Chagee Holdings Ltd (CHA) 2025 Q3 法說會逐字稿

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

女士們、先生們，早安，晚上好。感謝您的耐心等待，歡迎參加 Chagee 2025 年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。接下來，我將把電話交給今天的第一位發言人，公司投資者關係總監郭女士。請便，女士。

Thank you. Hello, everyone, and welcome to Chagee's third-quarter 2025 earnings call. With us today are Mr. Junjie Zhang, our CEO; and Mr. Aaron Huang, our CFO. 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 statement 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 obligation to update these statements. 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. With that, I will turn the call to our CEO, Mr. Junjie Zhang. Please go ahead, sir.

謝謝。大家好，歡迎參加 Chagee 2025 年第三季財報電話會議。今天和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黃亞倫先生。該公司財務和營運業績已於今日稍早透過新聞專線發布，目前可在網路上查閱。在我們繼續之前，請參閱我們在盈利新聞稿中的“安全港聲明”，該聲明適用於本次電話會議。我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，Chagee 不承擔更新這些陳述的任何義務。此外，本次電話會議也將討論一些非GAAP財務指標。請參閱我們的獲利報告，其中包含非GAAP指標與GAAP指標的調節表。接下來，我將把電話轉給我們的執行長張俊傑先生。請繼續，先生。

(interpreted) Hello, everyone. Thank you all for joining the Chagee's third-quarter 2025 earnings conference call. First and forth, I would like to express my sincere gratitude to every member of the Chagee team. In a dynamic in challenging markets, our resilience and strong execution have driven steady progress and built a durable foundation for the long-term future we envision.

（譯）大家好。感謝各位參加 Chagee 公司 2025 年第三季財報電話會議。首先，我要向 Chagee 團隊的每一位成員表達我最誠摯的謝意。在充滿挑戰的動態市場中，我們的韌性和強大的執行力推動了穩步發展，並為我們所設想的長期未來奠定了堅實的基礎。

Over the past few years, we have consistently asked one core question. Why does Chagee exist? Our answer is clear that is bringing people together through tea. This founder mission and commitment drives us to focus on user value as the starting point for all strategies. Every decision and initiative aims to expand and depend a community of people who connect with our brand value. Guided by this belief, we will steadfastly execute our high-quality development strategy.

過去幾年，我們始終在問一個核心問題。Chagee存在的意義是什麼？我們的答案很明確：那就是透過茶將人們連結在一起。創辦人的使命和承諾驅使我們以使用者價值為所有策略的出發點。每項決策和措施都旨在擴大和鞏固與我們的品牌價值相契合的人群群體。秉持這項信念，我們將堅定不移地執行高品質發展策略。

We're dedicated to delivering high-quality products rather than chasing traffic and trends. We prioritize our product excellence. Our ongoing raw material upgrades ensure tea that is authentic, wholesome, warm, and culturally rich, serving as cornerstone of every experience and a key pillar for our brand. We emphasized the user experience, creating engaging content and building emotional connections to make a shareable story.

我們致力於提供高品質的產品，而不是追逐流量和潮流。我們始終將產品卓越性放在首位。我們不斷升級原料，確保茶葉品質道地、醇厚、溫暖且富有文化底蘊，不僅是我們每次體驗的基石，也是我們品牌的重要支柱。我們注重使用者體驗，創造引人入勝的內容，建立情感聯繫，從而創造一個易於分享的故事。

Our offering goes on a beverage to a distinctive experience rooted in Eastern Aesthetics. Store quality remains our focus and global expansion will depend on each store's health and profitability. With fertile health growth across our network, identify high-potential locations and strive to make every Chagee store the go-to place for friends gathering over tea.

我們的產品從飲品到以東方美學為根基的獨特體驗，應有盡有。門市品質仍然是我們的關注重點，全球擴張將取決於每家門市的經營狀況和獲利能力。隨著我們網路健康蓬勃發展，我們將尋找高潛力地點，努力使每一家 Chagee 門市都成為朋友們聚會喝茶的首選之地。

In the face of short-term market fluctuations, we would maintain our strategic results. We're deeply confident in the vast potential of global tea beverage, and in a distinctive path, Chagee has chosen the one driven by culture and quality.

