Luckin Coffee 2024: Record RMB 34.5B Net Revenue and 6,000+ Net New Stores

This is an English adaptation of a FoodBud historical article originally published on February 20, 2025.

Luckin Coffee's 2024 results show a chain still compounding revenue and store count at high speed while absorbing the margin cost of rapid expansion and a price war.

Full-year 2024

Total net revenue reached RMB 34.475 billion, up 38.4% — a record. Luckin shipped 119 new SKUs, sold 3 billion cups, and had 12 single products each topping 100M cups. It added 100M+ new transacting customers over the year (25M in Q4 alone).

• Revenue mix: self-operated stores contributed 74% (RMB 25.592 billion, +43.1%); partnership (franchise) stores grew 24.4% to RMB 7.745 billion, rising to 35% of revenue as a second engine.
• Margins under pressure: self-operated store operating margin fell 3.3 points to 18.9% on new-store cost drag; GAAP and non-GAAP operating margins fell to 10.3% and 11.3% (-1.8 points each) but stayed double-digit.

Operating drivers

• Stores: 6,092 net new (6,071 in China, 21 in Singapore), total 22,340 (+37.5%), with the self-operated:partnership mix at 65:35.
• Users: average monthly transacting customers reached 71.8M (+48.5%).
• Same-store sales: self-operated SSSG was -16.7% for the year (vs. +21% in 2023) but the Q4 decline narrowed sharply to -3.4%, turning positive in December — the article attributes the dip to a price war and base effects, with product innovation and promotion adjustments aiding the recovery.

Q4 2024

Q4 net revenue was RMB 9.613 billion (+36.1%). Freshly made drinks rose to 72% of revenue (from 68.5%), up 43.1% in the quarter; food/dessert derivatives grew 51.9% to 5.2% of net revenue. Q4 added 997 stores (991 mainland incl. 5 in Hong Kong, 6 Singapore). Q4 GAAP operating margin improved 740 bps to 10.4% (non-GAAP 11.4%), both record highs; Q4 net profit was RMB 841M (+183.8%). Operating cash flow was RMB 1.628 billion (vs. RMB -927M a year earlier), and year-end cash reached RMB 5.934 billion (+56.7%). Total operating expenses grew 25.8% to RMB 8.618 billion, but the expense ratio fell to 89.6% (from 97.0%) as scale absorbed new-store costs.

Strategy (from early 2025)

Luckin pointed to: deepening China (a 15%+ market CAGR with unsaturated third/fourth-tier cities) via high-density opening; a digital + supply-chain flywheel (regional warehouses, automation); and premiumization plus seasonal/co-brand launches (e.g., the Moutai latte) and a coffee-plus-light-food mix to lift ticket size. These are historical forward statements. The tension is clear: rapid expansion drove record revenue and improving consolidated margins, but pressured self-operated same-store sales and store-level margin quality in the near term.