Luckin Coffee(US:LKNCY) Sou Hu Cai Jing·2025-07-30 14:04Core Viewpoint - Luckin Coffee reported strong financial results for the first half of 2025, with significant revenue and profit growth compared to the previous year [2][10][30]. Financial Performance - For the first half of 2025, Luckin Coffee's revenue reached RMB 212.24 billion (approximately USD 29.59 billion), up from RMB 146.81 billion in the same period last year, representing a year-on-year increase of 44.5% [2]. - In Q2 2025, the company generated revenue of RMB 123.59 billion (approximately USD 17.23 billion), a 47.1% increase from RMB 84 billion in Q2 2024 [10][30]. - The operating profit for Q2 2025 was RMB 17 billion (approximately USD 2.37 billion), a 61.8% increase from RMB 10.51 billion in Q2 2024, with an operating margin of 14% [25][30]. - Net income for Q2 2025 was RMB 12.51 billion (approximately USD 1.74 billion), up 43.6% from RMB 8.71 billion in Q2 2024, with a net profit margin of 10.1% [30][32]. Revenue Breakdown - Revenue from product sales in Q2 2025 was RMB 94.915 billion (approximately USD 13.23 billion), a 44.9% increase from RMB 65.524 billion in Q2 2024 [10][12]. - Revenue from partnership stores in Q2 2025 was RMB 28.673 billion (approximately USD 3.998 billion), reflecting a 55% year-on-year growth [15]. - The company reported that self-operated store revenue for Q2 2025 was RMB 91.362 billion (approximately USD 12.738 billion), a 45.6% increase from RMB 62.77 billion in Q2 2024 [13]. Cost and Expenses - Total operating expenses for Q2 2025 were RMB 106.587 billion (approximately USD 14.861 billion), a 45% increase from RMB 73.519 billion in Q2 2024 [21]. - Material costs for Q2 2025 were RMB 46 billion (approximately USD 6.414 billion), up 36.6% from RMB 33.682 billion in Q2 2024 [22]. - Delivery expenses surged by 175.1% to RMB 16.697 billion (approximately USD 2.328 billion) in Q2 2025 compared to RMB 6.069 billion in Q2 2024 [22]. Store Expansion - As of June 30, 2025, Luckin Coffee had a total of 26,206 stores, including 16,968 self-operated stores and 9,238 partnership stores, with a net addition of 2,109 stores in Q2 2025 [17][18]. - The same-store sales growth for self-operated stores was 13.4% in Q2 2025, up from 8.1% in the previous quarter [13][18]. Management Changes - In April 2025, Luckin Coffee announced a management change, with the chairman of Dazhong Capital replacing Guo Jinyi as chairman of Luckin Coffee [5].