External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Luckin Coffee is the largest and fastest-growing coffee brand in China. Founded in Jun 2017, Luckin Coffee mainly sells mid-priced (around RMB 10 to 20 per cup) coffee drinks.</li><li>The company also emphasizes digital engagement, convenience, and competitive pricing.</li><li>By 2023, it already has 16,248 stores (10,628 self-operated stores and 5,620 partnership stores) and generated an annual sales of RMB 24.9bn (plus a net profit of RMB 2.85bn), accounting for a remarkable market share of 21.7% in the chained cafe segment in China. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Luckin Coffee is the largest and fastest-growing coffee brand in China. Founded in Jun 2017, Luckin Coffee mainly sells mid-priced (around RMB 10 to 20 per cup) coffee drinks.The company also emphasizes digital engagement, convenience, and competitive pricing.By 2023, it already has 16,248 stores (10,628 self-operated stores and 5,620 partnership stores) and generated an annual sales of RMB 24.9bn (plus a net profit of RMB 2.85bn), accounting for a remarkable market share of 21.7% in the chained cafe segment in China. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Luckin Coffee (LKNCY US) - Unbeatable Costs, Branding and R&D Power