CHA Chagee (CHA) Q1 FY26 earnings call
This interpreted call frames Q1 as an operational reset paying off: sharper organizational efficiency and a consumer-detail focus drove a broad sequential recovery in GMV, margins and same-store trends even though comps remain negative year-over-year. Management leans on overseas momentum, a new interest-aligned franchise model and stepped-up capital return to argue the shares are undervalued relative to a maturing, quality-first growth phase. All figures reported in RMB.
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CHA operating KPIs by quarter
| KPI | This call Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Stores | 7,531At the end of the first quarter, our global teahouse network totaled 7,531 locations, including 7,157 in Greater China and 374 overseas.Source: earnings call transcript | 7,639As of the end of June, our global network totaled 7,639 teahouses, representing a net increase of 108 locations from the prior quarter.Source: earnings call transcript | +1.4% |
| Stores Greater China | 7,157At the end of the first quarter, our global teahouse network totaled 7,531 locations, including 7,157 in Greater China and 374 overseas.Source: earnings call transcript | 7,240This includes 7,240 teahouses in Greater China and 399 overseas.Source: earnings call transcript | +1.2% |
| Stores Overseas | 374At the end of the first quarter, our global teahouse network totaled 7,531 locations, including 7,157 in Greater China and 374 overseas.Source: earnings call transcript | 399This includes 7,240 teahouses in Greater China and 399 overseas.Source: earnings call transcript | +6.7% |
| Loyalty program members | 248MAt 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.Source: earnings call transcript | 257MAs of the end of June, our total registered members reached 257 million.Source: earnings call transcript | +3.6% |
| Stores Franchised | 6,741Of 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.Source: earnings call transcript | 6,756Of this 6,756 were franchise teahouses and 883 were company-owned teahouses.Source: earnings call transcript | +0.2% |
| Stores Company-owned | 790Of 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.Source: earnings call transcript | 883Of this 6,756 were franchise teahouses and 883 were company-owned teahouses.Source: earnings call transcript | +11.8% |
| Average monthly GMV per store Greater China | 356.08K CNYIn Greater China, average monthly GMV per teahouse was RMB 356,080 in the first quarter, representing a quarter-over-quarter increase of 5.5% from RMB 337,358 in the fourth quarter of 2025.Source: earnings call transcript | 338.259K CNYIn Greater China, average monthly GMV per teahouses was RMB 338,259 in the second quarter compared to RMB 356,080 in the first quarter.Source: earnings call transcript | -5% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.