Luckin Coffee Inc. published the transcript of its Q4 and full-year 2025 earnings conference call, featuring prepared remarks and Q&A with Co-founder and CEO Jinyi Guo and CFO Jing An, moderated by Investor Relations Director Nancy Song. Analysts on the call included Jessie Xu (J.P. Morgan), Becky Cai (Macquarie) and Sijie Lin $(CICC)$. Management highlighted rapid scale expansion and customer growth in 2025, alongside moderating same-store sales and margin pressure in Q4 tied to delivery subsidy changes. Guo said 2025 was “a year of foundational progress and rapid growth,” with average monthly transacting customers exceeding 100 million for five consecutive months from June and cumulative transacting customers surpassing 450 million. The company added more than 8,700 net new stores in 2025 and ended the year with more than 31,000 stores, including 20,144 self-operated locations in China. CFO Jing An reported Q4 total net revenues rose 33% year over year to RMB12.8 billion, while GAAP operating profit was RMB821 million (6.4% margin), pressured by delivery expenses that jumped 94% to RMB1.6 billion. For full-year 2025, net revenues increased 43% to RMB49.3 billion and GAAP operating profit rose 42% to RMB5.1 billion (10.3% margin). An also said year-end cash position was about RMB9.0 billion. Looking to 2026, Guo reiterated that “gaining market share remains our top strategic priority,” while cautioning that “we may continue to see some near-term volatility and challenges in the same-store performance and profitability in 2026” due to evolving delivery subsidy dynamics and a high comparison base. Management also discussed competition shifting beyond price toward integrated capabilities such as brand, experience, product development and store coverage, and outlined overseas progress, noting Singapore’s model has been “largely validated” with “stable store-level profitability” since the second half of 2025, Malaysia reached 70 franchised stores by year-end, and the U.S. remained an early-stage test with nine stores. The full transcript can be accessed through the link below.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Luckin Coffee Inc. published the original content used to generate this news brief on February 27, 2026, and is solely responsible for the information contained therein.