未来消费 提前看到消费的未来 LLAKK REFERE FFFFFFF KALKAKA 上上大上上上上 aeKV 高瓴投资的「中国最大餐酒吧」。 作者 | 李小霞 拥挤的港股市场，迎来一个餐酒吧品牌「 COMMUNE幻师」。 COMMUNE是一家将酒水自选区、超级吧台与就餐区三大功能板块相结合，面向Z世代及新中产阶层消费客群的复合型餐酒吧。 不难理解，餐酒吧是融合传统酒吧社交氛围与注重美食全服务式餐厅的复合型场所。2016年，武汉花园道一间老厂房的改造，成为COMMUNE的起点。 创始团队在餐饮方面有着20年的连续创业经验，创始人唐伟棠2003年就开始涉足酒吧行业。在大众点评、小红书上，COMMUNE被称为"餐酒博物馆"。 后来随着微醺经济，以及日餐夜酒模式的兴起，COMMUNE开始受到资本关注。 编辑 | 乔芊 2021年初，公司获得高瓴投资的A 轮融资，2022年，完成数亿元A+轮融资，由日初资本领投，高瓴投资、番茄资本跟投，36氪曾对此做过独家报道。 截至 IPO 前，番茄资本已经退出，高瓴资本（Hillhouse）与日初资本(Dayone)分别持股9.63% 与1.71%。 根据招股书，2023年-2 ...

截至2025年9月30日，COMMUNE在全国40个城市运营112家直营餐酒吧。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，极物思维有限公司（COMMUNE幻师，以下简称"COMMUNE"）于2026年1月9日正式向港交所递交招股说明书， 拟主板挂牌上市，中金公司和中银国际担任联席保荐人。 2016年，COMMUNE创始团队将武汉花园道一家老厂房的空间改造成餐酒吧， 一经开业便大获成功，后逐步在全国范围内扩展。 截 至2025年9月30日，COMMUNE在全国40个城市运营112家直营餐酒吧，其中109 家餐酒吧以COMMUNE幻师品牌经营 。 值得注意的是，COMMUNE的门店均战略性布局在人流量大、曝光度高的城市核心商圈，以实现强劲的单店经济效益及品牌能见度—— 作为稀缺的多时段运营餐酒吧公司，COMMUNE已在太古、恒隆、华润、龙湖、希慎等领先的商业地产运营商运营管理的核心商圈开设 门店。鉴于其能在全天的不同时刻吸引客流，COMMUNE成为运营商们首选的餐酒吧合作伙伴，通常可以按极具竞争力的租金条件优先 获取核心商圈的优质点位。在当前运 ...

开栏语 征程万里风正劲，重任千钧再出发。"十四五"时期是我国发展极不寻常、极不平凡的五年。回首五载奋进路，邛崃锚定培育打造成都市域副中心目标， 以"近悦远来"营城理念为牵引，在经济高质量发展、城市功能提升、乡村振兴等领域多点突破，交出了一份沉甸甸的亮眼答卷。 为记录这段砥砺前行的征程， 即日起我们推出 《实干的邛崃—我们身边的"十四五"》 专栏， 本期推出 《消费提质升级， 品牌效应持续释放》 服务业增加值近五年平均增速7.1%，对GDP增长的贡献率达45.1%；2024年社会消费品零售总额较"十三五"末期增长40.0%，消费市场韧性十足；十四五 期间外贸进出口年均增长约19%，市级商贸物流共配仓等6个项目入围第一批现代商贸流通试点项目，开放型经济跑出"加速度"……一组组沉甸甸的数 据，勾勒出邛崃"十四五"期间消费升级的清晰轨迹。 "十四五"以来，邛崃市锚定消费提质升级主线，一系列促消费政策精准落地，消费结构持续优化，品质需求加速释放，消费场景迭代更新，新业态蓬勃生 长。从中心城区到乡镇村落，从传统商圈到新兴载体，消费市场的健康发展，不仅为全市经济稳定增长筑牢根基，更释放出向新向优、行稳致远的强韧动 能。 P ...

