瑞幸开到了香港尖沙咀，明年可能去纽约。 尖沙咀美丽华广场一楼，瑞幸咖啡（LKNCY）的商铺围挡已经铺上，显示 "即将开业"，隔壁便是 星巴克（SBUX.O）。上个月瑞幸发布香港门店招聘广告，店长月薪 1.8 万至 3 万港元，咖啡师月 薪 1.6 万至 2 万港元。与此同时，有报道指瑞幸考虑明年在美国纽约等有大量内地学生和游客的美 国城市开店。 苹果半年内从印度出口价值 60 亿美元的 iPhone。 今年 4 到 9 月，苹果（AAPL.O）印度产 iPhone 出口额增长三分之一，达到近 60 亿美元（出厂价 值）。这些 iPhone 出自富士康、和硕以及本土公司塔塔电子。其中富士康产量占一半。 顺丰单均收入下滑，毛利率上升。 三季度顺丰（002352.SZ）收入增长 12% 至 725 亿元，其中快递收入 508 亿元，增长 7.6%；单均 收入同比下降 6.1%，至 15.82 元。供应链服务收入增长近三成、达到 196 亿元。当期毛利同比增 长 32.3%，达到 102 亿元、毛利率同比上升 2.2 个百分点，达到 14.1%。两大快递公司面对同样的 挑战：电商销售放缓、快递价格战以及油价回升情况下 ...

上午咖啡下午茶。 随着门店数量迈入 20000 家，瑞幸开始顺手做起了茶饮。 随着门店的迅速扩张，瑞幸月均交易用户数和业绩纷纷创下了新高。 8 月 11 日，瑞幸官宣刘亦菲为瑞幸咖啡全球品牌代言人及茶饮首席推荐官；而早在一周前，瑞幸推出了 "轻轻茉莉·轻乳茶" 新品。 至今，这款轻乳茶产品首周销量已经突破 1100 万杯。 从创立到 10000 家门店，瑞幸花了五年半。而再多 10000 家门店，瑞幸仅用了 13 个月。瑞幸的增长似乎 还看不到尽头。 在刚刚过去的第二季度，瑞幸的月均交易用户数达到了 6969 万，营收则创下了 84 亿元。其中，瑞幸产品 总售卖数突破 7.5 亿件，本季度新品销量占到了国内总杯量的 24%，也就是每卖出 4 杯瑞幸，就有 1 杯是 本季新品。 靠着更快的上新速度、更丰富多元的风味咖啡和更广泛年轻的用户群体，一个更轻快、也更全能的瑞幸， 在过去几年里以意想不到的速度攻城略地。 这一次，瑞幸把目光放在了茶饮上，试图覆盖更广泛的消费场景。"瑞幸经验"，或许将再一次被验证。 并不意外的跨界 "上午咖啡下午茶"，作为国内咖啡的头部品牌，瑞幸牢牢占据着上午咖啡的消费场景，通过高频打低频的 ...

