浑水做空瑞幸咖啡89页报告 Luckin Coffee: Fraud + Fundamentally Broken Busine....pdf-资料库

Luckin Coffee: Fraud + Fundamentally Broken Business Executive Summary When Luckin Coffee (NASDAQ: LK) (“Luckin” or the “Company”) went public in May 2019, it was a fundamentally broken business that was attempting to instill the culture of drinking coffee into Chinese consumers through cut-throat discounts and free giveaway coffee. Right after its USD 645 million IPO, the Company had evolved into a fraud by fabricating financial and operating numbers starting in 3rd quarter 2019. It delivered a set of results that showcased a dramatic business inflection point and sent its stock price up over 160% in a little over 2 months. Not surprisingly, it wasted no time to successfully raise another USD 1.1 billion (including secondary placement) in January 2020. Luckin knows exactly what investors are looking for, how to position itself as a growth stock with a fantastic story, and what key metrics to manipulate to maximize investor confidence. This report consists of two parts: the fraud and the fundamentally broken business, where we separately demonstrate how Luckin faked its numbers and why its business model is inherently flawed. Part One: The Fraud Smoking Gun Evidence #1: Number of items per store per day was inflated by at least 69% in 2019 3Q and 88% in 2019 4Q, supported by 11,260 hours of store traffic video. We mobilized 92 full-time and 1,418 part-time staff on the ground to run surveillance and record store traffic for 981 store-days covering 100% of the operating hours. Store selection was based on distribution by city and location type, the same as Luckin’s total directly-operated store portfolio. Smoking Gun Evidence #2: Luckin’s “Items per order” has declined from 1.38 in 2019 2Q to 1.14 in 2019 4Q. Smoking Gun Evidence #3: We gathered 25,843 customer receipts and found that Luckin inflated its net selling price per item by at least RMB 1.23 or 12.3% to artificially sustain the business model. In the real case, the store level loss is high at 24.7%-28%. Excluding free products, actual selling price was 46% of listed price, instead of 55% claimed by management. Smoking Gun Evidence #4: Third party media tracking showed that Luckin overstated its 2019 3Q advertising expenses by over 150%, especially its spending on Focus Media. It’s possible that Luckin recycled its overstated advertising expense back to inflate revenue and store-level profit. Smoking Gun Evidence #5: Luckin’s revenue contribution from “other products” was only about 6% in 2019 3Q, representing nearly 400% inflation, as shown by 25,843 customer receipts and its reported VAT numbers. Red Flag #1: Luckin’s management has cashed out on 49% of their stock holdings (or 24% of total shares outstanding) through stock pledges, exposing investors to the risk of margin call induced price plunges. Red Flag #2: CAR Inc (HKEX: 699 HK) (“CAR”) déjà vu: Luckin’s Chairman Charles Zhengyao Lu and the same group of closely-connected private equity investors walked away with USD 1.6 billion from CAR while minority shareholders took heavy losses. Red Flag #3: Through acquisition of Borgward, Luckin’s Chairman Charles