- Chagee reported Q2 2025 revenue of **RMB3.3 billion**, a **10.2%** year-over-year increase, and GMV of **RMB8.1 billion**, up **15.5%** year-over-year.  **[2013649_tx_351852_3]**  Gross margin improved to **53.9%**, though non-GAAP net margin decreased to **18.9%** due to strategic investments.  **[2013649_tx_351852_3]** **[2013649_tx_351852_4]** 
- Overseas markets showed strong momentum, with GMV increasing **77.4%** year-over-year and **31.8%** quarter-over-quarter.  **[2013649_tx_351852_3]**  The company expanded its overseas presence by adding a net **52 stores** in H1 2025, totaling **208 stores** as of June 30, 2025, and anticipates opening over **200 overseas stores** for the full year.  **[2013649_tx_351852_3]** **[2013649_tx_351852_9]** 
- To accelerate North American expansion, Chagee appointed **Emily Chung** as Chief Commercial Officer and **Aaron Harris** as Chief Development Officer for the region.  **[2013649_tx_351852_1]** 
- Despite competitive pressures from delivery platform subsidies in China impacting average monthly GMV per tea house, Chagee maintains its premium brand positioning and will not participate in price wars, focusing instead on product quality and customer experience.  **[2013649_tx_351852_3]** **[2013649_tx_351852_6]**

Chagee Holdings (CHA)