Core Insights - Luckin Coffee reported strong performance in Q2 2024, with total net revenue reaching 12.359 billion RMB, a year-on-year increase of 47.1% [1] - The company achieved a GAAP operating profit of 1.7 billion RMB, up 61.8% year-on-year, with an operating profit margin of 13.8% [1] Store Expansion - Luckin Coffee expanded its store network, reaching a total of 26,206 stores globally, with 2,109 new stores opened in Q2 [2] - In China, the company added 2,085 stores, bringing the total to 26,117, including 16,903 self-operated and 9,214 franchised stores [2] - Internationally, 24 new stores were opened, totaling 89 overseas locations, with significant presence in Singapore and Malaysia [2] Product Innovation - The company focused on product innovation, with the "Orange C Americano" selling over 350 million cups, and the newly launched "Light Body Fruit and Vegetable Tea" selling over 11.2 million cups within two weeks [3] - Monthly active customer transactions increased by 31.6% year-on-year, reaching 91.7 million, marking a historical high [3] Supply Chain Development - Luckin Coffee is enhancing its supply chain, with a new roasting facility in Xiamen expected to increase annual roasting capacity to 155,000 tons [4] - The company is also committed to sustainability, achieving multiple LEED certifications for its facilities [4] Management Perspective - The CEO emphasized the focus on scale growth, revenue increase, and operating profit margin improvement, highlighting the company's competitive advantages in the market [5]

Core Viewpoint - Luckin Coffee reported strong financial results for the first half of 2025, with significant revenue and profit growth compared to the previous year [2][10][30]. Financial Performance - For the first half of 2025, Luckin Coffee's revenue reached RMB 212.24 billion (approximately USD 29.59 billion), up from RMB 146.81 billion in the same period last year, representing a year-on-year increase of 44.5% [2]. - In Q2 2025, the company generated revenue of RMB 123.59 billion (approximately USD 17.23 billion), a 47.1% increase from RMB 84 billion in Q2 2024 [10][30]. - The operating profit for Q2 2025 was RMB 17 billion (approximately USD 2.37 billion), a 61.8% increase from RMB 10.51 billion in Q2 2024, with an operating margin of 14% [25][30]. - Net income for Q2 2025 was RMB 12.51 billion (approximately USD 1.74 billion), up 43.6% from RMB 8.71 billion in Q2 2024, with a net profit margin of 10.1% [30][32]. Revenue Breakdown - Revenue from product sales in Q2 2025 was RMB 94.915 billion (approximately USD 13.23 billion), a 44.9% increase from RMB 65.524 billion in Q2 2024 [10][12]. - Revenue from partnership stores in Q2 2025 was RMB 28.673 billion (approximately USD 3.998 billion), reflecting a 55% year-on-year growth [15]. - The company reported that self-operated store revenue for Q2 2025 was RMB 91.362 billion (approximately USD 12.738 billion), a 45.6% increase from RMB 62.77 billion in Q2 2024 [13]. Cost and Expenses - Total operating expenses for Q2 2025 were RMB 106.587 billion (approximately USD 14.861 billion), a 45% increase from RMB 73.519 billion in Q2 2024 [21]. - Material costs for Q2 2025 were RMB 46 billion (approximately USD 6.414 billion), up 36.6% from RMB 33.682 billion in Q2 2024 [22]. - Delivery expenses surged by 175.1% to RMB 16.697 billion (approximately USD 2.328 billion) in Q2 2025 compared to RMB 6.069 billion in Q2 2024 [22]. Store Expansion - As of June 30, 2025, Luckin Coffee had a total of 26,206 stores, including 16,968 self-operated stores and 9,238 partnership stores, with a net addition of 2,109 stores in Q2 2025 [17][18]. - The same-store sales growth for self-operated stores was 13.4% in Q2 2025, up from 8.1% in the previous quarter [13][18]. Management Changes - In April 2025, Luckin Coffee announced a management change, with the chairman of Dazhong Capital replacing Guo Jinyi as chairman of Luckin Coffee [5].

封面图片来源：每日经济新闻 资料图 每经成都7月30日讯（记者王紫薇）今日（7月30日）晚间，瑞幸咖啡公布2025年第二季度财报。数据显 示，2025年第二季度瑞幸咖啡总净收入为123.59亿元，同比增长47.1%。二季度GAAP营业利润同比增 长61.8%，达17.00亿元，营业利润率提升至 13.8%。公司二季度净新开门店数为2109家，其中中国市场 净增2085家，瑞幸咖啡全球总门店数达26206家。本季度，瑞幸咖啡在中国市场净增2085家门店，海外 门店总数已达到89家。 ...