Zhengyao Lu transferred RMB 137 million from UCAR (838006 CH) to his related party, Baiyin Wang. UCAR, Borgward, and Baiyin Wang are on the hook to pay BAIC-Foton Motors RMB 5.95 billion over the next 12 months. Now Baiyin Wang owns a recently founded coffee machine vendor located next door to Luckin’s Headquarter. Red Flag #4: Luckin recently raised USD 865 million through a follow-on offering and a convertible bond offering to develop its “unmanned retail” strategy, which is more likely a convenient way for management to siphon large amount of cash from the company. Red Flag #5: Luckin’s independent board member, Sean Shao, is/was on the board of some very questionable Chinese companies listed in the US that have incurred significant losses on their public investors. Red Flag #6: Luckin’s co-founder & Chief Marketing Officer, Fei Yang, was once sentenced to 18 months’ imprisonment for crime of illegal business operations when he was the co-founder and general manager of Beijing Koubei Interactive Marketing & Planning Co.,Ltd. (“iWOM”). Afterwards, iWOM became a related party with Beijing QWOM Technology Co., Ltd. (“QWOM”), which is now an affiliate of CAR and is doing related party transactions with Luckin. 1

Part Two: The Fundamentally Broken Business Business Model Flaw #1: Luckin’s proposition to target core functional coffee demand is wrong: China’s caffeine intake level of 86mg/day per capita is comparable to other Asian countries already, with 95% of the intake from tea. The market of core functional coffee product in China is small and moderately growing in China. Business Model Flaw #2: Luckin’s customers are highly price sensitive and retention is driven by generous price promotion; Luckin’s attempt to decrease discount level (i.e. raise effective price) and increase same store sales at the same time is mission impossible. Business Model Flaw #3: Flawed unit economics that has no chance to see profit: Luckin’s broken business model is bound to collapse. Business Model Flaw #4: Luckin’s dream “to be part of everyone’s everyday life, starting with coffee” is unlikely to come true, as it lacks core competence in non-coffee products as well. Its “platform” is full of opportunist customers without brand loyalty. Its labor-light store model is only suitable for making “Generation 1.0” tea drinks that have been in the market for more than a decade, while leading fresh tea players have pioneered “Generation 3.0” products five years ago. Business Model Flaw #5: The franchise business of Luckin Tea is subject to high compliance risk as it’s not registered with relevant authority as required by law, because Luckin Tea launched its franchise business in September 2019 without having at least two directly-operated stores fully operational for at least 1 year. 2

Part One: The Fraud Starting 3rd Quarter, 2019 “The stock’s gains have almost all come in the past two months, after the company said it had become profitable at a store level in the quarter through September.” Jacky Wong, Wall Street Journal January 9th, 2020 - 3

