以下文章来源于图数室 ，作者图数室 图数室 . 2025年刚拉开序幕，国际咖啡市场便迎来了一波迅猛的价格飙升。咖啡的香气依旧浓郁，但价格的苦涩却愈发明显。 咖啡豆涨价在去年就开始了。 2024年以来，咖啡豆价格一路高走——5月，交割的阿拉比卡咖啡豆期货价格在近期曾出现显著上涨，一周内飙升12.5%，这是自2021年7月以来最大的 当周涨幅，收盘价达到每磅2.12美元。11月25日，纽约市场上阿拉比卡咖啡期货价格上涨1.54%，达到3.0995美元/磅，曾在北京时间22:28一度飙升至 3.1280美元，创下自1997年以来的新高。 新浪新闻出品《图数室》栏目。 关注我们，用数据读懂热点。 本文来自微信公众号： 图数室 ，作者：图数室，题图来自：视觉中国 2025年刚拉开序幕，国际咖啡市场便迎来了一波迅猛的价格飙升。2024年，美国ICE咖啡期货年内累计涨幅约为70%，甚至超过黄金。 咖啡豆价格的疯涨引发了广泛关注，咖啡的香气依旧浓郁，但价格的苦涩却愈发明显。咖啡馆的价目表悄然更新，九块九的咖啡曾是打工人的日常标 配，如今却显得岌岌可危。 消费者们发现，手中的那杯咖啡正变得越来越"昂贵"。 咖啡豆价格为何疯涨？ ...

5 亿杯 "九块九" 卷向轻乳茶。 瑞幸打算烧钱补贴 5 亿杯 "九块九"，但这次不是咖啡。 3 月 3 日，"鲜萃轻轻茉莉·轻乳茶" 上市，瑞幸宣布广撒 5 亿张 9.9 元优惠券为新品护航——数量上是初 代产品 "轻轻茉莉" 上新时的 5 倍之多。5 天后，新品单日销量突破 167 万杯，刷新瑞幸茶饮单日单品 销售纪录。 不同于代言人、杯袋、贴纸等上新物料标配，本次上新瑞幸在茶饮品类展现出了更多野心：在中国标准 化研究院技术指导下，瑞幸制定了 "三个 100" 轻乳茶标准（100% 真茶鲜萃，100% 动物乳脂，100 大 卡左右的单杯热量），向门店投放了 2 万多台自研萃茶机以保证出品品质。 3 月 10 日，轻乳茶系列迅速再次上新——这次是杭州钱塘产季限定的「鲜萃轻轻龙井」，以手工采摘的 春季鲜叶、传统的炒制工艺，给消费者带来 "茉莉 + 龙井" 的双重轻乳茶选择。 在构筑起数万家的庞大线下门店网络后，瑞幸咖啡开始为自身的经营品类做加法。茶饮市场足够大、且 消费者心智和供应链复用也更为顺畅。但在英雄辈出的茶饮行业，存量下的同质化竞争同样激烈。 2024 年，国内市场奶茶店数量超 51.5 万家，而咖啡 ...

据中国网财经报道，3月1 0日，据泰国一律所透露消息， 瑞幸在泰国提起的诉"山寨瑞幸"商 标侵权案，法院做出最新判决，瑞幸咖啡胜诉。 根 据 律 所 公 布 的 法 院 判 决 结 果 ， 法 院 确 认 瑞 幸 对 涉 案 商 标 拥 有 在 先 和 更 好 权 利 ， 判 令 被 告方撤销已注册的瑞幸咖啡相关商标，且被告方不得继续使用相关瑞幸标识。 争议很久的瑞幸诉泰国"李鬼"案有了新消息。 泰国出现假"瑞幸"已有多年，2 0 2 2年初，一位中国网友在泰国旅游时发现"泰国瑞幸"门店， 随后在当年8月，瑞幸咖啡方面发布声明，瑞幸咖啡没有在泰国开店，泰国的瑞幸门店是仿冒 门店，并表示已采用法律手段维权。 泰国假瑞幸对瑞幸咖啡商标的字体、颜色以及标志性鹿头进行了全方位"模仿"，仅仅是鹿头的 方向由朝右变成了朝左，标识整体颜色对调，" l u c k i n c o ff e e "字样下增加一行泰文。 近日瑞幸披露的2 0 2 4年年报显示其国际化的进展依旧在推进中。据证券时报报道，截至四季 度末，门店总数达2 2 3 4 0家，较2 0 2 3年同期增长3 7 . 5%。 具体来看，瑞幸自营门店为1 4 5 ...

