This article only represents the author's own views.
Luckin Coffee Inc. (LKNCY.US) continues to brew a comeback that was unthinkable just two years ago, selling lattes like hotcakes across a rapidly expanding store network that has passed Starbucks (SBUX.US) to become China’s largest.
Last week, Luckin reported its total net revenue surged 85% year-on-year to 4.4 billion yuan ($646 million) in the first quarter. Such rapid revenue growth in China’s crowded coffee market is impressive in itself. But even more remarkably, the company’s net profit soared nearly 30-fold to 565 million yuan in the first three months of the year from a year earlier.
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