一杯咖啡，能勾勒出怎样的经济图景？ 改革开放以来，我国的商品消费经历了排浪式发展。随着人均GDP连续攀升，国内需求正从"物质 型"消费，转向更注重提升生活品质的"服务型"和"体验型"消费。人们越来越关注商品和服务所承载的 文化内涵、社交体验和情感共鸣。 自2010年起，中国的咖啡消费量以年均超15%的速度增长，远超过全球年均约2%的增长率。目 前，全国咖啡相关企业现存量超25万家，仅今年前10个月的注册量就超过去年全年。 市场之"大"，不仅体现在增速，更在广阔的空间。相关数据显示，2024年中国咖啡产业规模超过 3000亿元，咖啡人均年消费量达到22.24杯。和欧美、日韩等市场相比，我国咖啡人均消费量还存在一 定差距，这也意味着未来国内咖啡消费市场有较大的增长潜力和空间。 "中国的咖啡市场潜力巨大。在中国市场站稳脚跟，就有更多机会被世界看见。"不久前在上海举行 的第八届进博会上，一名来自巴西的咖啡商这样评价。 今天，漫步在中国城市街头，既有星巴克等国际咖啡巨头，也能看到瑞幸、库迪、Manner等咖 啡"新势力"。除了随处可见的连锁品牌，风格迥异、主打个性化的主理人咖啡馆和精品咖啡馆，也如雨 后春笋般涌现。冬阴 ...

瑞幸2020年在纳斯达克停牌 2017年10月，瑞幸全国首家门店在北京开业，总部则设在福建厦门，瑞幸原创始人陆正耀是神州租车的创始人，他将互联网烧钱的打法搬到了咖啡赛道， 通过不断烧钱补贴用户，拉低了现磨咖啡的购入门槛，同时其不断开店，刷新了咖啡赛道的开店纪录，而在营销方式，其在宣传上多次声称对标星巴克， 还签约了张震、汤唯等多个明星作为代言人。 仅仅创立18个月时间，瑞幸就在美股上市，但在美股上市之后不到一年，2020年2月，瑞幸就被曝出财务造假的丑闻，随后，瑞幸承认确实存在虚假交易 22.46亿元，舆论哗然。在丑闻爆发后，2020年5月，时任瑞幸CEO的钱治亚被停职，次月，瑞幸在纳斯达克正式停牌，同年7月，陆正耀被罢免了董事长 的职务，之后郭谨一接任CEO和董事长。 11月初，根据厦门市工商联发布的视频，在2025年厦门企业家日大会上，瑞幸咖啡CEO郭谨一表示，瑞幸在厦门市委市政府的指导下，正积极推动重回美 国主板上市进程。同时，郭谨一透露，瑞幸预计2025年营业收入超500亿元。 图源：厦门市工商联 对此，11月12日，瑞幸相关负责人告诉南都湾财社记者，瑞幸咖啡会持续关注美国资本市场，但公司目前对于重返 ...

Core Insights - The Chinese coffee market has experienced rapid growth since the 1980s, with various coffee formats emerging, including instant, ready-to-drink, capsule, and freshly brewed coffee [1][2] - Intense competition has characterized the market, particularly in 2023, with significant price reductions and the expansion of coffee shops into lower-tier cities [1][4] - Nestlé's Nespresso views China as a high-priority market with substantial growth potential, although consumption levels still lag behind mature markets [1][4] Market Dynamics - The coffee market in China has seen a shift in brand rankings due to increased competition, with major players like Starbucks adjusting their strategies, including the sale of a majority stake in its Chinese operations [1][4] - Nespresso's sales in 2022 reached 6.378 billion Swiss francs, highlighting its significant contribution to Nestlé's overall performance [2] Consumer Trends - There is a growing preference for larger coffee servings in China, with over 60% of consumers favoring milk-based coffee, contrasting with European habits of consuming smaller espresso shots [6][7] - The trend of "specialty" coffee and innovative ingredients is becoming popular among younger consumers, indicating a shift towards more personalized coffee experiences [6][7] Product Development - Nespresso aims to differentiate itself by emphasizing its unique brand story and product offerings, particularly in the context of the growing capsule coffee segment, which has seen a 226.8% year-on-year growth, albeit from a low sales base [5][6] - The company recognizes the need to adapt its marketing strategies to resonate with local cultural preferences and consumer behaviors, moving away from a one-size-fits-all approach [6][9] Emotional Connection - Chinese consumers are increasingly seeking emotional value from their coffee experiences, desiring not just product innovation but also meaningful connections through promotions and collaborations [7][9] - Nespresso's partnership with table tennis athlete Wang Chuqin as a brand ambassador reflects the company's strategy to localize its brand presence and appeal to younger demographics [9]

