UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2025 Form 20-F x Form 40-F ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨ SIGNATURES Commiss ...

Table of Contents | UNITED STATES | | --- | | SECURITIES AND EXCHANGE COMMISSION | | WASHINGTON, D.C. 20549 | | FORM 20-F | | (Mark One) | | ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | | OR | | ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | For the fiscal year ended December 31, 2024 | | OR | | ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | OR | | ☐ SHELL COMPANY ...

Core Viewpoint - Luckin Coffee Inc. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. SEC, which includes audited consolidated financial statements prepared under U.S. GAAP [1][2]. Company Overview - Luckin Coffee is a technology-driven retail network that aims to provide high-quality, convenient, and affordable coffee and other products to customers [4]. - Founded in 2017 and based in China, the company aspires to build a world-class coffee brand and integrate itself into daily life [4]. Financial Reporting - The 2024 Annual Report is accessible on the SEC's website and the company's investor relations website [2].

AI排班到底准不准？ 近日，瑞幸"用AI给员工排班"一事引发网友热议。 有人拍手称赞"确实比店长算得更精准"，也有人直呼"顶不住""只考虑出杯量没算上清洁、备货等其他隐性工作"。 争议之下的一个真相是，AI正在悄然改造饮品店。 01 瑞幸用"AI排班"引关注 近日，有瑞幸员工透露，今年开始瑞幸加强了系统排班的执行力度。新的排班体系下，要求各时段门店实际值班人员和排班系统一致。如果需要调整，可 以备注申请。 在瑞幸一线员工的描述中，智能AI排班系统会根据门店的历史销售数据预测未来的出杯量，据此安排相应的人手。 简而言之，如果门店某个时段出杯量不高，可能只安排一个人当班，以此节省人力。 事实上，不只瑞幸，餐饮行业已有不少品牌引入基于AI的"动态工时制"，有麦当劳、必胜客这样的大型连锁，也有像满芳兰庭这样的区域品牌。 AI排班在优化人力调配、提升运营效率方面展现出显著成效，却也在社交平台上引发了激烈讨论："算法能算出杯量，但能算出打工人的崩溃瞬间 吗？""天气预报都不准，AI排班能靠谱？" 那么，AI排班是否科学合理？ 02 AI排班，算得到底准不准？ 多家饮品品牌的人效顾问王莹表示，AI排班系统在门店应用中具备两 ...

Core Insights - Stripe has partnered with Luckin Coffee to support its global expansion, leveraging its extensive payment processing experience and localized support [1][4] - Luckin Coffee has successfully opened over 30 stores in Singapore and two stores in Malaysia since its international entry in 2023, facilitated by Stripe's scalable platform and technical support [1][4] Group 1: Payment Integration and Efficiency - Luckin Coffee completed the integration of its payment system within one month, significantly enhancing the efficiency of its overseas business expansion [2] - The one-time integration model reduces technical development costs and establishes a solid technical foundation for future market expansions [2] Group 2: Localized Payment Experience - Stripe provided comprehensive localized support, enabling a seamless payment experience that completes transactions in seconds [3] - The payment system integrates local mainstream payment methods, including credit cards and digital wallets, optimizing the checkout process to cater to consumer preferences [3] Group 3: Market Insights and Compliance - Stripe offered valuable market insights and compliance guidance to Luckin Coffee, helping it navigate local payment ecosystems and regulatory requirements in Singapore and Malaysia [4] - The collaboration emphasizes the alignment of business philosophies between Stripe and Luckin Coffee, focusing on delivering exceptional consumer experiences [4] Group 4: Company Background - Stripe is a leading global payment service and financial infrastructure provider, serving millions of companies worldwide, from large enterprises to ambitious startups [5]

