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1、 Luckin Coffee,Inc.Q1 2025 Earnings Conference Call Transcript Tuesday,April 29,2025/8:00 AM ET.Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 1 PARTICIPANTS Jinyi Guo Co-founder and CEO,Luckin Coffee Jing An CFO,Luckin Coffee Nancy Song Investor Relations Director,Luckin Coffee Yongji

2、an Yi Analyst,Guojin Securities Ethan Wang Analyst,CLSA PRESENTATION Operator Ladies and gentlemen,welcome to Luckin Coffees first quarter 2025 earnings conference call.All participants will be in listen-only mode during managements prepared remarks,and there will be a question-and-answer session to

3、 follow.Please be advised that todays call is being recorded.Now,Id like to turn the call over to Ms.Nancy Song,Head of Investor Relations of Luckin Coffee.Nancy,please go ahead.-Nancy Song Investor Relations Director,Luckin Coffee Thank you,and hello,everyone.Welcome to Luckin Coffees first quarter

4、 2025 earnings conference call.We announced our financial results earlier today before the US market opened.The earnings release is now available on our IR website and via newswire services.Today,you will hear from Dr.Guo Jinyi,co-founder and CEO of Luckin Coffee,who will share a strategic overview

5、of our business.Following that,Ms.An Jing,our CFO will discuss our financial results in greater detail.Afterwards,we will open up the call for questions.During todays call,we will be making some forward-looking statements regarding future events and expectations.Any statements that are not historica

6、l facts,including but not limited to statements about our beliefs and expectations,are forward-looking statements.These statements involve inherent risks and uncertainties.Further information regarding these and other risks is included in our filings with the SEC.In addition,for non-GAAP measures di

7、scussed today,the accompanying reconciliation information related to those measures can be found in our earnings press release.During todays call,Dr.Guo will speak in Chinese,and his comments will be translated into English.Now Id like to turn the call over to Dr.Guo Jinyi,co-founder and CEO of Luck

8、in Coffee.Dr.Guo,please go ahead.-Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 2 Jinyi Guo Co-founder and CEO,Luckin Coffee(Translated)Hello,everyone.Welcome to todays earnings conference call.Thank you for your continued interest in and support of Luckin Coffee.Before we officially

9、begin todays call,as many of you may have seen in our earnings release,we are truly honored to welcome Mr.Li Hui,Chairman and CEO of Centurium Capital,back to Luckins Board of Directors as our new Chairman.Centurium Capital has always supported Luckin through its most challenging times,making contin

10、ued investments to ensure the stability of our corporate governance and shareholder structure.This steadfast support laid a solid foundation for Luckin to fully emerge from past difficulties and enabled our strong rebound.As a shareholder,Mr.Li Hui has remained firmly committed to Luckins journey of

11、 transformation,facilitating our team toward the success we have achieved today.His return to the Board and appointment as Chairman reflect his full confidence in our past achievements and strong recognition of Luckins long-term value.His rich experience in business management and strategies executi

12、on will help drive the continued development and global expansion of Luckins business,leading the Company into a new stage of growth.Looking ahead,I look forward to working closely with Mr.Li Hui.Under his leadership,I will remain focused on fulfilling my responsibilities as CEO and director.Togethe

13、r,we will continue to uphold Luckins core values,advance our mission and vision,and work to create long-term,sustainable value for all our shareholders and stakeholders who support Luckins development.大家好，欢迎参加今天的业绩沟通会，感谢各位对瑞幸咖啡的持续关注与支持。在业绩会正式开始之前，正如大家在公司公告中看到的，我们特别荣幸的欢迎大钲资本董事长兼CEO 黎辉先生，重新加入瑞幸董事会并亲自出

