消费·掘金 年报一季报总结电话会议 20250504 传统内需市场在当前宏观环境下存在底部反转机会。通过比较 2025 年的贸易 战与 2018 年的贸易战，可以看到两者在市场选择上的相似性。在 2018 年贸 易战后，市场于 2019 和 2020 年全面布局消费，包括传统消费与新能源车技 术路线落地。如果映射到当前环境，本次宏观政策取向对消费的正面影响远好 于 2018 年，同时路径也较为相似。因此，我们看好创新消费在后续复苏叠加 良好政策取向下实现成长。从今年三月社零数据超预期以及四月地产数据回稳 来看，如果五六月份能够持续证实一季度相关宏观数据企稳，那么下半年市场 可能会更为重视传统消费及白马公司的布局。特别是具备结构性提价能力的板 块和公司值得重点关注。此外，从去年（2024 年）第四季度到今年（2025 年）第一季度，新消费报表端逐渐超预期，估值空间已经打开，而很多新消费 公司的估值已达到较高水平，因此只要传统消费公司的报表端稍微改善，其上 涨逻辑将更加通畅。 食品饮料板块的表现如何？有哪些子赛道值得关注？ 食品饮料板块整体分化明显，其中许多子赛道相对传统，如白酒、啤酒、乳制 品和调味品等。偏传统 ...

Group 1 - The article discusses the transformation of "internet celebrity stores" into popular destinations for Generation Z, emphasizing the importance of unique experiences and emotional value in consumer choices [2][10][20] - "A-Ma Handmade" and "Village Coffee" are highlighted as successful examples of brands that have become "internet celebrities," with long wait times and high sales figures indicating their popularity [2][4][13] - The concept of "internet celebrity stores" is defined as establishments that gain significant online attention and foot traffic, often characterized by high visual appeal and targeting younger consumers [4][6][10] Group 2 - The article notes that social media plays a crucial role in shaping consumer behavior, with platforms like Xiaohongshu and Douyin driving the "planting grass" culture among young consumers [10][11][12] - Marketing strategies for these stores often include creating visually appealing environments and leveraging online platforms for promotion, which can lead to a temporary surge in popularity [11][12][13] - The report indicates a shift in consumer preferences towards products that offer genuine emotional value rather than just brand prestige, with 47% of young consumers prioritizing personal satisfaction in their purchasing decisions [10][12] Group 3 - The article highlights the challenges faced by "internet celebrity stores" in maintaining long-term success, with many brands struggling to sustain their popularity after initial hype [13][15] - It emphasizes the need for businesses to focus on quality, service, and innovation to retain customers, rather than relying solely on viral marketing [13][15][20] - The emergence of new consumer trends suggests a growing emphasis on the intrinsic value of products and experiences, indicating a potential shift in the retail landscape [20]

Group 1 - Suzhou Pineapple Health Technology Co., Ltd. focuses on the research, production, and sales of brushless motor products, with overseas sales accounting for 70% of total sales [1] - The company has successfully secured orders from multiple countries, including Germany and the UK, during the recent Canton Fair, indicating strong international demand [1] - The TurboFan X series, featuring aerospace-grade brushless motors, has improved wind strength by 40%, showcasing the company's commitment to innovation in response to U.S. tariffs [1] Group 2 - KALAMEI Technology (Suzhou) Co., Ltd. is the leading exporter of commercial fully automatic coffee machines in China, with a customer base across over 100 countries and regions [2] - The company maintains production momentum despite U.S. tariff increases, with two production lines fully booked by U.S. clients, highlighting its strong market position [2] - KALAMEI has expanded into the domestic market, achieving over 100 million yuan in online sales last year, competing effectively with international brands [2] Group 3 - Suzhou Bolang E-commerce Co., Ltd. has established a full industry chain layout, achieving over 5 million USD in sales from pet apparel, capturing over 30% of the online pet apparel market in Europe and the U.S. [3] - The company emphasizes the potential of the pet economy and aims to become a leader in niche markets to withstand external challenges [3] - The total import and export value of goods in Xiangcheng District reached 14.529 billion yuan in the first quarter, reflecting a year-on-year growth of 16.8% [3]

