长江商报消息 ●长江商报记者 沈右荣 外卖大战中的瑞幸咖啡（OTC：LKNCY）晒出成绩单。 日前，瑞幸咖啡发布2025年第四季度及全年未经审计财务业绩。财报显示，2025年全年，公司实现营业 收入492.88亿元，同比增长42.97%；净利润36亿元，同比增长21.93%。 不过，第四季度，公司出现了增收不增利的窘境：营业收入增逾30%，而净利润下降39%。公司解释， 第四季度同店销售额与盈利表现受到季节性、外卖平台补贴变化、销量结构等多重因素综合影响。 瑞幸咖啡业绩增长，与门店扩张直接相关。截至2025年末，公司全球门店达到3.1万家，当年净增8708 家。 数据显示，2025年一、二、三季度，公司实现的营业收入分别为88.65亿元、123.59亿元、152.87亿元， 同比增长41.21%、47.08%、50.16%，均为快速增长；对应的净利润为5.25亿元、12.51亿元、12.78亿 元，同比变动731.28%、43.56%、-2.74%。 2026年，瑞幸咖啡继续门店扩张步伐。不过，公司不再局限于卖咖啡，正向全时段、全品类现制饮品平 台转型。2025年，公司非咖啡类饮品杯量占比超过20%。 瑞幸咖 ...

Core Viewpoint - The new forces in China's automotive industry have collectively entered a phase of profitability, marking a significant transition from reliance on external funding to self-sustaining growth [3][4][12]. Group 1: Profitability Milestones - NIO has forecasted a quarterly profit of 700 million to 1.2 billion yuan for Q4 2025, marking its first quarterly profit [9]. - XPeng Motors has reported a total revenue exceeding 20 billion yuan for Q3 2025, with a gross margin surpassing 20% and a significant reduction in net losses [9]. - The collective profitability of these new forces, including NIO, XPeng, and Li Auto, signifies the arrival of a new era in the automotive sector [9][12]. Group 2: Factors Driving Profitability - Key drivers behind this collective profitability include cost reduction through technological innovation and optimization of product structures [9][10]. - Vertical integration and supply chain control have been crucial, with companies like Leap Motor covering approximately 70% of their vehicle costs through self-produced components [10]. - The scale effect is seen as a foundation for profitability, with XPeng's delivery volume increasing by 126% year-on-year in 2025 [10]. Group 3: Changing Competitive Landscape - The shift from "blood transfusion" to "blood production" indicates a change in competitive logic, focusing on internal operational quality and sustainable profitability [12]. - The competition is evolving from a product-centric approach to a system capability comparison, emphasizing comprehensive assessments of product definition, cost control, and brand management [12]. - Major players are building competitive moats through distinct strategies: NIO focuses on high-end electric vehicles and battery swapping, while XPeng emphasizes smart driving and range extension [12]. Group 4: Future Challenges and Strategies - Despite achieving quarterly profitability, the sustainability of this "blood production" capability remains a challenge, with potential supply chain pressures and rising costs expected in 2026 [15]. - The rapid iteration of new automotive products poses risks, as companies may rush to market without fully validating their offerings, leading to increased costs and reduced profits [15]. - The industry anticipates a more cautious approach to growth, with a focus on high-margin markets and efficient operational models [16].