这是新消费智库第 2 6 6 9 期文章 新消费导读 1. 光明乳业上新光明优倍有机奶雪糕 2. 薛记炒货 x 伊利集团奶皮子酸奶上新 3. 茉莉奶 白 联名《魔道祖师》焕新奶白栀子系列 4. 安踏之家品牌产品体验空间正式开业 5. 蒙牛奶酪冠名街球霸王 6. 袁记云饺进军泰国市场 7. 舒淇成为爷爷不泡茶品牌代言人 8. 智能饮品零售品牌「碰杯站」完成 5000 万元融资 9. 群兴玩具成功获 1.5947 亿元融资 10. 橘帝堂完成千万级天使轮融资 11. 瑞幸 × 多邻国推出新品 12. 认养一头牛与三丽鸥家族联名 13. 酵色透光晶冻口红焕新上市 . . . . . . 一周新品 1. 旺旺旗下 Fi xXBody 推出新品空气米脆 3. 薛记炒货 x 伊利集团奶皮子酸奶上新 日前，薛记炒货和伊利集团联合推出新品奶皮子酸奶。奶皮子酸奶是一种表面带有 "奶皮"的风味酸乳。新品采用伊利专业牧场的新鲜奶源， 甄选动物奶油，优质菌群发酵。 （ 小食代 ） 4. 迪桑特高尔夫推出全新系列 S-CORE 高端专业运动品牌迪桑特高尔夫正式发布全新系列 S-CORE ，以多场景时尚为灵感源泉，延续品牌深厚的高尔夫专 ...

本周观点 稳定币法案落地后的新增投资路径： 投资逻辑 稳定币法案落地后的新增投资路径。1）我们对港股维持乐观预期，新股 IPO（包括 A+H、中概回港）优优化港股 资产，稳定币、新消费、创新药等板块带来"赚钱效应"。港股和美股中概的风险偏好显著提升，且向新概念、 中小盘蔓延趋势明显，活跃资金积极寻找低 PB 个股的重估逻辑。2）我们持续看多虚拟资产（含稳定币）的发展， 除了持续推荐的资产交易平台和"数字黄金"、"数字燃料"。我们还对以下几个投资逻辑做新增，一方面是传 统虚拟资产的回归，交易所等传统币圈资产在获得许可或者相关牌照后有望进入传统资本市场，IPO、借壳、并 购等方式均有可能。另外一方面我们还看多虚拟资产的基建类资产，传统金融机构需借助以太坊等区块链基建切 入稳定币等生态。3）海外中国资产的潜在风险依旧是中美关税问题，保持对美国与全球关税谈判的进度跟踪， 预防突发事件风险。另外，近期部分海外中国资产的涨幅较大，需警惕中报数据证伪等风险。 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最 ...

因此，法院认定，"幸猫咖啡"和"瑞幸咖啡"构成近似，热流公司侵犯了瑞幸咖啡注册商标专用权。热流公司在明知"瑞幸咖啡"品牌具有较 高知名度的情况下，使用近似标识进行全方位模仿，侵权的主观恶意明显，并从中获取了上百万元加盟费，获利巨大，侵权情节严重。 7月18日，茶咖日报的主要内容有： 幸猫咖啡"碰瓷"瑞幸咖啡？法院：近似商标侵权赔偿500万元 南方网消息，7月17日，广东省高级人民法院公布一批知识产权惩罚性赔偿典型案例。其中一案涉及知名连锁咖啡品牌"瑞幸咖啡"，因商 标遭"幸猫咖啡"侵权获赔500万元。 案情显示，杭州热流品牌运营管理有限公司（下称"热流公司"）于2022年注册并开始使用"幸猫咖啡"的商标，在全国范围内有86家加盟 店。各加盟店的咖啡杯、咖啡纸袋、店员服饰等处均使用与"瑞幸咖啡"相似的标识。瑞幸公司据此提起诉讼，请求判决热流公司停止侵权 行为，消除影响，并赔偿500万元。 图片来源：深圳市福田区人民法院 根据深圳特区报此前对该案的报道，深圳市福田区人民法院生效判决认为，"幸猫咖啡"和"瑞幸咖啡"商标在外观、颜色及视觉效果上高度 相似。在"瑞幸咖啡"具有较高知名度的前提下，双方商标出现在门头招牌、 ...