Financial Data and Key Metrics - The company's daily sales volume in the first half of 2024 was 450-470 cups, with off-season sales dropping to 300-320 cups, showing a significant decline compared to previous years but still maintaining profitability at around 300 cups [1] - The company expects to return to profitability in Q2 2024, driven by seasonal factors and cost optimization, with a focus on achieving profitability to meet future IPO requirements [1][10] Business Line Data and Key Metrics - The company is rapidly expanding its store network, with the number of stores exceeding 20,000 and expected to reach 24,000 by the end of 2024, adding 4,000 new stores primarily to counter competition from Cotti Coffee [1][9] - The company is shifting its store locations towards high-traffic areas such as streets and shopping malls, with a high customer retention rate of 90% but slowing new customer growth [1] Market Data and Key Metrics - In the Northeast region, including cities like Dalian, Shenyang, and Changchun, the company has a strong presence with a mix of self-operated and franchised stores, with plans to further expand in these areas [15] - The company's store density in certain cities like Dalian is already high, with 5-6 stores within a 3-kilometer radius in main commercial areas, indicating limited room for further expansion [15] Company Strategy and Industry Competition - The company is focusing on rapid store expansion to counter competition from Cotti Coffee, with a strategic shift towards high-traffic locations and a mix of self-operated and franchised stores [1][9] - The company is preparing for a potential IPO within the next three years, which requires a focus on profitability and store network optimization [1][29] Management Commentary on Operating Environment and Future Outlook - Management attributes the Q1 2024 loss to rapid store expansion, with high initial costs for new stores impacting profitability, but expects a return to profitability in Q2 due to seasonal factors and cost optimization [7][10] - The company is optimistic about future growth, with plans to continue expanding its store network and improving operational efficiency to meet IPO requirements [1][29] Other Important Information - The company's pricing strategy includes offering promotions like the 9.9 RMB coffee to attract new customers, with a focus on balancing customer acquisition and profitability [21][22] - The company's gross margin for self-operated stores is estimated to be around 30-40%, with profitability varying by store location and sales volume [23] Summary of Q&A Session Q: What is the company's strategy for store expansion in 2024? - The company plans to add 4,000 new stores by the end of 2024, focusing on high-traffic areas and a mix of self-operated and franchised stores to counter competition from Cotti Coffee [1][9] Q: How does the company plan to return to profitability in Q2 2024? - The company expects seasonal factors and cost optimization to drive profitability in Q2, with a focus on improving operational efficiency and store performance [10] Q: What is the company's outlook on competition with Cotti Coffee? - The company believes it has a stronger market position compared to Cotti Coffee, with a focus on maintaining store quality and customer retention to stay ahead in the competitive landscape [28] Q: What are the company's plans for future growth and IPO? - The company is preparing for a potential IPO within the next three years, with a focus on achieving profitability and optimizing its store network to meet IPO requirements [1][29]

"我觉得要采取守势，不能再攻了。" 张勇在 0731 中国餐饮创始人大会上说。他演讲主题是 "品牌如何贵 气"。他说对品牌来说，重要的不是店多少、营业额或者利润高低，最关键是品牌是否归零。说这话的 时候，张勇他上身西装，下身西短 —— 因为 "生意不好"。 新荣记张勇：把死看明白了，现在很珍惜生 新荣记张勇：把死看明白了，现在很珍惜生 当一个趋势来临时，不同的人会有不同的应对方式。对新荣记创始人张勇来说，变化发生在去年 7 月。 Temu、Shein 美国广告战刹车 星巴克同店销售 -14%、瑞幸连续利润下滑 "红牛" 争夺战，中国和泰国红牛继续各执一词 芯片股怎么又大涨了？ 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 张勇说自己属于打 "退休报告的人"，也有心把餐厅交给孩子接班，但大儿子更爱咖啡、小儿子 "还在拆 盲盒"。在讲了些对传承的看法后，张勇说 "我嘴上说得好，其实没做好，但我觉得这是一定要去做 的。" 但无论张勇以什么方式、找谁接班， 用他之前对我们讲的来总结 ，大概还是 "我们这种人死了之后灵魂 也在厨房"。而在他 7 月 31 日的演讲里，他也提到了生、死，不过是关于新荣记的。 以 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $32, indicating a potential upside of 52.4% from the current price [1]. Core Insights - The company reported total revenue of 8.4 billion RMB for FY24Q2, representing a year-over-year increase of 35.5%. Revenue from self-operated stores was 6.28 billion RMB, up 39.6%, while franchise store revenue was 1.85 billion RMB, up 24.5% [1]. - The company experienced a slowdown in store expansion, with a total of 19,961 stores at the end of Q2, adding only 1,371 new stores compared to 2,342 in FY24Q1 [1]. - Same-store sales growth (SSSG) for self-operated stores was -20.9%, indicating a decline influenced by previous rapid store openings and ongoing promotional activities [1]. - The company’s operating profit margin for self-operated stores improved to 21.5%, with overall gross margin increasing by 6.8 percentage points quarter-over-quarter [1]. - Active user count reached nearly 60 million, with a significant increase in monthly transaction users by 61.8% year-over-year [1]. Financial Overview - Revenue is projected to grow from 24.9 billion RMB in 2023 to 32.3 billion RMB in 2024, reflecting a growth rate of 29.5% [3]. - The net profit attributable to shareholders is expected to increase from 2.8 billion RMB in 2023 to 2.6 billion RMB in 2024, with a notable growth of 580.1% in 2023 [3]. - Earnings per share (EPS) is forecasted to rise from 1.15 RMB in 2023 to 1.06 RMB in 2024, with a significant increase of 475.8% in 2023 [3].

