Core Viewpoint - The coffee price war characterized by the 9.9 yuan price point is cooling down, as evidenced by Kudi Coffee's recent decision to end its unlimited 9.9 yuan promotion, reflecting a broader industry trend of reducing low-priced offerings due to rising costs and diminishing subsidies from delivery platforms [1][27][30]. Group 1: Price Strategy Changes - Kudi Coffee announced the end of its "all products 9.9 yuan unlimited" promotion on January 31, with only select items continuing at that price, while others revert to regular pricing [1][2]. - Other brands, including Luckin Coffee, have also reduced the number of 9.9 yuan products available, indicating a collective industry response to rising costs [7][18]. - The 9.9 yuan price point, once a hallmark of the Chinese coffee market, is now viewed as a controlled operational tool rather than a standard offering [1][27]. Group 2: Cost Pressures - Rising costs of raw materials, labor, and rent are significant factors driving the reduction of 9.9 yuan products across coffee and tea brands [27][29]. - Coffee bean prices have seen high volatility, with futures prices exceeding $4.30 per pound, impacting profitability for brands relying on low-price strategies [27][28]. - Operational costs, particularly in delivery, have surged, with some brands reporting delivery costs accounting for 45%-68% of total costs [30]. Group 3: Market Dynamics and Future Outlook - The coffee market is shifting from rapid expansion to a focus on profitability, with brands seeking to balance scale and profit margins [31][33]. - The reduction in 9.9 yuan offerings is seen as a trial phase for brands to explore new pricing strategies while maintaining customer engagement [33]. - Future competition is expected to center around technological innovation and product differentiation rather than price wars, as brands aim to enhance customer experience through automation and customization [33].

Core Insights - The Chinese chain coffee market is at a critical juncture as major players like Luckin Coffee and Kudi Coffee are ending their aggressive "9.9 yuan price war" strategy, while new entrants like Wallace's "WA Coffee" are adopting extreme low-price tactics [1][2][4] Group 1: Market Dynamics - Luckin Coffee and Kudi Coffee have both ceased their "9.9 yuan" promotions, with Kudi increasing prices by 30%-60% on core products, while Luckin has limited its low-price offerings to a few basic drinks [1][2] - The end of the price war is driven by the need for financial sustainability and brand upgrading, as maintaining low prices has led to significant cash flow pressures and profit challenges [2][3] - The market is witnessing a split between established brands rationalizing their pricing strategies and new entrants aggressively pursuing market share through extreme low pricing [1][4] Group 2: Competitive Landscape - The necessity for subsidies has decreased as both brands have established a strong market presence, allowing them to focus on product innovation and customer experience rather than solely on price [3][8] - The competition is shifting from price wars to more fundamental aspects such as product differentiation, supply chain efficiency, and brand loyalty [3][8] - Wallace's "WA Coffee" strategy of offering a "9.9 yuan monthly subscription" is seen as unsustainable and potentially damaging to brand value, as it undermines the perceived quality of coffee [4][6][7] Group 3: Future Trends - The coffee industry is expected to transition from a focus on scale to a multi-tiered competition based on value propositions, with brands optimizing cost structures and operational efficiencies [8][9] - There is a growing opportunity in the mid-to-high-end and specialty coffee segments as consumer preferences evolve towards higher quality and better experiences [9][10] - The integration of coffee with other business models, such as food and retail, is anticipated to be a key area of innovation, enhancing customer experience and revenue streams [9][10]

Core Viewpoint - Kudi Coffee is ending its "all items at 9.9 yuan" promotion, which has sparked significant discussion on social media, indicating a shift in its pricing strategy and the broader coffee market dynamics [2][9]. Group 1: Pricing Strategy and Market Impact - Kudi Coffee initiated a price war by offering coffee at 9.9 yuan, which was later reduced to 8.8 yuan, leading to rapid market expansion with over 18,000 stores globally within two years [2]. - The price war prompted competitors like Luckin Coffee to adopt similar pricing strategies, resulting in a 30% reduction in beverage prices across the industry, affecting brands like Starbucks and CoCo [2][3]. - The initial low-price strategy aimed to capture market share and reshape consumer perceptions of coffee from a luxury item to a daily beverage, successfully attracting price-sensitive customers [3]. Group 2: Competitive Landscape and Consumer Behavior - The price competition has significantly impacted Starbucks in China, leading to consecutive quarters of declining same-store sales as consumer expectations shifted regarding coffee pricing [3][4]. - Younger consumers, particularly from the 90s and Z generations, prioritize cost-effectiveness and convenience, favoring brands like Kudi and Luckin that utilize digital platforms for ordering and delivery [4]. - The generational shift in consumer preferences poses a challenge for Starbucks, which has traditionally relied on its premium brand image and social space attributes [4]. Group 3: Future Market Trends - Kudi Coffee's decision to end the 9.9 yuan promotion reflects a strategic pivot towards focusing on quality, service, and brand strength rather than solely competing on price [9]. - The coffee market is expected to transition from price competition to a focus on overall brand value and customer experience, as evidenced by the changing dynamics in consumer preferences and market strategies [9]. - The rapid expansion of domestic coffee brands like Kudi and Luckin, established after 2015, contrasts with older foreign brands, indicating a significant shift in market dynamics and consumer engagement [5].

