瑞幸咖啡自2020年因財務造假事件從納斯達克退市後，首次公開宣佈重返主板市場的計畫，這標誌著公司資本之路再次進入公眾視野。瑞幸創始人郭謹一在大會現場表示：“該項工作一旦完成，將成為具有國際影響力的重大事件。”

瑞幸咖啡的發展歷程堪稱跌宕起伏。公司成立於2017年，憑藉“無限場景”戰略和互聯網行銷模式迅速崛起，在中國咖啡市場成為一匹黑馬。通過大規模補貼和快速拓店，其估值在短短兩年內飆升至40億美元，並於2019年5月登陸納斯達克，創下全球最快IPO紀錄。然而，成功背後潛藏的風險很快暴露。2020年1月，做空機構渾水發佈做空報告，指控瑞幸財務資料造假，商業模式存在根本缺陷，稱其為“基本盤破產的公司”。

2020年4月，瑞幸自曝在2019年二季度至四季度虛增銷售額22億元，虛增成本費用13.4億元。公司通過虛構交易、偽造發票、操控訂單系統等手段製造財務泡沫。這一事件導致瑞幸股價單日暴跌80%，市值蒸發超300億元，最終被納斯達克強制退市。2020年底，瑞幸與美國證交會（SEC）達成和解，同意支付1.8億美元罰金以了結會計欺詐指控。

退市之後，瑞幸咖啡進行徹底的業務重組和戰略調整。原股東及團隊退出，公司由新控股股東和新管理團隊接手，重塑業務戰略與發展模式。經過內外部的全面調查和嚴肅處理，瑞幸徹底與過去的財務造假歷史切割。重組後的瑞幸專注于主營業務，通過提升門店覆蓋、運營效率、產品交付和供應鏈能力，實現近幾年的快速增長。

根據瑞幸咖啡披露的2025年第二季度財報顯示，該季度總淨收入達到123.59億元，再創單季收入新高，同比增長47.1%；通用會計準則下營業利潤17億元，同比增長61.8%。郭謹一在大會上進一步透露，瑞幸咖啡已成為中國規模最大的連鎖咖啡品牌，全球門店數量接近3萬家，註冊用戶超過4億，員工人數超過17萬。公司預計2025年度全年營業收入將超過500億元，納稅總額超過17億元，其中僅在廈門的納稅額就超過9億元。

瑞幸咖啡的重返主機板計畫不僅是對過去財務風波的自我洗白，也象徵著其在國內咖啡市場重新站穩腳跟，並向國際資本市場再次展示其成長與潛力。

Luckin Coffee, after being delisted from NASDAQ in 2020 due to a financial fraud scandal, has for the first time publicly announced plans to return to the main board market, signaling a new chapter in the company’s capital journey. At a conference, Luckin founder Guo Jinyi stated, “Once this work is completed, it will become a major event with international influence.”

The trajectory of Luckin Coffee has been dramatic. Founded in 2017, the company quickly emerged as a rising star in China’s coffee market, leveraging its “infinite scenarios” strategy and internet-based marketing model. Through massive subsidies and rapid store expansion, its valuation soared to $4 billion within two years, leading to a record-breaking IPO on NASDAQ in May 2019 as the fastest global IPO at the time. However, underlying risks soon surfaced. In January 2020, short-selling firm Muddy Waters published a report accusing Luckin of falsifying financial data and highlighting fundamental flaws in its business model, calling it a “company with a bankrupt core.”

In April 2020, Luckin admitted to inflating its sales by 2.2 billion yuan and costs by 1.34 billion yuan from Q2 to Q4 of 2019. The company used fabricated transactions, fake invoices, and manipulated order systems to create a financial bubble. Following the disclosure, Luckin’s stock plummeted 80% in a single day, erasing over 30 billion yuan in market value, and was ultimately delisted from NASDAQ. By the end of 2020, Luckin reached a settlement with the U.S. SEC, agreeing to pay $180 million in fines to resolve accounting fraud allegations.

After delisting, Luckin underwent a comprehensive business restructuring and strategic overhaul. Original shareholders and management exited, and new controlling shareholders and management rebuilt the company’s strategy and operational model. With thorough internal and external investigations, Luckin effectively severed ties with its past financial misconduct. The restructured company focused on its core business, achieving rapid growth in recent years through enhanced store coverage, operational efficiency, product delivery, and supply chain capabilities.

According to Luckin Coffee’s Q2 2025 financial report, the company achieved total net revenue of 12.359 billion yuan, a record high for a single quarter, marking a 47.1% year-on-year increase. Operating profit under GAAP reached 1.7 billion yuan, up 61.8% year-on-year. Guo Jinyi further revealed at the conference that Luckin Coffee has grown into China’s largest chain coffee brand, with nearly 30,000 stores worldwide, over 400 million registered users, and more than 170,000 employees. The company expects full-year 2025 revenue to exceed 50 billion yuan, with total taxes over 1.7 billion yuan, including over 900 million yuan paid in Xiamen alone.

Luckin Coffee’s plan to return to the main board not only represents an effort to rehabilitate its image following past financial scandals but also signals its solidified position in the domestic coffee market and its renewed ambition to showcase growth potential to international investors.