展示99.1
ラッキン コーヒー社は第3四半期の財務結果を発表第4四半期の財務結果
四半期の売上高 100億人民元を超え、前年比で41.4%増加しました
収益性 営業利益率は15.3%に改善しました
1,382 新しい店舗の開設数；クォーター末時点で21,300店以上を運営
北京、2024年10月30日（GLOBE NEWSWIRE） ― luckin coffee Coffee Inc.（「luckin coffee」または「当社」）（otc： LKNCY）は、2024年9月30日に終了した3か月間の未監査の財務結果を本日発表しました。
第3四半期 2024つのハイライト1
| · | 合計 純収入 第3四半期には、1018079.99万人民元（14億5,210万米ドル）でした。 2023年の同四半期の720000万人民元から 41.4% 増加しました。 |
| · | 新店舗オープン数 2024年第2四半期末の店舗数から見ると、第3四半期には、1,382の新規店舗オープンがあり、結果として、四半期毎の店舗数は6.9%増加し、13,936の自営店舗と7,407の提携店を含む21,343店舗で第3四半期を終えた。 |
| · | 三千八百八十万元の平均月間取引顧客数 2023年同四半期の五千八百五十万元から三八％増の七千九百八十万元でした |
| · | 自営店からの収益 第3四半期の自営店からの収益はRMB750140万（米ドル106990万）で、2023年の同四半期のRMB514100万から45.9％増加しています。 |
| · | 自己運営店舗の同店売上高成長率は、 第3四半期には-13.1%となり、2023年の同四半期の19.9%に比べてマイナスでした。 |
| · | 自営店舗の店レベル営業利益 第3四半期の店レベル営業利益は、1,745.6百万元（24900万ドル）で、営業利益率は23.3％でした。2023年同四半期は、営業利益率23.1％で、11億8540百万元でした。 |
| · | パートナーシップストアからの収入 第三四半期の売上高は234,130万人民元（33,390万米ドル）であり、2023年の同四半期の184,080万人民元から27.2%増加しています。 |
| · | GAAP オペレーティング収益 第三四半期のGAAPオペレーティング収益はRMB155,750万（US$22,210万）で、GAAPオペレーティングマージンは15.3%でした。これは、2023年同四半期のRMB96,170万、またはGAAPオペレーティングマージン13.4％と比較されます。 非GAAP営業利益（損失）第三四半期の調整後のシェアベースの補償費用を考慮したオペレーティング収益はRMB165,560万（US$23,610万）で、ノン-GAAPオペレーティングマージンは16.3%でした。これは、2023年同四半期のRMB102,550万、またはノン-GAAPオペレーティングマージン14.2％と比較されます。 |
| · | 国際ビジネスに関する追加情報。 会社は国際市場の重要性を認識し、積極的にグローバル拡大を推進しています。国際市場は多様な地域を含み、それぞれが新規買の投資を必要とし、その後に実質的な財務的リターンを得ることが可能です。 |
私たちは戦略的に、東南アジアの中心地としての地位を考慮して、シンガポールを国際展開の拠点として選択しました。シンガポールの最初の店舗は2023年にオープンし、第3四半期には8店舗を追加し、独自運営の店舗総数は45になりました。また、アメリカ合衆国やその他の市場での機会に積極的に取り組んでいます。アメリカのコーヒー市場の成熟度、飽和度、競争力を考慮し、そこでの拡大戦略には慎重な検討と計画をもって取り組むつもりです。
2024年9月30日までの9ヶ月間における、シンガポールからの純収入は9,140万人民元に達しましたが、主に店舗運営や地域別経費、本社で発生したサポートコストを含むコストおよび経費は約16,770万人民元でした。国際的な成長への投資に取り組んでおり、ただし、この分野での収益性は直近では見込んでいません。中国における戦略と同様に、国際ビジネスには収益性を達成するために大幅な規模が必要です。
1 詳細な定義については、ページ4の「KEY DEFINITIONS」セクションを参照してください。 使用されている特定の用語について。
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企業声明
『ラッキンは2024年第3四半期に優れた結果を出したことを喜んで報告します』とラッキンコーヒーの会長兼最高経営責任者であるJinyi Guo博士は述べました。『チームの努力と献身のおかげで、お客様の忠誠心を維持しつつ、記録的な売上高と営業利益を達成し、健全な利益率を維持しました。中国で数多くのコーヒーオプションがある中、ラッキンは記録的な平均月間取引ユーザー数と1,382のネット新規店舗の追加を反映し、お客様の優先選択肢のままです。高品質なサプライチェーンへの投資と効率向上の取り組みに加えて、中国の戦略的に重要な経済拠点である青島にある新たな最新鋭のイノベーションおよび生産センターの建設が8月に着工しました。今後は、革新的で高品質な製品の提供、ブランド認知の向上、およびフットプリントの拡大を図りながら、市場シェアの拡大に注力しています』。
変更取締役会（以下「本取締役会」という）へ
会社のディレクターであるMr. Gary（Shaoqiang）Liuは個人的な理由から取締役職を辞任しました。新しいディレクター兼報酬委員会のメンバーとして、Mr. Guiyi Chenが任命されました。
「ゲリー・リュウ氏への貴重な貢献に感謝しており、彼の今後の活動に幸運を祈ります」と、ルキンコーヒーの会長兼最高経営責任者のジンイ・グオ博士は述べました。「また、チャン・ギーチェン氏を当社の取締役会に歓迎し、株主に持続可能な長期的価値を提供するために共同で取り組んでいくことを楽しみにしています。」
陳貴義氏は、法律、銀行業、投資、経営において幅広い経験を持ち、国内および国際の資本市場における専門知識を有しています。現在、彼はCenturium Capital Management（HK）Ltd（「Centurium Capital」）のマネージングディレクターを務めています。Centurium Capitalに入社する前、陳氏は靖天法律事務所、W＆G Investment Management Co.、Ltd.、Loeb＆Loeb LLPで幹部職を務めていました。陳氏は、中国青年政治学院で法学士号を取得し、オランダのグロニンゲン大学で法学修士号を取得しています。
