# CHA earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/CHA) · [Earnings tab](https://www.lopjlb.com/stock/CHA?tab=earnings) Updated: 2026-08-28T06:00:05 Quarters analyzed: 7 ## Cross-quarter narrative Across 7 calls for CHA, management tone moved from +0.80 (2013 Q1) to +0.70 (2026 Q1). Latest guidance stance: vague. Latest desk line: Chagee Q1 2026: revenue +4.5% YoY to RMB 3.55B, GMV +8.1% QoQ to RMB 7.9B, non-GAAP net margin 14.3% (+10.9pp QoQ), overseas GMV +139% YoY, 12 new products launched, $150M buyback authorized. ## Latest CallCard · Q1 Chagee Q1 2026: revenue +4.5% YoY to RMB 3.55B, GMV +8.1% QoQ to RMB 7.9B, non-GAAP net margin 14.3% (+10.9pp QoQ), overseas GMV +139% YoY, 12 new products launched, $150M buyback authorized. **Guidance:** vague — Management reiterates strategic direction but provides no specific financial targets for 2026. **Tone:** mgmt 0.7 · Q&A pressure 0.3 · divergence 0.4 Management emphasizes clear strategic direction, improved organizational efficiency, product/marketing focus, and share repurchase as confidence signal. ### Demand visibility Improving same-store trends, strong member engagement, new product traction. Same-store GMV growth improved 9.5pp QoQ; active members +11% QoQ to ~50M with 42.3% repurchase rate; 12 new products launched with Da Hong Pao series exceeding historical averages; morning/evening consumption scenarios expanding. ### Margins / costs Gross margin 55.6% (+2.5pp YoY), non-GAAP net margin 14.3% (+10.9pp QoQ), expense ratios declining. Non-GAAP G&A ratio down 8.1pp QoQ to 11.6%; non-GAAP S&M ratio down 3.6pp QoQ to 8.6%; company-owned store expansion boosting gross margin; franchise GP margin flat sequentially. ### Capital allocation $150M ADS repurchase authorized, strong cash position, focus on shareholder returns. Board approved $150M buyback over 12 months; cash/restricted cash/time deposits RMB 7.15B (~$1.04B); management signals ongoing capital allocation optimization; no dividend mentioned. ### Milestones - **Organizational optimization** [delivered]: Non-GAAP G&A ratio down 8.1pp QoQ, S&M ratio down 3.6pp QoQ. - **New product launches (12 in Q1)** [delivered]: Da Hong Pao series exceeded historical averages; Caramel Pour Latte strong potential. - **Marketing campaigns (morning BOGO, evening low caffeine)** [delivered]: Morning card share doubled; Mini Program and new customer acquisition improved. - **Teahouse network quality focus** [on_track]: Deliberately slowed expansion; 7,531 total stores (7,157 GC, 374 overseas); company-owned stores increased to 790. - **Overseas expansion** [on_track]: Overseas GMV +139% YoY; presence in 7 markets; locally tailored products launching. - **New franchise model (GMV-based revenue sharing)** [delivered]: Implemented Jan 2026; franchise GP margin flat; aligns brand/franchisee interests. - **Share repurchase program** [new]: Board authorized $150M ADS buyback over 12 months. - **Member growth** [on_track]: 248M registered, ~50M active (+11% QoQ), 42.3% repurchase rate. ### Fears / risks - **Demand recovery**: Same-store GMV down 16% YoY in Q1 despite 9.5pp QoQ improvement. - **Margin sustainability**: Franchisee GP margin flat sequentially and slightly decreased under new GMV-based model. - **Geographic concentration**: Overseas GMV 139% YoY growth but from small base (RMB 426M); Malaysia dominates with 221 stores. - **Market perception**: Management believes share price significantly undervalued, prompting $150M buyback. - **Execution**: Continued headcount optimization and restructuring may affect morale or capacity. - **Macro**: Management acknowledges cycles and need for genuine consumer recognition. ## Quarter one-liners - **2026 Q1:** Chagee Q1 2026: revenue +4.5% YoY to RMB 3.55B, GMV +8.1% QoQ to RMB 7.9B, non-GAAP net margin 14.3% (+10.9pp QoQ), overseas GMV +139% YoY, 12 new products launched, $150M buyback authorized. - **2025 Q4:** Chagee Q4 2025: same-store sales -25.5% YoY amid org restructuring; 2026 focus on same-store recovery, flat revenue/profit, market share priority; overseas GMV +84.6% YoY, 345 stores, Korea debut Q2. - **2025 Q3:** Chagee posted Q3 2025 revenue down 9.4% YoY, added 300 stores, highlighted overseas entry into Philippines and Vietnam, but same‑store GMV fell sharply and offered no formal guidance. - **2025 Q2:** Chagee posted 10% revenue growth and 53.9% gross margin while expanding overseas stores, hiring new North America leaders, but faces domestic pressure from delivery‑platform subsidies and higher share‑based costs. - **2025 Q1:** Chagee posted 35% revenue growth and expanded globally, but same‑store sales fell sharply and margins slipped as costs rose, while management offered no formal guidance. - **2013 Q4:** — - **2013 Q1:** China Telecom posted 14% revenue growth, 16% net profit rise and 35.5% EBITDA increase, driven by strong mobile subscriber gains and fiber broadband expansion, while outlining continued capex on LTE trials and network upgrades. ## Theme arcs - **Management tone** (stable): Δ mgmt=-0.10 ## Fear persistence - **broadband arpu pressure** [resolved]: 2013 Q1 - **higher capex commitment** [resolved]: 2013 Q1 - **depreciation and amortization rise** [resolved]: 2013 Q1 - **potential loss of lease‑fee savings** [resolved]: 2013 Q1 - **lte licensing uncertainty** [resolved]: 2013 Q1 - **coverage timeline risk** [resolved]: 2013 Q1 - **same‑store sales decline** [resolved]: 2025 Q1 - **margin pressure** [resolved]: 2025 Q1 - **overseas market early stage** [resolved]: 2025 Q1 - **cost inflation** [resolved]: 2025 Q1 ## Guidance path 2013 Q1:maintained → 2013 Q4:vague → 2025 Q1:vague → 2025 Q2:vague → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/CHA`