Chagee(US:CHA) Chang Sha Wan Bao·2026-04-01 09:40Core Viewpoint - Bawang Chaji reported strong financial performance for the fourth quarter and full year of 2025, with significant growth in overseas markets and continuous innovation in product offerings [1][2][3]. Financial Performance - Total GMV for 2025 reached 31.58 billion yuan, a year-on-year increase of 7.2% [3]. - Net revenue for the year was 12.91 billion yuan, with an adjusted net profit of 1.91 billion yuan [1][3]. - In Q4 2025, adjusted net profit was 100 million yuan, marking 12 consecutive quarters of profitability [3]. Store Expansion - Bawang Chaji added 115 new stores in Q4, with 83 located overseas, bringing the total number of stores to 7,453 [3]. - The company has 345 overseas stores across seven countries in Southeast Asia and North America as of December 31, 2025 [3]. Overseas Business Growth - Overseas GMV reached 370 million yuan, showing a year-on-year increase of 84.6% and a quarter-on-quarter growth of 23.9% [3]. - The overseas business has been a significant growth driver, with continuous quarterly growth exceeding 75% for three consecutive quarters [1][3]. Product Innovation - Bawang Chaji launched several new products in Q4 2025, including the "Flower Fragrance" version of the classic item and a new product line called "Return to Yunnan" [2][3]. - In 2026, the company introduced nearly 10 new products, including matcha and Da Hong Pao series [2][3]. Marketing and Membership Strategy - The membership system was fully revamped on January 1, 2026, with new product zones launched in March targeting morning and evening tea drinking scenarios [4]. - The "Morning Series" offers limited-time buy-one-get-one promotions, while the "Evening Series" focuses on low-caffeine "light caffeine" products [4][5]. - The company aims to penetrate various social scenarios such as weddings, gatherings, meetings, and birthdays to enhance user value and market response [5].