2025-07-30 Luckin Coffee Inc. (LKNCY) Q2 2025 Earnings Call Transcript
Luckin Coffee Inc. (OTCPK:LKNCY) Q2 2025 Earnings Conference Call July 30, 2025 8:00 AM ET
Company Participants
Jing An - Chief Financial Officer
Jinyi Guo - Co-founder, CEO & Director
Nancy Song - Corporate Participant
Conference Call Participants
Operator
Ladies and gentlemen, welcome to Luckin Coffee Second Quarter 2025 Earnings Conference Call. \[Operator Instructions] Please be advised that today's call is being recorded.
女士们、先生们，欢迎参加Luckin Coffee 2025年第二季度财报电话会议。\[操作提示] 请注意，今天的会议正在录音。
Now I'd like to turn the call over to Ms. Nancy Song, Head of Investor Relations of Luckin Coffee. Nancy, please go ahead.
现在我想将电话交给Luckin Coffee投资者关系负责人Nancy Song女士。Nancy，请开始。
Nancy Song
Thank you. And hello, everyone. Welcome to Luckin Coffee's Second Quarter 2025 Earnings Conference Call. We announced our financial results earlier today before the U.S. market opened. The earnings release is now available on our IR website and via Newswire Services.
谢谢大家。大家好，欢迎参加Luckin Coffee 2025年第二季度财报电话会议。我们已于今天在美国市场开盘前公布了财务业绩。财报新闻稿现已可在我们的投资者关系网站以及新闻发布服务渠道上获取。
Today, you will hear from Dr. Guo Jinyi, Co-Founder and CEO of Luckin Coffee, who will share a strategic overview 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.
今天，大家将首先听到Luckin Coffee联合创始人兼首席执行官郭谨一博士的发言，他将分享公司业务的战略概览。随后，我们的首席财务官安静女士将对财务业绩进行更为详尽的说明。在此之后，我们将开放问答环节，回答大家的问题。
During today's call, we will be making some forward-looking statements regarding future events and expectations. Any statements that are not historic facts, including but not limited to statements about our beliefs and expectations, are forward-looking statements. These statements may involve inherent risks and uncertainties. Further information regarding these and other risks is included now in filings with the SEC.
在今天的电话会议中，我们将会发表一些有关未来事件和预期的前瞻性声明。任何非历史事实的陈述，包括但不限于关于我们信念和预期的表述，均为前瞻性声明。这些声明可能涉及内在的风险和不确定性。有关这些风险及其他风险的进一步信息已包含在我们提交美国证券交易委员会（SEC）的文件中。
In addition, for non-GAAP measures discussed today, the reconciliation information related to those measures can be found in our earnings press release.
此外，对于今天讨论的非美国通用会计准则（non-GAAP）财务指标，其相关的对账信息可在我们的财报新闻稿中查阅。
During today's call, Dr. Guo will speak in Chinese, and his comments will be translated into English. Now I'd like to turn the call over to Dr. Guo Jinyi, Co-Founder and CEO of Luckin Coffee. Dr. Guo, please go ahead.
在今天的电话会议中，郭博士将以中文发言，他的发言内容会被翻译成英文。现在我将电话交给Luckin Coffee联合创始人兼首席执行官郭谨一博士。郭博士，请开始。
Jinyi Guo
\[Interpreted] Hello, everyone. Welcome to today's earnings conference call. Thank you for your continued interest in and support of Luckin Coffee. In the second quarter, we continue to focus on expanding market share and scale, effectively driving strong results through sharp strategies, clear objectives and solid execution. Our total net revenues reached RMB 12.4 billion, representing a 47% year-over-year increase.
【口译】大家好，欢迎参加今天的财报电话会议。感谢大家一直以来对Luckin Coffee的关注与支持。第二季度，我们继续聚焦于扩大市场份额与规模，通过明确的战略、清晰的目标以及扎实的执行，有效推动了强劲业绩的实现。本季度我们的净收入总额达到124亿元人民币，同比增长47%。
Amid a rapidly evolving market environment, we leveraged our strength in scale, operational efficiency, fulfillment and supply chain to accelerate user acquisition with average monthly transacting customers reaching a new record high. This supported a resilient performance as we reinforce a leading position in the market.
在瞬息万变的市场环境中，我们充分发挥在规模、运营效率、履约能力及供应链方面的优势，加速用户获取，使平均月度交易用户数创下历史新高。这一表现支撑了公司在强化市场领先地位的同时保持韧性增长。
With the arrival of the peak season, growing customer demand continue to enhance same-store metrics, leading to a 13.4% same-store sales growth for self-operated stores in the quarter, supported by notable operating leverage from economies of scale. Our operating profit increased by 62% year-over-year to RMB 1.7 billion, and operating margins expanded further to 13.8%.
