多渠道价格差异或使得官方调价失去意义。以双杯草莓芝心爆珠星冰乐为例，官方小程序并未调价仍是 82元，而抖音APP团购价仅59.8元（7.3折）、京东APP外卖价低至46.5元（5.7折）。这种价格差异反映 出星巴克不同渠道策略的不协调，也暴露出其在激烈市场竞争中面临的定价困境：既要通过价格手段应 对本土竞争，又要维护其高端品牌定位。 6月9日下午，"星巴克降价"话题迅速攀升至微博热搜首位。 此次价格调整涉及星冰乐、冰摇茶、茶拿铁三大核心品类数十款产品，将于6月10日正式实施。从具体 调价方案来看，以大杯规格为例，星冰乐价格由34-41元调整至29-41元；冰摇茶价格由29-37元下调至 26-32元；茶拿铁价格区间从35-39元调整为29-39元。 值得注意的是，本次调价存在几个关键细节。一是部分高端产品如两款非咖星冰乐仍维持41元高价，并 未降价；二是大杯最低价为26元，并非网传的23元（23元实为中杯价格）。整体降价幅度较市场预期更 为保守。 数据来源：星巴克小程序 此次调价是星巴克发力非咖啡饮品市场的重要举措，旨在打造"上午咖啡，下午茶饮"的全时段消费场 景。 数据来源：公司公告 星巴克在该季度的GAA ...

Group 1: Core Insights - The rise of new consumption enterprises centered around "self-pleasure" is becoming a standard leisure activity for many, with the launch of the Penghua Hong Kong Stock Connect Consumption Theme ETF (code: 159265) to capture this emerging opportunity [1] - The Hong Kong Stock Connect Consumption Theme ETF tracks the Guozhen Hong Kong Stock Connect Consumption Theme Index, with food and beverage holding the largest weight at 28.5%, followed by beverage dairy and hotel catering in the top five [1] - Young consumers' dietary habits have evolved beyond basic needs into a lifestyle expression, with "internet celebrity" food and beverage stores becoming social hotspots for photo-taking [1] Group 2: Market Trends - The "new food fashion" is driving rapid growth in the capital market, particularly in the ready-to-drink beverage sector, which has significant growth potential due to economic growth and innovation [2] - In 2023, the per capita annual consumption of ready-to-drink beverages in China is approximately 22 cups, compared to 323 cups in the US, 225 cups in the UK, and 172 cups in Japan, indicating substantial room for growth [2] - The trend of Chinese snacks is gaining momentum, with traditional snack categories like candy and puffed foods showing slower growth, while snacks like leisure vegetables and meat products are experiencing faster growth due to their alignment with local dietary habits [2] Group 3: Strategic Value - Amid global trade tensions, the strategic value of domestic consumption is becoming a focal point in the capital market, with internal consumption dynamics being highlighted as a resilient force [3] - Continuous policy support for domestic consumption, along with the emergence of new consumption models and trends, suggests a positive outlook for the consumption sector [3]

Core Insights - The article highlights the shift in the ready-to-drink beverage industry from rapid growth to a more refined phase, emphasizing the need for brands to adapt to a market where incremental growth is diminishing and to focus on enhancing customer acquisition strategies [1][11]. Group 1: Market Trends - The penetration rate of ready-to-drink beverages has reached 58% as of February 2025, remaining stable compared to three years ago [1]. - The industry is witnessing a trend where "having a thousand stores" has become a standard benchmark for brands [1]. - The article identifies a "Matthew Effect" where leading brands like Mixue Ice City and Bawang Tea Sister excel in both penetration and repurchase rates, reinforcing their market dominance [1]. Group 2: Consumer Segmentation - Three key consumer segments are identified for ready-to-drink beverages: 1. Heavy consumers contribute 61% of value, with brands needing to understand barriers to purchase, such as brand awareness and price sensitivity [4]. 2. O2O channel consumers can add an incremental 28% to brand reach, highlighting the importance of digital channels for brand exposure [6]. 3. Potential consumers, particularly urban blue-collar workers and small-town middle-aged individuals, show lower penetration but significant consumption potential, with a possible 39% increase in penetration through social sharing [10][15]. Group 3: Strategic Recommendations - For sustained growth, brands must focus on: 1. Diagnosing consumer assets for refined operations [11]. 2. Identifying demand opportunities across various consumption scenarios [11]. 3. Leveraging instant retail to support digital transformation and reshape the value chain [11].

