Chagee Holdings Ltd (CHA) 2026 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 2026 earnings conference call. (Operator Instructions) Please note that today's event is being recorded. With that, I will now turn the call over to the first speaker today, Ms. Alicia Guo, Investor Relations Director of the company.

各位女士、各位先生，早安、晚安。感謝各位耐心等候，歡迎參加霸王茶姬 2026 年第一季財報電話會議。（接線員指示）請注意，今天的活動將被錄音。接下來，我將把電話交給今天的第一位發言人——公司投資人關係總監 Alicia Guo 女士。

Please go ahead, ma'am.

女士，請開始。

Thank you. Hello, everyone, and welcome to Chagee's first quarter 2026 earnings call. With us today are Mr. Junjie Zhang, our CEO; Mr. Aiden Yin, our COO; and Mr.

謝謝。各位好，歡迎參加霸王茶姬 2026 年第一季財報電話會議。今天與會的有我們的執行長 Junjie Zhang 先生、營運長 Aiden Yin 先生，以及

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 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. Also, this call includes discussions of certain non-GAAP financial measures.

財務長 Aaron Huang 先生。公司財務與營運結果已於今日稍早透過 Newswire 發布，目前可於線上查閱。在我們繼續之前，請參閱財報新聞稿中的「安全港聲明」，該聲明同樣適用於本次電話會議。我們在本次電話會議中所作的任何前瞻性陳述，均基於截至今日的假設，霸王茶姬不承擔更新此等陳述的任何義務。此外，本次電話會議亦將討論若干非 GAAP 財務衡量指標。

Please refer to our earnings release, which contains a reconciliation of non-GAAP measure to a GAAP measure. With that, I will turn the call to our CEO, Mr. Junjie Zhang. Please go ahead, sir.

請參閱我們的財報新聞稿，其中包含非 GAAP 指標與 GAAP 指標之間的調節表。接下來，我將把電話交給我們的執行長 Junjie Zhang 先生。先生，請開始。

(spoken in foreign language)

（以外語發言）

(interpreted) Hello, everyone. Welcome to Chagee's first quarter 2026 earnings call. As we enter 2026, our strategic direction is clearer than ever, and our execution is more focused. The reflections and adjustments of the past several months have allowed us to develop a way of working that is closer to our consumers and more committed to long-term value creation.

（口譯）各位好，歡迎參加霸王茶姬 2026 年第一季財報電話會議。進入 2026 年，我們的策略方向比以往任何時候都更清晰，執行也更聚焦。過去幾個月的反思與調整，使我們形成了一套更貼近消費者、也更致力於長期價值創造的工作方式。

(spoken in foreign language)

（以外語發言）

(interpreted) First, on our strategic priorities. In 2026, we're dedicating all our efforts to operations, focusing on executing every detail that truly matters to our consumers well. We believe that the ability of the company to navigate cycles ultimately depends on genuine consumer recognition. Therefore, our goal this year is very clear to perfect every single consumer touch point.

（口譯）首先，談我們的策略重點。2026 年，我們將全力投入營運，把每一個真正對消費者重要的細節都做到位。我們相信，公司能否穿越週期，最終取決於消費者的真實認可。因此，我們今年的目標非常明確：完善每一個消費者觸點。

(spoken in foreign language)

（以外語發言）

(interpreted) Second, our organizational adjustments are delivering results and overall efficiency has improved significantly. Over the past few quarters, we have proactively optimized our organization. These changes have delivered tangible results. Resource allocation is more precise. Decision-making and execution are more efficient, and our team's cohesion and effectiveness around our core mission have strengthened significantly.

（口譯）第二，我們的組織調整正在產生效果，整體效率顯著提升。過去幾個季度，我們主動優化組織架構，這些變化帶來了可量化的成果。資源配置更精準，決策與執行更高效，團隊圍繞核心使命的凝聚力與戰鬥力也大幅增強。

This has laid a solid foundation for us to continue achieving high-quality growth.

這為我們持續實現高品質成長奠定了堅實基礎。

(spoken in foreign language)

（以外語發言）

(interpreted) Third, our product and marketing plans are now clearly defined, and our execution priorities are highly focused. We have completed a comprehensive and actionable road map for both products and marketing. Our starting point has always been consumer needs rather than external trends. Going forward, all of our work will center on five dimensions: products, service, environment, experience and value proposition, making every teahouse, every cup of tea and every interaction consistently well executed is our only true priority.

（口譯）第三，我們的產品與行銷規劃已清晰定義，執行重點高度聚焦。我們已完成一份全面且可落地的產品與行銷路線圖。我們的出發點始終是消費者需求，而非外部趨勢。未來，我們所有工作將圍繞五個維度展開：產品、服務、環境、體驗與價值主張。把每一家茶館、每一杯茶、每一次互動都穩定地做到位，是我們唯一真正的優先事項。

(spoken in foreign language)

（以外語發言）

(interpreted) As our business returned to steady growth and operational efficiency continued to improve in the first quarter, from a capital market perspective, we believe our current share price is significantly undervalued and sales to properly reflect our long-term development prospects. At this point, on behalf of the company and the management team, I would like to make a clear commitment. Our Board has approved a share repurchase program, authorizing us to repurchase up to USD150 million ADS during a 12-month period as a concrete way to demonstrate our confidence and reward shareholders' trust.