面對短期市場波動，我們將維持既定的策略目標。我們對全球茶飲料的巨大潛力深信不疑，而 Chagee 則選擇了一條以文化和品質為驅動的獨特道路。

These are my reflections on the core of our business and future directions. Now I will turn the call over to our CFO, Aaron, who will detail the specific results of our strategic execution this quarter. Thank you.

以下是我對公司核心業務和未來發展方向的思考。現在我將把電話交給我們的財務長亞倫，他將詳細介紹我們本季策略執行的具體成果。謝謝。

Hello, everyone. Thank you for joining our earnings call. Before we dive into the detail, please note that all amounts are in RMB and all comparisons on a year-over-year basis, unless otherwise stated. So in the third quarter, our total net revenue were RMB3,208.3 million, a decrease of 9.4% year over year, and 3.7% sequentially. Total GMV for the quarter was RMB7,929.5 million. Despite the challenging macro environment and the intensified competition, we maintained our focus on profitable growth and the disciplined execution. Non-GAAP net income was RMB502.8 million with a non-GAAP net margin of 15.7%, reflecting underlying resilience of our business model.

大家好。感謝您參加我們的財報電話會議。在深入細節之前，請注意，除非另有說明，所有金額均以人民幣計，所有比較均以同比為基礎。因此，第三季我們的淨收入總額為人民幣32.083億元，年減9.4%，季減3.7%。本季商品交易總額為79.295億元。儘管宏觀環境充滿挑戰，競爭日益激烈，但我們始終專注於獲利成長和嚴謹的執行。非GAAP淨利為人民幣5.028億元，非GAAP淨利率為15.7%，反映了我們商業模式的內在韌性。

Let me highlight several key operational achievements. First, our global teahouse network reached 7,338 stores with a net addition of 300 teahouses in the third quarter. Overseas expansion accelerated, contributing 54 net new tea house as we successfully entered the new market, including the Philippines and Vietnam.

讓我重點介紹幾項關鍵的營運成果。首先，我們的全球茶館網路在第三季淨增加300家，達到7,338家門市。海外擴張加速，隨著我們成功進入包括菲律賓和越南在內的新市場，淨增加54家茶館。

Second, product innovation continued to drive the momentum. In the home market, we will launch the low caffeine, Jasmine Green Tea Latte, [because of] top three best seller, driving strong user acquisition or [BO YA] Jasmine Green Milk Tea to earned the best in nature or organic beverage title at the 2025 World Beverage Innovation awards, underscoring our strong product quality and the leadership in healthy beverage innovation.

其次，產品創新持續推動發展動能。在國內市場，我們將推出低咖啡因的茉莉綠茶拿鐵，因為該產品是銷量前三的產品，能夠有效吸引用戶；或者推出茉莉綠奶茶，力爭在2025年世界飲料創新獎中榮獲最佳天然或有機飲料稱號，彰顯我們強大的產品質量和在健康飲料創新領域的領導地位。

In Asia Pacific, the Peach Oolong Milk Tea launch performed exceptionally well, validating our regional product strategy. Furthermore, our member ecosystem remains robust. Total registered members reached 222 million by the end of the third quarter, representing an increase of 15 million sequentially and 36.7% year over year. Our franchisee network also demonstrated a remarkable stability. The store closure rate remained low at 0.3% for three consecutive quarters, underscoring the health and the confidence of our franchisee partners.

