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 August 2025

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: August 29, 2025

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release tilted “Chagee Announces Second Quarter 2025 Unaudited Financial Results”

Exhibit 99.1

Chagee AnnouncesSecond Quarter 2025 Unaudited Financial Results

SHANGHAI, August 29, 2025 (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 second quarter ended June 30, 2025.

Second Quarter 2025 Operational Highlights^1^

·	As<br> of June 30, 2025, there were 7,038 teahouses within the Company’s teahouse network<br> in Greater China and overseas, representing a 40.9% increase in the number of teahouses as<br> of June 30, 2024.
·	Total<br> GMV generated in the second quarter of 2025 was RMB8,103.1 million, representing a 15.5%<br> increase from the same quarter of 2024, driven by teahouse network expansion in both Greater<br> China and overseas.
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·	Average<br> monthly GMV per teahouse in Greater China was RMB404,352 in the second quarter of 2025.
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·	Chagee’s<br> Mobile Mini Program amassed a total of 206.9 million registered members as of June 30,<br> 2025, representing a 42.7% increase in the number of registered members as of June 30,<br> 2024.
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Second Quarter 2025 Financial Highlights

·	Net<br> revenues increased by 10.2% to RMB3,331.9 million (US$465.1 million) from RMB3,023.3 million<br> in the same quarter of 2024.
·	Operating<br> income in the second quarter of 2025 was RMB107.6 million (US$15.0 million), representing<br> an operating margin of 3.2%, compared to RMB743.9 million, or an operating margin of 24.6%,<br> in the same quarter of 2024.
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·	GAAP<br> net income decreased by 87.7% to RMB77.2 million (US$10.8 million) from RMB628.7 million<br> in the same quarter of 2024.
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·	Non-GAAP<br> net income, which adjusts for share-based compensation expenses in the amount of RMB552.5<br> million, was RMB629.8 million (US$87.9 million), representing a 0.1% year-over-year increase.<br> The significant amount of share-based compensation expenses recognized in the second quarter<br> of 2025 were related to the vesting of share-based awards with performance condition related<br> to the IPO.
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^1^ Please refer to the section “Key Definitions” for detailed definitions on certain terms used.

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Second Quarter 2025 Financial Results

Total net revenues increased by 10.2% to RMB3,331.9 million (US$465.1 million) from RMB3,023.3 million in the same quarter of 2024.

·	Net revenues from franchised teahouses in the second quarter of 2025 were RMB3,020.7 million<br> (US$421.7 million), representing an increase of 6.1% from RMB2,847.8 million in the same<br> quarter of 2024. The increase was mainly attributable to the expansion of the Company’s<br> franchised teahouse footprint. Net revenues from franchised teahouses represented 90.7% of<br> the Company’s total net revenues for the second quarter of 2025. Geographically, the<br> increase was mainly attributable to the increase in the domestic market and, to a lesser<br> extent, to the Company’s overseas expansion.
·	Net revenues from company-owned teahouses in the second quarter of 2025 were RMB311.2 million<br> (US$43.4 million), representing an increase of 77.3% from RMB175.5 million in the same quarter<br> of 2024. The increase was primarily driven by the expansion of company-owned teahouse network.<br> Net revenues from company-owned teahouses represented 9.3% of the Company’s total net<br> revenues for the second quarter of 2025.
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Total operatingexpenses increased by 41.5% to RMB3,224.3 million (US$450.1 million) from RMB2,279.4 million in the same quarter of 2024.

