BEIJING, China – Luckin Coffee Inc. yesterday announced its unaudited financial results for the three months ended September 30, 2025. Total net revenues were RMB15,287.1 million (US$2,143.2 million), representing a 50.2% year-over-year increase. Net new store openings were 3,008, comprising 2,979 stores in China (including Hong Kong), 5 stores in Singapore, 21 stores in Malaysia and 3 stores in the U.S.
Total number of stores increased to 29,214 at the third quarter end, comprising 18,882 self-operated stores and 10,332 partnership stores, which represented a store unit growth of 11.5% from the total store count as of the end of the second quarter of 2025.
Average monthly transacting customers reached a record high of 112.3 million, representing a 40.6% year-over-year increase.
Revenues from self-operated stores were RMB11,080.3 million (US$1,553.4 million), representing a 47.7% year-over-year increase.
Same-store sales growth for self-operated stores was 14.4%, significantly improved from negative 13.1% in the same quarter of 2024.
Store level operating profit – self-operated stores was RMB1,941.2 million (US$272.1 million), representing a 10.2% year-over-year increase. Store level operating margin was 17.5%, compared to 23.5% in the same quarter of 2024.
Revenues from partnership stores were RMB3,798.9 million (US$532.6 million), representing a 62.3% year-over-year increase.
GAAP operating income was RMB1,776.6 million (US$249.1 million), representing a 12.9% year-over-year increase. GAAP operating margin was 11.6%, compared to 15.5% in the same quarter of 2024.
Non-GAAP operating income, which adjusts for share-based compensation expenses, was RMB1,925.7 million (US$270.0 million), representing a 15.2% year-over-year increase. Non-GAAP operating margin was 12.6%, compared to 16.4% in the same quarter of 2024.
Dr. Jinyi Guo, Co-founder and CEO of Luckin Coffee, said, “Our scale-driven strategy continued to yield strong results. We sustained robust revenue growth momentum through the third quarter, alongside another double-digit increase in self-operated same-store sales.
Our expanding store network has enhanced our fulfilment capabilities, enabling us to capture rising customer demand and achieve a major milestone of surpassing 100 million average monthly transacting customers for the first time.
These achievements further reinforced our competitive edge and market leadership. Looking ahead, we remain committed to product innovation and brand equity enhancement. Our value propositions of high quality, affordability, and convenience form the cornerstone of our continued customer base expansion, which is a key driver of Luckin Coffee’s long-term sustainable growth.”
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