Chagee Holdings Limited (CHA) Balance Sheet

NASDAQ: CHAAssets, liabilities, debt and equity over 4 years.

CHA balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥11.47B assets = CN¥3.89B liabilities + CN¥7.58B equity

Both columns are drawn to the same scale: what CHA owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CHA financial health

Current ratio3.11

Comfortable · current assets cover current liabilities 3.11×

Debt / equity0.17

Low leverage · CN¥0.17 of debt for each $1 of equity

Equity / assets64.0%

Equity-funded · of assets funded by shareholders

Cash / debt627.2%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles1.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CHA balance sheet trends, 2022–2025

Chagee Holdings Limited American Depositary Shares balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥394.0M2022	CN¥11.47B2025	+207.6%/yr
Total liabilities	CN¥701.3M2022	CN¥3.89B2025	+77.0%/yr
Shareholders’ equity	−CN¥307.4M2022	CN¥7.35B2025	—
Cash & short-term investments	CN¥200.7M2022	CN¥8.00B2025	+241.5%/yr
Total debt	CN¥63.5M2022	CN¥1.28B2025	+171.9%/yr
Net cash (debt)	CN¥137.3M2022	CN¥6.72B2025	+CN¥6.6B
Working capital	−CN¥22.0M2022	CN¥6.00B2025	+CN¥6.0B
Current ratio	0.932022	3.112025	+2.18
Debt / equity	0.272023	0.172025	−0.09
Shares outstanding	183.5M2022	164.7M2025	−3.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CHA assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CHA liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CHA debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CHA balance sheet in Chinese yuan

Chagee Holdings Limited American Depositary Shares annual balance sheet
	2025	2024	2023	2022
Assets
Cash & short-term investments	CN¥8.00B	CN¥4.85B	CN¥2.42B	CN¥200.7M
Cash & equivalents	CN¥7.64B	CN¥4.75B	CN¥2.32B	CN¥200.7M
Short-term investments	CN¥359.3M	CN¥100.0M	CN¥100.0M	CN¥0
Receivables	CN¥148.1M	CN¥196.5M	CN¥126.1M	CN¥26.1M
Inventory	CN¥228.2M	CN¥132.1M	CN¥41.5M	CN¥33.2M
Other current assets	CN¥482.2M	CN¥256.3M	CN¥57.9M	CN¥15.7M
Total current assets	CN¥8.86B	CN¥5.44B	CN¥2.65B	CN¥275.7M
Property, plant & equipment (net)	CN¥1.86B	CN¥804.2M	CN¥150.3M	CN¥77.6M
Goodwill & intangible assets	CN¥110.1M	CN¥20.3M	CN¥0	CN¥0
Long-term investments	CN¥2.1M	CN¥2.4M	CN¥2.0M	CN¥945,000
Other non-current assets	CN¥641.3M	CN¥329.6M	CN¥142.6M	CN¥39.7M
Total assets	CN¥11.47B	CN¥6.60B	CN¥2.94B	CN¥394.0M
Liabilities
Accounts payable	CN¥630.2M	CN¥597.1M	CN¥448.3M	CN¥64.3M
Short-term debt	CN¥424.6M	CN¥195.4M	CN¥52.6M	CN¥32.4M
Deferred revenue	CN¥293.9M	CN¥265.3M	CN¥205.8M	CN¥26.3M
Total current liabilities	CN¥2.85B	CN¥2.30B	CN¥1.45B	CN¥297.7M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥1.27B	CN¥548.1M	CN¥108.8M	CN¥63.5M
Other long-term liabilities	CN¥1.04B	CN¥1.54B	CN¥1.08B	CN¥403.7M
Total liabilities	CN¥3.89B	CN¥3.84B	CN¥2.53B	CN¥701.3M
Shareholders' equity
Common stock & paid-in capital	CN¥142	CN¥76,000	CN¥76,000	CN¥78,000
Retained earnings (deficit)	CN¥3.89B	CN¥2.75B	CN¥335.0M	−CN¥406.2M
Accumulated other comprehensive income	−CN¥65.9M	CN¥21.0M	−CN¥8.9M	—
Minority interest	CN¥235.3M	CN¥100.6M	CN¥15.3M	CN¥73,000
Total shareholders' equity	CN¥7.35B	CN¥2.65B	CN¥408.8M	−CN¥307.4M
Key figures
Total debt	CN¥1.28B	CN¥548.1M	CN¥108.8M	CN¥63.5M
Net cash (debt)	CN¥6.72B	CN¥4.31B	CN¥2.31B	CN¥137.3M
Working capital	CN¥6.00B	CN¥3.14B	CN¥1.19B	−CN¥22.0M
Tangible book value	CN¥7.24B	CN¥2.63B	CN¥408.8M	−CN¥307.4M
Shares outstanding	164.7M	183.5M	183.5M	183.5M
Current ratio	3.11	2.37	1.82	0.93
Quick ratio	2.86	2.20	1.75	0.76
Debt / equity	0.17	0.21	0.27	—
Equity / assets	64.0%	40.2%	13.9%	−78.0%

