雪湖资本：瑞幸咖啡投资研究报告（英文版）

DisclaimerSnow Lake currently has a long position in Luckin Coffee Inc. stocks (OTC LKNCY).Snow Lake may profit if the trading price of Luckin Coffee Inc. securities goes up and may lose money if the trading price of securities of Luckin Coffee Inc. decreases.Snow Lake may change its views about or its investment positions in Luckin Coffee Inc. at any time, for any reason or no reason. Snow Lake may buy, sell, cover orotherwise change the form or substance of its Luckin Coffee Inc. investment. Snow Lake disclaims any obligation to notify the market of any such changes.The information, analysis and opinions expressed in this presentation (the “Presentation”) are based on, among other things, publicly available information about LuckinCoffee Inc., third-party buy-side or sell-side research, our own due diligence, and inferences and deductions through our analysis. Snow Lake does not guarantee in anyway that it is providing all of the information that may be available. Snow Lake recognizes that there may be non-public information in the possession of Luckin Coffee Inc.or others that could lead Luckin Coffee Inc. or others to disagree with Snow Lake’s analyses, conclusions and opinions.The Presentation may include forward-looking statements, estimates, projections and opinions prepared with respect to, among other things, certain legal and regulatoryissues Luckin Coffee Inc. faces and the potential impact of those issues on its future business, financial condition and results of operations, as well as, more generally,Luckin Coffee Inc.’s anticipated operating performance, access to capital markets, market conditions, assets and liabilities, as well as of those of Luckin Coffee Inc.. Suchstatements, estimates, projections and opinions may prove to be substantially inaccurate and are inherently subject to significant risks and uncertainties beyond SnowLake’s control.Although Snow Lake believes the Presentation is substantially accurate in all material respects and does not omit to state material facts necessary to make the statementstherein not misleading, Snow Lake makes no representation or warranty, express or implied, as to the accuracy or completeness of the Presentation or any other writtenor oral communication it makes with respect to Luckin Coffee Inc., and Snow Lake expressly disclaims any liability relating to the Presentation or such communications (orany inaccuracies or omissions therein). Thus, shareholders and others should conduct their own independent investigation and analysis of the Presentation and of LuckinCoffee Inc. and other companies mentioned. Snow Lake recommends that every investor conduct its own due diligence before buying or selling any security.The Presentation is not investment advice or a recommendation or solicitation to buy or sell any securities. Except where otherwise indicated, the Presentation speaks asof the date hereof, and Snow Lake undertakes no obligation to correct, update or revise the Presentation or to ot