Chagee is a premium freshly-made tea drinks brand founded in 2017 and headquartered in Shanghai. Chagee sells freshly brewed tea lattes and other tea-based beverages through a network of company-owned and franchised teahouses. The core product is the tea latte — brewed tea blended with fresh milk — which Chagee claims to have pioneered in China's premium tea drinks market. Tea lattes account for roughly 89% of GMV in China, with the Jasmine Green Tea Latte as the top seller. Chagee also sells teapuccinos and teaspressos. As of end-2025, Chagee operated 7,453 teahouses — 7,108 in China and 345 across Southeast Asia and the U.S. Of these, 6,838 are franchised and 615 are company-owned. Teahouses are typically 60–80 square meters in high-traffic locations like shopping mall entrances. The franchise-heavy model lets Chagee scale with less capital: franchisees fund construction and operations while Chagee provides the brand, supply chain, training, and technology. Franchise revenue — roughly 82–93% of net revenue — comes from upfront fees, GMV-based royalties, and raw material sales to franchisees. After rapid domestic network expansion in 2023–2024 (from 3,511 to over 6,400 teahouses), Chagee has shifted its 2025–2026 focus toward same-store sales recovery domestically and continued overseas expansion, where per-store GMV meaningfully exceeds the China average.