[摘要] 瑞幸咖啡利用互联网技术，采取“线上+线下”的经营模式使得瑞幸咖啡仅在创办18个月后成功在美国的纳斯达克上市。瑞幸在资本市场上攻城略地的速度让人瞠目结舌，可以说实现了一项商业奇迹。2020年2月初，美国做空机构的浑水公司公布了一份做空报告，揭露瑞幸咖啡在2019年三、四季度存在财务造假行为。报告公布后，安永会计师事务所作为瑞幸的审计机构，组织专业团队对瑞幸进行审计，促使瑞幸于2020年4月2日公开承认造假22亿元的行为，本文以瑞幸咖啡财报造假中盈利造假作为着眼点从以下四个方面，盈利模式、盈利点、盈利来源、盈利杠杆分析互联网企业的盈利模式，揭示瑞幸咖啡其在盈利逻辑上所存在的问题，在此基础上得出瑞幸咖啡事件对互联网企业盈利逻辑的几点启示。

[关键词] 瑞幸咖啡；互联网企业；盈利逻辑

Analysis on the Profit Logic of Internet Enterprises from Fixings Coffee Incident

Abstract：Lucky coffee uses Internet technology and adopts the "online and offline" business model, which makes only 18 months after its establishment, which can be said to be a business miracle.In early February 2020,Muddy Waters company, an American short agency, released a short report, which revealed that lucky coffee had financial fraud in the third and fourth quarters of 2019.After the release of the report, Ernst & Young, as the audit organization of lucky, organized a professional team to audit lucky, which prompted lucky to admit the behavior of cheating 2.2 billion yuan on April 2, 2020. This paper takes the profit fraud of lucky coffee as the starting point, and analyzes the characteristics of Internet enterprises from the following four aspects: profit model, profit point, profit source and profit leverage The profit model reveals the problems of lucky coffee in its profit logic, and on this basis, draws some enlightenment of lucky coffee event on the profit logic of Internet enterprises.

Key words: Lucky coffee; Internet enterprises; Profit logic