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The food and beverage industry is experiencing significant innovation and market shifts, particularly in health-oriented products and consumer preferences for low-sugar and functional beverages Industry Trends - Japanese market innovation in products like liquid ice cream and gout-relief yogurt highlights the importance of consumer-driven product development and emotional marketing, which can serve as a model for the Chinese market [2] - The Chinese medicinal food industry has surpassed 370 billion yuan, with a total industry valuation exceeding 2 trillion yuan, driven by health awareness and innovative product offerings [2] - The plant-based protein beverage market is seeing improved performance among leading companies, with notable revenue growth reported by Yangyuan Beverage and Chengde Lulu [4] - The emergence of HPP cold brew tea products is gaining traction among young consumers, despite high costs and niche market positioning [4] - A resurgence of sugary beverages is noted, with brands like Yuanqi Forest and Wahaha reintroducing sugar in their products, reflecting consumer preferences for taste alongside health [5] - The bottled water market is shifting from price competition to value competition, with brands like Nongfu Spring leveraging product innovation and channel expansion [6][7] - The market for sugar-free tea is evolving, with a growing demand for flavored and quality products among younger consumers [7] - The pet food market is expanding, with new brands entering the space and established companies diversifying their offerings to include fresh food options [8] - The plant milk market is projected to exceed 100 billion yuan, with B2B channels becoming crucial for growth [9] - New retail strategies are driving beverage innovation, with companies focusing on health, functionality, and emotional engagement [10] Brand Dynamics - Mondelez International reported a 5.9% revenue increase, but faced challenges in the Chinese market due to consumer confidence issues [14] - Xu Fu Ji's sports scene marketing has led to the success of its Meilu energy biscuits, tapping into the growing demand for sports nutrition [15] - Coca-Cola's third-quarter results showed a 5% revenue increase, driven by the popularity of sugar-free products [16] - Yangyuan Beverage is enhancing its leadership in the plant-based protein beverage sector through product innovation and channel restructuring [17] - The introduction of low-sugar snacks by brands like Holley has responded to rising health consciousness among consumers [18] - Mengniu's milk powder business has achieved double-digit growth by addressing diverse consumer needs across different age groups [19] - Chengde Lulu is pivoting towards herbal water products to counteract declining revenues in the plant-based beverage market [20] - New麦食品 is leveraging digital transformation to become a benchmark in the baking industry, focusing on fresh, preservative-free products [21] - The entry of brands like Guozi Shule into the craft beer market reflects a trend of category fusion in the beverage industry [22] - Dongpeng's electrolyte drink brand "Buhua" is rapidly growing, posing competition to established brands like Yuanqi Forest [23]

Core Viewpoint - The high-end liquor market, particularly the Moutai brand, is experiencing a significant downturn, with prices and market value plummeting, leading to a broader crisis in the industry [1][4]. Market Conditions - Moutai's bottle price has dropped below 1700 yuan, nearly halving from its peak in 2021, resulting in a market value loss exceeding 1 trillion yuan [1][4]. - The entire high-end liquor market is facing a price inversion, where selling more leads to greater losses for distributors, compounded by an inventory pressure of 900 days [1][4][3]. - The China Securities White Liquor Index has only increased by 10% since last September, indicating stagnation in the market [3]. Inventory and Sales Challenges - The inventory turnover days for the industry reached 900 days in the first half of 2025, a 10% year-on-year increase, suggesting that products are sitting in warehouses for over two and a half years [4][3]. - Distributors are hesitant to stock up during peak seasons due to the risk of further losses [4]. Changing Consumer Preferences - Young consumers are increasingly rejecting high-end liquor, with only 13% of 18 to 35-year-olds choosing liquor over other beverages [8][11]. - The trend is shifting towards lower-alcohol beverages, with the low-alcohol market projected to reach 75 billion yuan by 2025 [8][11]. Cultural Shifts - The perception of liquor among younger generations is negative, associating it with outdated drinking culture and forced social interactions [11][12]. - 72% of younger consumers have experienced pressure to drink liquor, leading to a cultural shift away from traditional drinking practices [12]. Health Consciousness - There is a growing emphasis on health, with many older consumers reducing their alcohol intake due to health issues, resulting in a decline in traditional liquor consumption [12][14]. - The narrative that liquor is beneficial for health has been debunked, further diminishing its appeal [12]. Industry Response - Liquor companies are attempting to adapt by introducing lower-alcohol products, but these efforts have not significantly resonated with younger consumers [8][9]. - The industry is urged to address issues related to taste, consumption scenarios, and cultural perceptions to remain relevant [15].