（口譯）隨著第一季業務回到穩健成長、營運效率持續提升，從資本市場角度來看，我們認為目前股價被明顯低估，未能恰當反映我們的長期發展前景。在此，我代表公司與管理團隊作出明確承諾：董事會已核准一項股份回購計畫，授權我們在 12 個月期間內回購最多 1.5 億美元的 ADS，以具體行動展現我們的信心並回饋股東的信任。

(spoken in foreign language)

（以外語發言）

(interpreted) Finally, I want to reiterate our strategic direction is clear, and our team is operating with high efficiency. Chagee is entering a mature, stable and sustainable phase of high-quality growth. We're confident in every step we take forward towards the future.

（口譯）最後，我想再次強調：我們的策略方向清晰，團隊運作高效。霸王茶姬正進入成熟、穩定且可持續的高品質成長階段。我們對邁向未來的每一步都充滿信心。

(spoken in foreign language)

（以外語發言）

(interpreted) That concludes our strategic direction. Next, I will hand the call over to our COO, Aiden, who will walk you through the specific operational progress in the first quarter. Thank you.

（口譯）以上是我們的策略方向。接下來，我將把電話交給我們的營運長 Aiden，由他帶各位了解第一季具體的營運進展。謝謝。

(spoken in foreign language)

（以外語發言）

Thank you, Junjie, and thank you all for joining our earnings call today.

謝謝 Junjie，也感謝各位今天參加我們的財報電話會議。

(spoken in foreign language)

（以外語發言）

(interpreted) Let me begin by sharing our overall performance for the first quarter. Total revenue reached RMB3,546 million, representing a 4.5% increase year-over-year and a 19.2% increase quarter-over-quarter. Gross margin came in at 55.6%. Non-GAAP net income was RMB506.7 million, increasing more than fourfold sequentially. Non-GAAP net margin improved to 14.3%.

（口譯）我先分享第一季的整體表現。總營收達人民幣 35.46 億元，年增 4.5%，季增 19.2%。毛利率為 55.6%。非 GAAP 淨利為人民幣 5.067 億元，較上季成長超過四倍。非 GAAP 淨利率提升至 14.3%。

Total GMV reached RMB7,917.8 million, up 8.1% quarter-over-quarter. Greater China GMV grew 7.8% sequentially, while overseas GMV grew 14.6% sequentially and 139% year-over-year. It is clear that overseas markets are becoming an increasingly important growth engine.

總 GMV 達人民幣 79.178 億元，季增 8.1%。大中華區 GMV 季增 7.8%，海外 GMV 季增 14.6%，年增 139%。很明顯，海外市場正成為日益重要的成長引擎。

(spoken in foreign language)

（以外語發言）

(interpreted) More importantly, our operational -- our operating quality continued to improve. Same-store GMV growth in Greater China improved by 9.4 percentage points sequentially and overall same-store sales -- same-store GMV growth improved by 9.5 percentage points sequentially. These results show that our strategy of focusing on consumer value is working in practice. This quarter, we concentrated our efforts on 4 key areas to drive performance recovery.

（口譯）更重要的是，我們的營運——營運品質持續改善。大中華區同店 GMV 成長較上季提升 9.4 個百分點，整體同店銷售——同店 GMV 成長較上季提升 9.5 個百分點。這些結果顯示，我們聚焦消費者價值的策略在實務上正在奏效。本季我們聚焦 4 個關鍵領域，以推動業績回升。

(spoken in foreign language)

（以外語發言）

(interpreted) First, our improved organizational efficiency. Through continued optimization in the first quarter, our organizational efficiency achieved a qualitative leap, making execution faster, more precise and more coordinated while overall expense ratio declined. On one hand, organizational adjustments improved execution efficiency.

（口譯）第一，組織效率提升。透過第一季持續優化，我們的組織效率實現質的飛躍，使執行更快、更精準、更協同，同時整體費用率下降。一方面，組織調整提升了執行效率。

On the other hand, our goals became clearer and more resolute with team from headquarters to key houses forming a strong consensus on executing priorities, channeling limited resources into activities that best create consumer value. In the first quarter, our non-GAAP G&A expense ratio declined by 8.1 percentage points sequentially to 11.6% and our non-GAAP sales and marketing expense ratio declined by 3.6 percentage points sequentially to 8.6%.