July 30, 2024 Earnings Presentation 2 This presentation contains forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "potential," "continue," "ongoing," "target ...

Financial Data and Key Metrics - Net profit was RMB871 million with a net profit margin of 10.4% [1] - Self-operated store operating profit was RMB1.35 billion with a margin of 21.5% [1] - Total net revenues reached RMB8.4 billion, a 35.5% YoY increase from RMB6.2 billion in Q2 2023 [4] - Operating income was RMB1.05 billion with an operating margin of 12.5% [11] - Net profit margin surged to 10.4% from -1.3% in the previous quarter [17] - Cash and cash equivalents, restricted cash, term deposits, and short-term investments totaled RMB3.8 billion as of June 30, 2024 [32] Business Line Data and Key Metrics - Revenues from product sales were RMB6.6 billion, up 39% YoY [16] - Net revenues from freshly brewed drinks were RMB6 billion, accounting for 71.6% of total net revenues [16] - Revenues from self-operated stores surged to RMB6.3 billion, a 39.6% YoY increase [16] - Revenues from partnership stores amounted to RMB1.9 billion, a 24.5% YoY increase [16] - Total sales surpassed 750 million items in Q2, with 25 new freshly brewed beverages launched domestically [33] Market Data and Key Metrics - The company added 1,371 net new stores in Q2, bringing the total to 19,924 stores in China [24] - Average monthly transacting customers reached 69.7 million, a 61.8% YoY increase [26] - The company opened stores in more than 10 new cities, covering over 330 cities across China and one overseas market [26] - The number of stores in Singapore reached 37 this quarter [30] Company Strategy and Industry Competition - The company will focus on expanding its store network, enhancing its supply chain, and fortifying its digital prowess to solidify its market-leading position [19] - Luckin Coffee will continue to invest in sustainable development and advance research in coffee health [7] - The company plans to accelerate expansion into low-tier city markets through its partnership model [12] - Luckin Coffee remains committed to sourcing premium coffee beans from top-quality regions globally [3] Management Commentary on Operating Environment and Future Outlook - The company demonstrated strong resilience in a volatile market environment and achieved rapid revenue growth [10] - Management highlighted the importance of proactive adjustments and effective utilization of the business model for positive results [21] - The company aims to maintain strong revenue and profit levels by launching summer-friendly products and ramping up marketing efforts [33] - Luckin Coffee is focused on delivering long-term value to customers, shareholders, and stakeholders while pursuing sustainable practices [40] Other Important Information - The company opened its 20,000th store on July 18, designed and built in accordance with LEED Platinum standards [14] - Luckin Coffee entered into agreements to purchase approximately 120,000 metric tons of coffee beans from Brazil over the next two years [25] - The company launched a campaign called "Luckin Coffee Fit and Ice Summer" to combine health attributes with its products [13] Q&A Session Summary Question: What were the main drivers behind Luckin's rebound in performance in Q2? Will this profit margin be sustainable? - The rebound was driven by favorable weather conditions, proactive adjustments, and effective utilization of the business model [21] - The company aims to maintain strong revenue and profit levels by focusing on product innovation and marketing efforts [33] Question: Will the company make further adjustments to its store opening strategy? - The company will uphold its store opening standards to ensure quality and achieve healthy, sustainable growth [34] - Luckin Coffee will continue to expand its store network while focusing on market share and customer appreciation strategies [34]

Exhibit 99.1 Profitability Improved From Last Quarter with GAAP Operating Margin of 12.5% · Net new store openings during the second quarter was 1,371, including five new store openings in Singapore, resulting in a quarter-over-quarter store unit growth of 7.4% from the number of stores at the end of the first quarter of 2024, ending the second quarter with 19,961 stores which include 13,056 self-operated stores and 6,905 partnership stores. · Revenues from self-operated stores in the second quarter were RM ...

