Luckin Coffee releases transcript of Q2 2026 earnings call

Luckin Coffee held its Q2 2026 earnings call, attended by CEO Jinyi Guo, CFO Jing An, IR director Nancy Song, JPMorgan’s Jessie Xu, and Goldman Sachs’ Xinyu Ruan.

• Total net revenues rose 29% to RMB 15.9 billion on GMV up 30% to RMB 18.4 billion; GAAP operating profit rose 22% to RMB 2.1 billion.
• Self-operated same-store sales fell 5.3% on a tougher delivery-subsidy comparison; delivery expense ratio improved to 10% from 14%.
• Store base reached 36,310; China added 2,668 net new stores to 36,087, with 23,625 self-operated and 12,462 partnership stores.
• Management flagged continued high-base pressure in Q3 from last year’s July-August subsidies; profitability trend improving as delivery mix declines.