Core Insights - Luckin Coffee reported a record total net revenue of 12.359 billion yuan for Q2 2025, marking a year-on-year growth of 47.1% [2] - The company achieved a GAAP operating profit of 1.7 billion yuan, with an operating profit margin of 13.8%, and a net profit attributable to ordinary shareholders of 1.251 billion yuan, up 44% year-on-year [2] - As of the end of Q2 2025, Luckin Coffee had a total of 26,200 stores, ranking second in the country, just behind Starbucks [2] Financial Performance - Total net revenue reached 12.359 billion yuan, a record high for a single quarter, with a year-on-year increase of 47.1% [2] - GAAP operating profit was 1.7 billion yuan, with an operating profit margin of 13.8% [2] - Net profit attributable to ordinary shareholders was 1.251 billion yuan, reflecting a 44% year-on-year growth [2] Store Expansion and Sales - The number of stores increased by 2,109 during the reporting period, with a total of 26,200 stores by the end of Q2 2025 [2] - Same-store sales growth for self-operated stores reached 13.4% [2] - Monthly average transaction customers reached 91.7 million, a year-on-year increase of 31.6% [2] International Expansion - Since the launch of its international strategy in 2024, Luckin Coffee has been steadily expanding its overseas store presence, entering markets such as Singapore, Hong Kong, and Malaysia [3] - In June 2025, the company opened two PICK UP stores in Manhattan, New York, marking a significant step in its global strategy [3] - The CEO emphasized the importance of the U.S. market as a key strategic area for Luckin Coffee's global expansion [3] Market Potential - According to Deloitte, China's per capita coffee consumption has increased from 9 cups per year in 2021 to approximately 22 cups per year in 2024, indicating significant growth potential compared to the U.S. and other Asian countries [4] - Frost & Sullivan projects that the domestic freshly brewed coffee market will grow to 331.4 billion yuan by 2027, with a growth rate exceeding 20% [4]

7月30日，瑞幸咖啡（OTC：LKNCY）公布2025年第二季度财报，数据显示，2025年第二季度瑞幸咖啡 总净收入为123.59亿元人民币，同比增长47.1%。二季度GAAP营业利润同比增长61.8%，达17亿元人民 币；GMV（成交总额）达141.79亿元人民币。 在产品方面，瑞幸咖啡表示，二季度持续深入洞察消费趋势，不断丰富产品矩阵，满足消费者全时段、 多场景和健康化的饮品需求。5月初，瑞幸启动"百卡冰咖季"活动，推出清爽低热量产品，其中常青爆 款橙C美式，截至二季度已累计售出超3.5亿杯。此外，新品羽衣轻体果蔬茶也在上市两周后，销量突破 1120万杯。 在用户方面，瑞幸咖啡通过便捷的门店交付体系，高品质的产品和服务，同时不断与消费者建立情感链 接，二季度月均交易客户数同比增长31.6%，达9170万，再创历史新高。二季度以来，海绵宝宝、多邻 国等知名IP跨界联名合作，深受消费者欢迎，周边产品屡屡引发抢购热潮，上线即售罄。截至二季度 末，瑞幸咖啡累计交易客户数突破3.8亿。 此外，瑞幸咖啡继续加强供应链建设，第四座烘焙工厂瑞幸咖啡（厦门）创新产业园于6月在厦门正式 动工。该项目投产后，瑞幸咖啡年咖啡烘焙 ...

