6-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TORULE 13a-

16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of March 2026

Commission File Number: 001-42598

Chagee Holdings Limited

Tower B, Hongqiao Lianhe Building

No. 99 Kaihong Road

Changning District, Shanghai

People’s Republic of China, 200051

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x  **** Form 40-F ¨

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Chagee Holdings Limited
	By:	/s/ Junjie Zhang
	Name:	Junjie Zhang
	Title:	Chairman of the Board, Chief Executive Officer
Date: March 31, 2026

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release titled “Chagee Announces Fourth Quarter and Full Year 2025 Unaudited Financial Results”

Exhibit 99.1

Chagee Announces Fourth Quarter and Full Year2025 Unaudited Financial Results

SHANGHAI, March 31, 2026 (GLOBE NEWSWIRE) -- Chagee Holdings Limited (NASDAQ: CHA) (“Chagee” or the “Company”), a leading premium tea drinks brand serving healthy and delicious freshly-made tea drinks, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Operational Highlights^1^

·	As of December 31, 2025, there were 7,453 teahouses<br>within the Company’s teahouse network in Greater China and overseas, representing a 15.7% increase in the number of teahouses as<br>of December 31, 2024.
·	Total GMV generated in the fourth quarter of 2025 was RMB7,322.9<br>million. Geographically, total GMV generated in overseas markets was RMB371.9 million in the fourth quarter of 2025, representing an<br>84.6% year-over-year increase; total GMV generated in Greater China market was RMB6,951.0 million, compared to RMB7,975.7 million in<br>the same quarter of 2024. Total GMV generated throughout 2025 was RMB31.58 billion, representing a 7.2% year-over-year increase from<br>RMB29.46 billion in 2024.
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·	Average monthly GMV per teahouse in Greater China was RMB337,358<br>in the fourth quarter of 2025, and RMB386,518 in the full year 2025.
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Fourth Quarter and Full Year 2025 Financial Highlights

·	In the fourth quarter of 2025, net revenues were RMB2,974.5<br>million (US$425.3 million), compared to RMB3,334.4 million in the same quarter of 2024. For the full year 2025, net revenues increased<br>by 4.0% to RMB 12.91 billion (US$1,845.7 million).
·	In the fourth quarter of 2025, we reported an operating loss<br>of RMB35.5 million (US$5.1 million), which was primarily attributable to the impact from organizational structure optimization and business<br>model transition incurred during the quarter, as well as the impact of share-based compensation expenses, compared to an operating income<br>of RMB642.5 million in the same quarter of 2024. For the full year 2025, operating income was RMB1,347.2 million (US$192.7 million),<br>representing an operating margin of 10.4%, compared to RMB2,886.6 million, or an operating margin of 23.3%, in 2024.
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·	In the fourth quarter of 2025, GAAP net income was RMB33.9<br>million (US$4.9 million), compared to RMB644.1 million in the same quarter of 2024. For the full year 2025, GAAP net income was RMB1,186.3<br>million (US$169.6 million), compared to RMB2,514.6 million in 2024.
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·	In the fourth quarter of 2025, non-GAAP net income, which<br>adjusts for share-based compensation expenses in the amount of RMB66.1 million, was RMB100.0 million (US$14.3 million), compared to RMB644.1<br>million in the same quarter of 2024. For the full year 2025, non-GAAP net income, which adjusts for share-based compensation expenses<br>in the amount of RMB723.5 million, was RMB1,909.9 million (US$273.1 million), compared to RMB2,515.2 million in 2024.
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^1^ Please refer to the section “Key Definitions” for detailed definitions on certain terms used.

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Fourth Quarter 2025 Financial Results

Total net revenues were RMB2,974.5 million (US$425.3 million), compared to RMB3,334.4 million in the same quarter of 2024.

·	Net revenues from franchised teahouses in the fourth<br>quarter of 2025 were RMB2,434.9 million (US$348.2 million), compared to RMB3,095.9 million in the same quarter of 2024. This was primarily<br>due to the timing and cadence of new product launches during the respective periods and the evolving dynamics of subsidy competition<br>among online delivery platforms in China. Net revenues from franchised teahouses represented 81.9% of the Company’s total net revenues<br>for the fourth quarter of 2025.
·	Net revenues from company-owned teahouses in the fourth<br>quarter of 2025 were RMB539.6 million (US$77.2 million), representing an increase of 126.2% from RMB238.6 million in the same quarter<br>of 2024. The increase was mainly attributable to the conversion in the Company’s domestic teahouse composition and the continued<br>expansion of the company-owned teahouse network in international markets. Net revenues from company-owned teahouses represented 18.1%<br>of the Company’s total net revenues for the fourth quarter of 2025.
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Total operating expenses were RMB3,010.0 million (US$430.4 million), compared to RMB2,691.9 million in the same quarter of 2024.

