Chagee Holdings Ltd (CHA) 2025 Q1 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Chagee's first quarter 2025 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

女士們、先生們，早安，晚上好。感謝您的支持，歡迎參加 Chagee 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。

With that, I'll now turn the call over to the first speaker today, Ms. Alicia Guo, Investor Relations Director of the company. Please go ahead, ma'am.

現在，我將把電話交給今天的第一位發言者，公司投資者關係總監 Alicia Guo 女士。請繼續，女士。

Thank you. Hello, everyone, and welcome to Chagee's first quarter 2025 earnings call. With us today are Mr. Junjie Zhang, our CEO; and Mr. Aaron Huang, our CFO.

謝謝。大家好，歡迎參加 Chagee 2025 年第一季財報電話會議。今天與我們在一起的有我們的執行長張俊傑先生和我們的財務長 Aaron Huang 先生。

The company's financial and operating results were released by the newswire earlier today and are currently available online. Before we continue, I refer you to our Safe Harbor Statements in the earnings press release. which applies to this call. Any forward-looking statements that we make on this call are based on assumptions as of today, and Chagee does not undertake any obligations to update these statements.

該公司的財務和營運結果已於今天稍早由新聞專線發布，目前可在網路上查閱。在我們繼續之前，請參閱收益新聞稿中的安全港聲明。此聲明適用於本次電話會議。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，Chagee 不承擔更新這些陳述的任何義務。

Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings release, which contains a reconciliation of non-GAAP measures to GAAP measures.

此外，本次電話會議也討論了某些非公認會計準則財務指標。請參閱我們的收益報告，其中包含非 GAAP 指標與 GAAP 指標的對帳。

With that, I will turn the call to our CEO, Mr. Junjie Zhang. Please go ahead.

接下來，我將把電話轉給我們的執行長張俊傑先生。請繼續。

(spoken in foreign language)

（用外語說）

Hello everyone. Thank you all for joining us on first earnings call as a public company.

大家好。感謝大家參加我們作為上市公司的首次收益電話會議。

(spoken in foreign language)

（用外語說）

This April marked a pivotal moment in our journey as we joined Nasdaq, a significant achievement that positions us for our next chapter of growth. This milestone does more than strengthen our financial foundation and introduces the innovation and dynamism of Greater China's premium tea drinks brand to global investors. I'm profoundly grateful to the entire Chagee team, whose talent and dedication made this possible.

今年四月是我們發展歷程中的關鍵時刻，我們加入了納斯達克，這項重大成就為我們開啟下一個發展篇章奠定了基礎。這項里程碑不僅增強了我們的財務基礎，也向全球投資者介紹了大中華區優質茶飲品牌的創新和活力。我深深感謝整個 Chagee 團隊，他們的才華和奉獻精神使這一切成為可能。

To our franchise partners, your confidence in our vision has been instrumental in our expansion. And most importantly, to our customers, Chagee friends, your loyalty remains the bedrock of everything we build. Finally, I want to sincerely thank our shareholders. Your trust and support enables us to move forward with confidence and create greater longer-term value.

對於我們的特許經營夥伴來說，你們對我們願景的信心對我們的擴張至關重要。最重要的是，對我們的客戶、Chagee 的朋友來說，你們的忠誠仍然是我們一切工作的基石。最後，我要真誠地感謝我們的股東。您的信任和支持使我們能夠滿懷信心地繼續前進，創造更大的長期價值。

(spoken in foreign language)

（用外語說）

I'm delighted to share our operating results for the first quarter of 2025, along with our strategic plans for the future.

我很高興分享我們 2025 年第一季的經營業績以及未來的策略計畫。

(spoken in foreign language)

（用外語說）

Overall, we maintained steady growth in the first quarter with several key metrics showing strong improvement. Revenue for the quarter reached RMB3,392.7 million, up 35.4% year over year. Total GMV generated in the first quarter was RMB8,226.8 million, growing by 38% from a year ago. Net income was RMB677.3 million, a 13.8% increase compared to the same period last time. These results demonstrate the resilience and sustainability of our business model.

