Chagee Holdings Limited (CHA) Cash Flow Statement
Where CHA’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- CN¥1.64B −42.1% vs 2024
- Capital expenditures
- CN¥452.3M 3.5% of revenue
- Free cash flow
- CN¥1.19B 9.2% margin
- Returned to shareholders
- CN¥1.23B 103% of free cash flow
- Change in cash
- CN¥2.86B cash at year-end CN¥7.63B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CHA operating cash flow, capex and free cash flow
CHA cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥43.0M2022 | CN¥1.64B2025 | +236.8%/yr | |
| Capital expenditures | CN¥10.7M2022 | CN¥452.3M2025 | +248.0%/yr | |
| Free cash flow | CN¥32.3M2022 | CN¥1.19B2025 | +232.9%/yr | |
| Free cash flow margin | 6.6%2022 | 9.2%2025 | +2.7 pts | |
| Operating cash flow / net income | 2.412023 | 1.392025 | −1.02 | |
| Stock-based compensation | CN¥3.9M2022 | CN¥723.5M2025 | +468.2%/yr | |
| Dividends paid | CN¥02023 | CN¥1.23B2025 | — | |
| Share buybacks (net) | CN¥02022 | CN¥02025 | — | |
| Capex / revenue | 2.2%2022 | 3.5%2025 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CHA cash flow by activity
CHA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CHA cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | CN¥1.19B | CN¥2.51B | CN¥802.6M | −CN¥90.7M |
| Depreciation & amortization | CN¥146.4M | CN¥60.9M | CN¥10.4M | CN¥4.9M |
| Stock-based compensation | CN¥723.5M | CN¥603,000 | CN¥10.5M | CN¥3.9M |
| Change in working capital | −CN¥292.8M | CN¥382.0M | CN¥1.10B | CN¥143.8M |
| Other non-cash items | −CN¥119.4M | −CN¥120.5M | CN¥13.9M | −CN¥18.9M |
| Cash from operating activities | CN¥1.64B | CN¥2.84B | CN¥1.93B | CN¥43.0M |
| Investing activities | ||||
| Capital expenditures | −CN¥452.3M | −CN¥241.3M | −CN¥31.9M | −CN¥10.7M |
| Investments (net) | −CN¥249.3M | −CN¥229.5M | −CN¥146.7M | −CN¥11.0M |
| Acquisitions & other investing | −CN¥123.4M | CN¥241.3M | CN¥31.9M | CN¥10.7M |
| Cash from investing activities | −CN¥825.0M | −CN¥229.5M | −CN¥146.7M | −CN¥11.0M |
| Financing activities | ||||
| Dividends paid | −CN¥1.23B | CN¥0 | CN¥0 | — |
| Share repurchases & issuance (net) | CN¥0 | −CN¥210.1M | CN¥0 | CN¥0 |
| Net borrowing (repayment) | CN¥0 | −CN¥2.2M | CN¥0 | CN¥0 |
| Shares issued | CN¥3.18B | CN¥0 | CN¥331.4M | CN¥0 |
| Other financing | CN¥98.0M | CN¥38.3M | CN¥12.8M | −CN¥33,000 |
| Cash from financing activities | CN¥2.05B | −CN¥173.9M | CN¥344.2M | −CN¥33,000 |
| Summary | ||||
| Net change in cash | CN¥2.86B | CN¥2.45B | CN¥2.12B | CN¥32.0M |
| Cash at end of period | CN¥7.63B | CN¥4.77B | CN¥2.32B | CN¥200.7M |
| Free cash flow | CN¥1.19B | CN¥2.60B | CN¥1.90B | CN¥32.3M |
| Free cash flow margin | 9.2% | 20.9% | 41.0% | 6.6% |
| Capex / revenue | 3.5% | 1.9% | 0.7% | 2.2% |
| Operating cash flow / net income | 1.39 | 1.13 | 2.41 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | CN¥467.3M | CN¥450.3M | CN¥28.1M | CN¥394.2M | CN¥69.5M | CN¥678.9M | CN¥89.0M | CN¥87.2M | CN¥628.7M | CN¥595.1M | CN¥310.3M | CN¥299.1M |
| Depreciation & amortization | — | — | — | — | — | — | — | — | CN¥9.2M | CN¥8.4M | CN¥4.3M | CN¥1.9M |
| Stock-based compensation | CN¥23.9M | CN¥59.0M | — | CN¥104.9M | — | — | — | — | CN¥243,000 | CN¥360,000 | CN¥2.6M | CN¥6.8M |
| Change in working capital | — | — | — | — | — | — | — | — | CN¥371.0M | −CN¥74.1M | CN¥337.7M | CN¥475.1M |
| Other non-cash items | −CN¥132.7M | −CN¥316.0M | CN¥155.9M | −CN¥42.7M | CN¥541.6M | −CN¥318.8M | CN¥483.6M | CN¥667.3M | −CN¥22.1M | −CN¥6.3M | CN¥48.2M | −CN¥17.1M |
| Cash from operating activities | CN¥358.5M | CN¥193.3M | CN¥184.0M | CN¥456.5M | CN¥611.1M | CN¥360.0M | CN¥572.7M | CN¥754.5M | CN¥987.0M | CN¥523.5M | CN¥703.1M | CN¥765.9M |