14、任董事长一职。大钲资本在瑞幸至暗时刻不离不弃，持续向瑞幸进行投入，确保了公司治理和股权结构的稳定，这也是瑞幸能够彻底完成历史切割、实现触底反弹的最重要的坚实基础。作为股东，黎辉先生本人更是始终坚定不移地支持瑞幸完成涅槃重生的历程，帮助瑞幸团队取得了今天成绩。黎辉先生能够重新加入董事会并出任董事长，体现了他对瑞幸以往业绩的充分肯定，以及对瑞幸长期价值的高度认可，也能够更充分地发挥他在管理和战略规划方面的丰富经验，深入推动瑞幸中国和全球业务的持续发展及战略布局，引领公司发展迈入新阶段、迈上新台阶。今后，我也将与黎辉先生继续紧密合作，在他的领导下更加专注于履行 CEO 和董事的工作职责，共同继续坚守

15、瑞幸的核心价值观，努力推进实现瑞幸的使命愿景，为全体股东和关心、关注瑞幸发展的伙伴们创造长期可持续的价值。Next,I will provide some highlights of our first quarter results and operational progress.Our CFO An Jing,will share additional financial details later on this call.We are off to a strong start in 2025,delivering impressive first quarter results.W

16、ith a scale-focused growth strategy,we further expanded our market share and strengthened our competitive edge.In the first quarter,our total net revenues rose by 41%year-over-year to around RMB 8.9 billion.As our network expanded to over 24,000 stores,we leveraged our scale Luckin Coffee Q1 2025 Ea

17、rnings Conference Call April 29,2025 3 to constantly drive operational efficiency and significantly improved profitability compared to the same period last year.Our operating profit rebounded to nearly RMB 740 million,with operating margin rising to 8.3%.Notably,same-store sales growth for self-oper

18、ated stores continued improving and returned to a positive territory as expected at 8.1%,following a year of fluctuations.This improvement reflects strong customer demand in Chinas coffee market and aligns well with our strategic vision.These results have reinforced our market leadership and laid a

19、solid foundation for achieving our full-year targets.接下来，我将介绍公司第一季度的运营进展，稍后 CFO 安静会和大家分享更详细的财务数据。2025 开年首季，瑞幸咖啡实现了强劲的业绩增长。我们聚焦规模优先的发展战略，进一步扩大市场份额，强化竞争优势。一季度，我们的总净收入同比增长 41%，达到了约 89亿元。依托于 24,000 多家门店，我们充分发挥规模优势，不断提升运营效率，盈利能力同比显著提高。本季度营业利润同比扭亏为盈，大幅增加至 7.4 亿元，营业利润率达到 8.3%。需要特别指出的是，我们的同店指标在经历了过去一年的波动后持续

20、趋稳向好，一季度自营门店同店销售增长率如期转正，达到 8.1%。这也印证了中国市场巨大的需求潜力，也完全符合我们此前的战略判断。这些成绩的达成，进一步巩固了瑞幸的市场领导地位，为实现全年的战略目标打下坚实基础。During the first quarter,we further deepened execution of our scale-oriented strategyconsistently expanding our store network,enhancing product quality,and growing our customer base while deliver

21、ing greater value to consumers.We continued to strengthen our core competitiveness across three pillars:“people,products,and places.”本季度，我们持续深入执行聚焦规模增长的竞争策略，扩大门店的规模优势，不断提升产品品质，在回馈消费者的同时进一步拓展客户基盘，持续增强“人”、“货”、“场”三个维度的核心竞争力。On the store front,we continuously prioritized strategic expansion,dynamically

22、evaluating market conditions and competition to identify high-potential locations while maintaining an industry-leading expansion pace.This quarter,we opened slightly more stores than initially planned as we saw evident consumer demand and untapped market opportunities.This required us to prioritize

23、 securing key locations early to lock in long-term market share.As of quarter-end,we operated 24,097 stores,further cementing our leadership as Chinas largest coffee chain brand by store count.在门店方面，我们继续推进门店优先布局的发展策略，根据市场变化和竞争情况，动态评估开店机会，保持行业领先的扩张速度。一季度，我们的开店速度略快于预期，这主要因为我们看到了客户有需求、市场有空间，更加需要优先占据点位以

