On November 17, Luckin Coffee Inc. reported a strong third-quarter performance with revenue exceeding 15.2 billion yuan. Around the release of this impressive financial report, company executives hinted at actively pursuing a relisting on the U.S. main board.
Five years after its delisting from Nasdaq due to accounting fraud, Luckin has transformed into a coffee giant with nearly 30,000 stores and over 112 million monthly transacting customers. The company, once forced out due to severe credibility issues, is now attempting to prove itself with solid performance and return to the main board market.
**Performance Growth: Revenue Surges 50% While Profits Feel Pressure from Delivery** In Q3 2025, Luckin Coffee's total net revenue reached 15.287 billion yuan, up 50.2% year-over-year (YoY), continuing its rapid growth trend this year.
This growth was driven by rapid store expansion and a significant increase in monthly transacting customers. By the end of Q3, Luckin's global store count reached 29,214, with a net addition of 3,008 stores in the quarter, maintaining its industry-leading expansion pace.
More notably, monthly transacting customers surpassed 100 million for the first time, hitting 112 million—a 40.6% YoY increase—with over 42 million new customers, both setting historical highs.
In terms of store structure, franchised stores exceeded 10,000, reaching 10,287. Meanwhile, same-store sales growth for company-operated stores improved to 14.4%, a significant recovery from the 13.1% decline in the same period last year.
However, despite strong revenue growth, profitability showed signs of strain. Q3 GAAP operating profit was 1.777 billion yuan, up 12.9% YoY, but the operating margin dropped from 15.5% to 11.6%. Net profit also declined 1.9% YoY to 1.28 billion yuan.
This "revenue growth without profit growth" dynamic stemmed largely from surging delivery costs due to higher reliance on third-party platforms. Delivery expenses in Q3 soared 211.4% YoY to 2.889 billion yuan.
**Strategic Focus: Pickup-Centric Model with Accelerated Overseas Expansion** Facing margin pressure from delivery, Luckin's co-founder and CEO, Guo Jinyi, emphasized that pickup remains the core model, with delivery serving as a supplementary option.
Guo noted, "Coffee is a category best served through offline store networks, which means pickup will remain central to long-term industry development. Luckin's high-density, small-format stores maximize proximity to customers—a key competitive advantage."
The high-density store network has become a core strength. With 20-30 sqm kiosk-style stores, Luckin keeps rental and labor costs low, enabling profitability even with its 9.9-yuan pricing—a stark contrast to Starbucks' "third space" large-store model.
Internationally, Luckin maintained steady growth, adding 29 overseas stores in Q3 for a total of 118, including 68 company-operated stores in Singapore, 5 in the U.S., and 45 franchised stores in Malaysia.
Regarding Singapore, Guo stated, "As our first overseas market, Singapore has shown continuous improvement, validating the adaptability and replicability of our digital business model." For the U.S., still in early-stage exploration, he said performance met expectations and stressed a "steady, learning-focused approach."
**Relisting on U.S. Markets: A Five-Year Redemption and Challenges Ahead** Alongside its Q3 results, Luckin's potential relisting on the U.S. main board drew significant market attention.
Earlier this month, Guo revealed at an entrepreneurs' conference that Luckin is "actively advancing relisting efforts under government guidance," calling it a "globally significant event." However, the company later tempered expectations, stating there is "no definitive timeline," with current priorities being business strategy execution.
Luckin's potential return comes five years after its 2020 delisting following a short-seller report exposing $310 million in fabricated sales. Post-delisting, the company underwent a complete overhaul under new majority owner Centurium Capital and CEO Guo, shifting from aggressive expansion to operational efficiency.
Financially, Luckin has staged a remarkable turnaround: from a 5.589-billion-yuan loss in 2020 to a 2.932-billion-yuan profit in 2024, and nearly 1.8 billion yuan in H1 2025.
However, relisting poses hurdles. Experts note Luckin must clear three key barriers: audit requirements (2-3 years of PCAOB-compliant reports), SOX 404(b) internal controls, and exchange discretion. According to Huang Lichong of Wasion International Capital, relisting could boost liquidity and valuation by 10%-25%.
**Outlook: Challenges and Opportunities** Looking ahead, Guo struck a cautious tone, citing high global coffee bean prices and seasonal delivery subsidy cuts as headwinds for Q4 and 2025.
He emphasized long-term focus: "Only by strengthening operations can we withstand short-term volatility." Luckin will continue product innovation and digital capabilities to meet diverse customer needs.
On relisting, Guo reiterated no fixed timeline, stressing business execution as the priority.
From its nadir, Luckin has risen to become the world's second-largest coffee chain by stores (29,214), with Q3 revenue of 15.287 billion yuan and 112 million monthly customers—a testament to its once-questioned but now-resilient model.
The path back to the U.S. main board won't be smooth, but Luckin has already proven its ability to reinvent itself.
*(This article was prepared with AI-assisted data collection and analysis.)*
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