随着旺季的到来，客户需求持续增长，进一步改善了同店经营指标。本季度自营门店同店销售额同比增长13.4%，这一增长得益于规模经济带来的显著运营杠杆作用。我们的营业利润同比增长62%，达到17亿元人民币，营业利润率进一步扩大至13.8%。
比电商更有利可图。
Next, I will provide a detailed overview of our operational progress. Afterwards, our CFO, An Jing, will share additional financial details. In the second quarter, leveraging our key advantages across people, products and places will capitalize on industry momentum to accelerate business expansion.
接下来，我将详细介绍我们的运营进展，随后我们的首席财务官安静女士将分享更多财务细节。第二季度，我们在人才、产品和渠道等核心优势的支撑下，把握行业发展机遇，加速业务扩张。
On the storefront, we effectively see the opportunity of rising demand to speed up in store openings, expanding our presence in high-quality locations across high-tier cities while deepening our reach into lower-tier markets. As of the end of the second quarter, our total store count reached 26,206, maintaining our market leadership in China.
在门店布局方面，我们有效抓住需求增长的机遇，加快开店速度，在一线及高能级城市拓展高质量门店的同时，深入下沉市场。到第二季度末，我们的门店总数达到26,206家，稳居中国市场领导地位。
Domestically, we added 2,085 net new stores, bringing our total store count to 26,117, including 16,903 self-operated stores and 9,214 partnership stores. The accelerated pace of store openings underscores the vast still untapped potential of China's coffee market, where consumer habits continue to evolve and mature.
在国内市场，我们净增2,085家门店，使门店总数达到26,117家，其中包括16,903家自营门店和9,214家合作门店。加快的开店步伐凸显了中国咖啡市场仍蕴含的巨大未开发潜力，消费者习惯正不断演变和成熟。
Luckin's strong brand recognition and product appeal, combined with our data-driven site selection and strong execution capabilities, enable us to consistently open high-quality stores with strategic in locations. Looking ahead, we aim to maintain an industry-leading expansion pace, further strengthen our scale advantages and lay a solid foundation for long-term market share gains.
Luckin凭借强大的品牌认知度和产品吸引力，结合数据驱动的选址能力和卓越的执行力，使我们能够持续在战略性位置开设高质量门店。展望未来，我们将力争保持行业领先的扩张速度，进一步巩固规模优势，为长期市场份额增长奠定坚实基础。
Internationally, we added 24 net new stores in this quarter, bringing our total store count to 89, including 63 self-operated stores in Singapore, 2 self-operated stores in the U.S. and 24 franchise stores in Malaysia. Notably, the soft opening of 2 stores in New York marked a significant milestone in Luckin's international expansion strategy.
在国际市场方面，本季度我们净增24家门店，使门店总数达到89家，包括新加坡的63家自营门店、美国的2家自营门店，以及马来西亚的24家特许经营门店。值得一提的是，我们在纽约试营业的2家门店标志着Luckin国际化扩张战略的一个重要里程碑。
The U.S. is a highly developed coffee market, and we remain in the early stages of exploration. Our approach will be disciplined and deliberate with a focus on validating consumer response to our brand positioning, digital ordering experience, product portfolio and pricing strategy. Through this early phase, we aim to establish Luckin's unique value proposition and the customer experience in the U.S. market while building localized operational capabilities to support future scaled expansion.
美国是一个高度成熟的咖啡市场，而我们在当地仍处于探索的早期阶段。我们的策略将保持审慎和有计划，重点验证消费者对我们品牌定位、数字化点单体验、产品组合以及定价策略的反应。在这一初始阶段，我们的目标是在美国市场确立Luckin独特的价值主张与顾客体验，同时建立本地化的运营能力，以支持未来的大规模扩张。
On the product front, we launched over 20 freshly brewed beverages and several snacks in the second quarter. While maintaining a strong focus on high-quality coffee, we continue to diversify our product portfolio to keep pace with evolving consumer trends and meet customers' needs across all dayparts and consumption scenarios. This quarter, we further strengthened the health-conscious aspect of our brands, reinforcing our positioning around professionalism, youth, fashion and wellness.
