<p>中国最大的咖啡连锁店在第一季度出现了同店销售收缩，因为该国顶尖的外卖餐饮配送公司放缓了曾推动销售的补贴战。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04063251/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_143028_thebambooworks.com_-1024x663.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04063251/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_143028_thebambooworks.com_-1024x663.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>瑞幸在第一季度的收入增长了 35%，主要得益于截至 3 月底门店数量同比增长 39% 至 33,596 家</li>
<li>该连锁店的平均月交易顾客在本季度增长了 25%，远低于其收入增长，表明其在留住顾客方面面临困难。</li>
</ul>
<p>可以称之为咖啡宿醉。这就是 <strong>瑞幸咖啡公司</strong> (OTC: LKNCY) 在第一季度的故事，因为中国领先的咖啡连锁店在这一三个月期间出现了同店销售收缩，而去年大部分时间该指标却报告了强劲增长。</p>
<p>在这种情况下，放缓的罪魁祸首与瑞幸自身的运营无关，而是由于补贴战的变化，这场战斗在去年大部分时间里推动了中国外卖餐饮市场。那场战争中，电子商务巨头京东 (NASDAQ: JD) 进入了外卖餐饮市场，而现有的两个主要参与者之一的饿了么进行了大规模的改革，包括阿里巴巴的重大现金注入。第三大参与者、美团，被迫跟进，提供自己的重大补贴以保持市场份额。</p>
<p>虽然这些补贴战对食品配送公司造成了冲击，使美团陷入亏损，但却对食品和饮料运营商形成了利好，因为消费者利用优惠促销使其业务激增。在咖啡和相关的奶茶行业中，消费者常常利用补贴以极低的价格甚至免费获得饮品配送。</p>
<p>这种饮品配送的现象在中国相较于西方是相对独特的，西方人通常亲自到店取货，或者在店内消费，或带走。相比之下，中国消费者常常点一杯仅需 20 元（约 3 美元）的咖啡进行配送。当地的经济条件使得这一点成为可能，因为配送成本通常微不足道，没有小费，许多消费者似乎并不在意产品是否温热。</p>
<p>但所有美好的事物都必须结束，这一现象现在在中国正在发生，因为三大配送公司在地方监管机构的多次催促和自身希望遏制亏损的愿望下，终于缩减了补贴。随着这一变化，瑞幸 报告 自营门店的同店销售在第一季度下降了 0.1%。这一收缩并非完全出乎意料，因为去年第四季度的同店销售增长已经降至仅 1.3%，结束了前两个季度的两位数增长。</p>
<p>瑞幸首席执行官郭金辉在公司财报电话会议上表示：“在接下来的几个季度中，随着我们进入受去年高额配送补贴影响的比较期，我们的同店销售可能会面临一些短期波动。”</p>
<p>同店销售的下降为瑞幸的季度表现画上了句号，该季度包括客户粘性减弱和利润率下降，因为它在中国咖啡市场的激烈竞争中继续快速扩张。该公司在本季度开设了 2,548 家新店，截至 3 月底，其整体门店数量增加了 39.4%，达到 33,596 家。</p>
<p>其表现与主要竞争对手 <strong>星巴克</strong> (NASDAQ: SBUX) 形成了鲜明对比，后者上周报告称其中国同店销售在第一季度增长了 0.5%。星巴克在本季度报告了 8% 的年收入增长，快于其更为谨慎的 3% 的门店数量增长，三个月结束时拥有 7,991 家门店。</p>
<h4><strong>投资者欢呼</strong></h4>
<p>正如我们之前提到的，进入负同店销售增长的情况可能是由于配送补贴减少而预期的，同时对今年剩余时间该指标的压力也可能是预期之中的。同时，瑞幸通过推出一项高达 5 亿美元的激进股票回购计划，表达了对自身的信心，这是其首次回购，约占其当前市值约 100 亿美元的 5%。</p>
<p>投资者对整体报告表示赞赏，促使瑞幸的股价在结果公布后上周三上涨了 16%。这帮助该股在 2026 年重新回到正增长，较年初上涨了 5.5%。该股目前的市盈率约为 21，远高于 <strong>蜜雪冰城</strong> (2097.HK) 的 16，后者是中国领先的奶茶销售商，截至去年底在全球拥有更大规模的 60,000 家门店。</p>
<p>中国的咖啡市场庞大，但竞争也变得异常激烈，尤其是在低端市场，瑞幸与 <strong>漫咖啡</strong>、<strong>Cotti</strong>，甚至 <strong>肯德基</strong> 和 <strong>麦当劳</strong> (NYSE: MCD) 竞争，这些品牌的产品售价低至 10 元一杯。这个群体正在从高端的星巴克那里抢夺市场份额，星巴克在 2 月份将其中国业务的 60% 出售给当地私募股权巨头博裕资本，以期振兴其本地业务。</p>
<p>星巴克目前正在考虑在中国的下一步行动，这很可能包括更多努力在低端市场争夺份额，而在这个市场上瑞幸咖啡占据主导地位。低端市场在第一季度对瑞幸来说是一个亮点，该公司主要依靠特许经营合作伙伴，而不是在大城市使用的自营门店。</p>
<p>该公司报告称，其特许经营业务的收入在第一季度同比增长约 45%，达到 30.2 亿元人民币（约合 4.42 亿美元）。这一增速远快于公司在该期间报告的整体收入增长 35%，整体收入约为 120 亿元人民币。整体数字受到自营门店 33% 收入增长的拖累，这些门店约占其总收入的三分之二。</p>
<p>该公司的月度交易客户增长了 25%，远低于其收入增长，这似乎表明其在保持客户方面面临困难。其门店级别的运营利润率也在稳步下降，从一年前的 17.0% 降至第一季度的 13.6%，反映出其在过饱和市场中寻找新位置的困难。</p>
<p>在底线方面，该公司的利润在最新季度同比下降 3.4%，降至 5.06 亿元人民币，尽管其非 GAAP 利润（不包括基于股票的员工补偿）增长了 6%，达到 6.87 亿元人民币。此时公司的底线看起来总体积极，因为它通常可以利用其作为市场领导者的地位来击败竞争对手。但外卖餐饮战争中补贴的减少，加上预计在未来一年或两年内将持续的激烈竞争，将继续对公司的利润率施加压力，并可能最终迫使其放缓快速扩张的步伐。</p>
