美股三大指数小幅高开。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年 第四季度净利润同比大幅减少。 （持续更新中……） 21:30 美股盘前丨三大指数小幅高开 新东方跌逾10% 美股三大指数小幅高开，道指涨0.05%，纳指涨0.19%，标普500指数涨0.11%。美国FDA出现重大人事 变动，生物制药公司REPLIMUNE涨逾70%，CAPRICOR THERAPEUTICS涨逾15%，萨雷普塔涨逾 10%。星巴克涨逾5%，2025财年第三季度营收超预期。新东方跌逾10%，2025财年第四季度净利润同比 大幅减少。 | 标普500期货小型 | 6408.75 d | 2.75 0.04% | | --- | --- | --- | | 纳斯达克100期货小型 23477.00d 25.00 0.11% | | | | 纳斯达克100期货微型 23477.25 d 25.25 | | | | 道琼斯期货小型 | 44808d | -8 -0.02% | 21:16 欧洲主要股指涨跌不一 德国DAX指数涨0.09%，法国CAC40指数涨0.46%，英国富时100指数跌0.17%。 ...

Core Viewpoint - Luckin Coffee has demonstrated a strong recovery in Q2 2024, with significant improvements in key performance indicators, particularly a same-store sales growth rate of 13.4%, contrasting sharply with a decline of -20.9% in the same period last year [3][4]. Financial Performance - The company reported a net revenue of 12.36 billion yuan in Q2, representing a year-on-year increase of 47.1%, surpassing the estimated 11.16 billion yuan [4]. - GAAP operating profit reached 1.70 billion yuan, up 61.8% year-on-year, while net profit was 1.25 billion yuan, reflecting a 43.6% increase [4]. - Adjusted earnings per ADS for the quarter were 4.40 yuan [4]. Store Expansion - Luckin Coffee accelerated its store expansion, adding 2,109 new stores, bringing the total to 26,206, which is a 31.3% increase from 19,961 stores in the same period last year [5][10]. - The number of direct-operated stores reached 16,968, while franchise stores totaled 9,238 [5]. Operational Metrics - Direct-operated stores achieved a same-store sales growth of 13.4%, a significant acceleration from 8.1% in the previous quarter [6]. - The average monthly active customers reached 91.7 million, marking a year-on-year growth of 31.6% [6]. Profitability - The operating profit margin for direct-operated stores was stable at 21.0%, slightly down from 21.5% year-on-year [7][11]. - GAAP operating margin improved to 13.8%, attributed to a decrease in the proportion of material costs relative to revenue [15]. Cash Flow - Operating cash flow was robust at 2.56 billion yuan, with total cash and equivalents amounting to 8.17 billion yuan, providing ample funding for business expansion [8]. Growth Dynamics and Challenges - While the 47.1% revenue growth is impressive, it heavily relies on rapid store expansion, raising questions about the sustainability of this growth model [9][10]. - The significant increase in delivery costs, which surged by 175.1% to 1.67 billion yuan, poses a potential risk to profit margins [16]. Strategic Outlook - The CEO emphasized the commitment to expanding market share and believes that these capabilities will drive sustainable long-term growth [17]. - Key issues for investors include the diminishing marginal returns of store expansion in a saturating market, the impact of rising delivery costs on profitability, and the potential for overseas expansion to create new growth opportunities [16][17].

在第三季度，星巴克持续加码非咖场景，"上午咖啡 下午非咖"双引擎带动增长。星冰乐、冰摇茶、茶 拿铁三大王牌产品不仅拓宽了顾客群，吸引了更多年轻消费者，还提升了午间和晚间场景消费。与五月 天乐队的跨界合作引发现象级传播与破圈效应，与顾客实现深层次品牌情感共鸣与联结，在提升品牌美 誉度同时，推动业绩增长。 校对 杨利 新京报讯（记者王子扬）7月30日，连锁咖啡企业星巴克发布2025财年第三季度（截至2025年6月30日止 3个月）财报显示，第三季度营收为95亿美元，同比增长4%。中国市场方面，除了实现连续三个季度同 比增长，星巴克公司董事长及首席执行官倪睿安（Brian Niccol）在发言中提到，目前正在寻找中国业 务部分股权收购方的进展，"我们正在对超过20个有强烈意愿的机构进行评估。我们对中国市场的信心 与承诺不变，并希望保留中国业务相当比例的股权。" 编辑 李严 财报显示，本财季星巴克中国区业务同比增长8%至7.9亿美元，实现连续三个季度同比增长。同店销售 额同比增长2%，同店交易量、同店客单价均取得环比提升。截至第三季度末，星巴克中国在全国门店 数量达到7828家，新开70家门店，新进入17个县级市场。 ...

