Ladies and gentlemen, welcome to Luckin Coffee's first quarter 2025 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. Please be advised that today's call is being recorded. Now, I'd like to turn the call over to Ms. Nancy Song, Investor Relations of Luckin Coffee. Nancy, please go ahead. Thank you, and hello everyone. Welcome to Luckin Coffee's first quarter 2025 earnings conference call. We announced our financial results earlier today before the U.S. market opened. The earnings release is now available on our IR website and the various services. Today, you will hear from Dr. Guo Jinyi, co-founder and CEO of Luckin Coffee, who will share a strategic overview of our business. Following that, Ms. An Jing, our CFO, will discuss our financial results in greater detail. Afterwards, we will open up the call for questions. During today's call, we will be making some forward-looking statements regarding future events and expectations. Any statements that are not historic facts, including but not limited to statements about our beliefs and expectations, are forward-looking statements. These statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in our filings with the SEC. In addition, for non-GAAP matters discussed today, the reconciliation information related to those matters can be found in our earnings press release. 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, co-founder and CEO of Luckin Coffee. Dr. Guo, please go ahead. 大家好，欢迎参加今天的业绩沟通会。感谢各位对玉心咖啡的持续关注与支持。在业绩会正式开始之前，正如大家在公司公告中看到的，我们特别荣幸地欢迎大正资本董事长兼CEO黎辉先生重新加入瑞幸董事会，并亲自出任董事长一职。大正资本在瑞幸至暗时刻不离不弃，持续向瑞幸进行投入，确保了公司治理和股权结构的稳定。这也是瑞幸能够彻底完成历史切割，实现触底反弹的最重要的坚实基础。作为股东，黎辉先生本人更是始终坚定不移地支持瑞幸完成涅槃重生的历程，帮助瑞幸团队取得了今天的成绩。黎辉先生能够重新加入董事会并出任董事长，体现了他对瑞幸以往业绩的充分肯定，以及对瑞幸长期价值的高度认可，也能够更充分地发挥他在管理和战略规划方面的丰富经验，深入推动瑞幸中国和全球业务的持续发展及战略布局，引领公司发展迈入新阶段，迈上新台阶。今后，我也将与黎辉先生继续紧密合作，在他的领导下，更加专注于履行CEO和董事的工作职责，共同继续坚守瑞幸的核心价值观，努力推进实现瑞幸的使命愿景，为全体股东和关心关注瑞幸发展的伙伴们创造长期可持续的价值。 Hello everyone, welcome to today's earnings conference call. Thank you for your continued interest in and support of Luckin Coffee. Before we officially begin today's call, as many of you may have seen in our earnings release, we are truly honored to welcome Mr. Li Hui, Chairman and CEO of Centrium Capital, back to Luckin's board of directors as our new Chairman. Centrium Capital has always supported Luckin through its most challenging times, making continued investments to ensure the stability of our corporate governance and shareholder structure. This steadfast support laid a solid foundation for Luckin to fully emerge from past difficulties and enabled our strong rebound. As a shareholder, Mr. Li Hui has remained firmly committed to Luckin's journey of transformation, facilitating our team toward the success we have achieved today. His return to the board and appointment as Chairman reflects his full confidence in our past achievements and a strong recognition of Luckin's long-term value. His rich experience in business management and strategic execution will help drive the continued development and global expansion of Luckin's business, leading the company into a new stage of growth. Looking ahead, I look forward to working closely with Mr. Li Hui. Under his leadership, I will remain focused on fulfilling my responsibilities as CEO and director. Together, we will continue to uphold Luckin's core values, advance our mission and vision, and work to create long-term sustainable value for all our shareholders and stakeholders who support Luckin's development. 接下来，我将介绍公司第一季度的运营进展。稍后，CFO安静会跟大家分享更详细的财务数据。2025开年首季，瑞幸咖啡实现了强劲的业绩增长。我们聚焦规模优先的发展战略，进一步扩大市场份额，强化竞争优势。一季度，我们的总净收入同比增长41%，达到了约89亿元。依托于24,000多家门店，我们充分发挥规模优势，不断提升运营效率，盈利能力同比显著提高。本季度营业利润同比扭亏为盈，大幅增加至7.4亿元，营业利润率达到8.3%。需要特别指出的是，我们的同店指标在经历过去一年的波动后持续趋稳向好。一季度自营门店同店销售增长率如期转8.1%，这也印证了中国市场巨大的需求潜力，也完全符合我们此前的战略判断。这些成绩的达成，进一步巩固了瑞幸的市场领导地位，也为全年的战略目标打下了坚实基础。 