Core Viewpoint - The company, Mixue Group, is experiencing significant growth and popularity in the Hong Kong stock market, with its stock price increasing by 85% year-to-date and reaching a new high of 617.5 HKD per share on June 4 [2]. Financial Performance - For the year 2024, Mixue Group reported a revenue of 24.829 billion CNY, a 22.3% increase from 20.3 billion CNY in the previous year [2]. - The gross profit for 2024 was 8.06 billion CNY, up 34.4% from 6 billion CNY year-on-year, with a gross margin of 32.5%, an increase of 3 percentage points from 29.5% [3]. - The net profit for 2024 reached 4.454 billion CNY, a 39.8% increase from 3.187 billion CNY in the previous year [3]. Business Model and Market Strategy - Mixue Group focuses on providing high-quality, affordable beverages and snacks, operating under the brands "Mixue Ice City" and "Lucky Coffee" [2]. - The company employs a heavy asset layout and cost control strategy, establishing its own factories, logistics, and digital systems to create a closed-loop supply chain from raw material procurement to production and delivery [2]. - Mixue's pricing strategy targets the lower end of the market, offering products priced between 2 to 6 CNY, effectively avoiding competition with high-end brands like Heytea [2]. Store Expansion and Market Presence - As of December 31, 2024, Mixue Group had a total of 46,479 stores, with 41,584 located in mainland China, of which 57.4% are in third-tier cities and below [3][5]. - The company surpassed Starbucks to become the largest beverage company by store count [3]. - The growth rate of overseas stores slowed significantly, with only 564 new stores added in 2024, representing a 13% increase compared to a 141% increase in 2023 [3]. Supply Chain and International Strategy - Mixue Group has established a localized supply chain system in four overseas countries and has opened stores in 11 countries [7]. - The company is considering building a multifunctional supply chain center in Southeast Asia to enhance cost management and better meet local consumer demands [7]. - Challenges remain in replicating its efficient supply chain overseas, including issues related to transportation costs and packaging damage [7].

Group 1 - The article highlights the exchange program where 22 agricultural students from 16 universities in 15 states of the U.S. visited Henan, China, to learn about modern agricultural practices [1][2] - The students expressed admiration for China's innovative water resource management, particularly the South-to-North Water Diversion Project, which showcases engineering excellence and regional development [2] - The visit included an exploration of the agricultural supply chain, with a focus on the popular beverage brand Mixue Ice City, which is planning to expand into the U.S. market [2] Group 2 - The students noted the similarities between their home states and Henan, emphasizing the agricultural richness and the importance of collaboration between U.S. and Chinese agricultural practices [1][2] - The article mentions a future initiative where China plans to invite 50,000 American youth for exchange programs over the next five years, fostering people-to-people connections [2] - The overall sentiment from the students was one of inspiration and the belief that sustainable agricultural development is a shared global challenge [2]

Group 1 - Starbucks China is entering a summer price war by reducing prices on non-coffee beverages, with an average price drop of around 5 yuan, bringing some products down to approximately 23 yuan [2][3] - The company has been facing growth challenges in the Chinese market, with a reported revenue of $2.958 billion (approximately 21 billion yuan) for fiscal year 2024, a year-on-year decline of 1.4% [3] - Same-store sales have decreased for eight consecutive quarters, with a reported decline of 8% year-on-year for fiscal year 2024 [3] Group 2 - The coffee industry in China is growing, with a market size of 313.3 billion yuan in 2024, reflecting an 18.1% increase from the previous year [3] - Starbucks has appointed a Chief Growth Officer, Yang Zhen, to address the declining market share and enhance growth strategies [3] - The company is focusing on diversifying its product offerings beyond coffee to stabilize its market position [4][5] Group 3 - Starbucks has been employing indirect price reductions through promotions on third-party platforms, with some drinks priced as low as 19.9 yuan [4] - The company reported a revenue of approximately $740 million for the second fiscal quarter of 2025, a 5% year-on-year increase, with same-store comparable transactions rising by 4% [4] - Starbucks aims to encourage customer exploration of customized drinks, enhancing the brand experience through personalization [4][5] Group 4 - The coffee market is experiencing intense competition, with brands like Luckin and Kudi offering prices as low as 9.9 yuan, leading to operational challenges for coffee shops [8][9] - Some coffee brands are facing issues such as product shortages and service quality declines due to the high volume of orders driven by price wars [9] - The ongoing price competition is expected to reshape the competitive landscape of the ready-to-drink beverage industry, impacting consumers, brands, and platforms alike [9]

