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LKNCY: Shedding delivery drag, the Little Blue Cup runs lean.
Revenue came in slightly below expectations. Lower fulfillment costs drove an earnings beat.
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Luckin Coffee (Trans): SSS Under Pressure, Store Margin Back to Pre-Subsidy Levels
Store-level margin for self-operated stores recovered to 23.3%, roughly back to pre-subsidy levels. Non-GAAP net profit reached RMB 2.1bn, a quarterly record.
However, self-operated same-store sales fell 11.1% YoY due to the high base from last year's delivery subsidies (declines narrowed sequentially from Jul–Sep, with recovery accelerating in Q4). Meanwhile, the board authorized a $500mn one-year buyback, and the company will maintain a demand-driven, industry-leading store-opening cadence.D![luckin coffee]()
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LKNCY: Past the delivery hangover, is the 'Little Blue Cup' now riding tailwinds?
Luckin Coffee offset the high base from last year's Q2 delivery subsidies through store openings and user growth.
More importantly, delivery costs declined YoY for the first time since the delivery wars.Overall results were clearly ahead of market expectations.D![图片 1，共 1 张]()
LKNCY (Trans): SSS Turned Negative, Expansion Unabated
Q2 total net revenue was RMB 15.9bn (+29% YoY). Operating profit rebounded 22% to RMB 2.1bn.
Same-store sales at company-operated stores fell 5.3% YoY. The high base from delivery subsidies in Jul–Aug last year will keep SSS under pressure in Q3.The company maintained its H1 pace of opening 5,000+ stores. Global store count reached 36,310.D![v luckin coffee]()
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Luckin Coffee (Trans): Partnership stores in lower-tier cities outperformed during the CNY holiday
Below is Dolphin Research's Trans of Luckin Coffee's FY26Q1 earnings call.
For the earnings analysis, see 'Luckin Coffee: Revenue Up, No Profit Gain - When Will the Little Blue Cup Shake Off the Delivery Hangover?'D![v luckin coffee]()
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LKNCY: Sales Up, Profits Lag — When Will the 'Little Blue Cup' Shake Off the 'Delivery Hangover'?
Luckin Coffee announces first buyback
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LKNCY (Trans): Market Share Gain Remains Top Strategic Priority---
Below is Dolphin Research's recap of Luckin Coffee's FY25 Q4 earnings call. For our full take on the results, see 'Luckin: Has the delivery war hijacked the coffee leader?'
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LKNCY: Is China's coffee leader being held hostage by the delivery wars?---
The impact of the 'food-delivery price war' driving up delivery costs continued to weigh on Q4 profitability. The margin hit remained significant.
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Luckin (Minutes): Same-store growth in the fourth quarter and 2026 will face certain pressure.
The following are the minutes of the 3Q25FY earnings call for Luckin Coffee, compiled by Dolphin Research. For a review of the earnings report, please refer to 'Luckin: Profit 'Squat' Just for a Better 'Jump''
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Luckin Coffee: Profit 'Squat' is Just for a Better 'Jump'
Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...