Core Viewpoint - The coffee market is experiencing rapid changes, with Luckin Coffee demonstrating strong performance amidst intense competition, achieving significant revenue growth and operational efficiency [1][9]. Group 1: Financial Performance - In Q2 2025, Luckin Coffee reported total net revenue of 12.359 billion yuan (1.723 billion USD), a year-on-year increase of 47.1% [1][5]. - Operating profit surged by 61.8% to 1.7 billion yuan, with an operating profit margin of 13.8% [1][5]. - For the first half of 2025, total net revenue reached 21.224 billion yuan, marking a historical high [1]. Group 2: Store Expansion and Sales Growth - As of the end of Q2, Luckin Coffee had a total of 26,206 stores, with 2,109 new stores opened, averaging 23 new stores per day [4]. - Same-store sales growth for self-operated stores was 13.4%, up from 8.1% in Q1 [2]. - Revenue from joint-operated stores increased by 55% year-on-year, significantly higher than the 24.5% growth in the same period of 2024 [2]. Group 3: Product Innovation and Marketing - Luckin Coffee launched several new products for the summer, including the "Orange C Americano" and "Light Body Fruit and Vegetable Tea," with the latter selling over 11.2 million cups in just two weeks [2]. - The company's marketing strategy is integrated with product development and supply chain management, enhancing user engagement and market feedback [7]. - Collaborations with popular IPs have boosted brand influence, with notable partnerships in 2025 including products linked to the hit drama "Chang'an's Lychee" [8]. Group 4: Supply Chain and Operational Efficiency - Luckin Coffee is enhancing its supply chain by establishing a network of four roasting factories, aiming for a total roasting capacity of 155,000 tons annually [6]. - The company is focusing on digital transformation to improve order processing speed and accuracy, which supports overall operational efficiency [6]. - Continuous improvements in supply chain management and operational efficiency have allowed Luckin to meet high consumer demand effectively [5][9].

【 导读 】瑞幸咖啡披露二季报，总净收入达123.59亿元再创单季新高 中国基金报记者 嘉合 7月30日，瑞幸咖啡披露2025年第二季度财报。 财报显示，截至二季度末，瑞幸咖啡总净收入达123.59亿元，再创单季收入新高，同比增长 47.1%；GAAP营业利润达17亿元，营业利润率为13.8%；归属于普通股东的净利润为12.51 亿元，同比增长44%。净利润与收入同步保持高速增长。 门店与销售方面，截至今年二季度末，瑞幸咖啡门店总数达2.62万家，门店数量居于全国第 二位，仅次于星巴克。 报告期内，瑞幸咖啡的净新开门店数量为2109家，自营门店同店销售增长率升至13.4%；月 均交易客户数达9170万，同比增长31.6%。 校对 ： 乔伊 审核 ： 许闻 整体来看，今年二季度，瑞幸咖啡呈现出门店扩张、运营效率和盈利能力持续优化的态势。 制作 ： 鹿米 自2024年开启国际化战略以来， 瑞幸咖啡 持续稳步推进海外门店布局，目前已进入新加 坡、中国香港和马来西亚市场。 2025年6月，瑞幸咖啡全球化战略落下关键一子，其位于美国纽约曼哈顿的两家PICK UP快 取店试营业。业内认为，这不仅彰显了瑞幸咖啡品牌在美国的 ...

在门店运营表现方面，自营门店收入达91.36亿元人民币，同比增长45.6%。自营门店同店销售增长率实 现13.4%的双位数增长，自营门店门店层面营业利润达19.22亿元人民币，同比增长42.3%。联营门店收 入同比增长55.0%，达到28.67亿元人民币。 产品创新驱动销量增长，橙C美式累计售出超3.5亿杯 瑞幸咖啡持续深入洞察消费趋势，不断丰富产品矩阵，满足消费者全时段、多场景和健康化的饮品需 求。5月初，瑞幸开启"百卡冰咖季"，主打清爽低热量，其中常青爆款橙C美式，截至二季度已累计售出 超3.5亿杯。 全新推出的羽衣轻体果蔬茶也为客户带来更多样的清爽体验，产品上市两周销量突破1120万杯。这一数 据反映出瑞幸咖啡在产品创新方面的成效显著，新品推出后能够迅速获得市场认可。 瑞幸咖啡7月30日公布2024年第二季度财报，凭借门店覆盖、运营效率、产品交付和供应链能力的多维 提升实现业绩强劲增长。数据显示，2024年第二季度瑞幸咖啡总净收入为123.59亿元人民币，同比增长 47.1%。二季度GAAP营业利润同比增长61.8%，达17.00亿元人民币，营业利润率提升至13.8%，GMV 达141.79亿元人民币。 ...