在亞太地區，桃子烏龍奶茶的上市表現非常出色，驗證了我們區域產品策略的正確性。此外，我們的會員生態系統依然穩健。截至第三季末，註冊會員總數達到 2.22 億，季增 1,500 萬，年增 36.7%。我們的加盟商網絡也展現了卓越的穩定性。門市關閉率連續三個季度保持在 0.3% 的低位，凸顯了我們加盟合作夥伴的健康狀況和信心。

Now let me provide a more detailed financial analysis. Starting with the revenue. Our total net revenue for the third quarter were RMB3,208.3 million, mainly driven by the continued expansion of our teahouse network. Among them, net revenue from franchisee to teahouse worth RMB2,811.6 million, representing 87.6% of our total net revenue. Net revenue from company-owned teahouses increased by 63.8% to RMB396.7 million, accounting for 12.4% of total revenue.

現在讓我提供更詳細的財務分析。先從收入說起。第三季總淨收入為人民幣32.083億元，主要得益於茶館網路的持續擴張。其中，加盟商到茶館的淨收入為人民幣28.116億元，占我們總淨收入的87.6%。公司自營茶館淨收入成長63.8%至人民幣3.967億元，佔總營收的12.4%。

The increase was primarily driven by the expansion of our company-owned teahouses network in both Greater China and overseas markets. In Greater China, total GMV decreased by 6.2% year over year to RMB7,629.2 million. The average amongst the GMV for teahouses in Greater China was RMB378,506, a year-over-year decline in reflecting both high base last year and a more severe competitive environment, including the impact of the delivery platform service competition.

這項成長主要得益於我們在大中華區和海外市場公司自營茶館網路的擴張。大中華區，商品交易總額較去年同期下降6.2%，至人民幣76.292億元。大中華區茶館的平均商品交易額為人民幣378,506元，年減，這不僅反映了去年較高的基數，也反映了更嚴峻的競爭環境，包括外帶平台服務競爭的影響。

Even so, our commitment to maintain premium position and the brand integrity remain central. Meanwhile, overseas markets continue to show substantial progress with GMV increasing 75.3% year over year and 27.7% quarter over quarter to RMB300.3 million. This growth is mainly driven by strategic store expansion and growing brand awareness, positioning the overseas market as a key pillar of our future growth.

即便如此，我們始終將維持高端市場地位和品牌完整性放在首位。同時，海外市場持續取得顯著進展，GMV年增75.3%，季增27.7%，達到人民幣3.003億元。這一成長主要得益於策略性的門市擴張和不斷提高的品牌知名度，使海外市場成為我們未來成長的關鍵支柱。

In the third quarter, we expanded our overseas presence by adding a net 54 stores, bringing our total store number to 262 stores as of September 30, 2025. This growth was fueled by our successful entries into Philippines and Vietnam as well as we continued the steady expansion in Malaysia, Thailand, and Indonesia.

第三季度，我們透過淨增 54 家門市擴大了海外業務，截至 2025 年 9 月 30 日，我們的門市總數達到 262 家。這一增長得益於我們成功進入菲律賓和越南市場，以及我們在馬來西亞、泰國和印尼的持續穩定擴張。

During the quarter, we added 18 new stores in Malaysia and then nine each both Thailand and Indonesia. Our commitment to being an exceptional employer has earned the prestige award in key markets, including HR Asia's best companies to work for in Asia 2025 in Malaysia and certified OJT Center plus NS Mark Gold status in Singapore.

本季度，我們在馬來西亞新增了 18 家門市，在泰國和印尼各新增了 9 家門市。我們致力於成為卓越的雇主，這為我們在主要市場贏得了聲望，包括馬來西亞的 HR Asia 評選的「2025 年亞洲最佳雇主」以及新加坡的認證 OJT 中心和 NS Mark 金獎。

These honors strengthening our brand and help us attract the top talent needed for the growth. While our store expansion continues, we recognize pressure on GMV performance at existing stores. These domestic and overseas same-store [sales] GMV declining by 27.9% and 23.4%, respectively. This softness is attributed to a high base from the same period last year and intensified competitive impression. However, our franchisees' fundamentals remaining solid as evidenced by consistently lower closure rate. We expect the same-store GMV growth to remain under pressure in the near term.