<p><em>要订阅 Bamboo Works 每周免费的新闻通讯，请点击</em> 这里</p>

瑞幸咖啡(ADR)

星巴克

EATZ

食品饮料 ETF - PowerShares

<p>瑞幸咖啡公司报告称，第一季度同店销售额下降了 0.1%，这归因于中国外卖餐饮市场补贴战的结束。尽管收入增长了 35%，门店数量增加了 39%，但客户留存问题显现，平均每月交易客户仅增长了 25%。公司宣布进行 5 亿美元的股票回购，增强了投资者信心，导致股价上涨了 16%。相比之下，竞争对手星巴克的同店销售额上涨了 0.5%，突显了中国咖啡市场的竞争格局</p>

<p><em>China's largest coffee chain slipped into same-store sales contraction in the first quarter, as the country's top takeout dining delivery companies eased a subsidy war that had boosted sales</em></p>
<div class="lb-trans"><p>中国最大的咖啡连锁店在第一季度出现了同店销售收缩，因为该国顶尖的外卖餐饮配送公司放缓了曾推动销售的补贴战。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04063251/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_143028_thebambooworks.com_-1024x663.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/04063251/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_4-5-2026_143028_thebambooworks.com_-1024x663.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Luckin's revenue rose 35% in the first quarter, driven by a 39% year-on-year rise in its store count to 33,596 shops at the end of March</li>
<li>The chain's average monthly transacting customers rose 25% in the quarter, far slower than its revenue growth, indicating it is having difficulty retaining customers</li>
</ul>
<div class="lb-trans"><ul>
<li>瑞幸在第一季度的收入增长了 35%，主要得益于截至 3 月底门店数量同比增长 39% 至 33,596 家</li>
<li>该连锁店的平均月交易顾客在本季度增长了 25%，远低于其收入增长，表明其在留住顾客方面面临困难。</li>
</ul>
</div><p>Call it a coffee hangover. That was the story for <strong>Luckin Coffee Inc.</strong> (OTC: LKNCY) in the first quarter, as China's leading coffee chain slipped into same-store sales contraction during the three-month period after reporting strong gains for that metric for most of last year.</p>
<div class="lb-trans"><p>可以称之为咖啡宿醉。这就是 <strong>瑞幸咖啡公司</strong> (OTC: LKNCY) 在第一季度的故事，因为中国领先的咖啡连锁店在这一三个月期间出现了同店销售收缩，而去年大部分时间该指标却报告了强劲增长。</p>
</div><p>In this case, the culprit behind the slowdown was unrelated to Luckin's own operations, and instead was the result of changes in a subsidy war that charged up China's takeout dining market for much of last year. That war saw e-commerce giant JD.com (NASDAQ: JD) enter the takeout dining market, while Ele.me, one of the two major existing players, underwent a big overhaul that included a major cash infusion from Alibaba, China's leading e-commerce company. The third major player, online-to-offline services leader Meituan, was forced to follow suit by offering its own major subsidies to hold on to its market share.</p>
<div class="lb-trans"><p>在这种情况下，放缓的罪魁祸首与瑞幸自身的运营无关，而是由于补贴战的变化，这场战斗在去年大部分时间里推动了中国外卖餐饮市场。那场战争中，电子商务巨头京东 (NASDAQ: JD) 进入了外卖餐饮市场，而现有的两个主要参与者之一的饿了么进行了大规模的改革，包括阿里巴巴的重大现金注入。第三大参与者、美团，被迫跟进，提供自己的重大补贴以保持市场份额。</p>