去年第四季度，星巴克在竞争极其激烈的市场中寻找新出路，瑞幸咖啡则巩固了自己作为中国领先 咖啡连锁店的地位 Key takeaways: ▶ 瑞幸咖啡第四季度营业利润和净利润取得三位数的强劲增长，消息带动其股价上涨8% ▶ 随着消费者抛弃价格高昂的咖啡，转而选择廉价咖啡，实力遭削减的星巴克，正为其价值10亿 美元的中国业务寻找战略合作伙伴 瑞幸咖啡公司 (LKNCY.US)在2月20日发布了最新季度业绩，比它在本土市场的竞争对手 星巴克 (SBUX.US) 发布最新财报的1月28日晚了几周，这可能只是时间上的巧合。但这两份财报截然不同，瑞幸咖啡巩固了它 在过热的中国市场的领先地位，而星巴克仍处于混乱状态。 在经历了持续的价格战后，瑞幸咖啡及其同行经历了一段艰难时期，但第四季度该公司的业绩可谓十分理 想。该季度，瑞幸咖啡营收同比增长36.1%至96亿元(13亿美元)，营业利润飙升368%至9.95亿元，净利润增 长184%至8.41亿元。 季度内瑞幸咖啡自营店同店销售额继续下降，但降幅明显收窄，从上一季度的-13.1%降至-3.4%。另一利好 消息是，首席财务官安静指该指标在12月转为正值，结束了连续三个季度的下 ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected relative return of over 20% within the next six months [10]. Core Insights - The company reported a total revenue of 9.61 billion yuan for Q4 2024, representing a year-on-year growth of 36.1%. Product sales revenue reached 7.568 billion yuan, up 42.7%, while franchise business revenue was 2.046 billion yuan, growing by 16.0% [1][2]. - The company opened 997 new stores in Q4 2024, bringing the total to 22,340 stores, maintaining its leading position in China's coffee industry. Monthly active customer count reached 77.8 million, a 24.5% increase year-on-year [1][2]. - Non-GAAP net profit for Q4 2024 was 928 million yuan, with a net profit margin of 9.7%, reflecting a year-on-year increase of 4.7 percentage points [1][3]. Revenue Summary - The company achieved a total revenue of 9.61 billion yuan in Q4 2024, with a year-on-year increase of 36.1%. The revenue from self-operated stores was 7.568 billion yuan, up 42.7%, while franchise stores contributed 2.046 billion yuan, a 16.0% increase [2]. - The company continues to expand its store network, with a total of 22,340 stores, including 14,591 self-operated and 7,749 franchise stores. The franchise revenue accounted for 21.3% of total revenue, down 3.7 percentage points year-on-year [2]. Profit Summary - The Non-GAAP net profit for Q4 2024 was 928 million yuan, with a net profit margin of 9.7%, which is an increase of 4.7 percentage points year-on-year. The profit margin for self-operated stores was 19.6%, up 6.1 percentage points [3]. - The company is strengthening its supply chain by enhancing its processing and roasting capabilities, with new facilities in Yunnan and Jiangsu, and a new production center in Qingdao under construction [3]. Investment Recommendations - The report suggests that the company is well-positioned for growth in both the coffee and new tea beverage sectors, with ongoing product innovation and store expansion likely to enhance market share. Short-term focus should be on new product launches and supply chain optimization [4].

