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Luckin Coffee (LKNC) investor relations material

Luckin Coffee Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary30 Jul, 2025

Executive summary

  • Net revenues reached RMB 12.4 billion in Q2 2025, up 47.1% year-over-year, driven by accelerated store expansion and strong customer growth.

  • Operating profit rose 61.8% year-over-year to RMB 1.7 billion, with operating margin expanding to 13.8%.

  • Monthly average transacting customers hit a record 91.7 million, up 32% year-over-year, with over 28.7 million new customers added in the quarter.

  • Store count reached 26,206 globally, with 2,109 net new stores opened, maintaining market leadership in China and marking milestones in international expansion, including new stores in the U.S.

  • Product innovation and sustainability initiatives, such as Luckin AI and LEED certifications, contributed to brand strength and customer engagement.

Financial highlights

  • Gross merchandise value increased 46% year-over-year to RMB 14.2 billion.

  • Revenues from product sales rose 45% year-over-year to RMB 9.5 billion; freshly brewed drinks accounted for 70% of total net revenues.

  • Self-operated store revenue grew 45.6% year-over-year to RMB 9.1 billion; same-store sales growth was 13.4%.

  • Partnership store revenues increased 55% year-over-year to RMB 2.87 billion, representing 23% of total net revenues.

  • Net profit increased 43.6% to RMB 1.25 billion, with net margin at 10.1%.

  • Net operating cash inflow exceeded RMB 2.56 billion; cash reserves reached RMB 8.17 billion as of June 30, 2025.

Outlook and guidance

  • Plans to maintain an industry-leading expansion pace and further strengthen scale advantages, with a focus on product innovation and international growth.

  • Cautiously optimistic about full-year performance, aiming for high-quality, rapid revenue growth and sustainable profitability.

  • Will continue to monitor market developments and proactively expand store count to capture industry opportunities.

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Frequently asked questions

Luckin Coffee Inc. is a coffeehouse chain specializing in freshly brewed coffee, tea, and other beverages. The company operates primarily through a network of self-operated stores and pickup locations, integrating mobile app-based ordering and digital payments to enhance customer convenience. In addition to its retail outlets, Luckin Coffee collaborates with third-party partners for delivery services. Luckin Coffee is headquartered in Xiamen, China, and its shares are listed on the OTC Markets.

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