1
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 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 in 2019 2Q to 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 or % to artificially sustain the business model. In the real case, the store level loss is high at %-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 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 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.
2
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 (. 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 ” tea drinks that have been in the market for more than a
decade, while leading fresh tea players have pioneered “Generation ” 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.
3
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
4
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
Source: Luckin 2019 3Q Earnings Release Presentation, page 16
Our offline tracking results of tracking 981 store-days from 2019 4Q showed 263 items per store per day only:
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 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.
109
292 285
361
244
345
444
495
263
-
100
200
300
400
500
600
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19E Store
Video
Tracking
from 4Q19
No. of items per store per day
4Q2019: 483 – 506, implied by 4Q Guidance
Product Revenue Guidance of RMB billion to RMB
billion, divided by Net selling price per item of
RMB (Assuming Luckin to report 5% sequential
growth from 2019 3Q of RMB ) and average store
number of 4,094
5
Source: Luckin APP, Offline footage tracking
Source: Luckin APP tracking
Luckin Directly-Operated Stores Visited Store Days (Successful) Visited Store Days (Failed)
# City Store No. Store% Office Mall Others Days No. Days% Office Mall Others Days No. Days% Office Mall Others
1 Shanghai 525 12% 61% 26% 12% 131 13% 64% 18% 18% 145 17% 60% 15% 25%
2 Beijing 432 10% 63% 15% 22% 115 12% 49% 27% 24% 117 14% 52% 23% 25%
3 Guangzhou 271 6% 62% 20% 18% 63 6% 83% 5% 13% 55 6% 80% 7% 13%
4 Shenzhen 234 5% 79% 12% 9% 55 6% 76% 16% 7% 50 6% 80% 12% 8%
5 Hangzhou 230 5% 66% 14% 20% 15 2% 93% 7% 0% 15 2% 87% 0% 13%
6 Nanjing 215 5% 58% 23% 19% 37 4% 68% 27% 5% 36 4% 53% 25% 22%
7 Chengdu 192 4% 58% 23% 19% 43 4% 56% 23% 21% 26 3% 42% 23% 35%
8 Wuhan 180 4% 45% 35% 20% 44 4% 43% 41% 16% 42 5% 45% 40% 14%
9 Chongqing 158 4% 47% 28% 25% 61 6% 56% 31% 13% 29 3% 66% 28% 7%
10 Tianjin 147 3% 64% 26% 10% 47 5% 55% 38% 6% 17 2% 41% 41% 18%
11 Xi'an 133 3% 59% 24% 17% 52 5% 56% 31% 13% 22 3% 45% 41% 14%
12 Changsha 116 3% 47% 30% 22% 12 1% 33% 50% 17% 30 4% 27% 30% 43%
13 Suzhou 115 3% 46% 41% 13% 30 3% 47% 47% 7% 3 0% 0% 67% 33%
14 Wuxi 108 2% 56% 27% 18% 8 1% 63% 0% 38% 14 2% 57% 14% 29%
15 Ningbo 105 2% 60% 27% 13% 22 2% 73% 14% 14% 11 1% 73% 9% 18%
16 Zhengzhou 92 2% 53% 29% 17% 28 3% 68% 14% 18% 42 5% 43% 40% 17%
17 Xiamen 90 2% 67% 14% 19% 8 1% 75% 0% 25% 21 2% 57% 14% 29%
18 Fuzhou 86 2% 62% 17% 21% 3 0% 100% 0% 0% 7 1% 71% 0% 29%
19 Qingdao 79 2% 62% 18% 20% 26 3% 77% 19% 4% 18 2% 83% 11% 6%
20 Dalian 67 2% 66% 22% 12% 13 1% 77% 23% 0% 8 1% 88% 13% 0%
21 Kunming 63 1% 38% 35% 27% 15 2% 47% 47% 7% 12 1% 42% 42% 17%
22 Jinan 58 1% 48% 16% 36% 15 2% 67% 33% 0% 14 2% 57% 36% 7%
23 Hefei 53 1% 51% 30% 19% 9 1% 33% 67% 0% 5 1% 40% 60% 0%
24 Guiyang 49 1% 31% 37% 33% 2 0% 0% 50% 50% 20 2% 20% 50% 30%
25 Shenyang 47 1% 45% 43% 13% 11 1% 64% 36% 0% 6 1% 67% 17% 17%
26 Changzhou 45 1% 47% 42% 11% 14 1% 86% 14% 0% 3 0% 100% 0% 0%
27 Nanchang 44 1% 45% 30% 25% 15 2% 47% 33% 20% 11 1% 27% 55% 18%
28 Wenzhou 40 1% 38% 28% 35% 11 1% 64% 27% 9% 1 0% 0% 100% 0%
29 Quanzhou 40 1% 20% 58% 23% 3 0% 33% 67% 0%
30 Shijiazhuang 36 1% 47% 42% 11% 18 2% 61% 39% 0% 9 1% 44% 56% 0%
31 Foshan 36 1% 61% 25% 14% 2 0% 100% 0% 0% 11 1% 45% 45% 9%
32 Dongguan 32 1% 56% 22% 22% 5 1% 40% 60% 0% 6 1% 50% 50% 0%
33 Taiyuan 29 1% 41% 38% 21% 1 0% 100% 0% 0% 8 1% 63% 38% 0%
34 Shaoxing 29 1% 34% 45% 21% 2 0% 0% 100% 0%
35 Zhuhai 29 1% 34% 21% 45% 5 1% 40% 60% 0% 14 2% 79% 21% 0%
36 Nanning 26 1% 27% 46% 27%
37 Zhenjiang 25 1% 32% 44% 24% 6 1% 33% 67% 0% 3 0% 67% 33% 0%
38 Yangzhou 25 1% 24% 52% 24% 13 1% 31% 69% 0% 2 0% 0% 100% 0%
39 Nantong 25 1% 48% 48% 4% 14 1% 64% 36% 0% - 0%
40 Zhongshan 18 0% 33% 39% 28% 2 0% 0% 100% 0% 10 1% 0% 50% 50%
41 Harbin 16 0% 31% 63% 6% 10 1% 30% 70% 0% 3 0% 33% 67% 0%
42 Jiaxing 16 0% 25% 63% 13%
43 Haikou 14 0% 21% 36% 43%
44 Lanzhou 13 0% 31% 69% 0%
45 Xianyang 6 0% 33% 33% 33%
46 Xiangyang 4 0% 0% 100% 0%
47 Baoji 4 0% 75% 25% 0%
48 Zhuzhou 4 0% 25% 75% 0%
49 Ganzhou 2 0% 0% 50% 50%
50 Jinzhong 2 0% 50% 50% 0%
51 Xiangtan 2 0% 0% 100% 0%
52 Zibo 1 0% 0% 0% 100%
53 Weifang 1 0% 0% 0% 100%
Total 4,409 100% 56% 26% 18% 981 100% 60% 27% 13% 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 59% 6% 5% 4% 8% 3% 6% 10%
Visited store days (successful) 77% 5% 4% 3% 6% 2% 3% 0%
Weekday 77% 5% 4% 3% 6% 2% 3% 0%
Weekend 78% 6% 4% 2% 5% 2% 2% 0%
Visited store days (failed) 76% 5% 5% 3% 7% 1% 4% 0%
6
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 , 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.
Luckin number of items per store per day calculation
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.