Investment Rating - The report initiates coverage on Luckin Coffee (LKNCY US) with a "Buy" rating and a target price of $23 7, implying a potential upside of 22 2% from the current price of $19 4 [2][3] Core Views - Luckin Coffee has become the largest chain coffee brand in China, surpassing Starbucks in both store count and order volume, driven by strong brand marketing, product innovation, and affordable pricing [3] - The company has successfully transformed from a loss-making, credibility-damaged company to a profitable and rapidly expanding brand, focusing on product innovation, youth-oriented marketing, and cost-effective strategies [3] - Luckin Coffee's future growth potential lies in its ability to consolidate the market, expand into lower-tier cities, and explore overseas markets, despite short-term pressure on profitability due to intense competition [3] Industry Overview - The Chinese coffee market has grown significantly, with the overall market size reaching RMB 82 8 billion in 2023, and per capita coffee consumption reaching RMB 58 8 [12] - Ready-to-drink (RTD) coffee shops have become the primary channel for coffee consumption in China, contributing 66 5% of the total retail coffee market revenue in 2023, far exceeding instant coffee and RTD coffee [14] - The rise of RTD coffee shops in China is attributed to urbanization, the influence of Western lifestyles, the role of social media, and the addictive nature of coffee [15] Luckin Coffee's Strategy - Luckin Coffee has disrupted the traditional coffee market by offering a wide variety of products at affordable prices, making RTD coffee more accessible to the general public [3] - The company has focused on product innovation, such as the introduction of coconut latte and sauce-flavored latte, which have become viral hits on social media [3][25] - Luckin Coffee has adopted a franchise model to expand into lower-tier cities, with 5,620 franchise stores accounting for 34 6% of its total store count by the end of 2023 [35] Market Competition - Starbucks and Luckin Coffee have been the key players driving the development of the Chinese RTD coffee market, with Starbucks establishing the premium image of RTD coffee and Luckin Coffee making it more accessible to the masses [16] - The Chinese coffee market is becoming more segmented, with the emergence of both mass-market and premium coffee brands catering to different consumer needs [44] - Starbucks' market share in China has been declining since 2017, as new players like Luckin Coffee and other mass-market brands have gained traction [47] Future Growth Potential - The penetration rate of coffee in lower-tier cities is expected to continue rising, driven by increasing consumer acceptance, economic development, and the return of young people from higher-tier cities [35] - The high-tier cities are experiencing a trend of consumption stratification, with consumers becoming more price-sensitive and demanding higher quality and more diverse coffee products [39] - The Chinese coffee market is expected to continue growing, with the RTD coffee market projected to reach RMB 52 5 billion by 2026, driven by the expansion of mass-market brands and the rise of premium coffee brands [38] Financial Performance - Luckin Coffee's revenue is expected to grow from RMB 24 9 billion in 2023 to RMB 52 5 billion in 2026, with net profit increasing from RMB 2 8 billion to RMB 5 1 billion over the same period [4] - The company's gross margin is expected to remain stable at around 55%, with operating margin improving from 12 1% in 2023 to 11 9% in 2026 [8] - Luckin Coffee's valuation is considered attractive compared to international coffee chains and large-scale Chinese restaurant chains, with potential for further upside if the company relists on a major stock exchange [3]