</div><p>While those subsidy wars hit the food delivery companies, sending Meituan into the red, they were a boon to food and beverage operators whose business surged as consumers took advantage of bargains. Within the coffee and adjacent bubble tea sectors, consumers often used subsidies to get their drinks delivered for just pennies or sometimes for free.</p>
<div class="lb-trans"><p>虽然这些补贴战对食品配送公司造成了冲击，使美团陷入亏损，但却对食品和饮料运营商形成了利好，因为消费者利用优惠促销使其业务激增。在咖啡和相关的奶茶行业中，消费者常常利用补贴以极低的价格甚至免费获得饮品配送。</p>
</div><p>The whole phenomenon of ordering such drinks for delivery is relatively unique to China compared with the West, where people tend to personally pick up their products at stores and either consume them on the premises, or grab them and go. Chinese, by comparison, often order a cup of coffee costing just 20 yuan, or about $3, for delivery. The local economics allow for that, since delivery costs are usually negligible, there's no tipping and many consumers don't seem to care if the product arrives lukewarm.</p>
<div class="lb-trans"><p>这种饮品配送的现象在中国相较于西方是相对独特的，西方人通常亲自到店取货，或者在店内消费，或带走。相比之下，中国消费者常常点一杯仅需 20 元（约 3 美元）的咖啡进行配送。当地的经济条件使得这一点成为可能，因为配送成本通常微不足道，没有小费，许多消费者似乎并不在意产品是否温热。</p>
</div><p>But all good things must end, which is now happening in China, as the three big delivery companies finally scale back their subsidies after repeated prodding by local regulators and also some desire to stem their own losses. As that happened, Luckin reported same-store sales for its self-operated stores fell 0.1% in the first quarter. The dip into contraction territory wasn't completely unexpected, as same-store sales growth already dropped to just 1.3% in the fourth quarter of last year, ending a streak of double-digit gains for the two previous quarters.</p>
<div class="lb-trans"><p>但所有美好的事物都必须结束，这一现象现在在中国正在发生，因为三大配送公司在地方监管机构的多次催促和自身希望遏制亏损的愿望下，终于缩减了补贴。随着这一变化，瑞幸 报告 自营门店的同店销售在第一季度下降了 0.1%。这一收缩并非完全出乎意料，因为去年第四季度的同店销售增长已经降至仅 1.3%，结束了前两个季度的两位数增长。</p>
</div><p>&#34;In the following quarters, as we move into the comparison period impacted by last year's elevated delivery subsidies, our same-store sales may face some short-term volatility,&#34; CEO Guo Jinyi said on the company's earnings call.</p>
<div class="lb-trans"><p>瑞幸首席执行官郭金辉在公司财报电话会议上表示：“在接下来的几个季度中，随着我们进入受去年高额配送补贴影响的比较期，我们的同店销售可能会面临一些短期波动。”</p>
</div><p>The same-store sales decline capped a quarter for Luckin that included slowing customer stickiness and eroding margins as it continued its breakneck expansion amid intense competition in China's coffee market. The company opened 2,548 new stores during the quarter, increasing its overall footprint by 39.4% to 33,596 by the end of March.</p>
<div class="lb-trans"><p>同店销售的下降为瑞幸的季度表现画上了句号，该季度包括客户粘性减弱和利润率下降，因为它在中国咖啡市场的激烈竞争中继续快速扩张。该公司在本季度开设了 2,548 家新店，截至 3 月底，其整体门店数量增加了 39.4%，达到 33,596 家。</p>
