库迪取消“全场9.9元” ，咖啡大战落幕

Core Viewpoint - Kudi Coffee announced a price increase starting February 2026, ending the "all items at 9.9 yuan" promotion, with most products now priced between 11.9 to 16.9 yuan, marking a price increase of 30% to 60% for some core items [1][3][20] Group 1: Price Changes and Market Dynamics - Kudi Coffee, as the initiator of the 9.9 yuan price war, previously reduced prices to 8.8 yuan, which helped it rank among the top three global coffee chains [3] - Other brands like Luckin Coffee and Nayuki have also adjusted their prices since 2025, indicating a broader trend of price increases in the coffee and tea beverage industry [1][15] - The end of the price war suggests a shift in competition focus away from pricing to other factors in the tea and coffee industry [1][20] Group 2: Financial Performance and Business Model - Kudi's revenue model relies on a partnership with franchisees, taking a service fee from their gross profits, which has been affected by the previous low pricing strategy [6] - Kudi's rapid expansion led to a significant number of store openings and closures, with 1,655 new stores opened and 1,009 closed within 90 days, resulting in a total of 18,000 stores, far from its goal of 50,000 by the end of 2025 [4][5] - In contrast, Luckin Coffee has stabilized its core product prices between 10.9 to 13.9 yuan and reported a total net revenue of 15.287 billion yuan in Q3 2025, a 50.2% year-on-year increase [5] Group 3: Cost Structure and Supply Chain - The cost of coffee production is under pressure due to rising raw material prices, with coffee bean prices increasing by approximately 13.8% year-on-year as of December 2025 [4] - Kudi has implemented a new subsidy policy for franchisees, focusing on high rent and low sales in underdeveloped markets to improve store survival rates [6][14] - The coffee industry is expected to shift towards supply chain efficiency and cost control as key competitive factors, with Kudi and Luckin both optimizing their operations [20]