Next, I will provide some highlights of our first quarter results and operational progress. Our CFO, An Jing, will share additional financial details later on this call. We are off to a strong start in 2025, delivering impressive first quarter results. With a scale-focused growth strategy, we further expanded our market share and strengthened our competitive edge. In the first quarter, our total net revenues rose by 41% year over year to around RMB 8.9 billion. As our network expanded to over 24,000 stores, we leveraged our scale to constantly drive operational efficiency and significantly improved profitability compared to the same period of last year. Our operating profit rebounded to nearly RMB 740 million, with operating margin rising to 8.3%. Notably, same-store sales growth for self-operated stores continued improving and returned to a positive territory as expected, at 8.1% following a year of fluctuations. This improvement reflects strong customer demand in China's coffee market and aligns well with our strategic vision. These results have reinforced our market leadership and laid a solid foundation for achieving our full-year targets. 本季度，我们持续深入执行聚焦规模增长的竞争策略，扩大门店的规模优势，不断提升产品品质。在回馈消费者的同时，进一步拓展客户基盘，持续增强人货场三个维度的核心竞争力。 During the first quarter, we further deepened the execution of our scale-oriented strategy, consistently expanding our store network, enhancing product quality, and growing our customer base while delivering greater value to consumers. We continue to strengthen our core competitiveness across three pillars: people, products, and places. 在门店方面，我们继续推进门店优先布局的发展策略，根据市场变化和竞争情况，动态评估开店机会，保持行业领先的扩张速度。一季度，我们的开店速度略快于预期，这主要是因为我们看到了客户有需求，市场有空间，更加需要优先占据点位以锁定长期市场份额。截至一季度末，我们的门店总数达到24,097家，进一步巩固了瑞幸作为中国门店数量最多的咖啡连锁品牌的行业领先地位。 On the store front, we continuously prioritize strategic expansion, dynamically evaluating market conditions and the competition to identify high-potential locations while maintaining an industry-leading expansion pace. This quarter, we opened slightly more stores than initially planned as we saw evident consumer demand and untapped market opportunities. This required us to prioritize securing key locations early to lock in long-term market share. As of quarter end, we operated 24,097 stores, further cementing our leadership as China's largest coffee chain brand by store count. 具体来看，中国市场竞争1,743家门店，门店总数达到20,032家，其中自营15,541家，联营8,491家。在保证在保持高速扩张的同时，我们的同店指标也稳步改善。这不仅体现了公司规模与质量并重的开店策略，也验证了瑞幸发展战略的前瞻性和有效性。我们在关键窗口期提前布局，快速建立起的规模优势，如今有效地承接了用户稳步提升的咖啡消费需求，推动自营门店同店销售增长。因此，我们也更有信心能够把握中国市场咖啡中国咖啡市场发展的历史性机遇，进一步扩大在高线和下沉市场的门店规模。 In China, we added 1,743 net new stores, bringing the total to 24,032, comprising 15,541 self-operated stores and 8,491 partnership stores. Along with rapid expansion, we consistently improved same-store performance, validating our balanced approach to scale and quality. Our early investments in scale during a critical window have created clear network advantage, which is now effectively supporting rising consumer demand and driving same-store sales growth for our self-operated stores. This gives us greater confidence in capturing the historic growth opportunities in China's booming coffee market, allowing us to further expand in both high-tier and lower-tier cities. 国际市场方面，我们一季度竞争14家，门店总数达到了65家，其中新加坡自营门店57家，马来西亚加盟门店8家。作为长期战略布局，我们将稳步推进国际化，强化瑞幸在不同国家市场的核心价值主张，优化用户体验和产品组合，打磨门店模型，以满足当地市场的独特需求。我们将以更灵活、更符合国际市场运营特点的模式，稳步积累海外运营经验，持续探索布局更多市场的机会。 Internationally, we added 14 net new stores this quarter, reaching a total of 65, including 57 self-operated stores in Singapore and 8 franchise stores in Malaysia. As part of our long-term development strategy, we are taking a disciplined approach to overseas expansion. We are methodically strengthening Luckin's value proposition in each country, optimizing user experience and product offerings, and fine-tuning store models to meet local demand. We plan to adopt flexible, locally tailored models to steadily build overseas experience and explore further growth opportunities. 在产品方面，一季度我们共上新15款饮品及多款轻食，围绕"要喝就喝"原产地的品牌理念，瑞幸不断加强上游供应链建设，布局全球优质原产地资源，为产品创新和品质升级提供了有力支撑，从而更好地满足用户对口味、健康和情绪价值的综合需求。 