NASDAQ : CHA
Chagee Holdings Limited — Financial statements
Consumer Discretionary · Restaurants · China
Last price 12.05 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.30B
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Financial statements
Chagee Holdings Limited (CHA) reported revenue of 13.14B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | 13.14B | 12.91B | 12.41B | 4.64B | 491.65M |
| Cost of Revenue | 7.73B | 6.99B | 6.72B | 2.67B | 346.13M |
| Gross Profit | 5.41B | 5.92B | 5.68B | 1.97B | 145.52M |
| Selling, General & Admin | 3.24B | 3.81B | 2.22B | 624.66M | 185.59M |
| Other Operating Expenses | 666.41M | 727.84M | 572.60M | 272.72M | 75.76M |
| Operating Expenses | 3.92B | 4.57B | 2.79B | 897.43M | 261.36M |
| Operating Income | 1.49B | 1.35B | 2.89B | 1.07B | -115.84M |
| Interest & Investment Income | 83.00M | 147.49M | 37.31M | 17.02M | 1.92M |
| Other Non Operating Income (Expenses) | 153.42M | 123.36M | 118.19M | -84.79M | 1.55M |
| Pretax Income | 1.73B | 1.62B | 3.04B | 1.01B | -112.38M |
| Income Tax Expense | 382.93M | 431.74M | 527.51M | 203.76M | -21.66M |
| Earnings From Continuing Operations | 1.34B | 1.19B | 2.51B | 802.57M | -90.72M |
| Minority Interest in Earnings | -3.89M | -15.20M | 1.52M | -1.66M | |
| Net Income | 1.34B | 1.17B | 2.52B | 800.90M | -90.72M |
| Preferred Dividends & Other Adjustments | 116.78M | 152.57M | 1.08B | 273.96M | 54.60M |
| Net Income to Common | 1.22B | 1.02B | 1.44B | 526.94M | -145.32M |
| Shares Outstanding (Basic) | 191.16M | 162.47M | 100.63M | 104.47M | 100.00M |
| Shares Outstanding (Diluted) | 193.45M | 164.71M | 100.63M | 152.73M | 100.00M |
| EPS (Basic) | 6.40 | 6.27 | 14.26 | 5.04 | -1.45 |
| EPS (Diluted) | 6.40 | 6.18 | 14.26 | 4.98 | -1.45 |
| Free Cash Flow | 807.62M | 1.23B | 2.61B | 1.90B | 32.30M |
| Free Cash Flow Per Share | 4.17 | 7.45 | 25.96 | 12.45 | 0.32 |
| Gross Margin | 41.17% | 45.84% | 45.80% | 42.49% | 29.60% |
| Operating Margin | 11.34% | 10.44% | 23.27% | 23.15% | -23.56% |
| Profit Margin | 9.31% | 7.89% | 11.57% | 11.36% | -29.56% |
| Free Cash Flow Margin | 6.14% | 9.51% | 21.06% | 40.98% | 6.57% |
| EBITDA | 1.68B | 1.49B | 2.95B | 1.08B | -110.93M |
| EBITDA Margin | 12.78% | 11.57% | 23.76% | 23.37% | -22.56% |
| D&A For EBITDA | 189.11M | 146.38M | 60.90M | 10.37M | 4.91M |
| EBIT | 1.49B | 1.35B | 2.89B | 1.07B | -115.84M |
| EBIT Margin | 11.34% | 10.44% | 23.27% | 23.15% | -23.56% |
| Effective Tax Rate | 22.17% | 26.68% | 17.34% | 20.25% | |
| Revenue as Reported | 13.14B | 12.91B | 12.41B | 4.64B | 491.65M |
| Advertising Expenses | 763.44M | 781.20M | 140.42M | 39.90M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 6.54B | 7.61B | 4.75B | 2.32B | 200.75M |
| Short-Term Investments | 1.63B | 359.09M | 100.00M | 100.00M | |
| Cash & Short-Term Investments | 8.17B | 7.97B | 4.85B | 2.42B | 200.75M |
| Accounts Receivable | 91.82M | 147.99M | 123.51M | 92.77M | 19.00M |
| Other Receivables | 52.92M | 26.58M | 13.00M | 2.11M | |
| Receivables | 91.82M | 200.91M | 150.09M | 126.14M | 26.09M |
| Inventory | 301.46M | 313.69M | 257.14M | 70.75M | 36.87M |
| Restricted Cash | 27.21M | 26.16M | 13.90M | ||
| Other Current Assets | 552.26M | 343.31M | 163.75M | 28.66M | 11.98M |
| Total Current Assets | 9.15B | 8.85B | 5.44B | 2.65B | 275.69M |
| Property, Plant & Equipment | 2.14B | 1.86B | 791.21M | 147.64M | 77.61M |
| Long-Term Investments | 2.25M | 2.11M | 2.40M | 2.00M | 945.00K |
| Goodwill | 167.78M | 97.98M | 11.84M | ||
