吃到外卖商战红利，瑞幸干出了两个“星巴克”

Financial Performance - Luckin Coffee reported total net revenue of 12.359 billion yuan for Q2 2025, a year-on-year increase of 47.1%, marking the first time quarterly revenue exceeded 10 billion yuan, setting a historical record [1] - The net profit reached 1.251 billion yuan, up 43.6% year-on-year, with a net profit margin of 10.1% [1] - In comparison, Starbucks China reported revenue of 719 million USD (approximately 5.68 billion yuan) for the same period, indicating that Luckin's revenue is more than double that of Starbucks [1] Store Expansion - As of the end of Q2, Luckin Coffee operated 26,200 stores, with approximately 65% being self-operated and 35% franchised [3] - The company added over 3,800 stores in the first half of the year, exceeding initial expansion plans [3] Customer Engagement - The average monthly transaction customer count reached a record high of 91.7 million, a year-on-year increase of 31.6% [6] - The operating profit margin for self-operated stores slightly decreased to 21% from 21.5% in the same period last year [6] Market Competition - The competitive landscape in the tea and coffee market is intensifying, with major platforms like JD, Taobao, and Meituan launching significant subsidy campaigns [6][9] - Luckin Coffee, along with other brands, benefited from these subsidies, which have created a favorable external environment for growth [6] International Expansion - Luckin Coffee accelerated its international expansion, with a total of 89 overseas stores, adding 24 in Q2, the fastest growth since its international operations began [10] - The company opened two stores in the U.S., which is considered a highly competitive market for coffee [11] - Despite the expansion, the overseas business is currently operating at a loss, and the company plans to expand steadily and adapt to local markets [12] Product Development - The company has struggled to launch standout products in recent years, with no significant new hits reported in the first half of the year [12] - Recent product launches include light jasmine tea and a collaboration with Duolingo, but these have not demonstrated strong competitive advantages [12]