In 2025, the average Chinese person will drink 3 cups of Luckin Coffee, and the CEO responds to the cooling of the takeout war.

On the evening of February 26, Luckin Coffee released its 2025 financial report, with total revenue reaching 49.29 billion yuan, a year-on-year increase of 43%; the total sales volume of freshly made beverages reached 4.1 billion cups, equivalent to an average of about 3 cups of Luckin Coffee consumed per person in China last year. At the earnings conference, Luckin Coffee’s CEO Guo Jinyi also addressed issues related to the cooling of the food delivery battle and market competition in 2026. Regarding the impact of the subsequent market after the food delivery battle, Guo Jinyi stated that in the fourth quarter, the subsidy intensity of delivery platforms significantly contracted during the industry off-season. Although the proportion of deliveries decreased quarter-on-quarter, it remained at a relatively high level. The subsequent changes in the subsidy strategies of delivery platforms will take time for the cup volume structure to gradually return to self-pickup needs. Considering the high baseline brought by large-scale subsidies from platforms in 2025, Luckin’s same-store sales and profit performance may experience certain periodic fluctuations and challenges in 2026, which is in line with objective laws. The Chinese coffee market is currently still in a rapidly growing development opportunity period, and short-term fluctuations will not change the long-term growth logic. (Yicai)