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CONVERTIBLE REDEEMABLE PREFERRED SHARES (Tables)

12 Months Ended

Dec. 31, 2025

CONVERTIBLE REDEEMABLE PREFERRED SHARES

Schedule of issuances of Preferred Shares


Series		Issuance Date			Issue Price per share		Shares Issued		Aggregated Issuance Price
A			December 25, 2020		RMB4.7		33,777,482		RMB160,000
A			February 22, 2021		RMB4.7		1,055,546		RMB5,000
B			May 14, 2021		RMB11.4		12,256,755		RMB140,000
B+			July 20, 2023		RMB16.2		12,780,417		RMB209,902
B+**			December 5, 2023		RMB16.2		7,594,160		RMB123,000

Note*: In the above table, the number of shares and the issue price per share have been retrospectively adjusted as if the Restructuring has been completed at the beginning of the period presented.

Note**: In July 2023, the Company has entered into a share purchase agreement with one Series B+ preferred shareholder, agreeing that the shareholder shall purchase 7,594,160 Series B+ preferred shares of the Company with cash consideration of RMB123 million when it completes certain regulatory procedures. The Company accounted for its obligation to issue Series B+ preferred shares at fixed predetermined price as a forward contract. This forward contract is classified as a liability and measured at fair value, with changes in fair value reported in earnings. The transaction was completed in December 2023, with fair value change loss of the forward contract of RMB105 million recognized in the consolidated statements of operations and comprehensive income for the year ended December 31, 2023.

Schedule of Company's preferred shares activity

The Company’s preferred shares activity for the years ended December 31, 2023, 2024 and 2025, respectively, is summarized below:


		Series A Preferred Shares				Series B Preferred Shares				Series B+ Preferred Shares				Total
		Number of				Number of				Number of
		shares		Amount		shares		Amount		shares		Amount		Amount
				RMB				RMB				RMB		RMB
Balance as of January 1, 2023		34,833,028		194,589		12,256,755		157,784		—		—		352,373
Issuance of Series B+ Preferred Shares, net of issuance cost		—		—		—		—		20,374,577		436,905		436,905
Accretion on convertible redeemable preferred shares to redemption value		—		17,832		—		16,652		—		8,846		43,330
Issuance of Series B Preferred Shares*		—		—		2,657,649		39,172		—		—		39,172
Balance as of December 31, 2023		34,833,028		212,421		14,914,404		213,608		20,374,577		445,751		871,780
Accretion on convertible redeemable preferred shares to redemption value		—		19,523		—		21,107		—		21,370		62,000
Balance as of December 31, 2024		34,833,028		231,944		14,914,404		234,715		20,374,577		467,121		933,780
Accretion on convertible redeemable preferred shares to redemption value		—		6,268		—		6,717		—		7,097		20,082
Conversion of redeemable preferred shares into ordinary shares upon IPO		(34,833,028)		(238,212)		(14,914,404)		(241,432)		(20,374,577)		(474,218)		(953,862)
Balance as of December 31, 2025		—		—		—		—		—		—		—

Note *: In 2023, an aggregate of 1,046,761 Class A and 1,610,888 Class B ordinary shares beneficially owned by Junjie Zhang, Xianggui Peng and Peibang Gong, who are employees of the Company, were exchanged at a premium for Series B preferred shares. Junjie Zhang, Xianggui Peng and Peibang Gong are the ultimate controllers and beneficial owners of Partea Ltd., TasTea Ltd., and TEALATTE Ltd., which are the shareholders of Chagee Holdings Limited. Such Series B preferred shares were then sold to certain preferred shareholders and were recognized at fair value. For details, please refer to Note 17.

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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