库迪挥别全场9块9，咖啡市场“走出”野蛮生长丨小贺说

Core Viewpoint - Kudi Coffee is ending its "all products at 9.9 yuan" promotion earlier than expected, indicating a shift in the coffee market towards a more stable and conventional industry environment [3][13]. Pricing Strategy - Starting February 1, 2026, Kudi will retain only 3-7 products at the promotional price of 9.9 yuan, while other products will revert to regular prices ranging from 11.9 to 16.9 yuan, with some core items seeing price increases of 30% to 60% [1][4]. - The new store opening coupon has increased from 6.9 yuan to 8.8 yuan, and the new user reward coupon has risen from 8.8 yuan to 9.9 yuan, with only delivery platform subsidies remaining [1]. Market Context - Kudi's decision to withdraw from the 9.9 yuan pricing strategy reflects a broader trend in the coffee market, moving away from aggressive growth tactics [1][13]. - The coffee market is experiencing a cooling period, with external pressures from regulatory bodies on delivery platforms to ensure fair competition [5][11]. Financial Performance - Kudi Coffee achieved profitability starting in May 2024, aided by cost reductions across the supply chain and low-priced raw materials [4]. - Despite the end of the 9.9 yuan promotion, Kudi reportedly does not face immediate profitability pressures, making the decision to adjust prices somewhat unexpected [4][6]. Competitive Landscape - Kudi's total store count stands at 18,000, which is below initial projections, and franchisees are experiencing longer payback periods [7]. - The entry of new low-priced competitors has significantly compressed profit margins, contrasting with previous years when competition was primarily with Luckin Coffee [7][9]. Consumer Behavior - Despite the price adjustments, Kudi's stores remain busy, indicating that customer traffic is still strong, particularly through delivery platforms [10]. - Franchisees suggest that actual customer spending may not increase due to the continued dominance of delivery platforms in sales [10][11]. Strategic Shift - Kudi's move away from the 9.9 yuan pricing strategy may signify a transition towards a focus on profitability rather than aggressive growth [8][11]. - The company is likely to prioritize flexible cash flow and pricing autonomy, moving away from reliance on self-owned channels for sales [11].