瑞幸咖啡(LKNCY) 2023 年第四季度财报电话会议记录

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$瑞幸咖啡(LK)$ $瑞幸粉单(LKNCY)$


Company Participants

Alicia Guo - Head of Investor Relations

郭阿莉西亚 - 投资者关系负责人

Guo Jinyi - Chairman and CEO

过金仪 - 主席兼首席执行官

Jing An - Chief Financial Officer

靖安 -首席财务官



Ladies and gentlemen, welcome to Luckin Coffee's Fourth Quarter and Full-Year 2023 Earnings Conference Call. All participants will be in listen-only mode during management’s prepared remarks, and there will be a question-and-answer session to follow. Today's conference is being recorded.


At this time, I would like to turn the call over to Ms. Alicia Guo, the Head of Investor Relations of Luckin Coffee for prepared remarks and introductions. Please go ahead, Alicia.

此时,我想把通话转给Luckin Coffee投资者关系部负责人Alicia Guo女士,为其准备好的发言和介绍。请继续,Alicia。

Alicia Guo

Alicia Guo

Hello, everyone, and thank you for joining us on today's call. Luckin Coffee announced its fourth quarter and full-year 2023 financial results earlier today. Today, you will hear from Dr. Guo Jinyi, Chairman and CEO of Luckin Coffee; and Ms. An Jing, CFO of Luckin Coffee. After the company's prepared remarks, the management team will conduct a question-and-answer session based on questions submitted via the company's webcast.

大家好,感谢大家参加今天的电话会议。瑞幸咖啡今天早些时候发布了 2023 年第四季度和全年财务业绩。今天,您将听到瑞幸咖啡董事长兼首席执行官郭劲一博士以及瑞幸咖啡首席财务官安静女士的发言。在公司发表讲话之后,管理团队将根据通过公司网络直播提交的问题进行问答环节。

We will be referring to a slide presentation on today's call, which can be found via a conference call webcast link as well as on the company's IR website. The IR website link is investor.lkcoffee.com.


During today's call, the company will be making some forward-looking statements regarding future events and results. Statements that are not historical facts, including, but not limited to, statements about the company's beliefs and expectations are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the company's filings with the SEC.


With respect to any non-GAAP measures discussed during the call today, the accompanying reconciliation information related to those measures can be found in the earnings press release issued earlier today.


During today's call, Dr. Guo will speak in Chinese and his comments will be translated into English.


Now, I would like to turn the call over to Dr. Guo Jinyi, Chairman and CEO of Luckin Coffee. Dr. Guo, please go ahead.


Guo Jinyi

Guo Jinyi

[Foreign Language]

Could you please provide the text that you would like me to translate into Chinese?

Hello, everyone. Welcome to today's earnings conference call, and thank you for continuing to support Luckin Coffee. I am Luckin's Chairman and CEO, Guo Jinyi.


2023 was a significant milestone year for Luckin Coffee. In terms of scale, the number of Luckin Coffee stores doubled from the previous year, reaching a new record high. In terms of performance, despite facing intense industry competition, Luckin Coffee achieved another year of record-breaking revenue, thanks to its unique business model, continuous product innovation and scale advantage.


The overall level of profit remained healthy and manageable, aligned with our expectations and the direction of our strategic development. In the fourth quarter, Luckin Coffee continued to reward consumers through the 10,000-store celebration event promotion, allowing more consumers to enjoy high-quality coffee at preferential prices.


Meanwhile, our number of new transacting customers also reached a historical high. We successfully created several blockbuster products, breaking records for single item sales at Luckin Coffee. Going forward, we will continue to steadily progress according to our established strategy while expanding market share and consistently providing consumers with high quality, affordable and convenient coffee offerings.


By doing so, we aim to drive continuous development of the Chinese coffee market while simultaneously rewarding our customers.


[Foreign Language]

I'm sorry, I cannot assist with translating into a foreign language without knowing which specific language you need the translation for. Could you please provide more information?

Specifically, Luckin Coffee experienced robust year-over-year revenue growth in the fourth quarter. However, due to factors such as seasonality, promotional events like the 10,000-store celebration event and intense industry competition, the profit growth rate experienced a decline in line with the company's expectations.


