过去东盟主要是制造业的中转地，但现在已演变为各行各业竞争发展的热土。 过去几年，随着地缘局势不确定性增加、全球供应链重构，大量中国制造业、互联网企业加快了出海步 伐，向越南、泰国、印尼、马来西亚等东盟国家转移并拓展市场。 今年5月，中国—东盟经贸部长特别会议以线上方式举行，双方共同宣布全面完成中国—东盟自贸区3.0 版谈判，向签署升级议定书的目标迈出关键一步。 在全球金融监管趋严、资本回报压力上升的背景下，欧美银行近年来在亚太的业务重心更加"审 慎"和"成本控制"。相比之下，那些东盟本土或区域性强的外资银行，在中资企业出海东南亚过程中， 更能提供"本地化、灵活、可落地"的金融解决方案。 近期，渣打银行企业及投资银行业务联席全球主管兼东盟及南亚区行政总裁高恕年（Sunil Kaushal）在 接受第一财经采访时表示，东盟有望成为全球增长新前沿，中国与东盟总人口超20亿，东盟GDP总和已 突破4万亿美元，而中国作为世界第二大经济体（按购买力平价计算为全球第一大经济体），这一合作 框架对双方而言是显著的"双赢协议"。他称，除了制造业和互联网企业，当前也有更多新消费企业在加 速拓展东盟市场。渣打在东盟10国均已建立深 ...

摘要 1、今天，A股震荡整理，沪指、创业板指收红，贵金属、盲盒经济板块涨幅居前。 2、 10年前的今天，沪指站上了5178点的高点，那些在5178点买基金的人，现在怎么样了？ 3、新消费崛起，会否取代旧消费成为下一个10年的投资主线？ 真话白话说财经，理财不说违心话 --这是第1364 篇白话财经- - 今天，A股三大指数震荡整理，最终沪指和创业板指收红，3400点守住了！ （图片来源：东方财富APP，统计截至2025/6/12，不作投资推荐） 不知道大家还记不记得， 2015年的6月12日，沪指站上了5178点 ，10过去了，望着这遥不可及的山顶，不禁想问，那个时候在高点买基金的朋友 们，现在还好吗？ （图片来源：东方财富Choice数据，统计区间：2015/1/1~2025/6/12，不作投资推荐） 当时，因为创业板首发条件放宽以及创业板再融资制度的建立，宽松的杠杆资金环境触发了这波"杠杆牛"。 从14年10月底开始，券商、地产、银行、保险等大蓝筹板块轮番上涨，12月，创业板接力上涨，直到2015年6月12日，沪指从最低1849点一路涨 到了5178点。 两市成交额为1.27万亿元，盘面上，贵金属、盲盒经 ...

Core Viewpoint - The recent popularity of the TV series "Lychee in Chang'an" has significantly boosted lychee-related consumption, leading to the successful launch of new lychee beverages by Cha Baidao, which quickly became a hit in the tea beverage industry [2][3]. Company Summary - Cha Baidao launched two new lychee drinks, "Lychee Ice Milk" and "Sea Salt Lychee Ice Tea," emphasizing the use of fresh lychee fruit for juice extraction without any pre-packaged juices [2]. - The company reported that within one hour of the launch, 50,000 cups were sold, and by noon on the same day, sales exceeded 100,000 cups, making it the first blockbuster in the tea beverage industry this summer [2]. - The lychee used in the drinks is sourced from the high-quality production area of Lianjiang, Guangdong, with each large cup of "Sea Salt Lychee Ice Tea" requiring approximately 19 fresh lychees [2]. Industry Summary - The challenge of preserving lychee freshness has been historically noted, but modern supply chain systems have improved this process significantly [3]. - Cha Baidao has implemented a supply chain strategy that includes early morning harvesting, immediate cooling with ice water, and transportation using temperature-controlled logistics to ensure freshness, reducing delivery time to as little as 48 hours from Guangdong to Xi'an [3]. - The company has accelerated its supply chain development, with approximately 92% of its stores achieving next-day delivery and about 95% receiving deliveries twice or more per week [3]. - Recent research indicates that Cha Baidao's focus on enhancing R&D and supply chain efficiency has led to successful product launches in various fruit and vegetable series since 2025 [3].

