Luckin Coffee(US:LKNCY) Cai Jing Wang·2026-02-26 12:37Core Insights - Luckin Coffee reported a total net revenue of 12.777 billion yuan for Q4 2025, representing a year-on-year growth of 32.9% [1] - The total net revenue for the entire year of 2025 reached 49.288 billion yuan, an increase of 43% compared to the previous year [1] - As of the end of Q4, the total number of stores reached 31,048, with cumulative transaction customers exceeding 450 million [1] Financial Performance - In Q4 2025, self-operated store revenue was 9.547 billion yuan, up 32% year-on-year; franchise store revenue was 2.847 billion yuan, growing by 39.2% [1] - The GAAP operating profit for Q4 was 821 million yuan, with an operating margin of 6.4% [1] - For the full year 2025, self-operated store revenue was 36.243 billion yuan, a 41.6% increase; franchise store revenue was 11.594 billion yuan, up 49.7% [1] - The annual GAAP operating profit was 5.073 billion yuan, with an operating margin of 10.3% [1] Store Expansion - In Q4 2025, Luckin Coffee added a net of 1,834 stores, including 1,792 in China, 13 in Singapore, 25 in Malaysia, and 4 in the United States [1] - By the end of 2025, the total net increase in stores for the year was 8,708, with a total of 31,048 stores, marking a 39% year-on-year growth [2] - The total number of stores in China reached 30,888, while overseas stores totaled 160, including 81 self-operated stores in Singapore, 9 in the United States, and 70 franchise stores in Malaysia [2] Customer Engagement - In Q4 2025, the average monthly transaction customer count increased by 26.5% year-on-year, reaching 98.35 million [2] - For the entire year of 2025, the average monthly transaction customer count grew by 31.1%, totaling 94.15 million [2]