Chagee boosts Q1 sales, but margins narrow

Chagee’s Q1 2025 revenue rose 35.4% YoY to RMB 3.39 billion, driven by a 63.6% jump in store count to 6,681. Net income grew 13.8% to RMB 677.3 million, though net margin narrowed to 20% as same-store GMV fell 18.9% YoY. Operating margin declined to 24.2% amid rising marketing and administrative expenses.