Financial Data and Key Metrics - Total net revenue reached RMB6.28 billion, representing a year-over-year growth of 41.5% [5] - Operating profit stood at negative RMB65.1 million, with an operating profit margin of negative 1.0% [5] - Self-operated store operating profits was RMB320.8 million with a self-operated store operating profit margin of 7.0% [5] - The total number of net new stores opened was 2,342, and the number of monthly averaging transacting customers was 59.91 million [5] - Revenues from partnership stores totaled RMB1.5 billion, representing a 32.8% increase from the same quarter last year [12] - Net operating cash outflow was RMB264.4 million compared to a net operating cash inflow of RMB1.1 billion in the same quarter of 2023 [32] Business Line Data and Key Metrics - Luckin Coffee added 2,342 new stores, bringing the total number of stores to 18,590, including 12,199 self-operated stores and 6,391 partnership stores [6] - The company launched 22 new products in the first quarter, including the Chu's Orange Latte, pear flavored velvet latte, and the new Gesha series [25] - The pear flavored velvet latte sold more than 7.24 million cups in its first week alone [25] - Total sales of the Coconut Milk Latte surpassed 700 million cups, and the Orange Americano reached annual sales exceeding 100 million cups [25] Market Data and Key Metrics - The average monthly transacting customers reached 59.9 million, representing a 103.2% increase from the same quarter last year [39] - The company observed surging consumer purchasing power in lower-tier cities during Chinese New Year, highlighting the growth potential of the coffee market in these cities [6] - The company expanded into more than 350 cities throughout China and one overseas market [39] Company Strategy and Industry Competition - Luckin Coffee plans to increase the number of stores in higher-tier cities while accelerating expansion into lower-tier cities through the partnership model [6] - The company remains committed to a robust and sustainable store expansion strategy, focusing on market share and customer needs [6] - The company is leading the industry with innovative products and strategic promotion initiatives, aiming to drive continuous development of the Chinese coffee market [4][15] - The company is dedicated to incorporating low-carbon and sustainability principles across all aspects of its operations, including raw material procurement and manufacturing processes [9] Management Commentary on Operating Environment and Future Outlook - The company experienced a slight decline in profits due to seasonality and rising competition within the industry [5] - The company remains confident in its brand, products, and employees, despite anticipating continued volatility in market dynamics and competition [15] - The company is optimistic about future growth, leveraging its unique business model, continuous product innovation, and scale advantages [21] - The company expects challenges in the upcoming second quarter similar to those faced in the first quarter [36] Other Important Information - Luckin Coffee became the exclusive official coffee partner of the 2024 Badminton Asia Championships [8] - The company commenced the trial operation of its first grain coffee bean processing plant in Yunnan province, with an annual processing capacity of up to 5,000 tons [9] - The company officially opened its Four Seasons and Eight Solar Terms theme store in Shenzhen in partnership with Kweichow Moutai [24] - The company plans to establish a training center to provide coffee planting and processing-related knowledge for employees and local farmers [27] Q&A Session Summary Question: How does the company view the significant drop in profit in the first quarter of 2024? Will there be any adjustments regarding the store expansion strategy? - The profit drop was attributed to cold weather, temperature variations, and fierce competition in the Chinese coffee industry [36] - The company has prioritized market share and recalibrated the pace of store expansion, focusing on a robust and sustainable strategy [36] - The company expects challenges in the second quarter but remains committed to maintaining high standards for new stores and solidifying its leading position in the industry [36] Question: Are there any updates to the company's capital strategy? - The company is currently focused on executing its business strategy, with no specific timeline for uplifting on any mainboard market [44] - The emphasis is on enhancing operational and developmental pursuits, increasing market penetration, and ensuring consistent long-term returns for investors [44]