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 ...

BEIJING, March 31, 2025 (GLOBE NEWSWIRE) -- Luckin Coffee Inc. ("Luckin Coffee" or the "Company") (OTC: LKNCY) today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 (the "2024 Annual Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2024 Annual Report, which contains Luckin Coffee's audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended December 31, 2024, can be accessed on the SEC ...

支付体验革新，智能适配本地生态 在支付体验方面，Stripe为瑞幸咖啡提供了全面的本地化支持，系统实现了数秒内完成支付的目标，为用户提供了流畅无阻的支付体验。通过Stripe的本地化支付解决 方案，瑞幸咖啡成功对接当地市场主流的支付方式，包括信用卡、Apple Pay、Google Pay、GrabPay、PayNow 和FPX 等；通过结账优化套件，系统则能够智能识别并 个性化展示用户最偏好的支付方式，包括信用卡和数字钱包等多种支付选项。另外，Stripe的Link快捷支付功能为瑞幸咖啡的熟客提供更快捷的支付体验，完美契合了 咖啡消费场景对速度的极致追求。 2025 年 3 月 27 日，上海 ——全球领先的支付服务与金融基础设施提供商Stripe今日宣布，与中国领军咖啡连锁品牌瑞幸咖啡达成深度合作，助力其加速全球化布局。 Stripe基于数百万企业的支付处理经验，结合海外的本地化支持，帮助瑞幸咖啡成功构建了一套完整的跨境支付解决方案。自2023年进入新加坡以来，瑞幸咖啡已开设 超过30家实体门店，并于2025年成功落地马来西亚，开设两家门店。这一快速扩张得益于Stripe的可扩展平台、出色的技术支持和双方 ...

Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected relative return of over 20% within the next six months [10]. Core Insights - The company reported a total revenue of 9.61 billion yuan for Q4 2024, representing a year-on-year growth of 36.1%. Product sales revenue reached 7.568 billion yuan, up 42.7%, while franchise business revenue was 2.046 billion yuan, growing by 16.0% [1][2]. - The company opened 997 new stores in Q4 2024, bringing the total to 22,340 stores, maintaining its leading position in China's coffee industry. Monthly active customer count reached 77.8 million, a 24.5% increase year-on-year [1][2]. - Non-GAAP net profit for Q4 2024 was 928 million yuan, with a net profit margin of 9.7%, reflecting a year-on-year increase of 4.7 percentage points [1][3]. Revenue Summary - The company achieved a total revenue of 9.61 billion yuan in Q4 2024, with a year-on-year increase of 36.1%. The revenue from self-operated stores was 7.568 billion yuan, up 42.7%, while franchise stores contributed 2.046 billion yuan, a 16.0% increase [2]. - The company continues to expand its store network, with a total of 22,340 stores, including 14,591 self-operated and 7,749 franchise stores. The franchise revenue accounted for 21.3% of total revenue, down 3.7 percentage points year-on-year [2]. Profit Summary - The Non-GAAP net profit for Q4 2024 was 928 million yuan, with a net profit margin of 9.7%, which is an increase of 4.7 percentage points year-on-year. The profit margin for self-operated stores was 19.6%, up 6.1 percentage points [3]. - The company is strengthening its supply chain by enhancing its processing and roasting capabilities, with new facilities in Yunnan and Jiangsu, and a new production center in Qingdao under construction [3]. Investment Recommendations - The report suggests that the company is well-positioned for growth in both the coffee and new tea beverage sectors, with ongoing product innovation and store expansion likely to enhance market share. Short-term focus should be on new product launches and supply chain optimization [4].

Group 1 - The meeting between Hainan Province Governor Liu Xiaoming and Luckin Coffee Chairman and CEO Guo Jinyi focused on leveraging Hainan's free trade port advantages to expand Luckin Coffee's regional headquarters functions [1] - Discussions included deepening cooperation with the China International Consumer Products Expo to enhance market share and competitive advantages for Luckin Coffee [1] - The dialogue also aimed at promoting the international supply chain and trade business development of the coconut industry [1]