On the product front, we launched 15 new beverages and a range of light meals. Guided by our brand concept from the origin tree, we strengthened our global supply chain by sourcing from premium origin regions. This effort underpins our product innovation and quality upgrades, better satisfying customers' evolving preferences for taste, health, and emotional resonance. 今年3月，在长青产品生椰拿铁即将四周年之际，瑞幸咖啡专属生椰岛落户印尼，独家享有帮盖群岛椰子资源的采购权，建立了从源头到消费终端的全产业链品质把控体系，进一步强化生椰系列产品的吸引力。截至一季度末，生椰拿铁单品累计销售已超过13亿杯，近期上新的洞洞生椰拿铁进一步扩充了生椰家族，持续为经典产品注入新鲜感。 In March, as our flagship Coconut Latte approached its fourth anniversary, we secured exclusive procurement rights to coconuts from Indonesia's Banggai Archipelago, creating Luckin's exclusive coconut islands. With full control from origin to cup, we established a comprehensive quality management system that further enhances the appeal of our coconut series. Cumulative sales of Coconut Latte surpassed 1.3 billion cups as of quarter end. The recent launch of the Coconut Jelly Latte has brought fresh appeal to their signature lineup. 此外，本季度青柠茶系列全面升级，上新鲜萃青青茉莉、鲜萃青青龙井等产品，主打鲜萃茶汤、动物乳脂和低卡路里，为消费者提供更优质、更健康、更美味的茶饮体验。瑞幸在广西杭州茉莉园建立的专属基地，也从原产区保证了茶商品质，升级产品得到了新老用户的广泛好评，拉新唤醒用户都有积极表现，其中鲜萃青青茉莉单日销量最高达到了167万杯，创造了今年瑞幸茶饮单品单日销量的新纪录。 We also upgraded our light milk tea line, introducing freshly brewed jasmine milk tea and freshly brewed Longjing milk tea. These products feature freshly brewed tea, animal milk fat, and low calories, delivering a superior, healthier, and tastier tea experience. Our dedicated jasmine garden in Hengzhou, Guangxi, ensures tea fragrance and quality from origin. This upgrade received widespread acclaim from both new and recurring customers, with encouraging results in customer acquisition and reactivation. Notably, single-day sales of freshly brewed jasmine milk tea peaked at 1.67 million cups, setting a new tea product record for this year. 在客户方面，我们以高品质、高便利性、高性价比为锚点，始终坚持以客为先的核心价值观，持续回馈消费者，让更多的消费者以更优惠的价格享受到高品质咖啡。同时，通过全品类的拓展，提升在全时段全场景服务客户的能力，给消费者提供了更多样的饮品选择和消费体验。 On the customer front, our value propositions of high quality, high convenience, and high availability continue to get our customers' words for values. We consistently reward consumers with high-quality coffee at competitive prices while expanding our offerings to cover more departments and scenarios. This strategy broadens beverage choices and enhances customer experience. 凭借庞大的门店交付网络、多元化的产品选择，以及频频出圈的营销联名活动，一季度我们新增交易客户数超过2,000万。截至本季度末，瑞幸的累计交易客户数超过3.5亿。此外，我们的月均交易客户数超过了7,400万，同比增加24%。接下来，我们将继续坚持有竞争力的价格策略，持续开展9块9品质咖啡活动，分区域精细化运营，不断培育并深化消费者咖啡饮用习惯和品牌粘性。在引领行业发展的同时，巩固并扩大我们的市场份额。 Supported by our extensive store network, diverse product portfolio, and highly resonant co-branded marketing campaigns, we added over 20 million new transacting customers in the first quarter. Our cumulative transacting customer base exceeded 350 million by quarter end, while monthly average transacting customers increased 24% year over year to over 74 million. We will continue to implement competitive pricing, including consistent RMB 9.9 quality coffee initiative, and dynamically conduct region-specific operations to cultivate coffee drinking habits and brand loyalty. These efforts will help us solidify and grow our market share as we continue leading industry development. 此外，在ESG实践。 Just one moment, please. There has been an interruption. Just a moment. Excuse me, this is an operator. Please continue to hold. (Audio Music) Thank you. (Audio Music) Excuse me, Dr. Guo. Please continue. 抱歉，刚才掉线了。此外，在ESG实践领域，我们积极践行以赴美好明天的可持续发展战略，致力于推动中国咖啡行业的绿色化、低碳化转型。本月，瑞幸咖啡北京中关村旗舰店获得LEED IDC最高等级的绿色建筑铂金级认证，瑞幸也成为首家获得此项认证的中国咖啡品牌。这标志着瑞幸旗舰门店在绿色可持续发展领域已达到国际领先水平，为行业可持续发展树立了新标杆。同时，瑞幸LEED标准化门店模型已通过经济认证，未来我们也计划陆续推进新建优享店的相关认证。此外，本季度瑞幸参与了地球一小时活动，作为年度推广合作伙伴，通过线上和线下多种方式传递环保理念，鼓励消费者践行可持续的生活方式。 