這些榮譽增強了我們的品牌影響力，並幫助我們吸引發展所需的頂尖人才。雖然我們的門市擴張仍在繼續，但我們也意​​識到現有門市的GMV業績面臨壓力。國內和海外同店[銷售]GMV分別下降了27.9%和23.4%。這種疲軟的局面歸因於去年同期較高的基數以及競爭加劇的影響。然而，從持續較低的關店率可以看出，我們加盟商的基本面依然穩健。我們預期短期內同店商品交易總額成長將持續面臨壓力。

Turning to margin. Our gross profit calculated by excluding cost of materials, storage and logistics from net revenue reached up RMB1,726.5 million this quarter, resulting in a strong gross margin of 53.8%. This marks a solid improvement both year over year, up from 50.1% in the third quarter of last year. The margin improvement results primarily from two factors. The first is the benefit of expanding economic of scale, and the second is decrease the purchase costs driven by our persistent procurement optimization initiatives.

轉向邊距。本季，扣除材料、倉儲和物流成本後，我們的毛利達到人民幣17.265億元，毛利率高達53.8%。這標誌著與去年同期相比有了顯著改善，高於去年第三季的 50.1%。利潤率的提高主要源自於兩個因素。首先是擴大規模經濟帶來的好處，其次是透過我們持續的採購優化措施降低採購成本。

On operating expenses, share-based compensation expenses this quarter were RMB104.9 million. This results our -- this reflects our commitment to long-term employee engagement and in line [year] goal with shareholders to provide on underlying operational performance. We will reference non-GAAP operating results with a full reconciliation available in our earnings release and the Form 6-K.

在營運費用方面，本季的股權激勵費用為人民幣1.049億元。這反映了我們對員工長期參與的承諾，並符合[年]目標，在基本營運績效方面與股東保持一致。我們將參考非GAAP經營業績，完整的調整表可在我們的獲利報告和6-K表格中找到。

Operating income was RMB454.4 million, representing an operating margin of 14.2%. Excluding share-based compensation expenses, non-GAAP operating income was RMB559.3 million, representing a 17.4% margin. The above-mentioned margin differences reflects our step-up investment in talent recruitment for global expansion, including brand building to support new product launch R&D to enhance our offering and the digital infrastructure to elevate customer experience. The operating costs for company-owned teahouses were RMB271.4 million, up 94.7% from a year ago and up 47.4% from the second quarter of 2025.

營業收入為人民幣4.544億元，營業利益率為14.2%。不計入股權激勵費用，非GAAP營業收入為人民幣5.593億元，利潤率為17.4%。上述利潤率差異反映了我們加大對人才招募的投入，以實現全球擴張，包括品牌建設以支持新產品上市、研發以增強我們的產品和服務以及數位基礎設施以提升客戶體驗。該公司自營茶館的營運成本為人民幣2.714億元，比去年同期成長94.7%，比2025年第二季成長47.4%。

As of September 30, 2025, we operated 367 company-owned teahouses, up from 239 in the second quarter of 2025. On a per-store basis, operating costs have decreased compared to the second quarter of 2025, showing continually improved efficiency at the store level. Other operating costs increased by 7.3% to RMB178.9 million largely due to high payroll support to the expansion of our global store network. On the Non-GAAP basis, other operating costs accounted for 5.4% of revenue compared to 4.7% a year ago. Sales and marketing expenses for the quarter were RMB304.5 million, down 13.4% from a year ago, achieved a strong discipline with branding promotion. On a non-GAAP basis, sales and marketing expenses representing 9.2% of revenue compared to 9.9% a year ago.

截至 2025 年 9 月 30 日，我們經營 367 家公司自營茶館，比 2025 年第二季的 239 家有所增加。以單店計算，營運成本與 2025 年第二季相比有所下降，顯示門市層面的效率持續提高。其他營運成本成長7.3%至人民幣1.789億元，主因是擴大全球門市網路而支付的高薪。以非GAAP準則計算，其他營運成本佔收入的5.4%，而一年前為4.7%。本季銷售及市場推廣費用為人民幣3.045億元，年減13.4%，在品牌推廣上實現了嚴格的紀律。以非GAAP準則計算，銷售和行銷費用佔營收的9.2%，去年同期為9.9%。

General and administrative expenses reached RMB517.4 million, up 59.7% year over year driven by an expanded workforce and additional office facility supporting global operations. On a non-GAAP basis, G&A expenses represented 13.4% of revenue compared to 9.1% a year ago.

