<p>中國最大的咖啡連鎖店在第一季度出現了同店銷售收縮，因為該國頂尖的外賣餐飲配送公司放緩了曾推動銷售的補貼戰。</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>瑞幸在第一季度的收入增長了 35%，主要得益於截至 3 月底門店數量同比增長 39% 至 33,596 家</li>
<li>該連鎖店的平均月交易顧客在本季度增長了 25%，遠低於其收入增長，表明其在留住顧客方面面臨困難。</li>
</ul>
<p>可以稱之為咖啡宿醉。這就是 <strong>瑞幸咖啡公司</strong> (OTC: LKNCY) 在第一季度的故事，因為中國領先的咖啡連鎖店在這一三個月期間出現了同店銷售收縮，而去年大部分時間該指標卻報告了強勁增長。</p>
<p>在這種情況下，放緩的罪魁禍首與瑞幸自身的運營無關，而是由於補貼戰的變化，這場戰鬥在去年大部分時間裏推動了中國外賣餐飲市場。那場戰爭中，電子商務巨頭京東 (NASDAQ: JD) 進入了外賣餐飲市場，而現有的兩個主要參與者之一的餓了麼進行了大規模的改革，包括阿里巴巴的重大現金注入。第三大參與者、美團，被迫跟進，提供自己的重大補貼以保持市場份額。</p>
<p>雖然這些補貼戰對食品配送公司造成了衝擊，使美團陷入虧損，但卻對食品和飲料運營商形成了利好，因為消費者利用優惠促銷使其業務激增。在咖啡和相關的奶茶行業中，消費者常常利用補貼以極低的價格甚至免費獲得飲品配送。</p>
<p>這種飲品配送的現象在中國相較於西方是相對獨特的，西方人通常親自到店取貨，或者在店內消費，或帶走。相比之下，中國消費者常常點一杯僅需 20 元（約 3 美元）的咖啡進行配送。當地的經濟條件使得這一點成為可能，因為配送成本通常微不足道，沒有小費，許多消費者似乎並不在意產品是否温熱。</p>
<p>但所有美好的事物都必須結束，這一現象現在在中國正在發生，因為三大配送公司在地方監管機構的多次催促和自身希望遏制虧損的願望下，終於縮減了補貼。隨着這一變化，瑞幸 報告 自營門店的同店銷售在第一季度下降了 0.1%。這一收縮並非完全出乎意料，因為去年第四季度的同店銷售增長已經降至僅 1.3%，結束了前兩個季度的兩位數增長。</p>
<p>瑞幸首席執行官郭金輝在公司財報電話會議上表示：“在接下來的幾個季度中，隨着我們進入受去年高額配送補貼影響的比較期，我們的同店銷售可能會面臨一些短期波動。”</p>
<p>同店銷售的下降為瑞幸的季度表現畫上了句號，該季度包括客户粘性減弱和利潤率下降，因為它在中國咖啡市場的激烈競爭中繼續快速擴張。該公司在本季度開設了 2,548 家新店，截至 3 月底，其整體門店數量增加了 39.4%，達到 33,596 家。</p>
<p>其表現與主要競爭對手 <strong>星巴克</strong> (NASDAQ: SBUX) 形成了鮮明對比，後者上週報告稱其中國同店銷售在第一季度增長了 0.5%。星巴克在本季度報告了 8% 的年收入增長，快於其更為謹慎的 3% 的門店數量增長，三個月結束時擁有 7,991 家門店。</p>
<h4><strong>投資者歡呼</strong></h4>
<p>正如我們之前提到的，進入負同店銷售增長的情況可能是由於配送補貼減少而預期的，同時對今年剩餘時間該指標的壓力也可能是預期之中的。同時，瑞幸通過推出一項高達 5 億美元的激進股票回購計劃，表達了對自身的信心，這是其首次回購，約佔其當前市值約 100 億美元的 5%。</p>
<p>投資者對整體報告表示讚賞，促使瑞幸的股價在結果公佈後上週三上漲了 16%。這幫助該股在 2026 年重新回到正增長，較年初上漲了 5.5%。該股目前的市盈率約為 21，遠高於 <strong>蜜雪冰城</strong> (2097.HK) 的 16，後者是中國領先的奶茶銷售商，截至去年底在全球擁有更大規模的 60,000 家門店。</p>
<p>中國的咖啡市場龐大，但競爭也變得異常激烈，尤其是在低端市場，瑞幸與 <strong>漫咖啡</strong>、<strong>Cotti</strong>，甚至 <strong>肯德基</strong> 和 <strong>麥當勞</strong> (NYSE: MCD) 競爭，這些品牌的產品售價低至 10 元一杯。這個羣體正在從高端的星巴克那裏搶奪市場份額，星巴克在 2 月份將其中國業務的 60% 出售給當地私募股權巨頭博裕資本，以期振興其本地業務。</p>
<p>星巴克目前正在考慮在中國的下一步行動，這很可能包括更多努力在低端市場爭奪份額，而在這個市場上瑞幸咖啡佔據主導地位。低端市場在第一季度對瑞幸來説是一個亮點，該公司主要依靠特許經營合作伙伴，而不是在大城市使用的自營門店。</p>
<p>該公司報告稱，其特許經營業務的收入在第一季度同比增長約 45%，達到 30.2 億元人民幣（約合 4.42 億美元）。這一增速遠快於公司在該期間報告的整體收入增長 35%，整體收入約為 120 億元人民幣。整體數字受到自營門店 33% 收入增長的拖累，這些門店約佔其總收入的三分之二。</p>
<p>該公司的月度交易客户增長了 25%，遠低於其收入增長，這似乎表明其在保持客户方面面臨困難。其門店級別的運營利潤率也在穩步下降，從一年前的 17.0% 降至第一季度的 13.6%，反映出其在過飽和市場中尋找新位置的困難。</p>
<p>在底線方面，該公司的利潤在最新季度同比下降 3.4%，降至 5.06 億元人民幣，儘管其非 GAAP 利潤（不包括基於股票的員工補償）增長了 6%，達到 6.87 億元人民幣。此時公司的底線看起來總體積極，因為它通常可以利用其作為市場領導者的地位來擊敗競爭對手。但外賣餐飲戰爭中補貼的減少，加上預計在未來一年或兩年內將持續的激烈競爭，將繼續對公司的利潤率施加壓力，並可能最終迫使其放緩快速擴張的步伐。</p>
<p><em>要訂閲 Bamboo Works 每週免費的新聞通訊，請點擊</em> 這裏</p>