·	Cost of materials, storage and logistics was RMB1,392.6<br>million (US$199.1 million), representing a decrease of 13.7% from RMB1,614.3 million in the same quarter of 2024. The decrease was mainly<br>attributable to reduced cost of raw materials and packaging materials, which generally corresponded with the decline in store sales,<br>as well as enhanced cost management initiatives implemented throughout the supply chain. The decrease also reflects improved pricing<br>power, partially offset by costs associated with selected ingredient upgrades to enhance product flavors and tastes.
·	Company-owned teahouse operating costs were RMB376.8<br>million (US$53.9 million), representing an increase of 130.8% from RMB163.2 million in the same quarter of 2024. The increase mainly<br>resulted from the addition of 446 company-owned teahouses in both Greater China and overseas markets, which led to higher payroll, store<br>rental, utilities, and other store operating expenses.
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·	Other operating costs were RMB231.4 million (US$33.1<br>million), representing an increase of 26.9% from RMB182.4 million in the same quarter of 2024. This was mainly due to (i) an increase<br>of RMB21.0 million in payroll expenses (excluding share-based compensation expenses of RMB5.9 million), driven by a larger employee base<br>to support the continued teahouse network expansion and growing overseas operations, and (ii) an increase of RMB5.9 million in share-based<br>compensation expenses. Other operating costs as a percentage of total net revenues were 7.8%, compared to 5.5% in the same quarter of<br>2024.
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·	Sales and marketing expenses were RMB373.6 million<br>(US$53.4 million), representing a decrease of 5.6% from RMB395.7 million in the same quarter of 2024. This was mainly driven by lower<br>advertising expenses aligned with cadence of new product launches. Sales and marketing expenses as a percentage of total net revenues<br>were 12.6%, compared to 11.9% in the same quarter of 2024.
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·

General and administrative expenses were RMB635.6<br>million (US$90.9 million), representing an increase of 89.0% from RMB336.3 million in the same quarter of 2024. This includes costs from<br>a targeted organizational restructuring to support more agile and efficient operations. The increase reflects the Company's continued<br>investment in its global corporate infrastructure to support international expansion, alongside costs associated with ongoing initiatives<br>to optimize internal processes and resource allocation. This also includes an increase of RMB50.9 million in share-based compensation<br>expenses. General and administrative expenses as a percentage of total net revenues were 21.4%, compared to 10.1% in the same quarter<br>of 2024.

Net income was RMB33.9 million (US$4.9 million) in the fourth quarter of 2025, representing a net income margin of 1.1%, compared to RMB644.1 million, or a net income margin of 19.3%, in the same quarter of 2024. Net income for the period was supported by financial income from interest earned on the Company’s cash and investment balances and other income, primarily government grants, which helped offset continued investments in the business and supported profitability during the quarter.

Non-GAAP net income was RMB100.0 million (US$14.3 million) in the fourth quarter of 2025, representing a non-GAAP net income margin of 3.4%, compared to RMB644.1 million, or a non-GAAP net income margin of 19.3%, in the same quarter of 2024.

Basic and diluted net income per ordinaryshare were both RMB0.15 (US$0.02) in the fourth quarter of 2025, compared to RMB3.69 in the same quarter of 2024.

Non-GAAP basic net income per ordinary share was RMB0.50 (US$0.07) in the fourth quarter of 2025, compared to RMB3.69 in the same quarter of 2024. Non-GAAP diluted net incomeper ordinary share was RMB0.49 (US$0.07) in the fourth quarter of 2025, compared to RMB3.69 in the same quarter of 2024.

Cash and cash equivalents, restricted cash,and time deposits were RMB7,892.4 million (US$1,128.6 million) as of December 31, 2025, compared to RMB4,868.7 million as of December 31, 2024.