另一方面，我們的目標更清晰、更堅定，從總部到重點門店的團隊對執行重點形成強烈共識，將有限資源投入到最能創造消費者價值的活動中。第一季，我們的非 GAAP 一般及行政費用率較上季下降 8.1 個百分點至 11.6%；非 GAAP 銷售及行銷費用率較上季下降 3.6 個百分點至 8.6%。

(spoken in foreign language)

（以外語發言）

(interpreted) Extension. In the first quarter, we launched a total of 12 new products. More importantly, our categories are broadening, gradually extending into qi latte, special deals, and others. Our product innovation and consumer recognition continues to improve. The Dahongbao series, launched in February, delivered strong performance with.

（口譯）第二，產品延展。第一季我們共推出 12 款新品。更重要的是，我們的品類正在拓寬，逐步延伸至氣（qi）拿鐵、特惠等品類。我們的產品創新與消費者認可度持續提升。2 月推出的大紅袍系列表現強勁，

First week's GMV contribution, cup contribution, repeat purchase rate, and direct new customer acquisition, all exceeding historical averages for new product launches. During the Tianwen campaign, the products of Daheng Pao tea latte founded series saw especially strong sequential growth and became an important growth driver.

首週 GMV 貢獻、杯量貢獻、復購率以及直接拉新，均超過歷史新品上市的平均水準。在「天問」活動期間，大紅袍茶拿鐵「founded」系列產品的環比成長尤為突出，成為重要的成長驅動力。

Caramel Pour Latte, with its distinctive caramel flavor and aeronactive sweetness. Customization created a strong impression among consumers and was a clear point of differentiation. The product was well received by our consumers and shows strong potential to become a long-term bestseller.

焦糖倒入拿鐵（Caramel Pour Latte）以其獨特的焦糖風味與「aeronactive」甜感。客製化在消費者心中形成了強烈印象，並成為明確的差異化亮點。該產品深受消費者歡迎，並展現出成為長期暢銷品的強勁潛力。

(spoken in foreign language)

（以外語發言）

(interpreted) Third, clearer and more effective marketing execution. On the marketing side, we introduced a morning Buy One Get One Free campaign and launched a low caffeine beverage section for the evening, successfully extending consumption scenarios in both the early morning and late evening. Since the campaign began, the share of cards sold in the morning has doubled.

（口譯）第三，更清晰且更有效的行銷執行。在行銷方面，我們推出早晨「買一送一」活動，並在晚間上線低咖啡因飲品專區，成功延伸清晨與深夜兩個時段的消費情境。自活動開始以來，早晨售出的卡券占比已翻倍。

At the same time, we continue to strengthen our private domain traffic through in-store promotions. As a result, the share of orders from our Mini Program channel and the share of new customers both improved during the campaign period.

同時，我們持續透過門店促銷強化私域流量。因此，在活動期間，小程式渠道訂單占比與新客占比均有所提升。

This demonstrates steady progress in both private domain traffic conversion and new customer acquisition.

這顯示我們在私域流量轉化與拉新方面都取得了穩健進展。

(spoken in foreign language)

（以外語發言）

(interpreted) Fourth, growing our teahouse network with quality remains our top priority. We place great importance on customer experience and brand standards. So we have deliberately slowed our pace of teahouse expansion and focused on improving operating quality while comprehensively upgrading our teahouses.

（口譯）第四，以品質為先擴展茶館網路仍是我們的首要任務。我們高度重視顧客體驗與品牌標準。因此，我們刻意放緩茶館擴張節奏，將重心放在提升營運品質，同時全面升級我們的茶館。

At the same time, our new business model has been fully implemented, further aligning the interest of the company and our franchisees. We believe that only when every teahouse delivers a consistent brand value that Chagee truly earn -- can Chagee truly earn consumer long-term trust.

同時，我們的新商業模式已全面落地，進一步使公司與加盟商的利益一致。我們相信，只有當每一家茶館都能穩定輸出一致的品牌價值，霸王茶姬才能真正贏得——也才能真正贏得消費者的長期信任。

At the end of the first quarter, our global teahouse network totaled 7,531 locations, including 7,157 in Greater China and 374 overseas.

在第一季末，我們的全球茶館網絡共計 7,531 家門店，其中大中華區 7,157 家、海外 374 家。

(spoken in foreign language)

（外語發言）

(interpreted) Our overseas markets continue to expand steadily. Currently, our teahouse presence includes 36 in Singapore, 221 in Malaysia, 32 in Thailand, 41 in Indonesia, 13 in Philippines, 22 in Vietnam and 9 in the United States. Our overseas teahouse network maintained a steady growth pace with operating performance in line with our expectations.

（口譯）我們的海外市場持續穩健擴張。目前，我們的茶館佈局包括：新加坡 36 家、馬來西亞 221 家、泰國 32 家、印尼 41 家、菲律賓 13 家、越南 22 家，以及美國 9 家。我們的海外茶館網絡維持穩定的成長節奏，營運表現符合我們的預期。

(spoken in foreign language)

（外語發言）

(interpreted) Finally, let me return to the strategic direction that Junjie laid out earlier. Our strategic core is to perfect every small detail that consumers truly care about. Whether consumers genuinely recognize this is not measured by what we say, but by what they do. At the end of the first quarter, the number of our total registered members reached 248 million with nearly 50 million active members, an increase of over 11% quarter-over-quarter.

