11月28日，霸王茶姬发布2025年第三季度财报。财报数据显示，尽管公司在运营层面表现亮眼，会员数量同比增长超30%，门店总数同比增长26%，但 其营收与利润均出现下滑。与此同时，大中华区单店盈利能力恶化，大中华区单店月均GMV同比降28.3%。 营收利润双降，利润率承压 公司本季度财报呈现收入与利润双降。总营收为32.08亿元人民币，同比下滑9.4%，显示其整体增长动能有所放缓。 更值得关注的是盈利能力的弱化，营业利润为4.54亿元，利润率从去年同期的22.4%大幅收窄至14.2%；GAAP净利润也降至3.98亿元，净利润率仅为 12.4%，明显低于去年同期的18.3%。公司在营收规模收缩的同时，利润端的压力更为突出。 从业务结构来看，在国内市场，加盟业务收入下降14.8%，主要归因于国内外卖平台"补贴竞争加剧"导致的销量下滑。 | CHAGEE HOLDINGS LIMITED | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTL ...

Group 1 - Bawang Chaji has opened three stores in the Philippines, marking its entry into the market and achieving over 23,000 cups sold in the first three days [1] - Southeast Asia is a primary overseas market for Bawang Chaji, with the Philippines being its seventh international market [1] - As of June 30, Bawang Chaji has expanded its overseas stores to 208, covering Malaysia (178), Singapore (16), Indonesia (8), Thailand (5), and the United States (1) [1] Group 2 - Bawang Chaji's overseas market GMV reached 235.2 million yuan in Q2, a year-on-year increase of 77.4% and a quarter-on-quarter growth of 31.8% [1] - In the Chinese market, Bawang Chaji's average monthly GMV per store was 404,350 yuan, with same-store GMV decreasing by 23% compared to last year [1] - The decline in same-store GMV is attributed to strong comparative data from Q2 2024 and intensified price competition on delivery platforms [1]