The store-days tracked No. of Store-days tracked Average orders/store/day Note
Weekday 572 a
Weekend 409 b
All the directly-operated stores of Luckin
Average w eekday operating days per w eek c
Average w eekend operating days per w eek d
Implied national average
7-day w eekly average orders/store/day 230 e = (a*c+b*d)/7
Items/order f (Details in Evidence #2)
7-day w eekly average items/store/day 263 g = e*f
7
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
1 Shanghai 宝华国际广场店 Office 395 Thu 2
2 Beijing 紫金数码园店 Office 594 Mon 159 Sat 2
3 Beijing 老番街店 Residential 232 Thu 150 Sun 2
4 Beijing 1+1大厦店 Office 325 Tue 2
5 Shanghai 海亮大厦店 Office 329 Tue 34 PH 2
6 Beijing 汉威国际店 Office 163 Thu 1
7 Beijing 宝能中心店 Office 360 Mon 2
8 Beijing 中央公园广场店-B1 Office 416 Fri 220 PH 2
9 Beijing 通州万达店 Office 388 Fri 340 Sun 2
10 Beijing 银河SOHO-A座店 Office 175 Thu 78 PH 2
11 Beijing 汇智大厦店 Office 310 Thu 140 Sun 2
12 Beijing 亿城国际中心店 Office 259 Tue 226 Sun 2
13 Guangzhou 中泰国际店 Office 526 Thu 197 PH 2
14 Beijing 北科大体育馆店 School 123 Tue 170 Sat 2
15 Shanghai 外滩SOHO店 Office 508 Mon 229 PH 2
16 Shanghai 虹桥天街店 Mall 257 Wed 129 Sun 2
17 Shanghai 新理想大厦店 Office 142 Mon -
18 Shanghai 天山SOHO店 Office 208 Sat 2
19 Shanghai 浦江双辉店 Office 235 Mon 38 Sat 1
20 Shanghai 建工大唐店 Office 377 Mon 245 Sun 2
21 Shanghai 七宝宝龙店 Mall 289 Tue 307 Sat 2
22 Shanghai 恒利国际大厦店 Office 280 Tue 63 Sat 2
23 Shanghai 华能联合大厦店 Office 292 Fri 1
24 Shanghai 大世界城店 Office 293 Fri 192 Sun 2
25 Shanghai 虹桥总部一号店 Office 540 Tue 135 Sun 2
26 Shanghai 上海湾店 Mall 269 Fri 2
27 Shanghai 福建天安大厦店 Office 469 Thu 454 PH 2
28 Shanghai 光启文化广场店 Office 565 Wed 465 Sun 2
29 Shanghai 中环科技园店 Office 244 Tue 171 Sat 2
30 Shanghai 绿亮科创园店 Office 226 Thu 159 Sat 2
31 Shanghai 金创大厦店 Office 704 Mon 224 Sat 2
32 Shanghai 华祺大厦店 Office 340 Mon 241 Sat 2
33 Shanghai 汇京国际广场店 Office 158 Tue 81 Sun 2
34 Shanghai 国际华城店 Residential 356 Wed 2
35 Shanghai 长峰中心店 Office 330 Tue 2
36 Chengdu 星月里店 Mall 335 Sat 2
37 Shanghai 霓虹儿童广场店 Mall 251 Fri 139 Sun 2
38 Beijing 北科大鸿博园店 School 492 Tue 324 Sat 2
39 Chengdu 第一城店 Office 1,155 Thu 938 Sat 2
40 Chengdu 威登酒店店 Hotel 231 Fri 150 Sun 2
41 Tianjin 空港商务园东区店 Transportation 312 Fri 2
42 Nanjing 天泽星网大厦店 Office 213 Wed 74 Sat 2
43 Xiamen 台商会馆店 Office 152 Sat 2
44 Chongqing 创汇首座店 Office 159 Fri 116 PH 2
45 Nanjing 喜马拉雅中心店 Office 216 Thu 2
46 Shanghai 禹州蓝爵店 Office 206 Tue 1
47 Guangzhou 银汇大厦店 Office 140 Tue 113 Sat 1
48 Shenzhen 朗诗大厦店 Office 308 Tue 69 Sat 2
49 Xiamen 雀氏财富中心店 Office 271 Mon 2
50 Chongqing SFC协信中心店 Office 302 Thu 142 Sun 2
51 Shanghai 东方环球中心店 Office 278 Tue 177 Sun 2
52 Chengdu 布鲁明顿广场店 Office 243 Fri 2
53 Chengdu 华宇美乐街店 Residential 351 Thu 268 Sat 2
54 Nanjing 天安数码城店 Office 200 Tue 94 Sat 2
55 Tianjin 创新大厦店 Office 273 Thu 146 Sun 2
56 Shenzhen 未来科技体验中心店 Office 514 Wed 2
57 Shenzhen 荣超滨海大厦店 Office 156 Thu 1
58 Chongqing 精信中心店 Office 191 Thu 52 Sat 1
59 Guangzhou 同乐汇店 Mall 425 Thu 2
60 Chengdu 西部国际金融中心店 Mall 455 Thu 230 Sun 2
61 Nanjing 苏宁慧谷店 Office 244 Fri 2
62 Nanjing 无为创意园店 Office 47 Fri 36 Sat 1
63 Beijing 凯富大厦店 Office 179 Fri 32 PH 2
64 Xiamen 海富中心B座店 Office 96 Fri 108 Sat 2
65 Beijing 中关村软件园12号楼店 Office 139 Wed 1
66 Shanghai 歌斐中心店 Office 746 Fri 456 Sat 2
67 Shenzhen 中深国际大厦店 Office 82 Tue 67 Sat 1
68 Tianjin 天辰大厦店 Office 188 Wed 143 Sat 2
69 Tianjin 海泰信息广场店 Office 269 Thu 2
70 Shenzhen 鹏基商务时空大厦店 Office 304 Fri 212 Sat 2
71 Shanghai 浦江国际广场店 Office 348 Tue 64 PH 2
72 Chongqing 太平洋广场店 Office 148 Fri 59 Sat 1
73 Hangzhou 杭州万通中心店 Office 235 Fri 223 Sun 2
74 Chengdu 天合凯旋广场店 Office 176 Wed 1
75 Shenzhen 国际商会大厦店 Office 162 Sat 2
76 Jinan 银荷大厦店 Office 213 Wed 2
77 Guangzhou 富力盈泰店 Office 252 Tue 72 Sat 1
78 Chengdu 绿地之窗店 Office 278 Wed 135 Sat 1
8
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
79 Guangzhou 耀中广场店 Office 853 Wed 2
80 Wuhan 光谷创客星店 Office 363 Mon 2
81 Shanghai 全华信息大厦店 Office 466 Mon 98 Sun 2
82 Shenzhen 创凌通店 Office 488 Fri 2
83 Shenzhen 天汇大厦店 Office 196 Mon 75 PH 2
84 Shenzhen 国人通信店 Office 266 Thu 86 Sat 1
85 Shenzhen 龙光世纪大厦店 Office 495 Tue 2
86 Shenzhen 华能大厦店 Office 336 Thu 124 Sun 2
87 Beijing 京铁和园泛悦坊店 Mall 172 Thu 271 PH 2
88 Shenzhen 海王银河大厦店 Office 266 Tue 116 Sat 1
89 Beijing 柳芳金泰大厦店 Office 165 Tue 2
90 Beijing 立方庭大厦店 Office 121 Fri 192 Sun 2
91 Beijing 东直门枢纽店 Mall 481 Tue 343 PH 2
92 Beijing 博达高科技大厦店 Office 180 Tue 66 Sat 1
93 Nanjing 河西万达西地二街区店 Mall 315 Fri 460 Sat 2
94 Shanghai 维璟广场店 Mall 372 Thu 443 Sun 2
95 Shanghai 绿地尚悦湾店 Mall 288 Wed 2
96 Nanjing J6软件园店 Office 57 Fri 35 Sat 1
97 Chongqing 中国人保寿险大厦店 Office 433 Thu 128 Sun 2
98 Tianjin 贻航国际店 Office 163 Thu 60 Sat 1
99 Guangzhou 高盛大厦店 Office 412 Thu 168 PH 2
100 Guangzhou 财智大厦店 Office 373 Wed 2
101 Guangzhou 番山创业中心店 Office 71 Fri 90 Sat 1
