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].

记者丨贺泓源 徐鸿儒 编辑丨陶力 打响咖啡9块9战争的库迪提前收兵了。 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。 为何结束？ 客观上，此次库迪收兵远早于预期。 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"。 甚至，库迪在9.9元战争中如鱼得水。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。 基于全产业链的降本，叠加低价原奶，库迪咖啡在保证产品质量基础上，成本被压得很低。乃 至，库迪杯套都是自己做，曾经的天然糖浆价格由上百元跌至个位数。 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。 需要注意的是，这一步是不容易的。 据21世纪经济报道记者了解，曾经在9.9元战争 ...

Core Viewpoint - Kudi Coffee is ending its "all products at 9.9 yuan" promotion earlier than expected, indicating a shift in the coffee market towards a more stable and conventional industry rather than aggressive price wars [1][4][21] Pricing Strategy - Starting February 1, 2026, Kudi will maintain 3-7 products at the promotional price of 9.9 yuan, while other products will revert to regular prices ranging from 11.9 to 16.9 yuan, with some core items seeing price increases of 30% to 60% [1][4] - 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, while continuing to participate in various subsidies on delivery platforms [1][4] Market Context - Kudi's decision to withdraw from the 9.9 yuan promotion reflects a broader trend in the coffee market, moving away from aggressive competition and towards sustainable growth [1][21] - The external environment has changed, with regulatory bodies intervening in the delivery market to ensure fair competition, which may have influenced Kudi's pricing strategy [8][10] Financial Performance - Kudi Coffee achieved profitability starting in May 2024, aided by cost reductions across the supply chain and low-priced raw materials [4][6] - Despite the end of the 9.9 yuan promotion, Kudi reportedly does not face immediate profitability pressures, making the decision to adjust prices seem sudden [4][12] Competitive Landscape - Kudi's total store count stands at 18,000, which is below initial projections, indicating potential growth challenges [13] - The entry of new low-priced competitors has further compressed margins, contrasting with earlier years when competition was primarily with Luckin Coffee [13][16] Strategic Shift - Kudi's move away from the 9.9 yuan pricing strategy suggests a transition towards a focus on profitability rather than just growth, allowing for greater pricing flexibility and improved cash flow [14][17] - The company appears to be prioritizing collaboration with delivery platforms rather than developing its own direct sales channels [16][17]

Core Viewpoint - Kudi Coffee is ending its "all products at 9.9 yuan" promotion earlier than expected, indicating a shift in the coffee market towards a more stable and conventional industry environment [3][13]. Pricing Strategy - Starting February 1, 2026, Kudi will retain only 3-7 products at the promotional price of 9.9 yuan, while other products will revert to regular prices ranging from 11.9 to 16.9 yuan, with some core items seeing price increases of 30% to 60% [1][4]. - 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]. Market Context - Kudi's decision to withdraw from the 9.9 yuan pricing strategy reflects a broader trend in the coffee market, moving away from aggressive growth tactics [1][13]. - The coffee market is experiencing a cooling period, with external pressures from regulatory bodies on delivery platforms to ensure fair competition [5][11]. Financial Performance - Kudi Coffee achieved profitability starting in May 2024, aided by cost reductions across the supply chain and low-priced raw materials [4]. - Despite the end of the 9.9 yuan promotion, Kudi reportedly does not face immediate profitability pressures, making the decision to adjust prices somewhat unexpected [4][6]. Competitive Landscape - Kudi's total store count stands at 18,000, which is below initial projections, and franchisees are experiencing longer payback periods [7]. - The entry of new low-priced competitors has significantly compressed profit margins, contrasting with previous years when competition was primarily with Luckin Coffee [7][9]. Consumer Behavior - Despite the price adjustments, Kudi's stores remain busy, indicating that customer traffic is still strong, particularly through delivery platforms [10]. - Franchisees suggest that actual customer spending may not increase due to the continued dominance of delivery platforms in sales [10][11]. Strategic Shift - Kudi's move away from the 9.9 yuan pricing strategy may signify a transition towards a focus on profitability rather than aggressive growth [8][11]. - The company is likely to prioritize flexible cash flow and pricing autonomy, moving away from reliance on self-owned channels for sales [11].