Restaurants

Luckin Coffee

Today’s Key News Recap

09863

09868

GOOG

GOOGL

LKNCY

TSLA

01024

09961

01810

09888

02076

XPEV

81024

TCOM

81810

XIACY

BIDU

89888

HTGD

HXXD

HBUD

1118 | Dolphin Research Focus: 🐬 Macro 1. Today, both Hong Kong and A-shares collectively declined as the market's expectation for a December rate cut by the Federal Reserve continued to decrease. According to CME's &#34;FedWatch&#34;, the probability of a 25 basis point rate cut by the Federal Reserve in December has dropped to 42.9%, previously exceeding 70%. Federal Reserve Governor Waller also stated that if the job market rebounds, the necessity for an insurance rate cut will diminish. Additionally, the sell-off pressure on tech stocks and the Japanese bond market faced a sell-off wave due to concerns that the Kishida government will implement a large-scale fiscal expansion plan. Under multiple factors, global markets collectively declined...

LEAPMOTOR

XPENG-W

Alphabet - C

Alphabet

Tesla

KUAISHOU-W

TRIP.COM-S

XIAOMI-W

BIDU-SW

BOSS ZHIPIN-W

XPeng

KUAISHOU-WR

Trip.com

XIAOMI-WR

Xiaomi Corporation

Baidu

BIDU-SWR

Trip.com HK SDR 50to1

Xiaomi HK SDR 2to1

Baidu HK SDR 10to1

Kanzhun

Global Markets Hit by 'Cold Wave'; Google AI Advances in Travel Services Track | Today's Important News Recap

Luckin

Conference Minutes

The following are the minutes of the 3Q25FY earnings call for Luckin Coffee, compiled by Dolphin Research. For a review of the earnings report, please refer to 'Luckin: Profit 'Squat' Just for a Better 'Jump''

Flexshares Stoxx US ESG Select Index Fd

Luckin (Minutes): Same-store growth in the fourth quarter and 2026 will face certain pressure.

Financial Analysis

01364

00700

80700

TCTZF

TCEHY

HTCD

Luckin Coffee (LKNCY) $Luckin Coffee(LKNCY.US) released its Q3 2025 financial report (ending September 2025) before the U.S. stock market opened on the afternoon of November 17, 2025, Beijing time. Overall, in the third quarter, under the backdrop of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing very impressive performance. However, the downside was that the impact of the 'delivery war' leading to soaring delivery costs was fully reflected in the third quarter, dragging down the profit performance. But this was actually within Dolphin Research's expectations. 1. The store opening speed hit a new single-quarter high...

GUMING

TENCENT

TENCENT-R

Tencent Holdings Limited

Tencent

Pro Ultra 7-10Yrs

Tencent HK SDR 10to1

Luckin Coffee: Profit 'Squat' is Just for a Better 'Jump'

Luckin Coffee 3Q25 Quick Interpretation: Overall, in the context of the peak season and continued delivery subsidies, Luckin's revenue accelerated quarter-on-quarter, showing a very impressive performance. However, the downside was the impact of soaring delivery costs due to the 'delivery war,' which was fully reflected in the third quarter, dragging down profit performance. This was, however, within Dolphin Research's expectations. 1. The revenue growth rate in Q3 reached 50.2%. From the core indicator of revenue, same-store sales growth (SSSG), after a significant increase to double-digit growth in the previous quarter, it further accelerated slightly quarter-on-quarter this quarter, reaching 14.4%, maintaining high-speed growth. Breaking it down, since the management clearly stated in the early-year conference call that the price per cup would not change significantly, the substantial increase in cup volume is the main driver of same-store growth. 2. In terms of store openings, 3,008 new stores were opened in the third quarter (including 29 overseas), setting a new single-quarter record for store opening speed. The essence behind Luckin's re-acceleration of store openings starting in 2025 is still due to the slowdown in price wars and reduced pressure from vicious competition, thus accelerating the penetration into lower-tier markets. 3. Regarding gross margin, although coffee bean prices slightly rebounded in the third quarter, Luckin achieved a gross margin of 63.8% under the large-scale direct procurement and continuous ramp-up of self-built roasting plant capacity utilization, releasing scale effects, reaching the highest level for the same period. Breaking down the cost side, apart from the significant increase in delivery costs due to the higher proportion of delivery business, other expenses narrowed compared to the same period under the release of operating leverage, ultimately achieving a net profit attributable to the parent company of 1.28 billion yuan (Non-GAAP net profit of 1.42 billion yuan) $Luckin Coffee(LKNCY.US)

09988

AAPL

01179

NVDA

MSFT

OpenAI

00175

89988

HBBD

BABA

HTHT

80175

GELHY

1117 | Dolphin Research Focus: 🐬 Stocks 1. $BABA-W(09988.HK) $Alibaba(BABA.US) Alibaba announced that its personal AI assistant, Qwen APP, has officially started public testing, with simultaneous launches on the web and PC, and is available for free. The APP is built on the Qwen3 model, integrating dozens of functions such as AI photo editing and document reading, and plans to be integrated into various life scenarios. The international version will also be launched soon. On the first day of launch, due to traffic far exceeding expectations, many users reported issues such as entry congestion and unresponsive commands...