来源：每经 7月30日，星巴克发布2025财年第三季度财报。星巴克中国区第三季度营业收入、同店销售额取得同比 增长，利润率环比持续增长。在财报说明会上，星巴克董事长兼CEO倪睿安主动回应了星巴克中国区将 出售部分股权的市场传闻："正如大家所看到的，我们正在寻找拥有共同愿景和价值观的战略合作伙 伴，把握中国市场未来巨大的发展潜力和机遇。""我们正在对超过20个有强烈意愿的机构进行评估。我 们对中国市场的信心与承诺不变，并希望保留中国业务相当比例的股权。各方对与我们合作的强烈意 愿，证明了星巴克在中国拥有优秀的团队，强大的品牌和长期发展的机遇，表现了对我们的高度信任。 任何交易必须符合星巴克的利益。"倪睿安表示。 ...

王昌林表示，封关不是封岛，而是要进一步扩大开放，促进海南自贸港高质量发展。封关后，海南与国际的往来将更加顺畅自由，与内地的联系将保持便 捷高效。按照现阶段的封关制度设计，除部分货物从海南自贸港进入内地需要接受查验外，大多数货物以及所有的人员、物品、交通运输工具等进出海南 岛，仍按现行规定管理，封关前后没有变化。大家到海南出差、旅游等，都和现在一样，不需要额外办理证件。 1.海南自贸港全岛封关2025年12月18日正式启动 国家发展改革委副主任王昌林7月23日在国新办发布会上表示，关于海南自贸港封关的具体时间，经党中央批准，定于2025年12月18日正式启动。 海南自贸港全岛封关运作将实施以"'一线'放开、'二线'管住、岛内自由"为基本特征的自由化便利化政策制度。"一线"放开，就是将海南自贸港与我国关 境外其他国家和地区之间作为"一线"，实施一系列自由便利进出举措；"二线"管住，就是将海南自贸港与内地之间作为"二线"，针对"一线"放开的内容实 施精准管理；岛内自由，就是在海南自贸港内，各类要素可以相对自由流通。 2.上海上半年接待入境游客超过415.8万人次，同比增长37.6% 上海被称为"中国入境旅游第一站" ...

Core Viewpoint - Luckin Coffee has officially entered the U.S. market, posing a strong challenge to Starbucks, which is currently facing declining same-store sales for five consecutive quarters [1][6]. Group 1: Market Entry and Competition - Luckin Coffee has opened its first two stores in Manhattan, with one located less than 200 feet from a Starbucks, directly competing with the global coffee giant [1]. - Luckin has surpassed Starbucks to become the largest coffee chain in China, leveraging a mobile app-driven and low-price business model [1][4]. - Starbucks is experiencing a decline in market share in China, dropping from over 40% in 2017 to an estimated 14% by 2024 due to the rise of Luckin and other local competitors [5]. Group 2: Business Model and Strategy - Luckin Coffee's core competitive advantages include a technology-driven mobile app and a low-price strategy, with new users in New York able to purchase drinks for as low as $1.99 [2]. - The app features gamification elements, quick order fulfillment, and a short wait time of 3-5 minutes for recent orders, catering to fast-paced urban consumers [2]. - In contrast, Starbucks has faced challenges with its mobile order management, leading to complaints about crowded pickup areas and long wait times for in-store orders [2][3]. Group 3: Financial Performance and Future Outlook - Starbucks reported revenues of $36.2 billion for fiscal year 2024, while Luckin recorded $4.7 billion [7]. - Analysts suggest that if Luckin can increase sales and gradually reduce discounts, it may achieve profitability at the store level in the U.S. within the next 12 to 18 months [5]. - Luckin's second U.S. store is numbered 00002, indicating the company's ambition for further expansion in the U.S. market [5]. Group 4: Starbucks' Response - In response to increased competition, Starbucks has lowered prices on over 20 drink categories, with an average reduction of $0.70 per grande drink [6]. - New product offerings, including sugar-free options, are aimed at expanding Starbucks' customer base and increasing sales, particularly during afternoon and evening hours [6].

Core Viewpoint - Lucky Coffee, a sub-brand of Mixue Group, is aggressively expanding into first- and second-tier cities with a target of opening over 10,000 stores by the end of the year, having already reached nearly 7,000 stores in just four months [1][3][4] Expansion Strategy - Lucky Coffee was established in 2017 and offers products priced between 6 to 8 yuan, including fruit coffee, milk coffee, fruit tea, and light milk tea [3] - The brand initially focused on lower-tier cities and is now shifting towards higher-tier cities, with approximately 70% of its stores located in third-tier cities or below [3][4] - The new head of Lucky Coffee in China has extensive experience from Mixue Ice City, indicating a strategic push into first- and second-tier markets [3] Market Analysis - The company identified that coffee consumption frequency is higher in first- and second-tier cities, with per capita coffee consumption in China increasing from 7 cups five years ago to 22 cups currently, indicating significant market potential [4] - There is still a considerable gap in coffee shop density in cities like Beijing, Guangzhou, and Shenzhen, suggesting ample opportunity for new store openings [5] Operational Support - Lucky Coffee has established a dedicated market team of 400 members and a training team of 100 members to support franchisees in operations and marketing [5] - The company has implemented specific support policies for franchisees in major cities, waiving fees totaling 34,000 yuan for two years [3] Competitive Landscape - The coffee market is becoming increasingly competitive, with brands like Luckin Coffee and Kudi lowering prices to attract consumers [6] - Lucky Coffee positions itself as a high-quality yet affordable option, with prices starting at 5.9 yuan for an Americano, supported by Mixue Group's extensive supply chain [6][7] Supply Chain Advantages - Mixue Group has signed a procurement agreement worth 4 billion yuan with Brazil for coffee beans, enhancing Lucky Coffee's supply chain capabilities [7] - The company has recently launched a new roasting line in Hainan with an annual capacity exceeding 20,000 tons, significantly increasing its production capabilities [7] Consumer Trends - The shift in consumer behavior towards valuing quality over brand prestige is benefiting Lucky Coffee, as consumers increasingly view coffee as a high-frequency necessity [7]

