瑞幸咖啡，又爆了！

Core Viewpoint - Luckin Coffee reported a record high total net revenue of 12.359 billion yuan for Q2 2025, reflecting a year-on-year growth of 47.1% [1][2] - The company is expanding its store network and optimizing operational efficiency, with a focus on international markets [2][3] Financial Performance - Total net revenue reached 12.359 billion yuan, with a GAAP operating profit of 1.7 billion yuan and an operating profit margin of 13.8% [1] - Net profit attributable to ordinary shareholders was 1.251 billion yuan, marking a 44% year-on-year increase [1] Store Expansion and Sales - As of the end of Q2 2025, Luckin Coffee had a total of 26,200 stores, ranking second in the country after Starbucks [1] - The company opened 2,109 new stores during the reporting period, with same-store sales growth reaching 13.4% [1][2] - The average monthly transaction customer count was 91.7 million, up 31.6% year-on-year [1] International Strategy - Since launching its international strategy in 2024, Luckin Coffee has entered markets in Singapore, Hong Kong, and Malaysia [2] - The company began trial operations of two PICK UP stores in Manhattan, New York, highlighting its brand appeal and market potential in the U.S. [2] - The low-price strategy (60%-80% of local Starbucks prices) and self-operated model are seen as potential growth drivers for future revenue [2] Market Potential - According to Deloitte, China's per capita coffee consumption has increased from 9 cups per year in 2021 to approximately 22 cups per year in 2024, indicating significant growth potential compared to the U.S. and Japan [3] - Frost & Sullivan projects that the domestic freshly brewed coffee market will grow to 331.4 billion yuan by 2027, with a growth rate exceeding 20% [3]