Rui Coffee IPO First Earnings Report Second Quarter Net Loss Of Nearly 700 Million

August 14th news, Beijing time today evening, NASDAQ listed companies Rui Xing coffee released the 2019 quarter of fiscal year second as of June 30th, which is also the First Quarterly Bulletin released after the listing of Rui Xing coffee. According to the financial report, the total net revenue of Rui Xing coffee in the second quarter was 909 million 100 thousand yuan (US $132 million 400 thousand), an increase of 648.2% over the same period last year. The net loss was RMB 681 million 300 thousand yuan (US $99 million 200 thousand), compared with a net loss of 333 million yuan in the same period last year.

According to non US general accounting standards (non-GAAP), the net loss was 610 million 800 thousand yuan (US $89 million), compared with a net loss of 333 million yuan in the same period last year, an increase of 83.4% over the same period last year.

According to the media, in May 17th this year, Rui Xing coffee officially went public. At that time, Rui Xing coffee founder and CEO Qian Zhi Ya in an interview with the media, he said, "loss is in line with expectations, the rapid acquisition of customers through subsidies is our established strategy. We will continue to subsidize, adhere to three to five years "" can be clear, we will adhere to the rapid expansion, now do not consider profitability. "

In July 16th this year, Rui Xing coffee officially announced that it has entered 40 cities in China, with a total number of 3000 stores. The company plans to build more than 4500 total stores by the end of 2019, and become a bigger coffee chain brand in China. By the end of 2021, there will be 1 stores.

In addition to opening stores, Rui is also trying to reduce the cost of store operation. In the performance exchange meeting after this earnings report, Rui Xing said that it is expected to reach the breakeven point of store operation in the third quarter of 2019. From the two quarter of 2018 to the two quarter of 2019, the cost per cup dropped from 28 yuan to 11.1 yuan now. In the future, we will increase the distribution kitchen, increase our own stores, and strive to reduce the cost of distribution in the future. The subsidy for distribution is now 0.8 yuan. The cost of the passenger dropped from 55 yuan to 48 yuan.