		—		—
Share-based compensation related to ordinary shares exchanged for preferred shares (Note 16)
Partea Ltd		4,237		—		—
TasTea Ltd		1,633		—		—
TEALATTE Ltd		1,120		—		—
Total		6,990		—		—
Repayment of the loans advanced to the related parties
Junjie Zhang		24,000		—		—
Xianggui Peng		7,000		—		—
Peibang Gong		5,000		—		—
Jiangmen Pengjiang District Yu Sheng Beverage Plant		2,000		—		—
Total		38,000		—		—
Bridge loans to shareholders related to Restructuring
XVC Group		138,000		—		—
Qiushi Chenxing		117,000		—		—
Fosun Group		50,000		—		—
Total		305,000		—		—
Repayment of bridge loans to shareholders related to Restructuring
XVC Group		138,000		—		—
Qiushi Chenxing		117,000		—		—
Fosun Group		50,000		—		—
Total		305,000		—		—

(b)Balances with related parties


		As of December 31,
		2024		2025
		RMB		RMB
Amounts due from related parties
Investees		1,547		2,085
Total		1,547		2,085

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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+ Details

PREPAYMENTS AND OTHER CURRENT ASSETS, NET (Tables)

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Schedule of prepayments and other current assets


		As of December 31,
		2024		2025
		RMB		RMB
Prepayments for purchased goods or services⁽ⁱ⁾		125,070		85,683
Payments on behalf of franchised stores		45,228		42,558
Prepaid rental and other deposits		33,426		65,856
Deductible input VAT		45,946		144,208
Receivable from online retail platforms		11,830		25,248
Interest receivable		14,749		27,675
Others		39,155		90,685
		315,404		481,913

(i)	The balance as of December 31, 2024 includes deferred IPO cost of RMB16.9 million. Direct cost incurred by the Group attributable to its IPO of ordinary shares in the United States had been deferred and recorded as deferred IPO cost and offset against the gross proceeds received from such offering.

ACCOUNTS PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

ACCOUNTS PAYABLE

Schedule of accounts payable


		As of December 31,
		2024		2025
		RMB		RMB
Raw materials		387,884		434,434
Packaging material		127,653		109,952
Equipment		40,700		16,946
Decoration material		17,065		10,778
Storage and logistics		20,346		37,411
Others		3,443		20,268
		597,091		629,789

TAXATION - Withholding Taxes (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
TAXATION
Withholding tax rate (%)	10.00%
Deferred tax liability for dividend withholding taxes	¥ 0	¥ 0
Undistributed earnings	6,231,280	4,025,850
Estimated withholding tax liability	¥ 623,130	¥ 402,590

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2025

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

11.ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Accrued employee payroll and welfare benefits		468,835		659,920
Franchise deposits		143,974		146,418
Accrued service fees		249,292		169,515
Payables for property and equipment		45,202		76,134
Others		115,368		275,361
		1,022,671		1,327,348

RESTRICTED NET ASSETS

12 Months Ended

Dec. 31, 2025

RESTRICTED NET ASSETS

RESTRICTED NET ASSETS

22.RESTRICTED NET ASSETS

Relevant PRC laws and regulations permit the PRC companies to pay dividends only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Additionally, the Company’s PRC subsidiaries can only distribute dividends upon approval of the shareholders after they have met the PRC requirements for appropriation to the generically reserve fund and the statutory surplus fund respectively. The general reserve fund and the statutory surplus fund require that annual appropriations of 10% of net after-tax income should be set aside prior to payment of any dividends. As a result of these and other restrictions under PRC laws and regulations, the PRC subsidiaries are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans, or advances, which restricted portion amounted to RMB1,356.9 million or 17.91% of the Company’s total consolidated net assets as of December 31, 2025. Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. Even though the Company currently does not require any such dividends, loans or advances from the PRC subsidiaries for working capital and other funding purposes, the Company may in the future require additional cash resources from its PRC subsidiaries due to changes in business conditions, to fund future acquisitions and developments, or merely declare and pay dividends to or distributions to the Company’s shareholders. Except for the above, there is no other restriction on the use of proceeds generated by the Company’s subsidiaries to satisfy any obligations of the Company.

The Company performed a test on the restricted net assets of its consolidated subsidiaries (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08(e) (3), “General Notes to Financial Statements” and concluded that it was not applicable for the Company to disclose the condensed financial information of the Company for the years ended December 31, 2023, 2024 and 2025 because the PRC subsidiaries’ restricted net assets amounted to RMB59.4 million or 4.6%, RMB118.1 million or 4.5% and RMB1,356.9 million or 17.91% of the Company’s total consolidated net assets as of December 31, 2023, 2024 and 2025.

SHARE BASED COMPENSATION EXPENSES - Fair value of options (Details) - CNY (¥) ¥ / shares in Units, ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SHARE BASED COMPENSATION EXPENSES
Risk-free interest rate			2.80%
Risk-free interest rate, Minimum	4.32%	2.21%
Risk-free interest rate, Maximum	4.57%	4.57%
Expected volatility			36.82%
Expected volatility, Minimum	38.00%	38.00%
Expected volatility, Maximum	39.90%	39.91%
Expected dividend yield	0.00%	0.00%	0.00%
Expected post-vesting forfeiture rate	0.00%	0.00%	0.97%
Fair value of the underlying shares on the date of option grants			¥ 9.78
Fair value of the underlying shares on the date of option grants, Minimum	¥ 102.21	¥ 57.05
Fair value of the underlying shares on the date of option grants, Maximum	¥ 203.08	¥ 102.21
Share-based compensation expenses			¥ 7.0
Class A Ordinary shares
SHARE BASED COMPENSATION EXPENSES
Exchange of ordinary shares for preferred shares (in shares)			1,046,761
Class B Ordinary shares
SHARE BASED COMPENSATION EXPENSES
Exchange of ordinary shares for preferred shares (in shares)			1,610,888

CONCENTRATION AND RISKS

12 Months Ended

Dec. 31, 2025

CONCENTRATION AND RISKS

CONCENTRATION AND RISKS

3.CONCENTRATION AND RISKS

(a)Foreign currency exchange rate risk

The Group’s operating transactions are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only through authorized financial institutions at exchange rates set by the People’s Bank of China (the “PBOC”). Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other PRC foreign exchange regulatory bodies which require certain supporting documents in order to effect the remittances. As of December 31, 2024 and 2025, the Group’s cash and cash equivalents, restricted cash and time deposits denominated in RMB were RMB4,708.8 million and RMB6,492.9 million, respectively, accounting for 96.7% and 82.3% of the Group’s total cash and cash equivalents, restricted cash and time deposits.

(b)Concentration of credit risk

The Group’s credit risk arises from cash and cash equivalents, restricted cash, time deposits, short-term investments, other receivables included in prepayments and other current assets, accounts receivable and amounts due from related parties. The carrying amounts of these financial instruments represent the maximum amount of loss due to credit risk. As of December 31, 2024 and 2025, the majority of the Group’s cash and cash equivalents, restricted cash and time deposits were held by major financial institutions located in the PRC, which the management believes are of high credit quality. Accounts receivable are typically unsecured and are mainly derived from the ordinary course of business in the PRC and overseas. The risk with respect to these financial instruments is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring processes of outstanding balances.

(c)Concentration of customers and suppliers

There were no customer accounted for greater than 10% of the Group’s total revenues for the years ended December 31, 2023, 2024 and 2025. There was no customer and one customer with a receivable balance exceeding 10% of the total accounts receivable balance as of December 31, 2024 and 2025, respectively.


		As of December 31,
		2024		2025
Accounts receivable, net
Customer A		*		14	%

There was one, two and one suppliers providing raw materials and packaging who exceeded 10% of total purchases for the years ended December 31, 2023, 2024 and 2025, respectively.


