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Luckin Coffee (LKNC) investor relations material
Luckin Coffee Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary17 Nov, 2025
Executive summary
Achieved 50.2% year-over-year revenue growth to RMB 15.3 billion, driven by rapid store expansion and strong customer acquisition, with market share gains.
Store count reached 29,214, with 3,008 net new openings in the quarter, reinforcing market leadership.
Record customer engagement: 112.3 million average monthly transacting customers, up 40.6% year-over-year.
Net profit was RMB 1.28 billion, with a net margin of 8.4%, despite margin pressure from increased delivery expenses.
Financial highlights
Total net revenues rose 50.2% year-over-year to RMB 15.3 billion; GMV increased 48% to RMB 17.3 billion.
Self-operated store revenue grew 47.7% year-over-year to RMB 11.1 billion; same-store sales up 14.4%.
Partnership store revenue increased 62.3% year-over-year to RMB 3.8 billion, now about 25% of total net revenues.
Operating profit increased 12.9% year-over-year to RMB 1.78 billion; operating margin declined to 11.6% from 15.5% due to higher delivery costs.
Cash reserves reached RMB 9.35 billion as of September 30, 2025, with no interest-bearing debt.
Outlook and guidance
Anticipates headwinds from reduced delivery platform subsidies and elevated green coffee bean prices in Q4 and 2026.
Expects industry growth to moderate as delivery promotions become more targeted; focus remains on long-term growth and market share.
Ongoing investment in store openings, digital initiatives, and product innovation to drive future growth.
Delivery expense impact on margins, future strategy
What drove self-op same-store sales turnaround?
Partnership store growth: strategic implications?
How will delivery's role evolve post-subsidy scale-back?
What is the priority among scale, SSSG, and profit?
What are the key learnings from overseas markets?
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Next Luckin Coffee earnings date
Q4 202520 Feb, 2026
Next Luckin Coffee earnings date
Q4 202520 Feb, 2026
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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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