以下文章来源于沥金 ，作者沥金 沥金 . 数据驱动的消费创投智库，用深度内容和前沿洞察，助力企业成长，全网有近百万粉丝。 星巴克宣布大降价，咖啡赛道再掀价格战。 从今天（6月10日）开始，星巴克数十款单品集体降价5元左右，这表示星巴克的价格带从30元下探到了 20+元。 这次不仅是星巴克进入中国25年来的首次大降价，也预示着咖啡赛道新一轮的价格战开打。 前一段时间瑞幸部分单品降价到了6.9元，库迪反手就推出了3.9元的咖啡，现在咖啡赛道巨头星巴克也下场 了，火药味儿越来越浓。 9块9只是消费者的习惯，却不是咖啡赛道的底线。 巨头们为什么重启大战？因为咖啡赛道快要见顶了。 根据World Coffee Portal的统计和预测，2024年赛道增速还能保持20%以上，但接下来几年会快速下滑到个位 数，剩余增量空间已经不多。 上一轮咖啡大战，瑞幸成功打出了"9块9"的心智，这一回国内现磨咖啡"祖师爷"的星巴克也下场了，整个赛 道会怎样？这一轮内卷，最可能的赢家会是谁？ 星巴克相关降价营销海报 来源：官方公众号 核心原因在于， 虽然星巴克此前没有官宣，但团购和电商直播间已经推出过很多促销优惠套餐了，早已实质 性降价 ...

蜜雪冰城加盟政策又调整了？ 最近，蜜雪冰城的官方公众号"蜜雪合作中心"发布了一则新通知，宣布自2025年6月11日起，对新开门店进行调整。 一是优化门店布局，调整门店保护范围，并鼓励加盟商回归一线；二是强调"优中选优"，名下已有门店的加盟商在申请新店时，对于经营表现优异的提供 更多发展机会；三是给新加盟商机会，名下有店的加盟商无法在空白乡镇开店，只有户籍是本地级市行政管辖范围的新客户才可以；四是鼓励开设多场景 门店，如景区、服务区、交通枢纽站等特殊场景。 这一调整，一方面是行业步入存量竞争，淘汰赛开始。2024年，壹览商业长期追踪的26个行业品牌门店存量为11.93万间，增速从去年的32.5%放缓至 11.12%，行业门店总数一年减少了1.6万间。 另一方面，是蜜雪冰城门店规模已达临界点，单店营收能力开始下滑。截至2024年12月，蜜雪集团内地门店数超4.1万家，刨去幸运咖，蜜雪冰城的门店 数量在3.6万家左右；单店日均GMV从2021年的4144元下降到2023年的4127元，加盟门店的毛利率也从2021年的32.03%下降到2023年的30.10%。 同店GMV下降、毛利率下滑，加盟商们能赚到的就变少了， ...

Core Insights - The introduction of the 1 yuan ice cup by brands like Mixue Ice City, Guming, and Shuyi Burned Fairy Grass marks a new trend in the beverage market, transforming a simple product into a platform for brand engagement and customer interaction [3][9][33] - The ice cup phenomenon is not just about low-cost beverages; it represents a shift towards a convenience store model, where brands aim to enhance customer loyalty and increase transaction frequency [33][34] Group 1: Market Dynamics - Mixue Ice City launched the 1 yuan ice cup with a capacity of 660 ml, leading to high demand and supply chain challenges, indicating a genuine market interest rather than a mere marketing gimmick [3][7] - Guming and Shuyi Burned Fairy Grass followed suit, with Guming offering a 500 ml ice water cup and Shuyi implementing a purchase incentive strategy to boost sales [9][13] - The trend of ice cups is recognized as a growing market opportunity, particularly in first-tier cities, while also having significant potential in lower-tier markets [15] Group 2: Financial Implications - The cost structure for Mixue Ice City's ice cup reveals a minimal profit margin, with production costs around 0.5 yuan per cup, highlighting the financial strain on the supply chain [7][8] - Despite the low profitability of the ice cup, it serves as a marketing tool to drive additional sales of higher-margin products like milk tea and ice cream [8] Group 3: Consumer Behavior - The ice cup has evolved into a DIY beverage container for young consumers, allowing them to create personalized drinks, which enhances its appeal beyond a simple refreshment [8][20] - Social media platforms are amplifying the popularity of ice cups, with various DIY combinations becoming trending topics among younger demographics [20][24] Group 4: Industry Trends - The ice cup is becoming a staple in convenience stores and retail chains, with significant sales growth reported, particularly in coffee ice cups, which saw a 60% increase [24][30] - The overall market for ice products and beverages is projected to exceed 63 billion yuan by 2026, indicating a robust growth trajectory for this segment [30]

