The logo of Luckin Coffee. [Photo/IC]

Xiamen-based Luckin Coffee released the financial report for the second quarter on Aug 14, which showed an explosive growth trend in the company's business.

According to the report, in the second quarter the company's total revenue hit 909 million yuan ($129.21 million), of which net revenue accounted for 870 million yuan -- for year-on-year growth of 689 percent.

The company added that the total number of trading users reached 22.8 million, of whom 5.9 million were newly added in the latest period.

The report also showed that in the second quarter alone the company opened 2,963 coffee stores, up 374.8 percent year-on-year; the monthly average number of products sold by retailers was 27.6 million, up 589.7 percent year-on-year.

The operating loss of Luckin Coffee stores fell 31.7 percent from the same period last year to 55.8 million yuan.

Qian Zhiya, CEO of Luckin Coffee, said his company would continue to invest in brands and technologies, enrich product lines and strengthen its supply chain management in order to become the largest coffee chain brand in China.

Not long ago, Luckin Coffee signed strategic cooperation agreement with Kuwait Food Company Americana K.S.C.C., the largest integrated food product company in the Middle East to launch a new retail coffee business in the Middle East and India.