这种沉默的扩张是否代表咖 啡赛道的未来？ 出品｜虎嗅商业消费组 作者｜李佳琪 编辑｜苗正卿 头图｜挪瓦咖啡官网 近日，一则简短公告在咖啡行业激起涟漪：NOWWA挪瓦咖啡宣布全球门店数量突破1万家，覆盖国内300 余座城市及澳洲、东南亚等海外市场，正式跻身瑞幸、库迪、幸运咖组成的"万店俱乐部"。这意味着本土 咖啡品牌已彻底改写曾经由星巴克等外资主导的市场版图，四大本土玩家占据万店阵营的全部席位。 一个令人费解的现象是：相比瑞幸的高调营销、库迪的激进扩张、星巴克的第三空间叙事，挪瓦的万店里 程碑似乎是在公众视野之外完成的。在社交平台搜索"挪瓦咖啡 万店"等关键词，相关讨论不足千条，远不 及头部品牌同期热度的零头。在投资圈，它也不像Manner等品牌频繁出现在融资头条中。 同时，在咖啡行业闭店率连年上升的残酷背景下，挪瓦2025年同比增长幅度达4倍以上，单月开店数最高达 1800家。 一家万店规模的咖啡连锁，其增长轨迹背后隐藏着咖啡赛道怎样的结构性变化？ "隐秘"的扩张 挪瓦的扩张速度堪称行业"火箭级"。公开数据显示，2025年7月，其门店数量仅为3258家，到11月已升至 7875家，四个月净增4617家，最终在 ...

继门店"上烤箱"被员工集体批判后，瑞幸咖啡又因"克扣员工工时"成为舆论关注的中心。 近日，在小红书、微博等社交平台上，不少自称瑞幸咖啡员工的网友指控瑞幸咖啡内部存在系统性克扣 工时的问题，"每天白干3小时"。 一边是坐拥近3万家门店，月均交易用户过亿；一边是基层员工们一次接一次地批判与吐槽，瑞幸咖啡 光鲜亮丽的外表下还存在多少问题与挑战？ 瑞幸咖啡被指克扣员工工时 "每天干12小时，系统只认9小时，等于白干3小时；排班写着'休息'，结果人不能走，还得接着接单、 打包。"近日，多位自称瑞幸咖啡前员工及员工的网友在社交平台上爆料公司克扣工时的问题。 据多家媒体报道，瑞幸咖啡为了追求"极致人效"，对饮品制作的"及时率"等指标要求严苛，店员需要在 几十秒内制作完一杯饮品，为了提高小时杯量，部分店长克扣店员工时、造假休息时间。 即便在休息的时间段内，员工还被要求在手机上登录"瑞幸大学"观看培训视频并完成考试。但这些被强 制待命和额外学习任务排除在计薪工时之外，被员工直指为变相的无偿加班。 （图片来源：小红书） 此外，报道还显示，在社交媒体上搜索"瑞幸"和"烂手"这组关键词时，还会看到一张张伤痕累累的手部 照片。根据发帖 ...