（口譯）最後，讓我回到俊傑先前所闡述的策略方向。我們的策略核心，是把消費者真正關心的每一個小細節做到極致。消費者是否真正認可，衡量標準不在於我們怎麼說，而在於他們怎麼做。第一季末，我們的累計註冊會員數達到 2.48 億，其中近 5,000 萬為活躍會員，較上一季成長超過 11%。

What gives us even greater confidence is that the repurchase rate among active members remained stable at 42.3% and members who made two or more purchases contribute over 76% of total orders.

更讓我們充滿信心的是，活躍會員的回購率維持穩定在 42.3%，且購買兩次或以上的會員貢獻了超過 76% 的總訂單量。

Every repeat purchase is generally recognition from our Chagee friends. 248 million Chagee friends are telling us through their repeated purchases that they trust this brand and are willing to return to our teahouse again and again. This is our most valuable assets and our strongest foundation for navigating market cycles. Our strategy is clear. Our execution is delivering and consumer trust is our best answer.

每一次回購，通常都代表茶姬友對我們的認可。2.48 億茶姬友透過一次又一次的回購告訴我們，他們信任這個品牌，並願意一再回到我們的茶館。這是我們最寶貴的資產，也是我們穿越市場週期最堅實的基礎。我們的策略清晰，執行正在落地，而消費者的信任就是最好的答案。

(spoken in foreign language)

（外語發言）

(interpreted) Looking ahead, our direction remains unwavering. Our product -- on product, we will maintain a steady launch cadence while continuing to expand into new categories such as special deals. On service, we will continue to optimize our membership system and consumer experience. On environment, we will continue to upgrade teahouse differentiation through design. On experience, we will make the third place a place where consumers genuinely want to spend time.

（口譯）展望未來，我們的方向依然堅定不移。在產品方面，我們將維持穩定的上新節奏，同時持續拓展如特惠等新類別。在服務方面，我們將持續優化會員體系與消費者體驗。在環境方面，我們將透過設計持續升級茶館的差異化。在體驗方面，我們將把「第三空間」打造為消費者真正願意停留的地方。

On brand value proposition, we will continue to embrace the spirit of connecting through tea, creating emotional resonance with our customers. On teahouse operations, we will continue to prioritize quality in our Greater China market while steadily expanding overseas.

在品牌價值主張方面，我們將持續擁抱「以茶連結」的精神，與顧客建立情感共鳴。在茶館營運方面，我們將在大中華區市場持續以品質為先，同時穩步拓展海外市場。

(spoken in foreign language)

（外語發言）

That concludes my remarks. Now let me turn the call over to our CFO, Aaron, who will walk you through the detailed financials. Thank you.

以上是我的發言。接下來我把電話會議交給我們的財務長 Aaron，由他帶各位了解更詳細的財務數據。謝謝。

Thank you, Aiden, and hello, everyone, excuse me for my voice. Thank you for joining our earnings call. Before we begin, please note that all amount in RMBand all comparisons are on a year-over-year basis, unless otherwise stated. As Junjie and Aiden just outlined, 2026 was about disciplined execution, a sharper operating focus and a visible progress in restoring growth quality. I'm delighted to see that this strategy is already translating into improved financial performance.

謝謝你，Aiden，各位好，抱歉我的聲音有點沙啞。感謝各位參加我們的財報電話會議。在開始之前，請注意除非另有說明，所有金額均以人民幣計，且所有比較均以年對年為基礎。正如俊傑與 Aiden 剛才所概述，2026 年的重點在於紀律執行、更聚焦的營運管理，以及在提升成長品質方面取得可見進展。我很高興看到，這一策略已經轉化為更佳的財務表現。

For the first quarter of 2026, our total GMV was RMB7,917.8 million and 8.1% sequential increase from RMB7,322.9 million in the fourth quarter of 2025. As of March 31, 2026, our teahouse network totaled 7,531 locations across Greater China and overseas, up 12.7% from 6,681 a year ago. Of this, 6,741 were franchisee teahouse and 790 were company-owned teahouses, reflecting the continued conversion of selected location into company-owned store as a part of our network optimization strategy.

2026 年第一季，我們的總 GMV 為人民幣 7,917.8 百萬元，較 2025 年第四季的人民幣 7,322.9 百萬元環比成長 8.1%。截至 2026 年 3 月 31 日，我們在大中華區及海外的茶館網絡共計 7,531 家門店，較一年前的 6,681 家成長 12.7%。其中，加盟茶館 6,741 家、自營茶館 790 家，反映出我們作為網絡優化策略的一部分，持續將部分選定門店轉為自營門店。

In Greater China, average monthly GMV per teahouse was RMB356,080 in the first quarter, representing a quarter-over-quarter increase of 5.5% from RMB337,358 in the fourth quarter of 2025. At the same time, overseas total GMV for the first quarter grew 139% year-over-year and 14.6% quarter-over-quarter to RMB426.4 million.