记者丨 贺泓源 实习生徐鸿儒 编辑丨高梦阳 库迪提前结束了全场9.9元的咖啡战事。 从2026年2月1日开始，库迪咖啡仅在特价专区保留3—7款产品延续该低价，其余产品恢复11.9 — 16.9元的常规售价，部分核心单品涨幅30%—60%，例如咸法酪香草拿铁从9.9元升至15.9 元。 同时，库迪还调整了其他配套活动。譬如，新店首月券从6.9元涨至8.8元，邀新奖励中的新用 户礼券从8.8元提至9.9元，仅保留外卖平台补贴联动。 对此，库迪向21世纪经济报道记者确认，部分产品延续特价9.9元不限量，全线产品持续参与 外卖平台各类补贴活动。 在2024年5月24日，库迪宣布了一项为期三年的促销活动，即"全场9.9元促销"。2025年2月14 日，库迪咖啡首席策略官李颖波告诉21世纪经济报道记者，从2024年5月份开始，库迪公司已 经实现盈利。 而从21世纪经济报道记者调研来看，提前结束全场9块9，似乎对库迪运营影响有限。 客观上，库迪的9块9战事结束得远早于预期。 2026年2月3日，在山西太原市，多家库迪门店店员表示，调价对于生意的影响不⼤。 也有店 员称，记者为第一个关心调价的顾客。 背后有种多重因素，外卖大 ...

出品丨搜狐财经 作者丨饶婷 编辑丨李文贤 你有没有发现9.9元的咖啡越来越难喝到了？ 最近，库迪咖啡正式宣布，取消已经持续三年的"全场9.9元不限量"活动。2月起，只有部分产品继续享 受9.9元特价。不过所有产品仍参与外卖平台补贴，有些饮品团购券到手只要5元。 其实不止库迪，老对手瑞幸也早把"9.9元咖啡"的入口藏得越来越深，优惠券还被限定在了几款引流产 品上。 这场从2023年2月，由库迪率先掀起的9.9元价格战，似乎正在悄然退潮。 那么问题来了：华莱士到底图什么？ 库迪自己也算过账：门店每天如果能卖400杯，一杯咖啡的综合成本能压到9块以内。说白了，玩的就是 薄利多销的规模游戏。 可规模上来了，盈利难题却出现了。即便供应链再强，长期9.9定价还是会拉低整体毛利。 就连已经跑出规模的瑞幸，也在2024年一季度罕见亏损了6511万，其CFO直言：这和"9.9元活动导致均 价下降"有关。 就在你以为"便宜咖啡"的时代要落幕时，总有人会跳出来告诉你：格局打开，价格战还能这么打。 新一轮的冲击，来自一个画风突变的玩家——华莱士。它推出了"9.9元咖啡包月卡"，号称一个月最多 能兑210杯。 算下来，一杯咖啡均价不到 ...

此前，库迪相关负责人告诉南都湾财社记者，库迪部分产品延续特价9.9元不限量，全线产品持续参与外卖平台各类补贴活动。不过对于促销活动调整原 因，该负责人则未透露。记者以消费者身份咨询官方客服活动结束的原因，库迪官方客服表示，此前的优惠活动已结束，后续特价活动专区仍有9.9元不 限量活动，三方/团购平台低价仍在，品牌还会发放各类优惠券。 2月1日，库迪咖啡"全场9.9元不限量"活动正式结束。南都湾财社记者从库迪门店点餐小程序了解到，库迪门店的9.9元特价活动，覆盖的饮品仅剩不到10 款，部分门店仅有5款饮品参与特价活动，整体占比约10%-15%。 以广州越秀区一家门店为例，门店共计有60款饮品，其中9.9元饮品有9款，剩余饮品售价在11.9元-16.9元之间，其中14.9元及以上价格的饮品数量占比超 过60%；另一家位于广州天河的门店，共计有50款饮品，其中9.9元饮品仅有5款，剩余饮品售价在11.9元-14.9元之间，其中13.9元及以上价格的饮品数量 占比超过60%。 除了缩减9.9元活动的覆盖范围外，库迪并未达成自己预定的开店目标。库迪于2022年10月在福建福州开出首家门店，其背后的团队为瑞幸创始人陆正耀 ...

