瑞幸咖啡2025年总净收入超492亿元，门店超3.1万家

Core Insights - Luckin Coffee reported a total net revenue of 127.77 billion yuan for Q4 2025, representing a year-on-year growth of 32.9% [1] - For the full year 2025, the total net revenue reached 492.88 billion yuan, with a year-on-year increase of 43.0% [1] Financial Performance - In Q4 2025, self-operated store revenue was 95.47 billion yuan, up 32.0% year-on-year; partner store revenue was 28.47 billion yuan, increasing by 39.2% [1] - The GAAP operating profit for Q4 was 8.21 billion yuan, with an operating margin of 6.4% [1] - For the full year 2025, self-operated store revenue totaled 362.43 billion yuan, a 41.6% increase; partner store revenue was 115.94 billion yuan, growing by 49.7% [1] - The annual GAAP operating profit was 50.73 billion yuan, with an operating margin of 10.3% [1] - The total GMV for the year reached 566.49 billion yuan, reflecting a year-on-year growth of 42.3% [1] Store Expansion - In Q4 2025, the company added 1,834 new stores, bringing the total number of stores to 31,048 by December 31, 2025 [2] - The international market saw a net addition of 42 stores, totaling 160 stores, including 81 self-operated stores in Singapore, 9 in the USA, and 70 franchise stores in Malaysia [2] Strategic Focus - The CEO emphasized the company's strong execution in focusing on scale growth, which has led to robust business performance despite changing market conditions [2] - The company aims to continue providing high-quality, cost-effective products that resonate emotionally with customers in 2026 [2]