Luckin Coffee Inc. announced its unaudited financial results for the first quarter ended March 31, 2025, on April 29, 2025. The company reported total net revenues of RMB 8.9 billion, representing a 41.2% increase year-over-year. Gross Merchandise Value (GMV) also saw a substantial rise of 42.0% year-over-year, reaching RMB 10.4 billion.
Profitability significantly improved, with GAAP operating income surging by 1,232.2% year-over-year to RMB 737.2 million, and the operating margin expanding to 8.3%. Self-operated stores demonstrated strong performance, achieving an 8.1% same-store sales growth and a store-level operating profit of RMB 1,106.3 million, marking a 244.8% year-over-year increase with a 17.1% operating margin.
Operational expansion continued with 1,757 net new store openings during the quarter, bringing the total store count to 24,097. The average monthly transacting customers increased by 24.0% year-over-year to 74.3 million, and the cumulative transacting customer base grew to over 354 million. The cost of materials as a percentage of total net revenue decreased to 39.5% from 40.3% in the prior year period, reflecting improved efficiency.
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