Core Insights - The coffee shop industry is experiencing significant growth, with a total of 2,053 new stores opened in June, representing a 2.14% month-over-month increase and an 89.39% year-over-year increase, bringing the total number of stores to 65,468 [1][2][3] Brand Performance - Luckin Coffee opened 661 new stores in June, a year-over-year increase of 38%, while Kudi Coffee led with 903 new stores, marking a staggering 498.01% increase [2][3] - Starbucks saw a decline in new openings, with only 17 stores opened in June, a decrease of 76.71% year-over-year, while maintaining a total of 7,824 existing stores [2][3] - Kudi Coffee's existing store count surpassed 15,000, reflecting rapid expansion, while Luckin Coffee's store count exceeded 6,000, having doubled in the past year [5][13] Product Innovation - A total of 79 new SKUs were launched across 27 brands in June, with Starbucks leading with 12 new products, followed by Kudi Coffee and Luckin Coffee with 11 and 10 new products, respectively [7][9] - Seasonal flavors and health-oriented products are trending, with many brands introducing fruit-infused coffee options to cater to summer preferences [10][11] Marketing Strategies - Collaborative marketing is becoming a norm, with 19 partnerships in June, notably increased activity from Luckin Coffee, which engaged in four collaborations, including popular IPs like SpongeBob [11][12] - The focus on animated IP collaborations is evident, with brands like Starbucks and Kudi Coffee targeting family-friendly and youth demographics through strategic partnerships [12][13] Industry Outlook - The coffee industry is shifting towards refined operations and product differentiation, with local brands gaining traction against international competitors [13]

Core Viewpoint - Starbucks is facing significant challenges in the Chinese market, leading to speculation about its valuation and potential sale of equity, with a reported valuation of $9 billion, raising questions about its worth in the current competitive landscape [1][4][6] Group 1: Market Dynamics - Starbucks China is projected to generate $2.958 billion in revenue for the fiscal year 2024, reflecting a year-over-year decline of 1.4% [4] - In contrast, Luckin Coffee's revenue is expected to reach approximately $5 billion, with a significantly lower price-to-sales ratio of 1.89 compared to Starbucks' 3 [8] - The number of Starbucks locations in China is 7,758, while Luckin has surged to 24,097 locations, indicating a substantial competitive advantage for Luckin [6] Group 2: Consumer Behavior - Consumer sentiment towards Starbucks has shifted, with many expressing that they would rather choose cheaper options from competitors like Luckin, even when Starbucks offers discounts [6][19] - The perception of Starbucks as a premium brand is deteriorating, as evidenced by comments on social media indicating that consumers are now more price-sensitive and less loyal to the brand [6][21] Group 3: Strategic Moves - The potential sale of a stake in Starbucks China is seen as a strategic retreat, with the company looking to retain 30% ownership while seeking new capital partners [6][23] - The involvement of major investors like Dazhong Capital, which has a history of aggressive market strategies, suggests a shift in control and potential rebranding efforts for Starbucks [10][12] Group 4: Future Outlook - The coffee market in China is still growing, with per capita coffee consumption significantly lower than in countries like Japan and South Korea, indicating room for expansion [15] - The outcome of the potential equity sale and subsequent strategies will determine whether Starbucks can reclaim its premium status or if it will continue to struggle against lower-priced competitors [24][26]