Core Insights - Starbucks China has announced a strategic partnership with Envision Group to enhance sustainability efforts through a digital carbon management platform, aiming to cover 100% of its direct and significant indirect suppliers over the next three years [1][2] Group 1: Strategic Partnership - The collaboration with Envision will allow Starbucks to accurately measure the carbon footprint of thousands of its products and customize carbon reduction pathways [1] - The partnership is part of a broader initiative to create a "full-chain collaborative carbon reduction" model [1] Group 2: Sustainable Practices - Starbucks showcased its commitment to sustainability at the China International Supply Chain Promotion Expo, highlighting practices from bean cultivation to cup delivery [1] - The company has implemented a green store certification system and aims for its power procurement to meet green certification standards [1] - Over 7,500 Starbucks locations in China have integrated Envision's smart IoT operating system for real-time data tracking, enhancing energy efficiency and carbon reduction [2] Group 3: Innovation in Operations - The Starbucks coffee innovation park utilizes Envision's "zero-carbon integrated energy solution," incorporating solar panels, smart storage, and digital carbon management systems to achieve energy savings and cost reductions [2] - The design of the coffee bar at the expo features environmentally friendly materials and modular design for reuse across different locations [2]

Core Insights - The collaboration between Luckin Coffee and Duolingo represents a significant shift in the education industry, indicating that "education + IP" is becoming a new paradigm for growth beyond traditional boundaries [1][2][4] - This partnership highlights a deep understanding of user psychology, where modern learners seek emotional resonance, identity recognition, and immersive experiences rather than just knowledge acquisition [1][2][4] Group 1: Cross-Industry Collaboration - The "marriage announcement" between Luckin Coffee and Duolingo created a viral sensation, with the limited edition "Pee Pee Cup" selling out within two hours, showcasing the power of cross-industry collaborations [2][3] - The partnership is not merely a marketing stunt but signifies a transformation in the education sector towards experiential learning, where IP becomes a central asset in user engagement [2][4] Group 2: Emotional and Identity Connection - The emotional value of IP allows brands to evolve from mere symbols to entities that can engage in dialogue with users, alleviating feelings of isolation in learning [4][5] - IP serves as a means of self-expression for learners, fostering a sense of belonging within specific communities, thus transforming learning into a social capital and identity marker [5][6] Group 3: Integration into Daily Life - The influence of IP extends beyond digital platforms, integrating into users' daily lives through various touchpoints, creating a comprehensive "educational consumption ecosystem" [6][7] - Successful educational IP requires ongoing investment to build a cohesive narrative and interactive system, making it a core component of brand value rather than a mere accessory [7][8] Group 4: Future Potential of Educational IP - The emergence of educational IP as a driving force for industry transformation indicates that it is no longer just a marketing tool but a critical element for long-term success [7][8] - For educational brands to amplify their reach and expand boundaries, they must seek partnerships that align with their values and user demographics, creating synergistic effects that enhance consumer experiences [8]

Core Viewpoint - The article discusses the decline and rebirth of major companies, drawing parallels to Nietzsche's "Twilight of the Idols," and emphasizes the importance of understanding the lifecycle of businesses [1]. Group 1: Company Analysis - The report analyzes 12 notable companies, focusing on their peaks and challenges, including Pinduoduo and Lululemon, which are rethinking their user base despite differing pricing strategies [2]. - Starbucks and Yonghui are examined for their slow business pace amidst fast-changing market conditions [2]. - Haidilao and Meituan are assessed on how they are adapting in a time when dining costs are rising [2]. - Mixue Ice City is highlighted for its performance in lower-tier markets during challenging times [2]. - Intel's competitive position against TSMC and NVIDIA is questioned regarding its future viability [2]. - Toyota's late entry into the electric vehicle market raises concerns about its competitiveness [2]. - Alphabet's advancements in AI are scrutinized for their impact on the company's intelligence and market position [2]. - The report questions whether Hongkong Land can regain its former glory and if Disney can continue to leverage its intellectual property [2]. Group 2: Report Features - The report is noted for its depth, providing insights from financial data to market trends, and strategic directions to corporate mindsets, making it a valuable resource for industry professionals [4]. - It is designed to save time, allowing readers to grasp essential data points efficiently, compared to traditional methods like reading annual reports [5]. - The report serves practical purposes, helping users understand future industry trends and evaluate the reliability of a company's strategy [6].