102 Guangzhou 方圆E时光店 Office 531 Tue 194 Sat 2
103 Tianjin 青林大厦店 Office 266 Mon 174 Sat 2
104 Beijing 通盈中心店 Mall 207 Fri 131 Sun 2
105 Chengdu 金牛万达A座店 Office 64 Mon 1
106 Wuhan 正堂时代店 Office 188 Fri 128 Sun 2
107 Tianjin 燕赵大厦店 Office 146 Wed 78 Sat 2
108 Shenzhen 苍松大厦店 Office 332 Wed 80 Sun 2
109 Wuhan 汉阳人信汇店 Office 421 Wed 457 PH 2
110 Jinan 八一银座店 Office 129 Mon 2
111 Chengdu 创世纪广场店 Office 103 Wed 1
112 Fuzhou 恒力创富中心店 Office 304 Fri 2
113 Nanjing 品硕广场店 Mall 137 Thu 2
114 Shanghai 世纪金融广场店 Office 633 Thu 101 Sun 2
115 Chengdu 节能大厦店 Office 204 Thu 2
116 Wuhan 南国西汇城市广场店 Mall 215 Thu 2
117 Beijing 花家地北里店 Residential 442 Thu 2
118 Shanghai 鸿海大厦店 Office 176 Tue 216 Sat 2
119 Chongqing 信达国际店 Office 138 Mon 1
120 Beijing 世贸天阶店 Mall 252 Tue 287 PH 2
121 Tianjin 时代奥城店 Mall 298 Mon 2
122 Beijing 新奥工美店 Transportation 413 Thu 307 PH 2
123 Chongqing 腾讯众创空间大厦店 Office 371 Tue 120 PH 2
124 Nanjing 南京绿地之窗店 Office 258 Tue 145 Sat 2
125 Beijing 华滨国际大酒店店 Hotel 107 Sun 2
126 Chongqing 东原ARC店 Office 221 Tue 202 PH 2
127 Guangzhou 平安大厦店 Office 444 Mon 164 PH 2
128 Nanjing 中泰国际大厦店 Office 162 Sat 2
129 Tianjin 宝利国际店 Office 68 Mon 32 Sat 2
130 Shanghai 绿地金桥太茂店 Mall 335 Fri 555 Sun 2
131 Shenzhen 来福士广场店 Mall 404 Mon 507 Sat 2
132 Shenzhen 东门中心城店 Mall 350 Fri 189 Sat 2
133 Shenzhen 航盛科技大厦店 Office 312 Thu 49 Sun 2
134 Shenzhen 西部硅谷店 Office 242 Thu 143 Sun 2
135 Beijing 星火科技大厦店 Office 294 Wed 2
136 Chongqing 仁安龙城国际店 Residential 357 Fri 2
137 Chongqing 东原中心店 Office 411 Tue 399 Sun 2
138 Beijing 富卓大厦店 Mall 208 Mon 94 Sat 2
139 Chengdu 中航国际交流中心店 Office 371 Fri 2
140 Beijing 自由创业社区店 Office 303 Fri 256 Sat 2
141 Chongqing 数码大厦店 Office 196 Wed 2
142 Beijing 中关村创业公社店 Office 535 Thu 244 Sat 2
143 Wuhan 创立方店 Office 272 Fri 221 Sat 2
144 Shanghai 建工汇豪大厦店 Office 244 Thu 98 Sat 2
145 Wuhan 武汉国际会展中心店 Mall 357 Mon 384 Sat 2
146 Shenzhen 耀华创建大厦店 Office 289 Fri 2
147 Shenzhen 新华保险大厦店 Office 350 Wed 67 PH 2
148 Wuhan 创意天地11号楼店 Office 108 Thu 66 Sat 1
149 Beijing 华荣公寓店 Residential 769 Mon 212 Sun 2
150 Jinan 中润财富中心店 Mall 47 Tue 80 Sat 2
151 Beijing 创立方自空间店 Office 234 Sat 2
152 Guangzhou 广州城建大厦店 Office 386 Tue 155 Sat 2
153 Hangzhou 海蓝财富中心店 Office 196 Wed 136 Sat 2
154 Fuzhou 宏利大厦店 Office 178 Fri 120 Sat 2
155 Wuhan 光谷K11店 Mall 454 Mon 2
156 Beijing 国教宾馆店 Hotel 276 Sun 2
9
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
157 Chongqing 中渝国宾城店 Mall 423 Tue 286 Sun 2
158 Guangzhou 名汇广场店 Office 295 Tue 378 Sat 2
159 Shanghai 雅克红房子店 Residential 366 Thu 238 Sat 2
160 Guangzhou 龙泽商业大厦店 Office 156 Mon 59 Sat 1
161 Beijing 宏福大道店 Mall 201 Thu 2
162 Shenzhen 科陆大厦店 Office 304 Mon 74 PH 2
163 Chengdu 赛格广场店 Office 246 Thu 264 Sat 2
164 Hangzhou 湖滨银泰店 Office 398 Tue 2
165 Chengdu 云龙大厦店 Office 253 Thu 161 Sat 2
166 Beijing 中国人保办公楼店 Office 428 Fri -
167 Beijing 望京凯德MALL店 Mall 294 Mon 2
168 Chengdu 丰尚商务港店 Office 241 Fri 198 Sun 2
169 Guangzhou 汇龙科技园店 Office 269 Mon 131 Sun 2
170 Jinan 黄金时代广场店 Office 210 Tue 90 Sat 1
171 Wuhan 绿地国博财富中心店 Office 107 Wed 2
172 Chongqing 华润万象里店 Residential 548 Mon 2
173 Beijing 中骏世界城店 Mall 136 Fri 48 PH 2
174 Beijing 北工大学生服务中心店 School 252 Tue 181 Sat 2
175 Tianjin 汇城广场店 Office 184 Fri 2
176 Guangzhou 颐和商务店 Hotel 202 Tue 75 PH 2
177 Beijing 绿城北京诚园店 Residential 208 Wed 205 Sun 2
178 Wuhan 凯德广场T1写字楼店 Office 182 Wed 2
179 Chongqing 重庆财富中心店 Mall 271 Mon 242 PH 2
180 Tianjin 科技金融大厦店 Office 115 Tue 1
181 Shenzhen 财富港大厦店 Office 554 Fri 435 Sat 2
182 Beijing 龙湖天街店 Mall 380 Fri 570 Sat 2
183 Chongqing 贝蒙盘古店 Office 58 Tue 31 Sat 1
184 Shanghai 上外思索店 School 206 PH 2
185 Shenzhen 皇庭广场店 Mall 343 Fri 2
186 Guangzhou 龙威广场店 Office 225 Wed 135 Sat 2
187 Beijing 电子城科技大厦店 Office 213 Fri 35 Sat 1
188 Chongqing 协信总部城店 Office 240 Fri 205 Sun 2
189 Jinan 银座晶都国际店 Office 154 Mon 2
190 Chongqing 世纪财富星座店 Office 101 Mon 116 Sat 1
191 Shanghai 创智源店 Transportation 552 Fri 613 Sat 2
192 Shanghai 如意智慧酒店店 Hotel 186 Fri 141 Sun 2
193 Guangzhou 广州大学城信息枢纽楼店 School 456 Tue 431 PH 2
194 Beijing 泰兴大厦店 Office 621 Wed 453 Sat 2
195 Chongqing 南开步行街店 School 581 Mon 792 Sat 2
196 Chongqing 万友康年大酒店店 Hotel 244 Wed 2
197 Shanghai 港泰广场店 Office 192 Sat 2
198 Nanjing 江苏饭店店 Hotel 293 Thu 206 Sun 2
199 Nanjing 悦动新门西店 Office 166 Wed 121 Sat 1
200 Nanjing 凤凰广场店 Mall 294 Mon 508 Sat 2
201 Chengdu 群光广场店 Mall 533 Fri 637 Sun 2
202 Xi'an 新加坡腾飞科汇城店 Residential 237 Thu 1
203 Beijing 龙域中心店 Office 343 Sun 2
204 Beijing 银座和谐广场店 Mall 590 PH 2
205 Shanghai 立信学院店 School 308 Mon 58 PH 2
206 Hangzhou 城发天地店 Office 222 Tue 187 Sun 2
207 Xi'an 云汇谷C2店 Office 160 Thu 1
208 Beijing 广渠金茂府店 Residential 253 Tue 162 Sun 2
209 Xi'an 国家电子商务示范基地店 Office 249 Thu 1
210 Chengdu 中信银行锦绣店 Office 210 Thu 103 Sat 2
211 Shenzhen 大运软件小镇店 Office 126 Thu 121 Sat 2