</div><p>Its performance diverged from top rival <strong>Starbucks</strong> (NASDAQ: SBUX), which last week reported its China same-store sales rose 0.5% in the first quarter. Starbucks reported 8% year-on-year revenue growth in the market during the quarter, faster than its far more cautious 3% store count growth, as it ended the three-month period with 7,991 stores.</p>
<div class="lb-trans"><p>其表现与主要竞争对手 <strong>星巴克</strong> (NASDAQ: SBUX) 形成了鲜明对比，后者上周报告称其中国同店销售在第一季度增长了 0.5%。星巴克在本季度报告了 8% 的年收入增长，快于其更为谨慎的 3% 的门店数量增长，三个月结束时拥有 7,991 家门店。</p>
</div><h4><strong>Investors applaud</strong></h4>
<div class="lb-trans"><h4><strong>投资者欢呼</strong></h4>
</div><p>As we previously noted, the slip into negative same-store sales growth was probably expected as delivery subsidies subsided, and pressure on that metric for the rest of this year was also probably expected as well. At the same time, Luckin expressed a vote of confidence in itself by unveiling an aggressive $500 million share buyback program, its first ever, equal to about 5% of its current market cap of about $10 billion.</p>
<div class="lb-trans"><p>正如我们之前提到的，进入负同店销售增长的情况可能是由于配送补贴减少而预期的，同时对今年剩余时间该指标的压力也可能是预期之中的。同时，瑞幸通过推出一项高达 5 亿美元的激进股票回购计划，表达了对自身的信心，这是其首次回购，约占其当前市值约 100 亿美元的 5%。</p>
</div><p>Investors applauded the overall report, sparking a rally that saw Luckin's shares jump 16% last Wednesday after the results announcement. That helped to lift the stock back into positive territory for the year, up 5.5% since the start of 2026. The stock currently trades at a fairly strong price-to-earnings (P/E) ratio of about 21, ahead of the 16 for <strong>Mixue</strong> (2097.HK), China's leading seller of bubble tea that had an even bigger 60,000 stores worldwide at the end of last year.</p>
<div class="lb-trans"><p>投资者对整体报告表示赞赏，促使瑞幸的股价在结果公布后上周三上涨了 16%。这帮助该股在 2026 年重新回到正增长，较年初上涨了 5.5%。该股目前的市盈率约为 21，远高于 <strong>蜜雪冰城</strong> (2097.HK) 的 16，后者是中国领先的奶茶销售商，截至去年底在全球拥有更大规模的 60,000 家门店。</p>
</div><p>China's coffee market is huge, but has also become incredibly competitive, especially at the lower end, where Luckin competes with names like <strong>Manner Coffee</strong>, <strong>Cotti</strong> and even <strong>KFC</strong> and <strong>McDonald's</strong> (NYSE: MCD), which sell their products for as little as 10 yuan per cup. That group were stealing market share from the higher-end Starbucks, which in February sold 60% of its China operation to local private equity giant Boyu Capital it a bid to revive its local business.</p>
<div class="lb-trans"><p>中国的咖啡市场庞大，但竞争也变得异常激烈，尤其是在低端市场，瑞幸与 <strong>漫咖啡</strong>、<strong>Cotti</strong>，甚至 <strong>肯德基</strong> 和 <strong>麦当劳</strong> (NYSE: MCD) 竞争，这些品牌的产品售价低至 10 元一杯。这个群体正在从高端的星巴克那里抢夺市场份额，星巴克在 2 月份将其中国业务的 60% 出售给当地私募股权巨头博裕资本，以期振兴其本地业务。</p>
