在中国咖啡市场价格战全面白热化的当下，瑞幸咖啡公布了一份反差强烈的三季度。 一边是营 收50%的高速增长、全球近3万家门店的惊人扩张速度；另一边是净利润同比下滑、运营费用 激增、利润率持续承压。 【如需和我们交流可扫码添加进社群】 这个充满挑战的三季度，正把瑞幸推向一个新的拐点， 是继续以规模碾压竞争对手，还是开始 为盈利质量付出代价？这已经成了瑞幸无法逃脱的必答题。 增 长 最 快 的 瑞 幸 第 一 次 显 露 " 负 重 感 " 财报显示，瑞幸第三季度净营收152.9亿元（人民币，下同），同比增长50.2%，延续多年高 速增长态势。然而，净利润为12.8亿元，同比下降1.9%，这是瑞幸近年来少见的利润下滑情 况。 进一步拆解数据会发现，其三季度GAAP运营利润17.77亿元，同比增长12.9%，运营利润率 从去年同期的15.5%降至11.6%；Non-GAAP运营利润19.26亿元，同比增长15.2%，经调 整运营利润率从16.4%降至12.6%。 营收增速远超利润增速的同时利润率明显下降，这表明瑞幸的增长愈发沉重。 这背后并非商业模式改变所致，而是成本端出现明显拐点。总成本同比增长57%，增速超过营 ...

Core Insights - Starbucks announced a price reduction for several products starting June 10, contrasting with the struggles faced by Costa Coffee, which has seen a significant decline in its presence in the market [1][4]. Company Overview - Costa Coffee was founded in London in 1971 and entered the Chinese market in 2006, positioning itself as a premium brand slightly above Starbucks, claiming to embody European aristocratic charm [4]. - In 2020, Costa Coffee began withdrawing from various markets, including a complete exit from Qingdao and temporary closures in Beijing and Shanghai [4]. Market Position - Over the past five years, the coffee market has become increasingly competitive, with Costa Coffee's operational stores in Ningbo decreasing from four to only two currently [4]. - Starbucks continues to grow, benefiting from its strong marketing and social attributes, which Costa Coffee lacks, leading to perceptions of Costa's products as less competitive in terms of price and taste [6]. Consumer Sentiment - Consumer feedback indicates dissatisfaction with Costa Coffee's pricing and product quality compared to Starbucks, with comments highlighting the lack of compelling reasons to choose Costa over its competitors [7][9]. - Despite challenges, Costa Coffee has shifted focus towards ready-to-drink products, which may appeal to its loyal customer base [21].