预计阅读时长 7 mins 二次元联名成咖啡营销新宠，吸引流量的同时， 营销成本攀升，消费者疲劳渐显。 不知道你有没有这种感觉——现在好像点一杯咖啡或奶茶，十有八九都会遇到某个品牌正在做联名？联名的形 式也越来越多样，从最早的贴个图案、换个杯套，到后来的联名新品、联名套餐、限定周边，甚至还有联名主 题门店。联名已经从偶尔的营销动作，几乎变成了今天现制饮品行业的日常操作。不过，这股联名热潮在茶饮 和咖啡身上，正在出现不同的走向。 根据 CBNdata 的报道，今年上半年，由于几家头部茶饮品牌的节奏放 缓，茶饮行业的联名事件从去年同期的 149 起，降到 72 起，热度有所下降。 而咖啡品牌的联名数量还在继续 增加。截至 7 月，主流咖啡品牌今年已经做了 大约 90 多次联名 ，其中瑞幸咖啡以几乎每月保持两次联名的节 奏，在咖啡品牌中领跑。 也因此被年轻人戏称为「古希腊掌管联名的神」。 再具体到联名 IP 的类型，按照行业媒体的粗略统计，从去年年初到现在，瑞幸五十多起 IP 联名活动中，至少 有四成都是动漫、游戏或卡通形象，其中就包括我们节目一开始所提到的《王者荣耀》、《崩坏：星穹铁道》 还有《黑神话：悟空》这些 ...

刚刚过去的一个季度里，瑞幸的门店总数达到29214 家，这个数字是 2020 年退市时的6倍。五年时间里，它从每卖一杯亏 掉5.6 元，到如今单杯稳定获利1.2 元[1]。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美元 的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 这是近十年来中国商业史上最具代表性的"困境反转"案例。它修正了资本市场对于"中概股退市必死"的刻板印象，演绎了 一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所有人以为的更有韧性。 2021年，生椰拿铁的上市宣布了瑞幸的"卷土重来"——单月销量突破 2000 万杯，相当于每秒钟卖出 7 杯，券后价格常年 9.9 元就能实现盈利。瑞幸又回到了最朴素的商业常识里：好产品是前面的1，其他能力是后面的0。规模只是产品的结果， 份额只是品牌的具象。 事实上，IDG资本从一开始就非常看好瑞幸，但一直没有找到合适的入局机会。公司投资团队判断瑞幸本身的品牌、门店 网络、数字化系统等都是良性健康的，只是在前期试图用大量补贴，在短期急速培养消费 ...

刚刚 过去的一个季度里，瑞幸的门店总数达到 2 921 4 家，这个数字是 2020 年退市时的 6 倍。五年时 间里，它从每卖一杯亏掉 5.6 元，到如今单杯稳定获利 1.2 元 [1 ] 。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美 元的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 如今中国最好的一批消费品牌，到底是怎么诞生的？ 重戴王冠 退市对于任何一家公司都是一次致命打击。但面对瑞幸，市场却表现得极为冷静和客观，即便流落粉单 市场，瑞幸也并没有离开机构们的视野中央。 先有雪湖资本把瑞幸的目标价大幅上调，估值直逼星巴克，其创始人马自铭高调宣布在粉单买了点瑞幸 股份以表支持 [2] ；后有大钲资本携手 IDG 资本、 Ares SSG ，斥资超 4 亿美元完成了对瑞幸咖啡大部 分股权的收购，保下了瑞幸的品牌。 这是近十年来中国商业史上最具代表性的 " 困境反转 " 案例。它修正了资本市场对于 " 中概股退市必死 " 的刻板印象，演绎了一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所 ...