在产品方面，我们在第二季度推出了20多款新鲜现煮饮品及多款零食。在保持对高品质咖啡的高度专注的同时，我们持续丰富产品组合，以紧跟不断变化的消费趋势，并满足顾客在不同时间段及多种消费场景下的需求。本季度，我们进一步强化了品牌的健康属性，巩固了以专业、年轻、时尚和健康为核心的市场定位。
In May, we introduced the Life Iced Coffee Season, featuring refreshing low-calorie beverages with upgraded formulas and a new sparkling water-based option, enhancing the appeal of our popular Fruity Americano series. Notably, our signature bestseller, Orange Americano, was upgraded with higher orange content and a richer flavor profile. By the end of the second quarter, it has surpassed 350 million cumulative cup sold.
今年5月，我们推出了“Life冰咖季”，主打清爽低卡饮品，配方全面升级，并新增气泡水基底的选择，进一步提升了广受欢迎的果味美式系列的吸引力。值得一提的是，我们的招牌畅销产品——橙子美式，已升级为更高橙含量和更丰富的口感。截至第二季度末，该产品累计销量已突破3.5亿杯。
New innovations such as Pineapple Americano, Summer Watermelon Go Blue and Lychee Americano, further enriched our flavor offerings. On the non-coffee side, the launch of our Kale Fruits and Veggies Tea provided consumers with a refreshing health-focused alternative. Within just 2 weeks of launch, it recorded over 11.2 million cups sold with solid user retention and repeat purchase rates.
新品如菠萝美式、夏日西瓜蓝以及荔枝美式，进一步丰富了我们的风味选择。在非咖啡产品方面，羽衣甘蓝果蔬茶的推出为消费者带来了清爽且注重健康的全新选择。上市仅两周，该产品销量已超过1,120万杯，并表现出良好的用户留存和复购率。
On the customer front, we continue to strengthen our appeal and expand our user base, supported by our high-quality products and services, convenient fulfillment and offerings that deliver meaningful emotional value even amid a dynamic and complex market environment. Since the second quarter, a series of creative and buzzworthy IP collaborations, including those with SpongeBob and Duolingo, have sparked strong emotional \[readiness] and purchasing intent, further driving user engagement and unlocking consumption potential.
在客户方面，我们持续增强品牌吸引力并扩大用户基础，这得益于高品质的产品与服务、便捷的履约体系，以及即使在复杂多变的市场环境下仍能传递有意义情感价值的产品与活动。自第二季度以来，我们与SpongeBob、Duolingo等进行的一系列创意且引发热议的IP联名合作，激发了用户强烈的情感共鸣与购买意愿，进一步提升了用户参与度并释放了消费潜力。
During the quarter, we added over 28.7 million new transacting customers, while monthly average transacting customers grew 32% year-over-year to nearly 91.7 million, reaching new all-time high. By the end of the quarter, our cumulative transaction customer base exceeded 380 million, establishing a solid foundation for our long-term high-quality growth.
本季度，我们新增交易用户超过2,870万，月均交易用户数同比增长32%，达到近9,170万，创下历史新高。截至季度末，我们的累计交易用户数已突破3.8亿，为长期高质量增长奠定了坚实基础。
In addition, we launched Luckin AI, a smart assistant available via our domestic app and \[mini] program, which enables personalized beverage recommendations and voice-based ordering, making the customer experience even more intelligent, convenient and engaging.
此外，我们在国内App和小程序中上线了智能助手Luckin AI，可提供个性化饮品推荐与语音点单功能，使顾客体验更加智能、便捷和富有互动性。
To support our continued large-scale expansion, we are continuously enhancing our high-quality supply chain infrastructure. In June, we broke ground on Luckin's fourth \[roasting] facility, the Xiamen Innovation Industrial Park, marking another significant step forward in advancing our self-operated core supply chain.
为支持持续的大规模扩张，我们不断优化高质量供应链基础设施。今年6月，我们开工建设Luckin的第四家烘焙厂——厦门创新产业园，这标志着我们在推进自营核心供应链方面又迈出了重要一步。
Once operational, the Xiamen facility will form a coordinated production network with our existing roasting plant in \[Ping'an], Wujin Province, Kunshan, Jiangsu Province and the Coffee Innovation Manufacturing Center in Qingdao, Shandong Province.
厦门工厂投入运营后，将与我们位于武进平安的现有烘焙厂、江苏省昆山的烘焙厂，以及山东省青岛的咖啡创新制造中心共同构建协同生产网络。
This integrated network will elevate our total annual coffee roasting capacity to 155,000 tons, setting a new record for the largest roasting capacity in China's coffee industry. This expansion will further strengthen our supply chain efficiency and quality control capabilities, reinforcing the core competitiveness that underpins our long-term sustainable development.
