瑞幸咖啡公布2025年第四季度及全年财报：全年总净收入超492亿元人民币

Core Insights - Luckin Coffee reported a total net revenue of RMB 127.77 billion for Q4 2025, representing a year-on-year growth of 32.9% [1][2] - The total net revenue for the entire year of 2025 reached RMB 492.88 billion, with a year-on-year increase of 43.0% [1][2] - As of the end of Q4 2025, the total number of stores reached 31,048, with cumulative transaction customers exceeding 450 million [1][2] Financial Performance - In Q4 2025, self-operated store revenue was RMB 95.47 billion, up 32.0% year-on-year, while partner store revenue was RMB 28.47 billion, increasing by 39.2% [3] - The GAAP operating profit for Q4 2025 was RMB 8.21 billion, with an operating margin of 6.4% [3] - For the full year 2025, self-operated store revenue totaled RMB 362.43 billion, a 41.6% increase, and partner store revenue was RMB 115.94 billion, growing by 49.7% [3] - The annual GAAP operating profit was RMB 50.73 billion, with an operating margin of 10.3% [3] Store Operations - In Q4 2025, Luckin Coffee added 1,834 new stores, including 1,792 in China (including Hong Kong), 13 in Singapore, 25 in Malaysia, and 4 in the United States [2][3] - The total number of stores increased by 8,708 for the entire year, marking a 39.0% year-on-year growth [2][3] - As of the end of 2025, there were 30,888 stores in China (including Hong Kong) and 160 overseas stores, including 81 self-operated in Singapore, 9 in the U.S., and 70 franchise stores in Malaysia [2][3] Customer Metrics - The average monthly transaction customer count for Q4 2025 grew by 26.5% year-on-year, reaching 98.35 million [2][3] - For the full year 2025, the average monthly transaction customer count increased by 31.1% year-on-year, totaling 94.15 million [2][3] Strategic Outlook - The CEO of Luckin Coffee emphasized the importance of end-to-end, systematic operational capabilities in the current market environment [4] - Looking ahead to 2026, the company aims to focus on providing high-quality, cost-effective products that resonate emotionally with customers while continuing to expand its business scale to create long-term value for shareholders [4]