$LKNCY

Luckin Coffee Inc.

CIK:0001767582|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Net revenues:
Total net revenues	¥ 49,288,095	$ 7,034,825	¥ 34,474,814	¥ 24,903,166
Cost of materials	(18,783,453)	(2,680,938)	(14,083,291)	(10,897,409)
Store rental and other operating costs	(11,241,945)	(1,604,548)	(8,540,683)	(5,167,482)
Depreciation and amortization expenses	(1,557,383)	(222,283)	(1,190,037)	(604,580)
Delivery expenses	(6,878,700)	(981,800)	(2,821,069)	(2,010,699)
Sales and marketing expenses	(2,595,705)	(370,482)	(1,920,305)	(1,286,523)
General and administrative expenses	(3,057,020)	(436,324)	(2,420,462)	(1,829,651)
Store preopening and other expenses	(85,412)	(12,191)	(69,556)	(109,685)
Impairment loss of long-lived assets	(8,500)	(1,212)	(8,925)	(5,229)
Losses and expenses related to Fabricated Transactions and Restructuring	(7,013)	(1,001)	149,583	28,515
Total operating expenses	(44,215,160)	(6,310,772)	(30,904,745)	(21,882,743)
Operating income	5,072,935	724,053	3,570,069	3,020,423
Interest and investment income	188,630	26,923	89,195	108,682
Interest and financing expenses	(125)	(18)	(3,924)
Foreign exchange gain/(loss), net	(26,747)	(3,818)	(13,239)	2,968
Other income, net	80,808	11,534	84,161	62,283
Provision for equity litigants settlement	(35,326)	(5,042)		(92,192)
Income before income taxes	5,280,175	753,632	3,726,262	3,102,164
Income tax expense	(1,679,793)	(239,755)	(770,553)	(258,127)
Net income	3,600,382	513,877	2,955,709	2,844,037
Net income attributable to the Company's ordinary shareholders	¥ 3,600,382	$ 513,877	¥ 2,955,709	¥ 2,844,037
Net income per share:
Basic \| (per share)	¥ 1.4	$ 0.2	¥ 1.16	¥ 1.12
Diluted \| (per share)	¥ 1.4	$ 0.2	¥ 1.16	¥ 1.12
Weighted average shares outstanding used in calculating basic and diluted income per share:
Basic	2,565,138,656	2,565,138,656	2,545,968,813	2,532,109,710
Diluted	2,568,173,041	2,568,173,041	2,548,002,050	2,532,563,302
Net income	¥ 3,600,382	$ 513,877	¥ 2,955,709	¥ 2,844,037
Other comprehensive (loss)/income, net of tax of nil:
Foreign currency translation difference, net of tax of nil	(106,894)	(15,257)	41,592	(360)
Total comprehensive income	3,493,488	498,620	2,997,301	2,843,677
Total comprehensive income attributable to the Company's ordinary shareholders	3,493,488	498,620	2,997,301	2,843,677
Revenues from product sales
Net revenues:
Total net revenues	37,694,400	5,380,100	26,729,523	18,677,390
Revenues from partnership stores
Net revenues:
Total net revenues	¥ 11,593,690	$ 1,654,752	¥ 7,745,291	¥ 6,225,776

