Luckin Coffee posts 1Q net revenues of US$1.22 billion, up 41% on-year, total number of stores increases to 24,097

BEIJING, China – Luckin Coffee Inc. today announced its unaudited financial results for the three months ended March 31, 2025. Dr. Jinyi Guo, co-founder and Chief Executive Officer of Luckin Coffee, said, “We delivered strong first quarter results, marked by 41% year-over-year revenue growth and healthy margin improvement as we scaled to over 24,000 stores.

Notably, our self-operated stores returned to positive same-store sales growth at 8.1%, reflecting rising customer demand as well as the effectiveness of our development strategy.

Capitalizing on China’s booming coffee market, we will strategically focus on gaining market share by continuing to offer high-quality products at competitive prices. Backed by our customer-first core values, we strive to strengthen our leadership position through leveraging our scale advantage, high product quality and compelling value proposition, driving long-term sustainable growth.”

Luckin Coffee: First Quarter 2025 Highlights

• Total net revenues were RMB8,865.4 million (US$1,220.7 million), representing a 41.2% year-over-year increase.
• Net new store openings were 1,757, comprising 1,743 stores in China (including 5 stores in Hong Kong), 6 stores in Singapore and 8 stores in Malaysia. Total number of stores increased to 24,097 at the first quarter end, comprising 15,598 self-operated stores and 8,499 partnership stores, which represented a store unit growth of 7.9% from the total store count as of the end of fourth quarter of 2024.
• Average monthly transacting customers were 74.3 million, representing a 24.0% year-over-year increase.
• Revenues from self-operated stores were RMB6,479.5 million (US$892.2 million), representing a 41.5% year-over-year increase.
• Same-store sales growth for self-operated stores was 8.1%, notably improved from negative 3.4% in the previous quarter, and significantly improved from negative 20.3% in the same quarter of 2024.
• Store-level operating profit – self-operated stores was RMB1,106.3 million (US$152.3 million), representing a 244.8% year-over-year increase. Store-level operating margin increased by 10.1 percentage points year-over-year to 17.1%.
• Revenues from partnership stores were RMB2,080.8 million (US$286.5 million), representing a 38.0% year-over-year increase.
• GAAP operating income was RMB737.2 million (US$101.5 million), significantly improved from GAAP operating loss of RMB65.1 million in the same quarter last year. GAAP operating margin rebounded to 8.3% from negative 1.0% in the same quarter last year. Non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB864.3 million (US$119.0 million), notably increased from RMB5.0 million in the same quarter last year. Non-GAAP operating margin expanded to 9.7% from 0.1% in the same quarter last year.

Board leadership transition

Dr. Jinyi Guo will cease to be Chairman of the Board of Directors (the “Board”) effective today and will continue serving as Chief Executive Officer and a Board member. Concurrently, the Board has approved the appointment of Mr. Hui Li to return as a director of the Company and assume the role of Chairman.

Mr. Hui Li is the Chairman and CEO of Centurium Capital, which is the largest shareholder of the Company. The appointment of Mr. Hui Li as Board Chairman reflects the Company’s sustained focus on long-term value creation for all stakeholders and will further enhance strategic alignment and governance oversight.

Dr. Jinyi Guo stated: “I am very pleased to welcome Mr. Hui Li to rejoin the Board and assume the role of Board Chairman. His experiences in business management will significantly contribute to our growth and strategic development both domestically and globally. I will continue to focus on my Chief Executive Officer and director responsibilities, and I look forward to our continued collaboration in advancing our mission and creating long-term, sustainable value to our shareholders.”

Mr. Hui Li said: “I am honored to rejoin the Board and take on the role of Chairman at this important time for Luckin Coffee. I want to express my gratitude to Dr. Guo for his exceptional contribution as Chairman and reaffirm our commitment to executing our current strategic initiatives. I look forward to working with Dr. Guo and the broader leadership team to guide the Company’s next growth phase.”

Mr. Li is the Chairman and CEO of Centurium Capital. Mr. Li had previously served as a director of the Company until July 2020. In addition, Mr. Li is also Chairman of the board of directors of Taibang Biological Ltd. Previously, Mr. Li was an executive director and a managing director at Warburg Pincus Asia LLC. Prior to joining Warburg Pincus, Mr. Li worked in the investment banking division of Goldman Sachs and Morgan Stanley. Mr. Li obtained a bachelor’s degree majoring in economics from Renmin University of China and a master’s degree majoring in business administration from Yale University School of Management.