THIRD QUARTER 2024 FINANCIAL RESULTS
Total net revenues were RMB10,180.8 million (US$1,452.1 million) in the third quarter of 2024, representing an increase of 41.4% from RMB7,200.0 million in the same quarter of 2023. Driven by the increase in the number of products sold, stores in operation and monthly transacting customers, our net revenues has shown strong increase despite the decrease in average selling price of the Company’s products.
| · | Revenues from product sales were RMB7,839.5 million (US$1,118.2 million) in the third quarter of 2024, representing an increase of 46.3% from RMB5,359.3 million in the same quarter of 2023. |
| · | Net revenues from freshly brewed drinks were RMB7,210.8 million (US$1,028.5 million), representing 70.8% of total net revenues in the third quarter of 2024, compared to RMB4,869.7 million, representing 67.6% of total net revenues, in the same quarter of 2023. |
| · | Net revenues from other products were RMB476.9 million (US$68.0 million), representing 4.7% of total net revenues in the third quarter of 2024, compared to RMB345.3 million, representing 4.8% of total net revenues, in the same quarter of 2023. |
| · | Net revenues from others were RMB151.8 million (US$21.6 million), representing 1.5% of total net revenues in the third quarter of 2024, compared to RMB144.4 million, representing 2.0% of total net revenues, in the same quarter of 2023. |
| · | Revenues from partnership stores were RMB2,341.3 million (US$333.9 million), representing 23.0% of total net revenues in the third quarter of 2024, which represents an increase of 27.2% compared to RMB1,840.8 million, representing 25.6% of total net revenues, in the same quarter of 2023. For the third quarter of 2024, revenues from partnership stores included sales of materials of RMB1,651.7 million (US$235.6 million), profit sharing of RMB293.4 million (US$41.8 million), delivery service of RMB230.4 million (US$32.9 million), sales of equipment of RMB147.1 million (US$21.0 million), and other services of RMB18.8 million (US$2.7 million). |
Total operating expenses were RMB8,623.3 million (US$1,229.9 million) in the third quarter of 2024, representing an increase of 38.2% from RMB6,238.3 million in the same quarter of 2023. The increase in total operating expenses was predominantly the result of the Company’s business expansion. Meanwhile, operating expenses as a percentage of net revenues was 84.7% in the third quarter of 2024, slightly lower than 86.6% in the same quarter of 2023, mainly due to the decrease in cost of materials as a percentage of net revenues resulting from the changes in product matrix provided to consumers in the third quarter.