BABA-W

Apple

HWORLD-S

NVIDIA

Microsoft

GEELY AUTO

ZEEKR Intelligent Tech

BABA-WR

Alibaba HK SDR 5to1

Alibaba

H World

GEELY AUTO-R

GEELY AUTOMOBILE HOLDINGS LIMITED SPON ADS EACH REP 20 ORD

Alibaba Qianwen App Goes Viral on Launch Day;Google Gemini 3.0 May Arrive This Week | Today's Important News Recap

Duolingo

DUOL

The following are the 3Q25 earnings call minutes of $Duolingo(DUOL.US) organized by Dolphin Research. For financial report interpretation, please refer to &#34;Duolingo: Weak Guidance + Uncertainty of Short-term Changes, the Green Bird Falls from the High Valuation Altar.&#34; I. Key Financial Indicators II. Management Report We achieved excellent results in the third quarter, with all indicators performing steadily. This year, we are expected to create outstanding results once again. Currently, more than 50 million people use Duolingo daily. We expect user registrations to reach nearly 1.2 billion this year, with a year-on-year growth rate of 33%...

Pro Ultr R Est

Duolingo (Minutes): Many future opportunities, actively focusing on DAU expansion

BIRD

600130

HIGH

$Duolingo(DUOL.US) released its third-quarter 2025 earnings after the market closed on November 5th, Eastern Time. Due to fourth-quarter guidance falling short of expectations (implying a significant slowdown in growth), the company simultaneously stated its intention to make new investments and product changes from a long-term perspective. The core focus shifted from more direct monetization and profit-related metrics (such as paid rate and EBITDA margin improvement pace) to user growth across the ecosystem (MAU, DAU), leading to market uncertainty regarding future monetization performance growth. Following Duolingo's earnings release, the stock price fell by over 20%...

C3.AI

MediaAlpha

Allbirds

Simplify Enhanced Income ETF

Duolingo: Weak Guidance + Uncertainty of Short-term Changes, Green Bird Falls from High Valuation Pedestal

Maintaining a healthy and sustainable level of profitability is the focus

Luckin Coffee (Minutes): In the second half of the year, committed to reducing the cost increase caused by the shift towards delivery services.

$Luckin Coffee(LKNCY.US) released its financial report for the second quarter of 2025 (ending June 2025) before the U.S. stock market opened on the afternoon of July 30, 2025, Beijing time. Overall, in the second quarter, under the dual stimulus of the peak season and the support of the delivery business, Luckin's performance this quarter was very impressive, with all key indicators exceeding BBG expectations. 1. Store openings maintained rapid growth. In terms of the number of store openings, Luckin had a net increase of 1,757 stores in Q2 2025 compared to the previous quarter. Although the total number of store openings remained the same as Q1, the company significantly accelerated the opening of self-operated stores in Q2. Generally speaking...

Coffee

Luckin: The 'Little Blue Cup' is surging, is the 'Coffee King' on a smooth path?

Luckin Coffee 2Q25 Quick Interpretation: Overall, in the second quarter, under the dual stimulus of peak season and delivery business support, Luckin's performance this quarter was very impressive, with all core indicators exceeding BBG expectations. 1. Q2 revenue growth was 47.1%. From the core indicator reflecting revenue, 'same-store sales growth (SSSG) of self-operated stores,' after turning positive last quarter, this quarter accelerated to 13.4% quarter-on-quarter, returning to double-digit growth, driving Luckin's single-quarter revenue to a record high. 2. In terms of store openings, the second quarter maintained the high-speed store opening pace of Q1, with 1,757 new stores opened (including 24 new overseas stores), and officially entered the United States, demonstrating Luckin's determination to further expand into the global market. 3. In terms of gross margin, after a continuous surge for more than half a year, coffee bean prices fell back in the second quarter. Luckin achieved a gross margin of 62.8%, the highest level for the same period, through large-scale direct procurement and self-built roasting plants, with capacity utilization climbing and economies of scale being realized. 4. Breaking down the cost side, apart from the significant increase in the proportion of delivery costs due to the increased share of the delivery business, other expenses narrowed compared to the same period last year due to the release of operating leverage, ultimately achieving a net profit attributable to the parent company of 1.25 billion yuan (Non-GAAP net profit of 1.4 billion yuan). At this trend, with competition stabilizing, Dolphin Research expects this year's annual profit to exceed the management's guidance at the beginning of the year. $Luckin Coffee(LKNCY.US)

Luckin Coffee Employees Reveal Company's Underreporting of Work Hours

Luckin Coffee Subsidiary Established with Registered Capital of $10 Million

Luckin Coffee Director Cao Wenbao Plans to Sell 20,000 Restricted Shares

Luckin Coffee Plans to Open in Taiwan, NMO Warns of Penalties for Non-compliance

Luckin Coffee Donates HK$10 Million to Hong Kong Fire Relief, but Faces Employee Accusations of Overtime Deductions

Luckin Coffee Adjusts Core Menu, Introduces Deep Roast Blend

Luckin Coffee Announces $1 Million Emergency Donation to Aid Affected Citizens

Luckin Coffee to Expand to Taiwan, MOEA Denies Approval

Luckin Coffee's Major Shareholder Consider Acquiring Costa to Reshape Global Coffee Market

Luckin Coffee Reports Strong Q3 Earnings, Continues Execution of Business Expansion Strategy

Luckin Coffee Sees Strong Q3 Growth, Global Store Count Surpasses 29,000

Luckin Coffee Considering Acquisition of Costa Coffee

Food and Beverage ETF TianHong Shows Active Market Performance

Luckin Coffee Announces Q3 2025 Earnings Call

Luckin Coffee Q3 Earnings Call Confirms Over 29,000 Stores

Luckin Coffee released FY2025 Q3 earnings on November 17 Pre-Market (EST), actual revenue USD 2.147 B (forecast USD 1.938 B), actual EPS USD 0.5506

Luckin Coffee released FY2025 9 Months Earnings on November 17 Pre-Market EST, actual revenue USD 5.091 B, actual EPS USD 1.327