212 Nanjing 南岸瑞智创意园店 Office 210 Fri 2
213 Tianjin 仁恒置地广场店 Mall 156 Fri 65 Sat 2
214 Beijing 朝林广场店 Office 179 Sun 2
215 Shanghai 骏利财富大厦店 Office 456 Sat 2
216 Beijing 君太百货店 Mall 609 Fri 667 Sun 2
217 Shenzhen 智恒产业园店 Office 192 Fri 2
218 Beijing 京信大厦店 Office 236 Tue 65 PH 2
219 Chongqing 龙湖源著店 Office 332 Mon 2
220 Shanghai 中骏广场店 Office 394 Thu 191 Sun 2
221 Guangzhou 流花君庭店 Residential 305 Thu 242 Sat 2
222 Beijing 新燕莎金街购物广场店 Mall 378 Mon 2
223 Xi'an 汇豪树中心店 Office 233 Fri 27 Sat 2
224 Tianjin 嘉里汇店 Mall 252 Thu 329 Sun 2
225 Tianjin 海河大观店 Residential 232 Fri 2
226 Changsha 盛大金禧国际金融中心店 Office 168 Tue 1
227 Tianjin 融侨中心店 Office 233 Mon 120 Sun 2
228 Chengdu 花园城酒店店 Hotel 331 Fri 163 Sat 2
229 Guangzhou 富力东山新天地店 Office 213 Sat 2
230 Ningbo 汇银国际店 Office 198 Mon 48 Sat 2
231 Xi'an 曲江创客大街店 Office 368 Mon 193 Sun 2
232 Chengdu 保利商业街店 Office 309 Fri 165 Sun 2
233 Beijing 银河SOHO-D座店 Office 221 Tue 1
234 Zhengzhou 绿地峰会天下店 Office 121 Tue 82 Sat 1
10
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
235 Xi'an 西安财富中心店 Office 331 Tue 2
236 Guangzhou 天伦控股大厦店 Office 230 Thu 34 Sat 2
237 Ningbo 创意设计大厦店 Office 143 Wed 1
238 Shanghai 延安西路店 Transportation 485 Wed 357 Sat 2
239 Zhengzhou 雅宝国际广场店 Office 142 Thu 80 Sat 1
240 Changsha 开福万达广场店 Mall 177 Fri 2
241 Zhengzhou 京莎国际广场店 Office 219 Tue 151 Sat 2
242 Ningbo 和丰创意广场店 Office 217 Fri 2
243 Qingdao 广发金融大厦店 Office 137 Tue 143 Sun 2
244 Qingdao 金孚大厦店 Office 102 Mon 75 Sat 1
245 Zhengzhou 硅谷广场店 Office 309 Tue 286 Sat 2
246 Qingdao 奥克斯广场店 Mall 378 Wed 548 Sun 2
247 Suzhou 尼盛尚品汇店 Mall 168 Tue 123 Sun 2
248 Nanjing 兰德地理信息产业园店 Office 79 Wed 46 Sat 1
249 Guangzhou 粤科装备园店 Office 99 Mon 53 Sat 1
250 Beijing 新城市广场店 Mall 262 Sat 2
251 Changsha 古汉国际店 Mall 163 Sun 2
252 Changsha 顺天国际店 Office 288 Wed 2
253 Wuxi 融智大厦店 Office 152 Fri 42 Sun 2
254 Suzhou 中衡设计大厦店 Office 264 Wed 2
255 Shanghai 张江集电港店 Office 465 Fri 94 Sun 2
256 Guangzhou 联合广场店 Office 96 Fri 85 Sat 1
257 Hangzhou 海华广场店 Office 137 Sat 2
258 Ningbo 鄞州商会大厦店 Office 184 Tue 83 Sat 1
259 Zhengzhou 永和国际店 Office 50 Mon 30 PH 2
260 Ningbo 中物科技园店 Office 101 Mon 73 Sat 1
261 Suzhou 金鹰国际购物中心店 Mall 164 Mon 387 Sat 2
262 Shenzhen 金运世纪大厦店 Office 55 Sun 2
263 Zhengzhou 锦艺城购物中心店 Mall 307 Mon 2
264 Chongqing 高科财富园店 Office 215 Fri 1
265 Shanghai 由度空间店 Office 186 Fri 23 Sat 1
266 Guangzhou M+创工场店 Office 417 Fri 2
267 Tianjin IN城市天海广场店 Mall 86 Mon 75 Sun 2
268 Chengdu 峰汇中心店 Office 206 Fri 1
269 Suzhou 坤元广场店 Mall 103 Tue 157 Sun 2
270 Changsha 德思勤城市广场店 Residential 261 Sat 2
271 Qingdao 丽达绿城店 Office 123 Wed 166 Sat 2
272 Suzhou 世茂生活广场店 Office 234 Mon 231 Sat 2
273 Beijing 远中悦来店 Office 477 Wed 222 Sun 2
274 Jinan 汇隆广场店 Mall 140 Mon 167 Sat 2
275 Zhengzhou 郑东商业中心B座店 Mall 126 Thu 1
276 Qingdao 中天恒商务大厦店 Office 164 Tue 86 Sun 2
277 Xi'an 东方大酒店店 Hotel 502 Fri 370 Sun 2
278 Wuhan 华新大厦店 Office 129 Wed 2
279 Wuhan 汉口火车站店 Transportation 123 Thu 101 Sat 2
280 Jinan K88名泉广场店 Office 171 Tue 2
281 Chongqing SM广场店 Mall 191 Thu 336 Sat 2
282 Tianjin 联东u谷产业园店 Office 101 Mon 96 Sat 2
283 Guangzhou 马务联合工业园店 Office 228 Tue 165 Sat 2
284 Chongqing 企业天地2号楼店 Office 239 Tue 2
285 Chongqing 海宇温泉大酒店店 Hotel 135 Fri 2
286 Qingdao 崂山湾大厦店 Office 129 Thu 1
287 Shanghai 国华人寿金融大厦店 Office 375 Wed 34 PH 2
288 Shanghai 建滔广场店 Office 201 Fri 1
289 Xi'an 西安发展大厦店 Office 68 Tue 30 Sat 1
290 Dalian 大连软件园9号楼店 Office 420 Fri 2
291 Dalian 科技创新大厦店 Office 72 Mon 1
292 Wuhan 星光国际店 Residential 171 Sat 2
293 Wuxi 深港天地店 Office 127 Mon 1
294 Xi'an 新世纪大厦店 Office 53 Thu 104 Sat 1
295 Tianjin 中关村e谷店 Office 88 Wed 86 Sat 1
296 Wuhan 大洋百货中山店 Mall 644 Tue 476 Sat 2
297 Beijing 绿地自由港店 Residential 50 Mon 34 Sat 1
298 Guangzhou 羊城同创汇店 Office 395 Tue 252 Sun 2
299 Wuhan 金融港店 Office 347 Mon 129 Sun 2
300 Beijing 远洋新干线店 Office 395 Fri 121 Sat 2
301 Tianjin 天河城店 Mall 327 Mon 497 Sat 2
302 Zhengzhou 宏光协和广场店 Office 47 Thu 1
303 Zhengzhou 丹尼斯三天地店 Office 125 Thu 196 Sat 2
304 Guangzhou 嘉星广场店 Office 152 Thu 1
305 Chongqing 永辉生活广场店 Mall 254 Tue 202 PH 2
306 Shanghai 老西门base店 Hotel 229 Tue 117 Sat 1
307 Shanghai 燎申虹桥国际中心店 Office 380 Tue 2
308 Nanjing 美利广场店 Mall 305 Sat 2
309 Wuxi 晶石国际中心店 Hotel 202 Wed 119 Sat 2
310 Suzhou 广融大厦店 Office 163 Tue 84 Sun 2
311 Shanghai 创邑老码头店 Office 500 Thu 2
312 Qingdao 青岛万科中心店 Office 217 Thu 221 Sun 2
11
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
313 Suzhou 克拉公馆店 Residential 152 Wed 147 Sat 2
314 Xi'an 汇诚国际店 Office 251 Tue 122 Sun 2
315 Qingdao 海尔云街店 Mall 85 Tue 2
316 Shenzhen 华强电子世界店 Mall 443 Wed 410 Sun 2
317 Shanghai 慧谷创业大厦店 Office 351 Mon 2
318 Wuhan 同济医学院店 School 476 Mon 379 PH 2
319 Wuxi 利华广场店 Office 182 Sun 2
320 Beijing 艾迪城中心店 Transportation 308 Wed 257 Sat 2
321 Dalian 长江广场店 Office 58 Mon 1
322 Shenzhen 蛇口邮轮中心店 Transportation 126 Tue 208 Sat 2