Smoking Gun Evidence #1: Number of items per store per day inflated by 69% in 2019 3Q and 88% in 2019 4Q, supported by 11,260 hours of store traffic video Reported number of items per store per day: 444 in 2019 3Q, and 483-506 in 2019 4Q 4Q2019: 483 – 506, implied by 4Q Guidance Product Revenue Guidance of RMB 2.1 billion to RMB 2.2 billion, divided by Net selling price per item of RMB 11.8 (Assuming Luckin to report 5% sequential growth from 2019 3Q of RMB 11.2) and average store number of 4,094 Our offline tracking results of tracking 981 store-days from 2019 4Q showed 263 items per store per day only: Source: Luckin 2019 3Q Earnings Release Presentation, page 16 No. of items per store per day 495 444 292 285 361 345 244 109 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19E 600 500 400 300 200 100 - 263 Store Video Tracking from 4Q19 Source: Luckin filings, offline footage tracking We mobilized 92 full-time and 1,418 part-time staff on the ground to run surveillance and successfully recorded store traffic for 981 store-days covering 100% of the operating hours of 620 stores. Store selection methodology was based on distribution by city and location type, the same as Luckin’s 4,507 directly-operated stores reported to be open at the end of 2019. Luckin’s 4,507 stores were in 53 cities, and we covered 38 cities – in which 96% of Luckin’s stores are located. The location type was decided by analyzing the detailed address of Luckin’s stores: we separated them into office, mall, school, residential, transportation, hotel and others. We counted the foot traffic of each store and recorded videos from store open to store close, averaging 11.5 hours per day. When we double check the foot traffic count and the videos recorded, we discard an entire day’s data if the video surveillance is missing more than 10 minutes of footage. Our success ratio was only 54%, and thus all the data presented for the successful ones are of 100% integrity. Below is a side-by-side comparison of the city, location type and store age of: 1) The overall Luckin directly-operated stores portfolio (we located 4,409 of them on Luckin’s APP as of Dec 31, 2019); 2) The 981 store-days that we successfully executed and presented in the data analysis; 3) The 851 store-days that we visited but failed to record an entire day’s video, reasons including execution failure - asked out by Luckin staff, equipment crash etc. or quality control failure, mostly due to more than 10 minutes of footage missing for an entire day. The failed store-days are not included in the data analysis. 4

Tianjin Xi'an Zhengzhou City Shanghai Beijing Changsha Suzhou Wuxi Ningbo Xiamen Fuzhou Qingdao Dalian Kunming Guangzhou Shenzhen Hangzhou Nanjing Chengdu Wuhan Chongqing 13% 12% 6% 6% 2% 4% 4% 4% 6% 5% 5% 1% 3% 1% 2% 3% 1% 0% 3% 1% 2% 2% 1% 0% 1% 1% 2% 1% 18% 27% 5% 16% 7% 27% 23% 41% 31% 38% 31% 50% 47% 0% 14% 14% 0% 0% 19% 23% 47% 33% 67% 50% 36% 14% 33% 27% 64% 49% 83% 76% 93% 68% 56% 43% 56% 55% 56% 33% 47% 63% 73% 68% 75% 100% 77% 77% 47% 67% 33% 0% 64% 86% 47% 64% Luckin Directly-Operated Stores # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 Store No. Store% Office Mall Others 12% 525 22% 432 18% 271 9% 234 20% 230 19% 215 19% 192 20% 180 25% 158 10% 147 17% 133 22% 116 13% 115 18% 108 13% 105 17% 92 19% 90 21% 86 