·	Cost of materials, storage and logistics was RMB1,536.8 million (US$214.5 million), representing<br> a decrease of 1.5% from RMB1,560.8 million in the same quarter of 2024. The decrease was<br> mainly driven by lower equipment costs due to fewer new store openings and improved procurement<br> cost controls through better supplier negotiations, partially offset by higher logistics<br> expenses from the expanding teahouse network density.
·	Company-owned teahouse operating costs were RMB184.1 million (US$25.7 million), representing an increase<br> of 72.8% from RMB106.5 million in the same quarter of 2024. The increase mainly resulted<br> from an increase of 121 company-owned teahouses, which drove the increase in payroll, store<br> rental, utilities, and other store operating expenses.
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·	Other operating costs were RMB173.7 million (US$24.3 million), representing an increase of<br> 36.2% from RMB127.5 million in the same quarter of 2024. This was mainly due to (i) an<br> increase of RMB41.9 million in payroll expenses (excluding share-based compensation expenses),<br> which was attributable to the personnel expansion enabling the Company to scale its franchised<br> teahouse operations and accelerate overseas market penetration, and (ii) an increase<br> of RMB15.8 million in share-based compensation expenses. Other operating costs as a percentage<br> of total net revenues were 5.2%, compared to 4.2% in the same quarter of 2024.
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·	Sales and marketing expenses were RMB385.0 million (US$53.8 million), representing an increase<br> of 54.6% from RMB249.0 million in the same quarter of 2024. The increase was mainly driven<br> by increases of (i) RMB58.1 million in payroll (excluding share-based compensation expenses),<br> utilities, office expenses, and travel expenses due to the expansion of the Company’s<br> sales and marketing team; (ii) RMB43.6 million in advertising expenses associated with<br> branding activities, new product launches, IP collaborations and related marketing campaigns;<br> and (iii) RMB31.1 million in share-based compensation expenses. Sales and marketing<br> expenses as a percentage of total net revenues were 11.6%, compared to 8.2% in the same quarter<br> of 2024.
·	General and administrative expenses were RMB944.6 million (US$131.9 million), representing an<br> increase of 301.1% from RMB235.5 million in the same quarter of 2024. The increase was primarily<br> driven by increases of (i) RMB505.4 million in share-based compensation expenses for<br> administration and research staffs; (ii) RMB112.6 million in rental, utilities, office,<br> travel, and professional service expenses for administration, which was primarily related<br> to the Company’s business expansion; and (iii) RMB52.6 million in payroll expenses<br> (excluding share-based compensation expenses) due to the staff augmentation of administrative<br> personnel to align with the Company’s expanded operational footprint and global market<br> outreach. General and administrative expenses as a percentage of total net revenues were<br> 28.3%, compared to 7.8% in the same quarter of 2024.
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Net income was RMB77.2 million (US$10.8 million) in the second quarter of 2025, representing a net income margin of 2.3%, compared to RMB628.7 million, or a net income margin of 20.8%, in the same quarter of 2024.

Non-GAAP netincome was RMB629.8 million (US$87.9 million) in the second quarter of 2025, representing a non-GAAP net income margin of 18.9%, compared to RMB629.0 million, or a non-GAAP net income margin of 20.8%, in the same quarter of 2024.

Basic net incomeper ordinary share was RMB0.36 (US$0.05) in the second quarter of 2025, compared to RMB3.55 in the same quarter of 2024. Dilutednet income per ordinary share was RMB0.35 (US$0.05) in the second quarter of 2025, compared to RMB3.55 in the same quarter of 2024.

Non-GAAP basicnet income per ordinary share was RMB3.35 (US$0.47) in the second quarter of 2025, compared to RMB3.55 in the same quarter of 2024. Non-GAAP diluted net income per ordinary share was RMB3.30 (US$0.46) in the second quarter of 2025, compared to RMB3.55 in the same quarter of 2024.

Cash and cashequivalents, restricted cash, and time deposits were RMB8,886.8 million (US$1,240.5 million) as of June 30, 2025, compared to RMB4,868.7 million as of December 31, 2024.

