Earnings Express: ChaPanda Sells 17 Million Cups of Lychee Ice Milk in 50 Days, Achieving Quality and Efficiency Growth in H1

By Yang Shuo

On August 28, ChaPanda disclosed its interim results. In the first half of the year, revenue reached RMB 2.655 billion, a year-on-year increase of 6.2%; profit for the period achieved RMB 345 million, a year-on-year increase of 3.5%.

At the earnings meeting, the company's management attributed the growth to a core logic—rather than blindly pursuing the sheer accumulation of store numbers, the company uses product innovation and supply chain efficiency as dual engines to drive a substantive improvement in the operational quality of its retail terminals.

In the first half of this year, ChaPanda intensified its product R&D efforts, establishing a category matrix centered around core ingredients such as "fresh fruit, fresh milk, and coffee."

Among them, "Lychee Ice Milk" accumulated sales of over 17 million cups within a sales cycle of more than 50 days. Centered around this advantageous category, ChaPanda has also successively launched multiple flavored ice milk products such as "guava, grape, and lemon," forming a clear matrix layout.

ChaPanda's understanding of its products goes beyond the single dimension of "tasting good." Since 2026, the company has also introduced meal-replacement products represented by the "Hearty Cassava Dessert Bowl" and water-replacement products represented by "Bergamot Lemonade.

The introduction of these two major new categories has quietly changed the temporal attributes of its stores. At the current stage, ChaPanda has clearly extended from the single model of traditional afternoon tea to diversified consumption scenarios such as "breakfast, light meals, and daily hydration.

The continuous expansion of product boundaries has placed higher demands on the response speed of the backend supply chain.

During the reporting period, ChaPanda's national warehousing and distribution centers increased to 27, the unified fruit distribution rate rose to 91%, and approximately 95% of stores received two or more deliveries per week. Achieving highly efficient full-process cold chain supply from origin to stores not only guaranteed the quality of products and services at the store level but also greatly reduced the trial-and-error costs for suppliers.

Meanwhile, while ensuring its foundational presence in first- and second-tier cities, the company has continuously penetrated into lower-tier cities. As of the end of the reporting period, ChaPanda's total store count increased to 8,863. Among them, the number of stores in China's third-tier and lower cities grew by 7.

2% year-on-year.

It is worth mentioning that, based on its nationwide store network layout, ChaPanda is actively promoting the synergistic development of its "tea beverage + coffee" business and has successfully launched multiple coffee products with high cost-performance ratios. In the first half of the year, ChaPanda's freshly ground coffee machines covered over 2,700 stores, exceeding expectations from the beginning of the year.

Additionally, in terms of membership, ChaPanda's number of registered members surpassed the 200 million mark. This means that ChaPanda now possesses a massive pool of private-domain traffic.

Looking ahead, as the coffee business enters its profitability cycle and the membership system continues to improve, ChaPanda's medium- to long-term growth is expected to be further strengthened.