2025年，瑞幸营收创新高，却被"外卖大战"吃掉利润，若是未参与这场活动，其去年第四季度营收增速 则可能大幅下滑，可谓是"难两全"的困境。 2月26日晚间，瑞幸咖啡（OTC：LKNCY）披露2025年第四季度及全年财报。 去年，公司总净收入492.88亿元，同比增长43%；归母净利润达36亿元，同比增长21.8%，但净利率仅 7.3%，该指标连续两年下滑。 细看财报，瑞幸去年第三季度就开始"增收不增利"，到了第四季度净利润仅5.18亿元，同比暴跌39%。 随后召开的业绩电话会议上，瑞幸管理层表示这一短期波动"符合内部预期"，但资本市场给出了更真实 的反馈——开盘后公司股价大幅走低，盘中最大跌幅为6.7%，最终以36.07美元收盘，较上日下滑 3.94%。 单季配送费超16亿元 瑞幸上一次出现较大幅度的利润下滑还是在2024年第二季度，彼时其开启"9.9元价格战"以应对来自库 迪咖啡快速扩张的挑战，客单价下滑导致的利润承压。 这次则是被"外卖大战"拖累。 凭借庞大的门店网络和稳定的运营能力，瑞幸成为三大互联网平台发展即时零售业务冲订单的重要合作 伙伴。当时有加盟商直言"要赚翻了"，订单根本来不及做，补贴不会影响 ...

外卖大战正在深刻地改造咖啡市场。 比如，该公司继续扩张。截至去年四季度，瑞幸门店总数达到31048家，其中自营20144家，联营10744 家。当季，瑞幸的自营门店收入为95.47亿元，同比增长32.0%；同店销售增长率为1.2%，较2024年同期 的-3.4%有所改善。 还需看到，外卖大战也影响着库迪。 从2026年2月1日开始，库迪咖啡放弃全场9.9元，仅在特价专区保留3—7款产品延续该低价。背后原因 之一便是，强势外卖平台之下，库迪自身渠道的9.9元特价收效已有限。库迪大部分客流还是来自外 卖，而外卖平台从未落实全场低价。 这在某种程度上意味着，库迪失去了产品的完整定价权。 2026年2月26日晚，瑞幸发布业绩。财报显示，在2025年第四季度，瑞幸营收同比增长32.9%至127.77亿 元，净利润同比下滑39%至5.18亿元。 而瑞幸净利润下滑背后，便是外卖大战的影响。 瑞幸咖啡联合创始人、首席执行官郭谨一在业绩会上表示，外卖平台补贴力度在行业淡季明显收缩，外 卖占比虽环比有所下降，但仍处在较高水平。 具体到财务数据上，在去年第四季度，瑞幸运营费用占净收入的比例同比提升4.1个百分点，这主要由 于外卖订 ...

21世纪经济报道记者 贺泓源、实习生徐鸿儒 外卖大战正在深刻地改造咖啡市场。 2026年2月26日晚，瑞幸发布业绩。财报显示，在2025年第四季度，瑞幸营收同比增长32.9%至127.77亿元，净利润同比下滑39%至5.18亿元。 而瑞幸净利润下滑背后，便是外卖大战的影响。 瑞幸咖啡联合创始人、首席执行官郭谨一在业绩会上表示，外卖平台补贴力度在行业淡季明显收缩，外卖占比虽环比有所下降，但仍处在较高 水平。 具体到财务数据上，在去年第四季度，瑞幸运营费用占净收入的比例同比提升4.1个百分点，这主要由于外卖订单增加导致配送费用上升。在 2025全年及第四季度，瑞幸的配送费用分别达68.787亿元、16.309亿元，较2024年同期的28.211亿元、8.387亿元分别上涨143.8%、94.5%。 瑞幸咖啡首席财务官安静透露，在去年第四季度，该公司配送费用增长主要受外卖平台配送订单量大幅增加所驱动。好消息是，单均配送成本 同比有所下降，这反映了瑞幸规模扩张带来的运营效率提升。 需要注意的是，外卖大战对瑞幸影响并非全是负面。 比如，该公司继续扩张。截至去年四季度，瑞幸门店总数达到31048家，其中自营20144家， ...