總體而言，我們在第一季保持了穩定成長，多項關鍵指標均顯示出強勁改善。本季營業收入達人民幣33.927億元，年增35.4%。第一季總成交額為人民幣82.268億元，較去年同期成長38%。淨利為人民幣6.773億元，較去年同期成長13.8%。這些結果證明了我們商業模式的彈性和永續性。

(spoken in foreign language)

（用外語說）

Our solid performance is mainly driven by three strategic pillars working together, continued global expansion, differentiated product innovation and a healthy customer ecosystem. These pillars not only supported our strong results this quarter, but also formed the foundation of our long-term competitive advantage.

我們穩健的業績主要得益於三大策略支柱的共同作用、持續的全球擴張、差異化的產品創新和健康的客戶生態系統。這些支柱不僅支撐了我們本季的強勁業績，也構成了我們長期競爭優勢的基礎。

(spoken in foreign language)

（用外語說）

First, on store network expansion, we continue to improve our global footprint. By the end of the first quarter, we had 6,512 stores in Greater China, a net increase of 228 stores from the previous quarter. GMV in Greater China market was RMB8,048.4 million, up 37.2% year over year.

首先，在門市網路擴張方面，我們持續提升全球影響力。截至第一季末，我們在大中華區擁有6,512家門市，較上一季淨增228家。大中華區市場GMV為人民幣80.484億元，較去年成長37.2%。

Our overseas expansion progressed steadily with the total number of stores in Southeast Asia rising to 169, including 9 new stores in Malaysia and 4 in Singapore. GMV generated from overseas market reached RMB178.4 million, representing an 85.3% growth year over year.

海外拓展穩定推進，東南亞地區門市總數增加至169家，其中馬來西亞新增9家門市，新加坡新增4家門市。海外市場GMV達1.784億元，較去年成長85.3%。

(spoken in foreign language)

（用外語說）

It's worth mentioning that on April 11, 2025, we reached a significant milestone with our first Indonesian location at Jakarta. This store showcases our premium tea offerings, fresh brewed selections and signature beverages, all enhanced by our proprietary Teaspresso extraction method that delivers unparalleled depth and aroma.

值得一提的是，2025 年 4 月 11 日，我們在印尼雅加達開設了第一家分店，標誌著我們達到了一個重要的里程碑。本店展示我們的優質茶品、新鮮沖泡的精選茶和招牌飲品，所有這些都透過我們專有的 Teaspresso 提取方法得到增強，可提供無與倫比的深度和香氣。

The space itself celebrates our cross-cultural vision through stunning murals by acclaimed local artists, thoughtfully weaving key traditions with local heritage. Just weeks later, on May 11, we had grand opening for our first US flagship store in Los Angeles, which served over 5,000 cups on its opening day, a remarkable milestone that signals strong momentum in this key market.

空間本身透過當地著名藝術家創作的令人驚嘆的壁畫來慶祝我們的跨文化願景，將主要傳統與當地遺產巧妙地交織在一起。幾週後，5 月 11 日，我們在洛杉磯盛大開設了第一家美國旗艦店，開業當天售出了超過 5,000 杯咖啡，這是一個非凡的里程碑，標誌著這一關鍵市場的強勁發展勢頭。

(spoken in foreign language)

（用外語說）

Second, in product innovation, we bring back seasonal limited products for existing users, while continuously launching new products to attract new customers. This quarter, we expanded our line-up with seven innovative offerings, including the low-caffeine BOYA Tea Latte and our specialized low-caffeine collection.

第二，在產品創新上，我們為老用戶回歸當季限量產品，同時不斷推出新產品吸引新客戶。本季度，我們擴大了產品線，推出了七款創新產品，包括低咖啡因的 BOYA 茶拿鐵和我們專門的低咖啡因係列。

Our low-caffeine range delivered strong week-over-week GMV growth with particularly encouraging results in pilot cities where customer receptions were -- have been positive. Launch week performance showed higher GMV growth than other cities, driven by strong afternoon and evening consumption patterns.

我們的低咖啡因係列產品實現了每週強勁的 GMV 成長，在試點城市的結果尤其令人鼓舞，因為顧客的接待非常積極。受強勁的下午和晚上消費模式的推動，新品發布週的 GMV 成長高於其他城市。

Notably, the low-caffeine BOYA Tea Latte now holds one-third highest new customer conversion rate. We further amplified this momentum by creating a dedicated low-caffeine showcase within our mini program, strengthening category recognition and highlighting its unique value proposition.

