曾经深陷财务造假风波、被迫退至粉单市场的瑞幸，如今要带着近3万家门店的体量，重新杀回美国股市。 这则消息来自瑞幸联合创始人兼CEO郭谨一。他在近日的厦门企业家日大会上坦言，公司正在积极推动重返美国主板。随后发布的三季度业绩，也适时地 为这个野心添了一把火。 财报里不乏亮眼数字：三季度总收入152.87亿元，同比增长超过50%；月均交易客户数突破1.12亿，创下纪录，自营门店同店销售额增长14.4%，合作门店 同样表现生猛——收入接近38亿元，涨幅高达62.3%。 2023年起，在和库迪打擂台赛的过程中，瑞幸通过"带店加盟"模式加速扩张，6月，门店突破万家，2024年7月，门店数量突破2万家，到2025年9月末，门 店数量来到了29214家。这两年，平均每1.1个小时，瑞幸就增加一家门店。 瑞幸门店数量已经把星巴克（8000+家）远远甩在身后。那么，瑞幸的门店数量上限在哪里？ 增长，永远是资本最爱听的故事。所以，抛开由于财务造假带来的更严格的流程性、合规性问题，瑞幸依然要面对一个核心问题：这样的增长，能持续多 久？ 这就需要考虑以下几个问题——门店数量的天花板在哪？3万家店之后，继续加密还能带来多少红利？以及， ...

以下文章来源于20社 ，作者贾阳 罗立璇 20社 . 关注年轻人的钱包、工作和生活。 商家联名卷出花，核心原因还是受众对简单的联名越来越不感冒了。 01 但瑞幸对鬼灭联名，可能有点期待过高了。相比去年与原神合作时诚意满满的设计，鬼灭的设计被认为过 于"行活"，用的全是旧柄图。 瑞幸"背刺"二次元？ 瑞幸刚在11月16日结束的《鬼灭之刃》联名，依然还在引发部分粉丝的不满。 由于邻近《疯狂动物城2》的联名活动上线时间，一些粉丝在小程序页面依然能下单《鬼灭之刃》的联名套 餐产品，下单后除了《鬼灭之刃》的联名徽章没变，但收到的联动杯子、联动纸袋，已经变成了《疯狂动 物城2》的包装。 "瑞幸你到底在卖什么？下单鬼灭变疯狂动物城？就算商品下线了，能不能备注一下包装非本主题？" 当然，下面也有热心人解释，联动包装不算配套周边，只是活动的一部分。而且，如果活动结束后，门店 依然使用之前的物料，被抓到是会罚钱的。 归根结底，其实是粉丝把包装也算成了周边的一部分。在之前瑞幸的多次IP联名，因为包装设计得非常用 心，会有很多粉丝都会把免费的杯子、杯套以及包装袋留下来，自己DIY"谷子"（比如冰箱贴、挂画等）， 可以说已经成为了瑞幸 ...

Core Insights - Luckin Coffee is planning to return to the US main board for listing, as announced by CEO Guo Jinyi at the 2025 Xiamen Entrepreneurs' Day Conference [2] - The company has undergone significant changes in leadership and strategy, with a focus on optimizing governance and decision-making processes to facilitate its return to mainstream capital markets [3][4] - Despite facing challenges from a price war and previous financial scandals, Luckin has achieved substantial growth in revenue and store count, positioning itself as a leading coffee brand in China [10][12] Group 1 - Luckin Coffee's revenue for the first quarter of 2024 reached 6.278 billion yuan, a year-on-year increase of 41.5%, but it recorded a net loss of 83.2 million yuan due to a sharp decline in operating profit margin [8] - The company reached a milestone of 20,000 stores by July 2024, with an average monthly transaction customer count of 69.69 million, a 48.5% increase from 2023 [10][12] - In the first quarter of 2025, Luckin reported total net revenue of 8.865 billion yuan, a 41.2% year-on-year increase, and turned its GAAP operating profit positive at 737 million yuan [10][14] Group 2 - Luckin's rapid expansion has slowed, with only an 8.8% increase in store count from the previous quarter, indicating a potential saturation in the market [22][25] - The company is exploring international markets, with 89 overseas stores established by mid-2025, including locations in the US, Singapore, and Malaysia [28] - Luckin is considering a bid for Costa Coffee, which could enhance its presence in the global coffee market and leverage existing resources for growth [33][34] Group 3 - The leadership transition from Guo Jinyi to Li Hui, the chairman representing the largest shareholder, is seen as a strategic move to align with the company's future goals [11][34] - Luckin has emphasized a commitment to rebuilding its corporate governance and business model, distancing itself from past financial misconduct [18][19] - The company aims to establish a strong brand image in the US market by adopting a pricing strategy that positions its products competitively against Starbucks [29]

