Luckin Coffee reported Q4 2025 total net revenues of CNY12.8 billion, up 32.9% YoY, with revenues from self-operated stores of CNY9.5 billion (+32.0%) and revenues from partnership stores of CNY2.8 billion (+39.2%). GAAP operating income was CNY821.4 million (GAAP operating margin 6.4%), while net income was CNY518.2 million (net margin 4.1%); non-GAAP operating income was CNY963.8 million (non-GAAP operating margin 7.5%) and non-GAAP net income was CNY698.6 million (non-GAAP net margin 5.5%). Same-store sales growth for self-operated stores was 1.2%, and average monthly transacting customers rose 26.5% to 98.4 million. Luckin Coffee ended Q4 with 31,048 stores after 1,834 net new openings, including 13 in Singapore, 25 in Malaysia and 4 in the U.S.; cash and cash equivalents, restricted cash, term deposits and short-term investments were CNY9.0 billion as of Dec. 31, 2025. For FY 2025, Luckin Coffee posted total net revenues of CNY49.3 billion, up 43.0% YoY, and GAAP operating income of CNY5.1 billion (+42.1%), with non-GAAP operating income of CNY5.6 billion (+43.5%). The company opened 8,708 net new stores during the year, finishing with 31,048 locations, and CEO Jinyi Guo said Luckin Coffee reached its 30,000th-store milestone and expanded its cumulative transacting customer base to over 450 million.

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