FoodBud
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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

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ChaPanda

Medium
Brand★Golden 50

HKEX 02555 · HKEX

Listing status
listed
Operating model
Franchise / master franchise
Scale basis
Revenue proxy
Confidence
Medium
Segment
coffee tea milk tea

ChaPanda is a franchise-led freshly-made tea chain. Company revenue is mostly sale of goods/equipment to franchised stores plus royalty/franchising; use historical terminal retail-sales per store as the consumer-scale proxy and keep the period mismatch visible.

Scale basis note

Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
8,659 stores
FY2025 (year ended Dec 31, 2025): 国内门店数稳步增至8621家,同比增长2.7%;截至2025年底,海外门店已达38家 (China 8,621 + overseas 38 = 8,659 total)
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · 国内门店数稳步增至8621家,同比增长2.7%;截至2025年底,海外门店已达38家 (China 8,621 + overseas 38 = 8,659 total)
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Scale
Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
$750.62M
FY2025 revenue RMB5,395.1 million (year ended Dec 31 2025), +9.7% YoY; USD estimate uses FRED DEXCHUS FY2025 period-average 7.18754 CNY/USD. Scale switched gmv_or_system_sales_usd → revenue_usd (Cowork ruling A): ChaPanda no longer discloses any systemwide GMV/terminal-retail-sales KPI post-IPO. Media GMV RMB16.18B FY2025 (36kr, S3) is co
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · 公司总年度GMV达到161.8亿元,同比增长11%
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Revenue proxy
Precision: Source-backed
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$86,687
Screening proxy
Derived scale_per_store using scale ÷ store_count at the linked scale basis; not a separately reported company metric.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Operator Metric Source · Source used for operator metric extraction.
Provenance
Tier: S1 official primary
Source: Operator Metric Source
Basis: Revenue proxy
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$120.59M
FY2025 (year ended Dec 31, 2025): Revenue surged by 9.7% to RMB 5,395.1 million in 2025; Profit for the year soared by 71.2% to RMB 821.4 million
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S1 official primary (opens in new tab)
Regulatory Filing · Revenue surged by 9.7% to RMB 5,395.1 million in 2025; Profit for the year soared by 71.2% to RMB 821.4 million
Provenance
Tier: S1 official primary
Source: Regulatory Filing
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$750.62M
FY2025 revenue RMB5,395.1M; FRED DEXCHUS FY2025 period-average 7.18754 CNY/USD.
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Official Filing · Official filing or primary source URL from Top 100 composite.
Provenance
Tier: S1 official primary
Source: Official Filing
Basis: Revenue proxy
Precision: Manual override

Market data (listed companies)

Market valuation · fluctuates · not operational scale · do not compare with GMV / system sales. Listed companies only.

MetricValuePeriod / basisQualitySource
Market cap
Public market capitalization captured in the locked source snapshot.
$1.02B
May 22, 2026: Sichuan Baicha Baidao Industrial (HKG:2555) Market Cap: 7.02 billion HKD; Share Price: 4.670 HKD; Shares Outstanding: 1.48 billion [as of Jun 23, 2026; May 22 price implied ~HKD 6.85/share × 1.48B ≈ HKD 10.14B ≈ USD 1.02B]
Market cap (USD)Scale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S3 supplementary (opens in new tab)
Media Or Aggregator · Sichuan Baicha Baidao Industrial (HKG:2555) Market Cap: 7.02 billion HKD; Share Price: 4.670 HKD; Shares Outstanding: 1.48 billion [as of Jun 23, 2026; May 22 price implied ~HKD 6.85/share × 1.48B ≈ HKD 10.14B ≈ USD 1.02B]
Provenance
Tier: S3 supplementary
Source: Media Or Aggregator
Basis: Market cap (USD)
Precision: Market snapshot · not operational scale
⚠ Do not use for: Market valuation · not operational scale · never compare with GMV/system sales

Operator profile

9/20 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
tea beverageS2 official secondary (opens in new tab)
Cuisine (secondary)
not disclosed
Service model
coffee cafeS4 (opens in new tab)
Price tier
midS3 supplementary (opens in new tab)
Company
Founded
2,008S4 (opens in new tab)
HQ country
ChinaS3 supplementary (opens in new tab)
CEO
Wang HongxueS3 supplementary (opens in new tab)~
Employees
not disclosed
Ownership
Parent
Public-standalone; controlled by founder Wang Xiaokun and spouse (jointly control Hengsheng Herui, the largest shareholder at ~67.67%)S3 supplementary (opens in new tab)
PE / holding
not disclosed
Recent M&A
not disclosed
Growth
System sales YoY
not disclosed
Revenue YoY
10%S3 supplementary (opens in new tab)
Net new units
226 unitsS3 supplementary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
not disclosed
Loyalty members
114 million members (35M active)S3 supplementary (opens in new tab)
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
Australia
2 storesS1 official primary (opens in new tab)
China
8,621 storesS1 official primary (opens in new tab)
France
2 storesS1 official primary (opens in new tab)
Hong Kong, China
1 storesS1 official primary (opens in new tab)
Macau, China
2 storesS1 official primary (opens in new tab)
Malaysia
5 storesS1 official primary (opens in new tab)
Singapore
3 storesS1 official primary (opens in new tab)
South Korea
18 storesS1 official primary (opens in new tab)
Spain
1 storesS1 official primary (opens in new tab)
Thailand
3 storesS1 official primary (opens in new tab)
United States
1 storesS1 official primary (opens in new tab)

