Below is Dolphin Research's Trans of Luckin Coffee's FY26Q1 earnings call.

Luckin Coffee announces first buyback

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?'

The impact of the 'food-delivery price war' driving up delivery costs continued to weigh on Q4 profitability. The margin hit remained significant.

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''

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...

Maintaining a healthy and sustainable level of profitability is the focus

$Luckin Coffee(LKNCY.US) released its financial report for the second quarter of 2025 (ending June 2025) before the U.S. stock market opened on the afternoon of July 30, 2025, Beijing time. Overall, in the second quarter, under the dual stimulus of the peak season and the support of the delivery business, Luckin's performance this quarter was very impressive, with all key indicators exceeding BBG expectations. 1. Store openings maintained rapid growth. In terms of the number of store openings, Luckin had a net increase of 1,757 stores in Q2 2025 compared to the previous quarter. Although the total number of store openings remained the same as Q1, the company significantly accelerated the opening of self-operated stores in Q2. Generally speaking...

Below is the earnings call $Luckin Coffee(LKNCY.US) FY25 Q1 Minutes. For the Quick Interpretation of the earnings report, please refer to "Not Content with Being a Miser, Luckin is About to 'Stir Things Up' Again?" 1. Key Earnings Highlights 1) Revenue Growth: Total net revenue in Q1 2025 increased 41% YoY to approximately RMB 8.9 billion. 2) Growth was primarily driven by a 42% YoY increase in GMV to RMB 10.4 billion. 3) Product sales revenue rose 42% YoY to RMB 6.8 billion, accounting for 70% - 77% of total net revenue...

$Luckin Coffee(LKNCY.US) released its Q1 2025 earnings report during US pre-market hours on April 29, 2025 Beijing time. Overall, the Q1 performance was decent, beating BBG expectations. However, since few sell-side analysts cover LKNCY, these expectations should only be taken as a rough reference. Historical experience shows that actual buy-side expectations tend to be more optimistic than consensus, and more often rely on higher-frequency alternative data metrics like "daily cup sales" and "weekly store opening speed" for trading decisions. Therefore, short-term stock prices usually reflect earnings performance relatively fully. Against this backdrop...