Luckin Coffee CEO Jinyi Guo announced that 2024 was a key year for the company, with total net revenues increasing by 38% year-over-year, reaching RMB34.5 billion. Operating profit also saw a notable rise, climbing 17% to RMB3.5 billion. Guo highlighted the positive trend in same-store sales, particularly in December, when metrics for self-operated stores turned positive. The company opened over 6,000 net new stores in 2024, bringing the total to 22,340, further solidifying Luckin’s position as a market leader.
CFO An Jing also shared impressive financial results, noting a 36% year-over-year increase in net revenue, totaling RMB9.6 billion. Operating profit surged by 368%, reaching RMB995 million, while operating margin expanded by 7.4 percentage points to 10.4%. An Jing attributed much of the growth to the success of newly launched products, with freshly brewed drinks contributing RMB6.9 billion—72% of total net revenues—driven by a 43% increase in product sales.
Management plans to continue their rapid store expansion in 2025, with a focus on quality and efficiency. They aim to increase store density in high-tier cities while expanding into lower-tier markets to capture more growth in China’s coffee sector.
In addition to its domestic growth, Luckin is expanding internationally. The company recently opened six new stores in Singapore and launched its first two locations in Malaysia. Luckin is also exploring additional operational models to support future international expansion.
Despite concerns over rising coffee bean prices, Luckin’s management expressed confidence in their supply chain advantages. The company recently secured a new five-year agreement to procure 240,000 metric tons of beans, which will help mitigate potential cost pressures. The company anticipates stable per-cup pricing and gradual increases in daily sales per store as more locations mature, supporting continued same-store sales growth.
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