Core Viewpoint - The article discusses the recent surge in orders for milk tea shops due to the "AI War" initiated by the Qianwen APP, which offered a massive promotion leading to over 10 million orders in just 9 hours, highlighting the intense competition in the food and beverage industry and the challenges faced by businesses in managing such demand [5][7][21]. Group 1: AI War and Its Impact - The Qianwen APP launched a "Spring Festival 3 billion free orders" campaign, resulting in a nationwide frenzy for milk tea, with major brands like Mixue Ice City and Luckin Coffee participating [6][7]. - Within 9 hours of the campaign, over 10 million milk tea orders were placed, causing stock prices of several tea brands to rise significantly, with Gu Ming increasing over 5% to reach a record high [7]. - The article notes that this is the second major order surge within a year, indicating a pattern of intense promotional activities in the restaurant industry [8]. Group 2: Previous Delivery Wars - The article references a previous "Delivery War" that occurred on July 5, 2025, which also resulted in overwhelming order volumes, with some stores reporting a 230% increase in orders compared to normal [9][10]. - Following the Delivery War, many restaurant operators expressed concerns about the sustainability of such high demand and the negative impact on service quality [10][12]. - Regulatory actions were taken to address the chaotic competition in the delivery sector, aiming to create a healthier market environment for the restaurant industry [11][12]. Group 3: Characteristics of the Milk Tea Market - The milk tea market is characterized by its ability to attract young consumers, with a projected market size of 354.72 billion yuan in 2024, growing at 6.4% annually [17]. - The consumer base primarily consists of young women aged 22-30, with a high frequency of purchases, making milk tea a low-cost, high-repurchase category [17][18]. - The efficiency and high turnover of milk tea shops make them attractive to platforms seeking to acquire users at a lower cost [19]. Group 4: Financial Implications for Businesses - Despite the surge in orders, the profitability of milk tea shops remains challenging, as the sudden influx of orders can overwhelm staff and disrupt service quality [21][22]. - Many businesses struggle to manage the increased demand, leading to longer wait times and potential customer dissatisfaction, which can harm long-term customer loyalty [23][25]. - The article emphasizes the need for businesses to balance leveraging platform promotions for growth while maintaining their operational integrity and customer experience [27].

这次活动中，千问App还在官方微博与多个新茶饮品牌互动，包括古茗、茶百道、沪上阿姨、奈雪的 茶、霸王茶姬等。虽然有的新茶饮品牌没有在微博等层面互动，但消费者依然可以通过千问获得的免单 卡进行下单，用户领取的免单卡可在全国超过30万家奶茶店使用。本次活动中，所有用户更新千问App 后，能无门槛获得一张25元免单卡，不仅能免单喝奶茶，还能通过淘宝闪购买年货、点外卖。用户获取 免单卡后，可直接在对话框说出想喝的奶茶名字，然后选择商品，提交下单支付时，免单卡会自动减免 25元。 一家霸王茶姬门店表示，今天用户通过千问App下单的热情较高，白天已经积累了500多单。由于订单 量突然加大，店里的牛奶原料已经用完，正在等待补充，因此目前已经无法下单相关产品。蜜雪冰城的 一家门店也表示，上午突然来了很多的订单，下午这会儿好多了，目前可以正常下单。 爷爷不泡茶一家门店表示，今天外卖的订单量激增，外卖订单的提示音一直响个不停，前台打印机不断 出单。店员们各自负责一个环节，埋头做事，相互配合得很流畅。虽然忙碌，不过经过数智化、标准化 作业，保障每一杯饮品的品控稳定，符合消费者的个性化口味需求。外卖取餐台边，爷爷不泡茶员工根 据标签 ...

