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Overseas markets are becoming a key growth driver. CHAGEE said gross merchandise value (GMV) from overseas operations exceeded 300 million yuan (about US million) in the third quarter of 2025, accounting for 3.8% of total GMV. Overseas GMV has grown more than 75% year on year for two consecutive quarters and rose 27.7% from the previous quarter.,更多细节参见新收录的资料
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Here’s a chart that show you how crazy this consolidation has been. This is just the stratification at Penguin/Random House. (You can see the breakdown for all of the major publishers at this link.)