		For the Years Ended December 31,
		2023		2024		2025
Supplier A		13	%	11	%	*
Supplier B		*		14	%	13	%

*	The percentage is less than 10%

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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+ Details

ACCOUNTS RECEIVABLE, NET - Allowance (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Allowance for expected credit losses:
Balance at beginning of the year	¥ (4,944)	¥ (2,535)	¥ (835)
Additions	(695)	(3,552)	(1,711)
Write-offs	1,161	1,143	11
Balance at end of the year	¥ (4,478)	¥ (4,944)	¥ (2,535)

RELATED PARTY BALANCES AND TRANSACTIONS - Balances with related parties (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	¥ 2,085	$ 298	¥ 1,547
Investees
RELATED PARTY BALANCES AND TRANSACTIONS
Amounts due from related parties	¥ 2,085		¥ 1,547

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

TAXATION - Components Of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Components of enterprise income tax expenses
Current income tax expense			¥ 654,380	¥ 299,533
Deferred income tax	¥ (149,611)	$ (21,394)	(126,873)	(95,772)
Income tax expense	431,741	61,738	527,507	203,761
Income taxes paid	(630,243)	$ (90,124)	¥ (644,267)	¥ (206,970)
PRC
Components of enterprise income tax expenses
Current income tax expense	560,956
Deferred income tax	(52,791)
Income taxes paid	604,100
Others
Components of enterprise income tax expenses
Current income tax expense	20,396
Deferred income tax	(96,820)
Income taxes paid	¥ 26,100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2025

CONVERTIBLE REDEEMABLE PREFERRED SHARES

Schedule of issuances of Preferred Shares


Series		Issuance Date			Issue Price per share		Shares Issued		Aggregated Issuance Price
A			December 25, 2020		RMB4.7		33,777,482		RMB160,000
A			February 22, 2021		RMB4.7		1,055,546		RMB5,000
B			May 14, 2021		RMB11.4		12,256,755		RMB140,000
B+			July 20, 2023		RMB16.2		12,780,417		RMB209,902
B+**			December 5, 2023		RMB16.2		7,594,160		RMB123,000

Note*: In the above table, the number of shares and the issue price per share have been retrospectively adjusted as if the Restructuring has been completed at the beginning of the period presented.

Note**: In July 2023, the Company has entered into a share purchase agreement with one Series B+ preferred shareholder, agreeing that the shareholder shall purchase 7,594,160 Series B+ preferred shares of the Company with cash consideration of RMB123 million when it completes certain regulatory procedures. The Company accounted for its obligation to issue Series B+ preferred shares at fixed predetermined price as a forward contract. This forward contract is classified as a liability and measured at fair value, with changes in fair value reported in earnings. The transaction was completed in December 2023, with fair value change loss of the forward contract of RMB105 million recognized in the consolidated statements of operations and comprehensive income for the year ended December 31, 2023.

Schedule of Company's preferred shares activity

The Company’s preferred shares activity for the years ended December 31, 2023, 2024 and 2025, respectively, is summarized below:


		Series A Preferred Shares				Series B Preferred Shares				Series B+ Preferred Shares				Total
		Number of				Number of				Number of
		shares		Amount		shares		Amount		shares		Amount		Amount
				RMB				RMB				RMB		RMB
Balance as of January 1, 2023		34,833,028		194,589		12,256,755		157,784		—		—		352,373
Issuance of Series B+ Preferred Shares, net of issuance cost		—		—		—		—		20,374,577		436,905		436,905
Accretion on convertible redeemable preferred shares to redemption value		—		17,832		—		16,652		—		8,846		43,330
Issuance of Series B Preferred Shares*		—		—		2,657,649		39,172		—		—		39,172
Balance as of December 31, 2023		34,833,028		212,421		14,914,404		213,608		20,374,577		445,751		871,780
Accretion on convertible redeemable preferred shares to redemption value		—		19,523		—		21,107		—		21,370		62,000
Balance as of December 31, 2024		34,833,028		231,944		14,914,404		234,715		20,374,577		467,121		933,780
Accretion on convertible redeemable preferred shares to redemption value		—		6,268		—		6,717		—		7,097		20,082
Conversion of redeemable preferred shares into ordinary shares upon IPO		(34,833,028)		(238,212)		(14,914,404)		(241,432)		(20,374,577)		(474,218)		(953,862)
Balance as of December 31, 2025		—		—		—		—		—		—		—

Note *: In 2023, an aggregate of 1,046,761 Class A and 1,610,888 Class B ordinary shares beneficially owned by Junjie Zhang, Xianggui Peng and Peibang Gong, who are employees of the Company, were exchanged at a premium for Series B preferred shares. Junjie Zhang, Xianggui Peng and Peibang Gong are the ultimate controllers and beneficial owners of Partea Ltd., TasTea Ltd., and TEALATTE Ltd., which are the shareholders of Chagee Holdings Limited. Such Series B preferred shares were then sold to certain preferred shareholders and were recognized at fair value. For details, please refer to Note 17.

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

PREPAYMENTS AND OTHER CURRENT ASSETS, NET (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
PREPAYMENTS AND OTHER CURRENT ASSETS, NET
Prepayments for purchased goods or services(ii)	¥ 85,683		¥ 125,070
Payments on behalf of franchised stores	42,558		45,228
Prepaid rental and other deposits	65,856		33,426
Deductible input VAT	144,208		45,946
Receivable from online retail platforms	25,248		11,830
Interest receivable	27,675		14,749
Others	90,685		39,155
Total	¥ 481,913	$ 68,913	315,404
Prepayments of Purchased Goods and Services
Deferred IPO Costs			¥ 16,900

FAIR VALUE MEASUREMENT (Tables)

12 Months Ended

Dec. 31, 2025

FAIR VALUE MEASUREMENT

Schedule of assets and liabilities that are measured at fair value on a recurring basis


	As of December 31,
	2024		2025
	Level 2	Total	Level 2	Total
	RMB	RMB	RMB	RMB
Short-term investments	—	—	100,093	100,093
	—	—	100,093	100,093

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2025

COMMITMENTS AND CONTINGENCIES

Summary of Future minimum payments under non-cancelable agreements for property management fees


		Payment due by schedule as of December 31, 2025
		Less than		1 – 5	More than 5
		1 year		years	years		Total
		RMB		RMB	RMB		RMB
Property management commitments		63,556		97,347	26,721		187,624

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

SIGNIFICANT ACCOUNTING POLICIES (Details) ¥ in Thousands	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Details) ¥ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
SIGNIFICANT ACCOUNTING POLICIES
Convenience translation	6.9931
Expected credit loss for accounts receivables	¥ 700	¥ 3,600	¥ 1,700
Provision/(reversal) for expected credit losses	(700)	3,400	2,400
Impairment of long-lived asset	0	0	0
Impairment loss on goodwill	¥ 0	¥ 0	¥ 0

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

OTHER NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
OTHER NON-CURRENT ASSETS
Long-term rental deposits	¥ 152,279		¥ 69,046
Prepayments for property, equipment and software	37,889		12,991
Prepayment for business combination	12,978
Others	34,940		7,306
Total	¥ 238,086	$ 34,044	¥ 89,343

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)

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

12 Months Ended

Dec. 31, 2025

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

PREPAYMENTS AND OTHER CURRENT ASSETS, NET

6.PREPAYMENTS AND OTHER CURRENT ASSETS, NET

Prepayments and other current assets consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Prepayments for purchased goods or services⁽ⁱ⁾		125,070		85,683
Payments on behalf of franchised stores		45,228		42,558
Prepaid rental and other deposits		33,426		65,856
Deductible input VAT		45,946		144,208
Receivable from online retail platforms		11,830		25,248
Interest receivable		14,749		27,675
Others		39,155		90,685
		315,404		481,913

(i)	The balance as of December 31, 2024 includes deferred IPO cost of RMB16.9 million. Direct cost incurred by the Group attributable to its IPO of ordinary shares in the United States had been deferred and recorded as deferred IPO cost and offset against the gross proceeds received from such offering.

RESTRICTED NET ASSETS (Details) - CNY (¥) ¥ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
RESTRICTED NET ASSETS
Restricted net assets	¥ 1,356.9	¥ 118.1	¥ 59.4
Percentage of consolidated net assets	17.91%	4.50%	4.60%

LEASES - Balance sheet disclosure (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
LEASES
Right-of-use assets, net	¥ 1,275,805	$ 182,438	¥ 542,202
Operating lease liabilities, current	424,363	60,683	195,438
Operating lease liabilities, non-current	¥ 849,936	$ 121,539	¥ 352,618

NET REVENUES - Expected recognition of contract liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
NET REVENUES
Total	¥ 479,702	¥ 522,646	¥ 341,907	¥ 46,521
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
NET REVENUES
Expected time of recognition	1 year
Revenue, Remaining Performance Obligation	¥ 293,706
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
NET REVENUES
Expected time of recognition	1 year
Revenue, Remaining Performance Obligation	¥ 82,865
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
NET REVENUES
Expected time of recognition	1 year
Revenue, Remaining Performance Obligation	¥ 64,693
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
NET REVENUES
Expected time of recognition	1 year
Revenue, Remaining Performance Obligation	¥ 29,391
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
NET REVENUES
Expected time of recognition	1 year
Revenue, Remaining Performance Obligation	¥ 5,985
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2031-01-01
NET REVENUES
Expected time of recognition
Revenue, Remaining Performance Obligation	¥ 3,062

ACCOUNTS RECEIVABLE, NET

12 Months Ended

Dec. 31, 2025

ACCOUNTS RECEIVABLE, NET

ACCOUNTS RECEIVABLE, NET

4.ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Accounts receivable		126,911		150,381
Less: allowance for credit losses		(4,944)		(4,478)
		121,967		145,903

Accounts receivable, net are mainly amounts due from franchisees, and are non-interest bearing and generally on terms within 60 days as of December 31, 2024 and 2025.