Core Viewpoint - Starbucks is strategically transferring control of its China operations to Boyu Capital to enhance localization and penetrate lower-tier markets, rather than merely selling off assets [1][2]. Group 1: Transaction Details - Starbucks has officially partnered with Boyu Capital, which has acquired a 60% stake in Starbucks China, valuing the joint venture at $4 billion [1]. - The new joint venture will maintain its headquarters in Shanghai and aims to increase the number of Starbucks locations in China from approximately 8,011 to around 20,000 [1][9]. - Starbucks anticipates that the total value of its retail business in China will exceed $13 billion, derived from the sale of equity, retained interests, and ongoing licensing fees [1]. Group 2: Boyu Capital's Role - Boyu Capital, established in 2011, focuses on technology innovation, consumer retail, and healthcare, with a portfolio of over 200 companies [3]. - The firm has previously invested in major companies like Alibaba and NIO, indicating its strong market presence and expertise [3]. - Boyu Capital's involvement is expected to provide Starbucks with local market insights and operational efficiencies, particularly in supply chain and digital infrastructure [5]. Group 3: Market Challenges - Starbucks faces intense competition in the high-end market from niche brands like Blue Bottle Coffee and in the mid-tier market from Luckin Coffee, which offers lower-priced options [6][7]. - The Chinese coffee market is projected to exceed 240 billion yuan by 2025, with a significant shift towards value-for-money as a primary consumer choice [6]. - Starbucks has struggled with its traditional operational model, which has become cumbersome in the fast-paced Chinese market, necessitating a shift towards a more localized approach [7][8]. Group 4: Future Outlook - The partnership with Boyu Capital is seen as a necessary evolution for Starbucks to adapt to the competitive landscape and consumer preferences in China [8][10]. - Starbucks aims to leverage Boyu's resources to enhance its product offerings and customer engagement strategies, ensuring it remains relevant in a rapidly changing market [5][10]. - The collaboration is expected to reshape the coffee market dynamics, with Starbucks potentially reclaiming its position in the high-end segment while mid-tier brands continue to compete aggressively [10][11].

Core Insights - Starbucks has officially announced a partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40%, based on a valuation of approximately $4 billion [1][2] Group 1: Market Dynamics - The Chinese market has shifted from a blue ocean to a highly competitive red ocean, making it increasingly difficult for foreign companies to generate profits [5][11] - Starbucks reported an 11% decline in same-store sales in Q2 of fiscal year 2024, with both average transaction value and volume decreasing, leading to significant pressure on the company [5][6] - Other foreign brands, such as Decathlon, are also facing challenges from local competitors and e-commerce, resulting in slowed growth [5][6] Group 2: Strategic Shifts - Many foreign companies are opting to relinquish control and introduce local capital, transforming their operations into a rental model, which allows them to lock in profits while minimizing operational risks [4][10] - The trend of foreign companies transitioning to a "rent-seeking" model reflects a broader strategy of financial conversion, allowing them to maintain brand presence while securing cash flow [10][11] Group 3: Local Market Adaptation - Successful local operations, as seen with Yum China, demonstrate that localized strategies can lead to impressive financial performance, with innovative product offerings tailored to local tastes [6][7] - The complexity of managing operations in China has increased, prompting foreign companies to hand over operational control to local teams who are more adept at navigating the market [8][9] Group 4: Brand Value and Profitability - The core asset for foreign companies in China is their brand, which can generate significant revenue through licensing and brand management agreements, often resulting in high margins [9][10] - For instance, McDonald's receives a franchise fee of 3% to 5% of sales from its Chinese operations, translating to an estimated annual income of $2 to $4 billion based on 2023 sales figures [9][10] Group 5: Future Implications - The shift towards a rental model signifies the end of an era where foreign companies could easily dominate the Chinese market solely based on brand and capital advantages [10][11] - This transition indicates that local capital and operational capabilities are becoming increasingly important in managing global brands within China [11][12]

