Core Insights - The article discusses the rising trend of collaboration between beverage brands and popular IPs, particularly focusing on Luckin Coffee's recent partnership with the drama "Chang'an's Lychee" and its impact on sales and marketing strategies [1][5][9] Group 1: Collaboration Trends - Luckin Coffee has seen significant success with its IP collaborations, with the "Chang'an's Lychee" series selling out quickly upon release, indicating strong consumer demand [1][3] - The beverage industry has experienced a surge in collaborations, with Luckin Coffee participating in 25 collaborations in 2024, up from 15 in 2023, and other brands like Nayuki Tea and Heytea also engaging in numerous partnerships [3][4] - The overall tea and coffee industry has conducted over 200 collaborations in 2024, reflecting a trend where new product launches are often accompanied by partnerships with popular IPs [3][6] Group 2: Financial Implications - The costs associated with IP collaborations can be substantial, with IP licensing fees alone reaching tens of millions, contributing to increased marketing expenses for brands like Luckin Coffee, which reported a 63.4% year-on-year increase in sales and marketing costs in Q1 2024 [5][6] - Despite the high costs, successful collaborations can lead to significant revenue boosts, as seen with Luckin's "Sauce Fragrance Latte," which generated over 100 million in sales on its launch day [5][6] Group 3: Market Dynamics - The article highlights a potential shift in strategy from high-frequency collaborations ("volume") to more selective and quality-driven partnerships ("quality"), as brands seek to ensure sustainable engagement and customer loyalty [7][8] - There is a growing concern about the diminishing returns of frequent collaborations, with some consumers expressing indifference towards the partnerships, indicating a need for brands to enhance the overall purchasing experience [6][8]

Core Insights - The ongoing food delivery subsidy war is approaching a critical point, with expectations that it will shift back to competition based on supply and delivery capabilities [1] Industry Changes - The food delivery industry has seen a significant increase in daily order volume, reaching a peak of 140 million orders per day, primarily driven by subsidies in the beverage sector, particularly tea drinks, which accounted for 50% of orders at peak times [2][4] - Meituan maintains a stable market share in the food delivery sector, with its Gross Merchandise Volume (GMV) holding steady at around 70%, supported by a peak order volume of 90 million and a customer price that is 2-3 times higher than competitors [2][10] Future Outlook - The current subsidy-driven growth in beverage orders is expected to decline after the 618 shopping festival, leading platforms to refocus on essential daily needs and requiring improvements in supply richness, delivery efficiency, and cost management [3][16] - Analysts predict that after the subsidy phase ends, the retention of the additional 40 million daily orders generated will need to be evaluated over a longer period [9][20] Competitive Landscape - The competitive landscape remains relatively stable, with Meituan, Taobao, and JD.com holding market shares of approximately 70%, 20%, and 10% respectively, despite new entrants and aggressive subsidy strategies [10][11] - Meituan's strategy has been to focus on essential meal delivery rather than heavily subsidizing beverages, which has allowed it to maintain a healthier order structure and profitability [12][14] Operational Capabilities - The food delivery business requires high operational capabilities, including supply organization and delivery scheduling, to meet diverse consumer needs across different times and scenarios [18] - As the subsidy war subsides, platforms will need to build foundational delivery capabilities to sustain their business models and consumer engagement [22]

作为以往很少在价格方面进行调整的业内龙头，星巴克此番的调价动作，不管是主动策略还是被动策 略，都反映出不管企业的市场地位如何，都应时刻保持策略的灵活性，以应对瞬息万变的市场变化和环 境变化。 （文章来源：证券时报网） 近日，星巴克降价的消息一石激起千层浪，引起市场广泛关注。有舆论甚至认为，作为国际知名的业内 巨头，星巴克也被迫卷入了近年中国茶饮咖啡行业愈演愈烈的价格战。 从价位水平的横向对比来看，星巴克目前多数饮品单杯价格仍比中国市场的主要同行要高，对于一些追 求低价、省钱的消费群体而言，星巴克的产品仍然相对偏"贵"，这可能源于品牌定位、成本等多种因素 的差异。比如星巴克单店面积普遍相对较大，更加重视"空间体验"，较大的单店面积会提供更多的座 位，很多客户会选择在店里坐下来喝，满足"边喝边休息"、聊天、谈工作、谈生意等消费场景的需求。 有网友甚至调侃，星巴克的产品溢价更像是"茶位费"，点一杯饮品可以"一坐一整天"。星巴克的这种经 营策略精准锁定了部分目标客户，但较大的单店面积带来的成本也会比一些同行高出不少。 星巴克此番的调价动作，折射出近年我国茶饮咖啡行业竞争激烈的现实。最近几年来，部分茶饮咖啡品 牌大幅调 ...