The movements in the allowance for credit losses are as follows:


		For the Years Ended December 31,
		2023		2024		2025
Allowance for expected credit losses:
Balance at beginning of the year		(835)		(2,535)		(4,944)
Additions		(1,711)		(3,552)		(695)
Write-offs		11		1,143		1,161
		(2,535)		(4,944)		(4,478)

SHARE BASED COMPENSATION EXPENSES - RSU activity (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares	Dec. 31, 2025 ¥ / shares shares
Number of restricted shares
Vested	(6,772)	(6,772)
Weighted-average grant day fair value
Granted \| ¥ / shares		¥ 147.6
RSU
Number of restricted shares
Granted	483,274	483,274
Vested	(6,772)	(6,772)
Forfeited	(90,940)	(90,940)
Outstanding at the end of the year	385,562	385,562
Weighted-average grant day fair value
Granted \| $ / shares	$ 20.73
Vested \| $ / shares	26.54
Forfeited \| $ / shares	26.8
Outstanding at the end of the year \| $ / shares	$ 19.19

NET REVENUES

12 Months Ended

Dec. 31, 2025

NET REVENUES

NET REVENUES

13.NET REVENUES

Key revenue streams are as below:


		For the Years Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Net Revenues
Net revenues from franchised teahouses		4,395,908		11,632,374		11,417,091
– Sales of products		4,148,198		10,788,976		10,440,456
– Raw materials & packaging		3,585,139		9,890,969		10,083,091
– Teahouse equipment and other supplies		563,059		898,007		357,365
– Franchising and other services		247,710		843,398		976,635
Net revenues from company-owned teahouses		244,263		773,208		1,490,316
		4,640,171		12,405,582		12,907,407

The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the year was RMB26.3 million, RMB198.5 million and RMB289.4 million for the years ended December 31, 2023, 2024 and 2025, respectively.

13.NET REVENUES (CONTINUED)

The contract liabilities comprise of unamortized upfront fees received from franchisees, customer loyalty program points and payments received in advance of transferring control of goods to franchised stores, and are presented within contract liabilities, current and contract liabilities, non-current in consolidated balance sheet. A summary of significant changes to the contract liabilities balances as of December 31, 2023, 2024 and 2025 is presented below.


		2023		2024		2025
		RMB		RMB		RMB
Balance as of January 1		46,521		341,907		522,646
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the year		(5,394)		(45,263)		(68,790)
Increase for upfront fees associated with contracts that became effective during the year, net of amounts recognized as revenue during the year		161,121		164,398		17,735
Increase for payments received in advance of transferring control of goods to franchised stores and franchise related service fee, net of amounts recognized as revenue during the year		139,659		61,604		8,111
Balance as of December 31		341,907		522,646		479,702

The Group expects to recognize contract liabilities as revenue over the following years:


		As of December 31, 2025
		RMB
Less than 1 year		293,706
1 – 2 years		82,865
2 – 3 years		64,693
3 – 4 years		29,391
4 – 5 years		5,985
Thereafter		3,062
Total		479,702

The above amounts do not include variable consideration that is constrained and is therefore not included in the transaction price. The Group has applied the optional exemption, as provided for under Topic 606, which allows it to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

SIGNIFICANT ACCOUNTING POLICIES - Employee benefits & taxation (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Employee social security and welfare benefits	¥ 251.0	¥ 159.1	¥ 59.3
Product \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
VAT rate	20.00%
Product \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
VAT rate	9.00%
Service \| Maximum
SIGNIFICANT ACCOUNTING POLICIES
VAT rate	6.00%
Service \| Minimum
SIGNIFICANT ACCOUNTING POLICIES
VAT rate	1.00%

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful life of property and equipment


Category		Estimated useful lives
Electronic equipment		3 years
Teahouse operation equipment		3 years
Vehicles		4 years
Manufacturing equipment		10 years
Property		20 years
Leasehold improvements		Shorter of the term of the lease or the estimated useful lives of the assets

Schedule of long-lived assets by Geographic Areas


		As of December 31,
		2024		2025
		RMB		RMB
Long-lived assets:
China		591,653		979,834
Singapore		147,078		298,268
Other countries		52,474		581,373
Total long-lived assets		791,205		1,859,475

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

LEASES - Operating lease expenses and short-term lease expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
LEASES
Operating lease expenses	¥ 311,619	¥ 152,682	¥ 46,775
Short-term lease expenses	23,290	14,697	5,734
Cash paid for amounts included in the measurement of lease liabilities	323,239	144,651	50,871
Right-of-use assets obtained in exchange for new operating lease liabilities	¥ 1,052,922	¥ 552,682	¥ 95,476
Weighted average remaining lease term (in years)	3 years 7 months 9 days	3 years 3 months 25 days
Weighted average discount rate	4.85%	4.14%

SIGNIFICANT ACCOUNTING POLICIES - Revenue recognition and costs (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Initial franchise agreement term	1 year
Award credit expiration period	1 year
Commission and delivery costs	¥ 127.4	¥ 65.0	¥ 20.1
Storage and logistics costs	290.0	243.8	99.9
Advertising expenses	763.4	781.2	140.4
Research and development expense	268.5	193.5	11.5
Government grant income	¥ 141.3	¥ 128.4	¥ 38.4
Government Assistance, Income, Increase (Decrease), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

NET REVENUES - Other information (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
NET REVENUES
Revenue recognized	¥ 289.4	¥ 198.5	¥ 26.3

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES

2.SIGNIFICANT ACCOUNTING POLICIES

(a)Basis of presentation

(b)Principles of consolidation

The Group’s consolidated financial statements include the financial statements of the Company and entities controlled by the Company and its subsidiaries.

All intercompany transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(c)Non-controlling interests

(d)Use of estimates

Significant accounting estimates reflected in the Group’s consolidated financial statements primarily include, but are not limited to, revenue recognition, fair value of convertible redeemable preferred shares upon initial recognition, the determination of share-based compensation, lower of cost and net realizable value of inventories, allowance for expected credit losses, valuation allowance of deferred tax assets, useful life of property and equipment and the discount rate of operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

(e)Functional currency and foreign currency translation

2.	SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(e)Functional currency and foreign currency translation (continued)

(f)Convenience translation

(g)Fair value measurements

Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 — Other than quoted prices included in Level 1 inputs that are directly or indirectly observable in the marketplace.

Level 3 — Unobservable inputs which are supported by little or no market activity.

See Note 20 Fair Value Measurement for additional information.

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(h)Cash, cash equivalents, restricted cash and time deposits

Time deposits represent time deposits placed with banks in original maturities of more than three months and less than one year.

The time deposits carry fixed interest per annum for the years presented.

(i)Short-term investments

(j)Accounts receivable, net

Accounts receivable are stated at the historical carrying amount net of provision for expected credit losses. The accounts receivable mainly include the receivables due from franchisees.

(k)Expected credit losses

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(l)Inventories

(m)Long-term investments

Equity investments using the measurement alternative

Equity method investments

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(n)Property and equipment, net

Property and equipment, net is carried at cost less accumulated depreciation and impairment, if any. Depreciation is calculated on a straight-line basis over the following estimated useful lives.


Category		Estimated useful lives
Electronic equipment		3 years
Teahouse operation equipment		3 years
Vehicles		4 years
Manufacturing equipment		10 years
Property		20 years
Leasehold improvements		Shorter of the term of the lease or the estimated useful lives of the assets

(o)Impairment of long-lived assets

(p)Leases

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(q)Business combination

(r)Goodwill

(s)Treasury stock

(t)Revenue recognition

●

provides all of the benefits received and consumed simultaneously by the customer;

●

creates and enhances an asset that the customer controls as the Group performs; or

●

does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(t)Revenue recognition (continued)

When a contract with a customer includes multiple performance obligations, transaction price is allocated to the performance obligations on a relative standalone selling price basis.

1)Revenue from franchised teahouses

The revenue from franchised teahouses principally consists of 1) sales of products to franchisees and 2) franchising and other services. Further details are as follows:

Revenue from sales of products to franchisees

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(t)Revenue recognition (continued)

Franchising and other services

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(t)Revenue recognition (continued)

2)Revenue from company-owned teahouses

3)Membership program

(u)Costs of materials and storage and logistics

Costs of materials consist primarily of materials and ingredients for resale to franchised teahouses and the production of tea drinks, packaging, equipment and other materials.