一杯咖啡，可以窥见中国市场潜力之大。 自2010年起，中国的咖啡消费量以年均超15%的速度增长，远超过全球年均约2%的增长率。目 前，全国咖啡相关企业现存量超25万家，仅今年前10个月的注册量就超过去年全年。 新华社北京11月13日电 题：新华社经济随笔：一杯咖啡里的中国大市场 新华社记者王雨萧、周蕊 一杯咖啡，能勾勒出怎样的经济图景？ 从云南绵延百万余亩的咖啡种植园，到上海梧桐树下香气氤氲的创意特调；从昆山智能工厂里精准 控制的烘焙曲线，到"Z世代"社交平台上跳跃的咖啡文化……这杯最初的西方"舶来品"，已深度融入国 人日常生活，折射出中国大市场的万千气象。 改革开放以来，我国的商品消费经历了排浪式发展。随着人均GDP连续攀升，国内需求正从"物质 型"消费，转向更注重提升生活品质的"服务型"和"体验型"消费。人们越来越关注商品和服务所承载的 文化内涵、社交体验和情感共鸣。 "咖啡+音乐""咖啡+文旅""咖啡+运动""咖啡+非遗"……人们购买的不只是一杯咖啡，更是一段情绪 体验、一个文化符号、一种生活方式。这也启示我们：未来，精准洞察消费"心"需求，推动更深层次的 场景创新和服务升级，既能更好满足人民日益增长的 ...

中新网沈阳11月12日电 (玄一君 张艺腾)在辽宁省沈阳市和平区的核心地带，八经街以咖啡为媒介，串 联起百年城市记忆与现代生活气息。这条承载着工业文明与市井烟火的街区，通过功能重构、体验升级 与生态营造，实现了从"物理更新"到"激活升级"的深度蜕变，成为充满生命力的城市公共空间。 中国咖啡行业相关协会分析指出，咖啡业态"小而美"特质适配老街区空间，集群化布局快速聚集人 气，"咖啡+历史建筑""咖啡+休闲社交"的融合模式，打破传统老街业态单一局限，吸引年轻客群带动周 边产业，实现历史记忆与现代生活的无缝衔接，完成从"沉寂"到"爆红"的质变。 穆继多公馆旧址。张艺腾 摄 协同赋能焕活 古今相融共生 八经街有多座民国建筑及汇丰银行奉天支行旧址等历史遗存，构成街区独特历史基底。改造中遵循"修 旧如旧"原则，未对这些城市变迁见证者进行大规模拆改。 目前，多家咖啡门店入驻建筑群落，公馆雕花窗棂与咖啡店落地玻璃相映，银行旧址欧式廊柱旁设有街 头咖啡摊，现代商业元素与老建筑肌理和谐共生。历史建筑为咖啡业态提供差异化场景，咖啡门店则为 老建筑聚拢人流，让沉寂地标重获关注。 十一纬路116巷"巨型咖啡杯"。张艺腾 摄 咖香聚力兴 ...