该一体化网络将使我们的年咖啡烘焙总产能提升至15.5万吨，创下中国咖啡行业烘焙产能的新纪录。这一扩张将进一步增强我们的供应链效率和质量控制能力，巩固支撑公司长期可持续发展的核心竞争力。
In addition, we continue to advance our ESG initiatives, supporting the green transformation of the entire coffee value chain. In May, our roasting facility in Kunshan, Jiangsu Province was awarded with LEED Platinum certification, marking an important step towards building a sustainable value chain. In June, our green coffee bean processing plant in Baoshan, Yunnan Province was recognized as an Eco-Friendly Factory Flagship by the WWF.
此外，我们持续推进ESG相关举措，支持整个咖啡价值链的绿色转型。今年5月，我们位于江苏省昆山的烘焙厂获得LEED铂金认证，这标志着我们在构建可持续价值链方面迈出了重要一步。6月，我们位于云南省保山的生豆加工厂被世界自然基金会（WWF）评选为“环保工厂旗舰”。
We also co-hosted a roundtable with experts from both the ecological and coffee sectors to promote shared values around environmental protection in Yunnan's coffee growing regions and to foster sustainable industry development.
我们还与生态和咖啡行业的专家联合举办了圆桌会议，推动云南咖啡产区在环境保护方面的共同价值观，并促进行业的可持续发展。
At the same time, we remain committed to bringing Yunnan coffee to the global stage as a strategic partner of the inaugural 2025 Gems of Yunnan Green Coffee Competition, Yunnan CoE pilot program. We actively supported this international green coffee competition debut in Yunnan, marking the first time Yunnan's coffee origins were included in the globally recognized evaluation system. This effort aims to accelerate the sustainable internationalization of the Yunnan coffee industry.
与此同时，作为首届2025“云南瑰宝”精品生豆大赛暨云南CoE试点项目的战略合作伙伴，我们持续致力于将云南咖啡推向全球舞台。我们积极支持这一国际精品生豆赛事首次落地云南，这也是云南咖啡产区首次被纳入全球认可的评测体系。此举旨在加速云南咖啡产业的可持续国际化进程。
Since the second quarter, new developments in the freshly brewed beverage market have accelerated consumer education and habit formation around coffee consumption, paving the way for the long-term beverage growth of China's coffee industry. As the largest coffee chain in China by store count, we have effectively captured these industry tailwinds to accelerate our expansion, supported by strong store-level operational efficiency, a resilient supply chain and a well-established fulfillment network.
自第二季度以来，现制饮品市场的新发展加速了消费者在咖啡消费方面的教育和习惯养成，为中国咖啡行业长期饮品增长奠定了基础。作为中国门店数量最多的咖啡连锁品牌，我们有效把握了这些行业顺风机遇，在强劲的门店运营效率、韧性十足的供应链及完善的履约网络支持下加速扩张。
In addition, our data-driven user insights, advanced digital operations and highly efficient organizational execution will allow us to respond quickly to shifting market dynamics as well as to better serve and retain our customers, which will support our high-quality sustainable growth.
此外，我们依托数据驱动的用户洞察、先进的数字化运营及高效的组织执行力，能够快速应对瞬息万变的市场动态，更好地服务并留住客户，从而支持公司高质量、可持续的增长。
Looking ahead, we remain focused on expanding market share and driving healthy business growth. By fully leveraging our scale efficiencies and continued product innovation, we are well positioned to further solidify our leadership in China's coffee market.
展望未来，我们将继续专注于扩大市场份额并推动业务健康增长。通过充分发挥规模效应并持续进行产品创新，我们有望进一步巩固在中国咖啡市场的领导地位。
Finally, I would like to extend my sincere gratitude to our customers, partners and investors for their continued trust and support and to our 150,000 Luckin team members for their dedication and hard work, guided by our entrepreneurial spirit. We remain committed to building a world-class coffee brand that delivers long-term value for our customers, partners and shareholders.
最后，我谨向我们的客户、合作伙伴和投资者致以诚挚的感谢，感谢他们一直以来的信任与支持；同时感谢我们15万名Luckin团队成员在创业精神引领下的奉献与努力。我们将继续致力于打造一个能够为客户、合作伙伴及股东创造长期价值的世界级咖啡品牌。
With that, I will turn the call over to our CFO, An Jing, to go through our financial results in detail.
接下来，我将把话筒交给我们的首席财务官安静女士，请她详细介绍我们的财务业绩。
Jing An
Thank you, Jinyi. Good day, everyone. Thank you for joining today's call. We are pleased to report another impressive quarter, marked by accelerated top line growth and expanding operating margins. Our laser focus on scaling the business helped us quickly capture new opportunities, strengthening our leadership in the market.
