从1.8亿美元罚单到2.6万家店，瑞幸想要再战华尔街

Core Viewpoint - Luckin Coffee, which faced delisting due to financial fraud five years ago, is now preparing to relist in the U.S. with over 26,000 stores and aims to rebuild trust in the capital market through operational strength [2][4]. Expansion and Store Growth - As of June 2023, Luckin Coffee has surpassed 26,000 stores and has served over 380 million customers [3]. - The company plans to add 6,092 new stores in 2024, averaging about 16.7 new stores per day, reaching a total of 26,206 stores by the second quarter of 2025 [6]. - The rapid expansion is significantly driven by a "zero franchise fee" model initiated in 2021, allowing for easier entry into lower-tier markets [7]. Financial Performance - In the first half of 2025, Luckin reported revenue of 21.224 billion yuan, a year-on-year increase of 44.57%, with a net profit of 1.789 billion yuan, up approximately 125.35% from the previous year [14]. - The second quarter of 2025 saw a same-store sales growth rate of 13.4%, a significant recovery from a previous decline [15]. International Expansion - Luckin has begun its international expansion, opening its first overseas store in Singapore and entering the Malaysian market, with plans to establish a presence in the U.S. [9][10]. - The U.S. stores are designed to cater to local preferences, featuring popular products from the Chinese market and integrating local payment systems [10]. Strategic Moves and Future Plans - The company is under the control of major investor Dazhong Capital, which has been pivotal in its recovery and expansion efforts [15]. - Dazhong Capital is also considering a bid for Costa Coffee, indicating ambitions for further consolidation in the global coffee market [16][17]. - The path to relisting in the U.S. involves overcoming stringent regulatory hurdles due to its past financial misconduct, necessitating robust compliance and trust-building measures [19].