(v)Company-owned teahouses operating costs

(w)Other operating costs

(x)Sales and marketing expenses

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(y)General and administrative expenses

(z)Government grants

(aa)Share-based compensation

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(aa)Share-based compensation (continued)

(bb)Employee benefits

(cc)Taxation

Income taxes

Value added Tax (“VAT”)

(dd)Comprehensive income

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(ee)Net income per share

(ff)Statutory reserves

(gg)Related parties

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(hh)Segment reporting


		As of December 31,
		2024		2025
		RMB		RMB
Long-lived assets:
China		591,653		979,834
Singapore		147,078		298,268
Other countries		52,474		581,373
Total long-lived assets		791,205		1,859,475

2.SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(ii)Recently issued accounting pronouncements

All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Foreign currency translation adjustment, net of income tax expenses	¥ 0	¥ 0	¥ 0
Net of listing expense relating to the IPO	36,272	¥ 10,091
IPO
Net of listing expense relating to the IPO	¥ 52,000

SHARE BASED COMPENSATION EXPENSES (Details) ¥ / shares in Units, ¥ in Thousands				1 Months Ended		12 Months Ended
	Nov. 24, 2024 shares	Feb. 28, 2024 shares	Jan. 20, 2022 shares	Jun. 30, 2025	Jun. 30, 2024 CNY (¥) item shares	Dec. 31, 2025 CNY (¥) $ / shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares
SHARE BASED COMPENSATION EXPENSES
Granted \| shares							3,260,697
Incremental fair value					¥ 42,100
Weighted average fair value at measurement date of share options \| ¥ / shares							¥ 138	¥ 40.56	¥ 9.78
Total intrinsic value of options exercised							¥ 2,044,000	¥ 0	¥ 0
Total fair value of options vested							529,000	0	0
Unrecognized share-based compensation expense, options						¥ 306,000	306,000
Total fair value							¥ 1,000
weighted-average grant-date fair value per share \| ¥ / shares							¥ 147.6
Unrecognized share-based compensation expenses						¥ 44,000	¥ 44,000
Weighted average vesting period							3 years 9 months 3 days
Income tax benefit							¥ 0	0	0
Cash settled components								603	3,526
Equity settled components							723,538	¥ 0	¥ 0
Employee Stock Option
SHARE BASED COMPENSATION EXPENSES
Equity settled components							713,351
RSU
SHARE BASED COMPENSATION EXPENSES
weighted-average grant-date fair value per share \| $ / shares						¥ 20.73
Equity settled components							¥ 10,187
Plan 2024
SHARE BASED COMPENSATION EXPENSES
Number of authorized shares \| shares		28,061,349
Contractual term of options							10 years
Plan 2024 \| Replacement options
SHARE BASED COMPENSATION EXPENSES
Granted \| shares					4,032,703
Plan 2024 \| New options
SHARE BASED COMPENSATION EXPENSES
Vesting period	4 years	4 years
Granted \| shares	5,442,833
Plan 2024 \| RSU
SHARE BASED COMPENSATION EXPENSES
Contractual term of options				10 years
Vesting period				4 years
Plan 2024 \| Maximum \| Replacement options
SHARE BASED COMPENSATION EXPENSES
Contractual term of options					10 years
Plan 2024 \| Minimum \| Replacement options
SHARE BASED COMPENSATION EXPENSES
Contractual term of options					8 years
Plan 2021
SHARE BASED COMPENSATION EXPENSES
Number of authorized shares \| shares			13,999,000
Contractual term of options			8 years
Number of grantees \| item					264
Plan 2021 \| Vested on March 31 of the following year from the day of the grant
SHARE BASED COMPENSATION EXPENSES
Vesting percentage			100.00%
Plan 2021 \| Vested on March 31 of each of the following four years from the day of the grant.
SHARE BASED COMPENSATION EXPENSES
Vesting percentage			25.00%
Vesting period			4 years

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY ¥ in Thousands, $ in Thousands	Ordinary Shares Class A Ordinary shares CNY (¥) shares	Ordinary Shares Class A Ordinary shares USD ($) shares	Ordinary Shares Class B Ordinary shares CNY (¥) shares	Ordinary Shares Class B Ordinary shares USD ($) shares	Treasury shares CNY (¥) shares	Treasury shares USD ($) shares	Additional paid-in capital CNY (¥)	Additional paid-in capital USD ($)	Statutory reserve CNY (¥)	Statutory reserve USD ($)	Retained earnings CNY (¥)	Retained earnings USD ($)	Accumulative other comprehensive (loss)/income CNY (¥)	Accumulative other comprehensive (loss)/income USD ($)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	Class A Ordinary shares shares	Class B Ordinary shares shares	CNY (¥) shares	USD ($) shares
Beginning Balance at Dec. 31, 2022	¥ 27		¥ 51				¥ 98,666				¥ (406,164)				¥ 73				¥ (307,347)
Beginning Balance (in shares) at Dec. 31, 2022 \| shares	37,486,524	37,486,524	69,614,625	69,614,625
Changes in Shareholders' (Deficit)/Equity
Net income											800,903				1,663				802,566
Foreign currency translation adjustment, net of nil income tax expenses													¥ (9,159)						(9,159)
Acquisition of a subsidiary with non-controlling interests															820				820
Accretion of convertible redeemable preferred shares to redemption value							(16,010)				(27,320)								(43,330)
Appropriation to statutory reserves									¥ 276		(276)
Dividends to non-controlling interests															(1,765)				(1,765)
Capital injection from non-controlling interests shareholder															540				540
Exchange of ordinary shares for preferred shares	¥ (1)		¥ (1)								(32,181)								(32,183)
Exchange of ordinary shares for preferred shares (in shares) \| shares	(1,046,761)	(1,046,761)	(1,610,888)	(1,610,888)													1,046,761	1,610,888
Exchange of Class B ordinary shares for Class A ordinary shares	¥ 1		¥ (1)
Exchange of Class B ordinary shares for Class A ordinary shares (in shares) \| shares	2,729,630	2,729,630	(2,729,630)	(2,729,630)
Ending Balance at Dec. 31, 2023	¥ 27		¥ 49				82,656		276		334,962		(9,159)		1,331				410,142
Ending Balance (in shares) at Dec. 31, 2023 \| shares	39,169,393	39,169,393	65,274,107	65,274,107
Changes in Shareholders' (Deficit)/Equity
Net income											2,516,114				17,368				2,533,482
Foreign currency translation adjustment, net of nil income tax expenses													11,756						11,756
Repurchase of ordinary shares					¥ (210,082)														(210,082)
Repurchase of ordinary shares (in shares) \| shares					(5,699,608)	(5,699,608)
Acquisition of a subsidiary with non-controlling interests															19,476				19,476
Accretion of convertible redeemable preferred shares to redemption value											(62,000)								(62,000)
Accretion of redeemable noncontrolling interests to redemption value											(18,891)								(18,891)
Appropriation to statutory reserves									18,161		(18,161)
Dividends to non-controlling interests															(1,282)				(1,282)
Capital injection from non-controlling interests shareholder															13,577				13,577
Reclassification of Redeemable Noncontrolling Interests to Noncontrolling Interests															50,100				50,100
Share-based compensation							8,197												8,197
Ending Balance at Dec. 31, 2024	¥ 27		¥ 49		¥ (210,082)		90,853		18,437		2,752,024		2,597		100,570				2,754,475
Ending Balance (in shares) at Dec. 31, 2024 \| shares	39,169,393	39,169,393	65,274,107	65,274,107
Ending Balance (in shares) at Dec. 31, 2024 \| shares					(5,699,608)	(5,699,608)
Changes in Shareholders' (Deficit)/Equity
Net income											1,171,149				15,196				1,186,345
Foreign currency translation adjustment, net of nil income tax expenses													(68,455)						(68,455)
Fundraising proceeds from initial public offering ("IPO"), net of listing expense relating to the IPO in the amount of RMB52.0 million	¥ 12						3,129,760												3,129,772
Fundraising proceeds from initial public offering ("IPO"), net of listing expense relating to the IPO in the amount of RMB52.0 million (in shares) \| shares	16,886,589	16,886,589
Conversion (exchange) of preferred shares into ordinary shares	¥ 51						953,811												953,862
Conversion (exchange) of preferred shares into ordinary shares (in shares) \| shares	70,122,009	70,122,009
Accretion of convertible redeemable preferred shares to redemption value											(20,082)								(20,082)
Appropriation to statutory reserves									16,476		(16,849)				373
Dividends to shareholders							(1,233,069)												(1,233,069)
Disposal of subsidiaries															(10,311)				(10,311)
Dividends to non-controlling interests															(168)				(168)
Capital injection from non-controlling interests shareholder															175,103				175,103
Repurchase of non-controlling interests							3,292								(45,466)				(42,174)
Share-based compensation							723,538												723,538
Exercising of share options and vesting of restricted share units	¥ 3						28,260												¥ 28,263
Exercising of share options and vesting of restricted share units (in shares) \| shares	5,010,836	5,010,836																	5,004,064	5,004,064
Ending Balance at Dec. 31, 2025	¥ 93	$ 13	¥ 49	$ 7	¥ (210,082)	$ (30,041)	¥ 3,696,445	$ 528,585	¥ 34,913	$ 4,992	¥ 3,886,242	$ 555,725	¥ (65,858)	$ (9,418)	¥ 235,297	$ 33,647			¥ 7,577,099	$ 1,083,510
Ending Balance (in shares) at Dec. 31, 2025 \| shares	131,188,827	131,188,827	65,274,107	65,274,107
Ending Balance (in shares) at Dec. 31, 2025 \| shares					(5,699,608)	(5,699,608)