历经价格战与外卖补贴战冲击，瑞幸咖啡（LKNCY）交出2025年度成绩单。 2月26日，瑞幸咖啡披露2025年第四季度及全年财报。2025年第四季度，瑞幸咖啡总净收入127.77亿元，同比增长32.9%。2025年，瑞幸咖啡总净收入492.88 亿元，同比增长43.0%，GMV达566.49亿元。 2025年，瑞幸咖啡GAAP营业利润率为10.3%，与2024年的10.4%基本持平。自营门店同店销售增长率为7.5%，较2024年的-16.7%改善显著。 业绩说明会上，郭谨一也披露了海外市场的最新进展。 截至2025年12月31日，瑞幸咖啡全球门店总数达到31048家，其中，国际市场门店总数为160家，包括新加坡门店81家，马来西亚门店70家，美国门店9家。 据郭谨一介绍，新加坡作为瑞幸咖啡首个以直营模式拓展的海外市场，自2025年下半年起已实现门店层面的稳定盈利。马来西亚市场于2025年首次以品牌授 权模式进入，目前已如期达成首年开店目标。美国市场则仍处于早期探索阶段。 然而，第四季度瑞幸咖啡的经营指标却出现明显下滑。2025年前三季度，瑞幸咖啡自营门店同店销售增长率分别为8.1%、13.4%与14.4%，但 ...

外卖大战一年后，行业硝烟仍在蔓延。 近日，多地外卖商家晒出与淘宝闪购的新合同，称平台佣金再度上涨。如河北某商家@煲煲鸡 在抖音发视频吐槽，新合同的抽佣比例从6.4%上涨至 7.4%。据他所言："淘宝闪购要求商家必须在24小时之内签署，不签署将自动执行"。另有商家在其评论区指出：不签约商家的店铺将被直接下线。 评论区的消息未必属实，但涨佣的质疑声在贵州、广东、安徽、江苏等多地都有出现。以广东珠海为例，抽佣费率、抽佣保底、配送费都有不同程度的上 涨。 而在江苏宿迁、安徽淮北等地，商家自配送的抽佣费率都快接近20%了。 | > | 方案详情 | | | | --- | --- | --- | --- | | | | < | 方案详情 | | TB基础选推 | | | | | 平台推荐 | | TB基础 | | | 然后来中古品牌 同 第二次 | | 平台推荐 | | | | | 商户自行配测 | | | 收费方案 合同列表 | | 收费方案 合同列表 | | | 技术服务费(佣金) 2 | | | | | 优惠折扣50.00%(2025-11-23 至 2026-11-22)·生效中 | | 技术服务费(佣金) 2 ...

Core Viewpoint - The launch of the "Spring Festival 30 Billion Free Order" campaign by Qianwen APP has led to a massive surge in orders for milk tea shops, resulting in over 10 million orders within just 9 hours, significantly impacting the tea beverage industry and stock prices of related companies [1][6][12]. Group 1: Impact on the Milk Tea Industry - The Qianwen APP's free order card can be used in over 300,000 milk tea shops nationwide, including popular brands like Mixue Ice Cream, Luckin Coffee, and Nayuki [3][6]. - Many stores reported overwhelming order volumes, with some locations experiencing a tenfold increase in orders compared to normal days, leading to operational challenges [6][22]. - The stock prices of several tea beverage companies rose significantly, with Gu Ming increasing over 5% and Cha Bai Dao rising over 4% following the campaign [6][12]. Group 2: Historical Context and Comparison - This event follows a similar "takeout war" that occurred in July 2025, where tea beverage shops also faced an unprecedented surge in orders, leading to operational chaos and complaints from staff [7][10]. - The previous "takeout war" resulted in a 50% increase in orders for some brands, highlighting the volatility and challenges faced by the industry during such promotional events [7][10]. Group 3: Consumer Behavior and Market Dynamics - The milk tea market in China is projected to reach 354.72 billion yuan by 2024, with a growth rate of 6.4%, indicating a strong consumer base primarily consisting of young women and white-collar workers [16][18]. - Milk tea's low decision-making cost and high repurchase rate make it an attractive product for platforms looking to engage users, as it serves as a low-cost method to acquire and retain customers [16][21]. Group 4: Operational Challenges - The sudden influx of orders during the Qianwen APP campaign led to significant operational strain on milk tea shops, with many unable to meet the demand due to insufficient staffing and supply chain issues [22][23]. - Customer experiences were negatively impacted, with reports of long wait times and order inaccuracies, which could harm long-term customer trust and repeat business [23][25].