Company Insights - Weichai Power (2338 HK/000338 CH) is expected to see a strong expansion in engine profit margins in 2024, with a projected net profit growth of 27% year-on-year to RMB 11.4 billion, aligning with expectations [2] - The company plans to distribute a final dividend of RMB 0.347 per share, resulting in a historical high payout ratio of 55%, up from 50% in 2023 [6] - The target prices for Weichai Power have been adjusted to RMB 18.7 and HKD 18.0, reflecting an increase from previous estimates [6] Market Performance - The Hang Seng Index closed at 23,579, up 0.41% for the day and 38.31% year-to-date [3] - The Hang Seng Tech Index rose by 0.29%, with a year-to-date increase of 48.48% [3] - The Shanghai Composite Index saw a slight increase of 0.15%, with a year-to-date growth of 13.41% [3] Sector Analysis - The healthcare, consumer staples, and energy sectors led gains in the Hong Kong market, while materials, information technology, and real estate sectors faced declines [5] - In the U.S. market, defensive sectors such as consumer staples and healthcare outperformed, while energy and information technology sectors experienced declines [5] - European markets saw declines in information technology, materials, and healthcare, with defensive sectors like utilities and consumer staples performing better [5] Future Outlook - Haidilao (6862 HK) is expected to accelerate store openings in FY2025, with a projected net increase of approximately 40 stores, reflecting a 3% year-on-year growth [7][9] - The company anticipates an improvement in profit margins, driven by a stable gross margin and operational efficiency enhancements [8] - Atour (ATAT US) plans to open around 500 new hotels in FY2025, aiming for a 30% year-on-year growth in hotel numbers, while closing about 60 underperforming locations [12]

2025年3月13日，瑞幸咖啡与印尼邦盖群岛县政府签署《合作备忘录》，宣布将邦盖群岛作为生椰拿铁主要原料椰浆的专属优质原产地，并命名为"瑞 幸咖啡专属生椰岛（Luckin Exclusive Coconut Island）"，这里将成为瑞幸生椰拿铁供应链的"心脏"。 从2021年全网"求椰不得"到如今日耗50万颗毛椰子，瑞幸用四年时间将一款爆品变成撬动全球原料市场的杠杆。在平均每天卖出200多万杯的超级胃口背 后，供应链战场的硝烟也从咖啡豆产地蔓延到椰林。 毕竟没有万吨巨轮护航的网红单品，不过是流量沙滩上的精致贝壳，已然穿越过周期的瑞幸，也正在把军火库架到赤道线上的椰林里——这场看似浪漫 的"包岛"行动背后，是中国消费品牌在供应链争夺战中的一场硬核突围。 当椰浆泵阀开启的瞬间，瑞幸已悄然开启了新消费品牌的全球军备竞赛。 01 从"抢椰大战"到"供应链革命" 2021年4月，生椰拿铁上市首周销量突破666万杯，频繁断货甚至把原料椰子一度带得涨价数倍，这个瑞幸的第一个百亿级大单品，不仅被网友戏称"瑞幸让 我明白了什么叫椰子比咖啡金贵"，也成了一款"改变了中国咖啡进程"的产品。 在生椰拿铁诞生的次年，据咖门发布的《 ...

Core Viewpoint - The coffee chain industry is experiencing a significant shift as price wars come to an end, with Luckin Coffee focusing on cost control and operational efficiency after aggressive expansion in 2023 [1][3]. Industry Overview - In 2023, Luckin Coffee opened 8,034 new stores, which decreased to 6,092 in 2024, indicating a slowdown in expansion as the industry consolidates [1]. - The coffee bean prices surged over 70% due to extreme weather in Brazil and Vietnam, which supply nearly 60% of the world's coffee beans [3][4]. - The rising costs of raw materials, particularly coffee beans, have a substantial impact on the overall cost structure of coffee chains, which typically see raw material costs exceed rent and labor combined by 50% [3][4]. Company Strategy - Luckin Coffee has shifted its procurement strategy by directly sourcing coffee beans from Brazil, Colombia, and Ethiopia, avoiding about 15% in trading costs and benefiting from over 10% in bulk purchasing discounts [5][6]. - In 2024, Luckin signed a five-year agreement to purchase 240,000 tons of coffee beans from Brazil, more than tripling its previous procurement [5][6]. - The company has invested in its own roasting facilities, which allows for further cost reductions in the supply chain [6]. Financial Performance - Despite the increase in store openings, Luckin's operating profit margin decreased to 10.3% in 2024, down 1.8% from 2023, as rent and operational costs surged [12]. - The total rent and operating expenses rose to 8.54 billion yuan, a 65% increase year-on-year, significantly outpacing the 38% revenue growth [12]. - Luckin's raw material cost ratio decreased from 43.7% to 40.9% in 2024, indicating efforts to manage costs despite rising prices [6]. Market Dynamics - The entry of competitors like Kudi Coffee has forced Luckin to accelerate its store expansion and increase store density, with new stores often located within close proximity to existing ones [11]. - Kudi's aggressive pricing strategies initially pressured Luckin, leading to a significant drop in its profit margins [10][12]. - The competitive landscape has resulted in approximately 45,000 coffee shops exiting the market in 2024, five times the number in 2023 [4]. Product Innovation - Luckin Coffee has launched over 450 new products from 2021 to 2024, with significant hits like the "生椰拿铁" (Coconut Latte) driving user growth [16][17]. - However, the absence of new blockbuster products in 2024 has contributed to a decline in single-store user numbers, highlighting the challenges of maintaining innovation at scale [18][20]. - The introduction of new product lines, such as "轻轻茉莉·轻乳茶" (Light Jasmine Milk Tea), has shown promise but has not yet met internal sales expectations due to increased store density [19][20].