Core Viewpoint - The integration of tea and alcohol is emerging as a significant trend in the beverage industry, driven by the demand for "micro-drunk" experiences among younger consumers, leading to innovative product offerings and cross-industry collaborations [5][6][46]. Group 1: Industry Trends - The Guizhou Provincial Department of Commerce has issued a draft guideline to promote the transition from "selling alcohol" to "selling lifestyle," emphasizing the integration of alcohol and tea products to expand cross-industry consumption markets [2][3]. - The trend of alcohol and tea fusion is not new, with both alcohol and tea companies seeking growth opportunities through innovative product combinations [5][6]. - The younger demographic is increasingly becoming the main consumer group for alcohol, prompting companies to innovate beyond traditional high-alcohol products to attract this audience [8][49]. Group 2: Product Innovations - Major alcohol brands are launching lower-alcohol or non-alcoholic products to cater to younger consumers, with examples including Moutai's introduction of over ten youth-oriented products at a recent trade fair [12][18]. - The collaboration between Luckin Coffee and Moutai to launch the "Sauce Aroma Latte" achieved remarkable sales, with over 5.42 million cups sold on the first day, generating over 100 million yuan in revenue [28][30]. - New tea drinks incorporating alcohol, such as "Drunken Steps" by Tea Baidao and "Lychee Ice Brew" by Grandpa's Tea, have also gained popularity, indicating a growing acceptance of alcohol-infused beverages [32][39]. Group 3: Market Dynamics - The market for low-alcohol beverages is expanding, with data showing that fruit wine accounts for 38% of instant retail channels, growing at 72% annually, while tea and alcohol combinations account for 25%, growing at 65% [54][55]. - Health consciousness among consumers is influencing the beverage market, with a significant percentage of consumers expressing concerns about the health impacts of traditional tea drinks, leading to a demand for healthier options [60][61]. - The fusion of tea and alcohol is seen as a strategic move to address the challenges faced by both industries, allowing them to meet consumer demands for "micro-drunk" experiences while ensuring health considerations are met [63].

Core Insights - The investment by Xuewang in Fulu Family signifies a renewed interest in the craft beer and fruit-flavored beer market, which is gaining traction among younger consumers [1][2][20] - The acquisition involves Xuewang obtaining a 53% stake in Fulu Family for approximately RMB 297 million, expanding its portfolio into the fresh beer sector [2][3] - The trend of "light drinking" is becoming mainstream, with over 80% of young people preferring lighter alcoholic beverages, indicating a shift in consumer preferences [20][22] Market Dynamics - Fulu Family has become the leading brand in China for fresh beer chain stores by store count, highlighting the competitive landscape in this segment [3] - The entry of various brands into the fruit beer market, such as Guozi Shule and Xinling, reflects a broader trend of diversification and innovation in alcoholic beverages [5][15] - The fruit beer market is projected to grow significantly, with global market size expected to reach USD 318.6 billion by 2024 and approximately USD 435.7 billion by 2030, indicating a robust growth trajectory [18] Consumer Behavior - Young consumers are redefining their relationship with alcohol, focusing more on emotional experiences and taste rather than alcohol content [23][26] - The appeal of fruit beer lies in its ability to be consumed in various social settings, including daytime events, making it more accessible and relatable to younger audiences [24][25] - The pricing strategy for fruit beer, typically ranging from RMB 5 to 10 per can, positions it competitively against other non-alcoholic beverages, facilitating broader market penetration [25] Cultural Shift - The cultural narrative around drinking is shifting from "drinking to socialize" to "drinking for personal enjoyment," with fruit beer symbolizing a more relaxed and enjoyable drinking experience [26][27] - Fruit beer is becoming a symbol of a lifestyle that emphasizes relaxation and social media sharing, appealing to the younger demographic's desire for visually appealing and enjoyable products [27] Future Considerations - While fruit beer is positioned as an evolution of the previous "sweet liquor" trend, it benefits from a more stable production and supply chain, reducing the risk of rapid decline seen in past trends [28][29] - The increasing number of brands entering the fruit beer market may lead to potential homogenization, necessitating continuous innovation to maintain distinctiveness [28][29]

