Ladies and gentlemen, welcome to Luckin Coffee's second quarter 2026 earnings conference call. All participants will be in a 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 Nancy Song, Head of Investor Relations for Luckin Coffee. Nancy, please go ahead. Thank you. Hello, everyone. Welcome to Luckin Coffee's second quarter 2026 earnings conference call. We announced our financial results earlier today before the U.S. market opens. The earnings release is now available on our IR website and via Newswire services. Today, you will hear from Dr. Jinyi Guo, Co-founder and CEO of Luckin Coffee, who will share a strategic overview of our business. Then 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 historical 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 measures discussed today, reconciliation information related to those measures 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'd like to turn the call over to Dr. Jinyi Guo, 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，感谢各位对瑞幸咖啡的持续关注与支持。 Good day everyone, and welcome to today's earnings conference call. Thank you for your continued interest in and support for Luckin Coffee. 二零二六年第二季度，我们坚定推进高质量规模增长战略，业绩成长扎实稳健。在复杂多变的市场环境中，我们持续强化门店网络和产品创新，夯实客户基础与品牌心智，不断提升长期竞争优势，持续扩大市场份额，进一步巩固了行业领先地位。 We delivered solid second quarter results as we remain focused on executing our core strategy of high-quality scale growth. Amid a dynamic market environment, we continue to strengthen our store network and product innovation capabilities while growing our customer base and deepening brand share. These efforts further enhanced our long-term competitive advantages, helping us expand market share and reinforce industry leadership. 伴随中国咖啡消费需求的稳步增长，我们继续保持行业领先的开店速度。上半年门店竞争超五千家，二季度末全球门店总数突破三十六万家，累计交易客户数已接近五亿。公司本季度实现总净收入约一百五十九亿元，同比增长29%。受去年同期外卖高基数的影响，自营门店同店销售阶段性承压，二季度同比下滑5.3%。这一表现完全符合我们此前对业务节奏的判断。与此同时，在外卖竞争逐步回归理性的环境下，本季度营业利润同比转为正增长，较去年同期增长22%，达到二十一亿元，营业利润率为13.4%，盈利修复态势进一步巩固。二季度的业绩再次印证了瑞幸咖啡高质量规模增长战略的有效性，也进一步增强了我们把握长期市场机遇的信心。 Supported by continued growth in China's coffee consumption demand, we maintain an industry-leading pace of store expansion, with more than 5,000 net new stores opened in the first half of the year. By the end of the second quarter, our global store count had surpassed 16,000, while cumulative transacting customers approached 500 million. Total net revenues for the quarter reached around RMB 6.9 billion, up 33.3% year-over-year. Same-store sales for our self-operated stores declined 5.3% year-over-year in the second quarter, primarily due to the temporary high comparison base raised by elevated food delivery subsidies in the prior-year period. This performance was fully consistent with our previous expectations for the trajectory of business operations. Meanwhile, as food delivery competition gradually returned to more rational levels, our offsetting incomes resumed year-over-year growth in the quarter, growing 22% to RMB 2.1 billion, with an offsetting margin of 13.4%. This further reinforced the recovery in our profitability. Our second quarter results once again validated the strength of our high-quality scale growth strategy and further strengthened our confidence in capturing long-term market opportunities. 接下来我将从门店覆盖、产品创新和客户体验三个方面介绍本季度人、货、场三大业务支柱的运营进展。稍后，CFO 安静会和大家分享更详细的财务数据。 Next, I will walk you through the quarterly progress across our three core business pillars: people, products, and places, focusing on store coverage, product innovation and customer experience. Following that, our CFO An Jing will share more detailed financial updates. 在门店方面，我们坚持基于长期需求判断，推进全国门店网络布局，深化高地线城市覆盖，提升消费者触达和服务能力，持续释放中国咖啡市场的增长潜力。截至二季度末，公司全球门店总数达到36,310家，同比增长39%，规模和增速均领跑行业。 Starting with our store network, we continue to expand our nationwide footprint based on our long term view of customer demand. We further strengthen our presence across cities of all tiers, enhancing consumer accessibility and service capabilities to continuously unlock the long term growth potential of China's coffee market. By the end of the second quarter, our global store count reached 36,310, up 39% year-over-year. We continue to lead the industry in both scale and expansion pace. 