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Key Operating Data

	For the three months ended/As of
	Dec 31, 2024		Mar 31, 2025		Jun 30, 2025		Sep 30, 2025		Dec 31, 2025
Total teahouses		6,440		6,681		7,038		7,338		7,453
Franchised teahouses		6,271		6,490		6,799		6,971		6,838
Greater China market		6,145		6,362		6,666		6,836		6,700
Overseas markets		126		128		133		135		138
Company-owned teahouses		169		191		239		367		615
Greater China market		139		150		164		240		408
Overseas markets		30		41		75		127		207
Total GMV (RMB in million)		8,177.2		8,226.8		8,103.1		7,929.5		7,322.9
Greater China market		7,975.7		8,048.4		7,867.9		7,629.2		6,951.0
Overseas markets		201.5		178.4		235.2		300.3		371.9
Average monthly GMV per teahouse in Greater China (RMB)		455,996		431,973		404,352		378,506		337,358
Same store GMV growth		(18.4)%		(18.9)%		(23.0)%		(27.8)%		(25.5)%
Greater China market		(19.3)%		(19.1)%		(23.1)%		(27.9)%		(25.5)%
Overseas markets		29.2%		(8.4)%		(18.1)%		(23.4)%		(25.5)%

In response to the evolving consumption patterns and diversifying channels in China, the Company optimized its methodology for measuring active membership engagement, effective as of the quarter ended December 31, 2025. This revised approach expands tracking beyond the Company’s mobile mini program to encompass traceable member activity across other third-party online delivery and social networking platforms. Management believes this adjustment provides a more comprehensive assessment of user engagement across an expanding digital ecosystem.

Accordingly, the Company has updated its definition of “active members” to capture member accounts registered through any channel of the Company’s membership program, including the Company's mobile mini program and third-party platforms such as Taobao Instant Commerce and Meituan, that have placed at least one product order during a given period. This updated definition better reflects the Company’s omni-channel member engagement strategy and provides enhanced visibility into customer traffic and loyalty. Under the revised methodology, active members totaled approximately 44.7 million for the quarter ended December 31, 2025.

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Key Definitions

·	GMV (gross merchandise value) refers to gross merchandise<br>value, a key operating metric that the Company’s management uses to measure and evaluate teahouses’ sales performance, which<br>represents the sales value of product(s) in consumer orders (excluding unfulfilled, canceled or returned consumer orders, and including<br>relevant value-added taxes) before discounts, if any, are applied, including shipping charges paid by consumers for orders placed on<br>its mobile mini program, but excluding those charges paid by consumers for orders placed on other third-party online delivery platforms.
·	Average monthly GMV per teahouse in Greater China<br>is calculated by dividing (i) the sum of GMV generated by the monthly fully operational teahouses in Greater China in each calendar<br>month during the specific period by (ii) the sum of the total number of the monthly fully operational teahouses in Greater China<br>in each calendar month during the corresponding period.
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·	Same store GMV growth refers to the growth rate of<br>GMV generated by same stores in Greater China and/or overseas during that specific period compared to GMV generated by these same stores<br>during the corresponding period in the preceding year. Same stores are defined to be teahouses that (i) have been in operation for<br>at least 13 months, and (ii) without material operational changes in both comparison periods.
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·	Non-GAAP net income. Calculated by net income excluding<br>share-based compensation expenses.
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·	Non-GAAP basic and diluted net income per share. Calculated<br>as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted<br>shares.
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Conference Call

The Company’s management team will hold a conference call at 8:00 A.M. U.S. Eastern Time on Tuesday, March 31, 2026 (or 8:00 P.M. Hong Kong Time on the same day) to discuss the financial results. Details for the conference call are as follows:

Event Title:	Chagee Holdings Limited Fourth Quarter<br> 2025 Earnings Conference Call
Registration Link:	https://register-conf.media-server.com/register/BIa06ab2deb0404e3196e436a7462d4f19

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a unique access PIN, which can be used to join the conference call.

A live and archived webcast of the conference call will be available at the Company’s investor relations website at investor.chagee.com.

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About Chagee

Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks. Founded in 2017, Chagee has transformed traditional tea culture into a modern lifestyle experience, leveraging cutting-edge technology and innovative branding. With its commitment to quality, innovation, and cultural connection, Chagee continues to reshape the global tea industry.

Use of Non-GAAP Financial Measures

The Company considers non-GAAP net income, a non-GAAP financial measure, as a supplemental measure to review and assess the operating performance. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. The Company presents this non-GAAP financial measure because it is used by the management to evaluate the operating performance and formulate business plans. The Company also believes that the use of this non-GAAP measure facilitates investors’ assessment of the operating performance.

This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using this non-GAAP financial measure is that it does not reflect all items of income and expense that affect the operations. Further, this non-GAAP measure may differ from the non-GAAP information used by other companies, including peer companies, and therefore its comparability may be limited. The Company compensates for these limitations by reconciling this non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the performance. The Company encourages you to review the financial information in its entirety and not rely on a single financial measure.