在大中華區，第一季單店月均 GMV 為人民幣 356,080 元，較 2025 年第四季的人民幣 337,358 元環比提升 5.5%。同時，海外第一季總 GMV 年增 139%，且環比成長 14.6% 至人民幣 426.4 百萬元。

On the revenue line, our net revenues from the first quarter -- for the first quarter of 2026 were RMB3,546 million compared to RMB3,392.7 million in the same quarter of 2025 and up 19.2% sequentially. Net revenues from franchisee teahouses were RMB2,743.9 million, representing 77.4% of total revenue compared to RMB3,149.9 million a year ago and up 12.7% sequentially.

在營收方面，我們 2026 年第一季的淨營收為人民幣 3,546 百萬元，較 2025 年同期的人民幣 3,392.7 百萬元增加，並環比成長 19.2%。來自加盟茶館的淨營收為人民幣 2,743.9 百萬元，占總營收的 77.4%；相較一年前的人民幣 3,149.9 百萬元，並環比成長 12.7%。

Net revenue from company-owned teahouses were RMB802.1 million, up 230.4% from RMB242.8 million a year ago, mainly as a result of our continued development of company-owned teahouses network across Greater China and overseas markets. Turning to margin. Our gross margin -- our gross profit calculated by excluding cost of materials, storage and logistics from net revenue reached RMB1,971.5 million this quarter, resulting in a gross margin of 55.6%.

來自自營茶館的淨營收為人民幣 802.1 百萬元，較一年前的人民幣 242.8 百萬元成長 230.4%，主要由於我們在大中華區及海外市場持續發展自營茶館網絡。接著看毛利率。我們本季毛利（以淨營收扣除原材料、倉儲及物流成本計算）達人民幣 1,971.5 百萬元，毛利率為 55.6%。

This marks an improvement from 53.1% a year ago. This improvement was primarily supported by increased revenue contribution from company-owned teahouses, which generate a higher gross margin. Operating expenses remained well controlled relative to scale of business. Share-based compensation expenses this quarter were RMB59 million, reflecting our commitment to long-term employee engagement and aligning their goal with shareholders. To provide greater clarity on underlying operational performance, we will continue to reference non-GAAP operating results with full reconciliation available in our earnings release and the Form 6-K.

相較一年前的 53.1% 有所提升。此改善主要受自營茶館營收占比提高所支持，因自營茶館通常具有較高的毛利率。營業費用相對於業務規模仍維持良好控制。本季股份基礎給付費用為人民幣 59 百萬元，體現我們對員工長期投入與將其目標與股東利益一致的承諾。為更清楚呈現核心營運表現，我們將持續引用非 GAAP 的營運結果，完整調節表可見於我們的財報新聞稿及 Form 6-K。

Operating income was RMB547.2 million, representing an operating income margin of 15.4% and marking a sequential turnaround from an operating loss in the previous quarter. Excluding share-based compensation expenses, non-GAAP operating income was RMB606.2 million, representing a 17.1% margin compared to a 1% margin in the previous quarter. This sequential improvement reflects both stronger operating leverage and the benefit of organization adjustment and the strategic investment we have made to support future growth. Operating costs for company-owned teahouses were RMB497.2 million, up 216.6% from RMB150 million a year ago. As of March 31, 2026, we operated 790 company-owned teahouses, up from 615 in the fourth quarter of 2025 and 191 in the first quarter of 2025.

營業利益為人民幣 547.2 百萬元，營業利益率為 15.4%，並較上一季的營業虧損出現環比轉正。剔除股份基礎給付費用後，非 GAAP 營業利益為人民幣 606.2 百萬元，非 GAAP 營業利益率為 17.1%，相較上一季的 1% 有明顯提升。此環比改善反映了更強的營運槓桿，以及組織調整與我們為支持未來成長所進行策略性投資所帶來的效益。自營茶館的營運成本為人民幣 497.2 百萬元，較一年前的人民幣 150 百萬元成長 216.6%。截至 2026 年 3 月 31 日，我們營運 790 家自營茶館，較 2025 年第四季的 615 家及 2025 年第一季的 191 家增加。

Other operating costs decreased by 7.8% to RMB159 million, largely due to lower payroll expense driven by organizational restructuring and the continued headcount optimization. On a non-GAAP basis, other operating costs accounts for 4.3% of revenue compared to 5.1% a year ago. Sales and marketing expenses for the quarter were RMB306.2 million, up 2.3% from RMB299.3 million a year ago, mainly due to our investment in strategic brand activities, new product launches and marketing campaigns. On a non-GAAP basis, sales and marketing expenses representing 8.6% of revenue compared to 8.8% a year ago and 12.2% in the previous quarter. General and administrative expenses reached RMB462 million, up 30.9% year-over-year from RMB352.8 million.

