Luckin Coffee(US:LKNCY) 投资界·2025-05-01 07:52Core Viewpoint - Luckin Coffee has appointed Li Hui as the new chairman of the board, marking a significant moment for the company as it aims to execute its current strategic initiatives and drive the next phase of growth [3][5]. Company Overview - Li Hui, the chairman and CEO of Centurium Capital, which is the largest shareholder of Luckin Coffee, has a strong background in investment banking and private equity, having previously worked at Goldman Sachs and Morgan Stanley [5][6]. - Centurium Capital has been a crucial player in Luckin Coffee's journey, especially during its financial scandal, where it continued to invest and stabilize the company's governance and ownership structure [7][9]. Financial Performance - Luckin Coffee reported a total net revenue of 34.475 billion RMB in 2024, a year-on-year increase of 38.4%, with the first quarter of 2024 showing a revenue of 8.865 billion RMB, up 41.2% [11]. - The company achieved a net profit of 525 million RMB in the first quarter of 2024, a significant turnaround from a net loss of 83.17 million RMB in the same period the previous year [11]. Market Position and Expansion - As of the end of Q1 2025, Luckin Coffee had a total of 24,097 stores, with over 60% being self-operated, and a net increase of 1,743 stores in three months [9][11]. - The company has become the largest coffee chain in China, surpassing Starbucks in annual revenue for the first time [11]. Industry Landscape - The Chinese coffee market is experiencing intense competition, with new brands like M Stand, Manner, and Kudi Coffee emerging rapidly, while established brands face challenges [13][14]. - Starbucks has reported a 6% decline in same-store sales in China in Q1 2025, indicating the competitive pressure from local brands [14].