Q4 2025 Luckin Coffee Inc Earnings Call Transcript
Key Points
- Luckin Coffee Inc (LKNCY) achieved a 43% year-over-year increase in total net revenues, reaching approximately RMB49.3 billion in 2025.
- The company added over 110 million new transacting customers during the year, bringing the cumulative customer base to over 450 million.
- Luckin Coffee Inc (LKNCY) opened 1,792 new stores in China, surpassing 30,000 stores nationwide, marking a significant milestone.
- International expansion showed positive results, with 42 new stores added, bringing the total overseas store count to 160.
- The company launched over 140 new products in 2025, enhancing its product innovation and expanding its non-coffee portfolio.
- Same-store sales growth for self-operated stores was only 1.2% in the fourth quarter, indicating a slowdown compared to previous quarters.
- Delivery expenses increased by 94% year over year, impacting overall profitability.
- The operating margin decreased to 6.4% from 10.5% in the prior year period, mainly due to higher delivery-related expenses.
- The net profit margin decreased to 4.1% compared to 8.8% in the prior year period, reflecting a higher effective tax rate.
- The company faces increasing competition in the coffee market, with more players entering and diversifying the competitive landscape.
Ladies and gentlemen, Welcome to Luckin Coffee's fourth-quarter and full-year 2025 earnings conference call. (Operator Instructions) Please be advised that today's call is being recorded.
Now I'd like to turn the call over to Ms. Nancy Song, Head of Investor Relations at Luckin Coffee. Nancy, please go ahead.
Thank you, and hello, everyone. Welcome to Luckin Coffee's fourth-quarter and the full-year 2025 earnings conference call. We announced our financial results earlier today before the US market opened. The earnings release is now available on our IR website or the various newswire services. Today, you will hear from Dr. Guo Jingyi, Co-Founder and CEO of Luckin Coffee, who will share a strategic overview of our business. Following that Ms. An Jing, our CFO, will discuss our financial results in greater detail. Afterwards, we will open up the poll for questions.
During today's call, we will be making some forward-looking statements regarding future events and expectations. Any
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