格隆汇1月30日｜星巴克港澳地区总经理陈建伦表示，星巴克在香港有165个分店，未来半年至少有4间 店铺落实。公司的开店步伐不会太过激进，着重于商业区、办公区及旅游区。他表示，现在港人北上消 费可以见底，有小小回流，加上香港的经济复苏，星巴克的人流也有比较温和的增长，去年销售和人流 都有进步。针对同行竞争状况，他表示，星巴克和瑞幸等其他品牌的定位不同，因此不会打价格战，希 望和其他品牌一起做大咖啡市场。 ...

Core Insights - The analysis focuses on Dutch Bros (BROS) and Black Rock Coffee Bar (BRCB) as interesting investment opportunities within the coffee industry, which has traditionally been dominated by a few key players [1]. Company Analysis - Dutch Bros and Black Rock Coffee Bar are highlighted as companies that demonstrate growth potential in a classic industry [1]. - The analysis emphasizes a fundamental approach to identifying undervalued stocks, suggesting that both companies may present attractive investment opportunities [1]. Industry Context - The coffee industry is characterized by its competitive landscape, with emerging players like Dutch Bros and Black Rock Coffee Bar challenging established brands [1]. - The report indicates a shift in consumer preferences towards newer coffee brands, which may impact market dynamics [1].

Core Viewpoint - Starbucks reported a revenue of $9.9 billion for Q1 of fiscal year 2026, marking a 6% year-over-year increase, but net profit decreased to $293 million from $781 million in the same period last year [3][4]. Group 1: Financial Performance - The global same-store sales increased by 4%, with North America and the U.S. markets also seeing a 4% growth [3]. - In the Chinese market, revenue grew by 11% to $823.4 million, with same-store sales increasing by 7% driven by a 5% increase in transaction volume and a 2% increase in average ticket size [5]. - Starbucks anticipates that certain macroeconomic pressures, including tariffs and rising coffee bean costs, will ease in the second half of the fiscal year [4]. Group 2: Market Expansion and Strategy - Starbucks is actively expanding into lower-tier cities, having entered 13 new county-level cities, bringing the total to 8,011 stores across 1,103 county-level cities, a 4% year-over-year increase [5]. - A significant adjustment in the Chinese business was announced, with a joint venture established with Boyu Capital, which will acquire up to 60% of the retail business, while Starbucks retains 40% ownership and continues to hold brand and intellectual property rights [5][6]. - The partnership with Boyu Capital is expected to lead to reduced depreciation and amortization, as well as lower store operating costs, with completion anticipated in early 2026 [6]. Group 3: Competitive Landscape - Despite the partnership, Starbucks faces intense competition in the Chinese market, particularly from Luckin Coffee, which has surpassed Starbucks in store count and revenue [6]. - Analysts express optimism regarding the joint venture, predicting accelerated store openings, more precise local operations, and improved supply chain integrity as key benefits [6].

去年双11，我们曾在一篇文章里提到B站的情况： 前段时间，跟B站内部人交流，他们也说，今年带货广告客户数量有显著增长，尤其是高客 单的品牌。11月12日，他们发了大促战报，投放带货广告的客户数比去年同期翻了一倍多， 千元以上消费品GMV同比增长63%。 品牌涌入新渠道，短期内推高投放和GMV，但如果操作不慎有可能翻船。在最近，有商家在我们的社 群转发帖子，"品牌投B站，是不是疯了?"，引起不少人的兴趣；有人说转化难，有人说投了没赚到钱。 吐槽归吐槽，去年还是有许多品牌投B站拿到了结果。特别是数码、家居、小家电等耐消品，涌现出许 多靠大单品获得很好销量的案例。比如荣耀Magic8，在B站投放带货，15日GMV就超过4500万元，单 稿件投流ROI超40，效果超过同期的抖音和小红书。 品牌投B站，为啥冰火两重天？其实不难理解，这些新兴平台有许多认知和信息门槛，也有一些品牌品 类与平台匹配的问题。最近，借着B站官方的AD TALK、Z100榜单等，我们也借此梳理它的商业化逻 辑。 一批品牌正在打透B站，"价值断层"带来新空间 截至去年三季度，B站广告收入已经连续11个季度增长超20%。连续增长的数据表明，一批品牌吃 ...

