Luckin Coffee Inc. (Luckin Coffee) reported a significant increase in financial performance for the year ended December 31, 2023. Net revenues soared by 87.3% to RMB 24,903.2 million (US$3,507.5 million), driven by an increase in products sold, store expansion, and a growing customer base, which reached 230.1 million cumulative transacting customers. Operating income rose to RMB 3,025.6 million (US$426.1 million), representing 12.1% of net revenues, compared to 8.7% in the previous year. The company's net income also saw a substantial rise to RMB 2,847.9 million (US$401.1 million). The growth in operating expenses was in line with business expansion, but as a percentage of net revenues, it decreased from 91.3% in 2022 to 87.9% in 2023, reflecting increased economies of scale and technology-driven operations. Luckin Coffee's cash and cash equivalents, along...Show More

Luckin Coffee Inc. (Luckin Coffee) reported a significant increase in financial performance for the year ended December 31, 2023. Net revenues soared by 87.3% to RMB 24,903.2 million (US$3,507.5 million), driven by an increase in products sold, store expansion, and a growing customer base, which reached 230.1 million cumulative transacting customers. Operating income rose to RMB 3,025.6 million (US$426.1 million), representing 12.1% of net revenues, compared to 8.7% in the previous year. The company's net income also saw a substantial rise to RMB 2,847.9 million (US$401.1 million). The growth in operating expenses was in line with business expansion, but as a percentage of net revenues, it decreased from 91.3% in 2022 to 87.9% in 2023, reflecting increased economies of scale and technology-driven operations. Luckin Coffee's cash and cash equivalents, along with restricted cash, stood at RMB 3,038.6 million (US$428.0 million) by year-end. The company has no interest-bearing debt following the full redemption of offshore debt securities in 2022. Luckin Coffee's capital expenditures for property and equipment were RMB 2,750.2 million (US$387.4 million) in 2023, indicating continued investment in growth. The company's financial position is supported by cash from operating activities and anticipated cash flow, with no dividends paid or planned in the near future as funds are reinvested into the business.