A：In 2026,霸王茶几' core strategy is to focus all strategic execution and resource投入 on enhancing user value.

A：Over eight years,霸王茶几 grew from one tea house to 7,453 tea houses, reflecting the strength of its sustainable business model and brand equity as well as an optimization of its organizational capabilities.

A：In 2025,霸王茶几 faced challenges due to a decrease in response speed and a significant下滑的业绩增速, especially a 25.5% decline in overall same store sales in the fourth quarter. The company's response was to hold onto long-term主义 despite short-term pressures, without resorting to short-term tactics.The pandemic led to a decrease in revenue in the fourth quarter of 2025, with same store sales down 25.5%. However, recent domestic same store sales have shown a环比 improvement, indicating a trajectory of stabilization in the first half and repair in the second half of 2026. The company is confident in this outlook and remains focused on long-term goals, including global expansion and the transformation of霸王茶几 into a world-class dining brand.

A：For the full year 2025, GMV reached 31.6 billion, a 7.2% increase from 2024, with total revenue growth. The number of tea houses expanded to 7,453, a 15.7% increase from the previous year. In the fourth quarter, net revenue was 2,974.5 million, a decrease from the same period in 2024, while same store sales were down 25.5%. Cost management and restructuring efforts were evident, with non-GAAP operating income mentioned but not quantified in the provided text.

A：The company expects a return to profitability, with a positive financial outlook supported by various cost management initiatives and an increase in revenues from company-owned tea houses. It also plans to continue investing in global corporate infrastructure and ongoing initiatives to optimize internal processes and resource allocation. For the full year 2025, GAAP net income was 1,186.3 million and non-GAAP net income was 1,999.9 million, indicating a strong financial position. The company aims to maintain profitability at the net income level, leveraging non-GAAP measures to assess performance excluding certain items like share-based compensation expenses.

A：The coffee table did not choose the simplest path in the American market, that is, through the license franchise model to join in the region or directly open stores in Chinese areas and university towns. We also hope that tea can become a part of the daily life of the American people in the future, just like the status of Starbucks in the United States. Therefore, the coffee table has invested a lot of money in the United States, choosing a difficult road that may face more mistakes and challenges in the early stage. The bet is whether it can set off a wave of tea from China in the United States and even the western world in the next decade, so that drinking tea has become a new way of life. The coffee table's strategy in global expansion is to continuously optimize the business model and prioritize maintaining a healthy unit economy, especially in the US market. We will not only invest in overseas markets for a few years in the short term, but also for the long term in the next ten years. While there are multiple business models to choose from, such as licensing or franchising, we have chosen a more difficult path and are committed to bringing Chinese tea culture to the U.S. market, just as Starbucks has done in China.

A：Tea Table firmly believes that in the future, China will be born in the field of tea industry, a high-value brand-oriented enterprises. The company will not only focus on short-term growth, revenue and profits, but also create a new category in the longer term, which will gradually expand from restricted sales scenarios to home office, convenience store RTD drinks and other scenarios. The coffee table is taking a difficult road. The goal is to build a tea company brand that originated in China and goes to the world, which can extend to many aspects, scenes and periods of people's lives in the world. I hope investors can support it for a long time. Although we have some shortcomings in the short term, please criticize and correct them. We will respond and adjust them quickly.

A：In the last quarter, the coffee table mentioned the cost reduction and efficiency measures being planned, and emphasized that this is not an expedient measure to deal with short-term pressure, but a long-term project that is closely related to strategic transformation and aims to improve organizational health. At present, the work has been carried out in an orderly manner and achieved initial results at the beginning of the year. Specific measures include organizational efficiency optimization, such as the integration of middle and back office functions to reduce duplication of construction and cumbersome links, as well as fine cost control, the establishment of a strict budget system and cost use project system, covering the optimization of marketing to daily operating expenses. The coffee table expects the overall rate to remain stable in 2026, focusing on continued investment in the sales marketing side and maintaining a stable or even declining overall rate while safeguarding overseas expansion strategies.