库迪全场9.9元提前结束，原因找到了

Core Viewpoint - Kudi Coffee is ending its "all products at 9.9 yuan" promotion, indicating a shift in the coffee market towards a more stable and conventional industry environment [1][3]. Group 1: Pricing Strategy Changes - Starting February 1, 2026, Kudi will retain only 3-7 products at the promotional price of 9.9 yuan, 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 the new user reward coupon has risen from 8.8 yuan to 9.9 yuan, with only delivery platform subsidies remaining [1]. Group 2: Market Context and Competition - Kudi's decision to end the 9.9 yuan promotion comes earlier than expected, as the company had previously announced a three-year promotional campaign starting May 24, 2024 [3]. - The coffee market is experiencing a cooling period, with regulatory pressures on delivery platforms to ensure fair competition, which has affected the aggressive pricing strategies of brands like Kudi [4]. Group 3: Growth Challenges - Kudi currently operates 18,000 stores, which is below its original growth expectations, and franchisees are experiencing longer payback periods [5]. - The entry of new low-priced competitors has further compressed profit margins, making it necessary for Kudi to shift its focus towards profitability rather than just growth [5]. Group 4: Consumer Behavior and Sales Channels - Despite the price adjustments, Kudi's stores remain busy, indicating that the majority of sales still come from delivery platforms, which have not implemented the new pricing [7]. - Franchisees believe that the actual average transaction value will not increase due to the continued dominance of delivery platforms in sales [7]. Group 5: Industry Trends - The coffee market is moving away from aggressive growth strategies, with Kudi's pricing adjustments reflecting a broader industry trend towards sustainable profitability [8]. - Competitors like Luckin Coffee are also adapting by emphasizing in-store pickup as a primary consumption method, indicating a shift in consumer preferences and operational strategies [9].