Group 1 - The overall restaurant industry prosperity index in June 2025 slightly decreased to 104.1, down 0.1% from May's 104.2 [5][3] - The decline in the index was influenced by various factors, including seasonal changes and consumer behavior adjustments [8][4] - The index for third-tier and below cities saw the largest decline at 5.4%, followed by second-tier cities at 4.6%, while first-tier cities experienced a slight increase of 1.2% [12] Group 2 - The "Red Restaurant Index Top 100" for June 2025 saw 36 brands rise in rankings, 33 fall, and 30 remain unchanged, with one new entry [18] - The top three brands in the index were Haidilao, KFC (China), and Luckin Coffee, followed closely by McDonald's (China) and others [20][18] Group 3 - In June 2025, the snack fast food category showed significant growth, with its prosperity index rising to 103.7, an increase of 5.4% [16] - Conversely, the beverage category's index fell to 116.5, down 2.2%, while the index for hot pot and barbecue categories were 93.5 and 81.9, respectively, both showing declines [16] Group 4 - The restaurant industry saw active financing events in June 2025, with a total of 10 financing occurrences, marking a significant increase from the previous month [59] - Notable IPO movements included the submission of a prospectus by Banu International Holdings for a main board listing and the listing of Haitian Flavoring and Food Company on the Hong Kong Stock Exchange [62][58] Group 5 - The restaurant industry is witnessing a trend of local brand expansion and international market penetration, with brands innovating through unique store formats and digital models [55] - Significant industry events included the opening of Haidilao's first fresh-cut beef theme store in Guangzhou and Luckin Coffee's first stores in the U.S. [61][62]

新一轮出海热，"烧"到了美国 餐饮出海的"弦"，拉得更紧了。 今年以来，几乎每月都有餐饮品牌落地美国的消息传来。仅上半年，就有10多家餐饮企业先后在美国开出首店。 | FFIET | 品类 | 品牌 | 地点 | | --- | --- | --- | --- | | 2月 | 饺子 | 喜家德 | 纽约法拉盛门店开业。 | | 2月 | 新疆炒米粉 | 花小小·新疆炒米粉 | 海外首家门店,落地纽约。 | | 2月 | 茶饮 | 喜茶 | 喜茶海外首家LAB店,落地纽约时代广场。 | | 2月 | 茶饮 | 树夏 | 北美首店落地美国加州,开启试营业;4月 初正式营V | | 4月 | 肉味 | 紫燕自味鸡 | 在纽约连续落地两店,其中法拉盛店为品牌 的北美首店。 | | 4月 | 茶饮 | 霸王茶姬 | 北美首店落地洛杉矶。 | | 4月 | 茶饮 | | 未莉奶白 URAN洛杉矶首店正式营业。 | | 4月 | 茶饮 | | 启用全新珍珠奶茶品牌BOBOBABA, 北美 首店于洛杉矶试营业。 | | 5月 | 咖啡 | 库迪咖啡 | 美东首店落地布鲁克林;6月初在布鲁克林 的新店进入开业倒计时。 | | ...

Core Viewpoint - The Chinese coffee market is undergoing significant changes, with Starbucks considering selling its China operations amid increasing competition from local brands like Luckin Coffee and Kudi Coffee, which have rapidly expanded their presence and surpassed Starbucks in store count [1][3][4]. Group 1: Market Dynamics - The Chinese coffee market has seen a dramatic transformation, with local chains like Luckin and Kudi rapidly expanding, leading to a significant increase in per capita coffee consumption among Chinese consumers, who show a higher acceptance of affordable products [3]. - Starbucks China is facing a growth bottleneck, with a projected revenue of $2.958 billion for fiscal year 2024, marking a 1.4% year-on-year decline, the first negative growth in recent years [4]. - The competitive landscape has shifted, with local brands launching numerous new products, while Starbucks' product iteration appears slower, leading to perceptions of its strategies as reactive rather than proactive [4][8]. Group 2: Strategic Moves - Starbucks has made several adjustments in response to market pressures, including launching new products, increasing collaboration frequency, and even announcing price reductions for certain beverages [4][5]. - The company aims to increase its store count in China from 8,000 to 20,000, indicating a focus on growth despite the challenges faced [5]. Group 3: Potential Acquisition Impact - If Dazhong Capital successfully acquires a stake in Starbucks China, it could lead to significant changes in operational dynamics, with potential shifts towards localized decision-making and operational strategies [7][8]. - The acquisition could enhance Starbucks China's digital efficiency by leveraging Dazhong's experience from Luckin Coffee, particularly in product development and supply chain management [8]. Group 4: Competitive Landscape - The potential acquisition may lead to a new equilibrium in the coffee market, where Luckin and Starbucks, while maintaining independent brands, could reduce competitive intensity and shift towards differentiated competition [9]. - This new market structure may create higher barriers for new entrants, as they would need to contend with established brand recognition and operational efficiencies of larger players [9]. Group 5: Broader Implications - Dazhong Capital's bid represents a broader trend in the Chinese private equity market, shifting from a focus on individual company growth to ecosystem control, indicating a strategic evolution in investment approaches [11]. - This shift raises questions about market vitality and consumer interests, as capital relationships may influence competition dynamics, potentially impacting long-term consumer benefits [11].