323 Ningbo 金盛中心店 Office 102 Tue 59 Sat 1
324 Beijing 恒安大厦店 Office 372 Thu 237 Sun 2
325 Hangzhou 民企发展大厦店 Office 188 Wed 2
326 Shanghai base城市社区苏河店 Hotel 176 Thu 2
327 Qingdao 华银大厦店 Office 220 Wed 102 Sun 2
328 Changsha 浦发金融大厦店 Office 223 Tue 131 Sun 2
329 Beijing 崇文新世界百货店 Mall 385 Tue 492 Sat 2
330 Xi'an 金鑫国际店 Office 188 Fri 118 Sun 2
331 Tianjin 桂发祥食品广场店 Mall 177 Fri 174 Sat 2
332 Zhengzhou 永和国际广场店 Office 253 Wed 2
333 Suzhou 观前1号购物中心店 Mall 201 Wed 580 Sun 2
334 Xi'an 曼蒂广场店 Mall 215 Fri 249 PH 2
335 Suzhou 世界贸易中心店 Office 247 Tue 131 Sun 2
336 Shanghai 中金国际广场店 Office 206 Wed 169 Sat 2
337 Xi'an 红星美凯龙龙首店 Mall 155 Tue 170 Sun 2
338 Chengdu 出版大厦店 Office 354 Wed 291 Sat 2
339 Suzhou 锐晶大厦店 Office 87 Mon 66 Sat 1
340 Chengdu 卧龙晓城店 Residential 199 Tue 144 Sat 2
341 Zhengzhou 国家大学科技园店 School 130 Wed 1
342 Qingdao 万科科技创新大厦店 Office 203 Mon 2
343 Xi'an 国家数字出版基地店 Office 206 Thu 2
344 Changsha 凯旋国际店 Transportation 180 Sat 2
345 Suzhou 苏州龙湖时代100店 Office 179 Wed 2
346 Hangzhou 新时代互联广场店 Office 69 Tue 1
347 Shanghai 晨讯科技大楼店 Office 557 Thu 2
348 Beijing 王府井银泰in88店 Mall 274 Tue 254 Sun 2
349 Suzhou 天虹CC店 Mall 292 Mon 327 Sat 2
350 Beijing 北京富力广场店-3F Mall 258 Tue 115 Sat 2
351 Guangzhou 富力盈信店 Office 504 Fri 99 Sun 2
352 Wuhan 菱角湖壹号店 Mall 220 PH 2
353 Zhengzhou 裕达国贸店 Office 251 Tue 2
354 Zhengzhou 大商中原新城店 Mall 355 Thu 2
355 Beijing 峻峰华亭店 Office 298 Thu 196 Sat 2
356 Hangzhou 东方科技城店 Office 136 Fri 57 Sat 1
357 Shanghai 阿里中心店 Office 78 Sat 2
358 Shanghai 金赢108创意园店 Office 481 Thu 332 PH 2
359 Shanghai 壹丰广场店 Mall 364 Tue 229 Sat 2
360 Wuxi K-park3号楼店 Office 136 Fri 1
361 Chongqing 石桥广场店 Mall 277 Fri 316 Sun 2
362 Chongqing 渝能明日城市广场店 Mall 364 Thu 2
363 Chongqing 康德国际店 Office 221 Tue 1
364 Tianjin 格调绮园店 Residential 74 Tue 1
365 Shanghai 香溢花城店 Residential 211 Thu 285 Sun 2
366 Guangzhou 汇丰大厦店 Office 466 Fri 2
367 Chongqing 美源美源店 Office 86 Mon 1
368 Jinan 华强广场店 Office 225 Wed 169 Sat 1
369 Tianjin 新世界百货南开店 Mall 210 Fri 283 Sat 2
370 Dalian 佳兆业广场店 Mall 100 Fri 2
371 Chongqing 星耀天地店 Office 187 Wed 1
372 Shanghai 宝燕商城虹中路店 Mall 293 Thu 246 Sat 2
373 Beijing 嘉盛中心店 Office 443 Thu 91 PH 2
374 Xi'an 海景酒店店 Hotel 259 Mon 146 Sun 2
375 Chongqing 重庆村1号店 Office 378 Mon 141 PH 2
376 Chongqing 融创金贸时代店 Office 513 Tue 2
377 Beijing 富顿中心店 Office 522 Thu 2
378 Xi'an 新兴广场店 Mall 208 Thu 233 PH 2
379 Chengdu 成都新城市广场店 Mall 305 Fri 297 Sun 2
380 Jinan 舜井淳和数码广场店 Office 135 Fri 176 Sat 2
381 Qingdao 蓝湾创意园店 Office 84 Fri 42 Sat 1
382 Xi'an 钟楼海林大厦店 Office 231 Fri 239 Sat 2
383 Shanghai 上海中兴和泰酒店店 Hotel 153 Mon 109 Sat 1
384 Shanghai 绿地静安柒彩里店 Residential 341 Tue 220 Sat 2
385 Chengdu 保利双子塔店 Office 156 Sat 2
386 Shanghai 联峰汇大厦店 Office 241 Thu 1
387 Yangzhou 华懋购物中心店 Mall 397 Fri 2
388 Chongqing 中迪广场店 Mall 471 Tue 2
389 Shanghai 金虹桥店 Mall 576 Thu 459 Sun 2
390 Ningbo 天一广场店 Mall 486 Wed 2
12
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
391 Zhengzhou 千玺广场店 Office 149 Tue 2
392 Suzhou 万融国际大厦店 Office 162 Mon 89 Sun 2
393 Beijing 国安宾馆店 Hotel 165 Tue 70 Sat 1
394 Changsha 达美D6店 Mall 117 Wed 130 Sun 2
395 Chongqing 仁悦天地店 Mall 248 Wed 319 Sun 2
396 Dongguan 希尔顿广场店 Mall 171 PH 2
397 Tianjin 海珠大厦店 Office 108 Thu 37 Sat 1
398 Ningbo 银亿时代广场店 Office 178 Fri 90 Sun 2
399 Wuhan 未来科技城店 Office 262 Wed 2
400 Beijing 中海紫御公馆店 Residential 227 Tue 2
401 Tianjin 熙悦汇购物中心店 Mall 294 Fri 359 Sat 2
402 Dalian 现代服务业大厦店 Office 295 Wed 262 Sat 2
403 Shanghai 办伴办公空间耀江店 Office 129 Fri -
404 Qingdao 青岛世贸中心店 Office 127 Wed 74 Sat 1
405 Nanjing 江苏商厦店 Mall 336 Wed 324 Sat 2
406 Tianjin 泰达华润万家店 Mall 253 Thu 2
407 Shenzhen 喜年中心大厦店 Office 126 Tue 40 Sat 1
408 Shenzhen 健兴科技大厦店 Office 291 Fri 165 Sun 2
409 Guangzhou 保利威座北塔店 Office 204 Fri 58 Sat 1
410 Ningbo 中国人寿大厦店 Office 191 Mon 50 Sat 1
411 Xi'an 奥林匹克大厦店 Office 106 Mon 2
412 Xi'an 保利中达广场店 Office 174 Mon 2
413 Chengdu 成都新世界百货店 Mall 119 Fri 132 Sat 2
414 Wuhan 雅斯特酒店店 Hotel 231 Mon 2
415 Zhengzhou 郑州大学高新区校园店 School 531 Tue 531 Sat 2
416 Shanghai 裕景国际店 Office 506 Mon 190 Sat 2
417 Shenzhen 荣德国际店 Residential 129 Fri 2
418 Nanjing 苏宁环球大厦店 Office 180 Mon 1
419 Shanghai 万宝国际商务中心店 Office 181 Tue -
420 Shanghai 古北1699店 Office 274 Tue 215 Sat 2
421 Dongguan 东莞天安数码城店 Office 238 Fri 190 Sat 2
422 Ningbo 高鑫广场店 Mall 356 Tue 2
423 Wuhan 武汉天地店 Mall 306 Fri 2
424 Kunming 润城第二大道店 Office 255 Fri 2
425 Yangzhou 京华城店 Mall 292 Thu 459 Sat 2
426 Xi'an 北大街交通枢纽店 Transportation 405 Fri 2
427 Yangzhou 声谷产业园店 Office 183 Thu 168 Sat 2
428 Dalian 赛伯乐大厦店 Office 72 Fri 20 Sat 1
429 Qingdao 石油大厦店 Office 61 Fri 1
430 Xi'an 芙蓉新天地店 Mall 245 Fri 342 Sun 2
431 Xi'an 西安群光广场店 Mall 132 Tue 134 PH 2
432 Xi'an 电信广场店 Office 147 Thu 81 PH 2
433 Nanchang 丽华购物广场店 Mall 242 Sat 2
434 Shijiazhuang 北国商城店 Mall 492 Wed 531 Sun 2
