Chagee Holdings Limited American Depositary Shares Q4 2025 Earnings Call Summary

Management attributed the 25.5% year-over-year decline in Q4 same-store sales to internal organizational restructuring and a deliberate pause in new product launches to refine operations. The company acknowledged underestimating the impact of third-party delivery platform price wars on offline sales, choosing to maintain premium brand positioning rather than chasing low-price traffic. A transition in the business model was initiated to shift from traditional supply relations to a GMV-based revenue sha ...