值得注意的是，低咖啡因的博雅茶拿鐵目前擁有最高三分之一的新客戶轉換率。我們透過在小程式中創建專門的低咖啡因展示，進一步增強了這一勢頭，加強了類別認知度並強調了其獨特的價值主張。

(spoken in foreign language)

（用外語說）

Furthermore, our seasonal specialty featuring premium Long Jing tea represented over 16% of total cups sold during its limited availability and secured our third highest repurchase rate, clearly demonstrating its strong consumer appeal.

此外，我們的季節性特色茶品為優質龍井茶，在限量供應期間佔總銷量的 16% 以上，並獲得了第三高的回購率，清楚地表明了其強大的消費者吸引力。

Our Valentine's Day collection, (spoken in foreign language) achieved exceptional market visibility with 340 million online impressions, standing out through its sophisticated rose-infused flavors and distinctive packaging that resonated perfectly with the holiday spirit.

我們的情人節系列（用外語來說）獲得了卓越的市場知名度，在線展示次數達 3.4 億次，憑藉其精緻的玫瑰風味和與節日氣氛完美呼應的獨特包裝脫穎而出。

According to data from Social Touch, Chagee maintains leadership in the premium tea beverage sector across both volume and engagement metrics, while holding the top position in key social media search rankings.

根據Social Touch的數據，茶吉在高階茶飲領域的銷售量和參與度指標上均保持領先地位，同時在主要社群媒體搜尋排名中名列前茅。

(spoken in foreign language)

（用外語說）

Third, we've cultivated a thriving user ecosystem that continues to expand. At the close of the first quarter, our registered members in Mobile Mini program grew to over 192 million with 15 million new members joined during this quarter alone.

第三，我們培育了一個蓬勃發展且不斷擴大的用戶生態系統。截至第一季末，我們的手機小程式註冊會員數已超過1.92億，光是本季就新增了1500萬名會員。

Our active member count is now approaching 45 million with steadily strengthening engagement metrics across all segments. A significant driver of this growth has been our low-caffeine selections, which have successfully captured increased afternoon and evening consumption occasions.

我們的活躍會員數量現已接近 4500 萬，各領域的參與度指標都在穩步增強。這一增長的一個重要推動力是我們低咖啡因的選擇，這些選擇成功地抓住了下午和晚上消費高峰的機會。

Building on this momentum, our precision targeted marketing campaigns and strategic brand partnerships have established a powerful foundation for sustained customer acquisition and retention.

在此勢頭的基礎上，我們精準定位的行銷活動和策略品牌合作夥伴關係為持續獲取和保留客戶奠定了堅實的基礎。

(spoken in foreign language)

（用外語說）

Moving forward, we will continue to advance our three core strategies. First, we will optimize our store network while driving optional efficiency at the store level, streamlining our cost structure and rightsizing labor and rental expenses.

展望未來，我們將持續推進三大核心戰略。首先，我們將優化我們的門市網絡，同時提高門市層面的可選效率，精簡我們的成本結構，並調整勞動力和租賃費用。

Second, we remained committed to product innovation that showcases our authentic leaf tea heritage. Third, we will enhance the customer experience to reinforce our premium brand positioning. We remain steadfast in our mission of aspiring to foster a global connection of people and cultures with every cup of our tea, positioning Chagee as the authentic voice and premier representative of Chinese tea heritage on the world stage.

其次，我們始終致力於產品創新，展現我們正宗的葉茶傳統。第三，我們將提升客戶體驗，鞏固我們的高端品牌定位。我們始終堅定不移地履行使命，渴望透過每一杯茶來促進全球人民和文化的聯繫，將茶吉定位為世界舞台上中國茶文化遺產的真實聲音和首要代表。

As we pursue sustainable shareholder returns, we will persistently push the boundaries of what's possible in our pursuit of excellence and continue to foster a global connection of people and cultures throughout tea.

在追求永續股東回報的同時，我們將不斷突破追求卓越的界限，並繼續透過茶葉促進全球人民和文化的聯繫。

(spoken in foreign language)

（用外語說）

With that, I will turn the call over to our CFO, Aaron, to go over the financials.