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Key Operating Data

	For the three months ended or as of
	Jun<br> 30, 2024			Sep<br> 30, 2024			Dec<br> 31, 2024			Mar<br> 31, 2025			Jun<br> 30, 2025
Total<br> teahouses		4,996			5,828			6,440			6,681			7,038
Franchised<br> teahouses		4,878			5,676			6,271			6,490			6,799
Greater<br> China market		4,783			5,566			6,145			6,362			6,666
Overseas<br> markets		95			110			126			128			133
Company-owned<br> teahouses		118			152			169			191			239
Greater<br> China market		98			126			139			150			164
Overseas<br> markets		20			26			30			41			75
Total<br> GMV (RMB in million)		7,016.7			8,301.4			8,177.2			8,226.8			8,103.1
Greater<br> China market		6,884.1			8,130.1			7,975.7			8,048.4			7,867.9
Overseas<br> markets		132.6			171.3			201.5			178.4			235.2
Average<br> monthly GMV per teahouse in Greater China (RMB)		537,954			527,956			455,996			431,973			404,352
Same<br> store GMV growth		38.0	%		1.5	%		(18.4	)%		(18.9	)%		(23.0	)%
Greater<br> China market		37.3	%		0.4	%		(19.3	)%		(19.1	)%		(23.1	)%
Overseas<br> markets		60.0	%		57.6	%		29.2	%		(8.4	)%		(18.1	)%
Cumulative<br> registered members (in million)		145.0			162.4			177.3			192.4			206.9
Active members<br> for the period (in million)		44.1			44.7			42.5			44.9			38.6

North America Leadership Update

During the second quarter, the Company strengthened its North American expansion capabilities through key executive appointments to its leadership team, Emily Chang joined as Chief Commercial Officer for North America. Chang brings deep cross-sector experience in food and beverage, tech retail, and advertising. Most recently, she served as Chief Executive Officer, West at VML, a global creative and tech agency. Prior to that, she served in several roles including CEO, China for McCann Worldgroup (NYSE: IPG); Chief Marketing Officer for Starbucks China (NASDAQ: SBUX); and Chief Commercial Officer for InterContinental Hotels Group (NYSE: IHG).

Additionally, Aaron Harris was appointed Chief Development Officer for North America, leveraging his proven track record in rapid market expansion. Harris comes to Chagee from Dutch Bros Coffee (NYSE: BROS), where he served as Senior Vice President of Development. Prior to Dutch Bros, Harris was Vice President of Development for Popeye's Louisiana Kitchen, Inc. (NYSE: QSR) and owner/operator of AH Consultants, Inc., which served clients across sectors including Jack in the Box and the Los Angeles Dodgers.

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These strategic hires position Chagee to accelerate its entry into the North American market, combining deep local market expertise with proven experience in scaling premium beverage and hospitality brands across diverse consumer segments.

Key Definitions

·	GMV<br> (gross merchandise value) refers to gross merchandise value, a key operating metric that<br> the Company’s management uses to measure and evaluate teahouses’ sales performance,<br> which represents the sales value of product(s) in consumer orders (excluding unfulfilled,<br> canceled or returned consumer orders, and including relevant value-added taxes) before discounts,<br> if any, are applied, including shipping charges paid by consumers for orders placed on its<br> mobile mini program, but excluding those charges paid by consumers for orders placed on other<br> third-party online delivery platforms.
·	Average monthly GMV per teahouse in Greater China is calculated by dividing (i) the sum<br> 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<br> fully operational teahouses in Greater China in each calendar month during the corresponding<br> period.
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·	Same store GMV growth refers to the growth rate of GMV generated by same stores in Greater<br> China and/or overseas during that specific period compared to GMV generated by these same<br> stores during the corresponding period in the preceding year. Same stores are defined to<br> be teahouses that (i) have been in operation for at least 13 months, and (ii) without<br> material operational changes in both comparison periods.
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·	Registered members refer to member accounts registered with our mobile mini program.
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·	Active members refer to registered members who placed an order for the Company’s products<br> at least once in a given period.
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·	Non-GAAP net income. Calculated by net income excluding share-based compensation expenses.
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·	Non-GAAP basic and diluted net income per share. Calculated as non-GAAP net income attributable<br> to the Company’s ordinary shareholders divided by weighted average number of basic<br> and diluted share.
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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 Friday, August 29, 2025 (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 Second Quarter 2025 Earnings Conference Call
Registration Link:	https://register-conf.media-server.com/register/BIaf2eb788e6984273a03e3b931485accb

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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.

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-GAAPFinancial 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.

