来源：YOUNG财经漾财经 资料图。 瑞幸咖啡：年收近500亿的背后 王琳 对于瑞幸咖啡来说，2025年是规模全速冲刺的一年。 2月26日，瑞幸咖啡发布2025年第四季度及全年未经审计财报，交出一份全年高增、季度承压的成绩 单：全年营收、利润双双高增，盈利底盘稳固，四季度单季却受外卖配送费用激增、外卖平台补贴收缩 等因素影响，出现利润大幅回落、同店增速骤降，短期压力集中释放。 在过去一年里，瑞幸咖啡完成从"万店"到"3万店"的跨越，核心数据再创新高： 2025年，全年实现总净收入达到492.88亿元，同比增长43%；GAAP（美国通用会计准则）营业利润 50.73亿元，同比增长42.1%；营业利润率稳定在10.3%，与上年基本持平；GAAP净利润36亿元，同比 增长21.8%。 经营活动现金流充沛，年末现金及等价物、定期存款合计近90亿元，财务状况扎实。原材料成本占比稳 定在40%左右，租金及运营成本占比约25%，核心成本结构可控。 从财务结构来看，2025年瑞幸咖啡全年营收增长由自营与联营双轮驱动，其中，自营门店全年收入 362.43亿元，同比增长41.6%，联营门店收入115.94亿元，同比增长49.7% ...

王琳 对于瑞幸咖啡来说 ，2025 年是规模全速冲刺的一年 。 2月26日，瑞幸咖啡发布2025年第四季度及全年未经审计财报，交出一份全年高增 、 季度承压 的成绩单 ： 全年营收、利润双双高增，盈利底盘稳固，四季度单季却受外卖配送费用激增 、 外卖平台补贴收缩等因素影响，出现利润大幅回落、同店增速骤降，短期压力集中释放。 这份财报既是瑞幸咖啡站上3万门店、4.5亿用户、近500亿元营收的里程碑答卷，也以单季"增 收不增利"的鲜明反差，揭示出中国现制咖啡龙头在规模扩张与盈利承压之间的阶段性博弈。 规模再上新台阶 资料 图。 在过去一年里，瑞幸咖啡完成从"万店"到" 3 万店"的跨越，核心数据再创新高 ： 瑞幸咖啡：年收近500亿的背后 2025 年，全年实现总净收入达到492.88亿元，同比增长43%；GAAP （ 美国通用会计准则 ） 营业利润50.73亿元，同比增长42.1% ； 营业利润率稳定在10.3%，与上年基本持平 ； GAAP净 利润36亿元，同比增长21.8%。 经营活动现金流充沛，年末现金及等价物、定期存款合计近90亿元，财务状况扎实。原材料成 本占比稳定在40%左右，租金及运营成本占比约2 ...

Core Viewpoint - The Chinese noodle restaurant sector, long overlooked by capital, is experiencing renewed interest with the IPO of Guangzhou Yujian Xiaomian Catering Co., Ltd. (Yujian Xiaomian), which has built a network of over 450 stores in 11 years and is the fourth largest operator in China [2][4]. Company Performance - Yujian Xiaomian's revenue increased from 418 million yuan in 2022 to 1.154 billion yuan in 2024, with net profit turning from a loss of 35.973 million yuan to a profit of 60.7 million yuan during the same period [2]. - In the first half of 2025, the company maintained double-digit growth, with revenue and net profit growth rates of 33.7% and 95.77%, respectively [2]. Market Dynamics - The noodle restaurant market in China is highly fragmented, with a market size of 286.6 billion yuan in 2024, expected to reach 495.6 billion yuan by 2029, reflecting a compound annual growth rate of 11.0% [9]. - Yujian Xiaomian holds a market share of only 0.5%, ranking fourth among competitors, indicating a lack of significant market dominance [9]. Expansion Strategy - Yujian Xiaomian has rapidly expanded its store count from 170 at the end of 2022 to 451 by mid-2025, primarily through company-owned stores [15]. - The average time to open a new store has decreased from 4.5 days in 2023 to about 3 days in 2025, showcasing accelerated growth [15]. Financial Health - The company has seen a significant increase in rental liabilities, rising from 439 million yuan in 2022 to 762 million yuan by mid-2025, which poses a challenge for debt repayment [17]. - As of mid-2025, Yujian Xiaomian's cash and cash equivalents were only 50.03 million yuan, insufficient to cover its rental liabilities [17]. Competitive Landscape - The noodle restaurant sector has seen a decline in capital interest, with financing events dropping from 21 in 2021 to none in 2024, contrasting with other food and beverage sectors that have maintained investor interest [8]. - Yujian Xiaomian's reliance on a direct store model, while ensuring brand consistency, has led to high investment costs and management complexity [15]. Operational Challenges - The average order value has decreased from 36.2 yuan per order in 2022 to 32.1 yuan in 2024, indicating a reliance on volume rather than profitability per store [10]. - The company faces a decline in key operational metrics, such as daily average sales per store and turnover rates, which have dropped from 1.4 million yuan to 1.18 million yuan per day [11].