---
title: "LKNCY 4Q25 First Take: Overall, growth slowed as delivery subsidies eased and Luckin pulled back its"
description: "LKNCY 4Q25 First Take: Overall, growth slowed as delivery subsidies eased and Luckin pulled back its own subsidies. The ongoing 'delivery war' kept fulfillment costs elevated and continued to erode ma"
type: "topic"
locale: "en"
url: "https://longbridge.com/en/topics/38912762.md"
published_at: "2026-02-26T12:50:15.000Z"
author: "[Dolphin Research](https://longbridge.com/en/news/dolphin.md)"
---

# LKNCY 4Q25 First Take: Overall, growth slowed as delivery subsidies eased and Luckin pulled back its

**LKNCY 4Q25 First Take:** Overall, growth slowed as delivery subsidies eased and Luckin pulled back its own subsidies. The ongoing 'delivery war' kept fulfillment costs elevated and continued to erode margins. As a result, revenue rose but profits did not, with results missing market expectations.

1) Q4 revenue growth was 32.9%, and same-store sales growth (SSSG) decelerated meaningfully QoQ vs. Q2–Q3. This points to a clear slowdown in underlying momentum.

With subsidies tightened and selective price hikes implemented, SSSG suggests pricing power remains limited as consumers are still highly price-sensitive. Cup volume fell short of expectations.

2) Store expansion: 1,884 net new stores were added in Q4, including 42 overseas, with the pace slowing notably. Expansion momentum was intentionally moderated.

Dolphin Research believes the 'delivery war' drove a spike in store fulfillment costs, compressing store-level margins. The company slowed openings to prioritize unit economics.

3) GPM remained broadly stable. On costs, apart from a higher delivery mix keeping the delivery expense ratio elevated, other opex lines were largely steady.

Non-GAAP OP came in at RMB 960 mn, down 13% YoY. $Luckin Coffee(LKNCY.US)

### Related Stocks

- [LKNCY.US - Luckin Coffee](https://longbridge.com/en/quote/LKNCY.US.md)

---

> **Disclaimer**: This article is for reference only and does not constitute any investment advice.