On August 28th, Chabaidao released its 2026 interim performance announcement. During the reporting period, the company achieved dual growth in revenue and profit, and made new progress in its freshly ground coffee business, with coffee machines covering over 2700 stores.
At the same time, affected by the coffee business, the gross profit margin of Chabaidao in the first half of this year decreased from 32.6% in the same period last year to 30.0%. Accounts receivable and prepayments increased from 206.5 million yuan at the end of last year to 368.7 million yuan, and the turnover days of trade receivables extended from 1.9 days to 8.6 days.
Double increase in revenue and profit, with 8863 global stores
According to the financial report, in the first half of 2026, Chabaidao achieved a revenue of 2.655 billion yuan, a year-on-year increase of 6.2%; Profit during the period was 345 million yuan, a year-on-year increase of 3.5%; Adjusted net profit was 348 million yuan, a year-on-year increase of 2.3%.
From the perspective of revenue structure, the sale of goods and equipment remains the core source of income. During the reporting period, the company achieved a revenue of 2.524 billion yuan, a year-on-year increase of 7.0%, accounting for 95.0% of the total revenue; The revenue from franchise and franchise fees was 81.016 million yuan, a year-on-year decrease of 19.5%, accounting for 3.1% of the total revenue; Other income was 50.149 million yuan, a year-on-year increase of 22.0%.
As of June 30, 2026, the total number of Tea Path stores worldwide reached 8863, an increase of 4.7% compared to the same period in 2025 with 8465 stores. The number of overseas stores has increased significantly from 21 in the same period last year to 72, covering 13 countries and regions. South Korea is the largest overseas market with 32 stores, while Malaysia and Singapore have set up 9 and 7 stores respectively. During the reporting period, new markets have entered Canada, New Zealand, and Vietnam.
In the first half of this year, Chabaidao's domestic stores increased by 4.1% year-on-year to 8791. Specifically, the sinking market remains the main driver of growth, with stores in third tier and below cities increasing by 7.2% year-on-year to 4099, accounting for approximately 46.6% of the total number of stores.
However, Chabaidao's stores in first tier cities continue to shrink, from 852 in the same period of 2024 to 784 in the same period of 2025, further reducing to 772 in the first half of this year.
Over 2700 stores selling coffee, with a decrease in gross profit margin and longer payment terms
Freshly brewed coffee is a key business focus of Chabaidao in the first half of this year, with freshly ground coffee machines covering over 2700 stores. However, according to the financial report data, it is not easy for Cha Baidao's coffee to sell.
In the first half of the year, the gross profit margin of Chabaidao decreased by 2.6 percentage points from 32.6% in the same period last year to 30.0%. The company explained that this was mainly due to the vigorous development of its freshly brewed coffee business and the concession of profits to franchisees.
Looking at the funding side, as of June 30th, the accounts receivable, deposits, and prepayments of Chabaidao Trading and other receivables increased from 206.5 million yuan at the end of last year to 368.7 million yuan, an increase of approximately 160 million yuan in the first half of the year; The turnover days for trade receivables have been extended from 1.9 days to 8.6 days. The semi annual report stated that the main reason was the increase in equipment sales receivables from several franchisees during the development of the freshly brewed coffee business.
At the consumer end, Chabaidao has chosen to open up the market with a low price strategy. On a certain group buying platform, Chabaidao launched a coffee discount with 5 card group purchases. You can drink 5 cups of American coffee for 19.9 yuan, which is equivalent to 3.76 yuan per cup. However, relying on the advantages of the supply chain and the stable production of fully automatic coffee machines, Chabaidao can effectively control marginal costs and provide support for low price strategies.
But the key is that there is currently no answer to the return cycle of this investment. On the one hand, professional coffee players such as Luckin Coffee, Kudi Coffee, and Lucky Coffee have advantages in supply chain efficiency, brand awareness, and product innovation capabilities; On the other hand, new tea beverage peers such as Guming, Mixue Bingcheng, Hushang Auntie, and Tianlala are also competing for the coffee consumption market: Guming has equipped 13500 stores with coffee machines, and about 6000 stores in Mixue Bingcheng are also selling freshly ground coffee.
Chabaidao stated in its semi annual report that in the second half of 2026, the company will firmly promote a multi category development strategy, consolidate the core advantages of freshly made tea drinks, continuously enrich the product matrix, and expand diversified consumer scenarios. In terms of freshly brewed coffee, we will deepen our store coverage in an orderly manner, continue to promote product research and development and market promotion, and enhance the vitality of our store operations.
Industry insiders point out that the core of the new tea beverage brand's emphasis on coffee lies in introducing high-frequency essential products to improve overall efficiency and time utilization. The synergy between milk tea and coffee has become a trend in the new tea beverage industry, but whether it can truly form a synergy effect still needs to be verified by the market.
(Editor in charge: Li Rong)
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