20% 79 12% 67 27% 63 36% 58 19% 53 33% 49 13% 47 11% 45 25% 44 35% 40 23% 40 11% 36 14% 36 22% 32 21% 29 21% 29 45% 29 27% 26 24% 25 24% 25 4% 25 28% 18 6% 16 13% 16 43% 14 0% 13 33% 6 0% 4 0% 4 0% 4 50% 2 0% 2 0% 2 100% 1 100% 1 18% 4,409 61% 12% 63% 10% 62% 6% 79% 5% 66% 5% 58% 5% 58% 4% 45% 4% 47% 4% 64% 3% 59% 3% 47% 3% 46% 3% 56% 2% 60% 2% 53% 2% 67% 2% 62% 2% 62% 2% 66% 2% 38% 1% 48% 1% 51% 1% 31% 1% 45% 1% 47% 1% 45% 1% 38% 1% 20% 1% 47% 1% 61% 1% 56% 1% 41% 1% 34% 1% 34% 1% 27% 1% 32% 1% 24% 1% 48% 1% 33% 0% 31% 0% 25% 0% 21% 0% 31% 0% 33% 0% 0% 0% 75% 0% 25% 0% 0% 0% 50% 0% 0% 0% 0% 0% 0% 0% 100% 56% Visited Store Days (Successful) Days No. Days% Office Mall Others 18% 131 24% 115 13% 63 7% 55 0% 15 5% 37 21% 43 16% 44 13% 61 6% 47 13% 52 17% 12 7% 30 38% 8 14% 22 18% 28 25% 8 0% 3 4% 26 0% 13 7% 15 0% 15 0% 9 50% 2 0% 11 0% 14 20% 15 9% 11 26% 15% 20% 12% 14% 23% 23% 35% 28% 26% 24% 30% 41% 27% 27% 29% 14% 17% 18% 22% 35% 16% 30% 37% 43% 42% 30% 28% 58% 42% 25% 22% 38% 45% 21% 46% 44% 52% 48% 39% 63% 63% 36% 69% 33% 100% 25% 75% 50% 50% 100% 0% 0% 26% Source: Luckin APP, Offline footage tracking Foshan Dongguan Taiyuan Shaoxing Zhuhai Nanning Zhenjiang Yangzhou Nantong Zhongshan Guiyang Shenyang Changzhou Nanchang Wenzhou Quanzhou Shijiazhuang Harbin Jiaxing Haikou Lanzhou Xianyang Xiangyang Zhuzhou Ganzhou Jinzhong Xiangtan Zibo Weifang Total 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 2% 0% 1% 0% 1% 1% 1% 1% 0% 1% 981 100% 60% 27% 13% 18 2 5 1 5 6 13 14 2 10 67% 69% 36% 100% 70% 61% 100% 40% 100% 39% 0% 60% 0% 40% 60% 33% 31% 64% 0% 30% Jinan Hefei Baoji Visited Store Days (Failed) Days No. Days% Office Mall Others 25% 145 25% 117 13% 55 8% 50 13% 15 22% 36 35% 26 14% 42 7% 29 18% 17 14% 22 43% 30 33% 3 29% 14 11 18% 17% 42 29% 21 29% 7 6% 18 8 0% 17% 12 7% 14 0% 5 30% 20 6 17% 0% 3 18% 11 0% 1 3 0% 0% 9 9% 11 0% 6 0% 8 2 0% 0% 14 15% 23% 7% 12% 0% 25% 23% 40% 28% 41% 41% 30% 67% 14% 9% 40% 14% 0% 11% 13% 42% 36% 60% 50% 17% 0% 55% 100% 67% 56% 45% 50% 38% 100% 21% 60% 52% 80% 80% 87% 53% 42% 45% 66% 41% 45% 27% 0% 57% 73% 43% 57% 71% 83% 88% 42% 57% 40% 20% 67% 100% 27% 0% 33% 44% 45% 50% 63% 0% 79% 17% 14% 6% 6% 2% 4% 3% 5% 3% 2% 3% 4% 0% 2% 1% 5% 2% 1% 2% 1% 1% 2% 1% 2% 1% 0% 1% 0% 0% 1% 1% 1% 1% 0% 2% 3 2 - 10 3 0% 0% 0% 1% 0% 67% 0% 0% 33% 33% 100% 50% 67% 0% 0% 50% 0% 851 100% 55% 25% 19% Opened in or before May-19 Opened in Jun-19 Opened in Jul-19 Opened in Aug-19 Opened in Sep-19 Opened in Oct-19 Opened in Nov-19 Opened in Dec-19 Luckin's directly-operated stores Visited store days (successful) Weekday Weekend Visited store days (failed) 59% 77% 77% 78% 76% 5% 4% 4% 4% 5% 4% 3% 3% 2% 3% 8% 6% 6% 5% 7% 3% 2% 2% 2% 1% 6% 3% 3% 2% 4% 10% 0% 0% 0% 0% Source: Luckin APP tracking 6% 5% 5% 6% 5% 5

