Luckin Coffee Inc. has announced robust unaudited financial results for the first quarter ending March 31, 2025, showing significant year-over-year growth across key performance metrics, including revenue, store expansion, and profitability.
Key Financial and Operational Highlights
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Total net revenue reached RMB 8.87 billion (US$1.22 billion), a 41.2% increase compared to Q1 2024.
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Same-store sales growth for self-operated stores rebounded to +8.1%, a strong turnaround from -20.3% a year earlier.
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GAAP operating margin rose to 8.3%, up from a -1.0% margin in Q1 2024.
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Net income amounted to RMB 525.1 million (US$72.3 million), reversing a net loss of RMB 83.2 million in the prior-year period.
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New store openings totaled 1,757, pushing the global store count to 24,097, including locations in China, Hong Kong, Singapore, and Malaysia.
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Monthly active customers reached an average of 74.3 million, up 24% year-over-year.
Dr. Jinyi Guo, co-founder and CEO of Luckin Coffee, commented:
“We delivered strong first-quarter results driven by 41% revenue growth and a return to positive same-store sales performance. Our strategy of scaling rapidly while maintaining operational efficiency continues to show results. As we expand across China and beyond, we remain focused on delivering high-quality coffee at accessible prices.”
Segment Performance
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Self-operated stores contributed RMB 6.48 billion (US$892.2 million) in revenue, up 41.5% year-over-year.
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Partnership stores generated RMB 2.08 billion (US$286.5 million), marking a 38% increase.
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Store-level operating profit for self-operated stores grew 244.8% year-over-year to RMB 1.1 billion, with a margin of 17.1%.
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Revenue from freshly brewed drinks accounted for nearly 70% of total revenues, rising to RMB 6.16 billion.
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Operating expenses rose 28.1% to RMB 8.13 billion, mainly due to business expansion, but as a percentage of revenue fell to 91.7% from 101% in Q1 2024.
Leadership Update
In a strategic board transition, Dr. Jinyi Guo stepped down as Chairman while retaining his role as CEO. Hui Li, Chairman and CEO of Centurium Capital and a former Luckin board member, was appointed as the new Chairman.
Mr. Li stated:
“It is a privilege to return to Luckin Coffee at this pivotal time. I look forward to working with Dr. Guo and the management team to guide the company’s next chapter of growth.”
Financial Strength
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Non-GAAP operating income reached RMB 864.3 million (US$119.0 million), compared to RMB 5.0 million a year ago.
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Non-GAAP net income jumped to RMB 649.3 million (US$89.4 million), up from a net loss of RMB 13.1 million in Q1 2024.
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Cash position remains solid at RMB 6.13 billion (US$844.0 million) as of March 31, 2025.
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Net cash from operating activities totaled RMB 896.6 million (US$123.4 million), reversing a net outflow of RMB 264.4 million in the same quarter last year.
Outlook
Luckin Coffee reaffirmed its commitment to long-term sustainable growth through product innovation, digital integration, and continued store expansion. The company is well-positioned to strengthen its leadership in China’s rapidly evolving coffee market.
A live conference call to discuss the results was scheduled for April 29, 2025. A replay and webcast are available via the company’s investor relations website.
For full financial tables and non-GAAP reconciliations, please refer to the official release on investor.lkcoffee.com.