瑞幸咖啡(ADR)

星巴克

EATZ

食品飲料 ETF - PowerShares

<p>瑞幸咖啡公司報告稱，第一季度同店銷售額下降了 0.1%，這歸因於中國外賣餐飲市場補貼戰的結束。儘管收入增長了 35%，門店數量增加了 39%，但客户留存問題顯現，平均每月交易客户僅增長了 25%。公司宣佈進行 5 億美元的股票回購，增強了投資者信心，導致股價上漲了 16%。相比之下，競爭對手星巴克的同店銷售額上漲了 0.5%，突顯了中國咖啡市場的競爭格局</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>中國最大的咖啡連鎖店在第一季度出現了同店銷售收縮，因為該國頂尖的外賣餐飲配送公司放緩了曾推動銷售的補貼戰。</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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長了 35%，主要得益於截至 3 月底門店數量同比增長 39% 至 33,596 家</li>
<li>該連鎖店的平均月交易顧客在本季度增長了 25%，遠低於其收入增長，表明其在留住顧客方面面臨困難。</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>可以稱之為咖啡宿醉。這就是 <strong>瑞幸咖啡公司</strong> (OTC: LKNCY) 在第一季度的故事，因為中國領先的咖啡連鎖店在這一三個月期間出現了同店銷售收縮，而去年大部分時間該指標卻報告了強勁增長。</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>在這種情況下，放緩的罪魁禍首與瑞幸自身的運營無關，而是由於補貼戰的變化，這場戰鬥在去年大部分時間裏推動了中國外賣餐飲市場。那場戰爭中，電子商務巨頭京東 (NASDAQ: JD) 進入了外賣餐飲市場，而現有的兩個主要參與者之一的餓了麼進行了大規模的改革，包括阿里巴巴的重大現金注入。第三大參與者、美團，被迫跟進，提供自己的重大補貼以保持市場份額。</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>雖然這些補貼戰對食品配送公司造成了衝擊，使美團陷入虧損，但卻對食品和飲料運營商形成了利好，因為消費者利用優惠促銷使其業務激增。在咖啡和相關的奶茶行業中，消費者常常利用補貼以極低的價格甚至免費獲得飲品配送。</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>這種飲品配送的現象在中國相較於西方是相對獨特的，西方人通常親自到店取貨，或者在店內消費，或帶走。相比之下，中國消費者常常點一杯僅需 20 元（約 3 美元）的咖啡進行配送。當地的經濟條件使得這一點成為可能，因為配送成本通常微不足道，沒有小費，許多消費者似乎並不在意產品是否温熱。</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須結束，這一現象現在在中國正在發生，因為三大配送公司在地方監管機構的多次催促和自身希望遏制虧損的願望下，終於縮減了補貼。隨着這一變化，瑞幸 報告 自營門店的同店銷售在第一季度下降了 0.1%。這一收縮並非完全出乎意料，因為去年第四季度的同店銷售增長已經降至僅 1.3%，結束了前兩個季度的兩位數增長。</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>瑞幸首席執行官郭金輝在公司財報電話會議上表示：“在接下來的幾個季度中，隨着我們進入受去年高額配送補貼影響的比較期，我們的同店銷售可能會面臨一些短期波動。”</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>同店銷售的下降為瑞幸的季度表現畫上了句號，該季度包括客户粘性減弱和利潤率下降，因為它在中國咖啡市場的激烈競爭中繼續快速擴張。該公司在本季度開設了 2,548 家新店，截至 3 月底，其整體門店數量增加了 39.4%，達到 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>其表現與主要競爭對手 <strong>星巴克</strong> (NASDAQ: SBUX) 形成了鮮明對比，後者上週報告稱其中國同店銷售在第一季度增長了 0.5%。星巴克在本季度報告了 8% 的年收入增長，快於其更為謹慎的 3% 的門店數量增長，三個月結束時擁有 7,991 家門店。</p>
