瑞幸咖啡Q3营收猛增50%，利润却降了！开店狂潮仍在继续

Core Insights - The company reported a net revenue of 15.29 billion RMB for Q3 2025, representing a year-on-year growth of 50.2%, while net profit decreased by 1.9% to 1.28 billion RMB [1][2] - Adjusted earnings per ADS for Q3 2025 were 4.4 RMB, with GAAP operating profit at 1.777 billion RMB, up 12.9%, and Non-GAAP operating profit at 1.926 billion RMB, up 15.2% [1][2] Financial Performance - Total revenue for Q3 2025 was 15.29 billion RMB, with product sales contributing 11.49 billion RMB and partner store revenue at 3.80 billion RMB [2] - Total operating expenses for Q3 2025 reached 13.51 billion RMB, a 57.0% increase year-on-year, driven by business expansion [4] - The company reported a gross profit of 1.78 billion RMB for Q3 2025, with a gross margin decline from 15.5% to 11.6% [1][4] Store Operations - Self-operated store revenue for Q3 2025 was 11.08 billion RMB, a 47.7% increase, with same-store sales growth at 14.4% [4] - The total number of stores reached 29,214 by the end of Q3 2025, with 18,882 self-operated and 10,332 partner stores, marking an 11.5% increase from Q2 2025 [4] - The company opened 3,008 new stores in Q3 2025, including 2,979 in China [4] Customer Metrics - The company added over 42 million new transaction customers in Q3 2025, with a monthly average customer count of 112 million, a 40.6% year-on-year increase [4] - Cumulative transaction customers surpassed 420 million by the end of Q3 2025 [4] Management Commentary - The CEO emphasized the company's scale-oriented strategy, highlighting strong revenue growth and double-digit same-store sales increases [5] - The company aims to continue product innovation and enhance brand value to sustain long-term growth [5]