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Exchange RateInformation

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 RMB7.1636 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 June 30, 2025.

Safe HarborStatement

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, 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 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 BALANCESHEETS

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

	As<br> of
	December 31,<br><br><br> 2024		June 30,<br> 2025
	RMB		RMB		US
Assets
Current Assets
Cash and cash equivalents		4,754,783		8,600,190
Restricted cash		13,898		27,601
Time deposits		100,000		259,000
Accounts receivable, net		121,967		160,239
Inventories		132,069		147,472
Prepayments and other current<br> assets, net		315,404		325,172
Amounts<br> due from related parties		1,547		3,645
Total<br> current assets		5,439,668		9,523,319
Non-current assets
Long-term investments		2,403		2,820
Property and equipment, net		249,003		339,790
Deferred tax assets, net		253,210		262,162
Right-of-use assets, net		542,202		749,603
Goodwill		11,837		11,837
Intangible assets		8,440		10,535
Other non-current<br> assets		89,343		167,022
Total<br> non-current assets		1,156,438		1,543,769
Total<br> Assets		6,596,106		11,067,088
Liabilities, mezzanine<br> equity and shareholders' equity
Current liabilities
Accounts payable		597,091		533,668
Contract liabilities, current		265,341		234,298
Taxes payable		217,387		186,967
Operating lease liabilities,<br> current		195,438		241,670
Accrued<br> expenses and other liabilities		1,022,671		940,346
Total<br> current liabilities		2,297,928		2,136,949
Non-current liabilities
Contract liabilities, non-current		257,305		226,690
Operating<br> lease liabilities, non-current		352,618		507,772
Total<br> non-current liabilities		609,923		734,462
Total<br> liabilities		2,907,851		2,871,411

All values are in US Dollars.

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CHAGEEHOLDINGS LIMITED

UNAUDITEDCONDENSED CONSOLIDATED BALANCE SHEETS

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

	As<br> of
	December 31,<br><br> 2024			June 30,<br> 2025
	RMB			RMB			US
Mezzanine<br> equity		933,780			-
Shareholders' equity
Class A Ordinary shares		27			90
Class B Ordinary shares		49			49
Treasury stock		(210,082	)		(210,082	)		)
Additional paid-in capital		90,853			4,726,953
Statutory reserve		18,437			18,437
Retained earnings		2,752,024			3,480,341
Accumulated<br> other comprehensive income/(loss)		2,597			(38,525	)		)
Total<br> shareholders' equity of the Company		2,653,905			7,977,263
Non-controlling<br> interests		100,570			218,414
Total<br> shareholders' equity		2,754,475			8,195,677
Total<br> liabilities, mezzanine equity and shareholders' equity		6,596,106			11,067,088

All values are in US Dollars.

