瑞幸咖啡：正积极推动重回美股主板上市

Core Viewpoint - Luckin Coffee is actively promoting its plan to return to the US main board listing, following the resolution of historical issues and under the guidance of the Xiamen municipal government [2][4][5]. Company Overview - Luckin Coffee was founded in 2017 and quickly became a significant player in the Chinese coffee market through its "infinite scenarios" strategy and internet marketing model. Its valuation soared to $4 billion within two years, leading to a record IPO on NASDAQ in May 2019 [6]. - In January 2020, a short-seller report accused Luckin Coffee of data fabrication and fraud, claiming the company had fundamental flaws in its business model [6]. - In April 2020, Luckin Coffee disclosed that it had inflated sales by 2.2 billion yuan and costs by 1.34 billion yuan through fictitious transactions and false invoices [6][8]. Financial Impact - Following the fraud exposure, Luckin Coffee's stock price plummeted by 80%, resulting in a market value loss exceeding 30 billion yuan, and it was subsequently forced to delist from NASDAQ [7]. - By the end of 2020, Luckin Coffee reached a settlement with the SEC, agreeing to pay a fine of $180 million to resolve accounting fraud charges [8]. Business Restructuring - After delisting, Luckin Coffee underwent a complete business restructuring and strategic adjustment, with new shareholders and management teams redefining its business strategy [8]. - The company has since focused on its core business, achieving explosive growth through improved store coverage, operational efficiency, product delivery, and supply chain capabilities [9]. Recent Performance - In the second quarter of 2025, Luckin Coffee reported total net revenue of 12.359 billion yuan, marking a new quarterly revenue high with a year-on-year increase of 47.1%. Operating profit under GAAP reached 1.7 billion yuan, up 61.8% year-on-year [9]. - Luckin Coffee has become the largest chain coffee brand in China, with nearly 30,000 stores, over 400 million registered users, and more than 170,000 employees. The company anticipates annual revenue exceeding 50 billion yuan for 2025, with total tax contributions surpassing 1.7 billion yuan, including over 900 million yuan in Xiamen [9].