那么到底是谁，以效率与增长之名，带着餐饮老板们互相卷，把行业推入了一场"不死不休"的无序内卷的竞赛？ 01 谁培养了只认价格， 以前做餐饮时，店里没什么客人，生意冷淡，所以不赚钱，亏损了。 现在，客流满满，外卖订单接不完，都要忙死了。但还是不赚钱。 看到「中国餐饮创新大会」上的一组数据：中国餐饮的堂食客单价，已然跌回了十年前的水平。 不看价值的顾客？ 小到一家社区店，大到一个连锁品牌。餐饮业的竞争从未停止，但竞争的维度早被彻底改写。 在平台和某些品牌的低价影响 下价格越来越魔幻，2023年底瑞幸咖啡开启了"全场9.9元"活动，到2025年美团的拼好饭瑞幸只要6.9一杯！ 这已经不是简单降价促销，而是一个决定性的信号。 瑞幸凭借其超过两万家门店的体量和在资本市场重建的信用，瑞幸有能力将一杯现制咖啡的价格长期锚定在十元上下的水平。 瑞幸这是不只是便宜，这是重新定义消费者对价格的感知。 这一行动产生了连锁反应，消费者的价格预期被永久性改变：一杯像样的咖啡就不该超过10元。 紧接着，压力沿着供应链向上传导，咖啡豆商利润更低，加盟商的回本周期被拉长，门店员工收入变低。 甚至关联的茶饮、快餐乃至人均30元左右的简餐赛道被 ...

江瀚视野观察 . 江瀚视野，瀚海观察，经济视角观天下，用财经审视生活，为中国所有的中产人群服务，做几亿中国人自己的财经平台，让我们一起为了实现财富的增值 而奋斗吧！ 说起最近的白酒企业，可以说是相当不如意，本该金九银十的白酒消费旺季，却出现了白酒企业三季报集体遇冷的情况，甚至有白酒企业单季利润最多降 92.6%的情况，这到底是怎么回事？白酒企业的十年最差三季报到底是怎么出现的？ 01 单季净利最多降92.6%的白酒赛道 据第一财经的报道，白酒行业迎来行业深度调整期以来业绩跌幅"最惨"的三季报。在已经公布业绩的白酒上市公司中，多数酒企第三季度业绩加速下滑， 部分酒企净利润同比降幅近三位数。 在业内看来，造成酒企三季报加速下滑主要与市场需求不足有关。记者注意到，率先公布业绩的区域酒企整体业绩降幅都在放大。口子窖第三季度单季主 营收入同比大降46.2%，单季度归母净利润更是同比大降92.6%；前三季度主营收入31.7亿元，同比下降27.2%；归母净利润7.4亿元，同比下降43.4%。老白 干酒第三季度营收和归母净利润也有47.6%和68.5%的下滑。 以下文章来源于江瀚视野观察 ，作者江瀚视野观察 首先，整体消费市 ...