Group 1 - The meeting between Hainan Province Governor Liu Xiaoming and Luckin Coffee Chairman and CEO Guo Jinyi focused on leveraging Hainan's free trade port advantages to expand Luckin Coffee's regional headquarters functions [1] - Discussions included deepening cooperation with the China International Consumer Products Expo to enhance market share and competitive advantages for Luckin Coffee [1] - The dialogue also aimed at promoting the international supply chain and trade business development of the coconut industry [1]

Summary of Locking Coffee's Q4 2024 Earnings Conference Call Company Overview - **Company**: Locking Coffee - **Industry**: Coffee retail in China Key Financial Highlights - **Total Net Revenues**: Increased by 38% year-over-year to RMB 34.5 billion [12] - **Operating Profit**: Increased by 17% to RMB 3.5 billion [12] - **Monthly Transaction Users**: Increased by 48% to 71.8 million [2] - **Cumulative Transaction Customers**: Exceeded 330 million by year-end [3] - **Store Count**: Reached 22,340 stores, with 6,000 net new stores opened in 2024 [3][6] - **Average Monthly Transaction Customers**: Increased by 25% year-over-year to around 78 million [13] Operational Performance - **Self-Operated Store Revenue**: Increased by 42% year-over-year to RMB 7.2 billion [12] - **Same-Store Sales Growth**: Improved from negative 13% to negative 3.4% [12] - **Cups Sold**: Nearly 3 billion cups sold, a 55% increase [3] - **Operating Margin**: Expanded by 7.4 percentage points year-over-year to 10.4% [14] Strategic Initiatives - **Market Expansion**: Continued aggressive store openings, including entry into Hong Kong and Malaysia [5][6] - **Product Innovation**: Launched 119 new products throughout the year, including 18 new beverages in Q4 [7][12] - **Supply Chain Strengthening**: Extended coffee bean procurement cooperation with Brazil from 120,000 tons to 240,000 tons over five years [8][23] Challenges and Responses - **Rising Coffee Bean Prices**: Acknowledged as a cost pressure but manageable due to strong supply chain capabilities [22][24] - **Market Competition**: Increased competition in the beverage industry noted, with plans to enhance marketing and branding efforts [24] Future Outlook - **Growth Strategy**: Focus on expanding scale advantages and market share while maintaining operational efficiency [10] - **Customer Engagement**: Plans to continue offering competitive pricing to cultivate coffee consumption habits [24] - **Sustainability Commitment**: Emphasis on sustainable practices and collaboration with partners to promote healthy development across the industry [9][25] Additional Insights - **ESG Recognition**: Received several awards for sustainability efforts, including "China's Best ESG Player" by Allianz [9] - **Operational Efficiency**: Notable improvements in operational efficiency highlighted, with a focus on balancing store growth and customer growth [12][14] This summary encapsulates the key points from Locking Coffee's Q4 2024 earnings conference call, providing insights into the company's performance, strategic initiatives, challenges, and future outlook.

Financial Data and Key Metrics Changes - Total net revenues for 2024 increased by 38% year-over-year to RMB34.5 billion, with operating profit rising 17% to RMB3.5 billion [8][46] - In Q4 2024, total net revenues increased by 36% year-over-year to RMB9.6 billion, with operating profit surging 368% to around RMB1 million [12][33] - Operating margin expanded by 7.4 percentage points year-over-year to 10.4%, marking significant efficiency gains [44] Business Line Data and Key Metrics Changes - Revenues from self-operated stores increased by 42% year-over-year to RMB7.2 billion, while revenues from partnership stores rose by 16% to RMB2 billion [35][36] - Same-store sales growth improved from negative 13% in Q3 to negative 3% in Q4, with expectations for further improvement in 2025 [13][56] Market Data and Key Metrics Changes - The number of average monthly transaction customers increased by 48% year-over-year to approximately 78 million, with over 330 million cumulative transaction customers by year-end [10][22] - The company opened over 6,000 net new stores in 2024, reaching a total of 22,340 stores by year-end [9][37] Company Strategy and Development Direction - The company aims to maintain its industry-leading store opening pace while focusing on quality and operational efficiency [28] - Strategic cooperation with Brazilian agencies to secure coffee bean procurement is expected to enhance supply chain capabilities [23][68] - The company is committed to sustainability and has received several ESG honors, indicating a focus on long-term healthy development [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the Chinese coffee market, emphasizing the importance of customer demand and consumption frequency [27][55] - The company plans to leverage its extensive store network and product innovation to drive future growth [56][60] Other Important Information - The company achieved a significant increase in gross margin due to improved supply chain advantages and changes in production mix [39] - Delivery expenses increased by 79% year-over-year, reflecting a rise in delivery orders, but the company expects to manage these costs effectively [40][41] Q&A Session Summary Question: Inquiry about same-store sales growth breakdown - Management acknowledged the improvement in same-store sales growth and indicated that pricing remained stable while volume increased due to rising customer demand [51][59] Question: Impact of rising coffee bean prices - Management noted that while rising coffee bean prices create cost pressure, they expect to mitigate this impact through their robust supply chain and operational efficiencies, with no current plans to raise prices [64][66][71]

