Financial Performance - The total GMV for Bawang Tea Ji reached 8.103 billion yuan in Q2 2025, representing a year-on-year growth of 15.5% [1] - The net revenue for Q2 was 3.332 billion yuan, an increase of 10.2% year-on-year [1] - Adjusted net profit for Q2 was 630 million yuan, with an adjusted net profit margin of 18.9% [1] - For the first half of the year, the cumulative adjusted net profit was 1.31 billion yuan, up 6.8% year-on-year [1] - Costs improved, with raw material, storage, and logistics costs decreasing by 1.5% year-on-year in Q2 [1] Membership and Customer Base - As of June 30, the registered membership of Bawang Tea Ji exceeded 200 million, reaching 207 million, with a net increase of 14.55 million members quarter-on-quarter, and a year-on-year growth of 42.7% [1] International Expansion - The overseas business has become a significant growth engine, with Q2 GMV reaching 235 million yuan, a year-on-year increase of 77.4% and a quarter-on-quarter growth of 31.8% [1] - As of June 30, Bawang Tea Ji had a total of 7,038 stores globally, including 208 overseas stores located in Malaysia (178), Singapore (16), Indonesia (8), Thailand (5), and the United States (1) [1] Management Changes - Bawang Tea Ji announced a new North American management team, appointing Emily Chang as Chief Business Officer and Aaron Harris as Chief Development Officer [2] - Emily Chang previously served as CEO of VML West, a subsidiary of WPP, while Aaron Harris held a senior development vice president position at Dutch Bros Coffee before joining Bawang Tea Ji [2]
霸王茶姬Q2：海外门店208家，净增52家