Luckin Coffee reports second quarter net revenues of $1.7 billion, up 47% year-on-year

BEIJING, China – Luckin Coffee Inc. yesterday announced its unaudited financial results for the three months ended June 30, 2025. Dr. Jinyi Guo, Co-founder and CEO of Luckin Coffee, said, “Our focused execution of a scale-driven strategy accelerated revenue growth and improved operating margins in the second quarter.

By leveraging our strengths in scale, operational efficiency, fulfillment, and supply chain, we capitalized on industry momentum and achieved double-digit same-store sales growth in our self-operated stores. Looking ahead, we remain committed to expanding our market share.

Backed by our scale advantage, continuing product innovation, and deep user insights, we are well positioned to navigate evolving market conditions with agility.

We believe these capabilities will drive sustainable, high-quality long-term growth and further reinforce our market leadership.”

Luckin Coffee: Second Quarter 2025 Highlights

• Total net revenues were RMB12,358.7 million (US$1,723.2 million), representing a 47.1% year-over-year increase.
• Net new store openings were 2,109, comprising 2,085 stores in China (including Hong Kong), 6 stores in Singapore, 16 stores in Malaysia and 2 stores in the U.S. Total number of stores increased to 26,206 at the second quarter end, comprising 16,968 self-operated stores and 9,238 partnership stores, which represented a store unit growth of 8.8% from the total store count as of the end of the first quarter of 2025.
• Average monthly transacting customers reached a record high of 91.7 million, representing a 31.6% year-over-year increase.
• Revenues from self-operated stores were RMB9,136.2 million (US$1,273.8 million), representing a 45.6% year-over-year increase.
• Same-store sales growth for self-operated stores was 13.4%, notably accelerated from 8.1% in the previous quarter, and significantly improved from negative 20.9% in the same quarter of 2024.
• Store level operating profit – self-operated stores was RMB1,921.8 million (US$268.0 million), representing a 42.3% year-over-year increase. Store level operating margin was 21.0%, compared to 21.5% in the same quarter of 2024.
• Revenues from partnership stores were RMB2,867.3 million (US$399.8 million), representing a 55.0% year-over-year increase.
• GAAP operating income was RMB1,700.1 million (US$237.0 million), representing a 61.8% year-over-year increase. GAAP operating margin increased to 13.8% from 12.5% in the same quarter of 2024. Non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB1,854.5 million (US$258.6 million), representing a 61.2% year-over-year increase. Non-GAAP operating margin expanded to 15.0% from 13.7% in the same quarter of 2024.