Group 1 - The core viewpoint of the article is that Sanyuan Foods is launching a new tea beverage store under the brand "Beijing Milk Company" to engage with younger consumers and adapt to market changes [1][6][11] - The new store emphasizes fresh milk and beverages, with a menu featuring "24h direct supply from the farm" and a range of products including tea drinks and fresh milk [5][12] - Sanyuan Foods plans to open 5-6 new self-operated stores in Beijing this year, focusing on differentiated layouts based on community, business districts, and tourist attractions [5][11] Group 2 - The tea beverage market is highly competitive, and Sanyuan Foods needs to leverage its strengths and adopt a differentiated approach to establish a foothold in the new consumer market [1][10] - The store's design and branding evoke nostalgia, aiming to connect with consumers' memories while appealing to modern tastes [3][6] - Sanyuan Foods is utilizing smart technology in its operations, such as robot-made coffee and self-service ice cream, to attract younger customers [5][12] Group 3 - The company recognizes the need to innovate and adapt to the rapidly changing preferences of young consumers, as traditional retail models are losing relevance [7][11] - Sanyuan Foods aims to maintain its core identity while exploring new business opportunities, emphasizing the importance of fresh milk supply and unique product offerings [10][12] - The brand's historical significance and established reputation provide a solid foundation for its new ventures, but it must remain responsive to market trends and consumer demands [9][12]

新开店速放缓、单店产出缩水、老店频繁交易似乎给了现制茶饮行业已触碰顶点的信号。尤其是多家头部品牌完成上市动作后，行业越过阶段性波峰的心理 暗示，让众人在怀疑现制赛道容量和寻觅下一个潜力标的之间徘徊。 可当果茶、轻乳茶都有了代表性品牌，柠檬茶领域的座次还未尘埃落地。这其中，门店体量尚不足300家的柠檬向右，在以规模论英雄的排名中，还不算最 耀眼的品牌。但其线上声量不容小觑——创始人徐柏鹤的个人账号，不断更新着探店时的公开揭短视频，吸引了一大波"养成系粉丝"。 "做的真难喝，一点气泡都没有。充气瓶没气了都不知道。" "没上摇茶机，是因为一摆整个桌面都在晃，就拿走了。" 可就门店细节的极度关注，注定其不是推崇难得糊涂的人。"柠檬向右是我最后的事业。"徐柏鹤说，这句话不止是给外界听，更是一种自我表态。 "我对店铺规模、GMV没有任何要求。"徐柏鹤打了一个比方，同一条路上有人骑摩托车，但自己骑自行车晃悠悠走，也能到达终点。"这个终点是我人生的 终点——当我干不动的时候，企业还能很稳健存在。" "不知道多久没回公司学习了，一喊他们回来学习，合作商就不让。" 这些来自创始人本人对门店的批评，只是现制柠檬茶在加盟商客情关系、 ...