每经记者｜曾子建 每经编辑｜肖芮冬 上周末，蜜雪集团被多家外资投行"下调评级"，引发市场高度关注。然而6月9日早盘，蜜雪集团大涨超 9%，带领其他新消费龙头集体大涨。除了蜜雪集团外，古茗一度涨超7%，布鲁可更是盘中大涨18%。 有分析人士指出，今日蜜雪集团、古茗和布鲁可三家公司正式纳入沪股通下的港股通标的名单，这意味 着南向资金今日起可以买入这些港股新消费股，短期利好因素比蜜雪集团被下调评级更加明显。但从中 期来看，过高的估值以及多家公司即将迎来限售股解禁，或将成为悬在股价上方的"利剑"。 蜜雪集团多空分歧已现 今年3月，蜜雪集团在港交所上市，立刻成为市场最牛新股之一。蜜雪集团招股价202.5港元/股，上周 三盘中触及618.5港元/股，较招股价涨幅高达205%。随着股价不断上涨，蜜雪集团估值也在飙升，最高 PE超过46倍，随之而来的是多空分歧。 就在上周，美林和瑞银相继发布报告，下调蜜雪集团投资评级。其中，美林将蜜雪集团评级下调至"跑 输大市"，瑞银则将其评级从"中性"下调至"卖出"。 下调评级的理由主要来自两方面。 真正的考验即将到来 实际上，不管是外资投行下调评级，还是纳入港股通标的证券名单，这些都是摆 ...

Investment Rating - The report indicates a positive investment outlook for the new tea beverage industry, highlighting significant growth potential driven by consumer demand and market expansion strategies [4][10][11]. Core Insights - The new tea beverage industry is experiencing rapid growth due to rising consumer spending power and a shift towards quality and value, with a focus on high-quality ingredients and innovative product offerings [4][6][21]. - The market is projected to reach a scale of 546 billion by 2023, with a compound annual growth rate (CAGR) of 17.6% from 2023 to 2028 [10][11]. - The report emphasizes the importance of digital transformation and supply chain optimization as key strategies for sustainable growth in the industry [20][34]. Market Size and Growth Forecast - The current market size for ready-to-drink tea is estimated at 546 billion, with projections indicating it could exceed 600 billion by 2028 [9][10]. - The report forecasts that the retail tea market will reach 647 billion by 2028, contributing to a total market potential exceeding 6 trillion when combined with surrounding retail markets [11]. Market Expansion Potential - The report identifies significant growth opportunities in second-tier and lower-tier cities, where the density of tea beverage stores is still low, indicating a large untapped market [12][13]. - The international market, particularly in Southeast Asia, is highlighted as a key area for expansion, with these regions expected to contribute nearly 40% of global market growth from 2022 to 2028 [15][17]. Consumer Trends - Consumer preferences are shifting towards quality, personalization, and health-conscious options, with a growing demand for low-sugar and natural ingredient beverages [21][26]. - The report categorizes consumer segments, noting that health-conscious consumers and those in lower-tier markets represent significant growth potential for the industry [21][22]. Strategic Insights - Companies are encouraged to adopt targeted strategies for market penetration in lower-tier cities, focusing on enhancing store density and improving product quality to meet evolving consumer demands [13][34]. - Digitalization is identified as a critical enabler for operational efficiency and customer engagement, allowing brands to optimize supply chains and enhance consumer experiences [20][34]. Competitive Landscape - Leading brands like 喜茶 (Heytea) and 沪上阿姨 (Hushang Auntie) are noted for their innovative product strategies and strong market positioning, contributing to their competitive advantages in the industry [37][32]. - The establishment of industry-wide initiatives, such as the "New Tea Beverage Public Welfare Fund," reflects a commitment to social responsibility and community engagement among top brands [35][48].