24、锁定长期市场份额。截Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 4 至一季度末，我们的门店总数达到 24,097 家，进一步巩固了瑞幸作为中国门店数量最多的咖啡连锁品牌的行业领先地位。In China,we added 1,743 net new stores,bringing the total to 24,032comprising 15,541 self-operated and 8,491 partnership stores.Along with rapid expansion,we consistentl

25、y improved same-store performance,validating our balanced approach to scale and quality.Our early investments in scale during a critical window have created clear network advantage which is now effectively supporting rising consumer demand and driving same-store sales growth for our self-operated st

26、ores.This gives us greater confidence in capturing the historic growth opportunities in Chinas booming coffee market,allowing us to further expand in both high-tier and lower-tier cities.具体来看,中国市场净增 1,743 家门店，门店总数达到 24,032 家，其中自营 15,541 家，联营 8,491 家。在保持高速扩张的同时，我们的同店指标也稳步改善。这不仅体现了公司规模与质量并重的开店策略，也验证了瑞

27、幸发展战略的前瞻性和有效性。我们在关键窗口期提前布局快速建立起的规模优势，如今有效地承接住用户稳步提升的咖啡消费需求，推动自营门店同店销售增长。因此，我们也更有信心能够把握住中国咖啡市场发展的历史性机遇，进一步扩大在高线和下沉市场的门店规模。Internationally,we added 14 net new stores this quarter,reaching a total of 65:including 57 self-operated stores in Singapore and 8 franchise stores in Malaysia.As part of our lon

28、g-term development strategy,we are taking a disciplined approach to overseas expansion.We are methodically strengthening Luckins value proposition in each country,optimizing user experience and product offerings,and fine-tuning store models to meet local demand.We plan to adopt flexible,locally tail

29、ored models to steadily build overseas experience and explore further growth opportunities.国际市场方面，我们净增 14 家，门店总数达到 65 家，其中新加坡自营门店 57 家，马来西亚加盟门店 8 家。作为长期战略布局，我们将稳步推进国际化，强化瑞幸在不同国家市场的核心价值主张，优化用户体验和产品组合，打磨门店模型，以满足当地市场的独特需求。我们将以更灵活、更符合国际市场运营特点的模式，稳步积累海外运营经验，持续探索布局更多市场的机会。On the product front,we launched

30、15 new beverages and a range of light meals.Guided by our brand concept“From the Origin to You,”we strengthened our global supply chain by sourcing from premium origin regions.This effort underpins our product innovation and quality upgrades,better satisfying customers evolving preferences for taste

31、,health,and emotional resonance.Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 5 在产品方面，一季度，我们共上新 15 款饮品及多款轻食。围绕“要喝就喝原产地”的品牌理念，瑞幸不断加强上游供应链建设，布局全球优质原产地资源，为产品创新和品质升级提供了有力支撑，从而更好满足用户对口味、健康和情绪价值的综合需求。In March,as our flagship Coconut Latte approached its fourth anniversary,we secured exclusi

32、ve procurement rights to coconuts from Indonesias Bangka Islandscreating Luckins exclusive Coconut Island.With full control from origin to cup,we established a comprehensive quality management system that further enhances the appeal of our coconut series.Cumulative sales of Coconut Latte surpassed 1

33、.3 billion cups as of quarter-end.The recent launch of the Coconut Jelly Latte has brought fresh appeal to this signature lineup.今年 3 月，在常青产品生椰拿铁即将四周年之际，瑞幸咖啡专属生椰岛落户印尼，独家享有邦盖群岛椰子资源的采购权，建立了从源头到消费终端的全产业链品质把控体系，进一步强化生椰系列产品的吸引力。截至一季度末，生椰拿铁单品累计销售已超过 13 亿杯。近期上新的冻冻生椰拿铁进一步扩充了生椰家族，持续为经典产品注入新鲜感。We also upgrade

34、d our Light Milk Tea line,introducing Freshly Gentle Jasmine Milk Tea and Freshly Light Longjing Milk Tea.These products feature freshly brewed tea,animal milk fat,and low caloriesdelivering a superior,healthier and tastier tea experience.Our dedicated jasmine garden in Hengzhou,Guangxi,ensures tea