Group 1: High School Education Industry - The high school education industry is expected to have a population dividend for another 7-8 years, with the eligible population born between 2008-2010 (ages 15-17) [1] - Policy support is driving the expansion of high school education, transitioning from vocational-general separation to integration [1] - The graduation rate of regular high schools in China is gradually approaching that of developed countries, indicating significant improvement in education accessibility [1] Group 2: Emotional and Experiential Consumption - Emotional value and experiential consumption are rapidly translating into commercial value, addressing underlying psychological needs across different social stages [1] - The craftsmanship and added value of gold products are increasing, with innovations catering to young consumers' aesthetic and preservation needs [1] - The tea and coffee sectors are undergoing product, channel, and technological iterations, showing structural high growth potential [1] Group 3: AI Commercialization and Retail Innovation - New technologies, particularly AI, are being applied to new physical devices like AI glasses and toys, with significant advancements in efficiency and commercialization in HR services, e-commerce, and education [2] - Traditional retail is under pressure but is experiencing strong transformation dynamics, shifting core competencies from site selection to product selection [2] - New retail channels, such as discount snacks and urban outlet stores, are achieving economies of scale, while instant retail leverages fulfillment efficiency to capture market share [2]

Group 1: Investment Opportunities - The report recommends expanding high school education, highlighting companies such as Tianli International Holdings and Xueda Education as potential beneficiaries [2] - AI commercialization is accelerating, with applications in new hardware like AI glasses and toys, and sectors such as human resources, e-commerce, and education leading in efficiency improvements [6][11] - The report identifies undervalued stocks including Action Education, Chongqing Department Store, Da Shang Co., Chow Tai Fook, and Yum China as potential investment opportunities [2] Group 2: High School and Undergraduate Expansion - The high school education sector is expected to benefit from a demographic dividend for the next 7-8 years, with stable demand projected until around 2032-2033 [11][12] - Policy support is driving the expansion of high school education, transitioning from a split between vocational and general education to a more integrated approach [12][13] - China's high school graduation rates are gradually approaching those of developed countries, indicating significant growth potential in the education sector [18][19] Group 3: Emotional Value and New Supply in Consumption - The emotional value and experiential consumption sectors are rapidly evolving, with a focus on IP-driven products and traditional goods like gold jewelry seeing increased demand [6][53] - The report notes that gold jewelry is benefiting from rising prices and enhanced craftsmanship, leading to market expansion [53][57] - The tea and coffee sectors are undergoing product and channel innovations, with structural growth opportunities identified despite varying business models [6][74] Group 4: Technological Transformation - New technologies, particularly AI, are being applied to physical devices and are expected to enhance efficiency across various sectors [6][11] - The retail landscape is shifting from a focus on location to product selection, with new retail formats emerging to capitalize on scale economies [6][11] - Traditional retail is facing significant pressure to adapt, with a strong impetus for transformation across all formats [6][11] Group 5: Retail Channel Development - The core capabilities of retail channels are evolving from site selection to product selection, with new discount retail formats emerging [6][11] - The report highlights the rise of discount retail formats such as snack discount stores and urban outlet malls, which are achieving scale economies [6][11] - The traditional retail sector is experiencing a shift towards decentralization, with various formats adapting to changing consumer behaviors [6][11]

5月30日，茶咖日报的主要内容有： 星巴克日本将在千家门店回收咖啡渣 29日，星巴克日本公司宣布，将在该国约1000家门店（占其日本门店总数的一半）实施咖啡渣回收计 划，预计年削减废弃物至少4000吨，目标是在2030年前覆盖全部门店。咖啡渣占门店食品废弃物总量的 70%，将通过加工为饲料、堆肥等方式循环利用，培育的蔬果等将用于门店餐食。 甜啦啦加码桶装茶赛道 36氪消息，面对现制茶饮市场的激烈竞争，甜啦啦推出新品"蜜桃爽爽桶"。据《2024茶饮消费白皮 书》，桶装茶正成为Z世代新宠。据介绍，甜啦啦自2021年开创桶装茶品类以来，已累计销售超1.2亿 桶。 古茗在浙江成立控股公司，注册资本11亿 瑞幸咖啡回应降价：优惠券系随机发放 5月30日，"瑞幸咖啡降价"登上微博热搜。有媒体报道称，部分消费者反映，自己在下单时发现瑞幸部 分产品迈入6块9时代，相比之前一般最低9块9，价格带出现下移。 不过该热搜话题下方，也有多位顾客晒出自己的点单页面，称并未发现降价。有顾客点单页面的成交价 以13.9元为主，有的则以9.9元为主，还有以7.9元为主的点单页面。 对此，瑞幸咖啡方面回复表示，品牌为消费者推出端午节和儿童节的 ...