Core Insights - Luckin Coffee is advancing towards a secondary listing, while Nova Coffee and Lucky Coffee have moved from the industry fringe to the forefront, indicating a significant shift in the coffee sector by 2026 [1][3] - The recent actions of these two major coffee brands signal key trends in the industry, particularly in terms of competition and market dynamics [3][4] Industry Dynamics - Nova Coffee completed a multi-billion C round financing in January, attracting several prominent investment firms, marking the largest financing in China's catering industry over the past year [1] - The end of the "9.9 yuan unlimited drinks" promotion by Kudi Coffee on February 1 is seen as a sign of the retreat from price wars, although the impact on consumer pricing strategies remains significant [3][11] - The coffee industry in China underwent a paradigm shift driven by the delivery wars, with growth factors transitioning from brand premium to cost-effectiveness and convenience [3][11] Market Expansion - The "10,000 store club" expansion in 2025 is a key indicator of industry evolution, with Nova Coffee and Lucky Coffee joining this elite group, emphasizing the necessity of scale for top-tier brands [4][6] - Luckin Coffee has solidified its market leadership with a total of 29,214 stores globally by Q3 2025, having opened 3,008 new stores in a single quarter [6][10] - Kudi Coffee's aggressive expansion strategy, primarily through a franchise model, has led to over 18,000 stores by December 2025, despite not reaching its target of 50,000 stores [6][9] Competitive Landscape - The competitive landscape is characterized by a divergence in business models, with Kudi Coffee and Nova Coffee adopting lighter operational models for rapid growth [6][9] - Starbucks has entered a phase of strategic contraction in China, highlighted by its partnership with Boyu Capital, which allows Boyu to hold up to 60% equity and control [10][24] - The delivery wars have significantly altered pricing strategies, with Kudi leveraging platform subsidies to offer extremely low prices, impacting overall market dynamics [11][12] Financial Performance - Starbucks reported a 5% revenue growth in its China segment for the fiscal year 2025, but faced a 7% decline in average transaction value, indicating challenges in maintaining profitability amid competitive pressures [12][13] - The cost of delivery has surged for brands like Luckin, with delivery expenses rising to 28.9 billion yuan, a 211% increase year-on-year [13] Strategic Adjustments - Kudi Coffee's shift away from its aggressive pricing strategy marks a transition towards more rational competition, signaling the end of the price war era [14][16] - The trend of coffee brands diversifying into other food categories, such as Kudi's foray into fast food, reflects a broader strategy to capture more consumer spending [18][19] - The coffee sector is increasingly focusing on non-coffee products, with brands like Luckin and Lucky Coffee expanding their tea and juice offerings to adapt to changing consumer preferences [21][24] Future Outlook - The coffee industry is expected to continue evolving, with brands exploring international markets and lower-tier cities as growth avenues, while also addressing the challenges posed by price wars and delivery costs [24][25]

Group 1 - RBI and CPE Yuanfeng have successfully completed a joint venture transaction, with CPE injecting $350 million into Burger King China, acquiring approximately 83% of its shares, while RBI retains about 17% [1] - Starbucks reported a net income of $823.4 million in China for Q1 FY2026, a year-on-year increase of 11%, with same-store sales growing by 7% [1] - Starbucks has partnered with Boyu Capital to expand its business in more Chinese cities, focusing on long-term growth and enhancing coffee experiences [1] Group 2 - There are around 10 foreign restaurant companies either known or rumored to be collaborating with Chinese partners, driven by geopolitical concerns and market dynamics [2] - Starbucks announced a strategic partnership with Boyu Capital in November 2025, forming a joint venture to operate its retail business in China, with Boyu holding up to 60% of the joint venture [2] - In 2025, the total revenue of the Chinese restaurant industry reached 57.982 billion yuan, a year-on-year increase of 3.2%, accounting for 11.6% of total retail sales [5] Group 3 - The average per capita consumption in the restaurant industry in China has been declining, dropping to 39.8 yuan in 2024, a decrease of 6.6% year-on-year [3] - The competitive landscape in the restaurant market is intensifying, with nearly 8 million restaurant outlets in China, leading to a shift towards stock competition [6] - Many foreign brands are recognizing the need for local management to navigate the competitive environment in China, as local teams can respond more effectively to market changes [6][12] Group 4 - The introduction of local partners by foreign brands is seen as a strategic adjustment to stabilize and expand market share amid increasing competition [7] - CPE Yuanfeng's $350 million investment is aimed at supporting Burger King China's next phase of development, enhancing its long-term competitiveness [8] - The operational strategies of local teams differ significantly from those of foreign companies, particularly in cost control and decision-making flexibility [10][11]