具体来看，中国市场净增2668家，门店总数达到36087家，其中自营23625家，联营12462家。当前，中国咖啡市场仍处于渗透率持续提升、消费频次稳步上涨的高速成长阶段。加强各县级城市和消费场景的覆盖能力，是建立长期市场领先优势的重要基础。依托瑞幸强大的数字化能力和战略执行力，我们能够精准洞察消费需求，并高效落地为门店规划布局。通过数据驱动的门店选址、数字化运营以及数字化营建，我们在确保单店质量的基础上，持续提升规模化扩张效率与运营的一致性，不断深化瑞幸与消费者的连接，持续将市场机遇转化为长期市场份额。 In China, we added 2,668 net new stores during the quarter, bringing our total store count to 36,087. This includes 23,625 self-operated stores and 12,462 partnership stores. China's coffee market remains in a high growth phase, supported by rising penetration and increasing consumption frequency. Expanding our reach across all city tiers and consumption scenarios remains fundamental to building long term market leadership. Leveraging Luckin's strong digital capabilities and strategic execution, we are able to precisely identify consumer demand and efficiently expand our store network based on these insights. Through data-driven site selection, visually enabled store construction and enhanced store operations, we continue to enhance expansion efficiency and operational consistency while maintaining store quality. This enables us to deepen consumer engagement and consistently translate market opportunities into sustained market share gains. 国际市场方面，我们继续稳步推进海外业务拓展，依托中国市场成熟的数字化运营能力，结合当地消费者需求和市场特点，不断提升本地化经营水平。二季度海外净增46家，门店总数达到223家，其中新加坡自营门店89家，美国自营门店20家，马来西亚加盟门店114家。立足现有市场，我们将持续迭代产品、运营及组织能力，不断打磨优化单店经济模型，沉淀标准化可复制的运营经验，为进一步拓展国际市场奠定基础。 Internationally, we continue to expand our overseas presence in a disciplined manner. Leveraging the proven digital operating capabilities we have developed in China, we tailored our approach to local consumer preferences and market dynamics to further improve our localized operations. In the second quarter, we added 46 net new stores, bringing our total international store count to 223. This includes 89 self-operated stores in Singapore, 20 self-operated stores in the U.S., and 114 franchise stores in Malaysia. Building on our presence in these markets, we will continue to refine our product offerings and enhance our operational and organizational capabilities. We will also continue to optimize store level economics and develop standardized, replicable operating practices, laying the groundwork for our continued international expansion. 在产品方面，我们持续强化瑞幸的专业咖啡品牌性质，深入洞察消费者需求变化，引领创新性健康化的饮品消费趋势。二季度共推出了28款现制饮品，及11款轻食。在咖啡领域，我们重点打造具有鲜明品牌特色的标志性产品，进一步夯实品牌心智壁垒。本季度，小黄人美式凭借消费者自创喝法再次出圈，充分体现了我们精准捕捉消费趋势，快速响应用户需求，持续开展产品体验创新的综合实力，并有效沉淀了具有瑞幸标识度的品牌资产。二季度，该产品销量跻身top2单品。截至本季度末，小黄人系列累计销量突破5亿杯。此外，我们着重强化健康化的产品策略和研发方向，丰富低负担的清爽型饮品选择，更好地贴合客户日益成熟的口味偏好。本季度，我们推出年度重磅小青橘美式，深化瑞幸标志性水果美式的品牌认知，同时满足消费者对高品质健康化饮品的升级需求。该产品上市首周销量突破千万杯，产品复购和用户留存均有着良好的表现，深受客户喜爱。非咖啡领域，本季度我们推出酸奶昔、冰奶等全新系列产品，持续丰富全品类产品布局，为消费者提供全时段、全场景的一站式饮品选择。截至二季度末，瑞幸25款累计销量突破亿杯的产品中，非咖品类已占据五席，这也充分印证了瑞幸强大的品牌号召力和产品运营能力。 On the product front, we continue to strengthen Luckin's positioning and measure as a professional coffee brand. While leading innovative and health-conscious beverage trends through deeper insights into evolving consumer needs. In the second quarter, we launched 28 new freshly brewed beverages and over a dozen snack items. In the coffee category, we continue to develop signature products that embody Luckin's unique brand identity, reinforcing the competitive moats built around our brand measure. During the quarter, our Little Butter Americano once again gained significant traction as consumers discovered creative ways of enjoying the product. This success demonstrates our ability to identify emerging trends, respond quickly to evolving preferences, and continuously innovate the product experience, further strengthening the distinctive brand equity we have built over time. This product ranked among our top two best-selling products by volume in the second quarter. Cumulative sales of the Little Butter series surpassed 500 million cups by quarter end. We also continue to strengthen our wellness-oriented product strategy and R&D focus, expanding our selection of