外卖大战导致配送费大涨两倍：瑞幸去年四季度净利下滑38%

Core Insights - The ongoing battle over delivery subsidies is significantly impacting the profitability of companies in the industry, as evidenced by Luckin Coffee's recent financial results [2][3] Financial Performance - In Q4 2025, Luckin Coffee reported total revenue of 12.777 billion yuan, a year-on-year increase of 32.9%, while net profit was 518 million yuan, down approximately 38% from 851 million yuan in the same quarter of 2024 [2] - For the full year 2025, total revenue reached 49.288 billion yuan, reflecting a 43% year-on-year growth, with an annual operating profit margin of 10.3%, slightly lower than the 10.4% recorded in the 2024 fiscal year [2] - Same-store sales growth for self-operated stores improved to 1.2% in Q4 2025, compared to a decline of 3.4% in the same quarter of the previous year, although this was a significant drop from the growth rates of 13.4% and 14.4% in the first two quarters of the year [2] Operational Costs - Total operating expenses for Q4 2025 were 11.955 billion yuan, a 38.9% increase year-on-year, with operating expenses accounting for 93.6% of net revenue, up from 89.5% in the previous year [3] - Delivery costs were the most significant contributor to the increase in operating expenses, totaling 1.631 billion yuan in Q4 2025, which represents a 94.5% year-on-year increase [3] - The delivery cost surge was attributed to the increase in delivery orders driven by the subsidy war, which also led to higher material costs, rent, and other operational expenses [3] Strategic Outlook - The CEO of Luckin Coffee indicated that the fluctuations in same-store sales and profits were influenced by seasonal factors, changes in delivery platform subsidy strategies, and the overall structure of cup volume [4] - The company anticipates that the ongoing changes in delivery platform subsidy strategies and the high baseline set by large-scale subsidies in 2025 may lead to certain fluctuations and challenges in same-store sales and profits in 2026 [4]