The paper delves into the under-explored domain of competitive and non-cooperative business texts within rhetoric and conflict discourse studies by a detailed case study of the short-selling report on Luckin Coffee, penned by Muddy Waters Research. After text analysis, this study attempts to depict the primary features and linguistic conventions of non-cooperative business rhetoric in the contemporary commercial landscape. Research findings suggest that constrained by social and cultural traditions and legal regulations, non-cooperative text often adopts a multi-faceted attack strategy, incorporating direct and indirect tactics, and that it takes full advantage of the synergy effects of ethos, logos, and pathos to stimulate stakeholders’ identification by sympathy, antithesis, and inaccuracy within the range of rationality, thus achieving its persuasive goals. The study underscores the strategic value of non-cooperative rhetoric for legitimate enterprises to win in the modern marketplace.