"早上七点开门就有很多年轻人来打卡。"据宁波这家街角咖啡馆的工作人员介绍，该店最初推出"早咖 —美式包"套餐只为试水，没想到意外击中了年轻群体"既要效率又要仪式感"的需求，"特别是这两天正 好是'五一'假期，也吸引了不少外地游客打卡品尝"。 在快节奏的都市生活中，年轻人既追求高效便捷的餐饮解决方案，又不愿放弃对生活品质的追求。一杯 咖啡搭配中式早餐，既满足了味蕾的需求，又符合现代人的健康理念。 如今，越来越多的咖啡馆开始将本土文化元素融入咖啡产品中，打造具有地方特色的咖啡品牌。 在杭州西湖畔的一家咖啡馆，店主推出了"咖啡+葱包桧"套餐。葱包桧是杭州的传统小吃，将油条和小 葱裹在面饼内，在铁锅上压烤，配上甜面酱和辣酱，味道鲜美。 该店负责人表示："这种混搭套餐深受年轻消费者的喜爱，常常供不应求。" 中新网宁波5月2日电(林波)"咖啡提神，包子管饱，中西合璧刚刚好。"5月2日，在浙江宁波的一家街角 咖啡馆里，来自苏州的"95后"游客林欣点了一份"早咖—美式包"套餐，一杯美式咖啡，配上两只热气腾 腾的鲜肉包子。 这种"咖啡+中式美食"的混搭方式，正成为中国年轻消费者餐桌上的新常态。 2025年4月，浙江宁波一店铺推 ...

Group 1: Coffee Market Growth - The number of coffee shops in Chongqing has expanded to 3,265 in 2024, with a rise in independent and creative coffee shops, driving the "coffee+" trade chain [4] - China's coffee net import volume has increased by 130,800 tons from 2020 to 2024, representing a growth of 6.53 times, with an annual compound growth rate of 65.7% [7] - Currently, China's per capita annual coffee consumption is only 16 cups, significantly lower than the global average of 240 cups, indicating substantial growth potential [7] Group 2: International Coffee Festival - The 2025 Chongqing International Coffee Festival was held in the Yuzhong District, showcasing coffee brands from 18 countries and regions [5][8] - The festival highlighted Colombia as the guest country, known for its high-quality coffee production [9] Group 3: Consumer Trends and Preferences - The rise of new retail coffee brands like Luckin has further popularized coffee consumption, leading to a trend towards premium and experiential coffee offerings [9] - There is a growing consumer interest in high-quality living, reflected in the increasing demand for diverse coffee experiences and products [11]

以下文章来源于36氪未来消费 ，作者李小霞 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 可复制的规模， 难以复制的利润率。 文 ｜ 李小霞 编辑 ｜ 乔芊 来源｜ 36氪未来消费（ID：lslb168） 封面来源 ｜ 企业官网 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、 ...

风暴席卷，瑞幸动荡不已。这年7月，在瑞幸咖啡前董事长陆正耀的推动下，举行特别股东大会，他和曾经的投资人刘二海、黎辉—— 昔日的"铁三角"均出局董事会，郭谨一上任董事长。 出任董事长。 黎辉罕见现身。 作者 I 周佳丽 报道 I 投资界PEdaily 投资界获悉，近日瑞幸咖啡发布公告宣布，黎辉重新加入董事会并担任董事长职务，郭谨一将继续留任公司CEO及董事。 外界可能不知道，黎辉是大钲资本董事长兼首席执行官，而大钲资本是瑞幸咖啡最大股东。"我很荣幸能够在瑞幸咖啡这个重要时刻重 新加入董事会并担任董事长一职。"黎辉表示，将致力执行当前的战略举措，并推动公司的下一阶段增长。 但VC/PE圈对黎辉并不陌生，他本科毕业于中国人民大学，拥有耶鲁大学管理学院工商管理硕士学位，其中一段重要履历是在华平投 资；直至2017年创办大钲资本，其中最为人熟知的案例便是瑞幸咖啡。 经历造假风波后，瑞幸几近跌落谷底，期间大钲资本一路增持，终于带领瑞幸绝处逢生——至今全球坐拥超24000家门店，一年总净收 入超30 0亿元，堪称创投圈一次逆风翻盘。 瑞幸背后的男人 黎辉现身，出任董事长 时间回到2020年4月2日晚间，瑞幸咖啡自曝财务造假 ...