Below is the calculation of national average number of orders per store per day using the results of our 981 store-days’ tracking, arriving at 230. Multiply it by Items per order 1.14, we get the number of items per store per day of 263. The Items per order assumption is generous already, and details are presented in Smoking Gun Evidence 2 below. The store-days tracked Weekday Weekend Luckin number of items per store per day calculation Average orders/store/day 251.2 199.4 No. of Store-days tracked 572 409 Note a b c d Source: Offline footage tracking Below is the full result of our 981 store-days. We have 11,260 hours of recorded store traffic data to back this up. Since there are 8 internal surveillance cameras in each of Luckin’s stores covering it with no blind angle (Link), investors/auditors can ask the Company to provide surveillance videos and sample them randomly to check against reported order numbers. All the directly-operated stores of Luckin Average w eekday operating days per w eek Average w eekend operating days per w eek Implied national average 7-day w eekly average orders/store/day Items/order 7-day w eekly average items/store/day 5.00 1.79 230 1.14 263 e = (a*c+b*d)/7 f (Details in Evidence #2) g = e*f 6

# 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 City Shanghai Beijing Beijing Beijing Shanghai Beijing Beijing Beijing Beijing Beijing Beijing Beijing Beijing Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Shanghai Chengdu Shanghai Beijing Chengdu Chengdu Tianjin Nanjing Xiamen Store ID No.0002 No.0021 No.0022 No.0023 No.0031 No.0034 No.0035 No.0037 No.0041 No.0042 No.0049 No.0051 No.0053 Guangzhou No.0057 No.0058 No.0060 No.0061 No.0063 No.0064 No.0065 No.0067 No.0068 No.0070 No.0071 No.0072 No.0073 No.0074 No.0075 No.0076 No.0077 No.0078 No.0079 No.0081 No.0082 No.0083 No.0089 No.0091 No.0092 No.0097 No.0098 No.0101 No.0103 No.0108 No.0110 Nanjing No.0112 Shanghai No.0115 No.0116 Guangzhou Shenzhen No.0120 No.0121 Xiamen No.0128 No.0132 No.0138 No.0139 No.0147 No.0151 Shenzhen No.0162 Shenzhen No.0169 No.0170 Chongqing No.0171 Guangzhou Chengdu No.0172 Nanjing No.0176 Nanjing No.0177 No.0178 Beijing Xiamen No.0180 Beijing No.0181 Shanghai No.0184 No.0187 Shenzhen No.0191 No.0192 No.0198 No.0202 No.0206 No.0208 No.0210 No.0211 No.0212 No.0219 Guangzhou No.0223 Chengdu Chongqing Shanghai Chengdu Chengdu Nanjing Tianjin Chongqing Tianjin Tianjin Shenzhen Shanghai Chongqing Hangzhou Chengdu Shenzhen Jinan Store Name 宝华国际广场店紫金数码园店老番街店 1+1大厦店海亮大厦店汉威国际店宝能中心店中央公园广场店-B1 通州万达店银河SOHO-A座店汇智大厦店亿城国际中心店中泰国际店北科大体育馆店外滩SOHO店虹桥天街店新理想大厦店天山SOHO店浦江双辉店建工大唐店七宝宝龙店恒利国际大厦店华能联合大厦店大世界城店虹桥总部一号店上海湾店福建天安大厦店光启文化广场店中环科技园店绿亮科创园店金创大厦店华祺大厦店汇京国际广场店国际华城店长峰中心店星月里店霓虹儿童广场店北科大鸿博园店第一城店威登酒店店空港商务园东区店天泽星网大厦店台商会馆店创汇首座店喜马拉雅中心店禹州蓝爵店银汇大厦店朗诗大厦店雀氏财富中心店 SFC协信中心店东方环球中心店布鲁明顿广场店华宇美乐街店天安数码城店创新大厦店 D.T未来科技体验中心店荣超滨海大厦店精信中心店同乐汇店西部国际金融中心店苏宁慧谷店无为创意园店凯富大厦店海富中心B座店中关村软件园12号楼店歌斐中心店中深国际大厦店天辰大厦店海泰信息广场店鹏基商务时空大厦店浦江国际广场店太平洋广场店杭州万通中心店天合凯旋广场店国际商会大厦店银荷大厦店富力盈泰店绿地之窗店 Location Office Office Residential Office Office Office Office Office Office Office Office Office Office School Office Mall Office Office Office Office Mall Office Office Office Office Mall Office Office Office Office Office Office Office Residential Office Mall Mall School Office Hotel Transportation Office Office Office Office Office Office Office Office Office Office Office Residential Office Office Office Office Office Mall Mall Office Office Office Office Office Office Office Office Office Office Office Office Office Office Office Office Office Office Week day order count 395 594 232 325 329 163 360 416 388 175 310 259 526 123 508 257 142 235 377 