库迪全场9.9元提前结束，原因找到了

Core Viewpoint - Kudi Coffee is ending its 9.9 yuan pricing strategy, indicating a shift in the coffee market towards a more conventional industry model [3]. Pricing Strategy Changes - Starting February 1, 2026, Kudi will retain only 3-7 products at the 9.9 yuan price point, while other products will see price increases to 11.9-16.9 yuan, with some core items rising by 30%-60% [1]. - The new store opening coupon has increased from 6.9 yuan to 8.8 yuan, and new user reward coupons have risen from 8.8 yuan to 9.9 yuan [1]. Market Context - Kudi's decision to end the 9.9 yuan promotion comes earlier than expected, despite the company achieving profitability since May 2024 [7]. - The coffee market is experiencing a cooling period, moving away from aggressive discounting strategies that characterized previous years [8][10]. Competitive Landscape - Kudi's total store count is currently 18,000, which is below its original target, indicating potential growth challenges [11]. - The entry of new low-priced brands has further compressed margins, making the competitive environment more challenging compared to previous years [11]. Consumer Behavior - Despite the price increases, Kudi's stores remain busy, suggesting that customer traffic is still strong, particularly through delivery platforms [13]. - Franchisees have indicated that actual customer spending may not increase due to the continued reliance on delivery platforms, which have not adjusted their pricing [13]. Strategic Shift - Kudi's move away from the 9.9 yuan pricing may reflect a strategic pivot towards focusing on profitability rather than aggressive growth [15]. - The company appears to be prioritizing cash flow and pricing autonomy by reducing reliance on self-operated channels [15]. Industry Trends - The coffee market is transitioning away from "barbaric growth," which is seen as a positive development for long-term industry sustainability [17].