谢谢谨一。大家好，感谢各位参加今天的电话会议。我们很高兴地向大家汇报又一个令人瞩目的季度，特点是营收加速增长、运营利润率扩大。我们始终聚焦于业务规模化，这使我们能够迅速抓住新机遇，进一步巩固市场领导地位。
Let's now look at our financial performance in detail. In the second quarter, total net revenues increased by 47% year-over-year to RMB 12.4 billion, primarily driven by a 46% year-over-year increase in GMV, which reached RMB 14.2 billion.
接下来让我们详细看看财务表现。第二季度，公司总净收入同比增长47%，达到124亿元人民币，主要得益于GMV同比增长46%，达到142亿元人民币。
This rapid growth was driven by strong performance across both sales-operated and partnership stores due to the faster pace of new store openings and our stronger ability to serve customers. This is further evidenced by the record high number of monthly transacting customers we achieved in this quarter.
这一快速增长得益于自营门店和合作门店的强劲表现，这主要源于更快的开店速度以及更强的客户服务能力。这一点也从本季度创纪录的月度交易用户数中得到了进一步印证。
Revenues from product sales increased by 45% year-over-year to RMB 9.5 billion, mainly driven by enhanced sales performance in our self-operated stores, breaking down our product sales into three streams. Net revenue from freshly brewed drinks were RMB 8.7 billion, about 70% of total net revenues. Net revenues from other products were RMB 615 million, about 5% of total net revenues. Net revenues from others were RMB 206 million, about 2% of total net revenues.
产品销售收入同比增长45%，达到95亿元人民币，主要得益于自营门店销售表现的提升。按类别拆分，现制饮品的净收入为87亿元人民币，占总净收入约70%；其他产品的净收入为6.15亿元人民币，占总净收入约5%；其他业务的净收入为2.06亿元人民币，占总净收入约2%。
Looking at product sales from the perspective of company-owned stores, revenue from self-operated stores increased by 46% year-over-year to RMB 9.1 billion. Notably, same-store sales growth accelerated to 13.4% in this quarter, supported by cup sales increase and ASP uptick due to the volume mix shifting towards delivery. Store-level operating profit grew 42% year-over-year to RMB 1.9 billion, with self-operated store level operating margin standing at 21%.
从公司自营门店的角度来看，自营门店收入同比增长46%，达到91亿元人民币。值得注意的是，本季度同店销售额增速加快至13.4%，主要受杯量增长以及由于销量结构向外送倾斜带来的ASP（平均售价）提升的推动。门店层面的营业利润同比增长42%，达到19亿元人民币，自营门店的营业利润率为21%。
Revenues from partnership store increased by 55% year-over-year to RMB 2.9 billion, accounting to 23% of total net revenues. This strong growth was mainly driven by increases in sales of materials and a profit sharing as a result of the robust performance in partnership stores as well as an increase in delivery service fees due to higher delivery volumes.
合作门店收入同比增长55%，达到29亿元人民币，占总净收入的23%。这一强劲增长主要得益于合作门店良好表现带来的原料销售和利润分成的增加，以及由于配送量提升带来的配送服务费增长。
Cost of materials as a percentage of the total net revenue decreased to 37% from 40% in the same period of 2024. The improvement was mainly driven by our product mix tenders and enhanced supply chain advantages. In absolute terms, cost of materials increased by 37% year-over-year to RMB 4.6 billion, in line with our business expansion.
材料成本占总净收入的比例从2024年同期的40%下降至37%。这一改善主要得益于产品组合优化以及供应链优势的增强。按绝对金额计算，材料成本同比增长37%，达到46亿元人民币，与业务扩张保持一致。
Store rental and other operating costs as a percentage of total net revenue decreased to 22% from 24% in the same period of 2024, primarily driven by enhanced operating efficiency and leverage from cup sales growth. In absolute terms, these costs increased by 30% year-over-year to RMB 2.7 billion, mainly due to higher payroll costs from increased cup sales as well as rising rental costs from continued strong expansion.
门店租金及其他运营成本占总净收入的比例从2024年同期的24%下降至22%，主要得益于运营效率的提升以及杯量增长带来的规模效应。按绝对金额计算，这些成本同比增长30%，达到27亿元人民币，主要原因是杯量增长带来的更高人工成本，以及持续强劲扩张带来的租金上涨。
Delivery expenses increased by 175% year-over-year to RMB 1.7 billion, primarily driven by a significant year-over-year increase in delivery orders from food delivery platforms. As a result, delivery expenses as a percentage of total net revenue rose to 14% from 7% in the same period of 2024, in line with growth in delivery volume.
