Geographical ExpansionStore expansion risks are present as Chagee's premium positioning and large capital expenditure per store limit its ability to penetrate lower-tier cities, while prime locations in higher-tier cities become saturated.
International SegmentChagee's overseas segment remains small and has not yet contributed meaningfully to the company's valuation, as it only accounts for 3% of the total gross merchandise value.
Product DiversificationChagee's lack of product innovation has hindered its growth, making it over-reliant on a single-product category and weakening its competitiveness.