Core Viewpoint - The Chinese liquor industry is experiencing its worst quarterly performance in a decade, with many companies reporting significant declines in revenue and profit due to insufficient market demand and changing consumer preferences [2][4]. Group 1: Financial Performance - The third-quarter financial reports of liquor companies show drastic declines, with some companies experiencing net profit drops of up to 92.6% [2][3]. - For instance, Kuozi Jiao reported a 46.2% drop in revenue and a 92.6% decline in net profit for the third quarter, while Laobai Gan Jiu saw declines of 47.6% in revenue and 68.5% in net profit [2][3]. - Even previously stable regional liquor companies like Jinshiyuan and Yingjiagong Jiu reported revenue declines of 26.8% and 20.8%, respectively [3]. Group 2: Market Challenges - The liquor industry is facing unprecedented challenges, primarily due to changes in the overall consumption market environment, particularly in high-end dining and business banquets, which have historically been significant for liquor sales [4][5]. - The shift in consumer behavior towards more practical and cost-effective dining experiences has led to a decline in high-end liquor consumption [5]. - Young consumers are increasingly rejecting traditional drinking culture, preferring lighter alcoholic beverages and more casual social experiences, which has further marginalized high-alcohol liquor [6]. Group 3: Strategic Responses - Liquor companies need to adapt to market changes by redefining their target consumer groups, focusing on family, young, and female consumers, and developing lower-alcohol, healthier, and more fashionable products [7][8]. - A shift in marketing strategies from "channel-driven" to "consumer-driven" is essential, utilizing digital tools like social media and live-streaming to connect with younger consumers [8]. - Companies should embrace innovation and consumer-centric approaches to revitalize the liquor industry and navigate through current challenges [8].

Core Viewpoint - The article discusses the recent trend of foreign brands, particularly in the food and beverage sector, divesting their stakes in the Chinese market, signaling a potential end to the golden era of foreign brands in China and highlighting the profound changes in consumer behavior and market dynamics [2][3][26]. Group 1: Foreign Brand Divestment - Starbucks sold 60% of its shares in China to Boyu Capital for $4 billion, while Burger King transferred 83% of its shares to CPE Yuanfeng, receiving an investment of 2.5 billion yuan [2]. - The trend of foreign brands retreating from the Chinese market has been ongoing, with Yum Brands selling KFC and Pizza Hut's operations to Primavera Capital in 2016, indicating a shift in market control [3]. Group 2: Historical Context of Foreign Brands - The entry of foreign brands like KFC in the late 1980s was marked by a significant consumer demand and low supply, creating a profitable environment for foreign investments [6]. - Tax incentives and a large labor force with low wages provided foreign companies with a competitive edge in the Chinese market during the early years of reform [6][7]. Group 3: Changing Consumer Behavior - The demographic shift in China has led to a change in consumption patterns, with younger generations prioritizing practicality and value over brand prestige [11][15]. - The rise of the "refined poor" mentality among consumers reflects a move away from conspicuous consumption towards essential and durable goods [11]. Group 4: Market Dynamics and Competition - The coffee market in China is experiencing intense competition, with local brands like Luckin Coffee innovating rapidly and capturing market share through effective marketing and product offerings [20][21]. - Luckin Coffee's success is attributed to its ability to adapt to consumer preferences and its efficient, digital-first operational model, contrasting with Starbucks' traditional approach [22][23]. Group 5: Future Outlook for Foreign Brands - The challenges faced by foreign brands like Starbucks are not indicative of an end but rather a transition to a more competitive and diversified market landscape in China [26]. - The new joint venture formed by Starbucks aims to expand its store count from 8,000 to 20,000, indicating a strategic shift towards capturing the underdeveloped lower-tier markets [27][28].

