Luckin Coffee Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Core Insights - Luckin Coffee reported a significant year-over-year revenue growth of 36.1% for Q4 2024, reaching total net revenues of RMB9,613.3 million (US$1,317.2 million) [4][6] - The company achieved a GAAP operating margin of 10.4$1,317.2 million), a 36.1% increase from RMB7,064.9 million in Q4 2023 [4][6] - The number of net new store openings was 997, bringing the total to 22,340 stores, which includes 14,591 self-operated and 7,749 partnership stores [4][6] - Average monthly transacting customers reached 77.8 million, representing a 24.5% year-over-year increase [4] Fiscal Year 2024 Highlights - Total net revenues for the fiscal year 2024 were RMB34,474.8 million (US$4,723.9 million), reflecting a 38.4$3,506.7 million), a 43.1% increase year-over-year [4] - The company opened a total of 6,092 new stores in 2024, with 6,071 in China and 21 in Singapore [4] Financial Performance - Revenues from self-operated stores in Q4 2024 were RMB7,233.8 million (US$991.2 million), a 41.7$194.4 million), representing a 105.5% year-over-year increase [4] - Non-GAAP operating income for Q4 2024 was RMB1,091.7 million (US$149.6 million), a 300.0$1,180.9 million), a 25.8% increase from RMB6,852.3 million in Q4 2023 [7] - Cost of materials increased by 9.6% year-over-year to RMB3,847.2 million (US$527.2 million) [7] - Store rental and other operating costs rose by 39.4$325.1 million) [13] Strategic Developments - The company formed a strategic partnership with Hextar Industries Berhad to expand into Malaysia, enhancing its international presence [4] - Luckin Coffee's strong supply chain and product mix changes contributed to improved operating margins and cost management [7][13]