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued employee payroll and welfare benefits	¥ 659,920		¥ 468,835
Franchise deposits	146,418		143,974
Accrued service fees	169,515		249,292
Payables for property and equipment	76,134		45,202
Others	275,361		115,368
Total	¥ 1,327,348	$ 189,810	¥ 1,022,671

CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands	Dec. 31, 2025 $ / shares	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2024 $ / shares	Dec. 31, 2024 CNY (¥) shares
Ordinary shares, shares issued				104,443,500
Ordinary shares, shares outstanding				98,743,892
Series A preferred stock
Convertible redeemable preferred shares, par value \| $ / shares	$ 0.0001		$ 0.0001
Convertible redeemable preferred shares, shares authorized		0		34,833,028
Convertible redeemable preferred shares, shares issued		0		34,833,028
Convertible redeemable preferred shares, shares outstanding		0		34,833,028
Convertible redeemable preferred shares, redemption value \| ¥		¥ 0		¥ 231,944
Series B preferred stock
Convertible redeemable preferred shares, par value \| $ / shares	0.0001		0.0001
Convertible redeemable preferred shares, shares authorized		0		14,914,404
Convertible redeemable preferred shares, shares issued		0		14,914,404
Convertible redeemable preferred shares, shares outstanding		0		14,914,404
Convertible redeemable preferred shares, redemption value \| ¥		¥ 0		¥ 234,715
Series B+ Preferred Shares
Convertible redeemable preferred shares, par value \| $ / shares	0.0001		0.0001
Convertible redeemable preferred shares, shares authorized		0		20,374,577
Convertible redeemable preferred shares, shares issued		0		20,374,577
Convertible redeemable preferred shares, shares outstanding		0		20,374,577
Convertible redeemable preferred shares, redemption value \| ¥		¥ 0		¥ 467,121
Class A Ordinary shares
Ordinary shares, par value \| $ / shares	0.0001		0.0001
Ordinary shares, shares authorized		364,603,884		364,603,884
Ordinary shares, shares issued		154,239,340		39,169,393
Ordinary shares, shares outstanding		125,489,219		33,469,785
Class B Ordinary shares
Ordinary shares, par value \| $ / shares	$ 0.0001		$ 0.0001
Ordinary shares, shares authorized		65,274,107		65,274,107
Ordinary shares, shares issued		65,274,107		65,274,107
Ordinary shares, shares outstanding		65,274,107		65,274,107

INCOME PER SHARE

12 Months Ended

Dec. 31, 2025

INCOME PER SHARE

INCOME PER SHARE

19.INCOME PER SHARE

Basic net income per share is the amount of net income available to each share of ordinary shares outstanding during the reporting period. Diluted net income per share is the amount of net income available to each share of ordinary shares outstanding during the reporting period adjusted to include the effect of potentially dilutive ordinary equivalent shares.

As a result of the Restructuring the Company retrospectively adjusted the number of ordinary shares as if the Restructuring occurred at the beginning of the period presented, for details of Restructuring, please refer to Note 1(b).

Basic and diluted income per share for the periods presented are calculated as follows:


		For the Years Ended December 31,
		2023		2024		2025
		RMB		RMB		RMB
Numerator:
Net income		802,566		2,514,591		1,186,345
Less: Net income attributable to non-controlling interests		(1,663)		(17,368)		(15,196)
Add: Net loss attributable to redeemable non-controlling interests		—		18,891		—
Less: accretion to redemption value of convertible redeemable preferred shares		(43,330)		(62,000)		(20,082)
Less: accretion to redemption value of redeemable non-controlling interests		—		(18,891)		—
Less: cumulative undeclared dividends on convertible redeemable preferred shares		(32,081)		(51,032)		(15,702)
Less: Net income attributable to preferred shareholders based on their participating rights		(198,548)		(949,041)		(116,785)
Net earnings available for distribution – basic		526,944		1,435,150		1,018,580
Reversal of accretion on redemption value of Series A and Series B convertible redeemable preferred shares		34,484		—		—
Reversal and reallocation of net income attributable to preferred shareholders		199,331		—		—
Net earnings available for distribution – diluted		760,759		1,435,150		1,018,580
Denominator:
Denominator for basic income per share calculation		104,465,049		100,628,189		162,470,727
Effects of dilutive securities − convertible redeemable preferred shares		48,266,743		—		—
Effects of dilutive securities − outstanding share options and RSUs		—		—		2,243,939
Denominator for diluted income per share calculation		152,731,792		100,628,189		164,714,666
Basic income per share		5.04		14.26		6.27
Dilutive income per share		4.98		14.26		6.18

For the years ended December 31, 2023, 2024 and 2025, the Company had potential ordinary shares, including preferred shares, share options and RSUs. On a weighted average basis,6,283,388, 70,122,009 and 21,132,660 preferred shares were excluded from the computation of diluted earning per ordinary share because including them would have had an anti-dilutive effect; and 10,632,274, 14,088,184 and nil share options were excluded from the calculation of diluted income per ordinary share as their vesting is contingent upon the satisfaction of a performance condition (i.e. completion of a Qualified IPO), which is not considered probable until the event occurs.

ORDINARY SHARES

12 Months Ended

Dec. 31, 2025

ORDINARY SHARES

ORDINARY SHARES

17.ORDINARY SHARES

The Company was incorporated on May 12, 2023. As part of the Restructuring the Company issued a total of 107,101,149 ordinary shares to the affiliates of certain then shareholders of Beijing Chagee. As of December 31, 2024, the Company had 104,443,500 of ordinary shares issued, including 39,169,393 of Class A ordinary shares and 65,274,107 of Class B ordinary shares and the Company had 98,743,892 of ordinary share outstanding, including 33,469,785 of Class A ordinary shares and 65,274,107 of Class B ordinary shares.

Super voting rights

On July 5, 2023, the Company changed its capital structure to re-designate its ordinary shares into Class A ordinary shares and Class B ordinary shares. Mr. Junjie Zhang, chairman of the board of directors, and Chief Executive Officer (“CEO”) of the Company holds Class B ordinary shares through a British Virgin Islands (“BVI”) company and each Class B ordinary share carries ten (10) votes at meetings of shareholders while each Class A ordinary share is entitled to one vote. Upon further transfer of Class B ordinary shares by Mr. Junjie Zhang to anyone, such Class B ordinary shares will automatically convert into an equal number of Class A ordinary shares. The Class B ordinary Shares shall be automatically and immediately converted into an equal number of Class A ordinary shares when Mr. Junjie Zhang ceases to be the CEO of the Company or the chairman of the board of directors of the Company.

The grant of the super voting rights was authorized by the board of directors on July 20, 2023. There are no additional vesting conditions attached to the grant. The incremental value of Class B ordinary shares is not significant.

In 2023, an aggregate of 1,046,761 Class A and 1,610,888 Class B ordinary shares held beneficially owned by Junjie Zhang, Xianggui Peng and Peibang Gong, who are employees of the Company, were exchanged at a premium for Series B preferred shares. Junjie Zhang, Xianggui Peng and Peibang Gong are the ultimate controllers and beneficial owners of Partea Ltd., TasTea Ltd., and TEALATTE Ltd., which are the shareholders of Chagee Holdings Limited. Such Series B preferred shares were then sold to certain preferred shareholders. The exchange was accounted for as a repurchase and retirement of ordinary shares with the newly issued preferred shares. The difference between the fair value of the newly issued preferred shares and the former ordinary shares was recorded as share-based compensation expenses in 2023, amounted to RMB7.0 million. The excess of ordinary share’s fair value over par value was charged entirely to retained earnings upon retirement.