Summary of Conference Call Notes Industry Overview - **Coffee Beans**: The largest price increase is expected in 2024, with reference to Luckin Coffee's gross margin, which is projected to improve by nearly 3 percentage points during a same-store sales decline in 2024 [1][3] - **Sugar**: The main raw materials are white sugar and syrup, which can be substituted for each other. The raw materials are derived from sugarcane and corn [4] - **Corn**: Corn is classified as a strategic material in China, and its price is controlled, leading to stable and manageable prices for corn syrup products [5] - **Dairy**: The primary ingredients are non-dairy creamer and shelf-stable milk [2][6] Key Insights - **Brand Strength**: Do not underestimate the ability of leading brands to showcase their scale advantages [4] - **Product Structure Adjustment**: In extreme situations, companies can adjust their product structure to cope with price fluctuations. Dairy products are also essential goods, and their prices remain relatively stable [7] - **Southeast Asia Recovery**: Current tracking indicates that same-store sales in Southeast Asia have returned to normal levels in 2023, suggesting stable operations and no need for excessive concern [7] Market Dynamics - **Profit Forecasts**: Current profit forecasts do not include overly optimistic expectations for overseas contributions. Any excess contribution would be considered a positive surprise [8] - **Industry Landscape Improvement**: The industry structure has significantly improved, with the top 10 brands' market share expected to reach approximately 27% by 2025, an improvement of nearly 4 percentage points year-on-year, primarily driven by leading brands like Mixue and Gu Ming [8] - **Stock Performance**: The resilience of performance indicates that even if share reductions occur, it will not alter stock price trends [8] - **Market Reactions**: A recent reduction in holdings by a minor shareholder in Gu Ming led to a rebound in stock price, demonstrating market resilience [9] - **Short Selling Concerns**: Overemphasizing concerns about share unlocks plays into the hands of short sellers [10]

转自：国际商报 近日，2026思明购物节在厦门启幕。一场集年货市集、民俗体验、潮玩互动于一体的沉浸式新春消费盛 宴在厦门市思明区火热上演。 乐购思明 新春促销马不停蹄 随着购物节的正式启动，"马上出发 乐购思明"迎新消费季系列活动在全区铺开。曾厝垵老字号集市、 禾祥鑫天地年货市集、团圆家宴优惠、节庆灯会等近百场活动火热开展，形成"全域联动、全民参与"的 消费热潮。 商务部2025年年底公示的"国际化消费环境建设试点城市"及"消费新业态新模式新场景试点城市"名单， 厦门均位列其中，成为此次少数同时入列两项国家级试点的城市之一。今年，思明区将抢抓国际化消费 环境建设、消费"三新"两大国家级试点机遇，以购物节全面升级为契机，持续践行扩大内需战略，通过 资源整合、业态联动与场景创新，构建"买好物、品美食、赏美景、享服务"的全链条消费生态，做 强"思明购物节"IP，在厦门建设国际消费中心城市进程中展现思明担当、贡献思明动能。 （吴广宁 张予程） 值得一提的是，作为厦门千亿咖啡产业链的核心承载，思明区借购物节契机深化"咖啡+文旅+消费"融 合，现场正式揭晓《2026厦门精品咖啡地图》，不仅收录了思明区不少咖啡特色街区、宝 ...

1月28日，港股市场迎来一个"不走寻常路"的企业——湖南鸣鸣很忙商业连锁股份有限公司。它的主要 市场，并非繁华的一线都市，而是广袤的中国县域。截至发稿，鸣鸣很忙的市值超900亿港元。 鸣鸣很忙的崛起备受瞩目。其实它的成功并非偶然。FBIF关注到，县域市场的"刻板印象"正被逐一打 破。对于食饮行业而言，读懂县城消费的"反直觉"密码，无疑是打开增量空间的关键钥匙。 鸣鸣很忙集 团；图片来源：鸣鸣很忙集团 那么县域市场，有着哪些"消费新现象"？ 调研显示，现在的县城人群对收入预期并不悲观。他们收入看涨，支出预期同步攀升。 他们不像过去那样关心"在别人眼中我是否过得还不错"。中产身份认同感显著淡化，在年轻一代中这一 趋势尤为明显。 同时折叠消费成为常态。县城人群愿意买9.9元的眼影和1.5万元的金手镯，品质需求和极致性价比共 存。 县域市场； 图片来源：黑蚁资本 我们需要意识到，县域不是泛泛的"低线市场"，而是由县级市、县和自治县组成的中国真正的腰部大众 市场。 根据《中国统计年鉴2024》的数据，截至2023年底，全国有1813个县级行政区划，这些地域的主城区和 周边城镇（不包含乡村）统称为县域。[1] 县域是国家 ...

