Chagee

What Chagee does

Chagee Holdings Limited (NASDAQ: CHA) is a premium freshly-made tea beverage retailer headquartered in Shanghai and founded in Yunnan in November 2017. The company operates a global teahouse network of 7,531 stores across 8+ countries as of Q1 2026, selling six core product lines — Fresh Milk Tea, Snow Cap Milk Tea, Vitality Fruit Tea, Brewed Tea, Teaspresso Latte, and Iced Oriental Tea — under brand names CHAGEE (霸王茶姬), BO·YA, and the TEA BAR and Silent Store sub-formats. Its proprietary stack includes automated tea-making equipment with an 8-second average serving time and a 0.2% flavor error rate, Fast Pressurized Extraction technology used in the Teaspresso series, multi-stage jasmine scenting processes, and integrated ERP, TMS, and CRM digital systems. Annual procurement exceeds 10,000 tons of tea through partnerships with 100+ tea factories, supporting consistent product quality and an industry-first Product ID Card nutritional disclosure system.

Chagee's revenue model is primarily transactional per-cup sales through company-owned and franchised retail, supplemented by franchise/licensing fees (notably retained in Malaysia, Indonesia, Philippines, Vietnam and the new South Korea JV), merchandise and collaborative product sales at flagship and event stores, and a fast-growing overseas segment. Pricing is positioned as "affordable premium" — above mass players like Mixue but below ultra-premium tea brands — and the company explicitly avoids price wars in favor of product innovation and cultural branding. Its primary customer segments are young urban consumers (post-90s and post-00s) in tier-1 and tier-2 Chinese cities seeking healthier and culturally rooted beverages, international consumers across Southeast Asia, the US and South Korea attracted to the Chinese heritage positioning, and franchise partners in select markets. The company completed its NASDAQ IPO in April 2025, raising $411 million at a $6.2 billion initial valuation, though shares have since corrected over 50% amid same-store sales pressure and increased competitive intensity.

FY2024 revenue reached RMB 12.41 billion (~$1.71 billion USD) with net income of RMB 2.51 billion (up 213.3% YoY); FY2025 GMV was RMB 31.58 billion (172.9% YoY), and Q1 2026 revenue was RMB 3,546 million (4.5% YoY), indicating a clear deceleration from hyper-growth. The company is pursuing international expansion (South Korea JV, US flagship retail, Hong Kong secondary listing exploration) and a $150 million share buyback while prioritizing same-store recovery over unit growth in 2026.

Name

Chagee

Legal name

Sichuan Chagee Enterprise Management Co., Ltd. (四川茶姬企业管理有限公司)

Website

https://bwcj.com

Company type

Public

Founded year

2017

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Chagee Holdings Limited (NASDAQ: CHA) is a Shanghai-headquartered premium freshly-made tea retailer operating 7,531 stores across 8+ countries, serving young urban consumers in China and international markets with branded milk teas, fruit teas, and proprietary extraction-based beverages.

Ownership category

akta.pro rank

Product category

Specialty Tea Beverages

NAICS

Coffee and Tea Manufacturing (311920)

SIC

Beverages (2080)

akta.pro primary industry

Specialty Tea Shops (Loose-Leaf, Tea Bars) (THAFAKAD)

akta.pro secondary industries

Tea Rooms & Tea Cafes (THAFADAF), Instant Tea, Tea Extracts & Concentrates Manufacturing (AFAFADAH), Tea (Leaf, Bagged, Instant, Concentrates) (CRADAHAE)

Keywords

• Freshly-made tea beverages
• Premium milk tea
• Tea retail chain
• Oriental tea drinks
• Specialty tea shop

Headquarters

HQ city

Chengdu

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Tea Beverage Sales: Primary revenue from direct sales of freshly-made tea beverages through company-owned and franchised stores globally. Products include Fresh Milk Tea, Snow Cap Milk Tea, Vitality Fruit Tea, Brewed Tea, Teaspresso Latte, and Iced Oriental Tea series. Revenue generated from individual cup sales at various price points.
2. Franchise Fees and Licensing: Revenue from franchise partnerships where franchisees pay fees and ongoing royalties for the right to operate Chagee stores under the brand. The company exited Singapore franchise in January 2024 and relaunched under direct management, but maintains franchising in other markets like South Korea (JV model).
3. Merchandise and Collaborative Products: Revenue from exclusive merchandise sold at flagship stores and during promotional events. The Chinatown Singapore store features exclusive merchandise, workshops, and interactive activities.
4. Overseas Expansion Revenue: Growing revenue contribution from international markets including Southeast Asia, US, South Korea. Q4 2025 overseas GMV reached 371.9 million yuan representing 84.6% YoY growth.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Chagee operates a global chain of freshly-made tea beverage teahouses selling premium Oriental-style teas, milk teas, fruit teas, and tea lattes through company-owned and franchised stores. The company's flagship product is BO·YA Jasmine Green Milk Tea, with cumulative sales exceeding 600 million cups. Products are brewed from premium tea leaves sourced from famous origins using proprietary automated equipment, served in 8 seconds with a 0.2% flavor error rate.