On December 25, 2023, the Company repurchased and redeemed an aggregate of 2,729,630 Class B ordinary shares from Partea Ltd. and subsequently issued an aggregate of 2,729,630 Class A ordinary shares to TeaTide Limited on the same date. The difference between the fair value of the newly issued ordinary shares and the former ordinary shares was immaterial.

On April 30, 2024, the Company repurchased an aggregate of 5,699,608 Class A ordinary shares from Brewtopia Limited, Brew Tea-ful Limited, TeaSoul Limited and Tea Tropolis Limited with total cash consideration of RMB210.1 million. RMB95.0 million was paid in April 2024 and RMB115.1 million was paid subsequently in July 2024. The Company recorded the shares repurchased as treasury stock.

17.ORDINARY SHARES (CONTINUED)

In April 2025, the Company completed the IPO and issued an aggregate of 16,886,589 Class A ordinary shares with the over-allotment option being exercised in full. The net fundraising proceeds from the IPO were amounted to RMB3,181,762. Upon the completion of the IPO, all preferred shares of the Company with an aggregate of 70,122,009 shares have been automatically converted into fully-paid and non-assessable Class A ordinary shares of the Company at conversion ratio of preferred shares to ordinary shares being 1:1. The excess of the net proceeds and total amounts of preferred shares as of the completion of the IPO over ordinary share’s par value was charged to additional paid-in capital.

In October 2025, the Company issued 28,061,349 Class A ordinary shares to the Company’s depository bank as the Award Pool (Note 16), which will be used to settle share options and RSUs upon their exercise and vest. No consideration was received by the Company for this issuance of ordinary shares. Among which, an aggregate of 5,004,064 share options have been exercised and of 6,772 RSUs have been vested and converted into Class A ordinary shares at conversion ratio of 1:1 in 2025. As of December 31, 2025, there were 23,050,513 shares remaining. These ordinary shares are legally issued but are treated as escrowed shares for accounting purposes and, therefore, have been excluded from the computation of income per ordinary share.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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+ Details

ACCOUNTS PAYABLE

12 Months Ended

Dec. 31, 2025

ACCOUNTS PAYABLE

ACCOUNTS PAYABLE

9.ACCOUNTS PAYABLE

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Accounts payable mainly comprise payments for goods and services payables to third parties.

Accounts payable consist of the following:


		As of December 31,
		2024		2025
		RMB		RMB
Raw materials		387,884		434,434
Packaging material		127,653		109,952
Equipment		40,700		16,946
Decoration material		17,065		10,778
Storage and logistics		20,346		37,411
Others		3,443		20,268
		597,091		629,789

CONVERTIBLE REDEEMABLE PREFERRED SHARES

12 Months Ended

Dec. 31, 2025

CONVERTIBLE REDEEMABLE PREFERRED SHARES

CONVERTIBLE REDEEMABLE PREFERRED SHARES

18.CONVERTIBLE REDEEMABLE PREFERRED SHARES

Beijing Chagee obtained financing through Series A and Series B preferred shares from 2020, and the Company completed financing through Series B+ preferred shares in 2023. (Series A preferred shares, Series B preferred shares and Series B+ preferred shares are collectively referred to as “Preferred Shares”). The following table summarizes the issuances of Preferred Shares:


Series		Issuance Date			Issue Price per share		Shares Issued		Aggregated Issuance Price
A			December 25, 2020		RMB4.7		33,777,482		RMB160,000
A			February 22, 2021		RMB4.7		1,055,546		RMB5,000
B			May 14, 2021		RMB11.4		12,256,755		RMB140,000
B+			July 20, 2023		RMB16.2		12,780,417		RMB209,902
B+**			December 5, 2023		RMB16.2		7,594,160		RMB123,000

Note*: In the above table, the number of shares and the issue price per share have been retrospectively adjusted as if the Restructuring has been completed at the beginning of the period presented.

(a)Preferred Shares of Beijing Chagee

The key terms of Series A and Series B preferred shares of Beijing Chagee are as follows:

Conversion Rights

Automatic Conversion

The Series A and Series B preferred share of Beijing Chagee shall automatically be converted into the same number of ordinary shares of Beijing Chagee, upon the closing of a Qualified IPO of Beijing Chagee as defined in the Memorandum and Articles of Association.

18.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

(a)Preferred Shares of Beijing Chagee (continued)

Redemption Rights

The preferred shareholders shall have redemption rights upon the occurrence of any of the following events: (i) Beijing Chagee fails to complete a Qualified IPO on or before December 28, 2027; (ii) a material breach by the Group companies or Mr. Junjie Zhang (the “Founder”); (iii) any Group companies or the Founder is in violation of any applicable laws, or has been convicted of fraud, willful misconduct or other intentional inappropriate acts, resulting in a material adverse effect, or (iv) any other shareholder request to redeem its shares.

The redemption price for each outstanding preferred share shall be equal to the aggregate of (x) the applicable preferred share issue price, and (y) an amount at a simple interest of twelve percent (12%), plus (z) any declared but unpaid dividends.

Liquidation Rights

In the event of any liquidation, dissolution or winding up of Beijing Chagee, whether voluntary or involuntary, the preferred shareholders shall be entitled to receive, prior and in preference to the ordinary shares, the higher of (i) the original issue price, plus any declared but unpaid dividends; and (ii) such amount per share as would have been payable on an if-converted basis (the “Preference Amount”).

If the assets and funds available for distribution shall be insufficient: (1) First, the distribution should be made to Series B preferred shareholders according to the relative proportion of their shares; (2) Secondly, distribution will be made to Series A preferred shareholders according to the relative proportion of their shares; (3) Any remaining assets and funds shall be distributed ratably among the shareholders based on the number of Ordinary Shares held by such shareholder (excluding preferred shares on as-converted basis).

Dividend Rights

First, each holder of Series B Preferred Shares is entitled to receive cumulative dividends at the simple rate per annum of 8% of the Series B issue price, payable if and when declared by the board of directors.

Second, after full payment of dividends to the holders of the Series B Preferred Shares, each holder of the Series A Preferred Shares is entitled to receive cumulative dividends at the simple rate per annum of 8% of the Series A issue price, payable if and when declared by the board of directors.

Lastly, if after the preferential dividends relating to the Preferred Shares as described above have been paid in full or declared and set apart for payment in any fiscal year of the Company, the holders of Preferred Shares shall be entitled to a proportionate share of any dividend or distribution on an if-converted basis.

Notwithstanding the dividend rights as described above, if any dividend or distribution distributed ratably among holders of Preferred Shares and Ordinary Shares (on an as-converted basis) and each holder of Preferred Shares has received all such amounts not less than the dividends or other like amount would have received in accordance with the dividend rights as described above, any dividend or distribution shall be distributed ratably among holders of Preferred Shares and Ordinary Shares (on an as-converted basis).

Voting Rights

Each preferred share shall carry a number of votes equal to the number of ordinary shares then issuable upon its conversion into Class A ordinary shares.

18.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

(b)Preferred Shares of the Company

Upon completion of the Restructuring, the Series A and Series B preferred shares of Beijing Chagee were exchanged into Series A and Series B preferred shares of the Company.

The key terms of Series A, Series B and Series B+ preferred shares of the Company are substantially the same as those of Series A and Series B preferred shares of Beijing Chagee, except that the following terms were added or amended:

Conversion Rights

Optional Conversion

Unless converted earlier pursuant to the Automatic Conversion, any Series A, Series B and Series B+ preferred shares may, at the option of the holder thereof, be converted at any time into fully-paid and non- assessable Class A Ordinary Shares of the Company, based on the then effective conversion price.

The initial conversion ratio of preferred shares to ordinary shares shall be 1:1 and shall be subject to adjustments in the event of issuance or deemed issuance of additional ordinary shares below the preferred share conversion price, or share dividends, subdivisions, combinations or consolidations of ordinary shares, other distributions, or reclassification, exchange and substitution.

Liquidation Rights

If the assets and funds available for distribution shall be insufficient, then the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the preferred shareholders in proportion to the aggregate amount of the Preference Amount.

Deemed Liquidation Event includes: (i) any transaction or series of transactions, whether by merger, consolidation, amalgamation, sale or issuance of equity, scheme of arrangement or otherwise, which results in a change in control of the Company; (ii) a disposition of all or substantially all of the assets of the Group as a whole; or (iii) the exclusive licensing of all or substantially all of any Group’s Intellectual Property to a third party.