Summary of Locking Coffee's Q4 2024 Earnings Conference Call Company Overview - **Company**: Locking Coffee - **Industry**: Coffee retail in China Key Financial Highlights - **Total Net Revenues**: Increased by 38% year-over-year to RMB 34.5 billion [12] - **Operating Profit**: Increased by 17% to RMB 3.5 billion [12] - **Monthly Transaction Users**: Increased by 48% to 71.8 million [2] - **Cumulative Transaction Customers**: Exceeded 330 million by year-end [3] - **Store Count**: Reached 22,340 stores, with 6,000 net new stores opened in 2024 [3][6] - **Average Monthly Transaction Customers**: Increased by 25% year-over-year to around 78 million [13] Operational Performance - **Self-Operated Store Revenue**: Increased by 42% year-over-year to RMB 7.2 billion [12] - **Same-Store Sales Growth**: Improved from negative 13% to negative 3.4% [12] - **Cups Sold**: Nearly 3 billion cups sold, a 55% increase [3] - **Operating Margin**: Expanded by 7.4 percentage points year-over-year to 10.4% [14] Strategic Initiatives - **Market Expansion**: Continued aggressive store openings, including entry into Hong Kong and Malaysia [5][6] - **Product Innovation**: Launched 119 new products throughout the year, including 18 new beverages in Q4 [7][12] - **Supply Chain Strengthening**: Extended coffee bean procurement cooperation with Brazil from 120,000 tons to 240,000 tons over five years [8][23] Challenges and Responses - **Rising Coffee Bean Prices**: Acknowledged as a cost pressure but manageable due to strong supply chain capabilities [22][24] - **Market Competition**: Increased competition in the beverage industry noted, with plans to enhance marketing and branding efforts [24] Future Outlook - **Growth Strategy**: Focus on expanding scale advantages and market share while maintaining operational efficiency [10] - **Customer Engagement**: Plans to continue offering competitive pricing to cultivate coffee consumption habits [24] - **Sustainability Commitment**: Emphasis on sustainable practices and collaboration with partners to promote healthy development across the industry [9][25] Additional Insights - **ESG Recognition**: Received several awards for sustainability efforts, including "China's Best ESG Player" by Allianz [9] - **Operational Efficiency**: Notable improvements in operational efficiency highlighted, with a focus on balancing store growth and customer growth [12][14] This summary encapsulates the key points from Locking Coffee's Q4 2024 earnings conference call, providing insights into the company's performance, strategic initiatives, challenges, and future outlook.

Financial Data and Key Metrics Changes - Total net revenues for 2024 increased by 38% year-over-year to RMB34.5 billion, with operating profit rising 17% to RMB3.5 billion [8][46] - In Q4 2024, total net revenues increased by 36% year-over-year to RMB9.6 billion, with operating profit surging 368% to around RMB1 million [12][33] - Operating margin expanded by 7.4 percentage points year-over-year to 10.4%, marking significant efficiency gains [44] Business Line Data and Key Metrics Changes - Revenues from self-operated stores increased by 42% year-over-year to RMB7.2 billion, while revenues from partnership stores rose by 16% to RMB2 billion [35][36] - Same-store sales growth improved from negative 13% in Q3 to negative 3% in Q4, with expectations for further improvement in 2025 [13][56] Market Data and Key Metrics Changes - The number of average monthly transaction customers increased by 48% year-over-year to approximately 78 million, with over 330 million cumulative transaction customers by year-end [10][22] - The company opened over 6,000 net new stores in 2024, reaching a total of 22,340 stores by year-end [9][37] Company Strategy and Development Direction - The company aims to maintain its industry-leading store opening pace while focusing on quality and operational efficiency [28] - Strategic cooperation with Brazilian agencies to secure coffee bean procurement is expected to enhance supply chain capabilities [23][68] - The company is committed to sustainability and has received several ESG honors, indicating a focus on long-term healthy development [26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the Chinese coffee market, emphasizing the importance of customer demand and consumption frequency [27][55] - The company plans to leverage its extensive store network and product innovation to drive future growth [56][60] Other Important Information - The company achieved a significant increase in gross margin due to improved supply chain advantages and changes in production mix [39] - Delivery expenses increased by 79% year-over-year, reflecting a rise in delivery orders, but the company expects to manage these costs effectively [40][41] Q&A Session Summary Question: Inquiry about same-store sales growth breakdown - Management acknowledged the improvement in same-store sales growth and indicated that pricing remained stable while volume increased due to rising customer demand [51][59] Question: Impact of rising coffee bean prices - Management noted that while rising coffee bean prices create cost pressure, they expect to mitigate this impact through their robust supply chain and operational efficiencies, with no current plans to raise prices [64][66][71]

