高盛：瑞幸咖啡研究报告.pdf

16 May 2018 | 4:59PM HKT China Consumer Pulse Check: From 0 to 5mn: What the explosive rowth of one coffee brand reveals about Chinese consumers 3 trends relevant for advertising, retailing and food services consumer in the form of delivery and targeted locations In just 7 months, Luckin Coffee (Privately held) has stand to benefit, in our view. catapulted from nonexistence to selling 5mn cups of coffee 3) Millennials on cooking: No thanks, not yet - 35% of in the 4-month trial operation period ending May 8. We do respondents in a Tencent survey were willing to rent a not take a view on the longer term success of its business home without a kitchen. When eating out, experience is model, but we think the brand’s surging popularity highlights now the top ranked factor for restaurant choice, surprisingly three trends that are relevant for our covered companies: above food safety, which is probably why Luckin 1) Getting attention: Real world presence (still) critical - complements its delivery stations with full-service stores. There’s no doubt that digital marketing is important, but we believe it would be a mistake for companies to ignore offline Key stocks presence. In particular, Luckin highlighted that elevator n levator advertising giant: Focus Media (Buy) advertising (industry +c.20% yoy in