Core Viewpoint - The company Xiangpiaopiao (香飘飘) is experiencing significant declines in revenue and profit, attributed to a shift in consumer preferences and increased competition in the beverage market, particularly from fresh tea brands and the impact of seasonal sales fluctuations [1][2][4]. Group 1: Financial Performance - Xiangpiaopiao expects a revenue of approximately 2.927 billion yuan for 2025, representing a year-on-year decrease of 10.95% [1]. - The company's net profit attributable to shareholders is projected to be between 102 million yuan and 125 million yuan, reflecting a decline of over 50% year-on-year [1]. - The revenue and profit forecast indicates a regression to levels not seen since before 2018, with consecutive declines over the past two years [2]. Group 2: Market Dynamics - The decline in performance is primarily due to a drop in sales of traditional brewing products, which are subject to seasonal sales patterns, with peak sales occurring around the Chinese New Year [4]. - The timing of the Chinese New Year in 2025 and 2026 has led to a shortened sales window for brewing products, directly impacting sales volume [4]. - The company faces increasing competition from brands like Mixue Ice City and Heytea, which are gaining market share in the ready-to-drink segment [4]. Group 3: Strategic Adjustments - To counteract seasonal sales challenges, Xiangpiaopiao has diversified into ready-to-drink products, including Meco fruit tea and other beverages, which have become a significant revenue source [5]. - In the first half of the previous year, the ready-to-drink segment generated 591 million yuan, accounting for 58.3% of the company's revenue, marking a fundamental shift in revenue structure [5]. - The company has also expanded its presence in convenience stores and opened its first official offline store, although the operational costs associated with these stores may impact profitability [5].

Core Viewpoint - The article discusses the recent price adjustments made by major fast-food and beverage brands in response to rising operational costs and competitive pressures in the delivery market, indicating a shift in pricing strategies across the industry [1][5][14]. Price Adjustments - KFC has raised the prices of its delivery products by an average of 0.8 yuan while keeping dine-in prices unchanged, citing the need to respond to operational cost changes [5][9]. - McDonald's has also increased the prices of some menu items by 0.5 to 1 yuan, with delivery prices adjusted accordingly [9]. - Other brands like Salvia and Luckin Coffee have followed suit, with price increases ranging from 1 to 2 yuan for certain items, often through indirect methods such as eliminating discounts [5][9]. Market Dynamics - The article highlights the impact of the intense competition in the delivery market, which has led to a "price war" that is reshaping the competitive landscape, with new entrants continuously driving prices lower [5][13]. - The rising costs of raw materials, as indicated by a 4.4% increase in fresh fruit prices, are also contributing to the need for price adjustments among these brands [10][11]. Consumer Behavior - The shift in pricing strategies may alter consumer perceptions, as many have become accustomed to lower prices due to previous promotional activities, potentially leading to resistance against higher prices [13][14]. - The reliance on delivery services has increased significantly, with KFC's delivery sales growing by 33% year-on-year, accounting for 51% of its restaurant revenue [9]. Strategic Adjustments - Many smaller brands are adopting more discreet pricing strategies to avoid direct price hikes, focusing on high-margin meal bundles to improve delivery profitability [13][14]. - The article suggests that the adjustments in pricing are part of a broader strategy to regain pricing power and reduce dependency on delivery channels, which have been detrimental to profit margins [14].