Minsheng Securities released research reports stating that Luckin Coffee's performance meets expectations, the company has alpha abilities, and the fundamentals are solid and substantial. Store OPM reaching 23.3% (yoy +0.2pct) is surprisingly positive, with headquarters expenses relatively reasonable. Currently, the overseas market is in the early stages of active exploration, and the company is also cautiously evaluating development opportunities in the USA and other regions. Past high-speed store openings gradually matured during peak seasons, and currently the pace of new store openings has slowed down. The dilution of overall performance by new stores in the Q4 off-season is expected to weaken compared to the same period last year; Minsheng Securities believes that the competition landscape in the coffee industry is currently tending towards stability, Luckin Coffee's fundamentals are solid and substantial, its leading position continues to be consolidated, and recommends close attention.