增收不增利的瑞幸，站上新的增长十字路口

Core Viewpoint - Luckin Coffee is experiencing a significant growth in revenue while facing challenges in profitability, indicating a potential shift in its business model and growth strategy [1][5][12]. Revenue and Profitability - In Q3, Luckin Coffee reported a net revenue of 15.29 billion RMB, a year-on-year increase of 50.2%, continuing its trend of high growth [5]. - However, net profit decreased by 1.9% year-on-year to 1.28 billion RMB, marking a rare decline in profitability for the company [5]. - The GAAP operating profit was 1.777 billion RMB, up 12.9% year-on-year, but the operating profit margin fell from 15.5% to 11.6% [5]. Cost Structure - Total costs increased by 57% year-on-year, outpacing revenue growth, with delivery costs surging by 211.4%, significantly impacting profitability [7]. - Material costs rose by 40.6%, and rental and operational costs increased by 35.5% [7]. - The shift towards a higher reliance on delivery orders and rapid store expansion is leading to structural changes in the company's growth model [8]. User Growth and Market Position - Luckin Coffee added over 42 million new transaction customers in Q3, with an average monthly transaction customer count of 112 million, both reaching historical highs [7]. - The company remains the only one in the domestic coffee market capable of sustained explosive growth [8]. Expansion Strategy - As of the end of Q3 2025, Luckin had 29,214 stores globally, with 3,008 new stores opened in Q3, averaging 33 new stores per day [9]. - Self-operated store revenue grew by 47.7%, while same-store sales growth improved to 14.4% [9]. - The revenue from franchise stores increased by 62.3% to 3.799 billion RMB, indicating a strategic shift towards expanding the franchise model to reduce fixed cost pressures [10]. Future Challenges - The company faces challenges in maintaining profitability as it shifts from a focus on single-store efficiency to a reliance on franchise stores and delivery orders [10]. - The need for a sustainable growth model is emphasized, as the current rapid expansion may lead to increased operational complexity and cost management issues [10][12]. - To sustain growth without becoming passive, Luckin must enhance product quality, improve delivery efficiency, and develop differentiated capabilities beyond price competition [10].