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RankingsInsightsMixue SeriesArchiveMethodologyDataSearch中文
FoodBud

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Company card

Luckin Coffee

High
Brand★Golden 50est. scale

OTC LKNCY · China;Southeast Asia;United States;Global

Listing status
public otc or unlisted candidate
Operating model
Mixed direct + franchise
Scale basis
GMV / system sales
Confidence
High
Segment
coffee tea milk tea

Luckin Coffee official FY2025 annual report source pack added in GH-102; GMV and revenue are official 20-F disclosures, with USD GMV derived from the annual-report RMB/USD translation rate.

Scale basis note

Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.

Compare this operator
Every number has a source row

Metrics below keep source tier, quality, period, and source link visible at the metric level.

Source tiers
S1Official primary — filings, annual reports, prospectuses
S2Official secondary — IR decks, transcripts
S3Supplementary — vetted media, databases
S0Not usable — flagged, never published

Source tiers — S1 official primary · S2 official secondary · S3 supplementary · S0 not usable. Open “Provenance” on any number for its tier, basis, precision, and do-not-use note.

GMV is not revenue

GMV/system sales, revenue, and royalty pool sales are separate scale bases. Screening proxies are directional only.

MetricValuePeriod / basisQualitySource
Stores
Reported restaurant, coffee shop, tea shop, bakery, or comparable chain units.
31,048 stores
FY2025: Total number of stores increased to 31,048 at the fourth quarter end, comprising 20,234 self-operated stores and 10,814 partnership stores.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Total number of stores increased to 31,048 at the fourth quarter end, comprising 20,234 self-operated stores and 10,814 partnership stores.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Precision: Source-backed
Scale
Terminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
$7.87B
Directional proxy
FY2025: Unverified: no citable primary disclosure with a verbatim excerpt found. Luckin discloses GMV only by quarter (Q1 RMB10.4B, Q2 RMB14.2B, Q3 RMB17.3B, Q4 RMB14.8B = ~RMB56.7B sum), not as an audited annual aggregate. No single disclosed full
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Directional proxy
S2 official secondary (opens in new tab)
Press Or Ir · Unverified: no citable primary disclosure with a verbatim excerpt found. Luckin discloses GMV only by quarter (Q1 RMB10.4B, Q2 RMB14.2B, Q3 RMB17.3B, Q4 RMB14.8B = ~RMB56.7B sum), not as an audited annual aggregate. No single disclosed full
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: GMV / system sales
Precision: Estimated
Scale per store
Screening proxy: scale divided by store count. It is not audited AUV or unit profit.
$253,636
Screening proxyest.
Derived scale_per_store using scale ÷ store_count at the linked basis; not a separately reported company metric.
GMV / system salesTerminal transaction scale across the network. Useful for franchise reach, not the same as listed-company revenue.
Source-backed
S1 official primary (opens in new tab)
Official Annual Report · Luckin Coffee Inc. 2025 annual report/Form 20-F: net revenues RMB49,288.1M (US$7,034.8M), GMV RMB56.6B, and 31,048 stores as of 2025-12-31.
Provenance
Tier: S1 official primary
Source: Official Annual Report
Basis: GMV / system sales
Precision: Derived
Profit signal
Profit signal from the source period. Read with local accounting and segment mix in mind.
$513.88M
FY2025: Net income was RMB3,600,382 [thousand] (US$513,877 [thousand]) for fiscal year 2025, compared to RMB2,434,618 thousand in 2024.
Profit-positiveScale basis not specified. Use as a screening signal until a source pack is attached.
Source-backed
S2 official secondary (opens in new tab)
Press Or Ir · Net income was RMB3,600,382 [thousand] (US$513,877 [thousand]) for fiscal year 2025, compared to RMB2,434,618 thousand in 2024.
Provenance
Tier: S2 official secondary
Source: Press Or Ir
Basis: Profit-positive
Revenue
Source-backed operating metric from the locked research snapshot.
$7.03B
FY2025 net revenues; RMB49,288.1M (US$7,034.8M).
Revenue proxyRecognized company revenue. Useful for accounting scale, but not directly comparable with GMV/system sales.
Source-backed
S1 official primary (opens in new tab)
Official Annual Report · Luckin Coffee Inc. 2025 annual report/Form 20-F: net revenues RMB49,288.1M (US$7,034.8M), GMV RMB56.6B, and 31,048 stores as of 2025-12-31.
Provenance
Tier: S1 official primary
Source: Official Annual Report
Basis: Revenue proxy
Precision: Source-backed

Operator profile

10/21 source-backed

Classification, firmographics, ownership and operating dimensions — source-backed where disclosed, marked as a gap (never inferred) where not.

Format & positioning
Cuisine (primary)
coffee cafeS2 official secondary (opens in new tab)
Cuisine (secondary)
tea beverageS2 official secondary (opens in new tab)~
Service model
coffee cafeS2 official secondary (opens in new tab)
Price tier
valueS3 supplementary (opens in new tab)
Company
Founded
2,017S4 (opens in new tab)
HQ country
China~
CEO
Jinyi Guo (郭謹一)S2 official secondary (opens in new tab)
Employees
33,795 full-time headcountS1 official primary (opens in new tab)
Ownership
Parent
public (OTC:LKNCY); controlling shareholder is Centurium Capital (held control since Jan 2022). No corporate parent - Centurium-controlledS3 supplementary (opens in new tab)
PE / holding
Centurium Capital (PE) - controlling shareholder, ~23.28% equity and ~53.6% of voting rights; founder David Li became Luckin chairman Apr 2025S1 official primary (opens in new tab)
Recent M&A
Jan 2022: Centurium-led consortium (with IDG Capital, Ares) acquired the controlling stake from former founders' liquidated holdings, becoming controlling shareholder (~3y boundary)S4 (opens in new tab)~
Growth
System sales YoY
not disclosed
Revenue YoY
38.4%S2 official secondary (opens in new tab)
Net new units
6,092 unitsS2 official secondary (opens in new tab)
Pricing & digital
Avg check
not disclosed
Digital sales
100%S2 official secondary (opens in new tab)~
Off-premise
not disclosed
Loyalty members
77.8 million avg monthly transacting customersS2 official secondary (opens in new tab)~
Franchise terms
Royalty
not disclosed
Franchise fee
not disclosed
By-market footprint
by-market split
—

Store counts by market/region — footprint context, not a same-basis comparison.

