外卖大战对咖啡行业的影响正在减弱，竞争将进入新维度。 2月26日晚瑞幸咖啡发布了2025年财报，全年收入达492.9亿元，同比增长43%；全年现制饮品销量达41 亿杯，相当于国人去年人均消费了约3杯瑞幸咖啡。 对于外卖大战后续市场的影响，郭谨一表示，第四季度外卖平台补贴力度在行业淡季明显收缩，外卖占 比虽环比有所下降，但仍处于较高水平。后续外卖平台补贴策略持续变化，杯量结构逐步回归自提需要 一定过程。考虑到2025年平台大规模补贴带来的高基数，2026年瑞幸同店和利润表现可能存在一定阶段 性波动和挑战，这也符合客观规律。中国咖啡市场目前仍处于快速增长的发展机遇期，短期波动并不会 改变长期增长逻辑。 随着咖啡赛道的持续升温，行业竞争也在快速加剧。除了不断涌入的新品牌外，现制茶饮企业也纷纷进 入咖啡赛道淘金。在2025年之前，国内咖啡行业已呈现供给饱和的态势，本轮平台外卖大战虽然在一定 程度上缓解了这一问题，但随着外卖大战的降温，行业竞争再次受到市场关注。但新一轮竞争中，价格 战似乎已经不再是头部咖啡品牌的主要武器。此前行业"价格屠夫"库迪咖啡也宣布结束全场9.9元的促 销活动，缩减了产品促销范围和力度。 业绩会 ...

Core Insights - Luckin Coffee reported strong performance in Q2 2025, with total net revenue reaching 12.359 billion RMB, a year-on-year increase of 47.1% [1] - The company's GAAP operating profit grew by 61.8% year-on-year to 1.7 billion RMB, with an operating profit margin of 13.8% [1] - The number of new stores opened in Q2 was 2,109, bringing the total number of stores globally to 26,206 [1] Financial Performance - Total net revenue for Q2 2025 was 12.359 billion RMB, reflecting a 47.1% year-on-year growth [1] - GAAP operating profit reached 1.7 billion RMB, up 61.8% year-on-year, with an operating profit margin of 13.8% [1] - The GMV for the quarter was 14.179 billion RMB [1] Store Operations - Self-operated store revenue was 9.136 billion RMB, a 45.6% increase year-on-year, with same-store sales growth of 13.4% [1] - Operating profit from self-operated stores was 1.922 billion RMB, up 42.3% year-on-year [1] - Revenue from franchise stores increased by 55.0% to 2.867 billion RMB [1] Market Expansion - The company opened 2,109 new stores in Q2, with 2,085 of those in China, bringing the total number of stores in China to 26,117 [1] - The total number of international stores reached 89, with 63 in Singapore, 2 in the USA, and 24 franchise stores in Malaysia [1] Customer Growth - The average monthly transacting customer count grew by 31.6% year-on-year to 91.7 million, setting a new historical high [2] - Cumulative transaction customer count surpassed 380 million by the end of Q2 [2] Supply Chain Development - The fourth roasting factory, Luckin Coffee (Xiamen) Innovation Industrial Park, began construction in June, expected to increase annual coffee roasting capacity to 155,000 tons [2] ESG Initiatives - The company received LEED v4 ID+C Platinum certification for its flagship store in Beijing and LEED BD+C Platinum certification for its roasting base in Jiangsu [2] - The Yunnan Baoshan fresh fruit processing plant was certified as an "eco-friendly factory (demonstration)" by the World Wildlife Fund [2] Strategic Focus - The company aims to continue focusing on market share growth, leveraging scale advantages, product innovation, and user insights to adapt to changing market conditions [2]