Apologies that we dropped the line for a little bit. Back to our earnings call. On the ESG front, we advanced our sustainability strategy, being a force for a brighter future and supporting the green, low-carbon transformation of China's coffee industry. This April, our flagship store in Zhongguancun, Beijing, received the highest LEED IDC Platinum certification for green building, making us the first Chinese coffee brand to earn this recognition. This achievement demonstrates our leadership in global sustainability standards and sets a new benchmark for the industry. Our LEED volume prototype store model has also been certified at the gold level, and we plan to extend such certification across our new relaxed stores. Additionally, as an annual promotion partner for Earth Hour, we engage the public both online and offline to promote environmental awareness and encourage sustainable lifestyles. 当前，中国咖啡市场仍处在渗透率和消费频次稳步提升的黄金期预期，市场空间和增长潜力巨大。尽管宏观环境和市场竞争复杂多变，我们会凭借坚实的组织能力和业务基础，始终保持市场敏感度，做到积极迅速调整响应。我们相信，正确的战略、出色的执行以及扎实的业务基本面，可以让我们把握机遇，灵活应变，穿越波动。着眼长期，我们会聚焦业务的可持续发展，通过规模优势、产品品质、高性价比，充分把握中国咖啡市场结构性的增长机遇，通过持续强化供应链优势和数字化能力，不断提升运营效率，推动长期高质量增长，为股东创造长期价值。 China's coffee market remains in a golden period of rising penetration and increasing consumption frequency, presenting vast opportunities. Despite our dynamic macro environment and evolving competition, we will leverage our strong organizational capabilities and strong business foundation to remain agile and respond swiftly to market dynamics. We believe that a sound strategy, strong execution, and solid fundamentals will enable us to seize opportunities, adapt quickly, and weather fluctuations. Looking ahead, our focus remains on sustainable growth. Our scale advantage, firm quality and compelling value position us well to capture China's structural coffee growth. We will continue improving supply chain and digital capabilities to enhance operational efficiency, drive long-term high-quality growth, and create lasting value for our shareholders. 最后，瑞幸诚意地取得离不开每一位消费者的坚定选择和合作伙伴的并肩前行，也离不开投资人的长期信任和支持，更离不开14万瑞幸伙伴的全力以赴。在此，我们向所有关心支持瑞幸发展的朋友致以诚挚的谢意。我们将秉持初心，引领中国咖啡行业持续向前发展，让高品质咖啡成为大家日常生活的一部分。接下来，有请安静向大家介绍详细的财务数据。 Finally, our achievements are made possible by the trust of our customers, the collaboration of our partners, the support of our investors, and the dedication of 140,000 Luckin Coffee team members. We extend our sincere gratitude to everyone supporting our journey. We remain committed to leading the advancement of China's coffee industry and making high-quality coffee a part of everyone's daily life. With that, I will turn the call over to An Jing to go through our financial results in detail. Good day everyone. Thank you for joining today's call. We are pleased to start 2025 with a strong momentum. Our effective execution of our growth strategies has driven robust top-line growth as well as margin expansion, further strengthening Luckin Coffee's leadership. Moreover, our self-operated stores resumed a positive same-store sales growth, which better positioned us to capture the exciting opportunities in China's coffee market. Let's now look at our financial performance in detail. In the first quarter, our total net revenues increased by 41% year over year to RMB 8.9 billion, primarily driven by a 42% year over year increase in GMV, which reached RMB 10.4 billion. This strong growth was mainly driven by increased product sales as we added more monthly transacting customers along with our store expansion. In terms of sources of revenue, revenues from product sales increased by 42% year over year to RMB 6.8 billion. This growth reflects rising customer demands fulfilled by our innovative and diverse product offering as well as extensive store network. Breaking down our product sales into three streams, net revenues from freshly brewed drinks were RMB 6.2 billion, about 70% of total net revenues. Net revenues from other products were RMB 477 million, about 5% of total net revenues. Net revenues from others were RMB 145 million, about 2% of total net revenues. Revenues from partnership stores increased by 38% year over year to RMB 2.1 billion, accounting for 23% of total net revenues. Revenues from self-operated stores increased by 41% year over year to RMB 6.5 billion. More importantly, same-store sales growth returned positive to 8.1% this quarter, supported by