35、fragrance and quality from origin.These upgrades received widespread acclaim from both new and returning customers,with encouraging results in customer acquisition and reactivation.Notably,single-day sales of Freshly Gentle Jasmine Milk Tea peaked at 1.67 million cups,setting a new tea product recor

36、d for this year.此外，本季度轻乳茶系列全面升级，上新鲜萃轻轻茉莉、鲜萃轻轻龙井等产品，主打鲜萃茶汤、动物乳脂和低卡路里，为消费者提供更优质、更健康、更美味的茶饮体验。瑞幸在广西横州茉莉园建立的专属基地也从原产区保证了茶香品质。升级产品得到了新老用户的广泛好评，拉新唤醒用户都有积极表现。其中，鲜萃轻轻茉莉单日销量最高达到 167 万杯，创造了今年瑞幸茶饮单品单日销量的新纪录。On the customer front,our value propositions of“high quality,high convenience,and high affordability”con

37、tinue to guide our customer-first core values.We consistently reward consumers with high-quality coffee at competitive prices,while expanding our offerings to cover more dayparts and scenarios.This strategy broadens beverage choices and enhances customer experience.在客户方面，我们以“高品质、高便利性、高性价比”为锚点，始终坚持以客

38、为先的核心价值观，持续回馈消费者，让更多的消费者以更优惠的价格享受高品质咖啡。同时，通过Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 6 全品类的拓展，提升在全时段、全场景服务客户的能力，给消费者提供了更多样的饮品选择和消费体验。Supported by our extensive store network,diverse product portfolio,and highly resonant co-branded marketing campaigns,we added over 20 million new

39、transacting customers in the first quarter.Our cumulative transacting customer base exceeded 350 million by quarter-end,while monthly average transacting customers increased 24%year-over-year to over 74 million.We will continue to implement competitive pricing,including consistent RMB9.9 quality cof

40、fee initiative,and dynamically conduct region-specific operations to cultivate coffee-drinking habits and brand loyalty.These efforts will help us solidify and grow our market share as we continue leading industry development.凭借庞大的门店交付网络，多元化的产品选择，以及频频出圈的营销联名活动，一季度我们新增交易客户数超过 2,000 万，截至本季度末，瑞幸的累计交易用户

41、数超过 3.5 亿。此外，我们的月均交易客户数超过7,400万，同比增加24%。接下来，我们将继续坚持有竞争力的价格策略，持续开展 9.9 品质咖啡活动，分区域精细化运营，不断培育并深化消费者咖啡饮用习惯与品牌粘性。在引领行业发展的同时，巩固并扩大我们的市场份额。Apologies that we dropped the line for a little bit.Back to our earnings call,on the ESG front,we advanced our sustainability strategy,“Being a Force for a Brighter Fut

42、ure,”and supported the green,low-carbon transformation of Chinas coffee industry.This April,our flagship store in Zhongguancun,Beijing,received the highest LEED ID+C Platinum certification for green buildingsmaking us the first Chinese coffee brand to earn this recognition.This achievement demonstra

43、tes our leadership in global sustainability standards and sets a new benchmark for the industry.Our LEED Volume Prototype store model has also been certified at the Gold level,and we plan to expand such certification across our new Relax stores.Additionally,as an annual promotion partner for Earth H

44、our,we engaged the public both online and offline to promote environmental awareness and encourage sustainable lifestyles.抱歉，刚才掉线了。此外，在 ESG 实践领域，我们积极践行“以赴美好明天”的可持续发展战略，致力于推动中国咖啡行业的绿色化、低碳化转型。本月，瑞幸咖啡北京中关村旗舰店荣获 LEED ID+C 最高等级的绿色建筑铂金级认证，瑞幸也成为首家获得此项认证的中国咖啡品牌。这标志着瑞幸旗舰门店在绿色可持续发展领域已达到国际领先水平，为行业可持续发展树立了新标杆。同