Core Insights - The transformation of wine shops reflects a shift in consumer behavior, focusing on social experiences and lifestyle rather than just alcoholic beverages [1][3] - The introduction of experiential services has led to a 40% increase in average transaction value and a threefold increase in customer dwell time, indicating a trend towards "slow consumption" [1] - The selection strategy of wine shops has evolved, with a significant increase in the variety of products offered, including local specialty wines and non-alcoholic options, driven by data analysis [1][3] Industry Trends - New wine merchants are leveraging technology such as VR for immersive experiences, blockchain for product traceability, and AI for flavor analysis, blending tradition with modern innovation [3] - The rise of local craft beer brands is notable, with some achieving monthly sales that surpass certain imported brands, reflecting a growing consumer preference for local flavors [1] - The industry is at a crossroads, needing to balance traditional craftsmanship with digital tools as younger generations become the primary consumers [3] Marketing Strategies - The project leader of a wine shop has decided to utilize the internet for transformation, establishing an online marketplace through mini-programs and promoting via social media and community marketing [5]

Core Insights - The core point of the news is that Mixue Ice City has expanded its business into the alcoholic beverage sector by acquiring a 53% stake in Fresh Beer Fulu, marking a strategic move to diversify its product offerings beyond tea and coffee [1][14]. Group 1: Company Expansion - Mixue Ice City has acquired Fresh Beer Fulu for a total price of 297 million yuan, officially entering the alcoholic beverage market [1]. - Fresh Beer Fulu, established in 2021, specializes in fresh beer products and has plans to expand to 1,200 stores across 28 provinces by August 2025 [1]. - The pricing strategy for Fresh Beer Fulu's products ranges from 5.9 yuan to 14.9 yuan, significantly lower than similar craft beer products, which are priced at one-third to one-half of the market rate [1]. Group 2: Market Trends - The tea beverage market in China is experiencing a slowdown, with a projected growth rate of only 17.6% from 2023 to 2028, compared to a compound annual growth rate of 22.5% from 2018 to 2023 [3]. - The trend of tea brands entering the alcoholic beverage market reflects a search for new growth points amid increasing competition and market saturation [3][14]. - The rise of the "micro-drunk economy" indicates a shift in consumer preferences, particularly among younger demographics, with over 60% of liquor consumption now attributed to consumers aged 18 to 35 [11]. Group 3: Competitive Landscape - Despite Mixue Ice City's leading position with over 40,000 stores, competition is intensifying from brands like Hushang Auntie, Cha Baidao, and Bawang Tea Princess, which are gaining traction with unique positioning [8]. - The transition from selling tea to alcoholic beverages raises questions about the effectiveness of low-price strategies in maintaining consumer loyalty and achieving sustained growth [14].

Core Insights - The rise of "white liquor + milk tea" reflects changing consumer demands, particularly among younger demographics who now represent over 60% of white liquor consumption in China [3] - The "micro-drunk economy" is shifting drinking habits from heavy consumption to moderate relaxation, aligning with the preferences of young consumers for light and stylish experiences [3] - The collaboration between beverage brands and liquor companies is creating unique products that leverage cross-industry appeal, enhancing product differentiation and market presence [3] Company Developments - Mixue Group announced an investment of 285 million RMB in "Fulu Family," focusing on fresh beer as a primary product [1] - Tea Baidao has relaunched its limited edition drink "Drunk Step on the Road," which combines real white liquor with milk tea, achieving sales of nearly 120,000 cups on its first day [2] - Luckin Coffee and Guizhou Moutai's collaboration on "Sauce Fragrance Latte" set a record with over 5.42 million cups sold in a single day, generating over 100 million RMB in sales [2] Industry Trends - The "micro-drunk economy" is gaining traction as brands seek new growth avenues amid increasing competition and market saturation in the new tea beverage sector [3] - The integration of alcohol into tea beverages is seen as a strategic move to create a natural differentiation barrier, enhancing product value and driving social media engagement [3] - The trend of "white liquor + milk tea" is expected to continue evolving as brands respond to the changing preferences of younger consumers [3]