light and refreshing beverage options to better align with the evolving taste preferences of our increasingly sophisticated customer base. During the quarter, we launched our annual flagship product, our Lychee Americano, further deepening consumer recognition of Luckin's signature Fruit Americano offerings, while meeting growing demand for high-quality, health-conscious beverages. With sales surpassing 10 million cups within its first week of launch, this product delivered encouraging repeat purchase and customer retention performance, reflecting its strong consumer appeal. Beyond coffee, we introduced new product lines during the quarter, including yogurt smoothies and iced new beverages, further broadening our omni category product portfolio and providing consumers with a one-stop beverage destination across various day parts and consumption scenarios. By the end of the second quarter, five of Luckin's 25 products that have each surpassed 100 million cups in cumulative sales were non-coffee products, further demonstrating Luckin's strong brand appeal and product execution capabilities. 在用户方面，我们持续提升消费者体验，通过便捷的门店网络、优质的产品供给和敏锐的数据洞察，不断夯实品牌心智和用户连接，提升客户规模与消费频次。刚才所提到的小黄人美式的再度走红，既是我们深化消费者互动，共同塑造品牌记忆的体现，也进一步推动了用户口碑和消费增长。此外，我们继续通过多元化跨界联名等品牌互动方式，为客户提供超越产品本身的情绪价值，深化情感共鸣。在产品创新和品牌建设的共同推动下，二季度我们新增交易客户超2500万，月均交易客户再创新高，同比增长23%，超1.1亿。截至二季度末，瑞幸累计交易客户已接近5亿。同时，客户月均消费倍量也创下历史新高。这既体现了消费者对瑞幸品牌与产品的持续认可，也印证了中国咖啡消费习惯正在不断地强化。 On the customer side, we continue to enhance the customer experience through our accessible store networks, high quality product offerings and data-driven consumer insights. These trends further reinforce our brand measure and connections with consumers, helping us extend our customer base and increase purchase frequency. As mentioned earlier, the strong market response to Little Yellow Americano reflects our efforts to deepen consumer engagement and co-create lasting brand memories. It also further drove positive word of mouth and increased consumption. In addition, we continuously engage consumers through diversified brand initiatives, including IP collaborations, delivering emotional value beyond the products themselves, and fostering deeper brand relevance with our customers. Driven by product innovation and brand building, we added more than 25 million new transaction customers in the second quarter, bringing average monthly transaction customers to a new record high of over 110 million, up 23% year-over-year. By the end of the second quarter, our cumulative transacting customers approached 500 million. At the same time, our average monthly cost per customer also reached an all-time high. These achievements reflect consumers' continued recognition of the Luckin brand and products, while reaffirming that coffee consumption habits in China are continuing to deepen. 此外，在践行企业责任方面，我们始终关注消费者的健康需求，将好喝且健康的产品理念融入饮品研发和消费体验。近年来，瑞幸持续优化产品体系，提升供应链品质和产品评审标准，推动健康化成为产品创新的重要方向。通过更精炼的配方和更优质的原料，为消费者提供兼顾口感、品质与健康的轻负担饮品体验。同时，我们不断深化与专业科研机构合作，推进咖啡健康的研究与科普。自2024年与北京大学医学部共建北大医学瑞幸咖啡健康创新基地以来，已完成多项创新课题，并将学术成果转化为产品实践。今年6月，我们联合新华网、北大医学部等多方，共同启动了咖啡健康科普行动，并发布《2026年中国现制饮品健康趋势分析报告》。未来，我们将持续推动研究成果与产品创新的结合，助力实现现制饮品行业的可持续健康化的发展。 In addition, as part of our commitment to corporate responsibility, we remain attentive to consumers' growing health needs and incorporate our product philosophy of great taste and wellness into beverage development and the consumer experience. In recent years, we have continued to optimize our product strategy by enhancing supply chain quality and raising product evaluation standards, making health-conscious innovation an important focus of our product development. Through cleaner formulations and higher quality ingredients, we aim to deliver beverage experiences of balanced taste, quality and wellness. Meanwhile, we have continued to deepen collaborations with leading research institutions to advance coffee health research and consumer education. Since establishing the Peking University Health Science Center Luckin Coffee Health Innovation Base in partnership with Peking University Health Science Center in 2024, we have completed multiple innovative research projects and continue to apply academic findings to product development. In June this year, together with Xinhuanet, Peking University Health Science Center and other partners, we jointly launched the Coffee Health Education Initiative, along with the release of the Health and Wellness Trend in China's Freshly Prepared Beverage Market 2026. Looking ahead, we will continue to integrate research insights with product innovation and contribute to the sustainable and health-conscious evolution of the freshly brewed beverage industry. 