东 兴 晨 报 东兴晨报 P1 2026 年 1 月 28 日星期三 经济要闻 1. 国税局：2025 年税务部门全年征收各项税费 33.1 万亿元。其中，未扣 除出口退税的税收收入 17.8 万亿元，同比增长 2.7%。支持科技创新和制造 业发展的主要优惠政策减税降费退税超 2.8 万亿元，有力促进新质生产力和 实体经济发展。（资料来源：同花顺） 2. 国资委：1 月 28 日，国务院国资委企业改革局局长林庆苗在国新办新 闻发布会上透露，下一步国资委将聚焦国有资本"三个集中"，以重组整合为 抓手，扎实推进国有经济布局优化和结构调整，加快建设更多世界一流企业。 国有资本"三个集中"，首先是扎实做好新央企组建和战略性重组，更加突出 中央企业在战略安全、产业引领、国计民生、公共服务等领域的支撑作用， 更好把企业做强做优做大。其次，深入推进专业化整合，支持创新能力强的 企业作为主体，开展同类业务横向整合、产业链上下游纵向整合，减少行业 内卷。再次，支持中央企业开展高质量并购，获取核心要素、抢占技术先机， 加快培育发展战略性新兴产业和未来产业。（资料来源：同花顺） 3. 国家移民管理局：2025 年，全国移民管理机构 ...

来源：新华网 新华社墨尔本1月27日电（记者徐海静 熊文苑）"我们是中国观看人数最多、最受喜爱的网球大满贯赛 事，我们一直在努力为中国球迷提供他们真正喜欢的内容。"澳大利亚网球公开赛（澳网）首席商务官 塞德里克·科内利斯27日在墨尔本公园接受新华社记者采访时如是说。 "在中国，我们的合作伙伴积极推广澳网品牌，推广网球运动。我们知道网球在中国发展迅猛。像泸州 老窖、海尔、瑞幸咖啡等合作伙伴都在中国各地组织了相关活动。"他说。 图为澳大 利亚网球公开赛（澳网）首席商务官塞德里克·科内利斯在接受新华社记者采访。新华社发（归清摄） 据介绍，澳网的电视及社交媒体观众总数中约有40%来自中国。科内利斯表示："中国的澳网收视率与 澳大利亚不相上下，中国对我们来说是一个极其重要的市场。" 科内利斯表示，澳网在中国各社交媒体平台上共有600万粉丝，今年澳网在中国社交媒体上的曝光量已 经超过10亿次，"来自中国的收视数据非常强劲"。 澳网在中国设有全职团队，谈及原因，科内利斯说："这个办公室让我们能真正与中国市场建立联系。 正因如此，我们各社交平台上的内容才能保持高质量。" 中国白酒品牌泸州老窖已在30多座城市举办面向业余选手的 ...

Group 1 - NOWWA Coffee has completed a C round financing of several hundred million yuan, attracting multiple investment institutions including Junlian Capital and Shengwang Fund [1] - The company has completed seven rounds of financing since its establishment, with notable investors such as Sanqi Interactive Entertainment and SIG Asia Investment [1] - As of December last year, NOWWA Coffee announced that it had surpassed 10,000 stores, becoming the fourth coffee brand in China to join the "10,000-store club" [1] Group 2 - NOWWA Coffee primarily operates through a "store-in-store" model, partnering with convenience stores like Meiyijia to set up joint counters [2] - The company adopted a light-asset operation strategy from the beginning, allowing for rapid national market expansion [4] - In 2024, NOWWA Coffee refocused on the "store-in-store" model and accelerated expansion through franchise partnerships, which was a key turning point for its growth [4] Group 3 - As of January 20, NOWWA Coffee had 7,693 stores, with a significant increase in store openings, including 1,800 in a single month [5][6] - The company has a high franchise ratio, with over 80% of its stores being franchises, and aims to build a diverse store ecosystem based on market demand [5] - Analysts note that the "store-in-store" model allows NOWWA Coffee to leverage existing traffic and resources from convenience stores, reducing operational costs [5] Group 4 - The coffee market in China is becoming increasingly competitive, with brands like Luckin Coffee and Kudi also reaching significant store counts [6] - The profitability of coffee brands is challenged by the volatility of raw material prices, making it harder to achieve margins compared to other beverage sectors like tea [7] - Analysts predict that by 2028, the Chinese coffee market will enter a phase of brand consolidation, with key factors for sustainable development including brand effect, scale effect, and supply chain completeness [8]