The Company’s non-GAAP financial measure reflects adjustments for share-based compensation expense. The Company believes that the exclusion of share-based compensation expense is appropriate because it eliminates the impact of non-cash expenses that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies due to factors that are unrelated to their core operating performance and that can be outside of their control. Although the Company excludes share-based compensation expense from the non-GAAP measure, equity compensation has been, and will continue to be, an important part of future compensation strategy and a significant component of future expenses and may increase in future periods.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2025.

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Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “potential,” “continue,” “ongoing,” “targets,” “guidance” and similar statements. Chagee may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Chagee’s beliefs and expectations, including its beliefs and expectations on overseas development, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Chagee’s growth strategies; its future business development, results of operations and financial condition; its ability to retain and attract its customers; its ability to expand into overseas markets as expected; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in China’s freshly-made tea drinks industry or China’s food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s freshly-made tea drinks industry or China’s food and beverage sector in general; governmental policies and regulations relating to Chagee’s industry; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in Chagee’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Chagee undertakes no obligation to update any forward-looking statement, except as required under applicable law.

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Contact

Investor Relations

Robin Yang, Partner

ICR, LLC

Email: Chagee.IR@icrinc.com

Phone: +1 (212) 537-5825

Media Relations

Brad Burgess, SVP

ICR, LLC

Email: Chagee.PR@icrinc.com

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CHAGEE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, per share data or otherwise noted)

	As of
	December 31, 2024		December 31, 2025
	RMB		RMB		US
Assets
Current Assets
Cash and cash equivalents		4,754,783		7,607,270
Restricted cash		13,898		26,156
Time deposits		100,000		259,000
Short-term investments		-		100,093
Accounts receivable, net		121,967		145,903
Inventories		132,069		228,009
Prepayments and other current assets, net		315,404		481,913
Amounts due from related parties		1,547		2,085
Total current assets		5,439,668		8,850,429
Non-current assets
Long-term investments		2,403		2,109
Property and equipment, net		249,003		583,670
Deferred tax assets, net		253,210		402,821
Right-of-use assets, net		542,202		1,275,805
Goodwill		11,837		97,985
Intangible assets		8,440		12,078
Other non-current assets		89,343		238,086
Total non-current assets		1,156,438		2,612,554
Total Assets		6,596,106		11,462,983
Liabilities, mezzanine equity and shareholders' equity
Current liabilities
Accounts payable		597,091		629,789
Contract liabilities, current		265,341		293,706
Taxes payable		217,387		174,746
Operating lease liabilities, current		195,438		424,363
Accrued expenses and other liabilities		1,022,671		1,327,348
Total current liabilities		2,297,928		2,849,952
Non-current liabilities
Contract liabilities, non-current		257,305		185,996
Operating lease liabilities, non-current		352,618		849,936
Total non-current liabilities		609,923		1,035,932
Total liabilities		2,907,851		3,885,884

All values are in US Dollars.

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CHAGEE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share, per share data or otherwise noted)

	As of
	December 31, 2024			December 31, 2025
	RMB			RMB			US
Mezzanine equity		933,780			-
Shareholders' equity
Class A Ordinary shares		27			93
Class B Ordinary shares		49			49
Treasury stock		(210,082	)		(210,082	)		)
Additional paid-in capital		90,853			3,696,445
Statutory reserve		18,437			34,913
Retained earnings		2,752,024			3,886,242
Accumulated other comprehensive income/(loss)		2,597			(65,858	)		)
Total shareholders' equity of the Company		2,653,905			7,341,802
Non-controlling interests		100,570			235,297
Total shareholders' equity		2,754,475			7,577,099
Total liabilities, mezzanine equity and shareholders' equity		6,596,106			11,462,983

All values are in US Dollars.

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CHAGEE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(All amounts in thousands, except for share, per share data or otherwise noted)