Core Insights - Luckin Coffee reported a significant year-over-year revenue growth of 36.1% for Q4 2024, reaching total net revenues of RMB9,613.3 million (US$1,317.2 million) [4][6] - The company achieved a GAAP operating margin of 10.4%, an increase of 740 basis points from the same quarter in 2023 [11][14] - Same-store sales growth for self-operated stores improved to negative 3.4% in Q4 2024, a notable recovery from negative 13.1% in the previous quarter [5][11] Fourth Quarter 2024 Highlights - Total net revenues for Q4 2024 were RMB9,613.3 million (US$1,317.2 million), a 36.1% increase from RMB7,064.9 million in Q4 2023 [4][6] - The number of net new store openings was 997, bringing the total to 22,340 stores, which includes 14,591 self-operated and 7,749 partnership stores [4][6] - Average monthly transacting customers reached 77.8 million, representing a 24.5% year-over-year increase [4] Fiscal Year 2024 Highlights - Total net revenues for the fiscal year 2024 were RMB34,474.8 million (US$4,723.9 million), reflecting a 38.4% year-over-year increase [4] - Revenues from self-operated stores for the fiscal year were RMB25,591.7 million (US$3,506.7 million), a 43.1% increase year-over-year [4] - The company opened a total of 6,092 new stores in 2024, with 6,071 in China and 21 in Singapore [4] Financial Performance - Revenues from self-operated stores in Q4 2024 were RMB7,233.8 million (US$991.2 million), a 41.7% increase year-over-year [4] - Store-level operating profit for self-operated stores was RMB1,419.0 million (US$194.4 million), representing a 105.5% year-over-year increase [4] - Non-GAAP operating income for Q4 2024 was RMB1,091.7 million (US$149.6 million), a 300.0% increase from the same quarter in 2023 [11][14] Cost and Expense Management - Total operating expenses for Q4 2024 were RMB8,618.3 million (US$1,180.9 million), a 25.8% increase from RMB6,852.3 million in Q4 2023 [7] - Cost of materials increased by 9.6% year-over-year to RMB3,847.2 million (US$527.2 million) [7] - Store rental and other operating costs rose by 39.4% year-over-year to RMB2,372.3 million (US$325.1 million) [13] Strategic Developments - The company formed a strategic partnership with Hextar Industries Berhad to expand into Malaysia, enhancing its international presence [4] - Luckin Coffee's strong supply chain and product mix changes contributed to improved operating margins and cost management [7][13]

Core Points - Luckin Coffee Inc. will release its fourth quarter and full year 2024 financial results on February 20, 2025, before the U.S. market opens [1] - A conference call will be held on the same day at 8:00 am Eastern Time to discuss the financial results and answer questions [1] Access Information - Participants can access the call using specific dialing numbers for the United States, international, Mainland China, and Hong Kong, with a conference ID provided [2] - A replay of the call will be available until February 27, 2025, with access codes for different regions [2] - The earnings release, slides, and archived webcast will be available on the Company's Investor Relations website [2] Company Overview - Luckin Coffee has established a technology-driven retail network aimed at providing high-quality, convenient, and affordable coffee products [3] - The company was founded in 2017 and is based in China, with a vision to build a world-class coffee brand [3]

Investment Rating - The report maintains a "Buy" rating for Luckin Coffee (LKNCY.US) with a target price of $40, indicating a potential upside of 37% from the current price of $29.2 [4][18]. Core Insights - The recent volatility in Luckin Coffee's stock price is attributed to a significant increase in coffee bean prices over the past month, raising concerns about profit margins. However, the report suggests that the short-term impact on Luckin's performance is limited, and the long-term outlook remains positive for market share expansion and profit margin improvement [1][2]. - Despite a nearly 30% increase in stock price over the past two months, the current valuation at 17.6x 2025 P/E is still considered attractive, with substantial room for growth [1][4]. - Luckin Coffee's high inventory levels and a significant order with Brazil worth RMB 10 billion for 240,000 tons of coffee beans from 2025 to 2029 are expected to mitigate the impact of rising coffee bean prices [2][3]. Summary by Sections Financial Performance and Forecast - Revenue is projected to grow from RMB 13.293 billion in 2022 to RMB 50.520 billion in 2026, with a compound annual growth rate (CAGR) of 66.9% in 2022 and 87.3% in 2023 [11][13]. - Net profit is expected to increase from RMB 488 million in 2022 to RMB 4.268 billion in 2026, with a notable growth of 483.3% in 2023 [11][13]. - The report anticipates a steady improvement in profit margins, with the return on equity (ROE) projected to remain strong at around 25.6% in 2025 [11][12]. Market Dynamics - The report highlights that rising coffee bean prices may lead to a consolidation in the Chinese coffee market, benefiting larger players like Luckin Coffee due to their stronger supply chain and purchasing power [2][3]. - Luckin Coffee's innovative product offerings and marketing strategies are expected to enhance brand loyalty and capture consumer mindshare, opening up long-term growth opportunities [3][4]. Competitive Landscape - The competitive environment in the coffee industry is described as intense, but the report suggests that rising coffee bean prices could lead to reduced promotional activities among major players, allowing them to maintain profitability through price increases [2][3]. - Luckin Coffee's ability to adapt its product mix, as demonstrated by the successful launch of its light milk tea product, positions it well to withstand cost pressures [2][3].