利润5.18亿，配送费16.31亿！瑞幸Q4“失血”

Core Insights - Luckin Coffee reported a total net revenue of RMB 12.777 billion for Q4 2025, representing a year-on-year growth of 32.9%, while net profit decreased by 38% to RMB 518.2 million [1] - For the entire year of 2025, total net revenue reached RMB 49.288 billion, a significant increase of 43.0%, with net profit growing by 21.8% to RMB 3.6 billion [2] Financial Performance - In Q4 2025, self-operated store revenue was RMB 9.547 billion, up 32% year-on-year, and partnership store revenue was RMB 2.847 billion, up 39.2% [3] - The GAAP operating profit for Q4 was RMB 821 million, with an operating profit margin of 6.4%. For the full year, GAAP operating profit was RMB 5.073 billion, with an operating profit margin of 10.3% [3] Store Expansion - In Q4 2025, Luckin Coffee added 1,834 new stores, including 1,792 in China, 13 in Singapore, 25 in Malaysia, and 4 in the United States. By the end of 2025, the total number of stores reached 31,048, a year-on-year increase of 39% [4] Customer Metrics - The average monthly transacting customer count for Q4 increased by 26.5% year-on-year to 98.35 million, while the full year saw a 31.1% increase to 94.15 million [5] Operating Expenses - Total operating expenses for Q4 were RMB 11.955 billion, a 38.9% increase from RMB 8.6055 billion in the same period of 2024, primarily due to business expansion. Operating expenses accounted for 93.6% of net revenue, compared to 89.5% in the previous year [6] - Material costs were RMB 5.1078 billion, up 33.2%, while store rent and other operational costs were RMB 3.1506 billion, up 32.8% [6] Strategic Outlook - The co-founder and CEO of Luckin Coffee stated that the 2025 performance reflects the company's strategic execution focused on scaling, achieving strong growth despite changing market dynamics. The company aims to continue providing high-quality, cost-effective products while expanding its business scale to create long-term value for shareholders [6]