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>3Q25 results were a miss, but that was mostly due to higher delivery costs.</li><li>Even though this is negative on profit in the short run, the impact could be positive in the long run, as Luckin Coffee’s customer retention is much higher than its peers (Cotti’s SSSG in 3Q25 has slowed down massively based on our channel check, while that for Luckin Coffee is not only fast but stable).</li><li>Moreover, we do understand the high base could kick in since 4Q25E and into FY26E, but Luckin Coffee is equipped with many company-specific growth drivers so that its SSSG should still be positive in our view. </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>

3Q25 results were a miss, but that was mostly due to higher delivery costs.Even though this is negative on profit in the short run, the impact could be positive in the long run, as Luckin Coffee’s customer retention is much higher than its peers (Cotti’s SSSG in 3Q25 has slowed down massively based on our channel check, while that for Luckin Coffee is not only fast but stable).Moreover, we do understand the high base could kick in since 4Q25E and into FY26E, but Luckin Coffee is equipped with many company-specific growth drivers so that its SSSG should still be positive in our view. 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) - There Are Still Multiple Growth Drivers in FY26E