| · | Cost of materials were RMB3,955.4 million (US$564.2 million) in the third quarter of 2024, representing an increase of 24.9% from RMB3,166.6 million in the same quarter of 2023, mainly due to the increase in the number of products sold and the increase in sales of materials to partnership stores. |
| · | Store rental and other operating costs were RMB2,284.9 million (US$325.9 million) in the third quarter of 2024, representing an increase of 60.3% from RMB1,425.5 million in the same quarter of 2023, mainly due to the increase in labor costs, store rental as well as utilities and other store operating costs as a result of the increased number of stores and items sold in the third quarter of 2024 compared to the same period last year. |
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| · | Depreciation and amortization expenses were RMB309.7 million (US$44.2 million) in the third quarter of 2024, representing an increase of 93.5% from RMB160.1 million in the same quarter of 2023, mainly due to the increase in amortization of leasehold improvements for the stores and the increase in depreciation expenses of additional equipment put into use in new stores in the third quarter of 2024. |
| · | Delivery expenses were RMB927.7 million (US$132.3 million) in the third quarter of 2024, representing an increase of 57.9% from RMB587.5 million in the same quarter of 2023, mainly due to the increase in the number of delivery orders. |
| · | Sales and marketing expenses were RMB589.0 million (US$84.0 million) in the third quarter of 2024, representing an increase of 53.2% from RMB384.4 million in the same quarter of 2023, mainly driven by the increase in (i) advertising and other promotion expenses as the Company continued to make strategic investments in its branding through various channels, and (ii) commissions to third-party delivery platforms. Sales and marketing expenses amounted to 5.8% of total net revenues in the third quarter of 2024, compared to 5.3% of total net revenues in the same quarter of 2023. |
| · | General and administrative expenses were RMB636.6 million (US$90.8 million) in the third quarter of 2024, representing an increase of 32.3% from RMB481.3 million in the same quarter of 2023. The increase in general and administrative expenses was mainly driven by the increase in (i) payroll costs for general and administrative staff, (ii) research and development expenses, (iii) share-based compensation for restricted share units and options issued to management and employees, and (iv) expenditures for office supplies. General and administrative expenses amounted to 6.3% of total net revenues in the third quarter of 2024, compared to 6.7% of total net revenues in the same quarter of 2023. |
| · | Store preopening and other expenses were RMB13.5 million (US$1.9 million) in the third quarter of 2024, representing a decrease of 55.2% from RMB30.1 million in the same quarter of 2023, mainly due to fewer stores preparing to be opened in the third quarter of 2024 compared to the same quarter of 2023. Store preopening and other expenses amounted to 0.1% of total net revenues in the third quarter of 2024, compared to 0.4% of total net revenues in the same quarter of 2023. |
| · | Losses and expenses related to Fabricated Transactions and Restructuring were negative RMB102.5 million (US$14.6 million) in the third quarter of 2024, compared to RMB3.0 million in the same quarter of 2023, primarily because the Company became entitled to receive excess layers compensation of US$15.0 million (approximately RMB105.2 million) under its Directors & Officers Liability and Company Reimbursement Insurance (the “D&O Insurance”), following the receipt of a base layer compensation. Losses and expenses related to Fabricated Transactions and Restructuring amounted to negative 1.0% of total net revenues in the third quarter of 2024, compared to 0.0% of total net revenues in the same quarter of 2023. |
| · | Store level operating profit margin - self-operated stores was 23.3% in the third quarter of 2024, compared to 23.1% in the same quarter of 2023. |
GAAP operating income was RMB1,557.5 million (US$222.1 million) in the third quarter of 2024, representing a GAAP operating margin of 15.3%, compared to RMB961.7 million, or a GAAP operating margin of 13.4%, in the same quarter of 2023. Non-GAAP operating income was RMB1,655.6 million (US$236.1 million) in the third quarter of 2024, representing a non-GAAP operating margin of 16.3%, compared to RMB1,025.5 million, or a non-GAAP operating margin of 14.2%, in the same quarter of 2023. For more information on the Company’s non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this press release.
Income tax expenses was RMB352.7 million (US$50.3 million) in the third quarter of 2024, compared to income tax benefit of RMB82.6 million in the same quarter of 2023. In the third quarter of 2023, as a certain number of the Company’s operation entities have turned cumulative profits from cumulative losses, in accordance to relevant accounting standards, the Company re-evaluated the realization of deferred tax assets given the largely reduced uncertainty of the Company’s business performance. As a result, a certain amount of the valuation allowance against the deferred tax assets was released. Excluding the release of valuation allowance against the deferred tax assets, income tax expense was approximately RMB169.5 million in the third quarter of 2023. Income tax expenses increased by RMB183.2 million in the third quarter when compared to the income tax expenses of RMB169.5 million in the same period of 2023, which was mainly due to the increased profits earned in the third quarter.
Net income was RMB1,302.6 million (US$185.8 million) in the third quarter of 2024, representing a net margin of 12.8%, compared to net income of RMB988.0 million, or a net margin of 13.7%, in the same quarter of 2023. Non-GAAP net income was RMB1,400.8 million (US$199.8 million) in the third quarter of 2024, representing a non-GAAP net margin of 13.8%, compared to RMB1,144.0 million, or a non-GAAP net margin of 15.9%, in the same quarter of 2023.
Basic and diluted net income per ADS was RMB4.08 (US$0.56) and RMB4.08 (US$0.56) in the third quarter of 2024, respectively, compared to basic and diluted net income per ADS of RMB3.12 and RMB3.12 in the same quarter of 2023, respectively.