Core Viewpoint - Luckin Coffee reported strong financial results for the first half of 2025, with significant revenue and profit growth compared to the previous year [2][10][30]. Financial Performance - For the first half of 2025, Luckin Coffee's revenue reached RMB 212.24 billion (approximately USD 29.59 billion), up from RMB 146.81 billion in the same period last year, representing a year-on-year increase of 44.5% [2]. - In Q2 2025, the company generated revenue of RMB 123.59 billion (approximately USD 17.23 billion), a 47.1% increase from RMB 84 billion in Q2 2024 [10][30]. - The operating profit for Q2 2025 was RMB 17 billion (approximately USD 2.37 billion), a 61.8% increase from RMB 10.51 billion in Q2 2024, with an operating margin of 14% [25][30]. - Net income for Q2 2025 was RMB 12.51 billion (approximately USD 1.74 billion), up 43.6% from RMB 8.71 billion in Q2 2024, with a net profit margin of 10.1% [30][32]. Revenue Breakdown - Revenue from product sales in Q2 2025 was RMB 94.915 billion (approximately USD 13.23 billion), a 44.9% increase from RMB 65.524 billion in Q2 2024 [10][12]. - Revenue from partnership stores in Q2 2025 was RMB 28.673 billion (approximately USD 3.998 billion), reflecting a 55% year-on-year growth [15]. - The company reported that self-operated store revenue for Q2 2025 was RMB 91.362 billion (approximately USD 12.738 billion), a 45.6% increase from RMB 62.77 billion in Q2 2024 [13]. Cost and Expenses - Total operating expenses for Q2 2025 were RMB 106.587 billion (approximately USD 14.861 billion), a 45% increase from RMB 73.519 billion in Q2 2024 [21]. - Material costs for Q2 2025 were RMB 46 billion (approximately USD 6.414 billion), up 36.6% from RMB 33.682 billion in Q2 2024 [22]. - Delivery expenses surged by 175.1% to RMB 16.697 billion (approximately USD 2.328 billion) in Q2 2025 compared to RMB 6.069 billion in Q2 2024 [22]. Store Expansion - As of June 30, 2025, Luckin Coffee had a total of 26,206 stores, including 16,968 self-operated stores and 9,238 partnership stores, with a net addition of 2,109 stores in Q2 2025 [17][18]. - The same-store sales growth for self-operated stores was 13.4% in Q2 2025, up from 8.1% in the previous quarter [13][18]. Management Changes - In April 2025, Luckin Coffee announced a management change, with the chairman of Dazhong Capital replacing Guo Jinyi as chairman of Luckin Coffee [5].

封面图片来源：每日经济新闻 资料图 每经成都7月30日讯（记者王紫薇）今日（7月30日）晚间，瑞幸咖啡公布2025年第二季度财报。数据显 示，2025年第二季度瑞幸咖啡总净收入为123.59亿元，同比增长47.1%。二季度GAAP营业利润同比增 长61.8%，达17.00亿元，营业利润率提升至 13.8%。公司二季度净新开门店数为2109家，其中中国市场 净增2085家，瑞幸咖啡全球总门店数达26206家。本季度，瑞幸咖啡在中国市场净增2085家门店，海外 门店总数已达到89家。 ...