Core Insights - The article highlights the successful marketing strategy of "Zootopia 2," which has engaged over 70 brands, creating a new model for IP value and commercial benefits, showcasing Disney's century-long expertise in IP operations [2][42] - The film achieved a record-breaking box office of over 7.38 billion RMB in a single day in China and garnered a global box office of 5.56 billion USD in its opening week, setting a new record for animated films [2][42] - The commercial impact of the film is significant, with over 3 billion RMB in derivative income generated from brand collaborations in just six months leading up to the release [2][42] Group 1: IP Collaboration Strategy - The collaboration strategy of "Zootopia 2" provides a solution to the common pitfalls of IP partnerships, transforming IP from a mere traffic tool into a brand asset [5][44] - The film's marketing involved a comprehensive approach, covering various product categories and creating an IP lifestyle ecosystem, moving beyond simple image licensing to a more integrated strategy [6][45] - The collaboration included major brands like Luckin Coffee, Starbucks, and Volkswagen, demonstrating a wide-ranging impact across 18 sectors [6][45] Group 2: Marketing Execution - The marketing campaign created a resonance effect through both online and offline channels, including themed exhibitions and social media engagement, which helped build anticipation before the film's release [12][51] - The campaign utilized user-generated content (UGC) to enhance engagement, with over 50,000 related posts on social media platforms prior to the film's release [16][55] - The film's promotional activities included collaborations with local brands to penetrate lower-tier cities, resulting in a 14% increase in pre-sale ticket purchases from these areas compared to the previous installment [22][61] Group 3: Disney's Methodology - Disney's success is attributed to a four-dimensional strategic framework: IP value accumulation, precise matching, local adaptation, and technological empowerment [17][56] - The emotional connection established through long-term IP development is crucial, as seen in the character development and storytelling that resonates across different age groups [17][56] - The integration of technology in both content creation and consumer experience enhances the IP's appeal, making it more interactive and immersive [24][63] Group 4: Implications for Brand Marketing - The case of "Zootopia 2" illustrates that successful collaborations are not merely about short-term promotions but are extensions of brand strategy and long-term investments [26][65] - Companies should focus on building emotional connections with their IPs, ensuring they resonate with contemporary consumer values and preferences [27][66] - A dual-matching evaluation system for partnerships should be established, focusing on audience overlap, value alignment, and situational fit to maximize the effectiveness of collaborations [28][67]

12月11日，挪瓦咖啡正式宣布，其全球门店总数已突破10000家，覆盖国内超过300座城市（含澳门）， 并在澳洲、东南亚等海外多地落地。 郭星君曾表示，挪瓦咖啡品牌理念侧重于价值驱动而非价格竞争，随着近年来消费者健康需求上升及国 家层面健康生活方式的倡导，健康饮品市场持续增长。基于对超过70%饮料用户倾向选择低糖饮品的消 费洞察，挪瓦咖啡在该领域的早期布局为其规模扩张提供了产品基础。而助力挪瓦咖啡高速发展的关 键，在于营销洞察力、外卖运营能力以及供应链等沉淀的综合能力。 据了解，在外卖平台上，挪瓦咖啡是今年增速最快的饮品品牌之一。11月，挪瓦咖啡与某外卖平台开展 深度合作，在试点城市650家门店上线4日后，日均杯量增长约210%；全国推广当天，超过80%门店出 现订单峰值。 在供应链方面，挪瓦咖啡已建立包括咖啡豆烘焙工厂在内的15座仓配中心。2024年，挪瓦完成了由宁波 奉化区属国有投资平台领投的B+轮融资，资金主要用于建设宁波咖啡产业基地及专属工厂，该工厂已 于2025年投产。此前，挪瓦咖啡曾获得SIG、金沙江创投等机构的投资，百丽集团也曾参与投资。 业内人士指出，挪瓦咖啡拓店速度和创新模式较快，综合其在供 ...

Core Viewpoint - Luckin Coffee plans to restart its IPO in the U.S. after overcoming past financial scandals, aiming to leverage its current market position and growth potential [1][5]. Group 1: Company Overview - Luckin Coffee has transformed under new management, boasting nearly 30,000 stores and a market share exceeding 30%, with annual revenue approaching 50 billion RMB [3][7]. - The company reported a net income of 15.29 billion RMB in Q3, a year-on-year increase of 50.2%, and opened 3,008 new stores, marking an 11.5% increase [7]. Group 2: Financial Performance - Despite significant revenue growth, Luckin Coffee faces a decline in net profit, which fell by 2.7% year-on-year to 1.2783 billion RMB, indicating a situation of revenue growth without profit increase [8][9]. - The cost structure has shifted, with delivery fees rising to nearly 2.9 billion RMB, a staggering increase of 211.4%, now accounting for 19% of total revenue [8]. Group 3: Market Competition - The coffee market in China is projected to reach 313.3 billion RMB by 2024, growing at a rate of 18.1%, indicating a highly competitive environment with numerous players [10][11]. - Luckin Coffee now competes against established brands like Starbucks, as well as numerous new entrants, intensifying the pressure on profit margins [11][12]. Group 4: Strategic Challenges - The company’s high proportion of self-operated stores requires substantial capital expenditure, leading to unstable cash flow, which necessitates the IPO for additional funding [9]. - The competitive landscape is further complicated by Starbucks' recent partnership with Hillhouse Capital, which may enhance its market position and threaten Luckin's growth [15][17]. Group 5: Future Outlook - The management's motivation for the IPO is not only to secure funding but also to reward their efforts in revitalizing the company from its previous crisis [12]. - However, the current market sentiment towards Chinese companies in the U.S. and the potential for lower valuations due to cash flow concerns pose risks for the IPO [13].