配送费用同比增长175%，达到17亿元人民币，主要是由于来自外卖平台的订单量同比显著增加。因此，配送费用占总净收入的比例从2024年同期的7%上升至14%，与配送量的增长保持一致。
Sales and marketing expenses as a percentage of total net revenues decreased to 4.8% from 5.1% in the same period of 2024, mainly driven by enhanced operating efficiency and leverage from accelerated revenue growth. In absolute terms, sales and marketing expenses increased by 37% year-over-year to RMB 592 million, mainly due to our continued strategic marketing efforts to enhance brand visibility, along with increased commission fees paid to food delivery platforms.
销售与市场费用占总净收入的比例从2024年同期的5.1%下降至4.8%，主要得益于运营效率的提升以及收入加速增长带来的规模效应。按绝对金额计算，销售与市场费用同比增长37%，达到5.92亿元人民币，主要原因是我们持续进行战略性营销活动以提升品牌知名度，同时支付给外卖平台的佣金费用增加。
General and administrative expenses as a percentage of total net revenue decreased to 6% from 7% in the same period of 2024, mainly driven by enhanced operating efficiency and leverage from accelerated revenue growth.
一般及行政费用占总净收入的比例从2024年同期的7%下降至6%，主要得益于运营效率的提升以及收入加速增长带来的规模效应。
In absolute terms, G\&A expenses increased by 25% year-over-year to RMB 736 million, primarily due to decreased payroll expenses and share-based compensation as well as higher investments in research and development.
按绝对金额计算，一般及行政费用同比增长25%，达到7.36亿元人民币，主要原因包括薪酬支出和基于股份的薪酬减少，以及研发投入增加。
As a result, our GAAP operating profit increased by 62% year-over-year to RMB 1.7 billion, with operating margin expanded by 1.3 percentage points to 13.8%. On a non-GAAP basis, operating profit increased by 61% year-over-year to RMB 1.9 billion, with operating margin at 15%.
因此，我们的GAAP营业利润同比增长62%，达到17亿元人民币，营业利润率扩大1.3个百分点至13.8%。按非GAAP口径计算，营业利润同比增长61%，达到19亿元人民币，营业利润率为15%。
Net profit increased by 44% to RMB 1.3 billion, with net margin at 10.1%. On a non-GAAP basis, net profit increased by 44% to RMB 1.4 billion with net margin at 11.3%.
净利润同比增长44%，达到13亿元人民币，净利率为10.1%。按非GAAP口径计算，净利润同比增长44%，达到14亿元人民币，净利率为11.3%。
Finally, turning to our balance sheet and cash flow items. For the second quarter of 2025, our net operating cash inflow exceeded RMB 2.5 billion. As of June 30, 2025, we had nearly RMB 8.2 billion in cash, including cash and cash equivalents, restricted cash, term deposits and short-term investments; compared to RMB 5.9 billion as of December 31, 2024.
最后，让我们看看资产负债表和现金流情况。2025年第二季度，我们的经营活动净现金流入超过25亿元人民币。截至2025年6月30日，我们的现金储备接近82亿元人民币，包括现金及现金等价物、受限现金、定期存款和短期投资；相比之下，2024年12月31日的现金储备为59亿元人民币。
Our strong cash generation ability and healthy cash reserve will position us to consistently execute our scale-driven strategy in this ever-changing market, paving the way for our multiyear development.
我们强大的现金创造能力和健康的现金储备将使我们能够在瞬息万变的市场中持续执行以规模为导向的战略，为未来多年的发展铺平道路。
In closing, our competitive edge, including strong brand recognition, large store scale, high product quality and value-driven pricing; continue to set us apart in a dynamic market environment. Leveraging this unique positioning, we are confident that we can consistently deliver high-quality results while creating long-term value for our shareholders. With that, we will open the call for questions. Operator, please go ahead.
最后，我们的竞争优势——包括强大的品牌认知度、大规模门店网络、高品质的产品以及价值导向的定价——持续让我们在动态市场环境中脱颖而出。依托这一独特的市场定位，我们有信心持续交付高质量业绩，同时为股东创造长期价值。下面，我们将进入问答环节。主持人，请开始。
Question-and-Answer Session
问答环节
Operator
\[Operator Instructions] Our first question today comes from \[CG Lin] with CICC.
\[操作提示] 今天的第一个问题来自中金公司的\[CG Lin]。
Unidentified Analyst
\[Interpreted] So thank you, management. Since Q2, the impact of delivery platform subsidy on freshly made drink industry has attracted a lot of attention. It brings new development to the industry. So how should we evaluate the impact of delivery subsidy activities on Luckin Coffee?
