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NET REVENUES | 12 Months Ended
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Dec. 31, 2025
NET REVENUES |
NET REVENUES | 13.NET REVENUES Key revenue streams are as below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | For the Years Ended
​ | ​ ​ ​ | December 31,
​ | ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
Net Revenues |  | ​ |  | ​ |  | ​
Net revenues from franchised teahouses |  | 4,395,908 |  | 11,632,374 |  | 11,417,091
– Sales of products |  | 4,148,198 |  | 10,788,976 |  | 10,440,456
– Raw materials & packaging |  | 3,585,139 |  | 9,890,969 |  | 10,083,091
– Teahouse equipment and other supplies |  | 563,059 |  | 898,007 |  | 357,365
– Franchising and other services |  | 247,710 |  | 843,398 |  | 976,635
Net revenues from company-owned teahouses |  | 244,263 |  | 773,208 |  | 1,490,316
​ |  | 4,640,171 |  | 12,405,582 |  | 12,907,407
​ The amount of revenue recognized that was included in the contract liabilities balance at the beginning of the year was RMB26.3 million, RMB198.5 million and RMB289.4 million for the years ended December 31, 2023, 2024 and 2025, respectively. ​ 13.NET REVENUES (CONTINUED) The contract liabilities comprise of unamortized upfront fees received from franchisees, customer loyalty program points and payments received in advance of transferring control of goods to franchised stores, and are presented within contract liabilities, current and contract liabilities, non-current in consolidated balance sheet. A summary of significant changes to the contract liabilities balances as of December 31, 2023, 2024 and 2025 is presented below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2023 | ​ | 2024 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | RMB
Balance as of January 1 | ​ | 46,521 | ​ | 341,907 | ​ | 522,646
Revenue recognized that was included in unamortized upfront fees received from franchisees at the beginning of the year |  | (5,394) | ​ | (45,263) | ​ | (68,790)
Increase for upfront fees associated with contracts that became effective during the year, net of amounts recognized as revenue during the year |  | 161,121 | ​ | 164,398 | ​ | 17,735
Increase for payments received in advance of transferring control of goods to franchised stores and franchise related service fee, net of amounts recognized as revenue during the year |  | 139,659 | ​ | 61,604 | ​ | 8,111
Balance as of December 31 |  | 341,907 | ​ | 522,646 | ​ | 479,702
​ The Group expects to recognize contract liabilities as revenue over the following years: ​
​ | ​ | ​
​ | ​ ​ ​ | As of December 31, 2025
​ | ​ ​ ​ | RMB
Less than 1 year | ​ | 293,706
1 – 2 years |  | 82,865
2 – 3 years |  | 64,693
3 – 4 years |  | 29,391
4 – 5 years |  | 5,985
Thereafter |  | 3,062
Total |  | 479,702
​ The above amounts do not include variable consideration that is constrained and is therefore not included in the transaction price. The Group has applied the optional exemption, as provided for under Topic 606, which allows it to not disclose the transaction price allocated to unsatisfied performance obligations when the transaction price is a sales-based royalty.

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