【环球网财经报道 记者 李文瑶】7 月 30 日晚间，瑞幸咖啡（OTC：LKNCY）公布 2025 年第二季度财 报，凭借门店覆盖、运营效率、产品交付和供应链能力的多维提升实现业绩强劲增长。数据显示，2025 年第二季度瑞幸咖啡总净收入为 123.59 亿元人民币， 同比增长 47.1%。 二季度 GAAP 营业利润同比增 长61.8%，达 17.00 亿元人民币，营业利润率提升至 13.8%，GMV 达141.79 亿元人民币。 随着现制饮品旺季到来，瑞幸咖啡二季度经营业绩稳步提升。自营门店收入达91.36亿元人民币，同比 增长45.6%；自营门店同店销售增长率实现13.4%的双位数增长；自营门店门店层面营业利润达19.22亿 元人民币，同比增长42.3%。与此同时，联营门店收入同比增长55.0%，达到28.67亿元人民币。 在用户方面，瑞幸咖啡通过便捷的门店交付体系，高品质的产品和服务，同时不断与消费者建立情感链 接，二季度月均交易客户数同比增长31.6%，达9170万，再创历史新高。截至二季度末，瑞幸咖啡累计 交易客户数突破3.8亿。 在门店运营方面，瑞幸咖啡持续加强门店网络布局，提升市场渗透率，二季度 ...

格隆汇7月30日｜瑞幸咖啡披露2025年第二季度财报，公司业绩加速提升，总净营收达123.59亿元(人民 币，下同)，再创单季收入新高，同比增长47.1%，预估111.6亿元；净利润12.5亿元，同比增长44%；经 调整每股ADS净收益4.40元；GAAP营业利润达17亿元，营业利润率13.8%；自营门店同店销售增长率 显著提升至13.4%；净新开门店2109家，季末门店总数达26206家；月均交易客户数达9170万，同比增 长31.6%。 ...

瑞幸咖啡发布财报数据显示，第二季度净营收123.59亿元，上年同期84.03亿元；归属公司普通股东净利 润12.51亿元，上年同期8.71亿元。 ...

瑞幸咖啡二季度净营收123.6亿元人民币，同比增长47%，预估111.6亿元人民币；二季度净利润12.5亿 元人民币，同比增长44%；二季度经调整每股ADS净收益4.40元人民币。 （文章来源：华尔街见闻） ...

二季度经调整每股ADS净收益4.40元人民币。 二季度净利润12.5亿元人民币，同比增长44%； 【瑞幸咖啡二季度净营收123.6亿元人民币，同比增长47%】瑞幸咖啡二季度净营收123.6亿元人民币， 同比增长47%，预估111.6亿元人民币； ...

Group 1 - The core viewpoint of the article highlights that Luckin Coffee reported a net revenue of 12.36 billion RMB for the second quarter, representing a year-on-year growth of 47%, surpassing the estimated 11.16 billion RMB [1] - The company achieved a net profit of 1.25 billion RMB in the second quarter, which is a 44% increase compared to the previous year [1] - Adjusted earnings per ADS for the second quarter were reported at 4.40 RMB [1]

Core Insights - The article highlights the competitive landscape of the coffee market in China, focusing on the growth and strategies of Luckin Coffee and its positioning against established players like Luckin Coffee and Kudi Coffee [1][6][9] Group 1: Company Overview - Luckin Coffee aims to expand its store count to over 10,000 by 2025, having already established over 6,000 stores in lower-tier markets [2][4] - The company has a strong supply chain, with its roasting capacity reaching 8,000 tons annually at its main factory and an additional 20,000 tons from a new facility [4][10] - The brand's pricing strategy positions its products at around 5.9 yuan for a cup of coffee, allowing for a 50% gross margin for franchisees [10][11] Group 2: Market Positioning - Luckin Coffee is adopting a "rural encircling urban" strategy, focusing on lower-tier markets before expanding into first-tier cities [9][10] - The coffee market is becoming increasingly competitive, with major brands like Starbucks, Kudi Coffee, and McDonald's also expanding their coffee offerings [6][7] - The brand's marketing efforts are intensifying, with a notable increase in franchise inquiries by over 300% in July [12][13] Group 3: Franchise and Support - Luckin Coffee is implementing supportive measures for franchisees, including waiving fees for two years in major cities and offering significant discounts for existing franchisees [11][12] - The company emphasizes the importance of a robust supply chain to maintain competitive pricing and operational efficiency [13][14] - The brand's growth strategy is underpinned by the trust franchisees have in the parent company, Mixue Group, which has a well-established market presence [11][13]