Luckin Coffee Stock Price, News & Analysis

Luckin Coffee Inc. (LKNCY) is a coffee-focused company whose securities trade over-the-counter under the symbol LKNCY. According to multiple earnings releases, the company operates a large network of coffee stores and reports financial and operating metrics such as total net revenues, store counts, and average monthly transacting customers. Luckin Coffee’s disclosures emphasize a scale-driven strategy and the role of its store network in reaching customers.

Luckin Coffee reports results in Renminbi (RMB) and describes its business in terms of self-operated stores and partnership stores. Revenues are categorized into revenues from product sales and revenues from partnership stores. Product sales mainly include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operated stores, e-commerce, offline sales, and revenue from delivery for self-operated stores. Revenues from self-operated stores include net revenue from these sales and delivery fees paid by customers.

Revenues from partnership stores, as described in the company’s financial results, include net revenue from the sales of materials, equipment, delivery services, profit sharing and royalty fees, and franchise and other service fees from partnership stores. This structure highlights a business model that combines directly operated locations with partnership-based locations, with distinct revenue streams associated with each group.

Luckin Coffee’s quarterly releases present key operating data such as total number of stores, self-operated stores, partnership stores, same-store sales growth for self-operated stores, and average monthly transacting customers. The company defines same-store sales growth for self-operated stores as the growth rate of total revenue from self-operated stores that were in operation at the beginning of the comparable period, were not closed before the end of the current period, and maintained an average of at least 15 operating days per month over both the current and comparable periods.

The company also discloses GMV (gross merchandise value), which it defines as the transaction amount from the sales of freshly brewed and non-freshly brewed items through self-operated stores and partnership stores. GMV is used in management’s discussion to explain net revenue growth, which is often attributed to increases in the number of products sold, the number of stores in operation, and monthly transacting customers.

Luckin Coffee reports store level operating profit and store level operating margin for self-operated stores. Store level operating profit for self-operated stores is calculated by deducting costs for self-operated stores, including cost of direct materials (including wastage in stores), cost of delivery packaging materials, storage and logistics expenses, commissions to third-party delivery platforms related to revenues from self-operated stores, store depreciation expense (including decoration loss for store closure), store rental and other operating costs, delivery expense, transaction fees, and store preopening and other expenses from self-operated store revenues. Store level operating margin for self-operated stores is calculated by dividing store level operating profit by total revenues from self-operated stores.

Operating expenses disclosed by Luckin Coffee include cost of materials, store rental and other operating costs, depreciation and amortization expenses, delivery expenses, sales and marketing expenses, general and administrative expenses, and store preopening and other expenses. The company explains that increases in these expenses are primarily driven by business expansion, including increases in the number of stores, the number of products sold, and delivery orders.

In its financial communications, Luckin Coffee also presents GAAP operating income and GAAP operating margin, as well as non-GAAP operating income and non-GAAP net income. Non-GAAP operating income is calculated by excluding share-based compensation expenses from operating income. Non-GAAP net income is calculated by excluding recurring share-based compensation expenses and income tax effects of GAAP to non-GAAP reconciling items from net income. The company provides reconciliations of these non-GAAP measures to the most directly comparable GAAP measures in its releases.

Luckin Coffee’s earnings releases highlight metrics such as average monthly transacting customers, defined as the total of each month’s number of transacting customers divided by the number of months during the period, including those of partnership stores and those who only paid with free coupons. This indicator is used to illustrate customer engagement and the scale of the customer base.

The company’s disclosures also refer to losses and expenses related to fabricated transactions and restructuring, as well as the impact of Directors & Officers liability insurance recoveries in certain periods. These items are separated in the operating expenses discussion and can affect comparisons of operating margins and net income across periods.

Luckin Coffee files reports with the U.S. Securities and Exchange Commission as a foreign private issuer, including Form 20-F annual reports and Form 6-K current reports. A Form 6-K dated November 17, 2025, identifies Luckin Coffee Inc. as the registrant and references an earnings release as an exhibit. The company also announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2024, which contains audited consolidated financial statements prepared under U.S. GAAP.

According to its financial releases, Luckin Coffee has expanded its store network over time, reporting net new store openings and total store counts at the end of each quarter. The company distinguishes between self-operated and partnership stores in these totals. It also discusses international business in certain periods, including operations in markets such as Singapore and Malaysia, and notes that international expansion requires long-term investment before achieving substantial financial returns.

For investors analyzing LKNCY stock, the company’s reported metrics—total net revenues, GMV, store counts, same-store sales growth for self-operated stores, average monthly transacting customers, operating margins, and the breakdown between self-operated and partnership store revenues—are central to understanding its scale-driven approach and cost structure. Luckin Coffee’s use of both GAAP and non-GAAP measures, along with detailed definitions of key operating indicators, provides a framework for evaluating its performance over time.