【英文】浑水做空瑞幸咖啡报告（89页）

英文研究报告 2020年02月13日 06:24 管理员

We mobilized 92 full-time and 1,418 part-time staff on the ground to run surveillance and successfully recorded store traffic for981 store-days covering 100% of the operating hours of 620 stores. Store selection methodology was based on distribution bycity 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 11.5 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 storesportfolio (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.

【英文】浑水做空瑞幸咖啡报告（89页）