說完這些，我將把電話轉給我們的財務長亞倫 (Aaron)，讓他來討論財務狀況。

Thank you, Junjie, and hello, everyone. First, I would like to express my sincere appreciation for all the support and help from our staff, the business partners and the shareholders along the way. As a listed company, we will continue to focus on sustainability of business growth and the value creation for our shareholders. Before we get into the financials, please note that all numbers are in RMB and all comparisons are on a year over year basis, unless otherwise stated.

謝謝俊傑，大家好。首先，我謹向全體員工、合作夥伴和股東們一直以來的支持和幫助表達最誠摯的感謝。作為一家上市公司，我們將繼續專注於業務成長的可持續性和為股東創造價值。在我們討論財務數據之前，請注意，除非另有說明，所有數字均以人民幣為單位，所有比較均以同比計算。

We began 2025 with solid execution across our key business priorities. We made meaningful progress in network expansion, adding stores that strengthened our market position while delivering notable improvements in store operational efficiency. These achievements highlight our team's consistent execution capabilities and the resilience of our business fundamentals.

2025 年伊始，我們便紮實執行各項關鍵業務重點。我們在網路擴張方面取得了有意義的進展，新增門市鞏固了我們的市場地位，同時顯著提高了門市營運效率。這些成就凸顯了我們團隊始終如一的執行能力和業務基礎的韌性。

Building on the foundation, we continue to advance strategic initiatives designed to ensure our business remain adaptable and resilient amid the current market dynamics. First, we continue to optimize our supply chain efficiency across all markets.

在此基礎上，我們繼續推動策略舉措，旨在確保我們的業務在當前市場動態中保持適應性和彈性。首先，我們持續優化所有市場的供應鏈效率。

As we expand globally, we work with local suppliers where it makes operational sense, which help us maintain product freshness and manage logistic costs. This approach supports our commitment to delivering high-quality product to consumers while maintaining operational efficiency.

隨著我們在全球擴張，我們與當地供應商合作，這有利於我們保持產品的新鮮度並管理物流成本。這種方法支持我們致力於在保持營運效率的同時向消費者提供高品質的產品。

Second, we have prioritized cost optimization and operational efficiency across our business. By leveraging our growing scale, we've enhanced our negotiating position with suppliers and streamlined our operations.

其次，我們優先考慮整個業務的成本優化和營運效率。透過利用我們不斷成長的規模，我們增強了與供應商的談判地位並簡化了我們的營運。

Third, we expect our geographic diversification into Southeast Asia and the North American market will reduce our dependencies on any single market while creating new growth opportunities. These strategic initiatives have positioned us well to navigate market uncertainties while we continue to deliver strong financial results.

第三，我們預計，將業務地域多元化至東南亞和北美市場將減少我們對任何單一市場的依賴，同時創造新的成長機會。這些策略舉措使我們能夠很好地應對市場不確定性，同時繼續實現強勁的財務表現。

Next, let's go through the financials. Our net revenue for the first quarter increased by 35.4% year over year to RMB3,392.7 million, mainly driven by continued expansion of our teahouse network. Among them, net revenues from franchised teahouse grew 31.8% to RMB3,149.9 million, representing 92.8% of our total revenues. Net revenue from company-owned teahouses increased 107.7% to RMB242.8 million, accounts for 7.2% of total revenues.

接下來，讓我們來看看財務狀況。我們第一季的淨收入年增35.4%至人民幣33.927億元，主要由於我們茶館網路的持續擴張。其中，加盟茶館淨收入成長31.8%至31.499億元，占公司總收入的92.8%。自營茶館淨收入年增107.7%至2.428億元，佔總營收的7.2%。

The average monthly GMV per teahouse in Greater China was RMB431,973 in the first quarter. While this represents a sequential decrease from the fourth quarter last year, it's important to note that this is primarily reflecting two factors.

第一季大中華區每家茶館的月平均GMV為431,973元。雖然這比去年第四季有所下降，但值得注意的是，這主要反映了兩個因素。

First, seasonality as the first quarter typically experiences a low consumer traffic following the Chinese New Year holiday period. And the second, our strategic network expansion, which includes a higher proportion of teahouses in their honeymoon phases.