Core Insights - The article discusses the potential for the company, Mixue Ice City, to replicate its domestic success in overseas markets, particularly in Southeast Asia, while also evaluating the current risk-reward ratio of its stock price after a significant increase post-IPO [1][14]. Group 1: Overseas Market Expansion - Southeast Asia is seen as a primary target for expansion due to its geographical proximity to China, a large Chinese population, and a similar tea culture, making it an attractive market for tea brands [1][5]. - Mixue entered Vietnam in 2018 and Indonesia in 2020, quickly establishing itself as a leading tea brand in both countries by leveraging its supply chain advantages and offering lower prices than local competitors [1][2]. - As of the end of 2024, 80% of Mixue's overseas stores are located in Indonesia and Vietnam, but these markets contribute only about 5% to the company's total revenue, indicating a significant gap compared to other brands like Pop Mart and Miniso, which have higher overseas revenue shares [2]. Group 2: Challenges in Overseas Operations - In 2024, Mixue significantly slowed its overseas store openings, adding only 564 new locations, and experienced nearly 20% negative revenue growth, with same-store sales declining over 30% [5][10]. - The decline is attributed to several factors, including low franchise entry barriers leading to market saturation, poor management oversight, and supply chain issues causing frequent stockouts [7][8][9]. - A notable incident in Indonesia saw a major stockout during Ramadan due to ordering mismanagement, severely impacting sales and franchisee confidence [9]. Group 3: Future Growth Potential - Despite current challenges, the company is working to improve its supply chain in Southeast Asia, aiming to establish local production facilities to reduce reliance on imports and improve logistics [10]. - The potential for store expansion in Southeast Asia remains significant, with estimates suggesting a possible increase to 15,000 stores based on market conditions, compared to the current number [11][13]. - The company is also enhancing its franchise management and oversight to address issues of franchisee dissatisfaction and operational inefficiencies [10]. Group 4: Financial Projections and Valuation - The company is expected to see a compound annual growth rate (CAGR) of 12% in revenue from 2024 to 2029, with profit growth projected at 18% CAGR during the same period, indicating a positive outlook for profitability despite revenue challenges [19][20]. - Current valuations suggest that the stock may be overvalued, with a price-to-earnings growth (PEG) ratio of 1.4, higher than comparable companies, indicating that the market may have priced in optimistic growth expectations prematurely [22][24]. - Investors are advised to wait for a more favorable valuation before considering investment, particularly as the company approaches a period of stock unlocks that may increase selling pressure [22][30].

Group 1: Starbucks Developments - Starbucks CEO Brian Niccol announced the exploration of selling a partial stake in its China business to attract external investors and revive growth, with significant interest from various investors [1] - The company plans to increase its store count in China from 8,000 to 20,000, indicating strong potential for growth in the coffee market [1] - Starbucks China has reduced the average price of various iced and tea drinks by 5 yuan to enhance competitiveness in the rapidly growing non-coffee beverage market [1] Group 2: Technological Innovations - Starbucks introduced its first generative AI-driven assistant, Green Dot Assist, designed to help baristas resolve issues in real-time, enhancing operational efficiency [2] - The AI tool is currently being tested in 35 stores, with plans for further rollout [2] Group 3: Industry Challenges and Responses - Honey Snow Ice City was reported for exceeding bacterial limits in frozen dessert samples, highlighting food safety concerns [3] - The Hong Kong Food and Environmental Hygiene Department has taken action against the store involved, emphasizing the importance of food safety compliance [3] Group 4: Franchise and Market Strategy - Honey Snow Ice City announced a new policy to optimize the layout for new franchise stores, restricting existing franchisees from opening in blank towns [4][5] - New franchise applicants are encouraged to consider multi-scenario store locations, such as tourist spots and transportation hubs [5] Group 5: Product Innovations - Kenyue Coffee has introduced a range of popular bubble coffee products, indicating a trend towards innovative beverage offerings [6] - Heytea launched a new bottled tea product, targeting health-conscious consumers with a blend of kale and cucumber [7] Group 6: Promotions and Customer Engagement - Costa Coffee is offering student discounts on select beverages during a promotional period, aiming to attract a younger demographic [8] Group 7: Corporate Governance Issues - Tianye Innovation, a supplier for new tea beverage ingredients, is facing investigation due to internal control issues and financial discrepancies, posing risks to its market standing [9] Group 8: Financial Support and Stability - Jiahe Foods announced a guarantee of 20 million yuan for its wholly-owned subsidiary, Jinmao Coffee, to support its business development, reflecting a commitment to stable growth [10]