2025年国人人均3杯瑞幸，CEO回应外卖大战降温影响

Core Viewpoint - Luckin Coffee reported a revenue of 49.29 billion yuan for 2025, representing a year-on-year growth of 43% [1] Group 1: Financial Performance - The total sales volume of freshly made beverages reached 4.1 billion cups, indicating an average consumption of approximately 3 cups per person in China last year [1] - The CEO, Guo Jinyi, addressed the impact of the cooling competition in the delivery market and the challenges expected in 2026 [1] Group 2: Market Dynamics - In the fourth quarter, the subsidy intensity from delivery platforms significantly decreased during the industry off-season, although the delivery proportion remains at a high level [1] - The ongoing changes in delivery platform subsidy strategies will require time for the cup volume structure to gradually return to self-pickup [1] - The high base from large-scale subsidies in 2025 may lead to certain fluctuations and challenges in same-store sales and profit performance for 2026, aligning with objective market trends [1] - The Chinese coffee market is still in a rapid growth phase, and short-term fluctuations will not alter the long-term growth logic [1]