首先，季節性，因為農曆新年假期後，第一季的消費流量通常較低。第二，我們的策略網絡擴張，包括增加處於發展初期的茶館的比例。

Turning into margin and expenses. Operating income was RMB820.8 million with an operating margin of 24.2% compared to 28.2% in the first quarter of 2024 and 19.3% in the fourth quarter of 2024. This change reflects our strategic investment in brand building and marketing for new products launches, R&D to enhance our product offerings, digital infrastructure to improve customer experience and talent acquisition to support global expansion.

轉化為利潤和費用。營業收入為人民幣 8.208 億元，營業利益率為 24.2%，而 2024 年第一季為 28.2%，2024 年第四季為 19.3%。這項變更反映了我們對品牌建立和新產品行銷、研發以增強我們的產品供應、數位基礎設施以改善客戶體驗以及人才招募以支持全球擴張的策略投資。

To elaborate, operating costs for company-owned teahouses were RMB157 million, up 170% from a year ago, but down 3.8% from the fourth quarter of 2024. As of March 31, 2025, we operated 191 company-owned teahouse, up from 169 at the end of 2024. On a per-store basis, operating costs have decreased compared to the full year 2024, showing improved efficiency at the store level.

具體來說，該公司自營茶館的營運成本為 1.57 億元，比去年同期成長 170%，但比 2024 年第四季下降 3.8%。截至 2025 年 3 月 31 日，我們經營 191 家公司自營茶館，高於 2024 年底的 169 家。以每家門市計算，營運成本與 2024 年全年相比有所下降，顯示門市效率有所提高。

Other operating costs increased by 79.6% to RMB172.5 million. This was primarily driven by higher payroll, utility, office expenses and travel costs to support the rapid expansion of our franchised teahouse network. As a percentage of total net revenue, the other operating costs were 5.1%, up from 3.8% in the same quarter of 2024.

其他經營成本增加79.6%至人民幣1.725億元。這主要是由於工資、水電費、辦公費用和差旅費用增加，以支持我們特許經營茶館網路的快速擴張。其他營運成本佔總淨收入的百分比為 5.1%，高於 2024 年同期的 3.8%。

Sales and marketing expenses for the quarter were RMB299.3 million, up 166% from a year ago. This increase was primarily driven by higher advertising costs related to the launch of the new tea product and associated marketing campaigns as well as increased payroll expenses due to the expansion of our sales and marketing team. As a percentage of total net revenue, sales and marketing expenses were 8.8% compared to 4.5% in the same quarter of 2024.

本季銷售及行銷費用為人民幣2.993億元，較去年同期成長166%。這一增長主要是由於推出新茶產品和相關行銷活動導致的廣告成本增加，以及由於銷售和行銷團隊擴張導致的工資支出增加。銷售和行銷費用佔總淨收入的百分比為 8.8%，而 2024 年同期為 4.5%。

General and administrative expenses reached RMB352.8 million, an increase of 62.1% from a year ago. The growth was mainly attributable to higher R&D expenses for upgrading existing tea recipe and rolling out our new product, increased IT service costs to support business development and operational efficiency and higher payroll expenses resulting from an expanded administrative team to support our growing business. G&A expenses accounted for 10.4% of total net revenues compared to 8.7% in the same quarter of last year.

一般及行政開支達人民幣3.528億元，較去年同期成長62.1%。成長主要歸因於升級現有茶配方和推出新產品的研發費用增加、支持業務發展和營運效率的IT服務成本增加以及為支持我們不斷增長的業務而擴大管理團隊導致的工資支出增加。一般及行政費用佔總淨收入的 10.4%，去年同期為 8.7%。

As a result, net income increased by 13.8% to RMB677.3 million, resulting in a net income margin of 20% compared to 23.7% a year ago and 19.3% in the fourth quarter of 2024. The decline of the net income margin versus last year Q1 due to, firstly, continued investing in branding and marketing, especially in new products and overseas market and secondly, net loss incurred by overseas operations, which were still at a ramp-up stage.

因此，淨收入成長 13.8% 至 6.773 億元，淨利潤率為 20%，而去年同期為 23.7%，2024 年第四季為 19.3%。淨利潤率較去年第一季下降的原因首先是繼續投資於品牌和行銷，特別是新產品和海外市場；其次是海外業務仍處於成長階段，產生了淨虧損。

Basic and diluted net income per ordinary share was RMB3.92 during the first quarter. As of March 31, 2025, our cash and cash equivalents, restricted cash and time deposits totaled RMB5,392.4 million, up from RMB4,868.7 million at the end of 2024.