总结而言，今年二季度是我们持续验证并兑现长期增长战略的一个重要季度。高质量规模增长并非简单地追求门店数量，而是持续发现需求、响应需求，甚至激发需求，并最终将市场需求转化为长期市场份额的能力。凭借瑞幸数智化驱动，可复制、可拓展的经营体系，以及长期积累的品牌资产，我们不断放大门店网络、产品创新和客户规模之间的协同效应，形成可持续的增长动能，充分把握中国咖啡消费的历史性增长机遇。展望未来，我们将继续坚定推进高质量规模增长战略，持续提升门店覆盖、产品创新和消费体验等综合竞争力，进一步提升市场份额，为客户、伙伴和股东创造长期价值。 In summary, the second quarter marks another significant quarter in which we continue to validate and deliver on our long-term growth strategy. High quality scale growth is not simply about increasing store count. It reflects our ability to continuously identify, respond to, and even create demand, and ultimately translate market demand into sustainable market share gains. Luckin Coffee is deeply driven, replicable and scalable operating model, together with the brand equity we have built over time. We continue to amplify the synergy across our store networks, product innovation and customer base. These trends create a sustainable growth momentum and positions us well to fully capture the historic opportunities presented by China's coffee market. Looking ahead, we remain committed to executing our high quality scale growth strategy. As we consistently enhance our capabilities across store network coverage, product innovation, and customer experience, we aim to further extend our market share while creating long-term value for our customers, partners, and shareholders. 最后再次感谢长期支持瑞幸的广大消费者、合作伙伴和投资人，也感谢二十二万瑞幸伙伴为公司发展付出的辛勤努力。我们将继续携手各方，致力于打造世界级咖啡品牌，让瑞幸咖啡成为人们日常生活的一部分。 Finally, we are deeply grateful to our consumers, partners, and investors for their ongoing support and to our 220,000 Luckin team members for their valuable contributions to the company's growth. We will continue to work together towards building a world-class coffee brand and making Luckin Coffee a part of everyone's daily lives. 接下来请安静向大家介绍详细的财务数据。 Now I will turn the call over to An Jing to go through our financial results in detail. Thank you, Yi. Good day, everyone. Thank you for joining today's call. In the second quarter, we delivered solid top-line growth and continued profitability recovery, reflecting our operational resilience and the strong execution of our growth strategy. Let me now walk you through the financial details. In the second quarter, total net revenues increased by 29% year-over-year to RMB 15.9 billion, mainly driven by a 30% year-over-year increase in GMV to RMB 18.4 billion. This growth was supported by higher total cup volumes across both self-operated and partnership stores, as we continue to expand our store network and grow our customer base. Revenues from product sales increased by 29% year-over-year to RMB 12.2 billion, reflecting the solid performance of our self-operated stores. Breaking down our product sales into three streams. Net revenues from freshly brewed drinks were RMB 11.2 billion, representing about 70% of total net revenues. Net revenues from other products were RMB 892 million, or about 6% of total net revenues. Net revenues from others were RMB 171 million, or roughly 1% of total net revenues. Looking at our company-owned stores, revenues from self-operated stores increased by 27% year-over-year to RMB 11.6 billion. Same-store sales growth was negative 5.3% for this quarter, mainly reflecting the high comparison base created by the elevated food delivery subsidies in the prior year period. Store-level operating profit increased by 26% year-over-year to RMB 2.5 billion, with self-operated store level operating margin of 21.3%. Revenues from