一般及行政開支達人民幣5.174億元，年增59.7%，主要原因是員工人數增加以及為支持全球業務而增設辦公設施。以非GAAP準則計算，一般及行政費用佔營收的13.4%，去年同期為9.1%。

Income tax expenses represent 21.4% of income before tax, slightly higher than 20% a year ago. This was primarily driven by the impact of share-based compensation expenses recognized during the quarter. We achieved our 11th consecutive quarter or profitability with GAAP net income of RMB397.9 million. Non-GAAP net income, excluding share-based compensation expenses, was RMB502.8 million with a non-GAAP net income margin of 15.7% compared to 18.3% last year. This demonstrates our ability to maintain healthy profitability and margins while continuing to [ignite] for future growth.

所得稅支出佔稅前收入的 21.4%，略高於一年前的 20%。這主要是由於本季確認的股權激勵費用所致。我們實現了連續第11個季度獲利，以美國通用會計準則（GAAP）計算的淨利為人民幣3.979億元。非美國通用會計準則（Non-GAAP）不計股權激勵費用，淨利為人民幣5.028億元，非GAAP淨利率為15.7%，去年同期為18.3%。這證明了我們有能力在保持健康獲利能力和利潤率的同時，繼續為未來的成長注入活力。

During the quarter, basic net income per ordinary share was RMB2.07 and diluted net income per ordinary share was RMB2.03. On a non-GAAP basis, basic net income per ordinary share was RMB2.63, and diluted was RMB2.57. Turning to liquidity. We ended the quarter with roughly RMB9,142 million in cash and cash equivalents, restricted cash, and the time deposits.

本季度，基本每股普通股淨收益為人民幣2.07元，稀釋每股普通股淨收益為人民幣2.03元。以非GAAP準則計算，基本每股普通股淨收益為人民幣2.63元，稀釋後為人民幣2.57元。接下來談談流動性。本季末，我們持有的現金及現金等價物、受限現金和定期存款約為人民幣91.42億元。

This robust balance sheet, coupled with our 11th consecutive quarter of profitability, provides a solid foundation. Our Board has approved a special cash dividend of USD0.92 per ordinary share or ADS totaling approximately saw USD177 million payable on or around December 15, 2025, to shareholders of record as of December 8, 2025. This distribution underscores our commitment to enhance shareholder value and reinforce investment -- investor confidence in our business model. Our strong cash generation ability enables us to return capital while continuing to invest in growth. This [speciality] also demonstrates our transition in the company trajectory and our dedication to reinforce our market confidence in our long-term prospects.

穩健的資產負債表，加上我們連續第11季實現獲利，為我們奠定了堅實的基礎。我們的董事會已批准派發每股普通股或美國存託股份0.92美元的特別現金股息，總額約為1.77億美元，將於2025年12月15日左右支付給截至2025年12月8日登記在冊的股東。此次分紅彰顯了我們致力於提升股東價值、增強投資信心（投資人對我們商業模式的信心）的承諾。我們強大的現金流產生能力使我們能夠在持續投資成長的同時，實現資本回報。這項[專長]也反映了我們公司發展軌跡的轉變，以及我們致力於增強市場對公司長期前景信心的決心。

At this time, we will not provide formal financial guidance. Our strategic focus is on key pillars that foster sustainable long-term shareholder value. We are dedicated to continue product innovation and strategic brand investment to enhance market presence. At the same time, we are posting in operational efficiency to optimize resources and drive improved performance, positioning the company for agile and the sustained growth.