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed7/7 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
8,621 stores
As of 31 December 2025 (FY2025); China store network
Source-backedS1 official primary (opens in new tab)
Company-operated
13 stores
As of 31 December 2025 (FY2025, year ended 31 December 2025)
Source-backedS1 official primary (opens in new tab)
Franchised
8,608 stores
At the end of the period, year ended 31 December 2025 (FY2025)
Source-backedS1 official primary (opens in new tab)
New units opened
1,159 stores
Enrolled during the period, year ended 31 December 2025 (FY2025)
Source-backedS1 official primary (opens in new tab)
Other disclosed
933 stores
Terminated/closed during the period, year ended 31 December 2025 (FY2025)
Source-backedS1 official primary (opens in new tab)
Other disclosed
5,923 stores
Number of franchisees at the end of the period, year ended 31 December 2025 (FY2025)
Source-backedS1 official primary (opens in new tab)
Other disclosed
38 stores
As of 31 December 2025 (FY2025) — overseas stores
Source-backedS1 official primary (opens in new tab)

Single-store model

3/8 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
RMB; retail sales through franchised stores; secondary relay.
Prospectus: 2023 total store retail sales ~RMB16.9bn / 7,927 stores = ~RMB2.13m/store.
2023
Source-backedS2 official secondary (opens in new tab)
Single-store profit
GAP — not fabricated.
—
GapSource (opens in new tab)
Initial investment
GAP — not fabricated.
—
GapSource (opens in new tab)
Franchise fee / royalty
Upfront FEES only — not total store investment (fit-out/equipment extra).
Franchise term 5yr; cooperation fee RMB50,000 + opening comprehensive service & training RMB80,000 = RMB130k upfront fees.
2024
Source-backedS2 official secondary (opens in new tab)
Payback period
GAP — not fabricated.
—
GapSource (opens in new tab)
Same-store sales
GAP — not fabricated.
—
GapSource (opens in new tab)
Store open / close
GAP — not fabricated.
—
GapSource (opens in new tab)
Company-operated share
Secondary relay.
~7,801 outlets end-2023, only 6 direct → ~99.9% franchised.
2023
Source-backedS2 official secondary (opens in new tab)

Cost structure

5/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS63.2%
FY2024· COGS goods-supply (cost of inventories sold to franchisees), NOT store foodS1 official primary (opens in new tab)Source-backed
Franchise goods-supply. cost_food=cost of inventories sold TO franchisees (RMB3,109.5M/4,918M), NOT store food. Total COS 68.8%. Labor HQ 8.8. Rent ROU 1.0. Marketing proxy. Net margin 9.8.
Labor8.8%
FY2024S1 official primary (opens in new tab)Source-backed
Franchise goods-supply. cost_food=cost of inventories sold TO franchisees (RMB3,109.5M/4,918M), NOT store food. Total COS 68.8%. Labor HQ 8.8. Rent ROU 1.0. Marketing proxy. Net margin 9.8.
Rent / occupancy1%
FY2024· ROU depreciation onlyS1 official primary (opens in new tab)Source-backed
Franchise goods-supply. cost_food=cost of inventories sold TO franchisees (RMB3,109.5M/4,918M), NOT store food. Total COS 68.8%. Labor HQ 8.8. Rent ROU 1.0. Marketing proxy. Net margin 9.8.
Delivery commission—
FY2024Gap
Franchise goods-supply. cost_food=cost of inventories sold TO franchisees (RMB3,109.5M/4,918M), NOT store food. Total COS 68.8%. Labor HQ 8.8. Rent ROU 1.0. Marketing proxy. Net margin 9.8.
Marketing8%
FY2024· distribution&selling proxyS2 official secondary (opens in new tab)Estimated
Franchise goods-supply. cost_food=cost of inventories sold TO franchisees (RMB3,109.5M/4,918M), NOT store food. Total COS 68.8%. Labor HQ 8.8. Rent ROU 1.0. Marketing proxy. Net margin 9.8.
Operating margin9.8%
FY2024· net profit marginS1 official primary (opens in new tab)Source-backed
Franchise goods-supply. cost_food=cost of inventories sold TO franchisees (RMB3,109.5M/4,918M), NOT store food. Total COS 68.8%. Labor HQ 8.8. Rent ROU 1.0. Marketing proxy. Net margin 9.8.
Not separately disclosed9.2%

Supply chain

2 suppliers · 4 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

田野股份 TianyeBSE:832023/920023
Ingredients
fruit_puree_juice
discloses as: 四川蜀味茶韵供应链有限公司(茶百道)
FY2023H138.55%S1 filingsource (opens in new tab)
FY202221.48%S1 filingsource (opens in new tab)
FY202114.38%S1 filingsource (opens in new tab)
富岭股份 FulingSZSE:001356
Packaging
plastic_tableware/cutlery/straws
discloses as: 四川蜀味茶韵供应链有限公司及其关联企业
FY20216.67%S1 filingsource (opens in new tab)
FY20237.76%S2 citedsource (opens in new tab)

Peers in this segment

Yum ChinaRevenue proxyMixueGMV / system salesGumingGMV / system salesAuntea JennyRevenue proxyDOUTOR・NICHIRES Holdings Co.,Ltd.Company-operated revenue (proxy)Saint Marc Holdings Co.,Ltd.Revenue proxy

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.