Investment Rating - The report maintains a cautious outlook on high-risk assets, particularly cryptocurrencies, while expressing optimism for AI technology and the Macau tourism sector [3]. Core Views - The market is currently under pressure due to the Federal Reserve's interest rate discussions and ongoing debates about AI, leading to significant declines in high-risk assets like cryptocurrencies. Concerns are rising regarding the sustainability of AI's commercial applications despite its recognized efficiency improvements. The report emphasizes the importance of focusing on technology leaders with strong cash flows, such as Google, META, Microsoft, Alibaba, and Tencent, while also monitoring the application of AI in various sectors [3]. - The Macau tourism industry is highlighted as a valuable investment opportunity, benefiting from a favorable supply-demand dynamic and expected growth during the upcoming holiday periods [3]. - The report suggests that trading platforms remain attractive, with potential for accumulation following market corrections [3]. Summary by Sections 1.1 Consumer & Internet 1.1.1 Education - The Chinese education index fell by 4.60%, outperforming the Hang Seng Index but underperforming major indices like the Shanghai Composite [11]. - New Oriental launched an AI education product, SureChinese, aimed at a broader audience, with 160,000 users across 138 countries [19]. 1.1.2 Luxury Goods & Gambling - The S&P Global Luxury Goods Index decreased by 1.49%, with notable declines in major gambling stocks like Sands China and Wynn Macau [21]. - The upcoming sports events in Macau are expected to attract over 2 million tourists, boosting the local tourism sector [3]. 1.1.3 Coffee & Tea - The coffee sector remains robust, while the tea segment faces challenges due to reduced promotional activities from delivery platforms [30]. 1.1.4 E-commerce & Internet - The Hang Seng Internet Technology Index fell by 5.90%, with mixed performances among major e-commerce players [36]. - Pinduoduo reported a 9% year-on-year revenue increase, reaching 108.3 billion yuan [41]. 1.2 Platforms & Technology 1.2.1 Streaming Platforms - The Hang Seng Media Index dropped by 6.86%, with mixed results among key players like iQIYI and Spotify [45]. - iQIYI reported a revenue decline of 8% year-on-year for Q3 [53]. 1.2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization fell to $305.32 billion, with Bitcoin and Ethereum prices decreasing by 10% and 11% respectively [49]. - Futu Holdings reported a significant revenue increase of 86% year-on-year for Q3 [56]. 1.2.3 Automotive Services - The automotive sector saw a mixed performance, with some companies like AutoZone and O'Reilly Auto Parts showing gains while others faced declines [60].

Core Insights - Luckin Coffee's revenue increased by 50.2% year-on-year to 15.287 billion yuan in Q3 2025, while net profit attributable to shareholders decreased by 2.7% to 1.278 billion yuan [1][6] Revenue and Profitability - The primary reason for the revenue growth without corresponding profit increase is the fierce competition in the food delivery market [2] - In Q3, Luckin Coffee added 3,008 new stores, reaching a total of 29,214 stores, marking an 11.5% quarter-on-quarter growth [3] - The average monthly active users reached a historical high of 112 million, a 40.6% year-on-year increase, with 42 million new users added in the quarter [3] Cost Structure and Efficiency - The proportion of raw material costs to total net revenue decreased from 39% in the same period of 2024 to 36%, with raw material costs increasing by 41% to 5.5 billion yuan [4] - Rent and other operating costs as a percentage of total net revenue fell from 22% to 20%, with these costs rising by 36% to 3.1 billion yuan [4] - Sales and marketing expenses as a percentage of total net revenue decreased from 6% to 5%, with these expenses growing by 28% to 751 million yuan [4] - General and administrative expenses also saw a reduction in proportion from 6% to 5%, increasing by 25% to 793 million yuan [4] Delivery Costs and Profit Impact - Delivery costs surged to 2.89 billion yuan, a 211.4% increase, leading to a rise in delivery cost percentage from 9.1% to 18.9%, which reduced operating profit margin to 11.6% [5] - The increase in delivery costs contributed to the decline in net profit, contrasting with Yum China, which saw a 7.8% increase in operating profit [6] Competitive Landscape - The coffee and tea beverage sector is characterized by high-frequency consumption, necessitating competitive pricing to maintain market share [7] - Yum China's higher average transaction value and stronger membership system provide a competitive edge, allowing them to mitigate delivery commission costs [8] Strategic Direction - Luckin Coffee is exploring structural solutions, emphasizing in-store pickup as a primary consumption method, while viewing delivery as a supplementary channel [9] - The company anticipates short-term fluctuations and pressures on same-store sales growth as delivery subsidies decrease [9]