partnership stores increased by 28% year-over-year to RMB 3.7 billion, accounting for 26% of total net revenues. This growth was largely driven by our continued expansion of our partnership store network. Sales of materials remain the largest contributor, followed by the delivery service fees and a profit sharing and the loyalty fees. Cost of materials as a percentage of total net revenues was 39%, compared to 37% in the same period of 2025, mainly due to fluctuations in average selling price and certain raw material price. In absolute terms, cost of materials increased by 34% year-over-year to RMB 6.1 billion, largely due to increases in cup volumes in self-operated stores and the material sales to partnership stores. Store rental and other operating costs as a percentage of total net revenues was 27%, compared to 22% in the same period of 2025. In absolute terms, these expenses increased by 36% year-over-year to RMB 3.6 billion, mainly driven by higher payroll costs from cup volume growth and rising rental expenses due to continued store expansion. Delivery expenses as a percentage of total net revenues increased to 10% from 14% in the same period of 2025. This improvement was mainly driven by a lower proportion of delivery orders, as well as lower average delivery costs per order as we enhance fulfillment efficiency. In absolute terms, delivery expenses decreased by 3% year-over-year to RMB 1.6 billion. Sales and marketing expenses as a percentage of total net revenues was 6%, compared to 5% in the same period of 2025. In absolute terms, sales and marketing expenses increased by 56% year-over-year to RMB 925 million, mainly due to higher spending on advertising and promotion, as well as higher commission fees paid to the food delivery and live streaming platforms. General and administrative expenses as a percentage of total net revenue was 6%, largely flat compared to the same quarter of 2025. In absolute terms, G&A expenses increased by 34% year-over-year to RMB 985 million, mainly driven by higher share-based compensation and payroll costs, as well as increased investment in research and development. Our GAAP operating profit increased by 22% year-over-year to RMB 2.1 billion, with an operating margin of 13.4%, compared to 14.1% in the prior year period. On a non-GAAP basis, operating profit increased by 26% year-over-year to RMB 2.4 billion, with a non-GAAP operating margin of 15.1%, compared to 15.3% in the prior year period. Net profit increased by 16% year-over-year to RMB 1.5 billion, with a net margin of 9.4%, compared to 10.4% in the prior year period. On a non-GAAP basis, net profit increased by 23% to RMB 1.8 billion, with a non-GAAP net margin of 11%, compared to 11.6% in the prior year period. Finally, looking at our balance sheet and cash flow. We generate RMB 2.6 billion in net operating cash during the second quarter of 2026. As of June 30, 2026, our total cash position, which includes cash and cash equivalents, restricted cash, term deposits, and short-term investments, was RMB 10.9 billion, compared to RMB 9 billion at end of December 31, 2025. During the quarter, we utilized short-term borrowings as part of our capital allocation strategy to support ongoing shareholder return initiatives. We continue to maintain a strong net cash position of RMB 9 billion and a healthy leverage profile, supported by our robust cash generation capabilities and a disciplined financial management. This provides us with flexibility to continue investing in future growth opportunities while returning capital to shareholders. During the second quarter, we repurchased 49 million Class A ordinary shares or 6 million ADS for a total consideration of $195 million under our $300 million share repurchase program. In closing, our second quarter marked another step forward in turning our long-term strategy into tangible results. Our expanded store network and growing customer base have positioned us well for long-term growth. Looking ahead, we will remain focused on disciplined execution. Continuous