Company data sheet · Luckin Coffee
Luckin Coffee: three lost years, and the economy wasn't the reason.
- Industry
- Eating & Drinking Places
- Headquarters
- China
- Ticker
- LKNCY (OTC)
- Sources
- SEC filings (2019–2026), Stratrix's verified Decision Cases, market data and official economic statistics for China
- Data as of
- October 18, 2026
- From profit to three straight losses. Luckin Coffee lost money every year from 2018 to 2020: CN¥10.4 billion in all. 2021 was its first profit in four years: CN¥0.6 billion.
- It outgrew its own economy many times over. Revenue rose from CN¥0.8 billion in 2018 to CN¥49.3 billion in 2025: 58.6 times as much. China's economy, counted the same way in money terms, grew about 55%. Whatever drove it, the economy around it does not account for growth of that size.
- It wasn't the cycle. The losses began in 2018, a year China economy grew 6.8%. When a company falls while its economy grows, look inside the company first.
- One decision on record. Stratrix has verified one of Luckin Coffee's big decisions, each with what happened next.
Financial results
| Fiscal year | Revenue | Net income | |
|---|---|---|---|
| 2018 | CN¥0.8 billion | −CN¥1.6 billion | |
| 2019 | CN¥3 billion | −CN¥3.2 billion | |
| 2020 | CN¥4 billion | −CN¥5.6 billion | |
| 2021 | CN¥8 billion | CN¥0.6 billion | |
| 2022 | CN¥13.3 billion | CN¥0.5 billion | |
| 2023 | CN¥24.9 billion | CN¥2.8 billion | |
| 2024 | CN¥34.5 billion | CN¥3 billion | |
| 2025 | CN¥49.3 billion | CN¥3.6 billion |
As reported in its annual filings, in CNY. Losses in red.
Stratrix Decision Cases
The full data sheet · Data Plan
Everything behind these findings, ready for your board deck.
- Economic context: 3 measures for China, every year since 2016, from the official sources.
- Peer comparison: against 224 companies of its size in its sector.
- Financial results: ten years of revenue, operating and net income, and every annual report, linked.
- Methods and sources, so each number can be checked and cited.
The full data sheet downloads with the Data Plan. To see exactly what you get first, open the Boeing sample PDF or Excel.