其他營運成本下降 7.8% 至人民幣 159 百萬元，主要由於組織重整帶來的人事費用下降，以及持續的人力編制優化。以非 GAAP 口徑計，其他營運成本占營收比重為 4.3%，低於一年前的 5.1%。本季銷售與行銷費用為人民幣 306.2 百萬元，較一年前的人民幣 299.3 百萬元增加 2.3%，主要由於我們在策略性品牌活動、新品上市及行銷活動上的投入。以非 GAAP 口徑計，銷售與行銷費用占營收比重為 8.6%，相較一年前的 8.8% 及上一季的 12.2% 均有所下降。一般及行政費用達人民幣 462 百萬元，年增 30.9%，高於一年前的人民幣 352.8 百萬元。

The increase in G&A primarily reflecting our continued investment in global corporate infrastructure as we further expanded our international business footprint. On a non-GAAP basis, G&A expenses represented 11.6% of revenue compared to 10.4% a year ago and 19.7% in the previous quarter. Income tax expenses represented 21.2% of income before income tax, slightly higher than 19% a year ago. This was primarily driven by the impact of share-based compensation expenses recognized during the quarter. Notably, we continued to deliver profitable -- profitability on both GAAP and non-GAAP basis, extending our track record of 13 consecutive quarters of positive net income.

一般及行政費用的增加，主要反映我們在進一步擴大國際業務版圖的同時，持續投資全球公司基礎建設。以非 GAAP 口徑計，一般及行政費用占營收比重為 11.6%，相較一年前的 10.4% 及上一季的 19.7%。所得稅費用占稅前利潤的 21.2%，略高於一年前的 19%。這主要由於本季確認的股份基礎給付費用所帶來的影響。值得注意的是，我們在 GAAP 與非 GAAP 口徑下均持續實現獲利，延續了連續 13 個季度淨利為正的紀錄。

GAAP net income was RMB447.7 million. Non-GAAP net income, excluding RMB59 million of share-based compensation expenses, was RMB506.7 million with a non-GAAP net margin of 14.3% compared to 20% a year ago and 3.4% in the fourth quarter of 2025. For the first quarter, basic and diluted net income per ordinary share was RMB2.36 and RMB2.34, respectively. On a non-GAAP basis, basic net income per ordinary share was RMB2.67 and diluted net income per ordinary share was RMB2.65. Turning to liquidity.

GAAP 淨利為人民幣 447.7 百萬元。非 GAAP 淨利（剔除人民幣 59 百萬元的股份基礎給付費用）為人民幣 506.7 百萬元，非 GAAP 淨利率為 14.3%，相較一年前的 20% 及 2025 年第四季的 3.4%。第一季每股普通股基本及攤薄淨利分別為人民幣 2.36 元與人民幣 2.34 元。以非 GAAP 口徑計，每股普通股基本淨利為人民幣 2.67 元，每股普通股攤薄淨利為人民幣 2.65 元。接下來談流動性。

We ended the quarter with RMB7,146.3 million in cash and cash equivalents, restricted cash and time deposits. Compared to RMB7,892.4 million as of December 31, 2025, we maintained a robust balance sheet, which provides us with the flexibility to fund expansion plan and continue to return value to our shareholders. As we move through 2026, we remain focused on executing our established strategy, strengthening our brand value and maintaining disciplined investment to support sustainable growth. We are always committed to creating long-term value for our shareholders. With that, I will turn the call back to the operator to begin Q&A.

本季末，我們的現金及現金等價物、受限制現金及定期存款合計為人民幣7,146.3百萬元。相較於截至2025年12月31日的人民幣7,892.4百萬元，我們維持了穩健的資產負債表，這使我們具備資金彈性以支持擴張計畫，並持續為股東回饋價值。展望2026年，我們仍將專注於落實既定策略、強化品牌價值，並維持審慎投資以支持可持續成長。我們始終致力於為股東創造長期價值。接下來我把電話交回給接線員，開始問答環節。

(Operator Instructions) When asking your questions in Chinese, please translate your questions in English for the convenience of everyone on the call.

（接線員指示）以中文提問時，請將您的問題翻譯成英文，以方便電話會議上的所有人。

Lillian Lou, Morgan Stanley.

Lillian Lou，摩根士丹利。

(spoken in foreign language) Let me translate my question. So thanks everyone, management of the detailed explanation of first Q performance. I just want to follow up on the more detailed factors that has driven the good sequential improvement on the unit GMV improvement in China and overall, trying to understand what factors have been putting in place in terms of the new products, the traffic, pricing, et cetera, and what can be sustained? thank you very much.

（外語發言）我來翻譯一下我的問題。謝謝各位，管理層對第一季表現做了很詳細的說明。我想追問一下，推動中國以及整體單店GMV/單位GMV環比明顯改善的更細項因素是什麼？想了解在新品、流量、定價等方面採取了哪些措施？哪些因素是可持續的？非常感謝。

(spoken in foreign language)

（外語發言）

Thank you, Lillian, for the question. In Q1, our overall same-store GMV growth was down 16%, but that was about 10 percentage points better than Q4 last year. So the trend has clearly improved and the recovery was mainly driven by a few things.