robust customer demand and a balanced store expansion. Favorable weather conditions also contributed to the improvement. Our store-level operating profit increased significantly by 245% year over year to RMB 1.1 billion, with the store-level operating margin expanded by 10.1 percentage points to 17.1%. Shifting costs and expenses. Cost of materials increased by 21% year over year to RMB 3.6 billion. Various costs of materials as a percentage of total net revenues decreased to 40% from 47% in the same period of 2024. This structural improvement is mainly driven by product mix changes and enhanced supply chain advantage, contributing to gross margin expansion. However, we have not yet been exposed to the negative impact from rising coffee bean prices during this quarter. As we start building new coffee bean inventory this year, higher coffee bean costs may weigh on gross margin since the second half of 2025. Having said that, we expected to leverage our scale and efficiency advantage to partially mitigate such impact. Store rental and other operating costs increased by 27% year over year to RMB 2.3 billion. Various store rental and other operating costs as a percentage of total net revenues decreased to 26% from 29% in the same period of 2024 as a result of operating leverage from more cup sales. The absolute amount increase was primarily due to store expansion, as well as increase in labor costs, store rental costs, utilities, and other store operating costs. Delivery expenses increased by 54% year over year to RMB 689 million, mainly due to an increase in delivery orders, but delivery expenses for orders decreased as a result of a greater economy of scale. Delivery expenses as a percentage of total net revenues increased to 7.8% from 7.1% in the same period of last year, aligning with delivery order increases. Sales and marketing expenses increased by 52% year over year to RMB 496 million, primarily due to continued strategic investment to strengthen our brand power as well as increase the commission fee to third-party food delivery and live streaming platforms. Sales and marketing expenses as a percentage of total net revenues increased to 5.6% from 5.2% in the same period of 2024. General and administrative expenses increased by 22% year over year to RMB 681 million. Various G&A expenses as a percentage of total net revenues decreased to 7.7% from 8.9% in the same period of last year, reflecting enhanced operational efficiency. The absolute amount increase was primarily driven by higher investment in research and development, increased share-based compensation, and payroll costs. Moving to profit and margin performance, our GAAP operating profit improved substantially from negative RMB 65 million in the same quarter of 2024 to RMB 737 million, with operating margin rebounding from negative 1% to 8.3%. On a GAAP basis, operating profit increased year over year to RMB 864 million, with operating margin at 9.7%. Net profit improved significantly from negative RMB 83 million in the same quarter of 2024 to RMB 525 million, with net margin rising from negative 1.3% to 5.9% for the quarter. On a GAAP basis, net profit improved year over year to RMB 649 million, with net margin at 7.3%. Finally, turning to our balance sheet and cash flow items. For the first quarter of 2025, our net operating cash inflow was RMB 897 million. As of March 31, 2025, we had around RMB 6.1 billion in cash, including cash and cash equivalents, restricted cash, term deposits, and short-term investments, compared to RMB 5.9 billion as of December 31, 2024. Our healthy balance sheet and strong cash position provide us with financial flexibility and resilience to navigate dynamic macro and industry-wide challenges as well as to invest in growth opportunities. In closing, our first quarter performance reflects strength and resilience in our business and execution. With what the market potential ahead, we are well positioned to drive sustainable growth while enhancing operational efficiency. With that, we will open the call for questions. Operator, please go ahead. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. At this time, we will pause momentarily to assemble our roster. The first question comes from Yi Yongjian with Guojin Securities. Please go ahead. 好的，那个，呃，郭总好，那个安总好。我是那个国金证券的易永坚。那个，我这次提问我就用中文吧，因为这边那个反正也是一直比较熟。呃，这次呢，主要还是看到那个我们比较高兴看到，就是SSG同店的数据，这个，呃，取得了8.1的这个一个同店增长，呃，在去年12月份的基础之上。那我想主要想问一下，就是这一个问题，就是SSG的目前背后如果去拆分一下他们的那个量和价的情况，呃，大概的一个driver是怎么样的情况。呃，如果按照目前的这个，呃，同店的数据，呃，发展下去的话，我们未来的几个季度大概会是什么样的一个SSG的情况。对，我这边的话大概就以中文的方式，呃，问一遍吧。好，如果Nancy方便的话帮我翻译一下，感谢。 Hey, thank you. This is Yi Yongjian from Guojin Securities. Hello, Guozhong. Hello, Anzong. We noticed a notable improvement in SSG. I would like to know what the drivers behind that are, probably you can split between price and volume. Going forward, how should we think about the SSG trend in the coming quarters for this year? Thank you. 好，谢谢啊。那，那我来回答这个问题吧。就是同店增长这个指标呢，一直是，呃，我们密切关注的一个重要的经营性指标。而这个问题呢，其实，呃，我记得在这个今年这个前两次的这个业绩沟通会上可能也提到过。呃，我们回头看这个一季度的同店增长呢，其实主要是靠整个杯量的上涨来驱动的。呃，这个指标的大幅的提升，呃，主要得益于呢，我们可以归纳成，就是我觉得可以从主客观两个两个因素来看吧。首先从客观来看呢，随着中国咖啡市场进入到一个发展的快车道，呃，消费的需求和增长的潜力正在逐步的释放。其实这是行业的红利。过去的一年啊，我们新开出来的门店也陆陆续续进入到一个成熟的阶段。更广泛的门店布局可以让我们更加充分的把握发展的这个红利。同时，呃，我们也看到了一下今年的一季度呢，比去年同期相比呢，整体气温偏高，呃，有利的暖冬天气也能够带动杯量表现其实好预期的。所以这也促进了整个业绩的提升。呃，Nancy，你先发吧，好吧。 Hey, as we communicated in our previous two earnings conference call, SSG is always a crucial metric we are closely monitoring. In the first quarter, growth was primarily driven by volume. The notable improvement in our same-store sales growth came from both external and internal factors. Externally, China's coffee market continues to gain momentum, giving us significant consumer demand and unlocking considerable growth potential. This is industry benefits for us. Many of our new stores we opened over the past one year have now entered their maturity phase. We expanded our store network, enabled us to better capitalize on these market cabins. In addition, a relatively warmer winter this year, especially compared with last year, also supported our stronger than expected cup sales and further drive our performance. 呃，另一个方面，我们从主观来看，这个同店指标的转正呢，其实和我们前面，呃，跟大家沟通的这个趋势的发展其实也是完全一致的。呃，这充分验证了我们在2023年这个整个咖啡行业发展的战略窗口期，决定全面加速开店的这个战略判断是非常正确的。也说明我们在那个时候开出来的门店都是质量过硬的，位置精准的好店。当然也随着时间的推移，门店承接需求的能力和经营的韧性也逐步的凸显出来。同时凭借着瑞幸的品牌势能和丰富多样的产品，加上供链优势的充分发挥，吸引更多的用户消费的同时，能够持续的优化单杯成本，从而呢，能够不断提升门店杯量的表现。 Internally, the SSG trend is also consistent with what we've been communicating with the market. The return to positive same-store growth further validates our strategic decision back in 2023 when we accelerated our store opening pace during this window of opportunity. The stores we opened, of high quality and very carefully selected locations, over time, have shown strong resilience and growing ability to meet customer demand. Leveraging our brand strength, diversified product offerings, as well as our supply chain advantages, we have continued to attract more customers, optimize our per cup cost, and enhance in-store cup sales. 呃，所以简单总结一下呢，一季度同店指标8%的这种增长，呃，既是我们的这个基本面扎实的这种，呃，一个业务体现吧。当然呢，呃，也有一定的这个季季节性的特点。这个指标在今年的未来的几个季度呢，可能会有所回落。当然我们也会持续关注同店增长这一个关键的业务指标，努力使其保持在一个健康、正向、可持续的一个发展水平。谢谢。 Yeah, so in summary, the 8% same-store sales growth in the first quarter reflects both our solid fundamentals and some seasonal achievements. We expect same-store sales growth to moderate in the coming quarters as conditions normalize. We will continue to closely monitor this operating metric and remain focused on maintaining a positive, sustainable same-store sales growth going forward. Thank you. Are you ready for your next question? Oh, go ahead. Are you ready for your next question? Okay，呃，好的，那个。 