435 Shijiazhuang 益东百货店 Mall 170 Fri 187 Sun 2
436 Hefei 万科中心美好荟店 Mall 168 Wed 2
437 Nanchang 云中城店 Office 90 Sun 2
438 Nantong 金融汇店 Office 223 Wed 149 Sat 2
439 Hangzhou 南北商务港店 Office 219 Fri 233 Sun 2
440 Nanchang 南昌国际金融中心店 Office 213 Wed 115 Sat 2
441 Kunming 瑞鼎城购物公园店 Mall 219 Fri 260 Sat 2
442 Nantong 文峰城市广场店 Mall 168 Thu 214 Sat 2
443 Nantong 国际贸易中心店 Office 115 Wed 68 Sat 2
444 Wenzhou 坚士大厦店 Office 114 Wed 89 Sat 2
445 Changzhou 浩源大厦店 Office 146 Wed 111 Sat 2
446 Zhuhai 珠海奥园广场店 Mall 271 Fri 446 PH 2
447 Shenyang 北方国际传媒中心店 Office 392 Tue 258 Sun 2
448 Kunming 金鹰购物广场店 Mall 282 Tue 2
449 Changzhou 天宁时代广场店 Office 222 Fri 188 Sat 2
450 Wenzhou 广信大厦店 Office 142 Thu 2
451 Yangzhou 智谷科技店 Office 174 Fri 2
452 Nanjing 北京东路兰园店 Mall 186 Fri 2
453 Changzhou 常州金城大厦店 Office 267 Fri 156 Sat 2
454 Guiyang 神奇大酒店店 Hotel 252 Sat 2
455 Qingdao 悦荟广场店 Mall 135 Tue 210 Sat 2
456 Shanghai 航运科研大厦店 Office 343 Mon 183 Sun 2
457 Shenyang 卓越大厦店 Office 224 Mon 2
458 Kunming 西城中心店 Office 166 Fri 2
459 Hefei 国购广场店-2F Mall 349 Tue 2
460 Shanghai 中展璞荟店 Mall 243 Fri 354 Sat 2
461 Xi'an 蓝海风中心店 Mall 220 Wed 236 PH 2
462 Nantong 中南城购物中心店 Mall 274 Thu 2
463 Shanghai 二十一世纪大厦店 Office 125 Sat 2
464 Tianjin 泰达大厦店 Office 229 Thu 81 Sun 2
465 Wuhan 能源大厦店 Office 91 Fri 40 Sat 1
466 Ningbo 世纪东方广场店 Mall 434 Fri 2
467 Wenzhou 创荣商业广场店 Mall 74 Wed 2
468 Dongguan 第一国际财富中心店 Mall 338 Mon 413 PH 2
13
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
469 Kunming 沃力空间店 Office 95 Tue 48 Sat 2
470 Kunming 绿地汇海大厦店 Office 117 Wed 124 Sat 2
471 Nanjing 万谷京东云智慧产业园店 Office 88 Mon 1
472 Dalian 三丰大厦店 Office 187 Fri 2
473 Chengdu 西南交通大学店 School 233 Tue 2
474 Nanjing 垠坤创意中央店 Office 187 Thu 2
475 Hangzhou 华润万家德胜店 Mall 98 Wed 2
476 Beijing 中海广场店 Office 252 Fri 24 Sat 1
477 Shanghai 海螺大厦店 Office 186 Mon 65 Sat 1
478 Beijing 星科大厦店 Office 465 Thu 56 Sun 2
479 Zhuhai 港湾1号店 Office 211 Sun 2
480 Shenzhen 深圳信息学院店 School 453 Fri 2
481 Foshan 佛山发展大厦店 Office 266 Sat 2
482 Yangzhou 万家福商城店 Mall 213 Thu 244 Sat 2
483 Zhenjiang 苏宁广场店 Mall 363 Mon 396 Sat 2
484 Zhengzhou 信息产业大厦店 Office 117 Mon 2
485 Shanghai 思南公馆·网易云音乐主题店 Residential 407 Mon 702 PH 2
486 Chongqing 重庆北站店 Transportation 90 Wed 2
487 Nanjing 长江航运中心店 Office 115 Wed 56 Sat 1
488 Shijiazhuang 北国优客城市奥莱店 Mall 289 Wed 2
489 Zhuhai 正方云创园店 Office 117 PH 2
490 Beijing 金隅嘉品MALL店 Mall 216 Mon 331 Sun 2
491 Nantong 海外联谊大厦店 Office 127 Thu 1
492 Xi'an 高新水晶城店 Office 61 Wed 2
493 Ningbo 月湖新荟天地店 Residential 241 Tue 167 Sat 1
494 Xi'an 林凯国际大厦店 Office 148 Mon 91 Sun 2
495 Nanjing 河西中央商场店 Mall 130 Tue 2
496 Shanghai 虹桥万科中心店 Office 613 Mon 2
497 Wuxi 三阳广场地铁27号口店 Transportation 308 Sat 2
498 Ningbo 慧和大厦店 Office 185 Thu 121 Sun 2
499 Foshan 环球国际广场店 Office 180 Sun 2
500 Kunming 城投大厦店 Office 134 Fri 2
501 Xiamen 特房波特曼财富中心店 Office 417 Thu 68 Sun 2
502 Chongqing 四公里交通枢纽站店 Transportation 155 Thu 2
503 Nantong 绿地南通万达店 Mall 235 Fri 2
504 Xi'an 高新光华路店 Office 156 Thu 74 Sun 2
505 Suzhou 中国电信凤凰街店 Mall 186 Tue 159 Sun 2
506 Nanjing 新城国际研发总部店 Office 291 Tue 72 Sat 2
507 Changzhou 常州创意产业园店 Office 347 Thu 216 Sat 2
508 Nanchang 浦发银行大厦店 Office 91 Thu 55 Sun 2
509 Shanghai 龙之梦购物中心店 Mall 219 Thu 396 Sat 2
510 Guangzhou 中公教育大厦店 Office 261 Mon 219 Sat 2
511 Wuhan 纽宾凯鲁广国际酒店店 Hotel 147 Fri 2
512 Tianjin 天佑城店 Mall 211 Fri 260 Sat 2
513 Zhengzhou 金成时代广场店 Mall 134 Tue 2
514 Shanghai 上海南站店 Transportation 438 Mon 2
515 Yangzhou 虹桥坊店 Mall 82 Fri 90 Sat 2
516 Nanchang 南昌新城吾悦广场店 Mall 280 Tue 276 PH 2
517 Wenzhou 温州发展大厦店 Office 143 Thu 2
518 Yangzhou 公元国际大厦店 Office 135 Fri 2
519 Nanchang 江西师范大学瑶湖校区店 School 257 Thu 2
520 Nanchang 699优创空间店 Office 121 Thu 150 Sun 2
521 Nanchang 新建中心店 Mall 100 Thu 105 PH 2
522 Nantong 国际青创园店 Office 102 Wed 78 Sat 2
523 Shenyang 铁西长峰中心店 Office 191 Wed 2
524 Xi'an 中国人保陕西金融大厦店 Office 120 Wed 2
525 Shijiazhuang 物联网大厦店 Office 76 Sat 2
526 Hefei 商之都中心广场店 Mall 266 Sat 2
527 Shijiazhuang 长江道壹号店 Office 38 Thu 30 Sat 1
528 Shenzhen 中科大厦店 Office 298 Fri 106 Sat 2
529 Zhongshan 悦盈新城店 Mall 194 Thu 2
530 Xi'an 益田假日世界店 Mall 147 Thu 222 Sat 2
531 Shenyang 天润广场店 Mall 37 Tue 74 Sat 2
532 Changzhou 万博广场店 Mall 238 Fri 218 Sat 2
533 Kunming 昆明万达百货店 Mall 182 Thu 183 Sat 2
534 Xi'an 西安王府井百货店 Mall 779 Mon 826 Sat 2
535 Chongqing 绿色星球动物主题公园店 Mall 148 Thu 2
536 Qingdao 中铁青岛广场店 Office 66 Thu 1
537 Guangzhou 东峻广场店 Office 380 Tue 169 Sun 2
538 Dalian 大连中国人寿大厦店 Office 108 Fri 1
539 Guangzhou 中大科技园店 Office 397 Wed 249 Sun 2
540 Wenzhou 时尚港购物中心店 Mall 59 Thu 55 Sat 2
541 Taiyuan 美特好丽华苑店 Office 51 Sun 2
542 Changzhou 迪诺水镇店 Office 142 Fri 98 Sat 2
543 Shanghai 绿地和创大厦店 Office 317 Wed 2
544 Hefei 港澳广场购物中心店 Mall 341 Sat 2
545 Changzhou 银河湾数码城店 Office 189 Thu 206 Sat 2
546 Beijing 建外SOHO西区15号楼店 Residential 338 Fri 2
14
Note: PH: Public Holiday
