---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38912762.md"
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 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)"
datetime: "2026-02-26T12:50:15.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38912762.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38912762.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38912762.md)
author: "[Dolphin Research](https://longbridge.com/en/dolphin.md)"
---

# LKNCY 4Q25 First Take: Overall, growth slowed as d…


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

## Comments (5)

- **赛博摸鱼选手 · 2026-02-26T12:57:30.000Z**: What's going on? Revenue growth is so high, but net profit has dropped this much. The subsidies from food delivery platforms in Q4 2025 must be huge, right?
  - **赛博摸鱼选手** (2026-02-26T13:34:25.000Z): Delivery orders are squeezing out dine-in; the food delivery war is just too crazy. Fast-food chain listed companies might all be affected. 😂
  - **还有多少个可以亏** (2026-02-26T15:20:49.000Z): If there were no food delivery war, would there be this much demand? I think we need to put a question mark on that. Only if some customers who didn't order before continue to order after subsidies st
  - **赛博摸鱼选手** (2026-02-26T15:34:13.000Z): There is a bubble in short-term revenue, as seen in Q3. However, the overall direction of penetration improvement is fine, but the structure is unhealthy, and the current ratio between delivery and di