Non-GAAP basic and diluted net income per ADS was RMB4.40 (US$0.64) and RMB4.40 (US$0.64) in the third quarter of 2024, respectively, compared to non-GAAP basic and diluted net income of RMB3.60 and RMB3.60 in the same quarter of 2023, respectively.
Net cash provided by operating activities was RMB1,316.1 million (US$187.7 million) in the third quarter of 2024, compared to net cash provided by operating activities of RMB1,310.1 million in the same quarter of 2023.
Cash and cash equivalents, restricted cash, term deposits and short-term investments were RMB4,753.2 million (US$678.0 million) as of September 30, 2024, compared to RMB3,752.7 million as of December 31, 2023. The increase was primarily attributable to the cash inflow generated from the Company’s operations.
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KEY OPERATING DATA
| For the three months ended or as of | ||||||||||||||||||||||||||||
| Mar 31, | Jun 30, | Sep 30, | Dec 31, | Mar 31, | Jun 30, | Sep 30, | ||||||||||||||||||||||
| 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | ||||||||||||||||||||||
| Total stores | 9,351 | 10,836 | 13,273 | 16,248 | 18,590 | 19,961 | 21,343 | |||||||||||||||||||||
| Self-operated stores | 6,310 | 7,188 | 8,807 | 10,628 | 12,199 | 13,056 | 13,936 | |||||||||||||||||||||
| Partnership stores | 3,041 | 3,648 | 4,466 | 5,620 | 6,391 | 6,905 | 7,407 | |||||||||||||||||||||
| Same-store sales growth for self-operated stores | 29.6 | % | 20.8 | % | 19.9 | % | 13.5 | % | (20.3 | )% | (20.9 | )% | (13.1 | )% | ||||||||||||||
| Average monthly transacting customers (in thousands) | 29,489 | 43,070 | 58,477 | 62,438 | 59,914 | 69,689 | 79,846 | |||||||||||||||||||||
KEY DEFINITIONS
| · | Total net revenues include revenues from product sales and revenues from partnership stores. |
| · | Revenues from product sales mainly include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operating stores, unmanned machines, e-commerce and revenue from delivery for self-operated stores. |
| · | Revenues from self-operated stores include net revenue from the sales of freshly brewed and non-freshly brewed items through self-operating stores, and delivery fees derived from self-operated stores paid by the Company’s customers. Before the first quarter of 2023, revenues from self-operated stores only included net revenue from the sales of freshly brewed and non-freshly brewed items through self-operating stores, and beginning from the first quarter of 2023, we added delivery fees derived from self-operated stores paid by the Company’s customers to this definition. |
| · | Revenues from partnership stores include net revenue from the sales of materials, equipment, and other services including delivery and pre-opening services provided to partnership stores and profit sharing from partnership stores. |
| · | Same-store sales growth for self-operated stores. Defined as the growth rate of total revenue from self-operated stores that (i) were in operation at the beginning of the comparable period and were not closed before the end of the current period and (ii) maintained an average of at least 15 operating days per month over both the current and comparable periods. |
| · | Store level operating profit - self-operated stores. Calculated by deducting cost for self-operated stores including cost of direct materials (including wastage in stores), cost of delivery packaging materials, storage and logistics expenses, commissions to third-party delivery platforms related to revenues from self-operated stores, store depreciation expense (including decoration loss for store closure), store rental and other operating costs, delivery expense, transaction fees, store preopening and other expenses from the Company’s self-operated store revenues. Before the first quarter of 2023, commissions to third-party delivery platforms related to revenues from self-operated stores was not deducted when calculating this term. |
| · | Store level operating profit margin - self-operated stores. Calculated by dividing store level operating profit by total revenues from self-operated stores. |
| · | Total number of stores. The number of stores open at the end of the period, excluding unmanned machines. |
| · | Net new store openings. The number of gross new stores opened during the period minus the number of stores closed during the period. |
| · | Average monthly transacting customers. The total of each month’s number of transacting customers divided by the number of months during the period (includes those of partnership stores and those only paid with free-coupons). |
| · | Non-GAAP operating income. Calculated by operating income excluding share-based compensation expenses. |
| · | Non-GAAP net income. Calculated by net income excluding recurring item of share-based compensation expenses and non-recurring item of provision for equity litigants. |
| · | Non-GAAP net income attributable to the Company’s ordinary shareholders. Calculated by adjusting net income attributable to the Company’s ordinary shareholders excluding recurring item of share-based compensation expenses and non-recurring item of provision for equity litigants. |
| · | Non-GAAP basic and diluted net income per shares. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted share. |
| · | Non-GAAP basic and diluted net income per ADSs. Calculated as non-GAAP net income attributable to the Company’s ordinary shareholders divided by weighted average number of basic and diluted ADS. |
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USE OF NON-GAAP FINANCIAL MEASURES
In evaluating the business, the Company considers and uses non-GAAP operating income/(loss) and non-GAAP net income/(loss), each a non-GAAP financial measure, in reviewing and assessing the Company’s operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP” or “GAAP”). The Company presents these non-GAAP financial measures because they are used by the Company’s management to evaluate operating performance and formulate business plans. The Company believes that the non-GAAP financial measures help identify underlying trends in the Company’s business, provide further information about the Company’s results of operations and enhance the overall understanding of the Company’s past performance and future prospects.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations and do not represent the residual cash flow available for discretionary expenditures. Furthermore, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating the Company’s performance. The Company encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.
