Luckin Coffee stores have exceeded 30k locations, with increased revenue but no profit growth in the second half of last year.

Jingbao Shell Finance News (Reporter: Yan Xia)
Luckin Coffee disclosed its 2025 Q4 and full-year financial results on the evening of the 26th. The data shows that in fiscal year 2025, its overall performance was impressive, but in the second half of 2025, it delivered “increased revenue without increased profits.”

In fiscal year 2025, its total net revenue was approximately RMB 49.29B, up 43%; full-year GMV (gross merchandise value) was approximately RMB 56.65B; GAAP operating profit was approximately RMB 5.07B; GAAP net profit was approximately RMB 3.6 billion; and GAAP operating margin was 10.3%. Looking at the revenue mix, self-operated store revenue was approximately RMB 36.24B, up 41.6%, with operating profit of approximately RMB 6.44B and a profit margin of 17.8%; affiliated store revenue was approximately RMB 11.59B, with a year-over-year growth rate as high as 49.7%, becoming the business segment with faster growth.

However, behind the impressive performance there are also concerns, namely the “increased revenue without increased profits” situation in the second half of 2025.

In Q4 2025, Luckin Coffee’s total net revenue was approximately RMB 12.78B, up 32.9%; GMV was approximately RMB 14.8 billion, up 32.8%; but GAAP net profit was approximately RMB 518M, down 39.1% year over year, and its GAAP operating margin dropped sharply from 10.5% in the same period last year to 6.4%.

Looking further back to Q3 2025, Luckin Coffee’s total net revenue was approximately RMB 15.29B, up 50.2%; GAAP operating profit was approximately RMB 1.78B; and the monthly average transaction customers was approximately 112 million, up 40.6%. Despite strong revenue growth, Luckin Coffee’s net profit in Q3 2025 was approximately RMB 1.28B, down about 2.7% year over year; its GAAP operating margin was 11.6%, compared with 15.5% in the same period of 2024.

On the store front, “We officially became the first chain restaurant brand in China to have more than 20k self-operated stores.” On February 26, Luckin Coffee co-founder and CEO Guo Jin Yi said at the Luckin Coffee 2025 Q4 and full-year earnings call.

In June 2023, Luckin Coffee became the first chain coffee brand in China to surpass 10,000 stores; on July 18, 2024, the Zhongguancun · In Hand flagship store officially opened, and Luckin Coffee’s store count surpassed 20k; to date, the latest announcement shows that Luckin Coffee’s total store count has reached 30,888, including 20,144 self-operated stores and 10,744 affiliated stores.

Guo Jin Yi defined 2025 as “a year for Luckin Coffee to rapidly respond to changes in the market, fully seize industry opportunities for growth in coffee consumption, and efficiently convert customer needs,” and he said: “Starting from June 2025, Luckin’s monthly average transaction customers have exceeded 20k for 5 consecutive months. Looking at the full year, we added more than 110 million transaction customers, and by year-end, our cumulative transaction customer base has already surpassed 450 million; throughout the year, sales volume of ready-to-drink beverages grew 39% year over year to 4.1 billion cups, and both market share and cups per capita continued to improve. Thanks to strong market demand, we quickly adjusted our store-opening plans, accelerated the layout of our store network, added over 8,700 stores net during the year, and pushed the total global store scale beyond the 30k-store threshold by year-end.”

In Guo Jin Yi’s view, “These achievements not only demonstrate the results of our scale expansion, but also reflect Luckin’s overall competitive strength across products, pricing, and experience—confirming the strong momentum of Luckin Coffee’s continued ability to win consumer recognition and mindshare.”