Aug. 22 at 2:26 PM
$LKNCY hidden growth driver: "Other Products" (snacks, pastries, merch) quietly surging.
While everyone focuses on the -5.3% SSSG, the "Other Products" category is becoming a real growth story.
Q2 2025 vs Q2 2026:
· Other Products: 5.0% → 5.6% of revenue (+0.6 pp)
· Freshly Brewed Beverages: 70.0% → 70.2% (+0.2 pp)
The absolute numbers tell a different story:
· Other Products revenue: +45.1% YoY to RMB 892 million
· That's significantly faster than total revenue growth (+28.5%) and beverage growth (+26.6%)
What this means:
· Diversification is working – Luckin is expanding beyond coffee/tea
· Beverages remain dominant at ~70%, Other Products still just ~5.6%
· Snacks typically have lower margins than fresh drinks, but they drive higher ticket sizes and impulse purchases – especially important as Luckin pushes into convenience-oriented retail formats.
