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It was probably just a quirk of timing that Luckin Coffee Inc. (LKNCY.US) served up its latest quarterly results on Feb. 20, a few weeks after local archrival Starbucks (SBUX.US) offered its own latest financial report card on Jan. 28. But the two reports were as different as black and white, as Luckin strengthened its position as leader of the overheated Chinese market while Starbucks remained in a state of disarray.

Luckin’s fourth quarter earnings were nothing short of spectacular, following a rocky period for the company and its peers amid an ongoing price war. The company’s revenue rose 36.1% year-over-year to 9.6 billion yuan ($1.3 billion) in last year’s fourth quarter, while its operating income soared 368% to 995 million yuan, and net income rose 184% to 841 million yuan.