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	¥ 3,600,382	$ 513,877	¥ 2,955,709	¥ 2,844,037
Adjustments to reconcile net income to net cash provided by operating activities:
Foreign exchange gain/(loss), net	26,747	3,818	13,239	(2,968)
Loss on disposal of property and equipment	3,513	501	4,017	12,713
Depreciation and amortization	1,557,383	222,283	1,190,037	604,580
Lease cost	2,917,711	416,441	2,331,919	1,399,217
Impairment of long-lived assets	8,500	1,212	8,925	5,229
Allowance for prepayments and accounts receivable	(40)	(6)	(15,131)	(3,194)
Deferred income tax	394,362	56,287	78,481	(141,613)
Share-based compensation expenses	573,148	81,805	364,846	239,506
Changes in operating assets and liabilities:
Accounts receivable	(45,258)	(6,460)	(30,332)	(21,685)
Inventories	(436,581)	(62,313)	(276,518)	(983,126)
Receivables from online payment platforms	(142,086)	(20,280)	(224,312)	(62,241)
Prepaid expenses and other current assets	(597,487)	(85,275)	(387,384)	(489,374)
Other non-current assets	(116,228)	(16,589)	(107,544)	(216,260)
Accounts payable	365,511	52,169	(76,204)	373,203
Accrued expenses and other liabilities	932,174	133,048	677,863	674,013
Deferred revenues	3,189	455	29,817	26,056
Operating lease liabilities	(2,989,199)	(426,644)	(2,308,156)	(1,442,016)
Payable for equity litigants settlement	35,326	5,042		84,348
Net cash provided by operating activities	6,091,062	869,371	4,229,272	2,900,425
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(2,623,694)	(374,476)	(2,301,791)	(2,750,220)
Payment for land use right			(116,557)	(6,478)
Cash received from disposal of property and equipment	941	134	407	1,982
Purchases of short-term investments	(3,429,000)	(489,417)	(366,000)	(1,550,000)
Proceeds received from maturity of short-term investments	1,100,000	157,002	216,000	1,450,000
Floating interest received from structured deposits	13,467	1,922	10,080	22,545
Purchases of term deposit	(4,290,235)	(612,340)	(1,232,940)	(657,527)
Proceeds received from maturity of term deposit	1,431,976	204,384	580,995	42,599
Proceeds received from asset-related government subsidy	10,042	1,433
Net cash used in investing activities	(7,786,503)	(1,111,358)	(3,209,806)	(3,447,099)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term bank borrowings			300,000
Proceeds from the long-term borrowings			33,600
Short-term bank and other borrowings payments	(300,000)	(42,819)
Long-term borrowing payments	(33,600)	(4,796)
Net cash provided by/(used in) financing activities	(333,600)	(47,615)	333,600
Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash	(20,711)	(2,956)	14,976	7,398
Net (decrease)/ increase in cash and cash equivalents and restricted cash	(2,049,752)	(292,558)	1,368,042	(539,276)
Cash and cash equivalents and restricted cash at beginning of years	4,406,685	628,960	3,038,643	3,577,919
Cash and cash equivalents and restricted cash at end of years	2,356,933	336,402	4,406,685	3,038,643
Supplemental disclosures of cash flow information:
Interests received	121,783	17,382	69,037	101,753
Interests paid, net of capitalization	(486)	(69)	(3,688)
Income taxes paid	(1,256,993)	(179,409)	(455,857)	(426,744)
Supplemental disclosures of non-cash activities:
Purchase of property and equipment included in accrued expenses and other liabilities	(139,675)	(19,936)	261,741	438,554
Obtaining right-of-use assets in exchange for lease liabilities	4,404,921	$ 628,709	2,886,567	4,463,919
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	2,294,112		4,362,309	2,925,709
Current restricted cash	5,362		3,781	66,080
Non-current restricted cash	57,459		40,595	46,854
Total cash, cash equivalents and restricted cash in the statements of cashflows	¥ 2,356,933		¥ 4,406,685	¥ 3,038,643

CONSOLIDATED BALANCE SHEETS ¥ in Thousands, $ in Thousands	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	¥ 2,294,112	$ 327,436	¥ 4,362,309
Restricted cash	5,362	765	3,781
Short-term investments, net	2,579,000	368,097	250,000
Accounts receivable, net	156,330	22,313	111,251
Receivables from online payment platforms	580,557	82,862	438,458
Inventories, net	2,966,506	423,406	2,500,205
Prepaid expenses and other current assets, net	2,520,657	359,770	1,938,054
Term deposit - current	3,328,423	475,061	1,127,541
Total current assets	14,430,947	2,059,710	10,731,599
Non-current assets:
Property and equipment, net	6,289,986	897,761	5,065,903
Restricted cash	57,459	8,201	40,595
Other non-current assets, net	968,836	138,281	929,165
Deferred tax assets, net	217,036	30,977	271,601
Operating lease, right-of-use assets	7,637,320	1,090,065	5,937,063
Term deposit - non-current	700,000	99,910	150,000
Total non-current assets	15,870,637	2,265,195	12,394,327
Total assets	30,301,584	4,324,905	23,125,926
Current liabilities
Short-term bank borrowings			300,000
Accounts payable	1,103,767	157,539	738,677
Accrued expenses and other current liabilities	4,148,323	592,085	3,034,205
Deferred revenues	156,290	22,307	153,248
Payable for equity litigants settlement	149,900	21,393	119,560
Operating lease liabilities	2,948,353	420,815	2,343,387
Total current liabilities	8,506,620	1,214,139	6,689,077
Non-current liabilities
Long-term bank borrowings			33,600
Deferred tax liabilities	339,797	48,499
Operating lease liabilities	4,315,808	615,990	3,330,529
Total non-current liabilities	4,655,605	664,489	3,364,129
Total liabilities	13,162,225	1,878,628	10,053,206
Commitments and contingencies
Mezzanine equity:
Total Mezzanine equity	1,514,660	216,185	1,514,660
Shareholders' equity:
Additional paid-in capital	17,278,391	2,466,122	16,705,240
Statutory reserves	453,625	64,745	368,046
Accumulated deficits	(2,438,985)	(348,113)	(5,953,788)
Accumulated other comprehensive income	331,642	47,335	438,536
Total Company's ordinary shareholders' equity	15,624,699	2,230,092	11,558,060
Total liabilities, mezzanine equity and shareholders' equity	30,301,584	4,324,905	23,125,926
Class A ordinary shares
Shareholders' equity:
Ordinary shares	24	3	24
Class B ordinary shares
Shareholders' equity:
Ordinary shares	2		2
Convertible senior preferred shares
Mezzanine equity:
Total Mezzanine equity	¥ 1,514,660	$ 216,185	¥ 1,514,660