Disclosed store model

disclosed7/7 source-backed

Company-operated vs franchised footprint, AUV and store-level economics — taken verbatim from each operator's own filing, never inferred. A separate axis from company scale and single-store economics.

Total stores
31,048 stores
FY2025, as of period/fiscal year ended December 31, 2025
Source-backedS1 official primary (opens in new tab)
Company-operated
20,234 stores
FY2025, as of fiscal year ended December 31, 2025
Source-backedS1 official primary (opens in new tab)
Franchised
10,814 stores
FY2025, as of fiscal year ended December 31, 2025
Source-backedS1 official primary (opens in new tab)
Store-level margin
17.8%
FY2025 (full year ended December 31, 2025); self-operated stores
Source-backedS1 official primary (opens in new tab)
New units opened
8,708 stores
FY2025 (full year ended December 31, 2025), net new store openings
Source-backedS1 official primary (opens in new tab)
Other disclosed
6,436.1 USD
FY2025 (full year ended December 31, 2025); store-level operating profit – self-operated stores (reported in RMB millions; US$918.6M)
Source-backedS1 official primary (opens in new tab)
Other disclosed
7.5%
FY2025 (full year ended December 31, 2025); same-store sales growth, self-operated stores
Source-backedS1 official primary (opens in new tab)

Single-store model

1/1 source-backed

Unit economics are a separate axis from company-level scale — never read as the same number. Each field keeps its source, period, and quality; derived/estimated rows and gaps are marked.

AUV / unit sales
Derived system-sales/store = unit-volume proxy; not a disclosed AUV.
Derived: gmv_or_system_sales_usd 8,078,443,588 / 31,048 stores = ~USD260,192/store.
FY2024_or_latest_L1
EstimatedNeeds source

Cost structure

5/6 source-backed

Where each revenue dollar goes, latest disclosed year. Slices use each operator's reported base — % of revenue unless the row notes otherwise (% of GMV, restaurant-level, franchise goods-supply COGS). Grey = not separately disclosed. This is a separate axis from company scale and single-store economics.

Food / COGS40.9%
FY2024· rev RMB34,474.8M; materials covers self-op + goods to partnership stores; rent line = rent+store payroll+other compositeS1 official primary (opens in new tab)Source-backed
Store labor bundled into 'store rental and other operating' line. Deregistered from SEC; company release.
Labor—
FY2024· rev RMB34,474.8M; materials covers self-op + goods to partnership stores; rent line = rent+store payroll+other compositeGap
Store labor bundled into 'store rental and other operating' line. Deregistered from SEC; company release.
Rent / occupancy24.8%
FY2024· rev RMB34,474.8M; materials covers self-op + goods to partnership stores; rent line = rent+store payroll+other compositeS1 official primary (opens in new tab)Source-backed
Store labor bundled into 'store rental and other operating' line. Deregistered from SEC; company release.
Delivery commission8.2%
FY2024· rev RMB34,474.8M; materials covers self-op + goods to partnership stores; rent line = rent+store payroll+other compositeS1 official primary (opens in new tab)Source-backed
Store labor bundled into 'store rental and other operating' line. Deregistered from SEC; company release.
Marketing5.6%
FY2024· rev RMB34,474.8M; materials covers self-op + goods to partnership stores; rent line = rent+store payroll+other compositeS1 official primary (opens in new tab)Source-backed
Store labor bundled into 'store rental and other operating' line. Deregistered from SEC; company release.
Operating margin10.3%
FY2024· rev RMB34,474.8M; materials covers self-op + goods to partnership stores; rent line = rent+store payroll+other compositeS1 official primary (opens in new tab)Source-backed
Store labor bundled into 'store rental and other operating' line. Deregistered from SEC; company release.
Not separately disclosed10.2%

Supply chain

2 suppliers · 4 with S1 filing

Who supplies this brand — reverse-extracted from each supplier's own filing (top-customer / related-party disclosure). The % is the supplier's revenue share from this brand (supplier-side, not procurement spend), unless a note says otherwise. Each edge keeps its period, source tier, and audit link; named relationships without a disclosed % are shown as such.

德馨食品 Dexin FoodN/A(IPO申报)
Ingredients
syrup/jam/beverage_base
discloses as: 瑞幸咖啡(中国)有限公司
FY202210.92%S1 filingsource (opens in new tab)
FY202123.93%S1 filingsource (opens in new tab)
恒鑫生活 Hengxin LifeSZSE:301501
Packaging
paper_plastic_cups
discloses as: 瑞幸咖啡(中国)有限公司
FY202213.61%S1 filingsource (opens in new tab)
FY202111.57%S1 filingsource (opens in new tab)
FY2024H116.49%S2 citedsource (opens in new tab)

Peers in this segment

Yum ChinaRevenue proxyMixueGMV / system salesGumingGMV / system salesChaPandaRevenue proxyAuntea JennyRevenue proxyDOUTOR・NICHIRES Holdings Co.,Ltd.Company-operated revenue (proxy)

Same segment — each operator keeps its own scale basis; this is navigation, not a like-for-like comparison.