The Company defines non-GAAP operating income/(loss) as operating income/(loss) excluding share-based compensation expenses, non-GAAP net income/(loss) as net income/(loss) excluding recurring item of share-based compensation expenses and non-recurring item of provision for equity litigants, and non-GAAP net income/(loss) attributable to the Company’s ordinary shareholders as net income/(loss) attributable to the Company’s ordinary shareholders excluding recurring item of share-based compensation expenses and non-recurring item of provision for equity litigants.
For more information on the non-GAAP financial measures, please see the table captioned “Reconciliation of Non-GAAP Measures to the Most Directly Comparable GAAP Measures” set forth at the end of this earnings release.
EXCHANGE RATE INFORMATION
This earnings release contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ were made at the rate of RMB7.0111 to US$1.00, the exchange rate on September 27, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
CONFERENCE CALL
The Company will host a conference call today, on Wednesday, October 30, 2024, at 8:00 am Eastern Time (or Wednesday, October 30, 2024, at 8:00 pm Beijing Time) to discuss the financial results.
Participants may access the call by dialing the following numbers:
| United States Toll Free: | +1-888-317-6003 |
| International: | +1-412-317-6061 |
| Mainland China Toll Free: | 400-120-6115 |
| Hong Kong Toll Free: | 800-963-976 |
| Conference ID: | 5935029 |
The replay will be accessible through November 6, 2024, by dialing the following numbers:
| United States Toll Free: | +1-877-344-7529 |
| International: | +1-412-317-0088 |
| Access Code: | 3696636 |
A live and archived webcast of the conference call will also be available at the Company's investor relations website at investor.lkcoffee.com.
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SAFE HARBOR STATEMENTS
This earnings release contains forward-looking statements within the meaning of Section 21E of the 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,” “targets,” “guidance” and similar statements. Luckin Coffee may also make written or oral forward-looking statements in its periodic reports or current reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Luckin Coffee’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the expense, timing and outcome of existing or future legal and governmental proceedings or investigations in connection with Luckin Coffee; the outcome and effect of the restructuring of Luckin Coffee’s financial obligations; Luckin Coffee’s growth strategies, including its international expansion plans; its future business development, results of operations and financial condition; the effect of the non-reliance identified in, and the resultant restatement of, certain of Luckin Coffee’s previously issued financial results; the effectiveness of its internal control; its ability to retain and attract its customers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with its suppliers and business partners; trends and competition in the coffee industry or the food and beverage sector in general; changes in its revenues and certain cost or expense items; the expected growth of China’s coffee industry or China’s food and beverage sector in general; governmental policies and regulations relating to Luckin Coffee’s industry; and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in Luckin Coffee’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Luckin Coffee undertakes no obligation to update any forward-looking statement, except as required under applicable law.
STATEMENT REGARDING PRELIMINARY UNAUDITED FINANCIAL INFORMATION
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.
ABOUT LUCKIN COFFEE INC.
Luckin Coffee Inc. (OTC: LKNCY) has pioneered a technology-driven retail network to provide coffee and other products of high quality, high convenience and high affordability to customers. Empowered by proprietary technologies, Luckin Coffee pursues its mission to build a world-class coffee brand and become a part of everyone’s daily life. Luckin Coffee was founded in 2017 and is based in China. For more information, please visit investor.lkcoffee.com.
INVESTOR AND MEDIA CONTACTS
Investor Relations:
Luckin Coffee Inc. IR
Email: ir@lkcoffee.com
Bill Zima / Michael Bowen
ICR, Inc.
Phone: 646 880 9039
Media Relations:
Luckin Coffee Inc. PR
Email: pr@lkcoffee.com
Ed Trissel / Spencer Hoffman
Joele Frank, Wilkinson Brimmer Katcher
Phone: 212 355 4449
6
LUCKIN COFFEE INC.
CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2023
AND UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2024
(Amounts in thousands of RMB and US$, except for number of shares)
| As of | ||||||||||||
| December 31, 2023 | September 30,
2024 (Unaudited) | |||||||||||
| RMB | RMB | US$ | ||||||||||
| ASSETS | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 2,925,709 | 3,802,087 | 542,295 | |||||||||
| Restricted cash | 66,080 | 5,571 | 795 | |||||||||
| Term deposit- current | 464,019 | 639,412 | 91,200 | |||||||||
| Short-term investment | 100,000 | 116,000 | 16,545 | |||||||||
| Accounts receivable, net | 80,665 | 156,401 | 22,308 | |||||||||
| Receivables from online payment platforms | 214,163 | 381,416 | 54,402 | |||||||||
| Inventories, net | 2,204,000 | 3,118,617 | 444,811 | |||||||||
| Prepaid expenses and other current assets, net | 1,544,918 | 1,871,911 | 266,992 | |||||||||
| Total current assets | 7,599,554 | 10,091,415 | 1,439,348 | |||||||||
| Non-current assets: | ||||||||||||
| Property and equipment, net | 4,169,141 | 4,861,418 | 693,389 | |||||||||
| Restricted cash | 46,854 | 40,134 | 5,724 | |||||||||
| Term deposit-non current | 150,000 | 150,000 | 21,395 | |||||||||
| Other non-current assets, net | 789,492 | 934,700 | 133,317 | |||||||||
| Deferred tax assets, net | 350,082 | 254,542 | 36,306 | |||||||||
| Operating lease, right-of-use assets | 5,186,855 | 5,761,557 | 821,776 | |||||||||
| Total non-current assets | 10,692,424 | 12,002,351 | 1,711,907 | |||||||||
| TOTAL ASSETS | 18,291,978 | 22,093,766 | 3,151,255 | |||||||||
| LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | ||||||||||||
| Current liabilities | ||||||||||||
| Short-term bank borrowing | — | 300,000 | 42,789 | |||||||||
| Accounts payable | 814,655 | 862,805 | 123,063 | |||||||||
| Accrued expenses and other liabilities | 2,556,977 | 3,183,424 | 454,055 | |||||||||
| Deferred revenues | 123,422 | 108,736 | 15,509 | |||||||||
| Payable for equity litigants settlement | 116,314 | 114,860 | 16,383 | |||||||||
| Operating lease liabilities-current | 1,851,310 | 2,218,176 | 316,381 | |||||||||
| Total current liabilities | 5,462,678 | 6,788,001 | 968,180 | |||||||||
| Non-current liabilities: | ||||||||||||
| Operating lease liabilities-non current | 3,114,855 | 3,294,382 | 469,881 | |||||||||
| Total non-current liabilities | 3,114,855 | 3,294,382 | 469,881 | |||||||||
| Total liabilities | 8,577,533 | 10,082,383 | 1,438,061 | |||||||||
| Commitments and contingencies | ||||||||||||
| Mezzanine equity | ||||||||||||
| Senior Preferred Shares | 1,578,040 | 1,514,660 | 216,037 | |||||||||
| Shareholders’ equity: | ||||||||||||
| Class A Ordinary shares | 23 | 23 | 3 | |||||||||
| Class B Ordinary shares | 2 | 2 | — | |||||||||
| Additional paid-in capital | 16,276,991 | 16,608,582 | 2,368,898 | |||||||||
| Statutory reserves | 168,204 | 167,868 | 23,943 | |||||||||
| Accumulated deficits | (8,705,759 | ) | (6,614,853 | ) | (943,483 | ) | ||||||
| Accumulated other comprehensive income | 396,944 | 335,101 | 47,796 | |||||||||
| Total Company’s ordinary shareholders’ equity | 8,136,405 | 10,496,723 | 1,497,157 | |||||||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 18,291,978 | 22,093,766 | 3,151,255 | |||||||||
7
LUCKIN COFFEE INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Amounts in thousands of RMB and US$, except for number of shares and per share data)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||
| Net revenues: | ||||||||||||||||||||||||
| Revenues from product sales | 5,359,262 | 7,839,479 | 1,118,152 | 13,376,169 | 19,162,032 | 2,733,099 | ||||||||||||||||||
| Revenues from partnership stores | 1,840,777 | 2,341,287 | 333,940 | 4,462,026 | 5,699,505 | 812,926 | ||||||||||||||||||
| Total net revenues | 7,200,039 | 10,180,766 | 1,452,092 | 17,838,195 | 24,861,537 | 3,546,025 | ||||||||||||||||||
| Cost of materials | (3,166,570 | ) | (3,955,439 | ) | (564,168 | ) | (7,382,729 | ) | (10,268,106 | ) | (1,464,550 | ) | ||||||||||||