Source: Offline footage tracking
Week day Weekend Day Operating days
# Store ID City Store Name Location order count Day Hours order count Day Hours on Weekends
547 Nanchang 永生璞琚概念酒店店 Hotel 89 Tue 76 Sat 1
548 Chengdu 百伦广场店 Mall 151 Tue 2
549 Changsha 弘坤花样汇店 Mall 132 Fri 247 Sat 2
550 Zhongshan 中山保利国际广场店 Mall 197 Tue 2
551 Wuhan 武胜路凯德广场店 Mall 394 Wed 511 Sat 2
552 Zhengzhou 正弘中心店 Office 209 Tue 241 Sun 2
553 Hefei 天玥中心店 Mall 247 Sun 2
554 Suzhou 苏州龙湖天街购物广场店 Mall 191 Thu 2
555 Zhenjiang 国投商务广场店 Office 61 Sat 2
556 Wenzhou 世纪丰盛大厦店 Office 159 Wed 173 Sat 2
557 Hefei 国购广场店-B1 Mall 257 Tue 2
558 Kunming 云南民族大学店 School 60 Fri 2
559 Zhengzhou 银基王朝店 Residential 192 Mon 157 Sun 2
560 Nantong 新瑞大厦店 Office 182 Fri 182 Sat 2
561 Wenzhou 新桥电信店 Residential 152 Fri 2
562 Qingdao 青岛科技大学崂山校区店 School 116 Fri 2
563 Nantong 奥邦城市广场店 Mall 223 Fri 2
564 Wenzhou 麦麦文化创意园店 Office 166 Fri 2
565 Shanghai MOREMEE购物中心店 Mall 170 Sat 2
566 Shenzhen 勤诚达大厦店 Mall 307 Mon 349 Sat 2
567 Hefei 置地创新中心店 Office 95 Wed 2
568 Dalian 凯伦国际大厦店 Office 172 Thu 2
569 Chongqing 泽科星泽汇店 Mall 207 Mon 317 Sun 2
570 Wuhan 武汉摩尔城店 Mall 409 Thu 637 Sun 2
571 Xiamen 厦门轮渡店 Transportation 173 Wed 2
572 Shijiazhuang 中恒大厦店 Office 86 Fri 49 Sat 1
573 Zhenjiang 睿泰产业园店 Office 241 Tue 1
574 Shijiazhuang 筑业高新国际店 Office 92 Thu 93 Sat 2
575 Shijiazhuang 新百家电城店 Mall 166 Fri 197 Sun 2
576 Shijiazhuang 天山银河广场店 Office 63 Thu 37 Sat 2
577 Wuhan 武汉国际大厦店 Office 255 Thu 186 Sat 2
578 Beijing 恒泰广场店 Mall 232 Fri 2
579 Wuhan 武商众圆广场店 Mall 387 Tue 474 Sun 2
580 Shenyang 太平洋大厦店 Office 180 Mon 78 Sat 2
581 Beijing DRC工业设计基地店 Office 244 Mon -
582 Beijing 泰康商学院店 School 153 Fri -
583 Tianjin 天津研发大厦店 Office 96 Wed 2
584 Chongqing 大洋百货店 Mall 348 Fri 379 Sun 2
585 Guangzhou 华南师范大学店 School 380 Fri 716 Sun 2
586 Guangzhou 东圃天河城百货店 Mall 241 Fri 320 PH 2
587 Guangzhou 华建大厦店 Office 229 Fri 164 Sun 2
588 Shijiazhuang 东明国际广场店 Office 174 Fri 121 Sun 2
589 Shanghai 荣广商务中心店 Office 166 Sun 2
590 Beijing 金宝汇购物中心店 Mall 247 Thu 2
591 Shenyang 星摩尔沈阳购物广场店 Mall 421 Wed 677 Sat 2
592 Suzhou 来客茂时尚生活中心店 Mall 161 Mon 2
593 Jinan 济南世茂国际广场店 Mall 199 Fri 2
594 Wuhan 中百广场江夏店 Mall 215 Tue 216 Sun 2
595 Zhuhai 迎宾广场店 Mall 205 Sun 2
596 Shanghai 上海广发大厦店 Office 154 PH 2
597 Xi'an 西安建大雁塔校区店 School 292 Wed 2
598 Chongqing 重庆建委店 Office 167 Thu 1
599 Ningbo 万里学院钱湖校区店 School 306 PH 2
600 Harbin 五六七漫天地店 Mall 242 Fri 248 Sat 2
601 Suzhou 太平金融大厦店 Office 113 Mon 82 Sun 2
602 Guiyang 国恒百货店 Mall 256 Fri 2
603 Shenyang 文峰大厦店 Office 234 Mon 2
604 Harbin 常青国际大厦店 Office 186 Fri 2
605 Yangzhou 力宝广场店 Mall 82 Thu 105 Sat 2
606 Harbin 哈尔滨永泰城店 Mall 41 Fri 2
607 Hefei 绿地赢海国际大厦店 Office 206 Wed 263 Sun 2
608 Dalian 万和汇购物广场店 Mall 178 Wed 2
609 Xiamen 杏林杏滨店 Residential 150 Fri 2
610 Harbin 中央商城店 Mall 322 Thu 2
611 Harbin 比优特购物广场店 Mall 136 Thu 2
612 Zhenjiang 梦溪广场店 Mall 130 Fri 231 Sun 2
613 Harbin 凯德埃德蒙顿路店 Mall 95 Thu 153 Sat 2
614 Xi'an 禾盛京广中心店 Office 165 Wed 2
615 Wuhan 家乐福十升店 Mall 274 Tue 328 Sun 2
616 Dalian 东财锦辉沃尔玛店 Mall 137 Thu 2
617 Harbin 九三大厦店 Office 181 Thu 81 Sat 2
618 Kunming 滇池国际会展中心店 Mall 68 Thu 2
619 Kunming 南亚风情第一城店 Mall 167 Fri 2
620 Beijing 开拓大厦店 Office 197 Thu 1
Average 251 199
Total 6, 4,
15
For each of the 981 store-days we tracked, our staff usually sits in the store with a direct line of sight to the collection counter and
counts the number of customers picking up Luckin products while recording the video. If a delivery order is picked up by
delivery personnel, we count the number of Luckin paper bags picked up by the delivery personnel, knowing that each
personnel can pick up more than one order at a time (one order could comprise more than one bag as well, so we might overcount
the number of orders). Our result No. of customers picking up Luckin’s products + No. of Luckin paper bags picked up by
delivery personnel is a good proxy for No. of orders per store per day. Multiplying the No. of orders by the items per order ,
we get the key metric to be verified – number of items per store per day.
Photo – pick up customer: we count the number of customers picking up Luckin’s products
Photo – delivery personnel: we count the number of bags picked up by them
Our tracking started from 2019 4Q. To compare the representativeness of our tracking period to Luckin’s 3Q results, we used
Luckin APP’s DAU (Daily Active User) per store as a proxy of orders per store per day in the same period. DAU is from Quest
Mobile; and although Luckin only reports quarterly store number, we got the weekly store number from articles published by
Luckin’s WeChat Official Account (it publishes the list of new stores opened weekly).
During our tracking period of 2019 4Q to Jan 2020, Luckin APP’s average DAU per store was , and Luckin’s 2019 3Q and
