Chagee (CHA) reported Q2 non-GAAP net income Friday of 2.54 Chinese renminbi ($0.38) per diluted share, down from 3.30 renminbi a year earlier.

Net revenue for the quarter ended June 30 was 3.41 billion renminbi, up from 3.33 billion renminbi a year earlier.

Three analysts polled by FactSet expected 3.58 billion renminbi.

The company's shares were down 3.4% in premarket activity.