45、时，瑞幸 LEED标准化门店模型已通过金级认证，未来我们也计划陆续推进新建悠享店的相关认证。此外，本季度瑞幸参与了“地球一小时”活动，作为年度推广合作伙伴，通过线上和线下多种方式传递环保理念，鼓励消费者践行可持续的生活方式。Chinas coffee market remains in a golden period of rising penetration and increasing consumption frequency,presenting vast opportunities.Despite a dynamic macro Luckin Coffee Q1 2025 Earni

46、ngs Conference Call April 29,2025 7 environment and evolving competition,we will leverage our strong organizational capabilities and solid business foundations to remain agile and respond swiftly to market dynamics.We believe that a sound strategy,strong execution,and solid fundamentals will enable

47、us to seize opportunities,adapt quickly,and weather fluctuations.Looking ahead,our focus remains on sustainable growth.Our scale advantage,product quality,and compelling value position us well to capture Chinas structural coffee growth.We will continue improving supply chain and digital capabilities

48、 to enhance operational efficiency,drive long-term high-quality growth,and create lasting value for our shareholders.当前，中国咖啡市场仍处在渗透率和消费频次稳步提升的黄金机遇期，市场空间和增长潜力巨大。尽管宏观环境和市场竞争复杂多变，我们会凭借坚实的组织能力和业务基础，始终保持市场敏锐度，做到积极迅速调整响应。我们相信，正确的战略、出色的执行以及扎实的业务基本面可以让我们把握机遇、灵活应变、穿越波动。着眼长期，我们会聚焦业务的可持续发展，通过规模优势、产品品质、高性价比，充分把

49、握中国咖啡市场结构性的增长机遇。通过持续强化供应链优势和数字化能力，不断提升运营效率，推动长期高质量增长，为股东创造长期价值。Finally,our achievements are made possible by the trust of our customers,the collaboration of our partners,the support of our investors,and the dedication of 140,000 Luckin team members.We extend our sincere gratitude to everyone support

50、ing our journey.We remain committed to leading the advancement of Chinas coffee industry and making high-quality coffee a part of everyones daily life.With that,I will turn the call over to An Jing to go through our financial results in detail.最后，瑞幸成绩的取得离不开每一位消费者的坚定选择和合作伙伴的并肩同行，也离不开投资人的长期信任与支持，更离不开

51、14 万瑞幸伙伴的全力以赴。在此，我们向所有关心、支持瑞幸发展的朋友们致以诚挚的谢意。我们将秉持初心，引领中国咖啡行业持续向前发展，让高品质咖啡成为大家日常生活的一部分。接下来，有请 CFO 安静向大家介绍详细的财务数据。-Jing An CFO,Luckin Coffee Thank you,Jinyi.Good day,everyone.Thank you for joining todays call.We are pleased to start 2025 with strong momentum.Our effective execution of growth strategies

52、 has driven robust topline growth as well as margin expansion,further strengthening Luckins leadership.Moreover,our self-operated stores resumed positive same-store sales growth,which better positions us to capture the exciting opportunities in Chinas coffee market.Luckin Coffee Q1 2025 Earnings Con

53、ference Call April 29,2025 8 Lets now look at our financial performance in detail.In the first quarter,our total net revenues increased by 41%year-over-year to RMB 8.9 billion,primarily driven by a 42%year-over-year increase in GMV which reached RMB 10.4 billion.This strong growth was mainly driven

54、by increased product sales as we added more monthly transacting customers along with our store expansion.In terms of sources of revenue:Revenues from product sales increased by 42%year-over-year to RMB 6.8 billion.This growth reflects rising customer demand fulfilled by our innovative and diverse pr

55、oduct offerings as well as extensive store network.Breaking down our product sales into three streams:Net revenues from freshly brewed drinks were RMB 6.2 billion,about 70%of total net revenues.Net revenues from other products were RMB 477 million,about 5%of total net revenues.And net revenues from

56、others were RMB 145 million,about 2%of total net revenues.Revenues from partnership stores increased by 38%year-over-year to RMB 2.1 billion,accounting for 23%of total net revenues.Revenues from self-operated stores increased by 41%year-over-year to RMB 6.5 billion.More importantly,same-store sales