目前我們不提供正式的財務指導。我們的策略重點是促進永續長期股東價值的關鍵支柱。我們將致力於持續的產品創新和策略品牌投資，以提升市場佔有率。同時，我們正在提高營運效率，以優化資源並推動績效提升，使公司能夠敏捷地實現持續成長。

We are confident in delivering our long-term strategy and growth potential. We will persistent with prudent management, strategic investment in future drivers, and commitment to creating durable value for shareholders. We believe our solid financial foundation, clear strategic road map, and the exceptional team will help us capitalize on long-term opportunity despite the market dynamics.

我們有信心實現我們的長期策略和成長潛力。我們將堅持審慎的管理，對未來發展驅動因素進行策略性投資，並致力於為股東創造持久價值。我們相信，憑藉我們穩固的財務基礎、清晰的策略路線圖和卓越的團隊，我們將能夠克服市場動態變化，並掌握長期機會。

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

接下來，我將把電話轉回給接線生，開始問答環節。操作員，請開始。

(Operator Instructions) Sijie Lin, CICC.

（操作說明）林思傑，中金公司。

(interpreted) Sijie Lin from CCC. Could you please talk more about how will the high-quality development strategy be executed? Thank you.

（譯）來自 CCC 的林思傑。請您詳細說明高品質發展策略將如何執行？謝謝。

(interpreted) Thank you for your question. Regarding our high-quality development strategy, we have a clear execution path across four core dimensions: brand, product, experience, and channels. First, in high-value brand building, we're upgrading our brand to speed up the launch of brand experience, Teahealth and streamline the customer journey. At the same time, we're growing specialty houses like tea culture theme locations and intangible culture heritage themed teahouses to deepen our cultural roots and highlight what makes the brand stand out.

（翻譯）謝謝你的提問。關於我們的高品質發展策略，我們有清晰的執行路徑，涵蓋四個核心維度：品牌、產品、體驗和通路。首先，在高價值品牌建立方面，我們正在升級我們的品牌，以加快品牌體驗 Teahealth 的推出，並簡化客戶旅程。同時，我們正在發展特色場所，例如茶文化主題場所和非物質文化遺產主題茶館，以加深我們的文化根基，並突出使品牌脫穎而出的特色。

Meanwhile, we are building a high-quality product system with four core priorities. First, we will define and uphold strict premium tea centers. Second, we'll enhance our core raw materials. Third, we will improve food quality from end to end. Finally, we will introduce the 4.0 menu and guarantee uniform quality for all customers wherever they are.

同時，我們正在建立一個高品質的產品體系，該體係有四個核心優先事項。首先，我們將明確並維護嚴格的優質茶葉中心標準。其次，我們將加強核心原料的生產。第三，我們將從根本上提高食品品質。最後，我們將推出 4.0 版菜單，並保證無論顧客身在何處，都能享受到統一的品質。

Next, we are driving cross-category innovation and new consumption scenarios. With the 4.0 menu, we're adding exciting new categories like [special tea] to make things up. We're also expanding into additional consumption scenarios, including breakfast and evening hours to improve store utilization across different times. In addition, we'll fine-tune how products are shown while they are being prepared to make the experience even better for customers.

接下來，我們將推動跨品類創新和新的消費場景。在 4.0 版菜單中，我們增加了令人興奮的新類別，例如[特色茶]，以彌補不足。我們也將拓展到其他消費場景，包括早餐和晚餐時段，以提高不同時段的門市利用率。此外，我們將對產品在準備過程中的展示方式進行微調，以提升客戶的體驗。

We're also enhancing the membership experience with the revamped membership system to build a true member community in a mutual benefit network. This will boost the stickiness and repeat purchases for our 222 million members. At the same time, we're optimizing store facilities and technologies to improve efficiency and customer satisfaction.