| Investing activities | ||||||||||||
| Capital expenditures | CN¥0 | −CN¥184.0M | −CN¥184.0M | −CN¥65.6M | −CN¥83.8M | −CN¥49.5M | −CN¥45.1M | −CN¥100.6M | −CN¥62.5M | −CN¥33.1M | −CN¥13.7M | −CN¥6.1M |
| Investments (net) | — | — | — | −CN¥195.5M | −CN¥116.8M | −CN¥192.5M | −CN¥42.7M | −CN¥80.5M | −CN¥62.5M | −CN¥43.8M | CN¥217.2M | — |
| Acquisitions & other investing | −CN¥998.4M | −CN¥491.4M | −CN¥114.4M | CN¥65.6M | CN¥83.8M | CN¥49.5M | CN¥45.1M | CN¥100.6M | CN¥62.5M | CN¥33.1M | CN¥13.7M | −CN¥243.8M |
| Cash from investing activities | −CN¥998.4M | −CN¥675.4M | −CN¥298.5M | −CN¥195.5M | −CN¥116.8M | −CN¥192.5M | −CN¥42.7M | −CN¥80.5M | −CN¥62.5M | −CN¥43.8M | CN¥217.2M | −CN¥249.8M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | CN¥0 | −CN¥115.1M | — | — | — | — |
| Net borrowing (repayment) | — | — | — | — | — | — | CN¥0 | CN¥0 | — | — | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥123.0M | CN¥0 |
| Other financing | CN¥91.0M | CN¥26.9M | −CN¥1.20B | CN¥9.7M | CN¥3.04B | CN¥202.2M | −CN¥617,000 | CN¥16.7M | −CN¥88.8M | CN¥13.9M | CN¥13.1M | CN¥208.1M |
| Cash from financing activities | CN¥91.0M | CN¥26.9M | −CN¥1.20B | CN¥9.7M | CN¥3.04B | CN¥202.2M | −CN¥617,000 | −CN¥98.4M | −CN¥88.8M | CN¥13.9M | CN¥136.1M | CN¥208.1M |
| Summary | ||||||||||||
| Net change in cash | −CN¥578.8M | −CN¥487.1M | −CN¥1.09B | CN¥255.2M | CN¥3.49B | CN¥364.7M | CN¥542.4M | CN¥571.7M | CN¥837.7M | CN¥494.3M | CN¥1.04B | CN¥727.1M |
| Cash at end of period | CN¥6.57B | CN¥7.15B | CN¥7.64B | CN¥8.88B | CN¥8.63B | CN¥5.13B | CN¥4.77B | CN¥4.23B | CN¥3.65B | CN¥2.82B | CN¥2.32B | CN¥1.28B |
| Free cash flow | CN¥358.5M | CN¥193.3M | −CN¥235.8M | CN¥390.9M | CN¥527.3M | CN¥310.6M | CN¥527.5M | CN¥653.9M | CN¥924.5M | CN¥490.4M | CN¥689.4M | CN¥759.8M |
| Free cash flow margin | 10.5% | 5.5% | −7.9% | 12.2% | 15.8% | 9.2% | 15.8% | 18.5% | 30.6% | 19.6% | 33.7% | 52.6% |
| Capex / revenue | 0.0% | 5.2% | 6.2% | 2.0% | 2.5% | 1.5% | 1.4% | 2.8% | 2.1% | 1.3% | 0.7% | 0.4% |
| Operating cash flow / net income | 0.77 | 0.43 | 6.54 | 1.16 | 8.79 | 0.53 | 6.43 | 8.65 | 1.57 | 0.88 | 2.27 | 2.56 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
CHA cash generation
In fiscal 2025 (ended December 31, 2025), Chagee Holdings Limited generated CN¥1.6 billion of cash from operations (down 42.1%) and spent CN¥452.3 million on capital expenditures, leaving free cash flow of CN¥1.2 billion, 9.2% of revenue. It returned CN¥1.2 billion to shareholders through dividends (CN¥1.2 billion) and net share buybacks (CN¥0). Cash and equivalents rose by CN¥2.9 billion over the year.
Related: CHA income statement, CHA balance sheet. See the CHA stock overview for the latest quote and news.
CHA cash flow FAQ
What is Chagee Holdings Limited's free cash flow?
Chagee Holdings Limited's free cash flow was CN¥1.2 billion in fiscal 2025: CN¥1.6 billion of operating cash flow minus CN¥452.3 million of capital expenditures It was CN¥2.6 billion a year earlier..
How much cash does Chagee Holdings Limited generate from operations?
Chagee Holdings Limited generated CN¥1.6 billion of cash from operating activities in fiscal 2025, 1.39 times its net income of CN¥1.2 billion.
How much does Chagee Holdings Limited spend on capital expenditures?
Chagee Holdings Limited spent CN¥452.3 million on capital expenditures in fiscal 2025, 3.5% of revenue, compared with CN¥241.3 million the year before.
How much does Chagee Holdings Limited pay in dividends?
Chagee Holdings Limited paid CN¥1.2 billion in dividends in fiscal 2025, 103.5% of free cash flow.