289 280 292 293 540 269 469 565 244 226 704 340 158 356 330 251 492 1,155 231 312 213 159 216 206 140 308 271 302 278 243 351 200 273 514 156 191 425 455 244 47 179 96 139 746 82 188 269 304 348 148 235 176 213 252 278 Day Thu Mon Thu Tue Tue Thu Mon Fri Fri Thu Thu Tue Thu Tue Mon Wed Mon Mon Mon Tue Tue Fri Fri Tue Fri Thu Wed Tue Thu Mon Mon Tue Wed Tue Fri Tue Thu Fri Fri Wed Fri Thu Tue Tue Tue Mon Thu Tue Fri Thu Tue Thu Wed Thu Thu Thu Thu Fri Fri Fri Fri Wed Fri Tue Wed Thu Fri Tue Fri Fri Wed Wed Tue Wed Hours 13.0 13.0 13.0 10.0 13.0 11.0 13.0 13.0 13.0 11.0 13.0 12.5 13.0 10.0 13.0 13.0 10.0 12.5 10.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 13.0 10.0 13.0 13.0 13.0 12.5 14.0 13.0 13.0 13.0 11.0 13.0 11.0 11.0 13.0 13.0 13.0 12.0 11.0 12.5 11.0 13.0 13.0 10.5 10.5 13.5 13.0 13.0 11.0 13.0 11.0 11.0 13.0 11.0 13.0 13.0 13.0 13.0 11.0 14.0 10.5 11.0 11.0 10.5 Weekend Day order count 159 150 34 220 340 78 140 226 197 170 229 129 208 38 245 307 63 192 135 454 465 171 159 224 241 81 335 139 324 938 150 74 152 116 113 69 142 177 268 94 146 52 230 36 32 108 456 67 143 212 64 59 223 162 72 135 Note: PH: Public Holiday Source: Offline footage tracking 7 Day Sat Sun PH PH Sun PH Sun Sun PH Sat PH Sun Sat Sat Sun Sat Sat Sun Sun PH Sun Sat Sat Sat Sat Sun Sat Sun Sat Sat Sun Sat Sat PH Sat Sat Sun Sun Sat Sat Sun Sat Sun Sat PH Sat Sat Sat Sat Sat PH Sat Sun Sat Sat Sat Hours 10.0 10.0 10.0 10.0 11.5 10.0 12.0 10.0 11.0 10.0 10.0 10.0 11.5 9.5 10.0 12.0 10.0 12.0 10.0 12.0 10.0 10.0 10.0 10.0 10.0 8.0 13.0 10.0 12.5 13.0 12.0 12.0 10.0 11.0 10.0 10.0 12.5 10.5 12.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 12.0 10.0 10.0 12.5 10.0 10.0 13.0 10.0 10.0 10.0 Operating days on Weekends 2 2 2 2 2 1 2 2 2 2 2 2 2 2 2 2 - 2 1 2 2 2 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 2 2 2 2 2 2 2 2 2 1 1 2 2 2 1 2 2 1 2 1 2 2 2 2 1 2 1 2 2 1 1

# 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 City Chongqing Tianjin Tianjin Beijing Chengdu Wuhan Tianjin Wuhan Shanghai Shenzhen Shenzhen Shenzhen Shenzhen Shenzhen Beijing Shenzhen Shenzhen Wuhan Jinan Chengdu Fuzhou Nanjing Shanghai Chengdu Wuhan Beijing Shanghai Chongqing Beijing Beijing Beijing Beijing Nanjing Shanghai Shanghai Nanjing Store ID No.0227 Guangzhou No.0231 No.0234 No.0235 No.0236 No.0237 No.0238 No.0239 No.0244 No.0247 No.0256 No.0265 No.0268 No.0274 No.0284 No.0285 No.0286 No.0287 No.0308 No.0313 No.0317 Guangzhou No.0321 Guangzhou No.0325 Guangzhou No.0326 Guangzhou No.0337 No.0338 No.0349 No.0355 No.0361 No.0366 No.0369 No.0386 No.0390 No.0391 No.0394 No.0407 No.0411 No.0427 No.0452 No.0467 No.0477 No.0485 No.0505 No.0508 No.0509 No.0512 No.0516 No.0520 Chongqing No.0522 Guangzhou No.0533 No.0546 No.0553 No.0559 No.0578 No.0582 No.0583 No.0592 No.0596 No.0601 No.0607 No.0612 No.0627 No.0629 No.0631 No.0632 No.0648 No.0672 No.0675 No.0676 No.0681 No.0688 No.0703 No.0711 No.0743 Guangzhou No.0745 Hangzhou Fuzhou No.0752 Wuhan No.0772 No.0773 Beijing Beijing Wuhan Shanghai Wuhan Shenzhen Shenzhen Wuhan Beijing Jinan Beijing Nanjing Tianjin Shanghai Shenzhen Shenzhen Shenzhen Shenzhen Beijing Chongqing Chongqing Beijing Chengdu Beijing Chongqing Beijing Tianjin