Luckin Coffee filed its 2025 annual report on Form 20‑F with the U.S. Securities and Exchange Commission on March 27, 2026. The filing, which is available on the SEC’s website and Luckin’s investor relations site, contains audited consolidated financial statements for the fiscal year ended December 31, 2025, along with governance information and a detailed discussion of the company’s performance.
The report shows total net revenues of RMB 49.3 billion (US$7.03 billion), a 43.0 % year‑over‑year increase driven by the addition of 8,708 net new stores and a rise in average monthly transacting customers to 94.2 million. GAAP operating income reached RMB 5.1 billion (US$724.1 million), up 42.1 % from 2024, and the operating margin expanded to 10.3 %. Net income for the year was RMB 3.6 billion (US$518.2 million), a 22 % increase, while Q4 2025 operating margin contracted to 6.4 % from 10.5 % in the same quarter of 2024 due to higher delivery‑related expenses.
Dr. Jinyi Guo, co‑founder and CEO, said, “Our 2025 results reflect the strength of our scale‑focused execution, as we achieved robust growth amid shifting market dynamics. We finished the year strong, reaching our 30,000‑store milestone and expanding our cumulative transacting customer base to over 450 million. This expanded scale reinforced our market leadership and further strengthened our ability to capture the structural tailwinds of China’s coffee market, where competitive advantages are increasingly defined by end‑to‑end operational and systematic capabilities.”
Revenue growth was largely driven by the expansion of the store network and the increase in monthly transacting customers, which lifted product sales volume. The compression of Q4 operating margin was attributed to higher delivery‑related costs as delivery volume rose. Same‑store sales for self‑operated stores improved to 1.2 % in Q4 2025 from –3.4 % in Q4 2024, and the full‑year same‑store sales growth for self‑operated stores reached 7.5 %, a turnaround from –16.7 % in fiscal 2024.
The filing also marks a key procedural step toward a potential U.S. main‑board relisting, a development that has generated significant investor interest. The report highlights ongoing regulatory risks in China, including oversight of offshore offerings, data and cybersecurity rules, foreign exchange controls, and dividend limitations, as well as the company’s legacy issues such as prior fabricated transactions and SEC penalties. It notes that Luckin has ended its variable‑interest‑entity structure and continues to expand internationally, with 160 overseas stores by year‑end 2025, including new entries in the U.S. and Malaysia.
Investors have responded to the filing with heightened attention, driven by the relisting potential and the company’s strong revenue growth, store expansion, and customer base expansion. The report’s detailed financials provide a clearer view of Luckin’s operational scale and the challenges it faces in maintaining margin performance amid rising delivery costs and regulatory scrutiny.
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