improvement in operational efficiency and sustainable value creation for our shareholders. With that, we will open the call for questions. Operator, please go ahead. Ladies and gentlemen, we will now begin the question and answer session. To ask a question, please press star then 1. If you are using a speakerphone, please pick up your handset. To withdraw your question, please press star then 2. The first question today comes from Jessie Xu with JP Morgan. Please go ahead. [Foreign language] Thanks for taking my question. This is Jessie Xu from JP Morgan. Congrats on a very strong 2Q, very encouraging in a weak macro environment, especially against some challenges with the whole industry year to date. And second quarter turned out to be a beat in both same-store sales and also margins, clearly diverging from and outperforming the whole industry. My question is mainly on second half outlook. Considering a tough phase during July to August, how should we think about same-store sales trends for the second half? As the delivery mix continues to normalize, how should we think about the margin and the earnings outlook from here? Thank you. 好，谢谢。感谢您的提问，我来回答这个问题。今年以来，我们看到随着整个外卖的竞争逐步回归理性，现在饮品行业总体正在进入到一个更加健康也更可持续的发展阶段，市场竞争也更多回归到了产品运营和用户价值本身。而这些正是瑞幸咖啡长期以来持续投入和积累的核心的优势领域。 Great. Thank you for the question. Since the beginning of the year, delivery platform competition has gradually returned to a more reasonable level. We believe the freshly brewed beverage industry is also moving towards a healthier and more sustainable development stage, and the market competition is increasingly shifting back to product innovation, operational excellence, and consumer value creation. All the areas where Luckin has consistently invested and built our long-term strength around. 从外部环境来看，外卖补贴收缩的节奏是快于我们年初的预期。去年外卖补贴形成的高基数压力也开始逐步地显现出来，并已经反映到了二季度同店的表现中。对于三季度，由于去年的七八月份处在一个平台外卖补贴较为激烈的阶段，我们预计相关高基数的影响仍将持续。但与此同时，随着外卖占比自去年三季度的高点以来持续回落，以及配送运营效率的稳步优化，我们也看到盈利修复的趋势也更加清晰，利润表现也正在持续的改善中。 Right. From an external perspective, food delivery subsidies have been scaled back more quickly than we initially expected at the beginning of the year. The high base pressure created by last year's elevated subsidies has also become more apparent, and it's already reflected in our second quarter same-store sales performance. As for the third quarter, as platform subsidies were particularly intense during July and August of last year, we expect the resulting high base effect to persist. At the same time, we are seeing improving trends in our profitability and margins, supported by the continuous decline in delivery mix from peak levels since the third quarter of last year, as well as the improvements in our fulfillment efficiency. 从内部情况来看，今年公司也在持续优化多项的产品运营措施，并且取得了良好的效果。例如超大杯的升杯项目，以及刚刚才我提到的小黑牛美式带来的产品创新，不仅提升了消费者的体验，也有效支撑了单杯的价值和杯量的表现。 From an internal perspective, we've also continued to optimize various products and operational initiatives this year with very encouraging results. For example, our cup size upgrade initiatives and the product innovation around Little Butter Americano I just mentioned. These efforts not only enhanced customer experience, but also supported the overall average selling price and our cup volumes. 因此总体而言，我们对下半年经营表现总体保持谨慎乐观。我们将持续根据市场环境和消费者的需求变化，灵活优化经营策略，在把握长期增长机遇和提升盈利能力之间保持平衡，努力推动业务实现更加高质量、更可持续的发展。谢谢。 Yeah. Overall, we remain cautiously optimistic about our operating performance in the second half of the year. We'll continue to adapt our strategies based on evolving market conditions and consumer needs, and balancing the long-term growth opportunities with profitability improvement, and driving higher quality and more sustainable growth for our business. Thank you. The next question comes from Xinyu Ruan with Goldman Sachs. Please go ahead. 顾总、Anton、瑞琪总好，非常感谢这个提问机会。我是高盛的分析师新宇。那首先也恭喜公司在二季度整体这个消费大盘承压和外部外卖补贴下降了一个大背景之下，其实实现了一个收入和净利润双边的强劲的增长，也给到了市场很大的一个惊喜。那我的问题是关于开店的。公司在上半年一二季度都保持了一个很快的开店速度，那同时我们其实也看到，随着外卖补贴这个幅度下降，行业同店是承受了压力的。那同时在去年高速开店后，今年其实行业里不少玩家也有看到这个开店速度放慢。那在这个背景之下，瑞幸能够保持比较快开店速度背后的原因是什么？那公司对于今年下半年开店这个策略和展望是什么样的？那咱们怎么去平衡这个同店和开店？