Luckin Coffee (LKNCY) Files Annual Report for FY2020
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Luckin Coffee Inc. (in Provisional Liquidation) (OTC: LKNCY) today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 (the “2020 Annual Report”) with the U.S. Securities and Exchange Commission (the “SEC”).
2020 FISCAL YEAR HIGHLIGHTS
- Net revenues of RMB4,033.4 million (US$618.1 million), representing an increase of 33.3% compared to 2019, which was achieved despite the impact of COVID-19 in 2020 and primarily driven by the increased average selling price for Luckin Coffee’s high-quality products.
- Operating expenses of RMB6,620.7 million (US$1,014.7 million), which was in line with the Company’s business expansion plan and includes RMB475.3 million (US$72.8 million) in losses and expenses related to the previously announced investigations and restructuring. Operating expenses as a percentage of net revenues decreased from 206.2% in 2019 to 164.1% in 2020, mainly driven by increased economies of scale.
- As of December 31, 2020, the cumulative number of transacting customers was over 64.9 million, compared to 40.6 million as of December 31, 2019.1
- Average monthly total items sold in self-operated stores and unmanned coffee machines were approximately 26.2 million in 2020, compared to 24.2 million in 2019. Average monthly total items sold in self-operated stores and unmanned coffee machines reached approximately 31.6 million in the fourth quarter of 2020.
- As of December 31, 2020, Luckin Coffee had operated 3,929 self-operated stores in 56 cities in China and operated 874 partnership stores.
“Luckin Coffee continues to make progress on returning the Company to normalized financial reporting,” said Dr. Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee. “In 2020, we delivered strong revenue growth and improvements in profitability. We have continued to expand and enhance our results of operation in 2021, and our team remains dedicated to delivering high quality products and services for our customers and executing on our strategic plan for the benefit of all stakeholders.”
The 2020 Annual Report, which contains Luckin Coffee’s audited consolidated financial statements prepared under U.S. GAAP as of and for the fiscal year ended December 31, 2020, can be accessed on the SEC’s website and on the Company’s investor relations website at https://investor.luckincoffee.com/. With the filing of the 2020 Annual Report, Luckin Coffee believes that it is now current in its reporting obligations under the rules and regulations of the U.S. Securities Exchange Act of 1934, as amended.
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