我們也透過改善會員系統來提升會員體驗，以建立一個互惠互利的真正會員社群。這將提高我們2.22億會員的黏性和重複購買率。同時，我們正在優化門市設施和技術，以提高效率和客戶滿意度。

Finally, we're reshaping a strong channel strategy. Our teahouse network is expanding at a healthy pace with 300 new teahouses added this quarter, and we will maintain a steady place to teahouse expansion. We're also pushing ahead with standout flagship teahouses such as the Chagee teahouse in Hong Kong and the product store at 2025 Rolex Shanghai Masters. These showcases really highlight what the brand stands for and enhance our brand awareness. Thank you. Operator, next question, please.

最後，我們正在重塑強大的通路策略。我們的茶館網絡正以健康的步伐擴張，本季新增了 300 家茶館，我們將繼續保持茶館擴張的穩定態勢。我們也大力推動一些傑出的旗艦茶館項目，例如香港的 Chagee 茶館和 2025 年勞力士上海大師賽的產品店。這些展示活動真正突顯了品牌的理念，並提高了我們的品牌知名度。謝謝。接線員，請問下一個問題？

Xiaopo Wei, Citigroup.

魏曉波，花旗集團。

(interpreted) Could you share more color on the overseas network -- overseas market network expansion as well as a store [pacing] in Mainland China regions? Thank you.

（翻譯）能否詳細介紹海外網絡－海外市場網絡擴張以及在中國大陸地區開設門市的情況？謝謝。

All right. Thank you, Xiaopo. So our overseas markets are (inaudible) growth driver, the momentum we saw across over teahouse. This quarter, we're enter into the two new markets, Philippines and Vietnam, while our store count in Malaysia has exceeded 200 currently. So this is a big milestone. Our local operations are showing strong signal. Our localized products and the marketing campaigns will achieve the greatest success. So for example, our September collaboration with POP MART generated a tremendous response across the Southeast Asia. In Malaysia, the Green Grab series made up 50% of cups sold on the first day, making our all-time high.

好的。謝謝你，小坡。所以，我們的海外市場是（聽不清楚）成長動力，我們在茶館裡看到了這種勢頭。本季度，我們將進入菲律賓和越南這兩個新市場，而我們在馬來西亞的門市數量目前已超過 200 家。這是一個重要的里程碑。我們的本地營運情況顯示出強勁的勢頭。我們的在地化產品和行銷活動將取得最大的成功。例如，我們九月與 POP MART 的合作在東南亞地區引起了巨大的迴響。在馬來西亞，Green Grab 系列產品在第一天的銷售佔總銷售量的 50%，創下了歷史新高。

So during the campaign, first week, teahouses in Singapore achieved average daily sales of over 500 cups of the product. Our Peach Oolong Milk Tea also performed exceptionally well. It captured over 30% of cups sold in Indonesia within 15 days since launch and about 16% in Thailand, making a top seller in both markets. So this successful localization efforts, combined with our steady store expansion pace giving -- give us strong confidence in overseas growth in Southeast Asia. So moving forward, we will continue deepening our presence in those markets we've entered, steadily expand into new markets, and keep improved per-store profitability and the brand impact.

因此，在推廣活動的第一周，新加坡的茶館平均每天售出該產品超過 500 杯。我們的蜜桃烏龍奶茶也表現出色。自上市以來 15 天內，該產品在印尼的杯子銷量中佔據了 30% 以上的份額，在泰國的杯子銷量中佔據了約 16% 的份額，成為這兩個市場的暢銷產品。因此，成功的在地化舉措，加上我們穩定的門市擴張步伐，讓我們對東南亞的海外成長充滿信心。因此，展望未來，我們將繼續深化在已進入市場的佈局，穩步拓展新市場，並不斷提高單店獲利能力和品牌影響力。

As there are no further questions, I would like to hand the conference back to management for closing remarks.

由於沒有其他問題，我將會議交還給管理階層，請他們作閉幕致詞。

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

再次感謝您今天參加我們的電話會議。如有任何疑問，請隨時聯絡我們或透過我們的投資者關係網站提出申請。我們期待下次與大家通話。祝你有美好的一天。

This conference; thank you for participating. You may now disconnect.

感謝各位參加本次會議。您現在可以斷開連線了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。