| Other Intangible Assets | 12.04M | 12.08M | 8.44M | ||
| Long-Term Deferred Tax Assets | 432.28M | 402.82M | 253.21M | 126.34M | 30.57M |
| Other Long-Term Assets | 296.78M | 238.09M | 89.34M | 18.95M | 9.16M |
| Total Assets | 12.20B | 11.46B | 6.60B | 2.94B | 393.96M |
| Accounts Payable | 605.62M | 629.79M | 597.09M | 448.32M | 64.30M |
| Accrued Expenses | 1.15B | 852.88M | 745.80M | 448.14M | 96.99M |
| Current Portion of Leases | 508.43M | 424.36M | 195.44M | 52.59M | 32.40M |
| Current Income Taxes Payable | 119.77M | 151.30M | 189.72M | 157.52M | 16.56M |
| Current Unearned Revenue | 144.79M | 293.71M | 265.34M | 205.82M | 26.29M |
| Other Current Liabilities | 497.91M | 304.54M | 142.51M | 61.11M | |
| Total Current Liabilities | 2.72B | 2.85B | 2.30B | 1.45B | 297.65M |
| Long-Term Leases | 898.13M | 849.94M | 352.62M | 56.24M | 31.06M |
| Long-Term Unearned Revenue | 143.59M | 186.00M | 257.31M | 136.09M | 20.23M |
| Total Liabilities | 3.76B | 3.89B | 2.91B | 1.65B | 348.94M |
| Common Stock | 143.00K | 142.00K | 76.00K | 76.00K | 78.00K |
| Additional Paid-In Capital | 3.80B | 3.70B | 90.85M | 82.66M | 98.67M |
| Retained Earnings | 4.84B | 3.92B | 2.77B | 335.24M | -406.16M |
| Treasury Stock | -301.00M | -210.08M | -210.08M | ||
| Comprehensive Income & Other | -128.60M | -65.86M | 2.60M | -9.16M | |
| Total Common Equity | 8.21B | 7.34B | 2.65B | 408.81M | -307.42M |
| Minority Interest | 224.95M | 235.30M | 100.57M | 15.33M | 73.00K |
| Shareholders' Equity | 8.44B | 7.58B | 3.69B | 1.30B | 45.03M |
| Total Liabilities & Equity | 12.20B | 11.46B | 6.60B | 2.94B | 393.96M |
| Total Debt | 1.59B | 1.27B | 548.06M | 108.84M | 63.45M |
| Net Cash (Debt) | 6.58B | 6.69B | 4.31B | 2.31B | 137.29M |
| Net Cash Per Share | 34.02 | 40.63 | 42.80 | 15.15 | 1.37 |
| Filing Date Shares Outstanding | 191.36M | 190.76M | 98.74M | 104.44M | 107.10M |
| Total Common Shares Outstanding | 191.36M | 190.76M | 98.74M | 104.44M | 107.10M |
| Working Capital | 6.43B | 6.00B | 3.14B | 1.19B | -21.97M |
| Book Value Per Share | 42.92 | 38.49 | 26.88 | 3.91 | -2.87 |
| Tangible Book Value | 8.03B | 7.23B | 2.63B | 408.81M | -307.42M |
| Tangible Book Value Per Share | 41.98 | 37.91 | 26.67 | 3.91 | -2.87 |
| Machinery | 181.13M | 104.68M | 18.19M | 2.55M | |
| Construction In Progress | 37.47M | 4.18M | |||
| Leasehold Improvements | 568.31M | 212.24M | 28.84M | 13.55M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | 1.34B | 1.17B | 2.52B | 800.90M | -90.72M |
| Depreciation & Amortization | 146.38M | 146.38M | 60.90M | 10.37M | 4.91M |
| Loss (Gain) From Sale of Assets | 7.64M | 7.64M | -312.00K | 865.00K | 963.00K |
| Loss (Gain) From Sale of Investments | -9.42M | -9.42M | -716.00K | 710.00K | |
| Loss (Gain) on Equity Investments | -1.97M | -1.97M | -403.00K | ||
| Stock-Based Compensation | 723.54M | 723.54M | 603.00K | 10.52M | 3.94M |
| Provision & Write-off of Bad Debts | 29.00K | 29.00K | 6.96M | 4.10M | 795.00K |
| Other Operating Activities | -689.04M | -100.46M | -128.25M | 11.33M | -21.32M |
| Change in Accounts Receivable | -35.74M | -35.74M | -31.29M | -75.56M | -5.07M |
| Change in Inventory | -119.01M | -119.01M | -69.42M | -9.18M | -6.32M |
| Change in Accounts Payable | 47.20M | 47.20M | 127.80M | 384.02M | 31.86M |
| Change in Unearned Revenue | -22.74M | -22.74M | 175.50M | 295.39M | 40.27M |
| Change in Income Taxes | -42.00M | -42.00M | -63.49M | 231.41M | 8.24M |
