瑞幸咖啡：從財務造假醜聞到「逆襲重生」的曲折之路

瑞幸咖啡（Luckin Coffee）於2017年成立，由神州優車前高管錢治亞與陸正耀共同創辦。憑藉「互聯網＋咖啡」的創新模式，以極具侵略性的價格補貼與超高速的展店速度席捲中國市場。不到兩年，它便於2019年5月成功登陸美國納斯達克，創下中國企業史上最快IPO紀錄，當時市值一度衝破120億美元，震撼整個新消費領域。

然而，這場光鮮亮麗的「閃電戰」背後，卻隱藏著龐大的風險與經營虛火。瑞幸一開始的商業模式過度依賴燒錢補貼，單店獲利困難，但官方卻對外聲稱「門店已經實現盈利」，這一點最終成為其後爆發財務造假事件的伏筆。

2020年1月，知名做空機構「渾水」發表一份長達89頁的匿名報告，直指瑞幸存在大規模財務造假行為。報告指出瑞幸於2019年第三季虛報門店日銷量近七成、第四季更誇大至八成八，此外還捏造用戶數據，透過所謂「幽靈門店」與重複下單造假，並揭露高層套現行為。儘管瑞幸起初極力否認，但2020年4月2日，公司最終承認財務長與營運長聯手造假，涉案金額高達22億元人民幣。消息一出，股價一夜間暴跌80%，市值瞬間蒸發逾300億人民幣，震驚資本市場。

此後，瑞幸被迫從納斯達克退市，創辦人錢治亞與造假主角劉劍雙雙下台，陸正耀也被迫出局。公司面臨投資人集體訴訟與商譽崩盤，陷入前所未有的危機之中。

然而，退市並未意味著瑞幸的終結。新任管理層以郭謹一為核心，啟動一場大刀闊斧的重建行動。為求止血，公司關閉數百間虧損門店，從原本超過4500家收縮至約4000家，改以盈利為核心策略；同時放棄過往瘋狂的免費試喝與折扣補貼政策，轉而將重心放在產品創新與精準行銷。

2021年推出的「生椰拿鐵」成為轉型的里程碑，該單品單年熱銷破億杯，成功挽回消費者信心。隨後更與茅台聯名推出「醬香拿鐵」，首日熱銷542萬杯，創造破億銷售額，證明品牌影響力依然不容小覷。這些精準的產品策略與話題營銷，使瑞幸迅速從谷底翻身，完成驚人的逆襲。

截至2025年，瑞幸已成為中國咖啡市場門店數最多的品牌，超過2.4萬家店鋪，年營收突破249億元人民幣，甚至一度超越星巴克中國。然而，它仍面臨諸多挑戰。市場內卷加劇，競爭對手庫迪咖啡以「9.9元平價咖啡」搶佔市佔，迫使瑞幸也不得不捲入價格戰。海外拓展方面，儘管庫迪已在全球擁有2000多家門店，瑞幸的海外步伐則顯得相對謹慎，目前僅佈局新加坡與馬來西亞。更深層的挑戰來自消費者信任。儘管品牌形象逐步恢復，但當年財務造假的陰影依然揮之不去。一些投資者與消費者仍對其誠信與企業治理保持警惕。

綜觀瑞幸的發展歷程，它無疑是一則中國新經濟的典型商戰故事：從「國貨之光」到造假醜聞，再到依靠產品與營運重生的逆轉樣本。如今的瑞幸已經不再單靠資本推動，而是進入實打實的市場競爭時代。它所經歷的一切，也為中國新消費品牌提供深刻的警示與啟發：在高速成長之餘，唯有穩健與誠信，方能走得長遠。

Luckin Coffee: A Turbulent Journey from Financial Fraud Scandal to Resurgence

Luckin Coffee was founded in 2017 by Qian Zhiya and Lu Zhengyao, both former executives of Shenzhou Youche. By adopting an “Internet + coffee” business model, it quickly swept through the Chinese market with aggressive pricing subsidies and an ultra-fast store expansion strategy. In less than two years, it went public on the U.S. Nasdaq in May 2019, setting a record as the fastest IPO in Chinese corporate history. At its peak, its market valuation exceeded $12 billion USD, shaking up the entire new consumer market landscape.

However, behind this dazzling “blitzkrieg” of success lurked massive risks and unsustainable operations. Luckin’s business model was heavily reliant on burning cash to offer discounts, and individual stores struggled to turn a profit. Still, the company publicly claimed its stores were already profitable—an assertion that foreshadowed the financial fraud scandal that would later explode.

In January 2020, the well-known short-seller firm Muddy Waters published an anonymous 89-page report accusing Luckin of large-scale financial fraud. The report alleged that in Q3 of 2019, Luckin had inflated its store sales by nearly 70%, and in Q4 by as much as 88%. It also revealed falsified user data, the existence of so-called "ghost stores", and manipulated transactions through repeated fake orders. Insider cash-outs were also exposed. Although Luckin initially denied all accusations, on April 2, 2020, the company admitted that its CFO and COO had colluded in fabricating accounts involving over 2.2 billion RMB. The news sent its stock plummeting by 80% overnight, wiping out more than 30 billion RMB in market value and shocking the financial world.

Following the scandal, Luckin was delisted from Nasdaq. Founder Qian Zhiya and fraud mastermind Liu Jian both stepped down, and Lu Zhengyao was also ousted. The company faced class-action lawsuits from investors and suffered a complete collapse in public trust, entering an unprecedented crisis.

Yet delisting did not mark the end of Luckin. Under the leadership of newly appointed CEO Guo Jinyi, the company launched a sweeping restructuring initiative. In an effort to stop the financial bleeding, hundreds of loss-making stores were closed, reducing the store count from over 4,500 to around 4,000, and shifting the business strategy to focus on profitability. Luckin abandoned its earlier frenzy of free tasting promotions and discount wars, instead emphasizing product innovation and precision marketing.

A turning point came in 2021 with the launch of the “Coconut Latte”, which became a landmark product for the brand’s transformation. It sold over 100 million cups in a single year, helping to restore consumer confidence. Later, the company teamed up with Kweichow Moutai to launch the “Moutai Latte”, selling 5.42 million cups on its first day and generating over 100 million RMB in revenue, demonstrating that its brand influence remained potent. These well-timed product strategies and buzzworthy marketing campaigns fueled Luckin’s dramatic comeback.

As of 2025, Luckin has become the coffee brand with the most stores in China, boasting over 24,000 locations and an annual revenue exceeding 24.9 billion RMB, even briefly surpassing Starbucks China in market share. However, it still faces numerous challenges. Market competition has become increasingly intense, especially with rival Cotti Coffee, which aggressively captures market share by offering coffee at just 9.9 RMB per cup—forcing Luckin into an unavoidable price war. In terms of overseas expansion, while Cotti already operates over 2,000 global outlets, Luckin has taken a more cautious approach, focusing its international presence in Singapore and Malaysia.

A deeper challenge lies in regaining consumer trust. Although the brand has slowly rebuilt its image, the shadow of its past financial scandal still lingers. Some investors and consumers remain wary of its corporate integrity and governance.

Overall, Luckin Coffee’s journey stands as a classic tale in China’s new economy—a story of meteoric rise, spectacular fall, and resilient recovery. From a symbol of national consumer pride to a cautionary tale of fraud, and now a case study in operational and product-driven revival, Luckin’s path offers profound lessons. In a landscape where rapid growth is prized, sustainability and integrity remain the true keys to long-term success.