Product overview

CHAGEE is a modern Oriental tea brand offering freshly made tea beverages through six core product lines: Fresh Milk Tea Series (flagship line including JASMINE GREEN MILK TEA with 600+ million cups sold), Snow Cap Milk Tea Series (frozen frappe-style drinks), Vitality Fruit Tea Series (fruit-forward beverages), Brewed Tea Series (pure whole-leaf teas), Teaspresso Latte Series (concentrated tea lattes using Fast Pressurized Extraction technology), and Iced Oriental Tea Series (premium iced teas from famous origins). The brand also operates TEA BAR concept spaces for immersive tea experiences and Silent Stores for accessibility. Founded in 2017 in Yunnan, China, CHAGEE has grown to over 7,500 global stores and completed its NASDAQ IPO in April 2025 (ticker: CHA).

Differentiator

Problem solved

Functional benefit

Brands

• TEA BAR: New-generation flagship store concept featuring immersive tea spaces combining traditional and modern design elements
• Silent Store
• Super Tea Warehouse

Products and services

• Fresh Milk Tea Series Signature milk tea line made with original whole tea leaves and quality dairy, featuring varieties such as Jasmine Green Milk Tea (iconic bestseller, 600M+ cups sold), Ceylon Milk Black Tea, Tie Guan Yin Milk Tea, Glutinous Green Milk Tea, Osmanthus Oolong Milk Tea, Da Hong Pao Milk Tea, and Rose Pu'er Milk Tea. Targeted at health-conscious tea drinkers seeking premium Oriental tea experiences.
• Snow Cap Milk Tea Series Frozen frappe-style milk tea topped with whipped cream and toppings such as pecans, featuring Osmanthus Oolong Snow Cap Milk Tea, Mulan Black Tea Snow Cap Milk Tea, and Lapsang Souchong Black Snow Cap Milk Tea.
• Vitality Fruit Tea Series Fruit-forward tea beverages combining quality tea with fresh fruits and coconut milk, including Mango Pomelo Sago Jasmine Tea, Fresh Mango Jasmine Tea, Coconut Water with Tie Guanyin, Sea Salt Lemon Green Tea, and Fresh Grape Jasmine Tea.
• Brewed Tea Series Pure tea beverages brewed from premium whole tea leaves, including Osmanthus Oolong Tea, Glutinous Green Pure Tea, Ceylon Black Tea, and Tie Guan Yin Pure Tea, served without milk or flavoring.
• Teaspresso Latte Series Concentrated tea-based lattes produced using proprietary Fast Pressurized Extraction technology, featuring Yunnan Pu'er Tea Latte, Da Hong Pao Tea Latte, and Lapsang Souchong Tea Latte. Designed as an Oriental-style alternative to espresso-based lattes.
• Iced Oriental Tea Series Premium iced tea beverages made with teas from famous origins, including Jasmine Green Iced Tea (produced using a seven-scenting process over 20+ days), Yunnan Pu'er Iced Tea, Jin Guan Yin Iced Tea, Glutinous Green Iced Tea, and Osmanthus Oolong Iced Tea.
• TEA BAR Concept Stores New-generation flagship retail store concept featuring 8+ meter-long bar counters, face-to-face tea-making experiences, and Oriental-Western design aesthetics with Dunhuang-inspired cultural elements. Deployed as flagship stores in Shanghai, Hong Kong, Los Angeles, and Paris pop-ups.
• Silent Store Concept Accessibility-focused store concept designed for hearing-impaired customers and employees, featuring sign language services, handwriting boards, and employment opportunities for the hearing-impaired community. First location opened in Hangzhou, China.

Quantifiable outcome

• Revenue of RMB 12.41 billion ($1.71 billion) in 2024, nearly tripling year-over-year
• +5 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Ten partnerships are on record, tiered flagship, core and minor.