【口译】谢谢管理层。自第二季度以来，外卖平台补贴对现制饮品行业的影响备受关注，也为行业带来了新的发展。那么我们应如何评估这些外卖补贴活动对Luckin Coffee的影响？
Jinyi Guo
\[Interpreted] Yes. So thank you for your question. So this is a very important question that investors are paying close attention to, recently. Yes. So first, at Luckin, no matter it's a pickup or delivery, it's just a different way of receiving this cup of coffee, but we remain firmly committed to our core value of putting our customers first. So this means we must deeply understand our customers' needs and consistently deliver this excellent service to every of our customers.
【口译】好的，谢谢你的提问。这确实是近期投资者高度关注的一个重要问题。首先，在Luckin，无论是到店自取还是外送，只是获取这一杯咖啡的不同方式，但我们始终坚持以顾客为先的核心价值观。这意味着我们必须深刻理解客户的需求，并始终如一地为每一位客户提供卓越的服务。
So since the second quarter, food delivery platforms, they have launched many subsidy initiatives, so allowing consumers to enjoy high-quality coffee at even more affordable prices. This has led to a sharp surge in customer demand over a very short period of time. So this placed pressure on supplying flexibility, service stability and fulfillment reliability.
自第二季度以来，外卖平台推出了许多补贴举措，使消费者能够以更实惠的价格享用高品质咖啡。这在极短时间内导致了客户需求的急剧上升，从而对供应灵活性、服务稳定性以及履约可靠性带来了压力。
And thanks to our long-term investment in operational infrastructure, especially for the past 2 to 3 years, Luckin is actually well positioned with strong capabilities across the areas I mentioned. So it enabled us to effectively respond to those changes and make those requirements.
得益于我们长期对运营基础设施的投入，尤其是在过去两到三年中，Luckin在上述领域都具备了强大的能力，使我们能够有效应对这些变化并满足相关需求。
Yes. So for ourselves, we now operate over 26,000 stores across all cities of all tiers in China, and our standardized store procedures ensure efficient and consistent preparations of the beverage. Our deeply rooted supply chain also enables stable product availability, and our mature delivery system supports a timely and reliable fulfillment of delivery orders. So all of the spreads have actually made Luckin a preferred partner for those major food delivery platforms.
目前，我们在中国各级城市拥有超过26,000家门店，标准化的门店操作流程确保了饮品制作的高效与一致性。我们扎实的供应链保障了产品的稳定供应，而成熟的配送体系则支持外送订单的及时、可靠履约。所有这些优势实际上使Luckin成为各大外卖平台的首选合作伙伴。
And in fact, the recent -- so this has actually made us a preferred partner for this platform. And the recent subsidy campaigns led by these platforms and to some extent, actually created a relatively favorable external environment for our scale-driven strategy, and this is evidenced by the positive momentum we have achieved across key operational indicators in this quarter. So for example, our new customer acquisition, reactivation of dormant users and increased purchase frequency among active customers.
事实上，近期这些平台主导的补贴活动在一定程度上为我们以规模驱动的战略创造了相对有利的外部环境，这一点从我们本季度多个关键运营指标的积极表现中得到了印证，例如新客户获取、沉睡用户的重新激活以及活跃用户购买频率的提升。
Looking ahead, the duration and the scale of food delivery platforms, their subsidies remain uncertain and the market landscape may become increasingly complex. But what remains unchanged is the fundamental consumer demand or -- for those great tasting, affordable and conveniently delivered coffee.
展望未来，外卖平台补贴的持续时间和规模仍存在不确定性，市场格局也可能日益复杂。但不变的是，消费者对口感出色、价格实惠且配送便捷的咖啡的基本需求。
We will continue to capture those evolving market opportunities that leverage our scale and operational efficiency, combined with our strong capabilities in product innovation, brand development and the supply chain execution.
我们将继续把握不断演变的市场机遇，利用我们的规模优势与运营效率，结合在产品创新、品牌建设及供应链执行方面的强大能力。
So all of these strengths will enable us to remain agile in adjusting our strategy and to better serve our customers, which will allow us to fully benefit from the growth potential of China's coffee market.
这些优势将使我们在调整战略时保持灵活，并更好地服务客户，从而充分受益于中国咖啡市场的增长潜力。
So over the long term, we are confident that our competitive edge in our private domain traffic, our digitally driven user operations and our ability to consistently deliver high-value products and the premium services will allow us to navigate future changes in -- either in platform dynamics or market conditions with greater flexibility and resilience.
从长期来看，我们有信心凭借在私域流量、数字化用户运营、高价值产品及优质服务方面的竞争优势，在平台格局或市场环境变化时，依然能够灵活应对、保持韧性。
So these capabilities will enable us to achieve our long-term solid growth as well as to propel the healthy and sustainable development of China's coffee market.