謝謝你，Lillian，提問。第一季我們整體同店GMV成長下降16%，但較去年第四季好約10個百分點。因此趨勢明顯改善，復甦主要由幾個因素驅動。

(spoken in foreign language)

（外語發言）

First, we got an incremental lift from the Qian Wen campaign. During the peak period from February 6 to 10, the Qian Wen channel contributed about 3 million orders per day on average. Our ability to effectively capture this traffic and convert it into performance results was driven by two factors. First, a more agile response mechanism; and second, the continued improvement in executing efficiency following the earlier adjustments.

第一，我們從「千問」活動中獲得了額外拉動。在2月6日至10日的高峰期，「千問」渠道平均每天貢獻約300萬筆訂單。我們能有效承接這部分流量並轉化為業績，主要由兩個因素驅動：第一，更敏捷的反應機制；第二，前期調整後執行效率的持續提升。

(spoken in foreign language)

（外語發言）

Second, our new product launch helped as well. As Aiden mentioned, we launched 12 new products in the first quarter, which helped to drive sequential growth in both card volume and GMV. In addition, recently, we continue to expand morning and evening consumption scenario, taking Caramel for tea latte and Long Jing tea latte as examples. Their combined cup contribution during morning hours reached 45% during the campaign period, representing a relatively significant incremental contribution.

第二，新品上市也帶來幫助。如Aiden所提到，我們在第一季推出了12款新品，帶動卡券量與GMV的環比成長。此外，近期我們持續拓展早晚消費場景，以焦糖茶拿鐵與龍井茶拿鐵為例，在活動期間其於早晨時段的合計杯量貢獻達到45%，帶來相對顯著的增量貢獻。

(spoken in foreign language)

（外語發言）

(spoken in foreign language) Lastly, in the overseas market, the decline in same-store GMV growth has also narrowed significantly. We launched locally tailored products in different markets. For example, the Caramel Oolong Tea Latte and in Singapore captured an 18% cup share during the campaign period. The Hojicha Genmai launched in multiple markets in March generated an average of 440 daily cups per teahouse in Singapore during its first week of launch. These initiatives all played a positive role in improving overall same-store performance.

（外語發言）最後，在海外市場，同店GMV成長下滑也明顯收斂。我們在不同市場推出更貼近當地的產品。例如，焦糖烏龍茶拿鐵在新加坡於活動期間拿下18%的杯量占比。3月在多個市場推出的焙茶玄米（Hojicha Genmai），在新加坡上市首週平均每家茶館每日售出440杯。這些舉措都對提升整體同店表現起到了正面作用。

Sijie Lin, CICC.

林思潔，中金公司。

(spoken in foreign language) Congrats on stabilizing earnings results again. My question is, will the new business model, which is the take rate based on GMV affect profitability and how to evaluate the impact?

（外語發言）恭喜再次穩住獲利表現。我的問題是：新的商業模式，也就是按GMV計提的抽成（take rate），會如何影響獲利能力？應該如何評估其影響？

(spoken in foreign language)

（外語發言）

Thank you, Thank you, Sijie, for the question. As previously disclosed in our annual report, since the beginning of the year, we officially switched to a GMV-based revenue sharing model for our franchised teahouse in Greater China. Under the new model, the brand takes a higher fee rate based on the franchised teahouse GMV, but the markup on materials has come down significantly and also locked up or secured the discount rate for our franchisees.

謝謝，謝謝你，思潔，提問。如我們在年報中先前披露，自年初起，我們已正式將大中華區加盟茶館切換為以GMV為基礎的分成收入模式。在新模式下，品牌方按加盟茶館GMV收取更高的費率，但原物料加價幅度顯著下降，同時也鎖定或保障了加盟商的折扣率。

As a result, our revenue mix has changed accordingly. The proportion of revenue from product sales, including raw materials and packaging, teahouse equipment and other supplies has declined, while the proportion of revenue from franchising services has increased.

因此，我們的收入結構也相應改變。來自產品銷售（包括原物料與包材、茶館設備及其他物資）的收入占比下降，而來自加盟服務的收入占比上升。

However, this change in revenue mix does not affect the company's profitability. Based on our Q1 results, our gross margin remained at 55.6% with a significant -- with a slight sequential increase.

不過，這一收入結構的變化不會影響公司的獲利能力。根據我們第一季的結果，毛利率仍維持在55.6%，並且環比小幅提升。

(spoken in foreign language)

（外語發言）

(spoken in foreign language) Let me further explain the reason of the gross margin increase, which is a result from the increase of the self-owned teahouse GP margin increase. If we exclude the self-owned teahouse GP margin, the franchisee teahouse GP margin is flat versus -- sequentially versus Q4 and also -- or a little bit slightly decreased from the previous GP margin.