据彭博社消息，瑞幸咖啡的大股东大钲资本（Centurium Capital）正在考虑收购来自英国的连锁咖啡品牌Costa Coffee。 知情人士称，目前尚不清楚大钲资本会选择独立提出要约，还是通过瑞幸咖啡参与竞购。[1] 可如今，可口可乐正考虑将其出售。 知情人士还表示，英国私募股权公司TDR Capital和贝恩资本也在考虑竞购Costa Coffee。据透露，下一轮报价预计将在未来几周内出现。一些 竞购者 对 Costa Coffee的估值可能达到10亿英镑（13亿美元）或更高。[1] 可口可乐花39亿英镑收购的成熟品牌，或被"低价"收购？ Costa Coffee 的故事始于1971年，当时 Sergio和 Bruno兄弟以意式拼配咖啡颠覆了伦敦的咖啡市场。 大钲资本、瑞幸咖啡Logo，图片来源：大钲资本、瑞幸咖啡 Costa Coffee目前的持有者为可口可乐公司。2018年8月31日，可口可乐公司宣布达成最终协议，以39亿英镑（51亿美元）的价格从英国酒店餐饮集团 Whitbread手中收购了Costa Coffee。 Costa Coffee、可口可乐产品，图片来源：Forbes 此举在当时被视 ...

"品牌向上对我们来说，并不意味着卖高价，而是带给消费者更多好的情绪价值。"李颖波对环球网记者强调。这一定位，意味着库迪并非依靠提价树立高端 的传统路径，而是选择了一条看似更轻、实则对运营深度要求更高的路——与年轻人热衷的文体娱IP深度绑定。 导语：未来谁能同时在价格实惠与情绪价值上满足消费者，谁就能在市场上拥有更大竞争力。 【环球网财经报道 记者 陈超】在竞争日趋白热化的咖啡市场，单纯的"价格战"已难以构筑持久的护城河。当业界仍在热议"9.9元咖啡能走多远"时，库迪咖 啡正试图通过一套组合策略回应质疑：即以系统性能力将"价格普惠"做深，同时以品牌情绪价值将"品牌向上"做轻。 库迪咖啡移动车 图片来源：企业供图 本届乌镇世界互联网大会的会场内外，库迪咖啡作为官方合作伙伴，其移动咖啡车成为观察其战略的一个切片。库迪咖啡首席策略官李颖波在接受环球网记 者采访时，详解了其"两手抓"的战略逻辑，而这一逻辑正面临市场的严峻检验：如何在保证极致性价比的同时，实现品牌价值的跃升，并维持整个系统的健 康盈利？ 品牌向上：绑定热门IP是手段，而非目的 这套重资产模式，旨在通过规模效应和全链自控来平抑成本波动。"即便面对全球咖啡豆 ...

Core Viewpoint - Moutai is transitioning from relying on product pricing to utilizing capital management tools to stabilize its stock price amidst declining sales and retail prices [10][12][29]. Group 1: Market Performance and Financials - The market price of Moutai's flagship product, 53-degree Flying Moutai, has dropped below 1499 yuan per bottle, marking the end of its premium pricing era [6][9]. - Moutai's Q3 revenue growth was only 0.35% year-on-year, the lowest since 2016, yet the stock price remained stable with significant investments from major shareholders [9][10]. - The company announced a total cash distribution of approximately 300 billion yuan and plans to repurchase shares worth 1.5 to 3 billion yuan, aimed at stabilizing market expectations [12][14]. Group 2: Capital Management Strategies - Moutai is adopting proactive capital management strategies, including regular cash dividends, share buybacks, and major shareholder purchases, to enhance shareholder returns [13][16]. - The total planned investment in dividends, buybacks, and share purchases is at least 708 billion yuan, which is about 82% of the expected net profit for 2024 [16][24]. - The company has a low debt ratio of 12.81%, indicating ample financial leverage to further enhance return on equity (ROE) [26][28]. Group 3: Comparison with Global Peers - Similar to Starbucks and Apple, Moutai's capital management approach focuses on returning cash to shareholders through dividends and buybacks, which can improve stock performance beyond mere profit growth [18][22][29]. - Moutai's strong cash flow, projected at around 900 billion yuan for 2025, supports its ability to maintain high levels of shareholder returns even in a challenging market [24][29].