"公司正在厦门市委市政府指导下，积极推动重回美国主板上市进程。"11月初，瑞幸咖啡首席执行官郭 谨一的这番表态，正式宣告了这家曾因财务造假退市的企业，开启了其最为关键的救赎之战。 眼下，瑞幸在美股OTC市场的股价已高达38.5美元/股，市值突破109亿美元——这个数字甚至超越了其 2019年上市初期的表现。 但从OTC市场重返纳斯达克或纽交所这样的主板，从来不是一条坦途。市场各方都在冷静审视：瑞幸的 这场回归之战，胜算究竟几何？ 门店网络动能：采用"自营树标杆、联营扩规模"的混合模式。截至第三季度末，自营门店达18,882家， 联营门店突破10,332家，构筑了坚实的市场壁垒。 坚实的业务数据是说服市场的最硬通货，这也是瑞幸此次回归最为核心的筹码。 三道关卡：历史包袱与监管门槛 然而，有造假前科的企业，重返主板必须闯过严格的三道关卡。这是评估其胜算必须考虑的制约因素。 第一关，审计关。瑞幸需连续2–3个会计年度，由美国公众公司会计监督委员会（PCAOB）可现场检查 的会计师事务所出具审计报告，且所有工作底稿必须完整可查。 手中筹码：业绩基本盘与"韧性方法论" 评估胜算，首先要看瑞幸手中的筹码。其强劲的业绩，是 ...

12 月 1 日，瑞幸把热情从南美搬进了冬天。随着巴西主题季正式上线，主角"桑巴深烘"强势登场—— 包括新品「桑巴深烘拿铁」「桑巴深烘美式」，以及 25 款支持深烘豆的咖啡选择，让这个冬天多了一 丝南半球的热烈气息。 这支广告既把深烘咖啡的热烈表达得恰到好处，也成功让"桑巴 × 卡皮巴拉"成为冬季最出圈的视觉符号 之一。 为了给新品造势，瑞幸这次玩得更大胆：请来刘亦菲和易烊千玺两位全球代言人合体出演，一起上演了 一段关于"阿拉比卡"和"卡皮巴拉"的反差怪谈。 （原标题：刘亦菲 × 易烊千玺罕见合体，瑞幸这支"卡皮巴拉怪谈"火到停不下来！） 当"神仙姐姐"和顶级舞者面对一只跳桑巴的卡皮巴拉，画面不仅没有违和，反而魔性得刚刚好——节奏 洗脑、画风荒诞可爱，两张贵气逼人的脸遇上呆萌动物，竟意外形成一种难以解释的舒适感。网友直 呼：瑞幸太懂当代人的嗨点。 ...

