Luckin Coffee 2Q25 Quick Interpretation: Overall, in the second quarter, under the dual stimulus of peak season and delivery business support, Luckin's performance this quarter was very impressive, with all core indicators exceeding BBG expectations.

1. Q2 revenue growth was 47.1%. From the core indicator reflecting revenue, 'same-store sales growth (SSSG) of self-operated stores,' after turning positive last quarter, this quarter accelerated to 13.4% quarter-on-quarter, returning to double-digit growth, driving Luckin's single-quarter revenue to a record high.

2. In terms of store openings, the second quarter maintained the high-speed store opening pace of Q1, with 1,757 new stores opened (including 24 new overseas stores), and officially entered the United States, demonstrating Luckin's determination to further expand into the global market.

3. In terms of gross margin, after a continuous surge for more than half a year, coffee bean prices fell back in the second quarter. Luckin achieved a gross margin of 62.8%, the highest level for the same period, through large-scale direct procurement and self-built roasting plants, with capacity utilization climbing and economies of scale being realized.

4. Breaking down the cost side, apart from the significant increase in the proportion of delivery costs due to the increased share of the delivery business, other expenses narrowed compared to the same period last year due to the release of operating leverage, ultimately achieving a net profit attributable to the parent company of 1.25 billion yuan (Non-GAAP net profit of 1.4 billion yuan). At this trend, with competition stabilizing, Dolphin Research expects this year's annual profit to exceed the management's guidance at the beginning of the year. $Luckin Coffee(LKNCY.US)