中国商报（记者 贺阳）4月30日，星巴克发布2025财年第二季度财报。财报显示，中国市场关键指标持续增长，营业收入达7.397亿美元，同比增长5%。截 至报告期末，星巴克中国门店总数达到7758家。 在不断深拓下沉市场的同时，星巴克也在第三空间中融入当地社区文化，开出一系列特色门店。（图片由CNSPHOTO提供） "我们的品牌依然强大，业务发展依托于近乎完全本地化的供应链及烘焙运营体系。相信我们一定能乘势而上，继续巩固在中国市场的增长势头。伴随这一 良好态势，我想明确重申，中国市场拥有巨大的增长潜力，我们将继续长期致力于中国市场的深耕和发展。"倪睿安说。 数据显示，与上一季度相比，星巴克中国在各类商圈、不同城市层级、各个营业时段，同店交易量同比攀升，实现4%的增长，同店销售额继续改善。门店 经营利润率始终保持两位数，公司利润率取得同比增长。 星巴克中国首席执行官刘文娟表示，对星巴克在中国的未来发展充满信心。2025财年第二季度，公司通过聚焦核心业务重振增长，财务指标表现优异，品牌 价值持续提升。依托深度的本土创新、更懂顾客的产品以及全国6万名伙伴，星巴克在不同的圈层中触发了情感共鸣。未来，将立足中国市场的长远 ...

Group 1 - The core viewpoint of the report indicates that the coffee industry in China is experiencing significant growth, with the market size expected to reach 313.3 billion yuan in 2024, representing an 18.1% increase from 2023 [1] - In terms of personal consumption, the report forecasts that the per capita coffee consumption will rise to 22.24 cups in 2024, with the total scale of coffee delivery services reaching 5.51 billion yuan [1] - Shanghai is highlighted as the city with the highest number of coffee shops globally, boasting over 9,100 coffee outlets [1] Group 2 - The report also notes that the import and export of coffee products in China are experiencing rapid growth, with imports totaling 9.34 billion yuan and exports reaching 2 billion yuan in 2024 [1] - Yunnan coffee has seen a notable increase in sales on e-commerce platforms, with a transaction volume exceeding 417 million yuan in 2024, marking a 17.3% year-on-year growth [2] - A collaboration was established at the Shanghai International Coffee Culture Festival to create a comprehensive industry ecosystem from production to consumption, involving local government and various companies [2]

每经编辑 张锦河 北京时间4月30日晚，美股三大指数集体低开，截至发稿前，道指跌1.29%，纳指跌2.07%，标普500指数跌1.59%。 | 道琼斯 纳斯达克 标普500 | | --- | | 40005.780 17100.630 5472.200 | | -521.840 -1.29% -360.690 -2.07% -88.630 -1.59% | 大型科技股集体下跌，特斯拉跌超5%，亚马逊跌超3%，Meta、英伟达跌超2%，谷歌、微软跌超1%，苹果跌0.77%。 | 特斯拉 | 277.260 -5.06% | | -14.77 | | --- | --- | --- | --- | | US TSLA | 279.810 盘前 | -4.18% | -12.22 | | Meta | 538.223 -2.92% -16.21 | | | | US META LETA | 537.710 盘前 | -3.02% ---- | -16.73 | | 微软 | 388.960 -1.29% -5.08 | | | | US MSFT 390.070 图前 | | -1.01% | -3.97 | | ...