智通财经记者 | 宋佳楠 11月24日，智通财经获悉，蜜雪集团旗下平价咖啡品牌幸运咖宣布其全球门店数量已突破10000家，这一成绩使其在国 内咖啡连锁市场中迅速崛起，紧追行业头部品牌瑞幸和库迪。 幸运咖创立于2017年，由蜜雪冰城股份有限公司全资运营。创立初期，幸运咖发展较为缓慢。经过一系列市场调研与品 牌定位调整后，2020年时任蜜雪冰城总经理张红甫亲自推动改革，坚持低价策略并开放加盟，并与上海华与华营销咨询 有限公司合作升级品牌形象，幸运咖开始走上快速发展之路。 2022年，品牌门店数量迎来爆发式增长。幸运咖凭借蜜雪冰城的供应链优势，主打"高质平价"，主要产品定价在6-8 元，以超高性价比吸引价格敏感型消费者，尤其是下沉市场以及学生群体。极海品牌数据监测显示，2022年到2023年期 间，幸运咖合计新开2800+门店，门店总数迅速冲高至3000家。 库迪咖啡则以超过1.5万家门店位列第二。自成立以来，库迪凭借激进的加盟策略和频繁的营销活动，门店数量快速增 长。 幸运咖如今突破1万家门店，在规模上与前两者的差距不断缩小。从新增门店数来看，据壹览商业数据，10月幸运咖单 月新增1100家门店，成为当月拓店主力 ...

【#瑞幸董事长平均一天喝六七杯咖啡##瑞幸咖啡准备重新在美上市#】#瑞幸董事长否认竞购星巴克中 国股权# 瑞幸咖啡董事长黎辉坦言自己是重度咖啡使用者，开会的时候咖啡不能停，健身前，为了提升 运动表现也会喝上一杯，"平均下来，我估计一天可能会喝六七杯以上吧"。而对于近期流传的上市传 闻，瑞幸咖啡首席执行官郭谨一表示"正加速布局美国市场"，不过，郭谨一并未透露公司重新上市的具 体进展细节。被问到是否参与星巴克中国股权的竞购，黎辉回应称："星巴克中国股权出售，确实是一 个很热门的话题。但我们其实没有参与。"此外，对大钲资本正考虑竞购Costa咖啡的传闻，黎辉未予回 应。（中国企业家杂志、新浪财经） 来源：@中国经营报微博 ...

机构研报显示，虽然目前咖啡豆期货价格创出历史新高，但阿拉比卡咖啡产量仍低于历史最高产量，产 量占比逐年下降的趋势更加明显。USDA预计2025/26年度全球阿拉比卡咖啡产量较历史最高产量630万 吨(2018/2019年)低47万吨(-7.5%)。从消费结构来看，近年现磨咖啡消费快速增长，对阿拉比卡咖啡的 需求旺盛。一方面是产量下降，另一方面是需求增长，全球阿拉比卡咖啡市场的结构性矛盾持续凸显。 另一方面，本轮咖啡豆价格上涨也有意外的因素，是受巴西等主要生产国因天气原因减产和资产炒作等 影响。巴西在阿拉比卡咖啡产量中占比较高，2025年8月巴西咖啡主产区遭遇霜冻，虽然整体影响有 限，但造成了减产的预期，也推动了期货价格的持续上涨。 近日，星巴克宣布与博裕投资达成战略合作，双方成立合资企业，共同运营星巴克在中国市场的零售业 务。这让公众将目光又聚焦到了咖啡市场。 在瑞幸、MANNER、M stand等品牌大肆扩张和频繁推出新品之下，星巴克这类老牌咖啡企业倍感压 力。而最为现实的问题是价格战，9元咖啡一出，零售端不敢提价，然而成本却在上涨，作为全球咖啡 价格风向标的美国C型咖啡期货(KC.NYB)价格仍在400美 ...

Core Insights - Starbucks has sold a 60% stake to Boyu Capital for a valuation of $13 billion, marking a significant strategic shift since its entry into the Chinese market in 1999 [1] - The competitive landscape in China's coffee market has changed, with Starbucks facing challenges from local brands like Luckin Coffee, which has surpassed Starbucks in store count and annual sales [3] Market Positioning - As of now, Starbucks operates 8,105 stores in China, while Luckin Coffee has 29,794 stores and another local brand, Koolearn, has 15,703 stores, indicating that Starbucks has less than one-third of Luckin's store count [1] - Starbucks' store distribution is heavily concentrated in first-tier and new first-tier cities, with 64% of its stores located in these areas, while Luckin has a more balanced presence across second, third, and fourth-tier cities [12] Regional Strategy - Starbucks has the highest number of stores in Zhejiang province (1,205), while Luckin leads in Guangdong with 4,320 stores [6] - The top three cities for Starbucks are Shanghai, Beijing, and Hangzhou, whereas Luckin's top cities are Shanghai, Shenzhen, and Guangzhou [9] Future Expansion Plans - The partnership with Boyu Capital aims to expand Starbucks' store count in China to 20,000, focusing on smaller cities and emerging regions [15][16] - The CEO of Starbucks emphasized that Boyu's local market expertise will accelerate Starbucks' growth in China, particularly in lower-tier markets [16]

