Metrics below keep source tier, quality, period, and source link visible at the metric level.
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/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 (year ended 31 December 2025): net new store openings were 25 for 2025; system-wide stores reached 1,047 | Source-backed | S1 official primary (opens in new tab) Regulatory Filing · net new store openings were 25 for 2025; system-wide stores reached 1,047 ProvenanceTier: S1 official primary Source: Regulatory Filing |
Scale Recognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales. | $188.2M | FY2025 (year ended 31 December 2025): Total revenues of RMB1,316.2 million (USD188.2 million) for the full year 2025 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) Regulatory Filing · Total revenues of RMB1,316.2 million (USD188.2 million) for the full year 2025 ProvenanceTier: S1 official primary Source: Regulatory Filing Basis: Revenue proxy Precision: Estimated |
Scale per store Screening proxy: scale divided by store count. It is not audited AUV or unit profit. | $179,752 Screening proxyest. | FY2025 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) 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). ProvenanceTier: S1 official primary Source: SEC 2025 Form 20 F As of: FY2025 Basis: Revenue proxy Precision: Derived |
Profit signal Profit signal from the source period. Read with local accounting and segment mix in mind. | -$62.3M | FY2025 (year ended 31 December 2025): Net loss: RMB 435.813 million (USD 62.32 million) for the full year 2025 Loss-makingScale basis not specified. Use as a screening signal until a source pack is attached. | Source-backed | S2 official secondary (opens in new tab) Press Or Ir · Net loss: RMB 435.813 million (USD 62.32 million) for the full year 2025 ProvenanceTier: S2 official secondary Source: Press Or Ir Basis: Loss-making |
Revenue Source-backed operating metric from the locked research snapshot. | $188.2M | FY2025 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) 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). ProvenanceTier: S1 official primary Source: SEC 2025 Form 20 F As of: FY2025 Basis: Revenue proxy |
Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.
Store counts by market/region — footprint context, not a same-basis comparison.
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.
Per-brand detail — NOT additive (brands may use different bases / periods) and NOT counted in rankings. Listed for transparency only.
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.
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.
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.
Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.