Core Insights - Luckin Coffee reported a significant year-over-year revenue growth of 36.1% for Q4 2024, reaching total net revenues of RMB9,613.3 million (US$1,317.2 million) [4][6] - The company achieved a GAAP operating margin of 10.4%, an increase of 740 basis points from the same quarter in 2023 [11][14] - Same-store sales growth for self-operated stores improved to negative 3.4% in Q4 2024, a notable recovery from negative 13.1% in the previous quarter [5][11] Fourth Quarter 2024 Highlights - Total net revenues for Q4 2024 were RMB9,613.3 million (US$1,317.2 million), a 36.1% increase from RMB7,064.9 million in Q4 2023 [4][6] - The number of net new store openings was 997, bringing the total to 22,340 stores, which includes 14,591 self-operated and 7,749 partnership stores [4][6] - Average monthly transacting customers reached 77.8 million, representing a 24.5% year-over-year increase [4] Fiscal Year 2024 Highlights - Total net revenues for the fiscal year 2024 were RMB34,474.8 million (US$4,723.9 million), reflecting a 38.4% year-over-year increase [4] - Revenues from self-operated stores for the fiscal year were RMB25,591.7 million (US$3,506.7 million), a 43.1% increase year-over-year [4] - The company opened a total of 6,092 new stores in 2024, with 6,071 in China and 21 in Singapore [4] Financial Performance - Revenues from self-operated stores in Q4 2024 were RMB7,233.8 million (US$991.2 million), a 41.7% increase year-over-year [4] - Store-level operating profit for self-operated stores was RMB1,419.0 million (US$194.4 million), representing a 105.5% year-over-year increase [4] - Non-GAAP operating income for Q4 2024 was RMB1,091.7 million (US$149.6 million), a 300.0% increase from the same quarter in 2023 [11][14] Cost and Expense Management - Total operating expenses for Q4 2024 were RMB8,618.3 million (US$1,180.9 million), a 25.8% increase from RMB6,852.3 million in Q4 2023 [7] - Cost of materials increased by 9.6% year-over-year to RMB3,847.2 million (US$527.2 million) [7] - Store rental and other operating costs rose by 39.4% year-over-year to RMB2,372.3 million (US$325.1 million) [13] Strategic Developments - The company formed a strategic partnership with Hextar Industries Berhad to expand into Malaysia, enhancing its international presence [4] - Luckin Coffee's strong supply chain and product mix changes contributed to improved operating margins and cost management [7][13]

Core Points - Luckin Coffee Inc. will release its fourth quarter and full year 2024 financial results on February 20, 2025, before the U.S. market opens [1] - A conference call will be held on the same day at 8:00 am Eastern Time to discuss the financial results and answer questions [1] Access Information - Participants can access the call using specific dialing numbers for the United States, international, Mainland China, and Hong Kong, with a conference ID provided [2] - A replay of the call will be available until February 27, 2025, with access codes for different regions [2] - The earnings release, slides, and archived webcast will be available on the Company's Investor Relations website [2] Company Overview - Luckin Coffee has established a technology-driven retail network aimed at providing high-quality, convenient, and affordable coffee products [3] - The company was founded in 2017 and is based in China, with a vision to build a world-class coffee brand [3]