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CHAGEE HOLDINGS LIMITED<br><br> <br>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS<br><br> <br>(All amounts in thousands, except for share, per share data or otherwise noted)
	For<br> the three months ended June 30,								For<br> the six months ended June 30,
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	2024			2025					2024			2025
	RMB			RMB			US		RMB			RMB			US
Net revenues
Net revenues from<br> franchised teahouses		2,847,801			3,020,668					5,237,485			6,170,590
Net revenues<br> from company-owned teahouses		175,536			311,213					292,423			554,002
Total net revenues		3,023,337			3,331,881					5,529,908			6,724,592
Cost of materials, storage and<br> logistics*		(1,560,829	)		(1,536,787	)		)		(2,877,069	)		(3,127,072	)		)
Company-owned teahouse operating<br> costs		(106,531	)		(184,132	)		)		(164,697	)		(341,175	)		)
Other operating costs		(127,529	)		(173,723	)		)		(223,538	)		(346,181	)		)
Sales and marketing expenses		(249,028	)		(385,040	)		)		(361,568	)		(684,363	)		)
General<br> and administrative expenses		(235,497	)		(944,585	)		)		(453,170	)		(1,297,411	)		)
Total<br> operating expenses		(2,279,414	)		(3,224,267	)		)		(4,080,042	)		(5,796,202	)		)
Income from operations		743,923			107,614					1,449,866			928,390
Financial income, net		7,979			50,830					17,196			66,524
Others,<br> net		35,140			45,197					64,480			44,790
Income before income tax		787,042			203,641					1,531,542			1,039,704
Income<br> tax expenses		(158,321	)		(126,403	)		)		(307,719	)		(285,149	)		)
Net income		628,721			77,238					1,223,823			754,555
Less: Net<br> income attributable to non-controlling interests		(6,870	)		(7,697	)		)		(7,710	)		(6,156	)		)
Net income attributable<br> to the Company		621,851			69,541					1,216,113			748,399
Accretion of convertible redeemable<br> preferred shares to redemption value		(15,317	)		(3,843	)		)		(29,930	)		(20,082	)		)
Cumulative<br> undeclared dividends on convertible redeemable preferred shares		(15,050	)		(2,944	)		)		(26,967	)		(15,702	)		)
Net<br> income attributable to ordinary shareholders of the Company		591,484			62,754					1,159,216			712,615
Weighted average number of ordinary<br> shares used in computing net income per share, basic and diluted
- Basic		100,622,884			168,594,146					102,533,192			133,861,975
- Diluted		100,622,884			171,130,715					102,533,192			169,862,430
Net income per ordinary share
- Basic		3.55			0.36					6.87			4.12
- Diluted		3.55			0.35					6.87			3.25

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 STATEMENTSOF CASH FLOWS

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

	For<br> the three months ended June 30,								For<br> the six months ended June 30,
	2024			2025					2024			2025
	RMB			RMB			US		RMB			RMB			US
Net cash provided by operating activities		987,032			611,127					1,510,505			971,159
Net cash used in investing activities		(62,493	)		(116,825	)		)		(106,330	)		(309,304	)		)
Net cash (used in)/provided by financing activities		(88,833	)		3,036,205					(74,959	)		3,238,377
Effect of exchange rate changes<br> on cash and cash equivalents, restricted cash		1,952			(36,102	)		)		2,769			(41,122	)		)
Net increase in cash and cash equivalents and restricted<br> cash		837,658			3,494,405					1,331,985			3,859,110
Cash and cash<br> equivalents, restricted cash at the beginning of the period		2,817,007			5,133,386					2,322,680			4,768,681
Cash and cash<br> equivalents, restricted cash at the end of the period		3,654,665			8,627,791					3,654,665			8,627,791

All values are in US Dollars.

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CHAGEE HOLDINGS LIMITED

RECONCILIATION OF NON-GAAP MEASURES TOTHE MOST DIRECTLY COMPARABLE GAAP MEASURES

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

	For<br> the three months ended June 30,					For<br> the six months ended June 30,
	2024		2025			2024		2025
	RMB		RMB		US	RMB		RMB		US
A. Non-GAAP<br> net income
Net income		628,721		77,238			1,223,823		754,555
Adjusted for:<br> Share-based compensation expenses*		243		552,529			603		552,529
Non-GAAP<br> net income		628,964		629,767			1,224,426		1,307,084
B. Non-GAAP<br> net income per ordinary share
Weighted<br> average number of ordinary shares used in computing net income per share, basic and diluted:
- Basic		100,622,884		168,594,146			102,533,192		133,861,975
- Diluted		100,622,884		171,130,715			102,533,192		169,862,430
Non-GAAP<br> net income per ordinary share:
- Basic		3.55		3.35			6.87		7.24
- Diluted		3.55		3.30			6.87		5.71

All values are in US Dollars.

* The components of the Company’s share-based compensation expenses are as follows (all amounts in thousands):

	For<br> the three months ended June 30,								For<br> the six months ended June 30,
	2024			2025					2024			2025
	RMB			RMB			US		RMB			RMB			US
Other operating costs		(6	)		(15,799	)		)		(21	)		(15,799	)		)
Sales and marketing expenses		(10	)		(31,131	)		)		(25	)		(31,131	)		)
General and administrative expenses		(227	)		(505,599	)		)		(557	)		(505,599	)		)

All values are in US Dollars.

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