Beijing Chongqing Nanjing Beijing Store Name 耀中广场店光谷创客星店全华信息大厦店创凌通店天汇大厦店国人通信店龙光世纪大厦店华能大厦店京铁和园泛悦坊店海王银河大厦店柳芳金泰大厦店立方庭大厦店东直门枢纽店博达高科技大厦店河西万达西地二街区店维璟广场店绿地尚悦湾店 J6软件园店中国人保寿险大厦店贻航国际店高盛大厦店财智大厦店番山创业中心店方圆E时光店青林大厦店通盈中心店金牛万达A座店正堂时代店燕赵大厦店苍松大厦店汉阳人信汇店八一银座店创世纪广场店恒力创富中心店品硕广场店世纪金融广场店节能大厦店南国西汇城市广场店花家地北里店鸿海大厦店信达国际店世贸天阶店时代奥城店新奥工美店腾讯众创空间大厦店南京绿地之窗店华滨国际大酒店店东原ARC店平安大厦店中泰国际大厦店宝利国际店绿地金桥太茂店来福士广场店东门中心城店航盛科技大厦店西部硅谷店星火科技大厦店仁安龙城国际店东原中心店富卓大厦店中航国际交流中心店自由创业社区店数码大厦店中关村创业公社店创立方店建工汇豪大厦店武汉国际会展中心店耀华创建大厦店新华保险大厦店创意天地11号楼店华荣公寓店中润财富中心店创立方自空间店广州城建大厦店海蓝财富中心店宏利大厦店光谷K11店国教宾馆店 Location Office Office Office Office Office Office Office Office Mall Office Office Office Mall Office Mall Mall Mall Office Office Office Office Office Office Office Office Mall Office Office Office Office Office Office Office Office Mall Office Office Mall Residential Office Office Mall Mall Transportation Office Office Hotel Office Office Office Office Mall Mall Mall Office Office Office Residential Office Mall Office Office Office Office Office Office Mall Office Office Office Residential Mall Office Office Office Office Mall Hotel Week day order count 853 363 466 488 196 266 495 336 172 266 165 121 481 180 315 372 288 57 433 163 412 373 71 531 266 207 64 188 146 332 421 129 103 304 137 633 204 215 442 176 138 252 298 413 371 258 221 444 68 335 404 350 312 242 294 357 411 208 371 303 196 535 272 244 357 289 350 108 769 47 386 196 178 454 Day Wed Mon Mon Fri Mon Thu Tue Thu Thu Tue Tue Fri Tue Tue Fri Thu Wed Fri Thu Thu Thu Wed Fri Tue Mon Fri Mon Fri Wed Wed Wed Mon Wed Fri Thu Thu Thu Thu Thu Tue Mon Tue Mon Thu Tue Tue Tue Mon Mon Fri Mon Fri Thu Thu Wed Fri Tue Mon Fri Fri Wed Thu Fri Thu Mon Fri Wed Thu Mon Tue Tue Wed Fri Mon Hours 14.0 13.0 10.5 13.0 12.5 10.5 13.0 11.0 11.0 12.5 10.5 13.0 12.0 11.0 13.0 10.0 9.5 11.0 13.0 9.0 13.0 13.0 11.0 13.0 13.0 11.0 10.5 12.5 11.0 13.0 13.0 11.0 10.5 13.0 11.5 12.5 13.0 11.5 10.5 11.0 11.0 11.0 12.5 13.0 13.0 13.0 13.0 13.0 11.0 11.0 12.0 13.0 13.0 13.0 13.0 13.0 12.5 13.0 11.0 11.0 11.0 11.5 13.0 13.0 13.5 13.0 13.0 10.5 13.0 10.5 13.0 13.0 13.0 11.5 Weekend Day order count Day Hours 98 75 86 124 271 116 192 343 66 460 443 35 128 60 168 90 194 174 131 128 78 80 457 Sun PH Sat Sun PH Sat Sun PH Sat Sat Sun Sat Sun Sat PH Sat Sat Sat Sun Sun Sat Sun PH 10.0 10.0 10.0 10.0 11.0 10.0 10.5 12.0 10.0 12.0 10.0 10.0 10.0 9.0 12.0 10.0 10.0 10.0 11.0 10.0 10.0 10.0 12.5 101 Sun 12.0 216 287 307 120 145 107 202 164 162 32 555 507 189 49 143 399 94 256 244 221 98 384 67 66 212 80 234 155 136 120 276 Sat PH PH PH Sat Sun PH PH Sat Sat Sun Sat Sat Sun Sun Sun Sat Sat Sat Sat Sat Sat PH Sat Sun Sat Sat Sat Sat Sat Sun 10.0 11.0 12.0 10.0 12.0 10.0 10.0 13.0 12.0 10.0 11.0 12.0 10.0 10.0 11.0 11.0 10.0 10.0 10.0 10.0 10.0 14.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.5 Operating days on Weekends 2 2 2 2 2 1 2 2 2 1 2 2 2 1 2 2 2 1 2 1 2 2 1 2 2 2 1 2 2 2 2 2 1 2 2 2 2 2 2 2 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 2 2 2 2 2 2 2 Note: PH: Public Holiday Source: Offline footage tracking 8

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浑水做空瑞幸咖啡89页报告 Luckin Coffee: Fraud + Fundamentally Broken Busine....pdf

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