| Change in Other Net Operating Assets | -120.47M | -120.47M | 242.94M | 270.16M | 74.77M |
| Operating Cash Flow | 1.22B | 1.64B | 2.84B | 1.93B | 43.03M |
| Capital Expenditures | -417.10M | -417.10M | -225.50M | -31.86M | -10.73M |
| Sale of Property, Plant & Equipment | 11.00K | 11.00K | 2.59M | 78.00K | 500.00K |
| Cash Acquisitions | -115.43M | -115.43M | -10.81M | ||
| Divestitures | -7.97M | -7.97M | |||
| Sale (Purchase) of Intangibles | -35.23M | -35.23M | -15.76M | ||
| Investment in Securities | -249.30M | -249.30M | -99.43M | 452.00K | |
| Other Investing Activities | -1.36B | 4.00M | -1.00M | ||
| Investing Cash Flow | -2.19B | -825.02M | -229.48M | -146.71M | -10.98M |
| Short-Term Debt Issued | 200.00M | 24.96M | |||
| Total Debt Issued | 200.00M | 200.00M | 24.96M | ||
| Short-Term Debt Repaid | -200.00M | -27.11M | |||
| Total Debt Repaid | -200.00M | -200.00M | -27.11M | ||
| Net Debt Issued (Repaid) | -2.15M | ||||
| Issuance of Common Stock | 3.18B | 3.18B | |||
| Repurchase of Common Stock | -210.08M | ||||
| Common Dividends Paid | -1.23B | -1.23B | |||
| Other Financing Activities | -3.02B | 97.96M | 38.30M | 12.78M | -33.00K |
| Financing Cash Flow | -1.07B | 2.05B | -173.93M | 344.20M | -33.00K |
| Foreign Exchange Rate Adjustments | -21.64M | -992.00K | 11.76M | -9.16M | |
| Net Cash Flow | -2.06B | 2.86B | 2.45B | 2.12B | 32.02M |
| Free Cash Flow | 807.62M | 1.23B | 2.61B | 1.90B | 32.30M |
| Free Cash Flow Margin | 6.14% | 9.51% | 21.06% | 40.98% | 6.57% |
| Free Cash Flow Per Share | 4.17 | 7.45 | 25.96 | 12.45 | 0.32 |
| Levered Free Cash Flow | 699.33M | 1.28B | 1.97B | 1.65B | |
| Unlevered Free Cash Flow | 699.33M | 1.28B | 1.97B | 1.65B | |
| Cash Interest Paid | 1.06M | 1.06M | 12.00K | ||
| Cash Income Tax Paid | 630.24M | 630.24M | 644.27M | 206.97M | 72.00K |
| Change in Working Capital | -292.77M | -292.77M | 382.04M | 1.10B | 143.75M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 2.30B | 2.16B | |||
| Enterprise Value | 1.33B | 1.05B | |||
| Last Close Price | 12.05 | 11.63 | |||
| PE Ratio | 12.79 | 14.83 | |||
| Forward PE | 7.02 | 9.10 | |||
| PS Ratio | 1.19 | 1.17 | |||
| PB Ratio | 1.91 | 1.99 | |||
| P/TBV Ratio | 1.94 | 2.09 | |||
| P/FCF Ratio | 18.95 | 12.31 | |||
| P/OCF Ratio | 12.50 | 9.19 | |||
| PEG Ratio | 7.60 | 1.05 | |||
| EV/Sales Ratio | 0.69 | 0.57 | |||
| EV/EBITDA Ratio | 5.38 | 4.91 | |||
| EV/EBIT Ratio | 6.06 | 5.44 | |||
| EV/FCF Ratio | 10.96 | 5.98 | |||
| Debt / Equity Ratio | 0.19 | 0.17 | 0.15 | 0.08 | 1.41 |
| Debt / EBITDA Ratio | 0.76 | 0.70 | 0.18 | 0.10 | |
| Debt / FCF Ratio | 1.97 | 1.04 | 0.21 | 0.06 | 1.96 |
| Net Debt / Equity Ratio | -0.78 | -0.88 | -1.17 | -1.78 | -3.05 |
| Net Debt / EBITDA Ratio | -3.92 | -4.48 | -1.46 | -2.13 | 1.24 |
| Net Debt / FCF Ratio | -8.15 | -5.45 | -1.65 | -1.22 | -4.25 |
| Asset Turnover | 1.13 | 1.43 | 2.60 | 2.78 | |
| Inventory Turnover | 34.45 | 24.49 | 41.02 | 49.59 | |
| Quick Ratio | 3.04 | 2.87 | 2.18 | 1.74 | 0.74 |
| Current Ratio | 3.37 | 3.10 | 2.37 | 1.82 | 0.93 |
| Return on Equity (ROE) | 16.16% | 21.06% | 100.90% | 119.70% | |
| Return on Assets (ROA) | 8.01% | 9.32% | 37.82% | 40.23% | |
| Return on Invested Capital (ROIC) | 69.43% | 111.61% | |||
| Return on Capital Employed (ROCE) | 15.70% | 15.60% | 67.20% | 72.20% | -120.30% |
| Earnings Yield | 7.82% | 7.75% | |||
| FCF Yield | 5.28% | 8.12% | |||
| Payout Ratio | 97.63% | 105.29% | |||
| Buyback Yield / Dilution | -44.05% | -63.69% | 34.11% | -52.73% |