（外語發言）我再進一步說明毛利率上升的原因，主要來自自營茶館毛利率（GP margin）的提升。若剔除自營茶館毛利率的影響，加盟茶館的毛利率環比第四季持平，並且相較之前的毛利率略有小幅下降。

(spoken in foreign language)

（外語發言）

Lastly, we believe that under the new model, the company and its franchisees truly become a community of shared interest for franchisees, lower raw material and equipment procurement costs, along with shared risk with the brand should help improve teahouse profitability and resilience. So for the company, our revenue is now more closely tied to teahouse performance. So when teahouse sales improve, both our revenue and gross margin can benefit, creating a win-win outcome. Our goal is to build a long-term sustainable profit model through closer collaboration. I hope this answers your question.

最後，我們認為在新模式下，公司與加盟商真正成為利益共同體：加盟商的原物料與設備採購成本更低，且品牌方與加盟商共擔風險，有助於提升茶館的獲利能力與韌性。對公司而言，我們的收入將更緊密地與茶館經營表現掛鉤；因此當茶館銷售改善時，我們的收入與毛利率都能受益，形成雙贏。我們的目標是透過更緊密的合作，建立長期可持續的獲利模式。希望這回答了你的問題。

Next, please.

下一位，請。

Jessie Xu, JPMorgan.

Jessie Xu，摩根大通。

(spoken in foreign language) This is Jessie Xu from JPMorgan. Very happy to see visible improvement in product launches, consumer engagement and also market impact in the first quarter. The USD150 million repurchase program is indeed a positive surprise. What's your thoughts behind this decision? Did you prefer repurchase or cash dividend in the future?

（外語發言）我是摩根大通的Jessie Xu。很高興看到第一季在新品推出、消費者互動以及市場影響方面都有明顯改善。1.5億美元的回購計畫確實是個正面驚喜。做出這個決定背後的考量是什麼？未來你們更偏好回購還是現金股利？

Anything you can share on shareholder return would be great.

若能分享任何關於股東回報的資訊就太好了。

(spoken in foreign language)

（外語發言）

Thank you for the question. As we just shared, the Board has approved a share repurchase program authorizing the company to purchase up to USD150 million of the ADS over the next 12 months. We will adjust the pace of repurchases depending on market conditions and valuation during the authorization period.

謝謝你的提問。正如我們剛才分享的，董事會已批准一項股份回購計畫，授權公司在未來12個月內回購最多1.5億美元的ADS。我們將在授權期間內，根據市場狀況與估值調整回購節奏。

(spoken in foreign language)

（外語發言）

Second, our balance sheet structure remains healthy and our liquidity position is strong. As of the end of March, we had about RMB7.15 billion in cash, restricted cash and time deposits or roughly USD1.04 billion.

第二，我們的資產負債表結構仍然健康，流動性也很充裕。截至3月底，我們持有約人民幣71.5億元的現金、受限制現金及定期存款，約合10.4億美元。

(spoken in foreign language)

（外語發言）

Thirdly, we believe the current share price does not fully reflect the continued recovery in our business fundamentals or our long-term growth potential. Through this buyback, we want to show the Board and management's strong confidence in the company's future growth prospects as well as our commitment to create value and delivering better long-term results for shareholders.

第三，我們認為目前股價尚未充分反映我們基本面持續復甦以及長期成長潛力。透過此次回購，我們希望展現董事會與管理層對公司未來成長前景的高度信心，以及我們致力於創造價值、為股東帶來更佳長期回報的承諾。

(spoken in foreign language)

（外語發言）

Looking ahead, we will continue to optimize our capital allocation strategy while ensuring the health development of our core business. We aim to deliver a tangible improvement in shareholder returns and ensure that the market fully understands our value.

展望未來，在確保核心業務健康發展的同時，我們將持續優化資本配置策略。我們的目標是實現股東回報的實質性提升，並確保市場能充分理解我們的價值。

(spoken in foreign language)

（外語發言）

That's it from -- that's my answer, and thank you, all the shareholders and investors to join our call today.

以上就是——我的回答。也謝謝所有股東與投資人今天參與我們的電話會議。

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

謝謝。如果沒有進一步的問題，我想把會議交回管理層作結語。

Thank you. As there is -- there are no further questions, I'd like to hand the conference back to the management, and thank you for the call today. We look forward to speaking with everyone again on our next call. Have a great day. Thank you.

謝謝。由於——沒有進一步的問題，我想把會議交回管理層，並感謝大家今天參與。我們期待在下一次電話會議再次與各位交流。祝大家有美好的一天。謝謝。

Thank you all. Have a great day.

謝謝各位。祝大家有美好的一天。

This concludes today's event. Thank you for participating. You may now disconnect.

今天的活動到此結束。感謝您的參與。您現在可以掛線。

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.

本逐字稿中標註為（口譯）的部分，為現場電話會議中由口譯員所說。該口譯員由主辦本活動的公司提供。