Every number has a source row
Metrics below keep source tier, quality, period, and source link visible at the metric level.
GMV is not revenue
GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.
| Metric | Value | Period / basis | Quality | Source |
|---|---|---|---|---|
Stores Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units. | 1,047 stores | FY2025 | Source-backed | S1 official primary SEC 2025 Form 20 F · 20-F discloses 1,047 system-wide stores, RMB1.316196B total revenues (US$188.2M), RMB1.068170B company-owned store revenue and RMB435.8M net loss (US$62.3M). |
Scale Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales. | $188.2M | FY2025 Revenue: Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales. | Source-backed | S1 official primary SEC 2025 Form 20 F · 20-F discloses 1,047 system-wide stores, RMB1.316196B total revenues (US$188.2M), RMB1.068170B company-owned store revenue and RMB435.8M net loss (US$62.3M). |
Scale per store Screening proxy: scale divided by store count. It is not audited AUV or unit profit. | $179,752 Directional proxy | FY2025 Revenue: Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales. | Directional proxy | S1 official primary SEC 2025 Form 20 F · 20-F discloses 1,047 system-wide stores, RMB1.316196B total revenues (US$188.2M), RMB1.068170B company-owned store revenue and RMB435.8M net loss (US$62.3M). |
Profit signal Profit signal from the source period. Read with local accounting and segment mix in mind. | -$62.3M | FY2025 Loss Making: Scale basis not specified. Use as a screening signal until a source pack is attached. | Source-backed | S1 official primary SEC 2025 Form 20 F · 20-F discloses 1,047 system-wide stores, RMB1.316196B total revenues (US$188.2M), RMB1.068170B company-owned store revenue and RMB435.8M net loss (US$62.3M). |
Revenue Source-backed operating metric from the locked research snapshot. | $188.2M | FY2025 Revenue: Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales. | Source-backed | S1 official primary SEC 2025 Form 20 F · 20-F discloses 1,047 system-wide stores, RMB1.316196B total revenues (US$188.2M), RMB1.068170B company-owned store revenue and RMB435.8M net loss (US$62.3M). |