崩铁联名卖“崩”，瑞幸不卖咖啡改卖“谷子”？

Core Viewpoint - The current coffee market has shifted to a stock competition phase, where relying solely on product and collaboration innovations may not create a long-term competitive advantage [1] Group 1: Collaboration and Consumer Behavior - Luckin Coffee's collaboration with "Honkai: Star Rail" sold out quickly, with a package priced at 36.9 yuan that included two cups of coffee and exclusive merchandise [2][3] - Consumers are increasingly focused on obtaining exclusive merchandise rather than the coffee itself, leading to a phenomenon where people are willing to pay extra for collectibles [5][8] - The marketing strategy emphasizes the sale of merchandise over coffee, with consumers expressing that they are essentially buying merchandise and receiving coffee as a bonus [9][10] Group 2: Marketing Costs and Financial Implications - Luckin Coffee's marketing expenses have risen significantly, with Q1 2025 marketing costs reaching 496.4 million yuan, a 52.4% increase year-over-year [12] - The company has been successful in generating sales through collaborations, but this has led to increased marketing costs that may not be sustainable in the long term [13] - The reliance on collaborations for sales growth raises concerns among investors about the long-term viability of this strategy, as it may not contribute to sustainable brand growth [13] Group 3: Market Competition and Pricing Strategies - The coffee market is experiencing intense competition, with many brands lowering prices to attract consumers, leading to a price war [14][15] - Luckin Coffee has adjusted its pricing strategy in response to external competition, reducing the number of discounted products and increasing some prices [15][16] - The company needs to find new growth engines as the market reaches saturation, with merchandise sales currently being the most direct method to drive revenue [16]