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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
¥ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
CNY (¥)
¥ / shares
shares
Dec. 31, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
CNY (¥)
¥ / shares
shares
Dec. 31, 2023
CNY (¥)
¥ / shares
shares
Net revenues        
Total net revenues ¥ 12,907,407 $ 1,845,734 ¥ 12,405,582 ¥ 4,640,171
Cost of materials, storage and logistics 6,001,463 858,198 6,256,744 2,562,254
Other operating costs (756,465) (108,173) (572,621) (272,773)
Sales and marketing expenses (1,362,504) (194,835) (1,108,911) (261,563)
General and administrative expenses (2,450,379) (350,400) (1,113,387) (363,099)
Total operating expenses (11,560,170) (1,653,082) (9,518,983) (3,566,068)
Income from operations 1,347,237 192,652 2,886,599 1,074,103
Fair value change of forward contract related to Series B+ preferred shares (Note 18)       (105,483)
Financial income, net 147,494 21,091 37,306 17,016
Others, net 123,355 17,640 118,193 20,691
Income before income tax 1,618,086 231,383 3,042,098 1,006,327
Income tax expenses (431,741) (61,738) (527,507) (203,761)
Net income 1,186,345 169,645 2,514,591 802,566
Less: Net income attributable to non-controlling interests (15,196) (2,173) (17,368) (1,663)
Add: Net loss attributable to redeemable non-controlling interests     18,891  
Net income attributable to the Company 1,171,149 167,472 2,516,114 800,903
Less: accretion to redemption value of convertible redeemable preferred shares (20,082) (2,872) (62,000) (43,330)
Cumulative undeclared dividends on convertible redeemable preferred shares (15,702) (2,245) (51,032) (32,081)
Less: accretion to redemption value of redeemable non-controlling interests     (18,891)  
Net income attributable to the Company's ordinary shareholders 1,135,365 162,355 2,384,191 725,492
Other comprehensive (loss)/income        
Foreign currency translation adjustment, net of nil income tax expenses (68,455) (9,789) 11,756 (9,159)
Total comprehensive income 1,117,890 159,856 2,526,347 793,407
Less: Comprehensive income attributable to non-controlling interests (15,196) (2,173) (17,368) (1,663)
Add: Net loss attributable to redeemable non-controlling interests     18,891  
Comprehensive income attributable to the Company ¥ 1,102,694 $ 157,683 ¥ 2,527,870 ¥ 791,744
Weighted average number of ordinary shares used in computing net income per share, basic and diluted        
Basic | shares 162,470,727 162,470,727 100,628,189 104,465,049
Diluted | shares 164,714,666 164,714,666 100,628,189 152,731,792
Net income per ordinary share        
Basic | (per share) ¥ 6.27 $ 0.9 ¥ 14.26 ¥ 5.04
Diluted | (per share) ¥ 6.18 $ 0.88 ¥ 14.26 ¥ 4.98
Franchised Teahouses        
Net revenues        
Total net revenues ¥ 11,417,091 $ 1,632,622 ¥ 11,632,374 ¥ 4,395,908
Company-owned teahouse operating costs        
Net revenues        
Total net revenues 1,490,316 213,112 773,208 244,263
Operating costs ¥ (989,359) $ (141,476) ¥ (467,320) ¥ (106,379)