Core Viewpoint - The article discusses the rapid growth and competitive landscape of the snack retail industry in China, focusing on the recent IPO of "Mingming Hen Mang" and its business model, which emphasizes low prices and extensive market penetration in lower-tier cities [3][4][17]. Group 1: Company Overview - "Mingming Hen Mang" was founded in March 2017 and has rapidly expanded, with a combined store count of 14,394 across 28 provinces and all county-level cities as of the end of 2023 [5][6]. - The company aims to replicate the success of "Mixue Ice City," which has achieved a market capitalization of nearly HKD 200 billion shortly after its IPO [3][8]. Group 2: Financial Performance - For 2024, "Mingming Hen Mang" projects a store sales revenue of CNY 55.5 billion and total revenue of CNY 39.3 billion, with a gross profit of approximately CNY 3 billion and a net profit of CNY 900 million [8][20]. - The company operates on a low-margin model, with a gross margin of only 7.6%, indicating a strategy focused on high sales volume rather than high profit margins [9][20]. Group 3: Business Model and Strategy - The business model is heavily reliant on selling products to franchisees, with 99.5% of revenue coming from product sales, while franchise fees contribute less than 0.5% [11]. - The average product price is about 25% lower than similar products in offline supermarkets, driven by direct procurement from upstream manufacturers and effective supply chain management [11][12]. Group 4: Market Position and Competition - The snack retail market is increasingly competitive, with "Mingming Hen Mang" positioned as the leading player in the low-cost snack segment, having merged with "Zhao Yiming Snacks" [22]. - The company has a significant presence in lower-tier cities, with 58% of its stores located in county and town areas, reflecting a strategic focus on underserved markets [13][14]. Group 5: Future Directions - "Mingming Hen Mang" is exploring new business avenues, including the introduction of a "cost-saving supermarket" model that diversifies its product offerings beyond snacks [23]. - The company aims to enhance brand recognition and franchisee trust through increased marketing efforts, including celebrity endorsements [22].

1、同店增速如期转正： 一季度，同店销售额增速回到 8% 的正增长。虽然有低基数的原因，在近两个季度的点评中，海豚君也提及，通过跟踪的定量和定性变 化，判断库迪的竞争已经不足为惧。因此同店增速回正是预期之内，预示瑞幸正式走出竞争泥泞。 量价拆分来看，增长两者均有驱动。随着 3 月以来变相涨价的小动作增多，二季度有望靠更多的 ASP 驱动。 2、开店节奏加快： 上季度公司给出今年开店 4000-5000 家的指引，但一季度就一鼓作气净开店 1757 家，其中海外 14 家。这个开店节奏按照原先的指引目标，其 实是有点超预期的。 海豚君猜测，近两个季度同行竞争明显放缓（虽然库迪开店目标依然叫的很响，），开店成本或相应有所下降，瑞幸估计是想趁机快速占据核心点位，以防竞对 缓和后卷土重来。 这里的竞对不仅仅是说库迪。随着蜜雪、奈雪的茶、古茗、霸王茶姬多个现饮品牌进行资本运作，上市融资有钱后第一步肯定是加速扩张，因此核心点位的争夺 会更加激烈。因此瑞幸在一季度加快开店节奏，恐怕有此考虑，以攻为守来应对。 瑞幸于北京时间 2025 年 4 月 29 日晚，美股盘前发布了 2025 年第一季度财报。整体来看，Q1 业绩还不 ...

可复制的规模，难以复制的利润率。 作者 | 李小霞 编辑 | 乔芊 当上市不到两个月的蜜雪冰城在港交所股价突破500港元，市值近2000亿港元时，零食界的"蜜雪冰城"——鸣鸣很忙也启动了IPO步伐，4月28日，正式 向港交所递交上市申请。 关于鸣鸣很忙的上市传闻最早可追溯到2023年（当时为零食很忙），同年8月，原明越资本联合创始人王钰潼加入公司担任CFO。而一家公司设立CFO 岗位，往往被看作准备上市的信号。 时至今日，可能很多人对旗下的零食很忙以及赵一鸣零食都不会陌生， 其明黄色和红色的招牌，正在渗透到全国的县城、乡镇。 零食很忙由晏周于2017 年 3 月在湖南长沙创立，赵一鸣零食由赵定于 2019 年 1月在江西宜春创立。 自2023年合并后到去年底，二者门店数量加起来14394家，覆盖全国28个省份和所有县级城市。 万店规模一直是连锁品牌所追求的里程式目标，但踏进来并不容易。两年前，多家茶饮咖啡企业喊出万店口号，目前国内也只有蜜雪冰城、瑞幸、古茗实 现。 迈过万店门槛，销售额、营收也同步水涨船高。 根据招股书显示，鸣鸣很忙2024年门店销售额为555亿元，营收为393亿元，毛利约30亿，净利润为9亿 ...