Chagee Holdings Limited American Depositary Shares quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥8.20B	CN¥7.92B	CN¥8.00B	CN¥9.12B	CN¥8.86B	CN¥5.37B	CN¥4.85B	CN¥4.33B	CN¥3.75B	CN¥2.92B	CN¥2.42B	CN¥1.41B
Cash & equivalents	CN¥6.57B	CN¥7.12B	CN¥7.64B	CN¥8.86B	CN¥8.60B	CN¥5.11B	CN¥4.75B	CN¥4.23B	CN¥3.65B	CN¥2.82B	CN¥2.32B	CN¥1.28B
Short-term investments	CN¥1.63B	CN¥801.3M	CN¥359.3M	CN¥259.0M	CN¥259.0M	CN¥259.0M	CN¥100.0M	CN¥100.0M	CN¥100.0M	CN¥100.0M	CN¥100.0M	CN¥136.5M
Receivables	CN¥91.9M	CN¥115.8M	CN¥148.1M	CN¥162.2M	CN¥163.9M	CN¥132.7M	CN¥196.5M	CN¥224.9M	CN¥181.7M	CN¥178.1M	CN¥126.1M	CN¥59.1M
Inventory	CN¥301.6M	CN¥259.1M	CN¥228.2M	CN¥173.1M	CN¥147.5M	CN¥117.4M	CN¥132.1M	CN¥95.6M	CN¥83.3M	CN¥79.3M	CN¥41.5M	CN¥65.5M
Other current assets	CN¥552.5M	CN¥519.9M	CN¥482.2M	CN¥455.3M	CN¥352.8M	CN¥361.9M	CN¥256.3M	CN¥215.5M	CN¥213.0M	CN¥138.4M	CN¥57.9M	CN¥264.7M
Total current assets	CN¥9.15B	CN¥8.82B	CN¥8.86B	CN¥9.91B	CN¥9.52B	CN¥5.98B	CN¥5.44B	CN¥4.86B	CN¥4.23B	CN¥3.31B	CN¥2.65B	CN¥1.80B
Property, plant & equipment (net)	CN¥2.14B	CN¥2.02B	CN¥1.86B	CN¥1.41B	CN¥1.09B	CN¥890.3M	CN¥804.2M	CN¥688.1M	CN¥554.2M	CN¥220.4M	CN¥150.3M	CN¥103.3M
Goodwill & intangible assets	CN¥179.9M	CN¥142.0M	CN¥110.1M	CN¥22.9M	CN¥22.4M	CN¥21.4M	CN¥20.3M	CN¥12.5M	CN¥12.5M	CN¥11.8M	CN¥0	CN¥0
Long-term investments	CN¥2.3M	CN¥2.1M	CN¥2.1M	CN¥689,000	CN¥2.8M	CN¥2.5M	CN¥2.4M	CN¥2.3M	CN¥2.3M	CN¥1.9M	CN¥2.0M	CN¥0
Other non-current assets	CN¥729.3M	CN¥673.1M	CN¥641.3M	CN¥558.0M	CN¥429.2M	CN¥357.4M	CN¥329.6M	CN¥186.5M	CN¥188.3M	CN¥150.9M	CN¥142.6M	CN¥85.1M
Total assets	CN¥12.20B	CN¥11.65B	CN¥11.47B	CN¥11.90B	CN¥11.07B	CN¥7.25B	CN¥6.60B	CN¥5.75B	CN¥4.99B	CN¥3.70B	CN¥2.94B	CN¥1.99B
Liabilities
Accounts payable	CN¥791.6M	CN¥559.7M	CN¥630.2M	CN¥545.7M	CN¥533.7M	CN¥508.0M	CN¥597.1M	CN¥603.2M	CN¥651.7M	CN¥416.4M	CN¥448.3M	CN¥400.7M
Short-term debt	CN¥508.6M	CN¥494.4M	CN¥424.6M	CN¥316.0M	CN¥241.7M	CN¥353.9M	CN¥195.4M	CN¥159.2M	CN¥138.7M	CN¥67.8M	CN¥52.6M	CN¥42.3M
Deferred revenue	CN¥144.8M	CN¥167.0M	CN¥293.9M	CN¥292.8M	CN¥234.3M	CN¥223.2M	CN¥265.3M	CN¥264.8M	CN¥268.7M	CN¥251.1M	CN¥205.8M	CN¥128.8M
Total current liabilities	CN¥2.72B	CN¥2.58B	CN¥2.85B	CN¥2.35B	CN¥2.14B	CN¥2.14B	CN¥2.30B	CN¥2.15B	CN¥2.14B	CN¥1.54B	CN¥1.45B	CN¥1.10B
