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Posts$瑞幸咖啡 (ADR).US First take：整体来说，公司三季度在旺季 + 减少补贴的双重驱动下，盈利能力持续改善，是一份非常不错的业绩。
1）从开店数量看，三季度净开店 1382 家，总店数达到 21343 家，同比增长 60.8%，虽然环比二季度增速有所放缓，但海豚君认为在开店数量 2w+ 的高基数上，开店速度放缓在预期之内。
2）三季度同店营业额同比下降 13.1%，环比二季度（-20.9%）亦有所收窄，新店分流影响减弱，推测主要系大单品轻乳茶表现优异叠加旺季咖啡品类放量高增。
3）从盈利水平上看，单店营业利润率为 23.3%，虽然还未达到价格战之前的最高水平（接近 30%），但环比一二季度均在明显提升，侧面说明库迪发起的价格战对瑞幸的影响逐步减弱，公司开始主动降低补贴力度，叠加轻乳茶等高毛利产品放量，带动杯单价逐步提升。
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