</div><h4><strong>Investors applaud</strong></h4>
<div class="lb-trans"><h4><strong>投資者歡呼</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>正如我們之前提到的，進入負同店銷售增長的情況可能是由於配送補貼減少而預期的，同時對今年剩餘時間該指標的壓力也可能是預期之中的。同時，瑞幸通過推出一項高達 5 億美元的激進股票回購計劃，表達了對自身的信心，這是其首次回購，約佔其當前市值約 100 億美元的 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>投資者對整體報告表示讚賞，促使瑞幸的股價在結果公佈後上週三上漲了 16%。這幫助該股在 2026 年重新回到正增長，較年初上漲了 5.5%。該股目前的市盈率約為 21，遠高於 <strong>蜜雪冰城</strong> (2097.HK) 的 16，後者是中國領先的奶茶銷售商，截至去年底在全球擁有更大規模的 60,000 家門店。</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>中國的咖啡市場龐大，但競爭也變得異常激烈，尤其是在低端市場，瑞幸與 <strong>漫咖啡</strong>、<strong>Cotti</strong>，甚至 <strong>肯德基</strong> 和 <strong>麥當勞</strong> (NYSE: MCD) 競爭，這些品牌的產品售價低至 10 元一杯。這個羣體正在從高端的星巴克那裏搶奪市場份額，星巴克在 2 月份將其中國業務的 60% 出售給當地私募股權巨頭博裕資本，以期振興其本地業務。</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>星巴克目前正在考慮在中國的下一步行動，這很可能包括更多努力在低端市場爭奪份額，而在這個市場上瑞幸咖啡佔據主導地位。低端市場在第一季度對瑞幸來説是一個亮點，該公司主要依靠特許經營合作伙伴，而不是在大城市使用的自營門店。</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>該公司報告稱，其特許經營業務的收入在第一季度同比增長約 45%，達到 30.2 億元人民幣（約合 4.42 億美元）。這一增速遠快於公司在該期間報告的整體收入增長 35%，整體收入約為 120 億元人民幣。整體數字受到自營門店 33% 收入增長的拖累，這些門店約佔其總收入的三分之二。</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>該公司的月度交易客户增長了 25%，遠低於其收入增長，這似乎表明其在保持客户方面面臨困難。其門店級別的運營利潤率也在穩步下降，從一年前的 17.0% 降至第一季度的 13.6%，反映出其在過飽和市場中尋找新位置的困難。</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>在底線方面，該公司的利潤在最新季度同比下降 3.4%，降至 5.06 億元人民幣，儘管其非 GAAP 利潤（不包括基於股票的員工補償）增長了 6%，達到 6.87 億元人民幣。此時公司的底線看起來總體積極，因為它通常可以利用其作為市場領導者的地位來擊敗競爭對手。但外賣餐飲戰爭中補貼的減少，加上預計在未來一年或兩年內將持續的激烈競爭，將繼續對公司的利潤率施加壓力，並可能最終迫使其放緩快速擴張的步伐。</p>
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Luckin's Coffee Hangover In Q1

- Luckin Coffee 第一季度同店銷售下滑，受外部補貼戰影響。  
- 其門店數量同比增長 39%，但客户留存率下降。  
- 計劃推出 5 億美元股票回購，股價上漲 16%。

瑞幸咖啡在第一季度的業績低迷