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥1.41B	CN¥1.35B	CN¥1.27B	CN¥1.00B	CN¥749.4M	CN¥638.1M	CN¥548.1M	CN¥469.0M	CN¥411.1M	CN¥138.5M	CN¥108.8M	—
Other long-term liabilities	CN¥1.04B	CN¥1.02B	CN¥1.04B	CN¥893.4M	CN¥734.5M	CN¥701.1M	CN¥1.54B	CN¥568.0M	CN¥479.2M	CN¥1.14B	CN¥1.08B	CN¥761.8M
Total liabilities	CN¥3.76B	CN¥3.60B	CN¥3.89B	CN¥3.24B	CN¥2.87B	CN¥2.84B	CN¥3.84B	CN¥2.72B	CN¥2.62B	CN¥2.68B	CN¥2.53B	CN¥1.86B
Shareholders' equity
Common stock & paid-in capital	CN¥143,046	CN¥142,000	CN¥142	CN¥139,000	CN¥139,000	CN¥76,000	CN¥76,000	CN¥76,000	CN¥76,000	CN¥76,000	CN¥76,000	CN¥76,000
Retained earnings (deficit)	CN¥4.79B	CN¥4.32B	CN¥3.89B	CN¥3.89B	CN¥3.48B	CN¥3.43B	CN¥2.75B	CN¥2.15B	CN¥1.52B	CN¥914.5M	CN¥335.0M	CN¥57.9M
Accumulated other comprehensive income	−CN¥74.7M	−CN¥38.6M	−CN¥65.9M	−CN¥54.0M	−CN¥20.1M	CN¥16.0M	CN¥21.0M	−CN¥9.9M	−CN¥6.0M	−CN¥8.1M	−CN¥8.9M	CN¥3.1M
Minority interest	CN¥225.0M	CN¥232.6M	CN¥235.3M	CN¥197.9M	CN¥218.4M	—	—	—	—	—	—	—
Total shareholders' equity	CN¥8.22B	CN¥7.82B	CN¥7.35B	CN¥8.46B	CN¥7.98B	CN¥4.26B	CN¥2.65B	CN¥2.93B	CN¥2.30B	CN¥989.1M	CN¥408.8M	CN¥131.3M
Key figures
Total debt	CN¥1.41B	CN¥1.35B	CN¥1.28B	CN¥1.00B	CN¥749.4M	CN¥788.1M	CN¥548.1M	CN¥469.0M	CN¥411.1M	CN¥140.2M	CN¥108.8M	CN¥76.7M
Net cash (debt)	CN¥6.80B	CN¥6.57B	CN¥6.72B	CN¥8.11B	CN¥8.11B	CN¥4.58B	CN¥4.31B	CN¥3.86B	CN¥3.34B	CN¥2.78B	CN¥2.31B	CN¥1.34B
Working capital	CN¥6.43B	CN¥6.24B	CN¥6.00B	CN¥7.56B	CN¥7.39B	CN¥3.84B	CN¥3.14B	CN¥2.71B	CN¥2.09B	CN¥1.77B	CN¥1.19B	CN¥705.5M
Tangible book value	CN¥8.04B	CN¥7.68B	CN¥7.24B	CN¥8.44B	CN¥7.95B	CN¥4.24B	CN¥2.63B	CN¥2.92B	CN¥2.29B	CN¥977.3M	CN¥408.8M	CN¥131.3M
Shares outstanding	193.0M	192.2M	192.7M	194.2M	183.5M	183.5M	183.5M	183.5M	183.5M	183.5M	183.5M	183.5M
Current ratio	3.37	3.42	3.11	4.22	4.46	2.80	2.37	2.26	1.98	2.15	1.82	1.64
Quick ratio	3.05	3.12	2.86	3.95	4.22	2.57	2.20	2.11	1.84	2.01	1.75	1.34
Debt / equity	0.17	0.17	0.17	0.12	0.09	0.18	0.21	0.16	0.18	0.14	0.27	0.58
Equity / assets	67.3%	67.2%	64.0%	71.1%	72.1%	58.8%	40.2%	51.0%	46.0%	26.7%	13.9%	6.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 29, 2026); data from EODHD.

