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 12.777 billion yuan for Q4 2025, representing a year-on-year growth of 32.9% [2] - For the full year 2025, the total net revenue reached 49.288 billion yuan, showing a year-on-year increase of 43.0% [2] Financial Performance - In Q4 2025, self-operated store revenue was 9.547 billion yuan, up 32.0% year-on-year; partner store revenue was 2.847 billion yuan, increasing by 39.2% [2] - The GAAP operating profit for Q4 was 821 million yuan, with an operating margin of 6.4% [2] - For the full year 2025, self-operated store revenue totaled 36.243 billion yuan, a 41.6% increase; partner store revenue was 11.594 billion yuan, up 49.7% [2] - The annual GAAP operating profit was 5.073 billion yuan, with an operating margin of 10.3% [2] - The total GMV for the year reached 56.649 billion yuan, reflecting a year-on-year growth of 42.3% [2] 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 [3] - The company also expanded internationally, adding 42 new stores in Q4, with a total of 160 international locations, including 81 in Singapore, 9 in the USA, and 70 franchise stores in Malaysia [3] 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 [3] - The company aims to continue providing high-quality, cost-effective products that resonate emotionally with customers in 2026 [3]