Core Insights - Starbucks has formed a strategic partnership with Boyu Capital to jointly operate its retail business in China, highlighting the competitive pressure from local brands like Luckin Coffee and Manner [2] - The coffee market is experiencing significant price pressures due to rising costs and aggressive pricing strategies from competitors, with the price of U.S. C-type coffee futures remaining high at around 400 cents per pound [2] Coffee Futures Market - Coffee futures have seen a price increase exceeding 70% since January 2022, with prices reaching a historical high of 437.95 cents per pound on October 23, 2023 [3][4] - The price of Arabica coffee futures is projected to exceed 430 cents per pound by February 2025, reflecting a 118.57% increase over the past year [4] - Factors contributing to the price surge include climate change affecting global production and speculative trading, particularly due to adverse weather conditions in Brazil [4][5] Impact on Coffee Farmers - Coffee farmers in Yunnan have benefited from rising coffee prices, with some reporting annual sales of around 800,000 yuan due to partnerships with large companies like Starbucks and the increase in coffee futures prices [8][10] - The price of fresh coffee fruit in Yunnan has risen from 3.5 to 7 yuan per kilogram, reaching historical highs, which has improved the economic viability of coffee farming [10] Retail Market Dynamics - The Chinese coffee market is projected to exceed 1.5 trillion yuan by 2030, but competition is intensifying with local brands outpacing international ones in terms of store count and revenue [12] - The aggressive pricing strategies, such as 9 yuan coffee, are forcing retailers to keep prices low despite rising costs, leading to operational challenges [12][14] - Retailers are adapting by reducing labor costs and store sizes, with many opting for takeaway models to maintain profitability amid rising raw material costs [13][14]

Core Insights - Coffee futures prices have surged significantly, with a peak of 437.95 cents per pound on October 23, marking a historical high and a year-on-year increase of 118.57% [1][2] - The rise in coffee prices is attributed to both market dynamics and unexpected weather impacts due to climate change, affecting global production [2] - The competitive landscape in the coffee retail sector is intense, with local brands outpacing international ones in store count and revenue, leading to pricing pressures [2][3] Price Trends - Coffee futures reached 336.4 cents per pound on December 10, 2022, up from 188.5 cents per pound on January 2, 2022, reflecting a cumulative increase of over 70% [1] - As of November 8, 2023, coffee futures were reported at 388.38 cents per pound, with a recent increase of 2.46% [1] - The ICE Arabica coffee futures saw a cumulative increase of 4.94% in the week ending November 7, 2023, contrasting with declines in sugar futures [1] Retail Challenges - Coffee retailers face a dilemma as rising raw material costs do not translate into higher retail prices due to fierce competition and consumer price sensitivity [3] - Many coffee shops are resorting to cost-cutting measures, such as reducing staff and store sizes, while increasing online sales to cope with high coffee bean prices [3] - The competitive pressure has led to a focus on new product offerings and lower prices, complicating the ability of retailers to pass on costs to consumers [3]

Core Insights - Coffee futures prices are rising, creating opportunities for coffee farmers but putting pressure on the retail sector [1][15] - Starbucks has formed a strategic partnership with Boyu Capital to operate its retail business in China, highlighting the competitive landscape in the coffee market [1] - The coffee market is experiencing intense competition, particularly from local brands like Luckin Coffee and Manner, which are expanding rapidly and engaging in price wars [1][13] Coffee Futures Market - Coffee futures prices have seen significant increases, with prices reaching 437.95 cents per pound on October 23, marking a historical high [4] - The price of coffee futures has risen over 70% from 188.5 cents per pound at the beginning of last year [4] - Factors contributing to the price surge include climate change affecting global production and speculative trading [5] Production and Supply Dynamics - The production of Arabica coffee is projected to decline, with the USDA estimating a decrease of 47,000 tons from the historical peak of 630,000 tons in the 2018/2019 season [5] - Weather events in Brazil, a major coffee producer, have led to reduced output, further driving up prices [5] - The demand for freshly brewed coffee is increasing, exacerbating the supply-demand imbalance in the Arabica coffee market [5] Impact on Coffee Farmers - Coffee farmers in Yunnan are benefiting from rising coffee prices, with some reporting significant increases in income due to higher market prices and partnerships with large companies like Starbucks [9][11] - The price of fresh coffee cherries in Yunnan has surged from 3.5 to 7 yuan per kilogram, reflecting the impact of high futures prices [11] - The area under coffee cultivation in Yunnan has increased by 4% in 2024, reversing a previous decline due to low prices [11] Retail Sector Challenges - The retail coffee sector is facing challenges due to rising raw material costs, with many retailers unable to raise prices due to intense competition [15] - Some coffee shops are reducing costs by using domestic coffee beans and minimizing operational expenses, such as reducing staff and store size [14][15] - The competitive landscape is forcing retailers to adopt low-price strategies, complicating their ability to maintain profitability amid rising costs [15]

