Summary by Moomoo AI
Luckin Coffee achieved robust financial performance in FY2024, with total net revenues surging 38.4% YoY to RMB34.5 billion. Operating income rose 16.9% YoY to RMB3,538.1 million, while net income increased 2.9% YoY to RMB2,931.7 million. The company's store network expanded to 22,340 locations, including 14,591 self-operated and 7,749 partnership stores, with a store-level operating profit margin of 18.9%.The company demonstrated strong operational efficiency, selling 3.1 billion items with freshly brewed drinks accounting for 95.3% of sales. Average monthly items sold reached 173.5 million in self-operated stores and 85.4 million in partnership stores. Luckin also strengthened its financial position by securing RMB3.0 billion in credit facilities, with RMB2.6 billion remaining unused.Luckin made significant progress in resolving legacy issues, including a US$175 million settlement for U.S. securities class action. The company terminated its VIE structure in March 2024 and expanded internationally into Singapore with 51 stores and Malaysia through franchising. Under Centurium Capital's control with 53.6% voting power, Luckin enhanced its corporate governance and implemented comprehensive cybersecurity risk management.
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