
	For the year ended December 31, 2025
	As Calculated	As Reported
	(Weighted	(Specific
	average	identification	Effect of
	method)	method)	Change
	RMB	RMB	RMB
Cost of materials	(18,777,806)	(18,783,453)	(5,647)
Total operating expenses	(44,209,513)	(44,215,160)	(5,647)
Operating income	5,078,582	5,072,935	(5,647)
Income before income taxes	5,285,822	5,280,175	(5,647)
Income tax expense	(1,681,205)	(1,679,793)	1,412
Net income	3,604,617	3,600,382	(4,235)
Net income attributable to the Company’s ordinary shareholders	3,604,617	3,600,382	(4,235)
Net income per share:
Basic	1.41	1.40	(0.01)
Diluted	1.40	1.40	0.00
Net income per ADS:
Basic	11.28	11.20	(0.08)
Diluted	11.20	11.20	0.00

Net income	3,604,617	3,600,382	(4,235)
Total comprehensive income	3,497,723	3,493,488	(4,235)
Total comprehensive income attributable to the Company’s ordinary shareholders	3,497,723	3,493,488	(4,235)


	For the year ended December 31, 2024
	As Previously
	Reported	As Adjusted
	(Weighted	(Specific
	average	identification	Effect of
	method)	method)	Change
	RMB	RMB	RMB
Cost of materials	(14,115,299)	(14,083,291)	32,008
Total operating expenses	(30,936,753)	(30,904,745)	32,008
Operating income	3,538,061	3,570,069	32,008
Income before income taxes	3,694,254	3,726,262	32,008
Income tax expense	(762,551)	(770,553)	(8,002)
Net income	2,931,703	2,955,709	24,006
Net income attributable to the Company’s ordinary shareholders	2,931,703	2,955,709	24,006
Net income per share:
Basic	1.15	1.16	0.01
Diluted	1.15	1.16	0.01
Net income per ADS:
Basic	9.20	9.28	0.08
Diluted	9.20	9.28	0.08

Net income	2,931,703	2,955,709	24,006
Total comprehensive income	2,973,295	2,997,301	24,006
Total comprehensive income attributable to the Company’s ordinary shareholders	2,973,295	2,997,301	24,006


	For the year ended December 31, 2023
	As Previously
	Reported	As Adjusted
	(Weighted	(Specific
	average	identification	Effect of
	method)	method)	Change
	RMB	RMB	RMB
Cost of materials	(10,892,214)	(10,897,409)	(5,195)
Total operating expenses	(21,877,548)	(21,882,743)	(5,195)
Operating income	3,025,618	3,020,423	(5,195)
Income before income taxes	3,107,359	3,102,164	(5,195)
Income tax expense	(259,426)	(258,127)	1,299
Net income	2,847,933	2,844,037	(3,896)
Net income attributable to the Company’s ordinary shareholders	2,847,933	2,844,037	(3,896)
Net income per share:
Basic	1.12	1.12	0.00
Diluted	1.12	1.12	0.00
Net income per ADS:
Basic	8.96	8.96	0.00
Diluted	8.96	8.96	0.00

Net income	2,847,933	2,844,037	(3,896)
Total comprehensive income	2,847,573	2,843,677	(3,896)
Total comprehensive income attributable to the Company’s ordinary shareholders	2,847,573	2,843,677	(3,896)

As of December 31, 2025

As of December 31, 2024

As Previously

As Calculated

As Reported

Reported

As Adjusted

(Weighted

(Specific

Effect

(Weighted

(Specific

Effect

average

identification

average

identification

method)

Change

method)

Change

RMB

Inventories, net

2,945,339

2,966,506

21,167

2,473,393

2,500,205

26,812

Total current assets

14,409,780

14,430,947

21,167

10,704,787

10,731,599

26,812

Total Assets

30,280,417

30,301,584

21,167

23,099,114

23,125,926

26,812

Accrued expenses and other current liabilities

4,143,031

4,148,323

5,292

3,027,503

3,034,205

6,702

Total current liabilities

8,501,328

8,506,620

5,292

6,682,375

6,689,077

6,702

Total liabilities

13,156,933

13,162,225

5,292

10,046,504

10,053,206

6,702

Statutory reserves

451,506

453,625

2,119

365,927

368,046

2,119

Accumulated deficits

(2,452,741)

(2,438,985)

13,756

(5,971,779)

(5,953,788)

17,991

Total Company’s ordinary shareholders’ equity

15,608,824

15,624,699

15,875

11,537,950

11,558,060

20,110

TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY

30,280,417

30,301,584

21,167

23,099,114

23,125,926

26,812


	Effects on Changes of the Group’s Consolidated Equity
	As Previously Reported	As Adjusted
	(Weighted average method)	(Specific identification method)	Effect of Change
	RMB	RMB	RMB
Balance as of December 31 , 2025
Statutory reserves	451,506	453,625	2,119
Accumulated deficits	(2,452,741)	(2,438,985)	13,756
Total Company’s ordinary shareholders’ equity	15,608,824	15,624,699	15,875
Total shareholders’ equity	15,608,824	15,624,699	15,875

Balance as of December 31, 2024
Statutory reserves	365,927	368,046	2,119
Accumulated deficits	(5,971,779)	(5,953,788)	17,991
Total Company’s ordinary shareholders’ equity	11,537,950	11,558,060	20,110
Total shareholders’ equity	11,537,950	11,558,060	20,110

Balance as of December 31, 2023
Statutory reserves	168,204	167,679	(525)
Accumulated deficits	(8,705,759)	(8,709,130)	(3,371)
Total Company’s ordinary shareholders’ equity	8,136,405	8,132,509	(3,896)
Total shareholders’ equity	8,136,405	8,132,509	(3,896)


	Effect on the Group’s Consolidated Cashflows
	As Previously Reported	As Adjusted
	(Weighted average method)	(Specific identification method)	Effected of change
	RMB	RMB	RMB
Year ended December 31, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	3,604,617	3,600,382	(4,235)
Changes in operating assets and liabilities:
Inventories	(442,226)	(436,581)	5,645
Accrued expenses and other liabilities	933,584	932,174	(1,410)
Net cash provided by operating activities	6,091,062	6,091,062	—

Year ended December 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	2,931,703	2,955,709	24,006
Changes in operating assets and liabilities:
Inventories	(244,510)	(276,518)	(32,008)
Accrued expenses and other liabilities	669,861	677,863	8,002
Net cash provided by operating activities	4,229,272	4,229,272	—

Year ended December 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	2,847,933	2,844,037	(3,896)
Changes in operating assets and liabilities:
Inventories	(988,322)	(983,126)	5,196
Accrued expenses and other liabilities	675,313	674,013	(1,300)
Net cash provided by operating activities	2,900,425	2,900,425	—


	For the year ended December 31,
	2023		2024		2025		2025
	RMB	%	RMB	%	RMB	%	US$	%

	(in thousands, except for percentages)
Net revenues:
Revenues from product sales	18,677,390	75.0	26,729,523	77.5	37,694,405	76.5	5,380,073	76.5
Freshly brewed drinks	16,877,880	67.8	24,501,085	71.1	34,616,741	70.2	4,940,802	70.2
Other products	1,241,868	5.0	1,685,413	4.9	2,319,079	4.7	330,999	4.7
Others	557,642	2.2	543,025	1.5	758,585	1.6	108,272	1.6
Revenues from partnership stores	6,225,776	25.0	7,745,291	22.5	11,593,690	23.5	1,654,752	23.5
Total net revenues	24,903,166	100.0	34,474,814	100.0	49,288,095	100.0	7,034,825	100.0