57、growth returned positive to 8.1%this quarter,supported by robust customer demand and balanced store expansion.Favorable weather conditions also contribute to the improvement.Our store-level operating profit increased significantly by 245%year-over-year to RMB 1.1 billion,with store-level operating m

58、argin expanded by 10.1 percentage points to 17.1%.Shifting to costs and expenses.Cost of materials increased by 21%year-over-year to RMB 3.6 billion,whereas cost of materials as a percentage of total net revenues decreased to 40%from 47%in the same period of 2024.This ratio improvement is mainly dri

59、ven by product mix changes and enhanced supply chain advantages,contributing to gross margin expansion.However,we have not yet been exposed to the negative impact from rising coffee bean prices during this quarter.As we start building new coffee bean inventory this year,higher coffee bean costs may

60、weigh on gross margins since the second half of 2025.Having said that,we expect to leverage our scale and efficiency advantages to partially mitigate such impact.Store rental and other operating costs increased by 27%year-over-year to RMB 2.3 billion,whereas store rental and other operating costs as

61、 a percentage of total net revenues decreased to 26%from 29%in the same period of 2024 as a result of operating leverage from more cup sales.The absolute amount increase was primarily due to store expansion as well as increases in labor costs,store rental costs,utilities and other store operating co

62、sts.Delivery expenses increased by 54%year-over-year to RMB 689 million,mainly due to an increase in delivery orders,but delivery expense per order decreased as a result of greater economies of scale.Delivery expenses as a percentage of total net revenues Luckin Coffee Q1 2025 Earnings Conference Ca

63、ll April 29,2025 9 increased to 7.8%from 7.1%in the same period of 2024,aligning with delivery order increases.Sales and marketing expenses increased by 52%year-over-year to RMB 496 million,primarily due to continued strategic investments to strengthen our brand power as well as increased commission

64、 fees to third-party food delivery and live streaming platforms.Sales and marketing expenses as a percentage of total net revenues increased to 5.6%from 5.2%in the same period of 2024.General and administrative expenses increased by 22%year-over-year to RMB 681 million,whereas G&A expenses as a perc

65、entage of total net revenues decreased to 7.7%from 8.9%in the same period of last year,reflecting enhanced operational efficiency.The absolute amount increase was primarily driven by higher investments in research and development,increased share-based compensation,and payroll costs.Moving to profit

66、and margin performance,our GAAP operating profit improved substantially from negative RMB 65 million in the same quarter of 2024 to RMB 737 million,with operating margin rebounding from negative 1.0%to 8.3%.On a non-GAAP basis,operating profit increased year-over-year to RMB 864 million,with operati

67、ng margin at 9.7%.Net profit improved significantly from negative RMB 83 million in the same quarter of 2024 to RMB 525 million,with net margin rising from negative 1.3%to 5.9%for the quarter.On a non-GAAP basis,net profit improved year-over-year to RMB 649 million,with net margin at 7.3%.Finally,tu

68、rning to our balance sheet and cash flow items.For the first quarter of 2025,our net operating cash inflow was RMB 897 million.As of March 31,2025,we had around RMB 6.1 billion in cash,including cash and cash equivalents,restricted cash,term deposits,and short-term investments,compared to RMB 5.9 bi

69、llion as of December 31,2024.Our healthy balance sheet and strong cash position provide us with the financial flexibility and resilience to navigate dynamic macro and industry-wide challenges,as well as to invest in growth opportunities.In closing,our first-quarter performance reflects strength and

70、resilience in our business and execution.With vast market potential ahead,we are well positioned to drive sustainable growth while enhancing operational efficiency.With that,well open the call for questions.Operator,please go ahead.-QUESTIONS AND ANSWERS Operator(Operator Instructions)The first ques

71、tion comes from Yongjian Yi with Guojin Securities.Please go ahead.Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 10 -Yongjian Yi Analyst,Guojin Securities(Foreign Language)This is Yongjian Yi from Guojin Securities.Hello,Dr.Guo and hello,An Jing.We noted a notably improvement in SSSG.

