外卖/即时零售补贴对咖啡与茶饮的核心冲击集中在两点：一是对同店数据造成 阶段性干扰与波动；二是压制产品定价并传导至门店端利润率，进而对市场定 消费洞察：春节后连锁业态龙头的经营情况变化 20260227 摘要 瑞幸、古茗、锅圈等连锁品牌在 2026 年初表现出稳健的同店增长，增 速普遍达到中高个位数，部分公司甚至超过 10%，显示出较强的经营韧 性。 2025 年外卖/即时零售补贴对咖啡、茶饮龙头企业造成阶段性冲击，主 要体现在干扰同店数据和压制产品定价，但 2026 年一季度以来，价格 端出现企稳信号，补贴冲击方向性减弱。 品牌商在定价和渠道结构上出现积极变化，包括部分连锁品牌提价或倾 向于提价，瑞幸自有平台订单占比缓慢回升，减少对第三方补贴的依赖。 平台补贴投放呈现结构性选择，更倾向于 30 元以上客单价品类，咖啡 与茶饮由于客单价较低，对平台吸引力有限，支撑了补贴冲击边际降温 的判断。 以瑞幸为代表，利润率低点与杯单价低点可能出现在 2025 年四季度， 2026 年一季度具备边际上行的基础，利润率环比走差的担忧已明显消 除。 Q&A 春节前后渠道调研显示，连锁咖啡、连锁茶饮、火锅食材/烧烤以及量贩零食 ...

Core Viewpoint - The article highlights that Mao Geping, a domestic high-end cosmetics brand, has benefited from the consumption downgrade trend in the luxury goods market, achieving significant revenue growth despite a challenging industry backdrop [1]. Group 1: Company Performance - Mao Geping has achieved a compound revenue growth of 35%-40% over the past three years and is expected to maintain a growth rate of around 30% in the next 2-3 years [1]. - The brand's sales expense ratio is 49%, which is considered moderate in the industry, with a significant portion allocated to employee salaries and rental costs [7]. - The number of offline counters for Mao Geping has increased from 135 in 2017 to 372 by the first half of 2024, indicating a strong expansion strategy [7]. Group 2: Market Positioning - The brand has successfully captured the market share lost by foreign high-end brands like Estée Lauder and YSL due to their poor performance in China [1]. - Mao Geping's strategy focuses on offline sales and a robust membership system, which differentiates it from other domestic brands that primarily rely on online traffic for growth [4][10]. Group 3: Membership and Customer Engagement - Mao Geping has developed a strong private membership operation, with core member repurchase rates exceeding 80% and core member consumption accounting for over 75% of total sales [16]. - The brand's unique service experience includes a well-trained staff of over 2,700 beauty consultants, providing personalized makeup advice and services [19]. - The company has established a comprehensive membership system with various tiers, enhancing customer loyalty and engagement [22]. Group 4: Sales Strategy - Mao Geping's sales strategy involves using online platforms to attract new customers while focusing on offline experiences to deepen customer relationships [25]. - The average annual revenue per counter has shown a steady increase, from 3.2 million in 2021 to an expected 4.3 million in 2023 [27]. - The brand emphasizes a consistent pricing strategy across online and offline channels, encouraging customers to purchase in-store [21].