Dividend Rights

Each holder of Series B+ Preferred Shares is entitled to receive cumulative dividends at the simple rate per annum of 8% of the Series B+ issue price, payable if and when declared by the board of directors, in preference than Series B and Series A preferred shareholders.

Accounting for Preferred Shares

The Company has classified the Preferred Shares in the mezzanine equity of the consolidated balance sheets as they are contingently redeemable at the option of the holders. Each issuance of preferred shares is recognized at the respective fair value at the date of issuance net of issuance costs. The issuance costs for Series A, Series B and Series B+ Preferred Shares were RMB0.3 million, RMB3.1 million and nil. In addition, the Group records accretions on the Preferred Shares to the redemption values from the issuance dates to the earliest redemption dates. The accretions use the effective interest method and are recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges are recorded by increasing the accumulated deficit.

18.CONVERTIBLE REDEEMABLE PREFERRED SHARES (CONTINUED)

(b)Preferred Shares of the Company (continued)

Accounting for Preferred Shares (continued)

The Company determined that the embedded conversion features and the redemption features do not require bifurcation as they either are clearly and closely related to the Preferred Shares or do not meet the definition of a derivative.

The exchange of Series A and Series B preferred shares of Beijing Chagee into Series A and Series B preferred shares of the Company and related changes in terms were accounted for as a modification with immaterial difference between the fair value of the preferred shares before and after the modification.

The Company’s preferred shares activity for the years ended December 31, 2023, 2024 and 2025, respectively, is summarized below:


		Series A Preferred Shares				Series B Preferred Shares				Series B+ Preferred Shares				Total
		Number of				Number of				Number of
		shares		Amount		shares		Amount		shares		Amount		Amount
				RMB				RMB				RMB		RMB
Balance as of January 1, 2023		34,833,028		194,589		12,256,755		157,784		—		—		352,373
Issuance of Series B+ Preferred Shares, net of issuance cost		—		—		—		—		20,374,577		436,905		436,905
Accretion on convertible redeemable preferred shares to redemption value		—		17,832		—		16,652		—		8,846		43,330
Issuance of Series B Preferred Shares*		—		—		2,657,649		39,172		—		—		39,172
Balance as of December 31, 2023		34,833,028		212,421		14,914,404		213,608		20,374,577		445,751		871,780
Accretion on convertible redeemable preferred shares to redemption value		—		19,523		—		21,107		—		21,370		62,000
Balance as of December 31, 2024		34,833,028		231,944		14,914,404		234,715		20,374,577		467,121		933,780
Accretion on convertible redeemable preferred shares to redemption value		—		6,268		—		6,717		—		7,097		20,082
Conversion of redeemable preferred shares into ordinary shares upon IPO		(34,833,028)		(238,212)		(14,914,404)		(241,432)		(20,374,577)		(474,218)		(953,862)
Balance as of December 31, 2025		—		—		—		—		—		—		—

Upon the completion of the Company’s IPO, all preferred shares of the Company have been automatically converted into fully- paid and non-assessable Class A ordinary shares of the Company.

ORDINARY SHARES (Details) ¥ in Thousands, $ in Thousands				1 Months Ended				12 Months Ended
ORDINARY SHARES (Details) ¥ in Thousands, $ in Thousands	Apr. 30, 2024 CNY (¥) shares	Dec. 25, 2023 shares	Jul. 05, 2023 Vote	Oct. 31, 2025 shares	Apr. 30, 2025 CNY (¥) shares	Jul. 31, 2024 CNY (¥)	Apr. 30, 2024 CNY (¥)	Dec. 31, 2025 CNY (¥) shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 CNY (¥) shares	Dec. 31, 2023 CNY (¥) shares	May 12, 2023 shares
ORDINARY SHARES
Ordinary shares, shares issued										104,443,500		107,101,149
Ordinary shares, shares outstanding										98,743,892
Share-based compensation expenses \| ¥											¥ 7,000
Total cash consideration of ordinary shares repurchased \| ¥										¥ 210,082
Repurchase of ordinary shares \| ¥										¥ 210,082
Proceeds from the IPO, net of underwriting discounts and commissions								¥ 3,181,762	$ 454,986
Conversion (exchange) of preferred shares into ordinary shares					70,122,009
Preferred stock, initial conversion ratio					1						1
Exercising of share options and vesting of restricted share units								5,004,064	5,004,064
Vested								6,772	6,772
Class A ordinary shares at conversion ratio								1	1
Remaining shares with depository bank								23,050,513	23,050,513
IPO
ORDINARY SHARES
Proceeds from the IPO, net of underwriting discounts and commissions \| ¥					¥ 3,181,762
Junjie Zhang, Xianggui Peng And Peibang Gong (Employees)
ORDINARY SHARES
Share-based compensation expenses \| ¥											¥ 7,000
Class A Ordinary shares
ORDINARY SHARES
Ordinary shares, shares issued								154,239,340	154,239,340	39,169,393
Ordinary shares, shares outstanding								125,489,219	125,489,219	33,469,785
Voting right per shares \| Vote			1
Aggregate number of ordinary shares repurchased and redeemed											1,046,761
Number of shares issued to depository bank				28,061,349
Class A Ordinary shares \| IPO
ORDINARY SHARES
Fundraising proceeds from initial public offering ("IPO")					16,886,589
Class A Ordinary shares \| Junjie Zhang, Xianggui Peng And Peibang Gong (Employees)
ORDINARY SHARES
Aggregate number of ordinary shares repurchased and redeemed											1,046,761
Class A Ordinary shares \| Brewtopia Limited, Brew Tea-ful Limited, TeaSoul Limited and Tea Tropolis Limited
ORDINARY SHARES
Repurchase of ordinary shares	5,699,608
Total cash consideration of ordinary shares repurchased \| ¥	¥ 210,100
Repurchase of ordinary shares \| ¥						¥ 115,100	¥ 95,000
Class A Ordinary shares \| TeaTide Limited
ORDINARY SHARES
Number of shares issued upon exchange		2,729,630
Class B Ordinary shares
ORDINARY SHARES
Ordinary shares, shares issued								65,274,107	65,274,107	65,274,107
Ordinary shares, shares outstanding								65,274,107	65,274,107	65,274,107
Voting right per shares \| Vote			10
Aggregate number of ordinary shares repurchased and redeemed											1,610,888
Class B Ordinary shares \| Junjie Zhang, Xianggui Peng And Peibang Gong (Employees)
ORDINARY SHARES
Aggregate number of ordinary shares repurchased and redeemed											1,610,888
Class B Ordinary shares \| Partea Ltd
ORDINARY SHARES
Aggregate number of ordinary shares repurchased and redeemed		2,729,630

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Parenthetical) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Revenue	¥ 12,907,407	$ 1,845,734	¥ 12,405,582	¥ 4,640,171
Share-based compensation expenses				7,000
Foreign currency translation adjustment, income tax expenses	0		0	0
Other operating costs
Share-based compensation expenses	(28,628)	(4,094)	(21)	(54)
Sales and marketing expenses
Share-based compensation expenses	(50,450)	(7,214)	(25)	(58)
General and administrative expenses
Share-based compensation expenses	(644,460)	$ (92,157)	(557)	(10,404)
Related party
Revenue	¥ 32,707		¥ 18,811	¥ 2,511

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

NET REVENUES - Key revenue streams (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
NET REVENUES
Revenue	¥ 12,907,407	$ 1,845,734	¥ 12,405,582	¥ 4,640,171
Franchised Teahouses
NET REVENUES
Revenue	11,417,091	1,632,622	11,632,374	4,395,908
Sales of products
NET REVENUES
Revenue	10,440,456		10,788,976	4,148,198
Raw materials & packaging
NET REVENUES
Revenue	10,083,091		9,890,969	3,585,139
Teahouse equipment and other supplies
NET REVENUES
Revenue	357,365		898,007	563,059
Franchising and other services
NET REVENUES
Revenue	976,635		843,398	247,710
Company-owned teahouse operating costs
NET REVENUES
Revenue	¥ 1,490,316	$ 213,112	¥ 773,208	¥ 244,263

- Definition

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TAXATION - Component of profit before income tax expenses (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
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TAXATION
Profit before income tax expenses	¥ 1,618,086	$ 231,383	¥ 3,042,098	¥ 1,006,327
PRC
TAXATION
Profit before income tax expenses	2,214,170
Others
TAXATION
Profit before income tax expenses	¥ (596,084)

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Pay vs Performance Disclosure ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Pay vs Performance Disclosure
Net Income (Loss)	¥ 1,171,149	$ 167,472	¥ 2,516,114	¥ 800,903

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

TAXES PAYABLE (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
TAXES PAYABLE
VAT payable	¥ 7,697		¥ 19,780
Enterprise income taxes payable	151,304		189,717
Surtaxes and others	15,745		7,890
Total	¥ 174,746	$ 24,988	¥ 217,387