</div><p>Starbucks is currently contemplating its next steps in China, which quite possibly could include more efforts to grab some share at the lower end of the market where Luckin is king. That lower end of the market was a bright spot for Luckin in the first quarter, where the company mostly uses franchise partners rather than the self-operated stores it uses in big cities.</p>
<div class="lb-trans"><p>星巴克目前正在考虑在中国的下一步行动，这很可能包括更多努力在低端市场争夺份额，而在这个市场上瑞幸咖啡占据主导地位。低端市场在第一季度对瑞幸来说是一个亮点，该公司主要依靠特许经营合作伙伴，而不是在大城市使用的自营门店。</p>
</div><p>The company reported that revenue from its franchised business rose about 45% in the first quarter year-on-year to 3.02 billion yuan ($442 million). That was far faster than the 35% overall revenue growth the company reported for the period, which rose to about 12 billion yuan. The overall figure was dragged down by the 33% revenue growth for the company's self-operated stores that account for about two-thirds of its total.</p>
<div class="lb-trans"><p>该公司报告称，其特许经营业务的收入在第一季度同比增长约 45%，达到 30.2 亿元人民币（约合 4.42 亿美元）。这一增速远快于公司在该期间报告的整体收入增长 35%，整体收入约为 120 亿元人民币。整体数字受到自营门店 33% 收入增长的拖累，这些门店约占其总收入的三分之二。</p>
</div><p>The company's monthly transacting customers rose 25%, far slower than its revenue growth, which seems to show its having difficulty retaining customers at the same rate that it's growing. Its store-level operating margin has also been coming down steadily, standing at 13.6% in the first quarter from 17.0% a year earlier, reflecting the difficulty it is facing finding new locations in the oversaturated market.</p>
<div class="lb-trans"><p>该公司的月度交易客户增长了 25%，远低于其收入增长，这似乎表明其在保持客户方面面临困难。其门店级别的运营利润率也在稳步下降，从一年前的 17.0% 降至第一季度的 13.6%，反映出其在过饱和市场中寻找新位置的困难。</p>
</div><p>On the bottom line, the company's profit fell 3.4% year-on-year to 506 million yuan in the latest quarter, though its non-GAAP profit, which excludes stock-based employee compensation, rose 6% to 687 million yuan. The bottom line for the company looks generally positive at this point, as it can generally leverage its position as the clear market leader to beat its rivals. But the loss of subsidies from the takeout dining wars, combined with intense competition that's likely to continue for at least the next year or two, will keep pressuring the company's margins and could ultimately force it to slow its breakneck expansion.</p>
<div class="lb-trans"><p>在底线方面，该公司的利润在最新季度同比下降 3.4%，降至 5.06 亿元人民币，尽管其非 GAAP 利润（不包括基于股票的员工补偿）增长了 6%，达到 6.87 亿元人民币。此时公司的底线看起来总体积极，因为它通常可以利用其作为市场领导者的地位来击败竞争对手。但外卖餐饮战争中补贴的减少，加上预计在未来一年或两年内将持续的激烈竞争，将继续对公司的利润率施加压力，并可能最终迫使其放缓快速扩张的步伐。</p>
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Luckin's Coffee Hangover In Q1

- Luckin Coffee 第一季度同店销售下滑，受外部补贴战影响。  
- 其门店数量同比增长 39%，但客户留存率下降。  
- 计划推出 5 亿美元股票回购，股价上涨 16%。

瑞幸咖啡在第一季度的业绩低迷