Core Insights - The report indicates that the Chinese ready-to-drink beverage industry has entered a new stage of quality-price ratio and scale development, with a market size of 546.6 billion yuan in 2023, expected to exceed 1 trillion yuan by 2028, driven by second-tier cities and Southeast Asian markets [1][8][12]. Market Dynamics and Growth Drivers - The market structure shows that first-tier cities are saturated, while second-tier and lower cities account for over 60% of store numbers, with a compound annual growth rate (CAGR) of 23% in GMV [1][12]. - China and Southeast Asia contribute nearly 40% of the global growth in ready-to-drink beverages, with Southeast Asia experiencing a CAGR of 19.8% [1][12]. - Consumer demand is shifting from mere thirst-quenching to quality, health, and scenario-based consumption, driving multi-dimensional product innovation [1][8][20]. Supply Chain and Digital Empowerment - The supply chain is upgrading to direct sourcing from quality production areas, with leading brands establishing their own planting bases to enhance raw material quality and optimize costs [2][38]. - Digitalization is integrated into supply chain management, store operations, and consumer experience, enabling precise marketing and repurchase loops [2][19]. Franchise Model and Competitive Advantages - The franchise model is central to brand expansion, with initial investments for new tea beverage stores ranging from 120,000 to 400,000 yuan, and a payback period of 1-2 years [2][32]. - Brands ensure consistency in service between franchise and direct stores through strong management controls, with companies like "Hushang Ayi" accelerating market penetration through this model [2][25]. Industry Trends and Challenges - Future strategies must balance scale and differentiation, with leading brands enhancing social responsibility through initiatives like the New Tea Beverage Public Welfare Fund [2][12]. - The industry faces challenges from increasing homogenization, necessitating continuous product development and deeper digital applications to meet rapidly changing consumer demands [2][12]. Consumer Trends - Consumers are increasingly focused on the quality of raw materials, preferring high-end tea leaves, fresh fruits, and quality dairy products, while also seeking health-conscious options [20][24]. - The demand for low-sugar, plant-based ingredients is rising, with brands innovating to meet these health trends [22][24]. Product Innovation - The evolution of beverage ingredients reflects a shift towards health and functionality, with current trends emphasizing diverse tea bases and innovative, health-oriented additives [22][24]. - Seasonal product offerings help balance revenue fluctuations, with leading brands frequently launching new products to maintain consumer interest [1][22]. Market Expansion Opportunities - The second-tier and lower-tier cities represent the largest market for the new tea beverage industry, with significant growth potential [12][15]. - International market expansion, particularly in Southeast Asia, presents a second growth curve for brands, alongside the promotion of Chinese tea culture [12][16]. Strategic Implications - Digital transformation is crucial for sustainable growth, enhancing operational efficiency and creating competitive barriers for new tea beverage brands [19][38]. - The establishment of the New Tea Beverage Public Welfare Fund by several brands highlights a commitment to social responsibility and community engagement [40][41].

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in 2025, particularly in the consumer sector, with companies like Mixue Group, Pop Mart, and Laopuhuangjin being highlighted as the "new consumption trio" of Hong Kong, all achieving over 100% stock price growth and market capitalizations exceeding HKD 100 billion [2][3]. Group 1: Company Performance - Mixue Group and Pop Mart, both originating from Henan, have seen significant stock price increases, with Mixue Group reaching a peak of HKD 618 per share and a market cap exceeding HKD 230 billion [8]. - Pop Mart's market capitalization has surged over HKD 1 trillion in recent months, with a remarkable 20-fold increase in stock price since its low in Q4 2022, reflecting a 2300% increase [6]. - Laopuhuangjin, known as the "Hermès of gold," has also performed well, with its stock price reaching HKD 903 per share and a market cap of HKD 155.9 billion, marking a 240% increase within the year [8]. Group 2: Market Trends - The consumer sector in Hong Kong is witnessing a wave of IPO applications, with over 20 consumer companies seeking to list, indicating a vibrant market environment [26]. - As of June 5, 2025, there are 166 companies in the IPO queue for Hong Kong, with a significant portion being consumer-related [26]. - The influx of capital into the Hong Kong market, with net inflows reaching HKD 638.36 billion in 2025, has contributed to the strong performance of consumer stocks [26]. Group 3: Consumer Behavior and Marketing Strategies - New consumer companies are particularly favored by the "Z generation," focusing on emotional value and experiential marketing, which has led to their rapid rise in the market [10]. - Mixue Group's competitive edge lies in its strong supply chain and affordable pricing, with products typically priced between HKD 2 and HKD 8, appealing to cost-conscious consumers [12]. - Pop Mart has successfully tapped into the emotional consumption needs of younger consumers by creating a sense of surprise and rarity with its blind box toys, driving repeat purchases [14]. Group 4: Regional Influence - The emergence of Mixue Group and Pop Mart as significant players in the consumer market is rooted in their origins in Henan, showcasing the province's potential for nurturing innovative business models [16]. - The success of these companies reflects a broader trend in Henan, where a new consumer landscape is being established, characterized by strong market demand and innovative business practices [24].