Group 1 - Lee & Man Paper (02314) has seen its stock price rise by over 30% year-to-date, with expected profits of approximately HKD 1.88 billion to HKD 2.00 billion in 2025, representing a year-on-year growth of 38% to 47% due to increased marginal profits [1] - Soundon Technology (02495) shares rose over 8.8% after winning a contract worth nearly RMB 300 million for an AI project in Sichuan province [1] - Zhongxin Innovation (03931) stock increased by over 3.8%, with a reported 630% year-on-year growth in commercial battery deliveries in January 2026, indicating a strong market strategy and capacity layout [1] Group 2 - Tea stocks experienced a rise, with Gu Ming (01364) up 4.12%, Cha Bai Dao (02555) up 3.74%, and others benefiting from a promotional campaign offering free milk tea at over 300,000 stores nationwide [2] - Innovent Biologics (09969) shares surged over 11% after announcing expected revenues of RMB 2.37 billion in 2025, a 134% increase, and a projected net profit of around RMB 630 million [2] - Jun Da Holdings (02865) rebounded over 4.6% following news of the U.S. Federal Communications Commission accepting SpaceX's data center application [2] Group 3 - Li Auto-W (02015) shares rose over 5.3% as the CEO teased the new Li L9 model, emphasizing the importance of AI in enhancing vehicle value [3] - JX International Resources (03858) saw a stock increase of over 4.6% as tungsten prices reached a recent high of CNY 1,545,000 per ton, up CNY 25,000 from the previous trading day [3] - Nine Dragons Paper (02689) shares increased by over 5.7% after announcing a profit forecast for FY26H1 of CNY 2.15 billion to CNY 2.25 billion, a year-on-year growth of 216% to 231% [3] Group 4 - Long Resources (01712) stock surged over 35%, reaching a historical high, with expected after-tax profits of AUD 58 million to AUD 62 million for the year ending December 31, 2025, a significant increase from AUD 12.9 million in the previous year [4] Group 5 - Forgent Power Solutions (FPS.US) debuted on the U.S. stock market with a closing increase of 7.41%, focusing on power solutions for data centers [5] - Bob's Discount Furniture (BOBS.US) also entered the market, with a slight increase of 0.12%, managing 206 showrooms across 26 states and projecting revenues of USD 2.32 billion for FY2025 [5] Group 6 - Eikon Therapeutics (EIKN.US) fell over 16.67% on its Nasdaq debut, focusing on cancer therapies with a candidate drug in mid-stage trials [6] - Cryptocurrency stocks saw significant declines, with Hut 8 (HUT.US) down 17.89% and others following suit amid a Bitcoin sell-off, which dropped nearly 10% [6] Group 7 - Major U.S. indices opened lower, with the Nasdaq down 1.6%, and notable tech stocks like Amazon (AMZN.US) and Tesla (TSLA.US) also declining [7] - Estée Lauder (EL.US) dropped nearly 19.19% despite meeting sales expectations, reflecting market volatility [7] Group 8 - NIO (NIO.US) shares rose 5.86% after announcing an expected adjusted operating profit of between RMB 700 million and RMB 1.2 billion for Q4 2025, marking its first quarterly adjusted operating profit [8] - Hims & Hers Health (HIMS.US) initially surged nearly 14% before closing down 3.77%, launching a new generic medication at a competitive price [9] - Qualcomm (QCOM.US) fell 8.46% amid concerns over weak earnings forecasts related to chip shortages affecting smartphone demand [9]

银河证券此前指，考虑阿里此前官宣2026年将为争夺即时零售市场份额继续投入大量资源，预计外卖补 贴退坡幅度将好于市场预期。国金证券认为，在行业集中度持续提升、同质化竞争加剧的趋势下，具备 供应链规模化、能够精准快速捕捉用户需求的产品优势、品牌优势的头部连锁品牌，在拓店和单店运营 中将占据明显优势。 茶饮股震荡走高，截至发稿，古茗(01364)涨5.48%，报31.2港元；茶百道(02555)涨3.9%，报6.66港元； 沪上阿姨(02589)涨2.42%，报88.7港元；奈雪的茶(02150)涨0.93%，报1.09港元。 消息面上，今日，"千问春节请客计划"正式上线，首轮免单活动送奶茶。根据千问官方介绍，首轮免单 卡可在全国30多万家奶茶店使用，奶茶店品牌包括喜茶、奈雪、瑞幸、一点点、霸王茶姬和古茗等。据 悉，此次千问30亿春节请客计划，在阿里历史上的春节活动中投入最大，在今年春节大厂AI大战中投 入金额也最高。数据显示，活动上线不到3小时，通过千问App下单的奶茶已超过100万单。 ...

