Luckin Coffee(US:LKNCY) Guan Cha Zhe Wang·2025-11-12 13:25Core Viewpoint - Luckin Coffee is actively pursuing a return to the U.S. main board listing under the guidance of the Xiamen municipal government, following a significant transformation after its delisting due to a financial fraud scandal [1][3]. Company Overview - Luckin Coffee was listed on NASDAQ in May 2019 but was delisted in 2020 due to a financial fraud incident. The company has undergone a complete internal and external investigation, leading to the exit of original shareholders and the establishment of a new management team [3]. - The company has redefined its corporate values and business model, claiming to have undergone a "rebirth" and now operates as a new entity while retaining its original name [3]. Business Performance - After five years of restructuring, Luckin Coffee has entered the top 500 private enterprises in China and has become the largest chain coffee brand in the country. The company operates nearly 30,000 stores domestically and internationally, with over 400 million registered users and more than 170,000 employees [3]. - The projected revenue for 2025 is expected to exceed 509 billion RMB, with total tax contributions surpassing 1.7 billion RMB [3]. Financial Data - In 2024, Luckin Coffee reported a total net revenue of 34.475 billion RMB, marking a year-on-year increase of 38.4%. The GAAP operating profit was 3.538 billion RMB, up 16.9% year-on-year [4]. - For the second quarter of 2025, the total net revenue reached 12.359 billion RMB, reflecting a year-on-year growth of 47.1%. The GAAP operating profit increased by 61.8% to 1.7 billion RMB, with an operating profit margin of 13.8% and a GMV of 14.179 billion RMB [4].