Core Insights - Lucky Coffee, a sub-brand of Mixue Group, is rapidly expanding in first-tier cities, contrasting with its previous focus on lower-tier markets [2][3][5] - The brand has increased its store count in Beijing from a few to nearly 100 this year, with Shenzhen experiencing a threefold growth in store numbers [2][3] - Lucky Coffee offers incentives for franchisees in high-tier cities, including waiving fees totaling 17,000 yuan for stores in major urban areas [2][4] Expansion Strategy - Lucky Coffee's core product pricing ranges from 5 to 10 yuan, significantly lower than competitors, allowing it to capture market share in lower-tier cities [3][5] - As of October 23, Lucky Coffee has signed over 9,000 stores nationwide, with a target of reaching nearly 10,000 [3][4] - The brand is focusing on smaller store formats (20-30 square meters) in first-tier cities to reduce operational costs for franchisees [4][6] Market Dynamics - The coffee market in lower-tier cities is becoming saturated, prompting Lucky Coffee to seek growth in first-tier cities where competition is fierce [5][6] - Major competitors like Luckin Coffee and Starbucks are also expanding aggressively into lower-tier markets, increasing pressure on Lucky Coffee [5][6] - The high-tier coffee market is perceived as nearing saturation, with a shift in growth potential towards lower-tier markets [6] Challenges Ahead - Lucky Coffee faces significant challenges in high-tier cities, including high operational costs and intense competition from established brands [6] - The brand's marketing and product innovation strategies are seen as lacking compared to competitors, which may hinder its ability to attract consumers in high-tier markets [6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 星巴克中国的故事，迎来了一个全新的章节，公司已从"独自掌舵"转变为"合资共营"。面对瑞幸、库迪 等本土品牌的强势崛起，曾经的中国咖啡市场霸主星巴克，最终选择交出中国业务控股权以求逆转战 局。 近日，星巴克宣布与博裕投资达成战略合作，双方成立合资企业，共同运营星巴克在中国市场的零售业 务。博裕投资将持有合资企业至多60%股权，星巴克保留40%股权。 这笔交易不仅标志着星巴克入华26年来首次交出核心业务控股权，也折射出国际咖啡巨头在中国市场面 临的激烈竞争与战略困境。 竞争围剿，星巴克不得不求变 近几年，中国咖啡市场的竞争格局已发生巨大转变。瑞幸咖啡在门店数量和营收规模上全面超越了对中 国咖啡市场进行过教育的星巴克，成为新的中国咖啡市场领导者。 行业标志性的转折发生在2023年第二季度，瑞幸单季营收首次超越星巴克，成为中国最大的咖啡公司。 2025年，瑞幸仍处于行业第一的位置。瑞幸最新财报显示，2025年上半年，瑞幸的营收高达212亿元， 净利润近18亿元。而星巴克的2025年半年报显示，公司营收为182亿元，净利润约12亿元。 通过一系列 ...

2025.11. 06 本文字数：2929，阅读时长大约5分钟 作者 | 第一财经 揭书宜 竞争围剿，星巴克不得不求变 近几年，中国咖啡市场的竞争格局已发生巨大转变。瑞幸咖啡在门店数量和营收规模上全面超越了对中国 咖啡市场进行过教育的星巴克，成为新的中国咖啡市场领导者。 行业标志性的转折发生在2023年第二季度，瑞幸单季营收首次超越星巴克，成为中国最大的咖啡公司。 2025年，瑞幸仍处于行业第一的位置。瑞幸最新财报显示，2025年上半年，瑞幸的营收高达212亿元，净 利润近18亿元。而星巴克的2025年半年报显示，公司 营 收为182亿元，净利润约12亿元。 不仅是瑞幸。其他本土咖啡品牌的快速崛起也给星巴克带来不小压力。创立于2022年的库迪咖啡，如今也 已开出超14000家门店。 在此背景下，价格战成为本土品牌抢夺市场的利器。2023年，库迪点燃9.9元价格革命，"搅局"全行业， 瑞幸跟进，半年内，彻底改写行业规则，消费者已习惯10-15元一杯的咖啡。 面对市场竞争，星巴克中国的业绩表现曾一度承压。2024年第四季度，中国市场每笔交易的平均消费额下 降8%，可比交易量下降6%，中国同店销售额下降14%。第三 ...