3 6 Ke·2025-07-31 03:47Group 1: Financial Performance - In Q2 2025, the company achieved total net revenue of 12.359 billion RMB, a year-on-year increase of 47.1%, setting a new quarterly record [1] - Net profit reached 1.25 billion RMB, reflecting a year-on-year growth of 44% [1] - Same-store sales growth for self-operated stores rose to 13.4% due to scale effects [1] Group 2: Store Expansion Strategy - The company continued its aggressive store opening strategy, adding 2,109 new stores in a single quarter, bringing the total to over 26,206 stores [1] - However, this rapid expansion has led to a decline in same-store sales, which fell by 16.7% in 2024, compared to a 21% increase the previous year [4][6] - Management remains optimistic about future growth, emphasizing the importance of scale, efficiency, and supply chain advantages [4][6] Group 3: International Expansion Challenges - The company has faced difficulties in replicating its domestic success in international markets, such as Singapore, where only 51 stores have been opened since April 2023 [7][9] - High operational costs and intense competition in overseas markets have hindered profitability [9][10] - Despite these challenges, the company is expanding into new markets, including Malaysia and the United States, with a total of 89 overseas stores as of mid-2025 [10][12] Group 4: Competitive Landscape - The company has significantly outpaced Starbucks in terms of store count and revenue growth in China, with over 26,117 stores compared to Starbucks' approximately 7,758 [13] - Starbucks has responded to the competitive pressure by adjusting its pricing strategy, indicating the impact of the company's low-price approach [13] - The ongoing competition highlights the need for the company to maintain its growth momentum while addressing potential long-term sustainability issues [13]