【环球网财经报道 记者 李文瑶】7 月 30 日晚间，瑞幸咖啡（OTC：LKNCY）公布 2025 年第二季度财 报，凭借门店覆盖、运营效率、产品交付和供应链能力的多维提升实现业绩强劲增长。数据显示，2025 年第二季度瑞幸咖啡总净收入为 123.59 亿元人民币， 同比增长 47.1%。 二季度 GAAP 营业利润同比增 长61.8%，达 17.00 亿元人民币，营业利润率提升至 13.8%，GMV 达141.79 亿元人民币。 随着现制饮品旺季到来，瑞幸咖啡二季度经营业绩稳步提升。自营门店收入达91.36亿元人民币，同比 增长45.6%；自营门店同店销售增长率实现13.4%的双位数增长；自营门店门店层面营业利润达19.22亿 元人民币，同比增长42.3%。与此同时，联营门店收入同比增长55.0%，达到28.67亿元人民币。 在用户方面，瑞幸咖啡通过便捷的门店交付体系，高品质的产品和服务，同时不断与消费者建立情感链 接，二季度月均交易客户数同比增长31.6%，达9170万，再创历史新高。截至二季度末，瑞幸咖啡累计 交易客户数突破3.8亿。 在门店运营方面，瑞幸咖啡持续加强门店网络布局，提升市场渗透率，二季度 ...

经济观察网 瑞幸咖啡（LKNCY）披露2025年第二季度财报，公司业绩加速提升，总净营收达123.59亿 元(人民币)，再创单季收入新高，同比增长47.1%，预估111.6亿元；净利润12.5亿元，同比增长44%； 经调整每股ADS净收益4.40元；GAAP营业利润达17亿元，营业利润率13.8%。 自营门店同店销售增长率显著提升至13.4%；净新开门店2109家，季末门店总数达26206家；月均交易 客户数达9170万，同比增长31.6%。 瑞幸咖啡盘前涨超5%。 ...

Core Viewpoint - Luckin Coffee has demonstrated a strong recovery in Q2 2024, with significant improvements in key performance indicators, particularly a same-store sales growth rate of 13.4%, contrasting sharply with a decline of -20.9% in the same period last year [3][4]. Financial Performance - The company reported a net revenue of 12.36 billion yuan in Q2, representing a year-on-year increase of 47.1%, surpassing the estimated 11.16 billion yuan [4]. - GAAP operating profit reached 1.70 billion yuan, up 61.8% year-on-year, while net profit was 1.25 billion yuan, reflecting a 43.6% increase [4]. - Adjusted earnings per ADS for the quarter were 4.40 yuan [4]. Store Expansion - Luckin Coffee accelerated its store expansion, adding 2,109 new stores, bringing the total to 26,206, which is a 31.3% increase from 19,961 stores in the same period last year [5][10]. - The number of direct-operated stores reached 16,968, while franchise stores totaled 9,238 [5]. Operational Metrics - Direct-operated stores achieved a same-store sales growth of 13.4%, a significant acceleration from 8.1% in the previous quarter [6]. - The average monthly active customers reached 91.7 million, marking a year-on-year growth of 31.6% [6]. Profitability - The operating profit margin for direct-operated stores was stable at 21.0%, slightly down from 21.5% year-on-year [7][11]. - GAAP operating margin improved to 13.8%, attributed to a decrease in the proportion of material costs relative to revenue [15]. Cash Flow - Operating cash flow was robust at 2.56 billion yuan, with total cash and equivalents amounting to 8.17 billion yuan, providing ample funding for business expansion [8]. Growth Dynamics and Challenges - While the 47.1% revenue growth is impressive, it heavily relies on rapid store expansion, raising questions about the sustainability of this growth model [9][10]. - The significant increase in delivery costs, which surged by 175.1% to 1.67 billion yuan, poses a potential risk to profit margins [16]. Strategic Outlook - The CEO emphasized the commitment to expanding market share and believes that these capabilities will drive sustainable long-term growth [17]. - Key issues for investors include the diminishing marginal returns of store expansion in a saturating market, the impact of rising delivery costs on profitability, and the potential for overseas expansion to create new growth opportunities [16][17].