72、So Id like to know what was the driver behind that?So probably you can split between price and volume.And going forward,how should we think about the SSSG trend in the coming quarters for this year?Thank you.-Jinyi Guo Co-founder and CEO,Luckin Coffee(Translated)So as we communicated in our previous

73、 two earnings conference call,SSSG is always a crucial operational metric we are closely monitoring.In the first quarter,growth was primarily driven by volume.The notable improvement in SSSG came from both external and internal factors.Externally,Chinas coffee market continues to gain momentum,givin

74、g us significant consumer demand and unlocking considerable growth potential,so this is industry benefit for us.Many of the new stores we opened over the past one year have now entered their maturity phase.We expanded our store network enabled us to better capitalize on these market tailwinds.And in

75、 addition,a relatively warmer winter this year,especially when compared to the same period last year,also supported stronger-than-expected cup sales and further drive our performance.谢谢，我来回答这个问题。同店增长这个指标一直是我们密切关注的重要经营指标。这个问题我记得在前两次的业绩沟通上可能也提到过。我们回头看一季度同店增长其实主要是靠杯量上涨来驱动的，这个指标大幅提升主要得益于主客观两方面因素来看。首先从客观

76、来看，随着中国咖啡市场进入到一个发展的快车道，消费的需求和增长的潜力正在逐步释放，其实这是行业的红利。过去一年我们新开出的门店也陆陆续续进入到一个成熟的阶段，更广泛的门店布局可以让我们更加充分地把握发展的红利。同时，我们也看到了，今年一季度与去年同期相比整体气温偏高，有利的暖冬天气也能够带动杯量表现其实好于预期，所以这也促进了整个业绩的提升。So internally,the SSSG trend is also consistent with what weve been communicating with the market.So the return to positive SSSG

77、 further validates our strategic decision back in 2023 when we accelerated our store opening pace during this window of opportunity.The stores we opened are of high quality and in very carefully selected locations.Over time,they have shown strong resilience and growing ability to meet customer deman

78、d.So leveraging our brand strength,diversified product offerings,as well as our supply chain advantages,we have continued to attract more customers,optimize per-cup cost,and enhance in-store cup sales.Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 11 另一个方面，我们从主观来看，同店指标的转正其实和我们前面和大家沟通的趋

79、势发展完全一致。这充分验证了我们在 2023 年整个咖啡行业发展的战略窗口期决定全面加速开店的战略判断是非常正确的。也说明我们在那个时候开出来的门店都是质量过硬的、位置精准的好店，当然也随着时间推移，门店承接需求的能力和经营的韧性也逐步凸显出来。凭借瑞幸的品牌势能和丰富多样的产品，加上供应链优势的充分发挥，吸引更多用户消费的同时能够持续优化单杯成本，从而能够不断提升门店杯量表现。So in summary,the 8%SSSG growth in the first quarter reflects both our solid fundamentals and some seasonal t

80、ailwinds.We expect SSSG to moderate in the coming quarters as conditions normalize,and we will continue to closely monitor this operational metric and remain focused on maintaining a positive,sustainable same-store sales growth going forward.Thank you.所以简单总结一下，一季度同店指标 8%的增长是既是我们基本面扎实的业务体现，当然也具有一定的季节

81、性特点，这个指标在今年的未来几个季度可能会有所回落。当然我们会持续关注同店增长这一个关键业务指标，努力使其保持在一个健康、正向、可持续的一个发展水平。谢谢。-Operator The next question comes from Ethan Wang of CLSA.Ethan,Please go ahead.-Ethan Wang Analyst,CLSA(Foreign Language)Ill translate into English.Good evening,management.So we noticed the net profit for first quarter is

82、 quite impressive.So just wanted to ask from managements perspective,what are the main drivers and more importantly,if these drivers are sustainable?If we look at the results on the full year perspective,what should the market expect the net profit level to be?Thank you so much.-Jinyi Guo Co-founder

83、 and CEO,Luckin Coffee(Translated)Thank you.I will briefly share my overall perspective on this years profitability and then pass to our CFO An Jing to elaborate on first-quarter situation.We believe Chinas coffee market is still in very early stages of rapid growth,and scale expansion and market sh

