Source title: Ruixing Coffee’s total net income in the third quarter was 3.895 billion yuan, an increase of 65.7% year-on-year
On November 22, Ruixing Coffee announced its financial report for the third quarter of 2022. In this quarter, the company’s total net income reached 3.8946 billion yuan, a year-on-year increase of 65.7%. The store-level profit margin of self-operated stores was 29.2%, reaching 806.7 million yuan, and the same-store sales growth rate was 19.4%. The operating profit under the US Accounting Standards (GAAP) was RMB 585.3 million, and the operating profit margin reached 15.0%, breaking through double digits for the first time, and the profitability continued to improve.
Ruixing Coffee’s stores continued to expand. In this quarter, 651 new stores were opened, and the total number of stores reached 7,846, including 5,373 self-operated stores and 2,473 joint-operated stores. Driven by the growth in scale, the average number of monthly transaction customers increased by 70.5% year-on-year to 25.1 million. Relying on its first-mover advantages in brand, supply chain, digitization, and store scale, Luckin Coffee has maintained continuous strong growth in a number of key performance indicators, indicating that Luckin Coffee has gradually entered a healthy and sustainable development track.
Dr. Guo Jinyi, Chairman and CEO of Ruixing Coffee, said, “The core financial and operating indicators have continued to grow this quarter, although same-store sales growth has stabilized as we expected, compared to the same-store growth in the third quarter. Remains strong. With our research and development capabilities and operational efficiency, we believe that we can seize the growth opportunities brought by the fast-growing Chinese coffee market, bring long-term value to shareholders and drive sustainable growth.”
Before the release of this quarter’s financial report, Ruixing Coffee also officially released the “Reform and Reshaping Ruixing Coffee 2020-2022 Corporate Governance Report”, which systematically reviewed and summarized Ruixing Coffee’s governance system and corporate governance in the past two years. Fundamental changes in mechanisms, cultural values, etc. In addition, the company plans to officially release its sustainable development strategy and goals in the first half of next year. It will take sustainable development as an important basis, continue to create customer value and social value, and lay the foundation for the long-term development of Luckin Coffee.
Disclaimer: The purpose of reposting this article on this website is to provide readers with more information, and the content involved does not constitute investment or consumption advice. If you have any questions about the facts of the article, please check with the relevant parties. The opinions of the article are not the opinions of this website, and are for readers’ reference only.