| Store rental and other operating costs | (1,425,482 | ) | (2,284,889 | ) | (325,896 | ) | (3,465,513 | ) | (6,168,379 | ) | (879,802 | ) | ||||||||||||
| Depreciation and amortization expenses | (160,052 | ) | (309,704 | ) | (44,173 | ) | (396,256 | ) | (858,215 | ) | (122,408 | ) | ||||||||||||
| Delivery expenses | (587,455 | ) | (927,693 | ) | (132,318 | ) | (1,543,336 | ) | (1,982,406 | ) | (282,752 | ) | ||||||||||||
| Sales and marketing expenses | (384,401 | ) | (588,987 | ) | (84,008 | ) | (887,410 | ) | (1,347,412 | ) | (192,183 | ) | ||||||||||||
| General and administrative expenses | (481,281 | ) | (636,645 | ) | (90,805 | ) | (1,267,654 | ) | (1,782,892 | ) | (254,296 | ) | ||||||||||||
| Store preopening and other expenses | (30,050 | ) | (13,466 | ) | (1,921 | ) | (64,223 | ) | (55,976 | ) | (7,984 | ) | ||||||||||||
| Impairment loss of long-lived assets | — | (8,925 | ) | (1,273 | ) | (5,229 | ) | (8,925 | ) | (1,273 | ) | |||||||||||||
| Losses and expenses related to Fabricated Transactions and Restructuring | (3,024 | ) | 102,454 | 14,613 | (12,940 | ) | 153,821 | 21,940 | ||||||||||||||||
| Total operating expenses | (6,238,315 | ) | (8,623,294 | ) | (1,229,949 | ) | (15,025,290 | ) | (22,318,490 | ) | (3,183,308 | ) | ||||||||||||
| Operating income | 961,724 | 1,557,472 | 222,143 | 2,812,905 | 2,543,047 | 362,717 | ||||||||||||||||||
| Interest and investment income | 31,509 | 25,153 | 3,588 | 77,324 | 54,738 | 7,807 | ||||||||||||||||||
| Interest and financing expenses | — | (1,918 | ) | (274 | ) | — | (2,007 | ) | (286 | ) | ||||||||||||||
| Foreign exchange gain/(loss), net | 792 | 68,090 | 9,712 | (121 | ) | 38,882 | 5,546 | |||||||||||||||||
| Other income, net | 3,603 | 6,578 | 938 | 44,309 | 73,956 | 10,548 | ||||||||||||||||||
| Provision for equity litigants | (92,192 | ) | — | — | (92,192 | ) | — | — | ||||||||||||||||
| Net income before income taxes | 905,436 | 1,655,375 | 236,107 | 2,842,225 | 2,708,616 | 386,332 | ||||||||||||||||||
| Income tax (expense)/benefit | 82,575 | (352,734 | ) | (50,311 | ) | (290,693 | ) | (618,046 | ) | (88,153 | ) | |||||||||||||
| Net income | 988,011 | 1,302,641 | 185,796 | 2,551,532 | 2,090,570 | 298,179 | ||||||||||||||||||
| Net income attributable to the Company’s ordinary shareholders | 988,011 | 1,302,641 | 185,796 | 2,551,532 | 2,090,570 | 298,179 | ||||||||||||||||||
| Net income per share: | ||||||||||||||||||||||||
| Basic | 0.39 | 0.51 | 0.07 | 1.01 | 0.82 | 0.12 | ||||||||||||||||||
| Diluted | 0.39 | 0.51 | 0.07 | 1.00 | 0.82 | 0.12 | ||||||||||||||||||
| Net income per ADS: | ||||||||||||||||||||||||
| Basic* | 3.12 | 4.08 | 0.56 | 8.08 | 6.56 | 0.96 | ||||||||||||||||||
| Diluted* | 3.12 | 4.08 | 0.56 | 8.00 | 6.56 | 0.96 | ||||||||||||||||||
| Weighted average shares outstanding used in calculating basic and diluted income per share: | ||||||||||||||||||||||||
| Basic | 2,532,072,783 | 2,545,551,167 | 2,545,551,167 | 2,532,072,783 | 2,545,551,167 | 2,545,551,167 | ||||||||||||||||||
| Diluted | 2,542,324,870 | 2,549,360,432 | 2,549,360,432 | 2,542,795,351 | 2,548,436,166 | 2,548,436,166 | ||||||||||||||||||
| Net income | 988,011 | 1,302,641 | 185,796 | 2,551,532 | 2,090,570 | 298,179 | ||||||||||||||||||
| Other comprehensive loss, net of tax of nil: | ||||||||||||||||||||||||
| Foreign currency translation difference, net of tax of nil | (239 | ) | (90,996 | ) | (12,979 | ) | 2,406 | (61,843 | ) | (8,821 | ) | |||||||||||||
| Total comprehensive income | 987,772 | 1,211,645 | 172,817 | 2,553,938 | 2,028,727 | 289,358 | ||||||||||||||||||
| Total comprehensive income attributable to ordinary shareholders | 987,772 | 1,211,645 | 172,817 | 2,553,938 | 2,028,727 | 289,358 | ||||||||||||||||||
* Each ADS represents eight Class A Ordinary Shares. The per ADS indicators are based on rounded results of corresponding per share indicators, which could have a rounding difference of absolute amount for not more than 0.04 per ADS.
