Luckin Coffee(US:LKNCY) Sou Hu Cai Jing·2025-11-12 14:16Core Viewpoint - Luckin Coffee is actively pursuing a return to the US main board listing, with the CEO stating that the company has resolved historical issues and is focusing on business development, although no specific timeline has been established for the relisting [2][4]. Group 1: Company Background and History - Luckin Coffee was founded in November 2017 and went public on NASDAQ in May 2019. The company faced a financial fraud scandal in 2020, leading to its delisting from NASDAQ [2][3]. - After the scandal, a new management team led by Guo Jinyi was appointed, and the company underwent a complete restructuring, distancing itself from previous ownership and management [2][3]. - As of November 11, 2023, Luckin Coffee has a market capitalization of approximately $10.9 billion [3]. Group 2: Business Performance - In Q2 2023, Luckin Coffee reported total net revenue of 12.359 billion yuan, a year-on-year increase of 47.1%, marking a record high for quarterly revenue [5]. - The net profit for Q2 2023 reached 1.251 billion yuan, up 43.6%, with a net profit margin of 10.1% [5]. - For the first half of 2023, total net revenue was 21.224 billion yuan, reflecting a year-on-year growth of 44.6%, while net profit surged by 125.4% to 1.776 billion yuan [5]. - The company has expanded its footprint significantly, with nearly 30,000 stores and over 400 million registered users [2]. Group 3: Competitive Landscape - Luckin Coffee has surpassed Starbucks to become the largest coffee chain in China, driven by its competitive pricing strategy [3]. - Starbucks, which has been operating in China since 1999, is valued at $4 billion for its Chinese operations, with expectations that its retail business in China will exceed $13 billion in total value [4].