以下文章来源于20社 ，作者贾阳 罗立璇 20社 . 关注年轻人的钱包、工作和生活。 商家联名卷出花，核心原因还是受众对简单的联名越来越不感冒了。 01 但瑞幸对鬼灭联名，可能有点期待过高了。相比去年与原神合作时诚意满满的设计，鬼灭的设计被认为过 于"行活"，用的全是旧柄图。 瑞幸"背刺"二次元？ 瑞幸刚在11月16日结束的《鬼灭之刃》联名，依然还在引发部分粉丝的不满。 由于邻近《疯狂动物城2》的联名活动上线时间，一些粉丝在小程序页面依然能下单《鬼灭之刃》的联名套 餐产品，下单后除了《鬼灭之刃》的联名徽章没变，但收到的联动杯子、联动纸袋，已经变成了《疯狂动 物城2》的包装。 "瑞幸你到底在卖什么？下单鬼灭变疯狂动物城？就算商品下线了，能不能备注一下包装非本主题？" 当然，下面也有热心人解释，联动包装不算配套周边，只是活动的一部分。而且，如果活动结束后，门店 依然使用之前的物料，被抓到是会罚钱的。 归根结底，其实是粉丝把包装也算成了周边的一部分。在之前瑞幸的多次IP联名，因为包装设计得非常用 心，会有很多粉丝都会把免费的杯子、杯套以及包装袋留下来，自己DIY"谷子"（比如冰箱贴、挂画等）， 可以说已经成为了瑞幸 ...

Group 1 - The core point of the article is that Luckin Coffee has officially surpassed 10,000 stores globally, achieving this milestone in just about 10 months since 2025, indicating rapid expansion [1] - Luckin Coffee has accelerated its presence in major regions such as Beijing, Shanghai, Guangzhou, Shenzhen, and the Yangtze River Delta, with over 300 cities covered nationwide and more than 1,000 stores in first-tier markets [1] - The company has established a comprehensive supply chain with direct sourcing of raw materials, its own roasting facilities, and a self-built logistics system, ensuring fresh ingredients and efficient integration of coffee bean sourcing, roasting, and logistics [1] Group 2 - In terms of product performance, as of October, Luckin Coffee's Coconut Latte has sold over 100 million cups, generating sales exceeding 1 billion yuan, while the signature iced brew has surpassed 200 million yuan in sales [1] - The company has introduced a total of 47 new products, including various series such as strawberry, lychee, and real fruit coffee, to enhance its product offerings [1] - A celebration event is scheduled for November 29 at the headquarters flagship store in Zhengzhou, where the franchisee of the 10,000th store will sign a contract with the brand ambassador, along with various entertainment activities [2]

Core Viewpoint - Luckin Coffee reported a significant revenue growth of 50.2% year-on-year for Q3 2025, reaching RMB 15.29 billion, while the number of stores approached 30,000 [2][9][6]. Revenue Performance - The revenue for Q3 2025 was RMB 15.29 billion, a 50.2% increase compared to the same quarter in 2024 [2][10]. - The total revenue for the first three quarters of 2025 reached RMB 36.51 billion, achieving 83.5% of the full-year target of RMB 43.7 billion for 2024 [11][12]. Store Expansion - As of the end of Q3 2025, the total number of stores reached 29,214, with a net increase of 3,008 stores from the previous quarter [6][14]. - The expansion included 2,979 new stores in mainland China and additional stores in Singapore, Malaysia, and the United States [15]. Revenue Structure - Revenue from self-operated stores was RMB 11.08 billion, a year-on-year increase of 47.7%, while revenue from partnership stores was RMB 3.80 billion, up 62.3% [19][20]. - The revenue from fresh-brewed beverages was RMB 10.63 billion, reflecting a 47.5% increase year-on-year [21]. Profitability Challenges - Despite high revenue growth, net profit decreased to RMB 1.28 billion, down 2.7% from RMB 1.31 billion in the same quarter of 2024, resulting in a net profit margin decline from 12.9% to 8.4% [3][24]. - The increase in delivery costs, which surged by 211.4% to RMB 28.89 billion, significantly impacted profitability [35][34]. Market Dynamics - The competitive landscape in the delivery market, driven by aggressive subsidies from platforms like JD and Meituan, has intensified, affecting profit margins [26][39]. - CEO Guo Jinyi noted that while delivery is a key growth driver, it is not the optimal solution for the coffee industry, emphasizing that self-pickup remains central to long-term development [40][41]. Future Outlook - Luckin Coffee is considering a return to the U.S. capital market after exiting due to a financial scandal, with plans for a potential relisting being discussed [42][43]. - The company aims to focus on strategic execution and enhancing brand influence and market competitiveness [45].