ORGANIZATION AND PRINCIPAL ACTIVITIES - Major subsidiaries (Details)	Dec. 31, 2025
Chagee Holdings Singapore
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%
Chagee Investment
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%
Beijing Chagee
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%
Sichuan Chagee Enterprise Management Co. Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%
Sichuan Chayudao Enterprise Management Co. Ltd
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%
Chagee (Shanghai) Brand Management Co., Ltd.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%
Chagee (Shanghai) Information Technology Co., Ltd.
ORGANIZATION AND PRINCIPAL ACTIVITIES
Percentage of beneficial ownership	100.00%

PROPERTY AND EQUIPMENT, NET (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2025 USD ($)
Property And Equipment Roll Forward
Total	¥ 787,286	¥ 321,749
Less: accumulated depreciation	(203,616)	(72,746)
Net book value	583,670	249,003		$ 83,464
Depreciation expense	133,000	60,300	¥ 10,400
Leasehold improvements
Property And Equipment Roll Forward
Total	568,314	212,239
Teahouse operation equipment
Property And Equipment Roll Forward
Total	118,807	40,840
Electronic equipment
Property And Equipment Roll Forward
Total	43,565	22,106
Manufacturing equipment
Property And Equipment Roll Forward
Total		27,449
Vehicles
Property And Equipment Roll Forward
Total	18,760	14,289
Property
Property And Equipment Roll Forward
Total	374	649
Construction in progress
Property And Equipment Roll Forward
Total	¥ 37,466	¥ 4,177

TAXATION - Reconciliation between statutory rate and the effective tax rate (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Income tax expense (benefit), effective income tax rate reconciliation (in amount)
PRC statutory income tax rate	¥ 404,521
Tax effect of PRC preferential tax treatments	(293,247)
Share-based compensation expenses	161,128
Others	18,999
Changes in valuation allowance	53,803
Income tax expense	¥ 431,741	$ 61,738	¥ 527,507	¥ 203,761
Tax Jurisdiction of Domicile [Extensible Enumeration]	PRC	PRC
Effective tax rate reconciliation
PRC statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Tax effect of preferential tax treatments	(18.12%)	(18.12%)	(9.55%)	(6.80%)
Share-based compensation expenses	9.96%	9.96%
Others	1.17%	1.17%
Changes in valuation allowance	3.33%	3.33%	1.26%
Effect of tax rate differential in other jurisdictions			0.47%
Tax effect of permanent differences			0.16%	2.05%
Effective income tax rate	26.68%	26.68%	17.34%	20.25%
the United States of America
Income tax expense (benefit), effective income tax rate reconciliation (in amount)
Changes in valuation allowance	¥ 71,520
Effect of tax rate differential in other jurisdictions	(13,129)
Non-deductible expenses	¥ 7,308
Effective tax rate reconciliation
Changes in valuation allowance	4.42%	4.42%
Effect of tax rate differential in other jurisdictions	(0.81%)	(0.81%)
Non-deductible expenses	0.45%	0.45%
Singapore
Income tax expense (benefit), effective income tax rate reconciliation (in amount)
Changes in valuation allowance	¥ (24,008)
Effect of tax rate differential in other jurisdictions	25,131
Non-deductible expenses	¥ 20,122
Effective tax rate reconciliation
Changes in valuation allowance	(1.48%)	(1.48%)
Effect of tax rate differential in other jurisdictions	1.55%	1.55%
Non-deductible expenses	1.24%	1.24%
Other tax jurisdictions
Income tax expense (benefit), effective income tax rate reconciliation (in amount)
Other tax jurisdictions	¥ (407)
Effective tax rate reconciliation
Other tax jurisdictions	(0.03%)	(0.03%)

INCOME PER SHARE - Basic and diluted income per share (Details) ¥ / shares in Units, $ / shares in Units, ¥ 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
Numerator:
Net income	¥ 1,186,345	$ 169,645	¥ 2,514,591	¥ 802,566
Less: Net income attributable to non-controlling interests	(15,196)		(17,368)	(1,663)
Add: Net loss attributable to redeemable non-controlling interests			18,891
Less: accretion to redemption value of convertible redeemable preferred shares	(20,082)	$ (2,872)	(62,000)	(43,330)
Less: accretion to redemption value of redeemable non-controlling interests			(18,891)
Less: cumulative undeclared dividends on convertible redeemable preferred shares	(15,702)		(51,032)	(32,081)
Less: Net income attributable to preferred shareholders based on their participating rights	(116,785)		(949,041)	(198,548)
Net earnings available for distribution - basic	1,018,580		1,435,150	526,944
Reversal of accretion on redemption value of Series A and Series B convertible redeemable preferred shares				34,484
Reversal and reallocation of net income attributable to preferred shareholders				199,331
Net earnings available for distribution - diluted	¥ 1,018,580		¥ 1,435,150	¥ 760,759
Denominator:
Denominator for basic income per share calculation \| shares	162,470,727	162,470,727	100,628,189	104,465,049
Effects of dilutive securities convertible redeemable preferred shares \| shares				48,266,743
Effects of dilutive securities outstanding share options and RSUs \| shares	2,243,939	2,243,939
Denominator for diluted income per share calculation \| shares	164,714,666	164,714,666	100,628,189	152,731,792
Basic income per share \| (per share)	¥ 6.27	$ 0.9	¥ 14.26	¥ 5.04
Dilutive income per share \| (per share)	¥ 6.18	$ 0.88	¥ 14.26	¥ 4.98

CONVERTIBLE REDEEMABLE PREFERRED SHARES - Narratives (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2021 CNY (¥)	Apr. 30, 2025
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Preferred stock, redemption simple interest (%)					12.00%
Preferred stock, initial conversion ratio				1		1
Payments for offering expenses	¥ 36,272	$ 5,186	¥ 10,091
Series A preferred stock
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Preferred stock, dividend rate (%)					8.00%
Payments for offering expenses					¥ 300
Series B preferred stock
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Preferred stock, dividend rate (%)					8.00%
Payments for offering expenses					¥ 3,100
Series B+ Preferred Shares
CONVERTIBLE REDEEMABLE PREFERRED SHARES
Preferred stock, dividend rate (%)	8.00%	8.00%
Payments for offering expenses				¥ 0

LEASES

12 Months Ended

Dec. 31, 2025

LEASES

LEASES

12.LEASES

The Group has operating leases for corporate offices and company-owned teahouses with the lease terms from within 3 months to 11 years, some of which include options to terminate the leases within certain periods. For operating leases with terms greater than 12 months, the Group records the related assets and lease liabilities at the present value of lease payments over the terms. Certain leases include rental escalation clauses, renewal options and/or termination option, which are factored into the Group’s determination of lease payments when appropriate.


		As of December 31,
		2024		2025
		RMB		RMB
Right-of-use assets, net		542,202		1,275,805
Operating lease liabilities, current		195,438		424,363
Operating lease liabilities, non-current		352,618		849,936

The following table provides a summary of the Group’s operating lease expenses and short-term lease expenses for the years ended December 31, 2023, 2024 and 2025:


		For the Years Ended
		December 31,
		2023		2024		2025
		RMB		RMB		RMB
Operating lease expenses		46,775		152,682		311,619
Short-term lease expenses		5,734		14,697		23,290
Cash paid for amounts included in the measurement of lease liabilities		50,871		144,651		323,239
Right-of-use assets obtained in exchange for new operating lease liabilities		95,476		552,682		1,052,922

Short-term leases represent the leases with a term of 12 months or less.

The operating lease expenses and short-term lease expenses were recognized in company-owned teahouse operating costs, other operating costs, sales and marketing, and general and administrative expenses.

The following table provides a summary of the Group’s weighted average operating lease terms and weighted average discount rates as of December 31, 2024 and 2025:


		As of December 31,
		2024		2025
		RMB		RMB
Weighted average remaining lease term (in years)		3.32		3.61
Weighted average discount rate		4.14	%	4.85	%

12.LEASES (CONTINUED)

Maturities of operating lease liabilities as of December 31, 2025 are as follows:


		RMB
For the year ending December 31, 2026		472,680
For the year ending December 31, 2027		402,880
For the year ending December 31, 2028		273,154
For the year ending December 31, 2029		121,321
For the year ending December 31, 2030		55,384
Thereafter		78,173
Total remaining undiscounted lease payments		1,403,592
Less: imputed interest		(129,293)
Present value of operating lease liabilities		1,274,299

As of December 31, 2025, the Group has no significant lease contract that have been entered into but not yet commenced. The Group’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.