CHAGEE (霸王茶姬) recorded a 139% YoY surge in overseas GMV to 426 million RMB in Q1 2026, driven by an expanded network of 374 outlets across Southeast Asia and East Asia alongside localized operational adaptations.
On May 29, CHAGEE Holdings Limited (霸王茶姬) released its financial results for the first quarter of 2026. During the reporting period, the company's total Gross Merchandise Volume (GMV) reached 7.918 billion RMB, representing a quarter-on-quarter (QoQ) increase of 8.1%. Net revenue stood at 3.546 billion RMB, up 4.5% year-on-year (YoY), while adjusted net profit reached 507 million RMB. Concurrently, the company's board of directors approved a share repurchase program, authorizing the buyback of up to $150 million worth of American Depositary Shares (ADS) over the next 12 months.
In the first quarter, CHAGEE's (霸王茶姬) operational quality improved significantly, maintaining a stable baseline in its domestic market. The financial report shows that the company's GMV in China reached 7.491 billion RMB, up 7.8% QoQ. Domestic same-store GMV growth rebounded for two consecutive quarters, rising by nearly 10 percentage points QoQ this quarter. On the profitability front, the company recorded an operating profit of 547 million RMB for Q1, achieving an operating profit margin of 15.4% and successfully turning a profit compared to the previous quarter. Excluding share-based compensation expenses, the adjusted operating profit reached 606 million RMB, pushing the margin up to 17.1%. As of late March, the company held a robust capital reserve, with cash, cash equivalents, restricted cash, and term deposits totaling 7.15 billion RMB.
Product iteration and membership operations served as core drivers for CHAGEE (霸王茶姬) to anchor its domestic market. In Q1, the company launched 12 new products, continuously optimizing its product matrix across original-leaf fresh milk tea, tea lattes, and specialty tea blends. Between April and May, the brand rolled out several new product series and introduced a new product line called "Tealato", exploring the fusion of tea beverages and ice cream. Concurrently, the company optimized dedicated zones tailored for breakfast, nighttime, and campus consumer scenarios to further tap into segmented demands. Membership metrics also maintained steady growth; as of late March, CHAGEE’s total membership surpassed 248 million, capturing a single-quarter net increase of over 10 million. Quarterly active members neared 50 million, up 11.7% QoQ. Following a membership system upgrade in January, the company rolled out 217 offline member activities in Q1, enhancing user stickiness through integrated online and offline engagement.
Overseas markets emerged as a major growth highlight for CHAGEE (霸王茶姬) this quarter. In Q1, the company's overseas GMV reached 426 million RMB, representing a substantial 139% YoY surge. Overseas same-store GMV growth improved by nearly 14 percentage points QoQ, demonstrating powerful growth momentum.
Since opening its first overseas store in 2019, CHAGEE (霸王茶姬) has steadily advanced its global footprint, establishing two regional headquarters for the Asia-Pacific and North America. As of late March, CHAGEE's total number of overseas outlets reached 374, spanning multiple countries and regions across Southeast Asia and North America. Since the beginning of this year, the company has further widened its international map: its Thai network expanded from Bangkok to Chiang Mai, and its Indonesian footprint extended from Jakarta to Bali. In April, the brand officially entered the South Korean market with three stores opening simultaneously, followed by the debut of its first store in Macau in May.
Beyond footprint expansion, CHAGEE (霸王茶姬) is strengthening its localized operational capabilities. The company completed Halal certification in Indonesia to adapt to local market regulations; introduced region-exclusive products in Singapore alongside pilot breakfast combos to boost multi-period revenue; and customized store formats across markets like the Philippines and South Korea to align with local consumer habits.
Overall, CHAGEE's (霸王茶姬) Q1 performance highlights a dual-track growth trajectory: restoring domestic profitability through product innovation, membership operations, and scenario expansion, while rapidly executing its global blueprint via high-speed overseas growth. As its store network, localized operations, and regional headquarters systems continue to mature, the overseas market is transforming into a vital growth pillar for CHAGEE's next developmental phase.