• LaufeyflagshipGTM or Marketing Partner · 20 April 20262x GRAMMY-winning artist Laufey serves as Chagee's first North American brand ambassador and creative collaborator for the 'A Sip of Time' campaign. The partnership coincides with US expansion and includes exclusive performances and cultural programming at new store openings.
• South Korea JV PartnercoreStrategic or Co-development Partner · 8 March 2026Chagee entered South Korea through a joint venture with a local partner, following Starbucks' JV model for South Korea to reduce risk and accelerate expansion. JV (Chagee Korea) expected to establish in 2026 after partner selection.
• Eugene LeecoreOthers · 28 April 2025Former McDonald's marketer Eugene Lee joined Chagee as APAC CMO to accelerate international expansion efforts, bringing extensive QSR and international brand experience.
• HungryPandaminorChannel Partner/ Reseller/ Distributor · 22 July 2024Partnership with HungryPanda, a leading local food delivery platform, to deliver Chagee products during the Paris TEA BAR flash mob event.
• UNESCO / Bonjour Brand ForumflagshipGTM or Marketing Partner · 21 June 2024Chagee visited UNESCO Headquarters in Paris for the Tenth Bonjour Brand Forum, one of the official events celebrating 60th anniversary of China-France diplomatic relations. Offered products to global guests and shared insights on Chinese brands going global.
• Liu Xiang, Wang Shun, Chen Qingchen, Jia YifancoreGTM or Marketing Partner · 21 May 2024Chagee partnered with Chinese track and field athlete Liu Xiang as global health ambassador, swimmer Wang Shun, and badminton players Chen Qingchen and Jia Yifan to collectively shape a healthy image for Oriental tea.
• Palace Museum, Art Exhibitions ChinaminorStrategic or Co-development Partner · 21 May 2024Chagee collaborated with cultural institutions including the Palace Museum and Art Exhibitions China to promote traditional Chinese culture through intangible cultural heritage activities and tea culture storytelling.
• Zheng QinwenflagshipGTM or Marketing Partner · 26 April 2024Chinese tennis player Zheng Qinwen, 2024 Australian Open runner-up and world top 10 player, serves as Chagee's first Health Ambassador. Collaboration aims to bring healthy drinks to customers and promote health-conscious tea drinking.
• 100+ Tea Factories (Global Tea Suppliers)coreOthers · 8 January 2024Annual tea procurement exceeding 10,000 tons through partnerships with more than 100 tea factories globally to ensure quality supply and support international expansion.
• CTI (China Testing International)coreImplementation/ SI/ Consulting Partner · 12 August 2023Chagee partnered with nationally accredited third-party inspection and testing organization CTI to conduct special tests for authoritative and trustworthy calorie and nutrient information disclosure, supporting the Product ID Card initiative.

Scale indicators16 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Auntea Jenny (沪上阿姨): Major Chinese freshly-made tea chain with thousands of stores, positioned in value-to-mid-tier segment. Competes with Chagee for similar consumer occasions with broader geographic reach into lower-tier cities. Listed on HKEX in 2025, providing comparable franchise economics and growth trajectory.
• Mixue (蜜雪冰城): China's largest freshly-made tea and ice cream chain with over 36,000 stores globally. Operates similar store-network model selling freshly-made tea beverages, but at significantly lower price points. Most direct competitor by business model, scale, and category, competing with Chagee on volume and price-sensitive consumers.
• HEYTEA (喜茶): Premium freshly-made tea brand founded in 2012, pioneered the modern Chinese tea beverage category. Direct competitor in premium positioning, with similar product lines (cheese-topped milk teas, fruit teas) and target demographic of young urban consumers. Comparable brand-led growth and same-store sales dynamics.
• THE ALLEY (鹿角巷): Taiwan-origin premium tea brand with international presence across Asia, North America, and Europe. Direct competitor in freshly-made premium tea beverages with similar brand-led positioning, comparable store aesthetics, and overlapping target demographic of young urban consumers globally.
• Gong Cha (贡茶): Taiwan-origin bubble tea chain with global franchise presence across Asia, North America, and Europe. Direct competitor in freshly-made tea beverages with comparable international expansion strategy and franchise model that Chagee uses in markets like Malaysia.
• CoCo (都可): Global bubble tea chain with thousands of stores across Asia, North America, and other regions. Competes with Chagee in the freshly-made tea category globally with extensive international footprint, particularly strong in Southeast Asia where Chagee is also expanding.
• Nayuki Holdings (奈雪的茶): Premium tea café chain listed on HKEX, with signature 'CHEESE TEA' and fruit tea offerings. Operates large-format stores with sit-down experience similar to Chagee's TEA BAR concept. Most directly comparable premium positioning, comparable unit economics, and overlapping premium urban consumer base.

Regional players

• Koi Thé (五十嵐): Taiwan-origin freshly-made tea chain with strong presence in Southeast Asia, particularly Malaysia, Singapore, and Thailand — markets where Chagee has significant operations (200+ stores in Malaysia, 37 in Singapore). Comparable premium tea positioning and beverage format.

Broad incumbents

• Starbucks: Global coffee chain incumbent with extensive premium beverage retail expertise and international store network. While focused on coffee, Starbucks serves the same premium beverage occasion that Chagee targets in international markets (US, South Korea) and represents the dominant Western brand Chagee competes against for cultural and lifestyle positioning.
• Luckin Coffee: China's largest coffee chain with over 20,000 stores and aggressive pricing strategy. While primarily coffee-focused, Luckin competes with Chagee for daily beverage occasions and share-of-wallet in China, and recently expanded into tea and juice categories that overlap with Chagee's product lines.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors2 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chagee