84、are remain our top priorities.As such,we will continue our competitive pricing strategy and currently we have no plans to raise prices.Through Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 12 offering high-quality coffee with better prices and stronger appeal,we aim to unlock greater

85、demand,encourage coffee consumption habits,as well as solidify our market leadership.好，谢谢。我先简单介绍一下对今年利润的整体看法。后面安静总再详细展开介绍一季度的情况。首先，我们认为中国咖啡市场目前还是处在一个快速发展的相对早期阶段，规模增长和市场占有率仍然是瑞幸当前最重要的一个战略重点。因此，我们将继续保持有竞争力的价格策略，目前没有提价的计划。我们会努力让瑞幸的高品质咖啡更具性价比，也更有吸引力，从而进一步激发消费需求和潜力，培养消费者咖啡的饮用习惯，夯实并扩大瑞幸的市场份额。On the other

86、hand,we also need to recognize two macro factors that may weigh on profitability.So first,coffee bean prices still have increased significantly from 2024 levels and remain at historical highs.As we start building our inventory this year,these higher costs are likely to affect gross margins more visi

87、bly in the second half of this year.Secondly,as you may see,several tea beverage companies have gone public recently,the competitive dynamics in this sector could also shift.To better prepare for potential the competitive pressures,we will continue investing in our brand and marketing to maintain ou

88、r leadership position.但是从另一个方面，我们也需要看到当前一些客观因素的影响。第一，目前咖啡生豆价格相较于去年有大幅提升，而且仍处在历史高位水平。伴随我们开始滚动补充库存，生豆涨价影响主要会在今年下半年开始体现，因此今年下半年的毛利可能一定程度上会面临额外的压力。当然另一方面，大家也注意到，随着近期茶饮企业陆续上市，现制饮品行业竞争格局也可能出现新的变化。为了更好的应对潜在的竞争挑战，我们也将会持续加大品牌和营销投入，努力保持行业领先的地位。So overall,the magnitude of these impacts remains to be seen.Howev

89、er,we plan to leverage our scale advantages and improved operational efficiency to help absorb and offset these pressures to some extent,and to maintain a healthy and sustainable level of profitability.So this is my answer and I will pass to an Jing to elaborate the first quarter results.所以总体而言，这些因素

90、的影响程度仍然有待观察，当天我们也会持续通过我们的规模优势，以及运营效率的不断提升，一定程度上来消化对冲这些影响，努力保持在一个健康合理的利润水平。我这个问题回答就这些，下面安静来展开详细讲一下，谢谢。-Jing An CFO,Luckin Coffee Luckin Coffee Q1 2025 Earnings Conference Call April 29,2025 13 In the first quarter,our improvement in operating profit was mainly driven by product mix changes and econom

91、ies of scale.From a product mix perspective,were responding to the growing consumer preference for the lighter and healthier beverages by launching more refreshing drinks,such as our Fruity Americano series.These drinks typically have higher gross margins than milk-based coffees.Since we began adjus

92、ting our product mix in March of last year,refreshing drinks contributed around 10 percentage points more to our cup sales in Q1 2025 compared to last year,which notably lifted our overall gross margin.From a scale perspective,our broad range of quality beverages at attractive prices,combined with i

93、mpactful marketing campaigns,drove high single-digit year-over-year growth in daily cup sales per store.This volume growth brought meaningful operating leverage.And structural cost efficiency unlocked further profitability potential.Thank you.-Ethan Wang Analyst,CLSA(Foreign Language)Thank you so mu

94、ch.-Operator Due to time restraints,no further questions will be taken at this time.This concludes the question and answer session.Id like to turn the call back to the management team for any closing remarks.-Nancy Song Investor Relations Director,Luckin Coffee Thank you everyone for joining our call today.If you have any further questions,please feel free to contact our IR team.This concludes todays call.We look forward to speaking with you again next quarter.Thanks.-Operator This conference has ended.You may now disconnect.END OF TRANSCRIPT