第一季每股基本及攤薄淨利為3.92元。截至 2025 年 3 月 31 日，我們的現金及現金等價物、限制性現金及定期存款總額為人民幣 53.924 億元，高於 2024 年底的 48.687 億元。

Our IPO in April raised total gross proceeds of approximately USD472.9 million, including the over-allotment option, providing significant flexibility to fund our growth initiatives and navigate market uncertainties.

我們於 4 月進行的 IPO 共籌集約 4.729 億美元，其中包括超額配售選擇權，這為我們資助成長計畫和應對市場不確定性提供了極大的靈活性。

We will not be providing formal quarterly financial guidance at this time. Instead, we are focused on executing our long-term growth strategies and delivering lasting value to our shareholders. We may consider providing such guidance in the future as we see fit.

我們目前不會提供正式的季度財務指引。相反，我們專注於執行我們的長期成長策略並為股東提供持久的價值。我們可能會在未來酌情考慮提供此類指導。

With that, I will hand it back to operator to begin the Q&A session. Operator, please go ahead.

說完這些，我將把它交還給操作員，開始問答環節。接線員，請繼續。

(Operator Instructions)

（操作員指示）

Sijie Lin, CICC.

林思傑，中金公司。

Okay. Thank you, management. Congrats for the solid revenue and profit growth in Q1. So I have a question on the overseas market. Could you provide an update on your current overseas market expansion and development? Thank you.

好的。謝謝管理層。恭喜第一季營收和利潤穩定成長。所以我對海外市場有一個疑問。能否介紹一下目前海外市場拓展與發展的最新情況？謝謝。

Thanks. That's a good question. As of March 31, 2025, our 169 overseas stores, including 157 in Malaysia, 10 in Singapore and 2 in Thailand, represented only 2.5% of our global network, but demonstrated exceptional growth quality. Overseas GMV reached RMB178 million, growing 85.3% year over year, highlighting the tremendous growth potential of the overseas market.

謝謝。這是個好問題。截至2025年3月31日，我們共有169家海外門市，包括馬來西亞157家、新加坡10家、泰國2家，雖然僅佔全球網路的2.5%，但卻展現出卓越的成長品質。海外GMV達1.78億元，年增85.3%，凸顯海外市場巨大的成長潛力。

Taking Singapore as an example, our 10 stores achieved an average monthly GMV of approximately RMB1.8 million per store in Q1 '25, substantially higher than the Greater China market average. This demonstrates the higher spending power and the profitability potential in the early stage of development in the overseas market, providing crucial support for long-term growth trajectory.

以新加坡為例，2025年第一季度，我們的10家門市平均每家店每月實現約180萬元人民幣的GMV，遠高於大中華區市場的平均水準。這顯示海外市場在發展初期具有較高的消費能力和獲利潛力，為長期成長軌跡提供了關鍵支撐。

We have achieved strong results in our strategic markets. In Singapore, we have added 4 new stores in Q1 with a total store count now 10 stores. These stores delivered an excellent per store GMV performance in Q1.

我們在策略市場取得了強勁的業績。在新加坡，我們在第一季新增了 4 家門市，目前門市總數達到 10 家。這些商店在第一季的每家商店 GMV 表現都非常出色。

In Indonesia, Jakarta's flagship store opened on April 11 with exceptional performance, over 10,000 cups in the first three days, 5,000-plus registered users in the first week, daily average now of 2,000-plus cups in April.

在印尼，雅加達旗艦店於4月11日開業，業績亮眼，開店三天銷量突破1萬杯，首周註冊用戶超過5000人，4月份日均銷量已超過2000杯。

In United States, Los Angeles flagship stores opened in May with over 5,000 cups sold on the opening day, generating strong market enthusiasm. These results showing that we can tailor our product offerings and in-store experience to local market demands, delivering authentic regional characteristics for consumers. This helped us build our brand and connect with customers globally.

在美國，洛杉磯旗艦店於5月開業，開業當天銷售超過5,000杯，市場熱情高漲。這些結果表明，我們可以根據當地市場需求客製化我們的產品和店內體驗，為消費者提供真實的地理特色。這有助於我們打造品牌並與全球客戶建立聯繫。

At the current stage, we are focused on building our team and system overseas. This help us create a strong foundation for healthy long-term sustainable growth. When it comes to opening new stores abroad, we care more about quality and key performance rather than just how fast we can expand.