那再长期一点看的话，咱们怎么去看，尤其是国内这边的一个开店的空间。 So, the company has a very fast store opening pace in the first half, but in the meanwhile, we see same-store sales growth pressure under the delivery subsidy normalization, and multiple players actually slowed down store opening this year. On this backdrop, what's the support in Luckin's faster expansion, and what is the company's plan and strategy of store opening in the second half, and its opening outlook, and how to balance store opening and same-store growth? In the longer term, how do you think about the room for the store expansion in China? Thank you. 好，感谢您的提问。首先呢，我想再次强调，我们对于中国咖啡市场的长期发展的前景充满了信心。我们对比成熟国家的咖啡渗透率和人均的备量水平，中国咖啡消费仍然在习惯养成的中早期阶段，需求增长的潜力巨大。这既是我们能够坚持高质量规模增长战略的重要基础，也是我们能够持续开新店、开好店的最重要的核心驱动因素。 Thank you for the question. First, I would like to reiterate that we remain very confident in the long-term growth potential of China's coffee market. Compared with more mature coffee markets globally, coffee consumption in China remains in the early stages of habit formation, with significant room for future penetration and frequency growth. This long-term market opportunity is the foundation for our high-quality scale growth strategy. It is also the key driver for our continued expansion, leaving plenty of headroom to continue opening more stores while maintaining store quality. 随着中国咖啡消费的逐渐日常化，瑞幸已经建立起了覆盖全国各县级区域和多元化消费场景的门店网络。从一线城市到县城、乡镇，从办公楼、商业区、临街商铺，再到生活社区、校园、交通枢纽等各个场景，我们持续扩大消费者的触达范围，也进一步强化了瑞幸作为全国性专业咖啡品牌的用户心智。 As coffee consumption increasingly becomes part of China's consumer daily routines, Luckin has built a nationwide store network covering all city tiers and diverse consumption scenarios. From tier 1 cities to county-level markets and townships, and across different consumption scenarios, for example, office buildings, commercial districts, street front locations, residential communities, campuses, and transportation hubs, we continue to expand consumer accessibility and strengthen Luckin's brand measure as a nationwide professional coffee brand. 因此，对于瑞幸而言，门店的增长不仅仅是简单地增加门店的数量，而是依托全国性的门店网络、强大的品牌力和产品力，持续精准地识别和满足不断增长的咖啡消费需求。而支撑这一能力的是一套覆盖人、货、场全链路可复制可拓展的经营体系。从需求洞察、门店选址、建设运营到后续经营优化，我们通过数字化能力和AI技术持续提升决策效率，依靠成熟的组织能力和强大的执行力，确保新店能够快速高质量地落地，并不断提升运营质量。 So for Luckin, store expansion is not simply about adding more stores. It's actually more about leveraging our nationwide store network, strong brand equity, and product abilities to better identify and serve the growing customer demand. Supporting this is a highly scalable and replicable operating model, covering the full value chain across people, products, and places. From demand insights and site selection to our store construction, operations, and the ongoing optimization, we leverage our digital capabilities and AI technologies to improve our decision-making efficiency. Our mature optimizational capabilities and strong execution actually ensure that we can open stores quickly while maintaining store quality, and continuously enhance our store performance. 同时持续扩大了门店网络，也进一步增强了品牌的影响力，提升产品创新的规模化能力，形成了一套门店、产品和用户之间的正向循环。因此，门店扩张本身不是最终的目标，而是持续提升长期市场份额的重要基础。 At the same time, our expanding store network further strengthens our brand influence, enhances our ability to scale product innovation, and creates a virtuous cycle among stores, products, and customers. Store expansion is not an end in itself, but a crucial foundation for sustainably gaining market share. 最后总结一下，我们始终认为中国咖啡市场的门店天花板还非常高。随着咖啡人群的渗透率和消费频次的不断提升，这一天花板还在不断地上破。因此，我们有信心保持有竞争力的开店节奏，努力把握中国咖啡市场长期的增长机遇，持续提升瑞幸的市场份额。谢谢。 To conclude, we believe there remains substantial headroom for store growth in China's coffee market. As coffee penetration and consumption frequency continue to increase, the overall market capacity will continue to expand. We are confident in our ability to maintain a competitive pace of store expansion, capture the long-term growth opportunities in China's coffee market, and continue to grow Luckin Coffee's market share. Thank you. 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. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.