Core Viewpoint - Luckin Coffee is actively pursuing a return to the U.S. capital market after five years since its delisting due to a financial fraud scandal, with a focus on rebuilding credibility and expanding globally [1][3][6]. Group 1: Company Background and History - Luckin Coffee was founded in 2017 and went public on NASDAQ in May 2019 [3]. - The company faced a major financial scandal in 2020, admitting to fraudulent transactions amounting to 2.2 billion yuan, leading to an 80% drop in stock price and subsequent delisting from the U.S. stock market [4][10]. - After the scandal, a new management team led by Guo Jinyi took over, and the company underwent significant restructuring and debt resolution [4][7]. Group 2: Financial Performance - In 2020, Luckin Coffee reported a revenue of 4.033 billion yuan with a net loss of 5.589 billion yuan [10]. - From 2021 to 2024, the company’s revenues increased from 7.965 billion yuan to 34.475 billion yuan, with net profits rising from 686 million yuan to 2.932 billion yuan [10]. - In the first half of 2025, the company achieved revenues of 21.224 billion yuan and a net profit of 1.776 billion yuan, marking a year-on-year growth of 44.57% and 125.35% respectively [10][11]. Group 3: Market Position and Expansion - As of June 2025, Luckin Coffee operated approximately 26,200 stores globally, with a net increase of 2,109 stores in the second quarter alone [11]. - The company has become a leading player in the Chinese coffee market, with more stores than Starbucks, which has about half the revenue of Luckin Coffee in China [11][12]. - Luckin Coffee aims to leverage its return to the U.S. market to enhance its global expansion efforts, currently having 89 overseas stores, primarily in Singapore and Malaysia [6][11]. Group 4: Strategic Considerations for U.S. Market Return - Analysts suggest three main reasons for Luckin Coffee's desire to return to the U.S. market: capital needs due to low liquidity and valuation in the OTC market, the need to rebuild credibility, and the necessity for global expansion [6][13]. - The company is currently focused on executing its business strategy and development, with no specific timeline for its return to the main board of the U.S. market [3][6].

Core Viewpoint - Luckin Coffee is actively pursuing a return to the US main board listing after overcoming past financial scandals and restructuring its business model and management team [2][3]. Group 1: Company Background and History - Luckin Coffee was founded in 2017 by Lu Zhengyao and Qian Zhiya, leveraging an internet-driven strategy of low-price subsidies and rapid store expansion [3]. - The company went public on NASDAQ in May 2019, achieving the fastest listing record for a Chinese internet company [3]. - In 2020, due to a financial fraud scandal, Luckin was delisted from NASDAQ, leading to the exit of key figures and the appointment of Guo Jinyi as CEO [3]. Group 2: Recovery and Performance - After its delisting, Luckin Coffee launched successful products like the "Coconut Latte," selling over 70 million cups in 2021 [3]. - By April 2022, the company exited bankruptcy protection, reporting Q1 revenue of 2.4 billion yuan and achieving its first operating profit since inception [3]. - As of June 2023, Luckin opened its 10,000th store, becoming the first coffee chain in China to reach this milestone [3]. Group 3: Financial Performance and Future Outlook - According to the Q2 2025 financial report, Luckin's quarterly net revenue reached 12.36 billion yuan, a year-on-year increase of 47.1%, with operating profit growth exceeding 60% [4]. - By November 2025, the company had nearly 30,000 global stores and over 400 million registered users, with projected annual revenue exceeding 50 billion yuan [4]. - Luckin's return to the capital market is seen as a new starting point for global competition, emphasizing the importance of product and operational strength [4].

Group 1 - The core viewpoint of the news is that Luckin Coffee is actively pursuing a relisting on the US main board, which is expected to enhance Xiamen's attractiveness as a global business and investment destination [1] - Luckin Coffee's current priority remains on executing its business strategy and focusing on development, with no confirmed timeline for returning to the main board [1] - The company has shown strong recovery momentum after experiencing negative same-store sales in 2024, with a significant increase in net revenue and operating profit in the second quarter of 2025 [2] Group 2 - As of the end of the second quarter of 2025, Luckin Coffee has a total of 26,206 stores globally, with 2,109 new stores opened in that quarter [3] - In the second quarter of 2025, Luckin Coffee's total net revenue reached 12.359 billion RMB, representing a year-on-year growth of 47.1% [2] - The company's GAAP operating profit for the second quarter of 2025 increased by 61.8% year-on-year, amounting to 1.7 billion RMB [2]