银河证券此前指，考虑阿里此前官宣2026年将为争夺即时零售市场份额继续投入大量资源，预计外卖补 贴退坡幅度将好于市场预期。国金证券认为，在行业集中度持续提升、同质化竞争加剧的趋势下，具备 供应链规模化、能够精准快速捕捉用户需求的产品优势、品牌优势的头部连锁品牌，在拓店和单店运营 中将占据明显优势。 消息面上，今日，"千问春节请客计划"正式上线，首轮免单活动送奶茶。根据千问官方介绍，首轮免单 卡可在全国30多万家奶茶店使用，奶茶店品牌包括喜茶、奈雪、瑞幸、一点点、霸王茶姬和古茗等。据 悉，此次千问30亿春节请客计划，在阿里历史上的春节活动中投入最大，在今年春节大厂AI大战中投 入金额也最高。数据显示，活动上线不到3小时，通过千问App下单的奶茶已超过100万单。 智通财经APP获悉，茶饮股震荡走高，截至发稿，古茗(01364)涨5.48%，报31.2港元；茶百道(02555)涨 3.9%，报6.66港元；沪上阿姨(02589)涨2.42%，报88.7港元；奈雪的茶(02150)涨0.93%，报1.09港元。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 奈雪的茶控股有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02150 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00005 USD | | 250,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00005 USD | | 250,000 | 本月底法定/註冊股本總額： USD 250,00 ...

肯德基方面表示，调整部分外送产品价格是为了更好地应对运营成本的变化，保持稳定健康的经 营。"疯狂星期四""周末疯狂拼" "OK餐三件套"等优惠套餐价格，保持不变。 "调价是正常的市场规律，也是行业保持良性运转的必要举措。我们将持续优化成本结构，最大程度为 消费者提供高品质与高性价比的产品和服务。"肯德基方面回应道。 库迪宣布取消9.9元咖啡活动。 1月31日，记者获悉，库迪咖啡"全场9.9元不限量"活动将于2026年1月31日24时正式结束。2026年2月1 日将开启特价专区，部分产品仍然延续9.9元不限量。2026年2月1日0时起，库迪自有平台内非特价活动 产品，均按零售价售卖。 对于库迪新店来说，首月8.8元活动自2月1日起调整，用户扫码可得券包由原先的3张6.9元饮品券（全场 饮品可用）调整为3张8.8元饮品券（全场饮品可用）。邀新有礼活动也有所调整，新用户奖品由原先的 3张8.8元全场任饮券调整为3张9.9元全场任饮券。 对此，库迪咖啡方面回复《每日经济新闻》记者称，部分产品延续特价9.9元不限量，全线产品持续参 与外卖平台各类补贴活动，库迪始终致力于为消费者提供高品质高性价比的咖啡产品，欢迎大家多多 ...

