Luckin Coffee (LKNCY)

Outperform Recap: Q1 2026

A Maiden $300M Buyback at a Washed-Out Valuation Flips the Risk/Reward, Even as Same-Store Sales Turn Negative

Hold Recap: Q4 2025

The Telegraphed Trough Arrives: Margins Halve and Net Income Falls 39%, While the Full Year Still Grew 43% and the Unit Machine Stays Intact

Hold Recap: Q3 2025

Revenue Accelerates to +50% and Customers Cross 100 Million, While Delivery Costs Compress Margins and Management Warns on 2026

Hold Recap: Q2 2025

Luckin's Scale Machine Roars, But the Delivery-Subsidy Fuel Is the Same Force That Threatens Margins