The total net revenue reached RMB7.06 billion, marking a 91.2% year-over-year increase. The operating profit margin stood at 3%, with a self-operated store operating profit margin of 13.5%. Same-store sales growth was 13.5%, with 2,975 net new store openings. In addition, monthly average transacting customers surpassed the $62 million. Our CFO, An Jing, will share further financial details later on this call.


[Foreign Language]

I'm sorry, I don't understand which language you want me to translate into Chinese. Could you please provide more context or repeat the phrase in English?

Looking back at 2023, Luckin Coffee made breakthrough progress, achieving several remarkable milestones in the Chinese coffee market. Our revenue surpassed RMB20 billion with operating profits exceeding RMB3 billion, achieved significant growth compared to 2022. In 2023, we opened over 8,000 new stores, bringing our total store count to over 16,000, reinforcing our position as the coffee chain brand with the largest number of stores in China.


Meanwhile, our total cumulative transacting customers reached 230 million, firmly placing us in a leading position in the industry. These achievements would not have been possible without the support of our shareholders, partners and the dedication of nearly 110,000 Luckin employees who have accompanied us every step of the way, working diligently to drive the company forward. We express our heartfelt gratitude to all of you.

与此同时,我们累计交易客户达到了2.3 亿,坚定地将我们置于行业领先地位。这些成就离不开股东、合作伙伴的支持,以及近 11 万名瑞幸员工的奉献,他们伴随我们一路前行,勤奋工作,推动公司不断发展。我们对大家表示衷心的感谢。

[Foreign Language]

Sure, could you please provide the text you would like me to translate into Chinese?

In the fourth quarter, Luckin Coffee added 2,975 new stores, bringing the total domestic store count to 16,218, maintaining our leading position in the market. Among the total number of stores, there were 10,598 self-operated stores and 5,620 partnership stores. As competition intensifies in the Chinese coffee market, we will continue to closely monitor customer demands and store quality.


Additionally, we plan to further increase the number of stores in high-tier cities and accelerate expansion into lower tier city markets through the partnership model to expand our market share. We anticipate that by 2024, the number of Luckin Coffee stores will surpass 20,000.


In terms of the development of our overseas markets, in the fourth quarter, Luckin Coffee has reached a total of 30 stores in Singapore, adding 12 new stores from the third quarter. In the future, we will continue to expand our footprint in the Singapore market, optimizing our store model while also eyeing other overseas markets, including, but not limited to, Southeast Asia.


Our goal is to allow more consumers to enjoy our high-quality coffee worldwide.


[Foreign Language]

What language would you like the text to be translated into?

In terms of product, Luckin Coffee launched 102 new products in 2023. The number of total items sold in 2023 exceeding 2 billion with a number of freshly made beverages sold surpassed 1.9 billion cups. By the end of 2023, Luckin Coffee had eight SKUs with sales exceeding 100 million units. In addition, the Jiangxiang Flavored Latte broke our single item sales record selling 45.83 million cups throughout the year. This resulted in its single item sales revenue, surpassing RMB900 million and earning numerous industry awards, including the 2023 EDG Awards annual high-quality product.

在产品方面,瑞幸咖啡在2023年推出了102款新产品。2023年销售的总货物数量超过20亿,其中新鲜制作的饮料数量超过19亿杯。到2023年底,瑞幸咖啡有8种单品SKU的销量超过1亿单位。此外,江香风味拿铁打破了我们的单品销售记录,全年销售4583万杯。这导致其单品销售收入超过9亿元人民币,并赢得了众多行业奖项,包括2023 EDG奖年度高品质产品。

Moving forward, we will continue to uphold product innovation, consistently providing customers with higher quality and more satisfying consumption experiences. Thanks to the dual effect of accelerated store expansion and continuous product innovation, Luckin Coffee acquired over 26 million new transacting customers during this quarter, with our average monthly transacting customers exceeding 62 million.


Throughout 2023, we had more than 95 million new transacting customers, marking another historic high. Along with the continuous growth of new customers, we have been consistently promoting our brand and deepening the popularization of coffee culture.


This year, Luckin Coffee became the Australian Open's official coffee partner in China and Southeast Asia.



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