这些能力不仅将推动我们实现长期稳健增长，还将促进中国咖啡市场的健康、可持续发展。
Yes. So this is our answer for these questions. Thank you. We can move on to the next question.
好的，这就是我们对该问题的回答，谢谢。我们可以进入下一个问题。
Operator
The next question comes from \[Huayi Lee with Cogent Securities].
下一个问题来自Cogent Securities的\[Huayi Lee]。
Unidentified Analyst
Thank you, management, and I have one question. So in the start of the year, industry developments have evolved rapidly. And under this current circumstance and market conditions, what are the company's new expectations for store expansion and the financial metrics?
谢谢管理层，我有一个问题。今年年初以来，行业发展变化迅速。在当前的形势和市场环境下，公司对门店扩张和财务指标有哪些新的预期？
Nancy Song
Thank you for your question. And Dr. Guo will answer this question.
谢谢你的提问，这个问题由郭博士来回答。
Jinyi Guo
\[Interpreted] Yes. So China's regular food beverage market is one of the most rapidly evolving and competitive sectors. So since the second quarter, the launch of many -- the food delivery platforms, their subsidy campaigns has once again triggered new developments across the industry. So in response to these shifts, our company moved quickly to adjust our strategies and effectively captured the surge in consumer demand while accelerating our store expansion pace.
【口译】好的，中国大众餐饮饮品市场是变化最快、竞争最激烈的行业之一。自第二季度以来，各大外卖平台推出的多项补贴活动，再次引发了整个行业的新变化。为应对这些转变，我们公司迅速调整战略，有效抓住了消费者需求激增的机遇，同时加快了门店扩张的步伐。
As I mentioned earlier, we added over 2,000 net new stores in the second quarter alone and over 3,800 in the first half of this year, both above our original plans set at the beginning of this year.
正如我之前提到的，仅第二季度我们净增门店就超过2,000家，今年上半年净增门店超过3,800家，这两个数字都超出了我们年初设定的原计划。
So looking ahead into the second half, we will continue to closely monitor the market development, capture industry opportunities and maintain a proactive and competitive store expansion pace to stay ahead of the industry changes. And we believe that the continued scaling of both supply and demand in China's coffee market will lay a solid foundation for our steady and sustainable long-term growth.
展望下半年，我们将继续密切关注市场发展，抓住行业机遇，保持积极且具有竞争力的门店扩张速度，以始终走在行业变化的前列。我们相信，中国咖啡市场供需两端的持续扩张将为公司稳健、可持续的长期增长奠定坚实基础。
Yes. So Luckin remains a very young company, and the China's coffee market is still in its early stages of development, and this gives us significant opportunities ahead. We will continue to embrace an entrepreneurial mindset and stay attuned to market shifts and with a clear focus on outpacing industry growth and expanding our market share.
是的，Luckin仍是一家非常年轻的公司，而中国咖啡市场仍处于发展的早期阶段，这为我们带来了巨大的机遇。我们将继续保持创业心态，敏锐把握市场变化，明确聚焦于超越行业增长、扩大市场份额。
So overall speaking, supported by continued delivery platform subsidies as well as our own scale advantages, operational efficiency and strong execution, we remain cautiously optimistic about our performance for the full year. So we are committed to delivering high-quality rapid revenue growth.
总体而言，在外卖平台补贴持续的支持，以及我们自身的规模优势、运营效率和强大执行力的加持下，我们对全年的业绩保持谨慎乐观，并致力于实现高质量的快速收入增长。
At the same time, by leveraging our scale and improving operational efficiency, we aim to mitigate the cost impact from the shifting mix towards delivery and aim to maintain a healthy and sustainable level of profitability. Thank you. This is our answer to the questions.
同时，通过利用我们的规模优势并提升运营效率，我们希望抵消销量结构向外送倾斜所带来的成本影响，并保持健康、可持续的盈利水平。谢谢，这就是我们对该问题的回答。
Operator
Due to time constraints, no further questions will be taken at this time. This concludes the question-and-answer session. I'd like to turn the call back to management for closing remarks.
由于时间限制，本次将不再接受更多提问。问答环节到此结束。现在我将把电话交还给管理层作会议结束致辞。
Nancy Song
Thank you, everyone, for joining our call today. If you have further questions, please feel free to contact our IR team. This concludes today's call. We look forward to speaking with you again next quarter.
感谢各位今天参加我们的电话会议。如有进一步的问题，请随时联系公司的投资者关系团队。本次会议到此结束，我们期待在下个季度再次与大家交流。
Operator
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
会议现在结束。感谢各位参加今天的电话会议。您现在可以挂断电话。
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