2025年夏季以来，瑞幸咖啡不断展现"上线即爆款"的产品力。7月14日，瑞幸咖啡官方公布当季新品绿 沙沙拿铁的首周销量数据，该款产品与语言学习APP"多邻国"跨界联名推出，自7月6日在全国上线以 来，凭借独特的口味与新颖的联名，引发消费者热烈追捧，首周销量突破900万杯。从羽衣轻体果蔬 茶、荔枝冰萃系列，到绿沙沙拿铁，瑞幸咖啡近期新品持续引领夏日饮品消费热潮。 从消费者的反馈看，夏日解暑属性是绿沙沙拿铁迅速走红的原因。该新品将选自东北优质产区的绿豆风 味与IIAC金奖咖啡豆完美融合，满足大众对高品质咖啡与清热解暑双重需求的同时，更让瑞幸咖啡持 续引领健康生活方式的品牌形象进一步强化。 与此同时，瑞幸咖啡与语言学习APP多邻国的跨界联名合作，不仅在咖啡产品上推陈出新，周边配套产 品同样再次成为市场关注焦点。本次瑞幸咖啡与多邻国联名推出的周边产品"屁屁杯"引发消费者抢购热 潮，7月6日一上线便迅速售罄，相关话题也在社交平台持续升温。瑞幸咖啡与多邻国联名的首部短剧 《偶们结婚鸟》风靡全网，以当下年轻人群喜欢的内容形式与消费者精准互动。 显然，在产品爆火的背后，是瑞幸咖啡强大的新品研发力，以及对消费者需求的深度洞察。 ...

Group 1 - The rise of "DIY" beverages reflects a growing consumer demand for creativity and personalization in drink choices, with major brands like Coca-Cola and Suntory responding by launching products that allow consumers to create their own drinks [1][3][12] - The ice cup market has seen significant growth, with a 236.3% increase in related content and a 462.6% rise in interactions in the first half of 2024, driven by younger consumers seeking affordable and social drinking experiences [3][4][12] - Major brands are entering the ice cup market, with companies like Nongfu Spring and Mixue Ice City launching competitive pricing strategies, including ice cups priced as low as 1 yuan [3][4][12] Group 2 - The "self-made" trend has led to innovative products like Suntory's "Pepsi Concentrate," which allows consumers to mix their own drinks at home, catering to the growing demand for interactive and experiential consumption [19][20] - Ito En has introduced a product called "Yogurt Buddy," which transforms milk into jelly-like desserts, tapping into the trend of turning traditional beverages into snack-like options [22][24] - The success of these products indicates a shift in consumer behavior, with a focus on creating social currency and emotional value through the sharing of unique drink experiences on social media [25][26] Group 3 - Japanese beverage giants are adopting differentiated strategies in the "DIY" beverage market, with Suntory, Ito En, and Mizkan each targeting unique consumer experiences and market segments [13][18] - Mizkan's success with the "Yuzu Vinegar Sour" drink showcases the potential of co-creation with consumers, as it originated from a mix created by a restaurant owner and gained popularity through social media [14][16] - The emphasis on consumer engagement and experience in product development is a key takeaway for companies looking to capitalize on the "DIY" beverage trend [25][26]