Starbucks · 2025 report · 12 min
Starbucks in China
In China, a coffee chain that opened its first store in 2017 now has far more stores than Starbucks. What would you do?
Ticket 01 · The guess
The rival next door
Words to know
Sources and every number (4)
Sources
- Starbucks Corporation Form 10-K for the fiscal year ended September 28, 2025 · Starbucks Corporation (filed with the U.S. SEC), 2025
- Luckin Coffee Announces Fourth Quarter and Fiscal Year 2025 Financial Results (exhibit to Form 6-K, February 26, 2026) · Luckin Coffee Inc. (furnished to the U.S. SEC), 2026
- Luckin Coffee Inc. Form 20-F for the fiscal year ended December 31, 2025 · Luckin Coffee Inc. (filed with the U.S. SEC), 2026
- Starbucks and Boyu Announce Joint Venture for the Next Chapter of Growth in China (press release, exhibit to Form 8-K, November 3, 2025) · Starbucks Corporation (filed with the U.S. SEC), 2025
Every number
- 8,009
sec.gov ·2025 · Company-operated Starbucks stores in China at the end of fiscal 2025 (September 2025). - 31,048
sec.gov ·2026 · Luckin Coffee stores at the end of 2025, its own and its partners', counting its stores in Hong Kong, Singapore, Malaysia and the U.S. - 20,234
sec.gov ·2026 · Luckin's self-operated stores at the end of 2025. - 10,814
sec.gov ·2026 · Luckin's partnership stores at the end of 2025: stores run by partners, who buy their supplies from Luckin and share profit with it. - 16,248
sec.gov ·2026 · Luckin Coffee stores at the end of 2023. - 99.1%
sec.gov ·2026 · Share of Luckin's self-operated stores that were pick-up stores at the end of 2025. - 20 square meters
sec.gov ·2026 · The small end of a typical Luckin pick-up store's size, as its annual report puts it. - 60 square meters
sec.gov ·2026 · The large end of a typical Luckin pick-up store's size, as its annual report puts it. - 10.3%
sec.gov ·2026 · Luckin Coffee's operating margin (GAAP), 2025. - 26 years
sec.gov ·2025 · How long Starbucks has been in China, as its November 2025 announcement put it (more than this many years).