2025.06. 11 本文字数：3376，阅读时长大约6分钟 作者 | 第一财经 陆涵之 "卷到了极致，外卖送来才七块九，自己买了去取还要九块九，所以最近一天喝三杯库迪美式。"社交 平台上，一位消费者表示外卖大战下自己的消费习惯已被改变。 4月京东外卖宣布上线百亿补贴，阿里随后宣布加大补贴，也有消费者表示美团的大额券也多了起 来。三家平台竞争得如火如荼之际，商家们明显感受到了加码补贴带来的变化，一方面补贴推动了商 家的订单和收入增长，另一方面商家担心补贴过后总有"秋后算账"的时候。 平台补贴推动商家订单剧增 大额补贴是平台最直接的手段。4月11日，京东外卖上线了百亿补贴。4月22日，京东外卖宣布当日 订单量突破了1000万单。在6月1日，京东外卖宣布日订单量突破2500万单。 阿里系的下场为外卖大战又添了一把火。4月30日，饿了么宣布进一步加大平台补贴力度，即日起开 启平台"饿补超百亿"大促。同时淘宝天猫旗下即时零售业务"小时达"升级为"淘宝闪购"，将联合饿了 么共同加大补贴。5月26日，淘宝、饿了么在官方公众号发布，淘宝闪购联合饿了么日订单数已超 4000万，其中，非茶饮订单占比达75%，非餐品类订单增长 ...

Core Viewpoint - The article discusses the recent strategic shift of dairy companies, particularly New Dairy (002946.SZ), entering the beverage market to address short-term performance anxieties and connect with younger consumers [1][3]. Group 1: Company Strategy - New Dairy announced its entry into the beverage sector during its investor conference on June 10, 2025, aiming to make beverages its third core business alongside low-temperature fresh milk and yogurt [1]. - The company reported a revenue of 10.67 billion yuan in 2024, a slight decrease of 2.9% year-on-year, while its net profit reached 540 million yuan, marking a 24.8% increase [1]. - The company plans to leverage its expertise in low-temperature products to enter the beverage market, focusing on low-sugar and no-sugar tea drinks, as well as products targeting weight management [1][2]. Group 2: Industry Trends - The new tea beverage market in China is experiencing significant growth, with a market size exceeding 350 billion yuan in 2024, reflecting a year-on-year increase of 6.4% [2]. - Major dairy companies are increasingly moving beyond their roles as suppliers, launching their own new tea and innovative beverage products [2][4]. - The dairy industry is facing a decline in traditional dairy product sales, with a 6.9% drop in overall dairy sales and a 7.1% decrease in liquid milk sales in the first quarter of 2025 [3]. Group 3: Consumer Insights - The shift towards new tea and innovative beverages is partly driven by the need to alleviate performance growth anxieties amid a declining dairy market [3][4]. - The changing consumer landscape, particularly among younger generations, emphasizes the importance of product quality, emotional value, and personalized expression, prompting dairy companies to adapt to these evolving demands [5].

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 ...

6月9日，星巴克中国宣布自6月10日起对旗下三大王牌品类星冰乐、冰摇茶和茶拿铁共计数十款产品实施价格调整，平均降幅约5元。以大杯产品为例，调价 后最低仅需23元即可购买。 此次调价覆盖数十款饮品，是星巴克近年来幅度最大的单次价格调整。 星巴克中国首席增长官杨振表示，此次降价是该公司发力非咖啡饮品市场的关键举措，旨在打造 "上午咖啡，下午非咖"的全天候服务场景。调价后留出的 价格空间将鼓励消费者探索客制化饮品，解锁更多"隐藏菜单"玩法。 在产品创新方面，星巴克将于6月17日联合迪士尼 "疯狂动物城"IP推出3款联名冰摇茶，覆盖饮品、食品和周边产品线，茶拿铁系列也将在近期迎来多款新 口味。 事实上，星巴克的调价决策发生在中国咖啡市场竞争白热化的背景下。 2024年，全国咖啡店总数突破20万家，年新增高达7万家，同时有5.3万家门店消失，门店净增长仅1.7万家。在茶饮品牌纷纷上市的行业变局中，"价格战"已 成为常态。 星巴克中国区联席首席执行官刘文娟去年8月曾公开表示"避免打价格战"，强调精准定价策略与高端定位一致。但消费者发现，近两年美团、大众点评等平 台上的星巴克促销价已低至19.9元/杯。 今年端午节期间，瑞 ...