以下文章来源于刘润 ，作者刘润 刘润 . 刘润，润米咨询创始人，"5分钟商学院"课程主理人，著名商业顾问，曾为海尔、中远、恒基、百度等 企业提供过战略咨询服务，每年10月举办"进化的力量·年度演讲"，为创业者企业家提供年度规划的参 考方向，一起更早看到未来。使命：降低商业的认知门槛。 作者： 刘润 来源：刘润（ID：runliu-pub） 最近，我朋友圈很多伙伴都在转发一条新闻： 泰国"山寨瑞幸"商标侵权案，法院判决瑞幸胜诉。 能在异国他乡打赢侵权官司，真是可喜可贺，恭喜瑞幸。 很多人问我，这案子究竟怎么回事？为什么我们这些年总是听到各种各样的商标侵权官司？瑞幸的故 事对我们又有什么启发？ 法律方面我并不是专家，因此我请到了一位专家：靳红霞律师，她是北京市炜衡律师事务所资深律 师，在商标领域有着二十余年的从业经验。 在她的帮助下，我梳理了这起事件，以及商标知识产权领域的方方面面。 今天，我就点杯瑞幸咖啡，慢慢和你聊聊这事儿。 01 瑞幸事件 先快速梳理一下事件经过，这场"李鬼瑞幸案"，究竟是怎么回事？ 时间回到2022年，有中国网友到泰国旅游时，惊讶地发现小蓝杯竟然开到了泰国，于是在小红书上发 帖种草。 然而 ...

以下文章来源于惊蛰研究所 ，作者惊蛰研究所消费组 作者丨初夏 惊蛰研究所 . 探索发现新经济。 将投中网设为"星标⭐"，第一时间收获最新推送 来源丨惊蛰研究所 2025年开年以来，新茶饮赛道好消息不断，古茗、蜜雪冰城先后成功挂牌上市，沪上阿姨、霸王茶 姬也传言IPO在即。然而作为现制饮品另一条赛道的咖啡，却是不同光景。 下沉的不只是市场。 从头部品牌的价格厮杀到新玩家的跨界搅局，从连锁门店的疯狂扩张到精品咖啡的黯然收缩。咖啡赛 道的2025没有"春和景明"，只有从"烈火烹油"转向"文火慢炖"的行业竞争环境。 当满大街的咖啡香气，无法掩盖行业的"苦味"，咖啡品牌们对"苦尽甘来"的渴望也越发强烈。 但是对于国内的咖啡企业来说，上游的原料涨价只是加剧价格竞争的客观因素，来自内部友商的压迫 感更为致命。 价格战常态化，推动竞争升维 2025年的春天还没到，咖啡赛道价格战的号角就已经吹响。 元旦前夕，瑞幸咖啡发布了三条针对加盟商的补贴政策，内容包括下调原料供货价、新增学校定点补 贴、给予营业额较低门店补贴，并且三项政策已于2025年1月1日起生效。瑞幸的"补贴三板斧"看似 是为了扶持加盟商，增加线下门店的竞争力，但从另 ...