CHA financial position

At the end of fiscal 2025 (December 31, 2025), Chagee Holdings Limited had total assets of CN¥11.5 billion (up 73.9% from a year earlier), total liabilities of CN¥3.9 billion and shareholders' equity of CN¥7.3 billion. It held CN¥8.0 billion in cash and short-term investments against CN¥1.3 billion of debt, a net cash position of CN¥6.7 billion. Its current ratio was 3.11. In the latest quarter (ended June 30, 2026) total assets were CN¥12.2 billion and equity CN¥8.2 billion.

Related: CHA income statement, CHA cash flow statement, CHA key metrics. See the CHA stock overview for the latest quote and news.

CHA balance sheet FAQ

What are Chagee Holdings Limited's total assets?

Chagee Holdings Limited reported total assets of CN¥11.5 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥6.6 billion a year earlier.

How much debt does Chagee Holdings Limited have?

Chagee Holdings Limited had CN¥1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.17.

How much cash does Chagee Holdings Limited have?

Chagee Holdings Limited held CN¥8.0 billion in cash and short-term investments at the end of fiscal 2025; with CN¥1.3 billion of debt that is net cash of CN¥6.7 billion.

What is Chagee Holdings Limited's book value?

Chagee Holdings Limited's shareholders' equity (book value) was CN¥7.3 billion at the end of fiscal 2025.

What is Chagee Holdings Limited's current ratio?

Chagee Holdings Limited had current assets of CN¥8.9 billion and current liabilities of CN¥2.9 billion, a current ratio of 3.11 (it can cover its short-term obligations).

How much goodwill does Chagee Holdings Limited have?

Chagee Holdings Limited carried CN¥110.1 million of goodwill and intangible assets, 1.0% of total assets, at the end of fiscal 2025.