現階段我們將重點放在海外進行團隊和體系的建構。這有助於我們為長期健康的可持續成長奠定堅實的基礎。在海外開設新店時，我們更關心品質和關鍵績效，而不是擴張的速度。

Moving forward, we will continue to expand our global footprint while maintaining steady growth in Greater China market. By strategically enhancing the contribution of the overseas stores, we aim to propel Chagee towards the goal of becoming a world-leading tea drink brand. Next question, please.

展望未來，我們將持續擴大全球影響力，同時維持大中華區市場的穩定成長。透過策略性地提升海外門市的貢獻，我們旨在推動茶吉朝著成為世界領先茶飲品牌的目標邁進。請回答下一個問題。

[Ziwei Liu, CITICS]

[劉紫薇，中信證券]

Thanks, management. I have one question about same-store sales growth. Could you provide more details on your 1Q same-store sales growth trends? Thanks.

謝謝管理層。我有一個關於同店銷售額成長的問題。您能否提供更多關於第一季同店銷售成長趨勢的細節？謝謝。

Thank you for the question. Yeah, SSSG is measured for stores that have been opened for at least 13 months and have generated sales in both periods being compared. In the first quarter of 2025, about 3,300 stores met these criteria. This made up around 50.6% of our total store portfolio at the end of the quarter.

謝謝你的提問。是的，SSSG 是針對開業至少 13 個月且在兩個比較期間均產生銷售額的商店進行衡量的。2025 年第一季度，約有 3,300 家門市符合這些標準。截至本季末，這占我們門市總數的 50.6% 左右。

SSSG experienced a decline as our store-level performance started to fall in a normalized trajectory. As a result, Q1 SSSG was negative 18.9% after we rapidly scaled our new teahouse expansion from 4,000-plus to 6,600-plus just within one year. This unprecedented growth strategy helped Chagee to rapidly take the leading market share in the premium category of fresh-made tea drinks, far ahead of our closest peers.

隨著我們門市層級的業績開始按照正常軌跡下滑，同店銷售成長也出現下滑。結果，在我們僅用一年時間就將新茶館數量從 4,000 多家迅速擴張至 6,600 多家之後，第一季度同店銷售增長卻下降了 18.9%。這項前所未有的成長策略幫助茶吉迅速佔據高端鮮製茶飲市場的領先份額，遙遙領先最接近的同行。

Now Chagee is transitioning from a rapid market penetration strategy to a same-store sales growth strategy. So to do so, we focus on new products, more usage occasions, exciting marketing events and excellent full customer experience through day-by-day operations.

目前，Chagee 正從快速市場滲透策略轉向同店銷售成長策略。為此，我們在日常營運中專注於新產品、更多使用場合、令人興奮的行銷活動和卓越的全方位客戶體驗。

So we work closely with our partners to grow in a healthy way by creating high brand value to win consumers instead of just by cutting prices. So we have seen consistent and healthy growth in the same-store sales over the last several years in some of the more mature markets.

因此，我們與合作夥伴緊密合作，透過創造高品牌價值來贏得消費者，而不是僅僅透過降低價格，從而實現健康發展。因此，我們看到過去幾年中一些較成熟市場的同店銷售額持續健康成長。

For example, in Yunnan and Guangxi provinces, where we have operated for over six, seven years, the same-store sales growth in Q1 still reached high single-digit to high-teen level. Thanks.

例如我們在雲南、廣西兩個省份已經經營了六七年多，第一季同店銷售額的成長仍然達到了高個位數到高十位數的水平。謝謝。

Thank you for the questions. That concludes the Q&A session. So I would like to hand the call back to management for closing.

謝謝您的提問。問答環節到此結束。因此我想將電話交還給管理層來結束此事。

Thank you again for joining our call today. If you have any further questions, please feel free to contact us or request through our IR website. We will look forward to speak with everyone in our next call. Have a good day. Thank you.

再次感謝您今天參加我們的電話會議。如果您有任何其他問題，請隨時聯絡我們或透過我們的 IR 網站提出請求。我們期待在下次通話中與大家交談。祝你有美好的一天。謝謝。

Bye.

再見。