瑞幸咖啡启动重返美股主板进程，胜算几何？

Core Viewpoint - Luckin Coffee is actively pursuing a return to the U.S. main board under the guidance of the Xiamen municipal government, marking a significant redemption effort after its previous delisting due to financial fraud [1] Group 1: Performance and Resilience - Luckin Coffee reported a total net revenue of 15.287 billion RMB for Q3 2025, a year-on-year increase of 50.2%, with an average monthly customer count exceeding 112 million and nearly 30,000 global stores [3] - Despite an 83% year-on-year increase in global coffee bean prices, Luckin maintained a stable gross margin of 59.8% [3] - The company has implemented a "resilient growth methodology," including a five-year coffee bean procurement agreement with Brazil to secure 70% of its annual demand, product innovation with nearly 30 new beverage offerings in Q3, and a mixed operational model of self-operated and partnered stores [3] Group 2: Regulatory Challenges - Luckin Coffee faces three significant hurdles in its return to the main board: 1. Audit Requirement: The company must obtain audit reports from PCAOB-registered firms for 2-3 consecutive accounting years, with all work papers being fully accessible [5] 2. Internal Control Compliance: It must meet the strict requirements of the Sarbanes-Oxley Act, ensuring no significant deficiencies in financial controls [5] 3. Exchange Discretion: Nasdaq and NYSE have the discretion to impose longer "cooling-off periods" or higher disclosure requirements based on "public interest" [5] Group 3: Strategic Moves - Luckin opened two stores in Manhattan, New York, one located just 70 meters from Starbucks, as part of its strategy to challenge industry giants and showcase its unique business model [6] - The appointment of Li Hui, chairman of major shareholder Dazhong Capital and a former Goldman Sachs and Morgan Stanley executive, is seen as a strategic move to prepare for the main board listing [6] - Successful return to the main board would allow Luckin to access a different pool of capital and utilize a broader range of financial tools for better valuation [6] Group 4: Overall Outlook - The path to returning to the main board is expected to be challenging, with Luckin's success dependent on the authenticity of its business growth, the rigor of its governance practices, and the restoration of confidence in the capital market [7]