	For the three months ended December 31,								For the full year ended December 31,
	2024			2025					2024			2025
	RMB			RMB			US		RMB			RMB			US
Net revenues
Net revenues from franchised teahouses		3,095,866			2,434,876					11,632,374			11,417,091
Net revenues from company-owned teahouses		238,560			539,609					773,208			1,490,316
Total net revenues		3,334,426			2,974,485					12,405,582			12,907,407
Cost of materials, storage and logistics*		(1,614,343	)		(1,392,607	)		)		(6,256,744	)		(6,001,463	)		)
Company-owned teahouse operating costs		(163,246	)		(376,774	)		)		(467,320	)		(989,359	)		)
Other operating costs		(182,387	)		(231,416	)		)		(572,621	)		(756,465	)		)
Sales and marketing expenses		(395,656	)		(373,631	)		)		(1,108,911	)		(1,362,504	)		)
General and administrative expenses		(336,311	)		(635,606	)		)		(1,113,387	)		(2,450,379	)		)
Total operating expenses		(2,691,943	)		(3,010,034	)		)		(9,518,983	)		(11,560,170	)		)
Income from operations		642,483			(35,549	)		)		2,886,599			1,347,237
Financial income, net		(1,214	)		41,998					37,306			147,494
Others, net		60,995			65,586					118,193			123,355
Income before income tax		702,264			72,035					3,042,098			1,618,086
Income tax expenses		(58,129	)		(38,100	)		)		(527,507	)		(431,741	)		)
Net income		644,135			33,935					2,514,591			1,186,345
Less: Net income attributable to non-controlling interests		(4,004	)		(5,397	)		)		(17,368	)		(15,196	)		)
Add: Net loss attributable to redeemable non-controlling interests		18,891			-					18,891			-
Net income attributable to the Company		659,022			28,538					2,516,114			1,171,149
Accretion of convertible redeemable preferred shares to redemption value		(16,222	)		-					(62,000	)		(20,082	)		)
Cumulative undeclared dividends on convertible redeemable preferred shares		(12,758	)		-					(51,032	)		(15,702	)		)
Accretion of convertible redeemable non-controlling interest to redemption value		(18,891	)		-					(18,891	)		-
Net income attributable to ordinary shareholders of the Company		611,151			28,538					2,384,191			1,135,365
Weighted average number of ordinary shares used in computing net income per share, basic and diluted
- Basic		98,743,892			190,317,407					100,628,189			162,470,727
- Diluted		98,743,892			192,703,843					100,628,189			164,714,666
Net income per ordinary share
- Basic		3.69			0.15					14.26			6.27
- Diluted		3.69			0.15					14.26			6.18

All values are in US Dollars.

* Cost of materials, storage and logistics was previously reported separately as (i) cost of materials and (ii) storage and logistics costs. It consists primarily of costs for materials and ingredients used for resale or production, as well as costs incurred for inventory storage and related logistics activities. This reclassification has been applied retrospectively.

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CHAGEE HOLDINGS LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands, except for share, per share data or otherwise noted)

	For the three months ended December 31,					For the full year ended December 31,
	2024		2025			2024		2025
	RMB		RMB		US	RMB		RMB		US
Net cash provided by operating activities		572,654		216,480			2,837,656		1,644,101
Net cash used in investing activities		(42,675)		(320,223)			(229,479)		(825,016)
Net cash (used in)/provided by financing activities		(617)		(1,201,442)			(173,932)		2,046,652
Effect of exchange rate changes on cash and cash equivalents, restricted cash		12,995		55,630			11,756		(992)
Net increase/(decrease) in cash and cash equivalents and restricted cash		542,357		(1,249,555)			2,446,001		2,864,745
Cash and cash equivalents, restricted cash at the beginning of the period		4,226,324		8,882,981			2,322,680		4,768,681
Cash and cash equivalents, restricted cash at the end of the period		4,768,681		7,633,426			4,768,681		7,633,426

All values are in US Dollars.

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CHAGEE HOLDINGS LIMITED

RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP MEASURES

(Unaudited, all amounts in thousands, except for share, per share data or otherwise noted)

	For the three months ended December 31,							For the full year ended December 31,
	2024		2025					2024			2025
	RMB		RMB			US		RMB			RMB			US
A.     Non-GAAP net income
Net income		644,135		33,935					2,514,591			1,186,345
Adjusted for: Share-based compensation expenses*		-		66,097					603			723,538
Non-GAAP net income		644,135		100,032					2,515,194			1,909,883
B.    Non-GAAP net income per ordinary share
Weighted average number of ordinary shares used in computing net income per share, basic and diluted:
- Basic		98,743,892		190,317,407					100,628,189			162,470,727
- Diluted		98,743,892		192,703,843					100,628,189			164,714,666
Non-GAAP net income per ordinary share:
- Basic		3.69		0.50					14.26			10.21
- Diluted		3.69		0.49					14.26			10.07
* The components of the Company’s share-based compensation expenses<br>are as follows (all amounts in thousands):
	For the three months ended December 31,							For the full year ended December 31,
	2024		2025					2024			2025
	RMB		RMB			US		RMB			RMB			US
Other operating costs		-		(5,884	)		)		(21	)		(28,628	)		)
Sales and marketing expenses		-		(9,302	)		)		(25	)		(50,450	)		)
General and administrative expenses		-		(50,911	)		)		(557	)		(644,460	)		)

All values are in US Dollars.

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