Luckin Coffee Announces Third Quarter 2025 Financial Results

Core Insights - Luckin Coffee reported a significant increase in net revenues, which rose by 50.2% year-over-year to RMB 15.3 billion (approximately US$2.14 billion) for the third quarter of 2025 [1][5][6] - The company achieved a record high of 112.3 million average monthly transacting customers, reflecting a 40.6% year-over-year increase [1][5][6] - The total number of stores increased to 29,214, with 3,008 net new store openings during the quarter [1][5][6] Financial Performance - Revenues from self-operated stores reached RMB 11,080.3 million (US$1,553.4 million), marking a 47.7% year-over-year increase [5][8] - Same-store sales growth for self-operated stores was 14.4%, a significant improvement from negative 13.1% in the same quarter of 2024 [5][8] - GAAP operating income was RMB 1,776.6 million (US$249.1 million), representing a 12.9% year-over-year increase [11][12] Cost and Expenses - Total operating expenses increased by 57.0% year-over-year to RMB 13,510.6 million (US$1,894.1 million) [7][11] - Delivery expenses surged by 211.4% year-over-year to RMB 2,889.2 million (US$405.1 million), driven by increased delivery volumes [9][11] - General and administrative expenses rose by 24.6% year-over-year to RMB 793.4 million (US$111.2 million) [17] Revenue Breakdown - Revenues from product sales were RMB 11,488.3 million (US$1,610.6 million), a 46.5% increase from the same quarter of 2024 [8][36] - Revenues from partnership stores increased by 62.3% year-over-year to RMB 3,798.9 million (US$532.6 million) [8][36] - Freshly brewed drinks accounted for 69.6% of total net revenues, slightly down from 70.8% in the same quarter of 2024 [8] Customer Metrics - The average monthly transacting customers reached 112.3 million, up from 79.8 million in the same quarter of 2024 [5][18] - The total number of stores increased from 21,343 at the end of Q3 2024 to 29,214 by the end of Q3 2025 [18] Strategic Outlook - The company aims to continue its scale-driven strategy, focusing on product innovation and enhancing brand equity [3] - Luckin Coffee's value propositions of high quality, affordability, and convenience are seen as key drivers for long-term sustainable growth [3]