月活破亿！瑞幸咖啡还有机会重返美股吗？

Core Viewpoint - Luckin Coffee reported a strong revenue growth of 50.2% year-on-year for Q3 2025, despite a slight decline in net profit, indicating robust operational performance but rising costs [1][2]. Financial Performance - The company achieved a net revenue of 15.29 billion yuan, with a net profit of 1.28 billion yuan, reflecting a 1.9% decrease year-on-year [1]. - Adjusted earnings per ADS were 4.4 yuan, while GAAP operating profit was 1.777 billion yuan, up 12.9% year-on-year [1]. - Non-GAAP operating profit reached 1.926 billion yuan, marking a 15.2% increase, but the operating profit margin decreased from 16.4% to 12.6% [1]. Store Expansion - As of the end of Q3, the total number of stores reached 29,214, with 18,882 self-operated and 10,332 partner stores, adding 3,008 new stores during the quarter [1]. - The majority of new stores were opened in mainland China, with 2,979 new locations, while international markets saw modest additions [1]. Customer Growth - The company added over 42 million new transaction customers in Q3, with a monthly average of 112 million, representing a 40.6% year-on-year increase [2]. - Cumulative transaction customers surpassed 420 million, setting a new historical high [2]. Cost and Expenses - Total costs and expenses for the quarter amounted to 13.5106 billion yuan, a 57.0% increase, outpacing revenue growth [2]. - Delivery costs surged to 2.8892 billion yuan, a staggering 211.4% increase from the previous year, driven by increased delivery volumes and substantial subsidies for third-party delivery services [2]. Strategic Focus - The CEO emphasized that the long-term development of the coffee industry will focus on self-pickup, with delivery serving as a temporary supplement [2]. - The company is actively pursuing a return to the U.S. main board listing, although no specific timeline has been established [2][3].