库迪咖啡将收缩全场9块9补贴。 详见:门店价格策略和活动调整通知 (OM-NT-CN-20260129-358) 1. 门店价格策略调整 2. 新店首月8.8元活动调整 | | 活动规则 | | --- | --- | | 调整前 | 用户扫码可得券包：6.9元饮品券（全场饮品可用）*3张 | | 调整后 | 用户扫码可得券包: 8.8元饮品券（全场饮品可用）*3张 | 近日，有消息称，库迪咖啡发布门店价格策略和活动调整通知。通知指出，"全场9.9元不限量"活动将于2026年1月31日24时正式结束， 2026年2月1日0时起，将开启特价专区，部分产品仍然延续9.9元不限量。2026年2月1日0时起，库迪自有平台内非特价活动产品，均按 零售价售卖。此外，新店首月8.8元活动自2月1日0时起调整，用户扫码可得券包由原先的3张6.9元饮品券（全场饮品可用）调整为3张8.8 元饮品券（全场饮品可用）。邀新有礼活动也有所调整，新用户奖品由原先的3张8.8元全场任饮券调整为3张9.9元全场任饮券。 门店价格策略和活动 调整通知 STERNER 「好咖啡, 全场9.9元不限量」活动将于2026年1月31日 . 晚24:0 ...

Core Insights - The era of 9.9 yuan coffee is fading, with prices for popular items rising to 12.9 yuan, 13.9 yuan, or even 15 yuan, leading to increased monthly coffee expenses for consumers [1][3] - The coffee market in China experienced significant adjustments in 2025, with a decline in low-price competition and an influx of new tea brands entering the market, reshaping the competitive landscape [1][9] Group 1: Price Changes and Market Dynamics - Major brands are reducing subsidies, leading to the gradual disappearance of the 9.9 yuan coffee, with discussions on social media reflecting consumer dissatisfaction with rising prices [1][3] - Luckin Coffee has raised prices for several milk coffee products by 1 yuan, while Kudi continues to offer all items at 9.9 yuan until the end of 2026 [5][6] - Starbucks has maintained stable prices but has slightly adjusted prices for some non-coffee beverages, while other mid-to-high-end brands like Manner and Tims have kept their prices steady in the 15-30 yuan range [6][8] Group 2: New Entrants and Consumer Perception - New tea brands are entering the coffee market with competitive pricing, significantly impacting consumer perceptions of coffee pricing, with some brands offering coffee as low as 4.9 yuan [9][19] - The entry of these new brands is reshaping consumer expectations, leading to a mindset where prices above 10 yuan are scrutinized, thus compressing the overall pricing space for coffee [19][21] - The competition is shifting from a price war to a more structured and differentiated approach, with brands needing to focus on quality, experience, and sustainable growth to succeed [21]

近日，库迪咖啡在推出新品时，使用广告宣传语——"冬日太妃恋曲，圣诞粉墨登场"，引发网友质疑。 有网友指出，"粉墨登场"除了用于"上台表演"外，通常为贬义词，用其作为新品宣传不太恰当；也有网 友指出，"粉墨"二字会让人误会是与韩国女团BLACKPINK（别名"粉墨"）联名推出的活动。 库迪于2022年10月在福建福州开出首家门店，其背后的团队为瑞幸创始人陆正耀和其多年的老搭档瑞幸 前CEO钱治亚。创立以来，通过联营模式，库迪扩张迅猛，与此同时，其在咖啡赛道掀起新一轮咖啡价 格战，将咖啡价格拉低至6.9元左右。根据库迪官方资料，截至12月22日，库迪全国门店超过1.8万家。 在产品营销上，库迪动作不少，除了此前已经官宣的明星王一博外，今年8月，其还宣布明星杨幂成为 其全球品牌代言人。根据记者不完全统计，自6月以来，其和小马宝莉、宝可梦、KAKAO FRIENDS、 2025英雄联盟全球总决赛、名侦探柯南等IP有过合作。 采写：南都·湾财社记者 詹丹晴 实习生 王燕 在引发争议后，有网友指出，库迪全国门店已经更换了宣传广告。12月22日，南都湾财社记者在线下走 访看到，位于广州的一家库迪门店，其广告牌上的同款新品文 ...

Group 1 - The coffee industry in China is experiencing significant expansion, with the number of stores for brands like Luckin Coffee and Nova Coffee surpassing 10,000, indicating a reshaping of the industry landscape [1][3] - The current market features four major brands with over 10,000 stores: Luckin, Kudi, Luckin Coffee, and Nova Coffee, highlighting a competitive environment [3] - Nova Coffee has introduced a unique "coffee + convenience store" model, achieving a 210% increase in daily cup sales through partnerships with channels like Meiyijia [3] Group 2 - The coffee market in China is projected to reach nearly 250 billion yuan by 2024, with an expected growth rate of around 20%, indicating substantial market potential [5] - The competition has intensified since 2023, leading to a price war among major brands, with some offering coffee at as low as 9.9 yuan, which raises concerns about profitability for franchisees [5][6] - The emergence of new brands is accelerating the restructuring of the industry, with a clear division between first-tier cities, where market saturation is approaching, and lower-tier cities, which still present significant growth opportunities [6] Group 3 - Starbucks is adapting to the competitive landscape by expanding its store count from 8,000 to 20,000 in partnership with Boyu Capital, indicating a strategic shift to regain market share [7] - Tims Coffee is pursuing a differentiation strategy by introducing complementary food items, such as baked goods, to stand out in a crowded market [7] - The industry is entering a "positioning battle," with low pricing becoming a norm and the focus shifting to capturing market share in less saturated areas like towns and subway terminals [8]