The next question comes from Ethan Wang of CLSA. Ethan, please go ahead. Thank you. I will first briefly introduce our overall view on this year's profit, and then An Jing will elaborate on the situation for this quarter, okay? First, we believe that the Chinese coffee market is still in a relatively early stage of rapid development. Scale growth and market share remain the most important strategic priorities for Luckin Coffee at present. Therefore, we will continue to maintain a competitive pricing strategy and currently have no plans to raise prices. We will work hard to make Luckin Coffee's high-quality coffee more cost-effective and attractive, further stimulating consumer demand and potential, cultivating consumers' coffee drinking habits, and consolidating and expanding Luckin Coffee's market share. That is all for now, thank you. Thank you. I will briefly share my overall perspective on this year's profitability, and then talk to our sales engine to elaborate on the first quarter situation. We believe China's coffee market is still in a very early stage of rapid growth. Scale expansion and market share remain to be our top priority. As such, we will continue our competitive pricing strategy. Currently, we have no plan to raise prices. Through offering high-quality coffee with better prices and stronger appeal, we aim to unlock richer demand, encourage coffee consumption habits, as well as solidify our market leadership. 呃，但是从另一个方面呢，我们也需要看到，呃，当前一些客观因素的影响。呃，第一呢，目前咖啡生豆的价格相较去年有大幅的提升，而现在仍然处在历史的高位水平。呃，伴随着我们开始滚动的补充库存，生豆涨价的影响主要会在今年的下半年开始体现。因此，今年下半年的毛利可能一定程度上会面临额外的压力。当然另一方面，大家也注意到，随着近期茶饮企业的陆续上市，限制饮品行业竞争格局也可能出现新的变化。为了更好地应对潜在的竞争挑战，我们也将会持续加大品牌和营销投入，努力保持行业领先的地位。 the other hand, we also need to recognize two micro factors that may weigh on our profitability. First, coffee bean prices still have increased significantly from 2024 levels and remain at historical highs. As we start building our inventory this year, these higher costs are likely to affect gross margins more visibly in the second half of this year. Secondly, as you may see, several key beverage companies have gone public recently. The competitive dynamics in this sector would also shift. To better prepare for the potential competitive pressure, we also need to, we will continue investing in our brand and marketing to maintain our leadership position. 呃，所以总体而言呢，这些因素的影响程度仍然有待于观察。当然我们也会持续通过我们的规模优势以及运营效率的不断提升，一定程度上来消化对冲这些影响，努力保持在一个健康合理的利润水平。好吧，我这个问题回答这些，下面那个安静来，呃，稍微展开详细讲一下好吗？谢谢。 Yeah, so overall, the magnitude of these impacts really to be seen. However, we plan to leverage our scale advantages and improve operational efficiency to help us absorb and offset these pressures to some extent and to maintain a healthy and sustainable level of our profitability. This is my answer, and I will pass to An Jing to leverage on the first quarter without. In the first quarter, our improvement in operating profit was mainly driven by production mix changes and economy of scale. From a production mix perspective, we are responding to the growing consumer preference for the lighter and the healthier beverage by launching more refreshing drinks, such as our Fruity Americano series. These drinks typically have a higher gross margin than milk-based coffee. Since we began adjusting our production mix in March of last year, refreshing drinks contribute around 10 percentage points more to our cup sales in Q1 2025 compared to last year, which notably lifted our overall gross margin. For the scale perspective, our broad range of quality beverages at attractive prices, combined with impactful marketing campaigns, drove high single-digit year-over-year growth in daily cup sales for store. This volume growth brought meaningful operating leverage, and the structural cost efficiency unlocked further profitability potential. Thank you. 好的，谢谢各位感谢这个安总。 Thank you so much. Due to time constraints, no further questions will be taken at this time. This concludes the question and answer session. I'd like to turn the call back to the management team for any closing remarks. Thank you everyone for joining our call today. If you have any further questions, please feel free to contact our IR team. This concludes today's call. We look forward to speaking with you again next quarter. Thanks. Thank you. The conference has ended. You may disconnect your line.