Group 1 - The core viewpoint is that dairy companies are increasingly entering the innovative beverage market to connect with the challenging young consumer demographic [1][2] - New Dairy (002946.SZ) announced its official entry into the beverage sector during its investor conference, aiming to make beverages its third core business alongside low-temperature fresh milk and yogurt [2][4] - The company achieved a revenue of 10.67 billion yuan in 2024, a slight decrease of 2.9% year-on-year, while its net profit reached 540 million yuan, marking a growth of 24.8% [2][4] Group 2 - The new beverage market is experiencing rapid growth, with the new-style tea beverage market in China expected to exceed 350 billion yuan in 2024, reflecting a year-on-year growth of 6.4% [3] - Many dairy companies, including New Dairy, are no longer satisfied with being mere suppliers and are launching their own innovative beverage products [4][6] - The first quarter of 2025 saw a decline in the domestic dairy product market, with overall sales down by 6.9%, indicating a need for dairy companies to seek new growth avenues [4][6] Group 3 - Dairy companies are leveraging their regional brand influence, distribution networks, and cold chain logistics to enter the beverage market, which has relatively controllable entry costs [6] - The shift in consumer demographics is prompting dairy companies to adapt to the changing market, focusing on quality, emotional value, and personalized expression to meet the needs of younger consumers [6]

Group 1 - Starbucks announced a price reduction for the first time in 25 years in response to intense competition in the coffee and tea beverage market [1] - The competition among delivery platforms has intensified, with JD.com launching a 10 billion yuan subsidy and Alibaba increasing its subsidies, leading to significant changes in consumer behavior [1][2] - The order volume for JD.com exceeded 10 million on April 22 and reached 25 million by June 1, indicating a substantial increase in demand driven by subsidies [2] Group 2 - The coffee and tea beverage categories are key focus areas for the current subsidy wars, with prices for products like coffee being significantly reduced [2][3] - Merchants are experiencing a surge in orders, with some reporting a 50% increase in daily orders due to the ongoing subsidy promotions [5] - Concerns about the sustainability of these subsidies are rising, as merchants fear that once the subsidies end, consumer demand may drop sharply [7][8] Group 3 - The competitive landscape is shifting towards larger brands, with smaller merchants facing increased pressure and potential profit erosion due to rising subsidy costs [8] - Regulatory bodies are taking notice of the competitive practices in the food delivery industry, emphasizing the need for fair competition and consumer protection [9] - Analysts predict that the current subsidy-driven competition may not last beyond 1-2 years, as both consumers and merchants will likely return to more rational behaviors [8][9]

Core Viewpoint - The latest adjustment in the franchise policy of Mixue Ice City indicates a shift towards optimizing store layout and tightening new store openings, effective from June 11, 2025, reflecting a strategic response to market saturation and consumer demand [4][10][11]. Summary by Sections Franchise Policy Adjustments - Mixue Ice City has slowed its overall store opening pace and is focusing on developing multi-scenario stores [4]. - The company has undergone a cycle of tightening and loosening its opening strategies over the past year [5]. - From the second half of 2024, existing franchisees must meet a performance criterion of maintaining a top-tier score for seven consecutive months to qualify for new store applications [6][7]. - Only about 10% of franchisees meet this criterion, limiting expansion opportunities for many interested franchisees [8]. - In December 2024, the company slightly relaxed the opening requirements, allowing franchisees not in the lowest performance tier to apply for new stores [9]. New Store Layout Optimization - The upcoming policy emphasizes scientific planning and rational layout based on market capacity, consumer demand, and regional development potential [11]. - The company continues to encourage the establishment of multi-scenario stores in high-traffic areas such as scenic spots and transportation hubs [11]. Selection and Approval Process - As the total number of stores increases, the selection criteria for new store locations have become stricter, with many franchisees reporting difficulties in finding and getting approval for new locations [13][15]. - The company is particularly cautious about opening new stores in already developed areas, leading to increased competition for prime locations [15]. Focus on Special Channels - The trend in the industry is shifting towards special channels (referred to as "special channels"), which include high-traffic areas like campuses and transportation hubs, due to lower competition and higher consumer concentration [16][18]. - Some early franchisees are adjusting their strategies to focus on these special channel locations, recognizing their potential for stable customer flow and profitability [18]. Local Management Requirements - New franchise applications for certain underserved towns now require local residency and management by the franchisee, reflecting a strategy to ensure better operational success in less populated areas [19].

