SBUX vs LKNCY - a mix match in value driven by perception

Hi all, I am confused by how differently the market values these two companies. Although Luckin and Starbucks position themselves slightly differently within the coffee industry as a consumer they are near identical. However, for some reason Starbucks has a PE of 78 while Luckin is 19.9. Luckin has shown higher margins in 2025 compared to Starbucks, also a healthier balance sheet. Luckin has nearly 2x the revenue as Starbucks in China (one of the most important consumer markets in the world and