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PROPERTY AND EQUIPMENT, NET
12 Months Ended
Dec. 31, 2025
PROPERTY AND EQUIPMENT, NET  
PROPERTY AND EQUIPMENT, NET

7.PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:

As of December 31, 

2024

2025

  ​ ​ ​

RMB

  ​ ​ ​

RMB

Leasehold improvements

 

212,239

 

568,314

Teahouse operation equipment

 

40,840

 

118,807

Electronic equipment

 

22,106

 

43,565

Manufacturing equipment

 

27,449

 

Vehicles

 

14,289

 

18,760

Property

 

649

 

374

Construction in progress

 

4,177

 

37,466

Total

 

321,749

 

787,286

Less: accumulated depreciation

 

(72,746)

 

(203,616)

Net book value

 

249,003

 

583,670

Depreciation expense was RMB10.4 million, RMB60.3 million and RMB133.0 million for the years ended December 31, 2023, 2024 and 2025, respectively.