Group 1 - Starbucks China is focusing on the non-coffee beverage market, launching a new strategy of "morning coffee, afternoon non-coffee" with significant price adjustments for its summer offerings [1][6][8] - The introduction of new products includes popular categories like Frappuccino, iced tea, and tea lattes, aimed at enhancing the afternoon tea experience [1][6][8] - The competitive landscape is intensifying as brands like Luckin Coffee and Tims are also expanding their tea offerings, indicating a trend where coffee and tea boundaries are blurring [1][5][11] Group 2 - The consumer demand for diverse beverage options is rising, with a notable increase in non-coffee drink consumption during the afternoon tea hours [4][5][9] - The "morning coffee, afternoon tea" trend is becoming a social norm among urban professionals, with significant online engagement around this concept [2][4] - The market for new tea beverages is projected to grow, with the new tea drink market expected to reach 149.8 billion yuan in 2023 and potentially exceed 200 billion yuan by 2025 [13] Group 3 - Starbucks is leveraging a combination of quality, scene, and affordability to capture the growing afternoon tea market, with a focus on local adaptation [8][9][18] - The company's financial performance in China shows positive growth, with revenues reaching 739.7 million USD in Q2 2025, a 5% year-on-year increase [8][12] - Luckin Coffee's strategy of integrating tea into its offerings has shown success, with its light milk tea series achieving significant sales, indicating a successful "coffee-tea" fusion approach [11][12] Group 4 - The competition between coffee and tea brands is expected to intensify, with both sectors experiencing rapid expansion and overlapping consumer bases [13][14][18] - Brands are increasingly innovating by launching hybrid products that combine coffee and tea, catering to the evolving preferences of consumers [14][15] - The future of the market will depend on brands' ability to meet diverse consumer needs across various scenarios, emphasizing the importance of product innovation and marketing strategies [18]

Group 1: Global Trade Dynamics - The global trade landscape has undergone significant changes, with tariff policy adjustments posing challenges to cross-border e-commerce and brand expansion [1] - The rise of cross-border e-commerce platforms like SHEIN has been facilitated by tax-free policies, but recent tariff increases have disrupted this model [2][3] Group 2: SHEIN's Challenges and Adaptations - SHEIN's business model, which thrived on low logistics costs and zero tariffs, is now under pressure due to a tariff increase from 0% to 54% on small packages [2] - The high compliance costs and the need for supply chain migration to countries like Vietnam are significant challenges for SHEIN [2][3] Group 3: Cultural Branding Strategies - Brands like Bawang Chaji are leveraging cultural symbols, such as "Chinese tea," to penetrate global markets, with plans for expansion in North America [5] - The brand's unique positioning emphasizes authentic tea flavors, differentiating it from competitors [5] Group 4: Market Entry Challenges for Bawang Chaji - Bawang Chaji faces high operational costs in the U.S., requiring a price point of $8 to $10 per cup to cover expenses, which may limit market appeal [7] - The brand's success will depend on balancing cultural authenticity with local market adaptations [8] Group 5: IP Globalization through Pop Mart - Pop Mart has successfully utilized non-region-specific IP characters to capture global markets, with significant revenue contributions from international endorsements [9][11] - The company's strategy of controlling the entire IP lifecycle has proven effective, leading to substantial overseas revenue growth [11] Group 6: Future Directions for Chinese Brands - The global strategies of SHEIN, Bawang Chaji, and Pop Mart highlight diverse approaches for Chinese companies in international markets, focusing on compliance, cultural branding, and IP development [13] - Success will hinge on a deep understanding of local markets, consumer habits, and regulatory environments [13]

Group 1 - The new-style tea beverage industry is experiencing a trend towards healthier options, driven by increasing consumer health awareness and preferences for "light milk" and "low sugar" products [1][2] - Companies are focusing on product transparency by providing detailed nutritional information on their beverages, such as glycemic index, calorie count, caffeine content, protein, and sodium levels [1] - The introduction of non-hydrogenated base milk products is seen as a significant innovation in the tea beverage sector, with companies like Saint Mana Dairy leading the way in developing healthier alternatives to traditional creamers [2] Group 2 - Saint Mana Dairy has expanded its production capacity with new Tetra Pak production lines to meet the demand for non-hydrogenated base milk, which avoids the health risks associated with trans fats [2] - The founder of Saint Mana Dairy emphasizes the importance of balancing taste and health in product development, aiming to cater to the new consumer trend of prioritizing health without sacrificing flavor [2]