8
LUCKIN COFFEE INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands of RMB and US$)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||
| Net cash provided by operating activities | 1,310,128 | 1,316,141 | 187,722 | 3,827,171 | 2,600,897 | 370,969 | ||||||||||||||||||
| Net cash used in investing activities | (1,880,916 | ) | (988,308 | ) | (140,963 | ) | (3,271,026 | ) | (2,097,443 | ) | (299,161 | ) | ||||||||||||
| Net cash provided by financing activities | — | — | — | — | 300,000 | 42,789 | ||||||||||||||||||
| Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | (1,138 | ) | 1,642 | 234 | 6,907 | 5,695 | 812 | |||||||||||||||||
| Net increase/(decrease) in cash and cash equivalents and restricted cash | (571,926 | ) | 329,475 | 46,993 | 563,052 | 809,149 | 115,409 | |||||||||||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 4,712,897 | 3,518,317 | 501,821 | 3,577,919 | 3,038,643 | 433,405 | ||||||||||||||||||
| Cash and cash equivalents and restricted cash at end of period | 4,140,971 | 3,847,792 | 548,814 | 4,140,971 | 3,847,792 | 548,814 | ||||||||||||||||||
9
LUCKIN COFFEE INC.
RECONCILIATION OF NON-GAAP MEASURES TO THE MOST DIRECTLY COMPARABLE GAAP
MEASURES
(Unaudited, amounts in thousands of RMB and US$, except for number of shares and per share data)
| For the three months ended September 30, | For the nine months ended September 30, | |||||||||||||||||||||||
| 2023 | 2024 | 2023 | 2024 | |||||||||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||||||||
| A. Non-GAAP operating income | ||||||||||||||||||||||||
| Operating income | 961,724 | 1,557,472 | 222,144 | 2,812,905 | 2,543,047 | 362,717 | ||||||||||||||||||
| Adjusted for: | ||||||||||||||||||||||||
| Share-based compensation expenses | 63,759 | 98,172 | 14,002 | 179,311 | 268,188 | 38,252 | ||||||||||||||||||
| Non-GAAP operating income | 1,025,483 | 1,655,644 | 236,146 | 2,992,216 | 2,811,235 | 400,969 | ||||||||||||||||||
| B. Non-GAAP net income | ||||||||||||||||||||||||
| Net income | 988,011 | 1,302,641 | 185,797 | 2,551,532 | 2,090,570 | 298,180 | ||||||||||||||||||
| Adjusted for: | ||||||||||||||||||||||||
| Share-based compensation expenses | 63,759 | 98,172 | 14,002 | 179,311 | 268,188 | 38,252 | ||||||||||||||||||
| Provision for equity litigants | 92,192 | — | — | 92,192 | — | — | ||||||||||||||||||
| Non-GAAP net income | 1,143,962 | 1,400,813 | 199,799 | 2,823,035 | 2,358,758 | 336,432 | ||||||||||||||||||
| Non-GAAP net income attributable to the Company’s ordinary shareholders | 1,143,962 | 1,400,813 | 199,799 | 2,823,035 | 2,358,758 | 336,432 | ||||||||||||||||||
| C. Non-GAAP net income per share | ||||||||||||||||||||||||
| Weighted average shares outstanding used in calculating basic and diluted income per share: | ||||||||||||||||||||||||
| Basic | 2,532,072,783 | 2,545,551,167 | 2,545,551,167 | 2,532,072,783 | 2,545,551,167 | 2,545,551,167 | ||||||||||||||||||
| Diluted | 2,542,324,870 | 2,549,360,432 | 2,549,360,432 | 2,542,795,351 | 2,548,436,166 | 2,548,436,166 | ||||||||||||||||||
| Non-GAAP net income per share: | ||||||||||||||||||||||||
| Basic | 0.45 | 0.55 | 0.08 | 1.11 | 0.93 | 0.13 | ||||||||||||||||||
| Diluted | 0.45 | 0.55 | 0.08 | 1.11 | 0.93 | 0.13 | ||||||||||||||||||
| Non-GAAP net income per ADS: | ||||||||||||||||||||||||
| Basic* | 3.60 | 4.40 | 0.64 | 8.88 | 7.44 | 1.04 | ||||||||||||||||||
| Diluted* | 3.60 | 4.40 | 0.64 | 8.88 | 7.44 | 1.04 | ||||||||||||||||||
* Each ADS represents eight Class A Ordinary Shares. The per ADS indicators are based on rounded results of corresponding per share indicators, which could have a rounding difference of absolute amount for not more than 0.04 per ADS.
10