2019 4Q’s average DAU per store was 11% and 0% lower than that of our tracking period, respectively. Our tracking results
have a low chance of understating Luckin’s daily sales volume per store of 2019 3Q and 2019 4Q.
Source: Quest Mobile, Luckin WeChat Official Account weekly new store list
Thousand 3Q19 4Q19 YTD2020 4Q19-YTD2020 (Tracking period)
DAU per store
% low er than sample period -11% 0%
16
Source: Quest Mobile, Luckin WeChat Official Account weekly new store list
The store opening history extracted from Luckin’s WeChat Official Account matches Luckin’s reported quarter-end store
numbers.
Source: Luckin Filings, Luckin WeChat Official Account weekly new store list
Luckin has inflated its own APP online order volumes by average of 72%.
As all orders are placed and paid online and picked up offline, when an order is placed, a three-digit pick-up number and a QR
code will be generated to facilitate the in store pick up. Some may have observed that the three-digit pick-up number appears
sequential within each store in a day and shared by both pick-up and delivery orders; and use it as a barometer to track the daily
order volume of a store by placing orders at both opening and close time of the store.
This method cannot be used if Luckin intentionally jumps and skips numbers during the day to purposely distort the tracking
results. Here is an evidence of its notice to store managers to watch out for jumping pick-up numbers on Nov 23rd 2019.
-
19
/0
7/
07
19
/0
7/
14
19
/0
7/
21
19
/0
7/
28
19
/0
8/
04
19
/0
8/
11
19
/0
8/
18
19
/0
8/
25
19
/0
9/
01
19
/0
9/
08
19
/0
9/
15
19
/0
9/
22
19
/0
9/
29
19
/1
0/
06
19
/1
0/
13
19
/1
0/
20
19
/1
0/
27
19
/1
1/
03
19
/1
1/
10
19
/1
1/
17
19
/1
1/
24
19
/1
2/
01
19
/1
2/
08
19
/1
2/
15
19
/1
2/
22
19
/1
2/
29
20
/0
1/
05
20
/0
1/
12
Luckin App - Avg DAU per Store
DAU per Store (k)
290
624
1,189
2,073
2,370
2,963
3,680
4,507
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
No. of coffee stores - Luckin Coffee official wechat account vs. Reported
Official wechat account
Reported (Quarter-end)
Pick-up Number
The order is expected to be ready at
17:14. Please pick it up at the store.
Order confirmed
17
Source: WeChat Group
We also have more than 10 video evidences recording real-time order jumping processes in store. Though we can’t publish the
videos due to privacy reasons, we encourage investors to conduct the research themselves: Stay in a store for -1 hour and count
the number of orders picked up by customers or delivery personnel. Place an order at the beginning and the end of the session and
check the online pick-up number gap with the counted number of orders. Our hit ratio of catching order jumping is quite high.
Luckin doesn’t necessarily have to jump orders to commit fraud – they can simply fabricate more orders in their financial records.
However, here is the clever part: company management likely thought about the possibility that more and more investors and data
firms were starting to track their order numbers themselves as part of the due diligence process, so “jumping orders” is a simple
way to mislead investors. To understand the scale of the online order inflation, we randomly selected 151 offline tracking store-
days to track their online orders. We placed one order each at the beginning and the end of a store’s operating hour to get the
online order count for the day. We found that for the same store on the same day the number of online orders inflated range
from 34 to 232, with an average of 106 orders/day or 72% of offline order average.
Starting from Nov. 23rd (this
Saturday), the pick-up number
rules will be changed.
Currently, the pick-up number
increases one by one (. 271,
272, 273…). After upgrade, it
will increase randomly (.
271, 273, 274…)
It’s normal to see skipped pick-
up numbers. Please inform the
store staff to prepare the orders
by sequence.
Operating Store Managers Group
18
# Store ID City Store Name Location Week day Offline order Online order Online/Offline-1 Online-Offline
20 Shanghai 建工大唐店 Office Mon 377 609 62% 232
29 Shanghai 中环科技园店 Office Sat 171 258 51% 87
32 Shanghai 华祺大厦店 Office Mon 340 482 42% 142
33 Shanghai 汇京国际广场店 Office Tue 158 239 51% 81
36 Chengdu 星月里店 Mall Sat 335 408 22% 73
44 Chongqing 创汇首座店 Office Fri 159 261 64% 102
50 Chongqing SFC协信中心店 Office Sun 142 290 104% 148
53 Chengdu 华宇美乐街店 Residential Sat 268 358 34% 90
55 Tianjin 创新大厦店 Office Sun 146 240 64% 94
60 Chengdu 西部国际金融中心店 Mall Sun 230 316 37% 86
68 Tianjin 天辰大厦店 Office Sat 143 252 76% 109
72 Chongqing 太平洋广场店 Office Fri 148 273 84% 125
78 Ch