每经编辑｜何小桃 库迪宣布取消9.9元咖啡活动。 1月31日，记者获悉，库迪咖啡"全场9.9元不限量"活动将于2026年1月31日24时正式结束。2026年2月1日将开启特价专区，部分产品仍然延续9.9元不限 量。2026年2月1日0时起，库迪自有平台内非特价活动产品，均按零售价售卖。 对于库迪新店来说，首月8.8元活动自2月1日起调整，用户扫码可得券包由原先的3张6.9元饮品券（全场饮品可用）调整为3张8.8元饮品券（全场饮品可 用）。邀新有礼活动也有所调整，新用户奖品由原先的3张8.8元全场任饮券调整为3张9.9元全场任饮券。 图片来源：每日经济新闻 资料图 对此，库迪咖啡方面回复《每日经济新闻》记者称，部分产品延续特价9.9元不限量，全线产品持续参与外卖平台各类补贴活动，库迪始终致力于为消费 者提供高品质高性价比的咖啡产品，欢迎大家多多体验。 消费末端涨价，最容易让人联想的理由就是上游成本上升，而这的确是这波涨价潮最直接的原因之一。记者询问了多个供应链环节的商家，他们都表示， 近年来，水果、茶叶这类原材料的价格都在上涨。某茶饮品牌供应链的负责人举例称："比如这两年很火的椰子水、椰浆一类的原料，价格涨幅高 ...

Core Viewpoint - The article discusses the recent price adjustments made by major fast-food and beverage brands in response to rising operational costs and competitive pressures in the delivery market, indicating a shift in pricing strategies across the industry [1][5][14]. Price Adjustments - KFC has raised the prices of its delivery products by an average of 0.8 yuan while keeping dine-in prices unchanged, citing the need to respond to operational cost changes [5][9]. - McDonald's has also increased the prices of some menu items by 0.5 to 1 yuan, with delivery prices adjusted accordingly [9]. - Other brands like Salvia and Luckin Coffee have followed suit, with price increases ranging from 1 to 2 yuan for certain items, often through indirect methods such as eliminating discounts [5][9]. Market Dynamics - The article highlights the impact of the intense competition in the delivery market, which has led to a "price war" that is reshaping the competitive landscape, with new entrants continuously driving prices lower [5][13]. - The rising costs of raw materials, as indicated by a 4.4% increase in fresh fruit prices, are also contributing to the need for price adjustments among these brands [10][11]. Consumer Behavior - The shift in pricing strategies may alter consumer perceptions, as many have become accustomed to lower prices due to previous promotional activities, potentially leading to resistance against higher prices [13][14]. - The reliance on delivery services has increased significantly, with KFC's delivery sales growing by 33% year-on-year, accounting for 51% of its restaurant revenue [9]. Strategic Adjustments - Many smaller brands are adopting more discreet pricing strategies to avoid direct price hikes, focusing on high-margin meal bundles to improve delivery profitability [13][14]. - The article suggests that the adjustments in pricing are part of a broader strategy to regain pricing power and reduce dependency on delivery channels, which have been detrimental to profit margins [14].

Core Viewpoint - The recent price adjustments by major fast-food chains like KFC and McDonald's, along with various coffee and tea brands, reflect a response to rising operational costs and the competitive pressures of the takeaway market [1][2][3] Price Adjustments - KFC China announced a slight price increase of 0.8 yuan for its delivery products while keeping dine-in prices unchanged, citing operational cost changes as the reason [1][3] - Other brands, including McDonald's and various tea brands, have also raised prices by 1-2 yuan, often through indirect methods like eliminating discounts [1][3][4] Market Dynamics - The competitive landscape has shifted due to an intense price war in the takeaway sector, leading to a "mixed battle" environment where prices continue to drop, potentially harming overall industry profitability [2][7] - KFC's delivery sales grew by 33% year-on-year, accounting for 51% of its restaurant revenue, indicating a significant reliance on the delivery segment [3] Cost Pressures - Rising raw material costs are a contributing factor to the price increases, with the Consumer Price Index (CPI) rising by 0.8% in December 2025, and fresh fruit prices increasing by 4.4% [4][6] - The price of lemons, a key ingredient for many beverages, rose by 28.3% from April to June 2025, coinciding with increased demand from takeaway services [6] Strategic Adjustments - Smaller brands are adopting more discreet pricing strategies to cope with the competitive pressures, often increasing the prices of high-margin combo meals to improve profitability [7][8] - The industry is witnessing a shift towards reducing reliance on takeaway channels, with brands adjusting their pricing structures and enhancing dine-in experiences to balance profitability [8]