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NET REVENUES (Tables)

12 Months Ended

Dec. 31, 2025

NET REVENUES

Schedule of key revenue streams

​

​	​	​	​	​	​	​
​	​ ​ ​	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

Schedule of significant changes to the contract liabilities

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

Schedule of expected recognition contract liabilities

​

​	​	​
​	​ ​ ​	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

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

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- Definition

Tabular disclosure of expected timing for satisfying remaining performance obligation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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