Core Insights - Luckin Coffee's revenue increased by 50.2% year-on-year to RMB 15.287 billion in Q3 2025, but net profit decreased by 2.7% to RMB 1.278 billion, primarily due to the impact of the delivery battle [1][5]. Financial Performance - Total net revenues reached RMB 15.3 billion, with a year-on-year increase of 50.2% [2]. - Gross Merchandise Volume (GMV) grew by 48.1% year-on-year to RMB 17.3 billion [2]. - Average monthly transacting customers increased by 40.6% year-on-year to 112.3 million [2]. - Store-level operating profit rose by 10.2% year-on-year to RMB 1.941 billion, with an operating margin of 17.5% [2]. - GAAP operating income increased by 12.9% year-on-year to RMB 1.777 billion [2]. Store Expansion - The company added 3,008 new stores in Q3, reaching a total of 29,214 stores, marking an 11.5% quarter-on-quarter growth [3]. - Self-operated stores accounted for 18,882, while franchise stores numbered 10,332 [3]. Customer Engagement - Monthly average transacting users hit a record high of 112 million, with 42 million new users added in the quarter [3]. - Same-store sales increased by 14.4% year-on-year, recovering from previous declines [3]. Cost Structure - Raw material costs as a percentage of total net revenue decreased from 39% to 36% year-on-year, despite a 41% increase in absolute value to RMB 5.5 billion [3]. - Rent and other operating costs as a percentage of total net revenue fell from 22% to 20%, with a 36% increase in absolute value to RMB 3.1 billion [4]. - Sales and marketing expenses decreased from 6% to 5% of total net revenue, with a 28% increase in absolute value to RMB 751 million [4]. Delivery Costs - Delivery expenses surged by 211.4% year-on-year to RMB 2.89 billion, accounting for 18.9% of total revenue, which negatively impacted operating profit margins [5]. - The company’s net profit decline was attributed to the rising delivery costs associated with the competitive landscape [5]. Competitive Landscape - The delivery battle has intensified, with competitors like KFC and Pizza Hut showing more stable profit margins [6]. - Luckin Coffee is compelled to engage in price competition to maintain market share in the high-frequency coffee consumption sector [7]. Strategic Direction - The company is exploring structural solutions, including a shift towards in-store pickup as a primary consumption method [9]. - The CEO emphasized that delivery costs are too high relative to the pricing sensitivity of coffee, and the focus will return to in-store consumption over time [10]. - The company anticipates short-term fluctuations in same-store sales growth due to the tapering of delivery subsidies [11].

Core Insights - Luckin Coffee's revenue increased by 50.2% year-on-year to RMB 15.287 billion in Q3 2025, while net profit attributable to shareholders decreased by 2.7% to RMB 1.278 billion, primarily due to the impact of the delivery battle [1][6]. Financial Performance - Total net revenues reached RMB 15.3 billion, with a year-on-year increase of 50.2% [2]. - The company's gross merchandise volume (GMV) grew by 48.1% year-on-year to RMB 17.3 billion [2]. - Average monthly transacting customers increased by 40.6% year-on-year to 112.3 million [2]. - Store-level operating profit rose by 10.2% to RMB 1.941 billion, with a store-level operating margin of 17.5% [2]. - GAAP operating income increased by 12.9% to RMB 1.777 billion [2]. Store Expansion - In Q3, Luckin Coffee added 3,008 new stores, reaching a total of 29,214 stores, marking an 11.5% quarter-on-quarter growth [3]. - The number of self-operated stores is 18,882, while franchise stores account for 10,332 [3]. Cost Structure - The proportion of raw material costs to total net revenue decreased from 39% in 2024 to 36% in 2025, despite a 41% year-on-year increase in absolute value to RMB 5.5 billion [3][4]. - Rent and other operating costs as a percentage of total net revenue fell from 22% to 20%, with absolute costs rising by 36% to RMB 3.1 billion [4]. - Sales and marketing expenses decreased from 6% to 5% of total net revenue, with absolute expenses growing by 28% to RMB 751 million [4]. - General and administrative expenses also decreased from 6% to 5% of total net revenue, with absolute expenses increasing by 25% to RMB 793 million [5]. Delivery Costs and Profitability - Delivery costs surged by 211.4% year-on-year to RMB 2.89 billion, accounting for 18.9% of total net revenue, which negatively impacted operating profit margin, reducing it to 11.6% [6]. - The increase in delivery costs is attributed to the competitive delivery battle, contrasting with Yum China, which reported a 7.8% increase in operating profit [6][8]. Market Dynamics - The coffee and tea beverage sector is characterized by high-frequency consumption, necessitating competitive pricing strategies to maintain market share [7]. - Luckin Coffee is exploring structural solutions, emphasizing in-store pickup as a primary consumption method, while delivery serves as a supplementary channel [9].

销售层面，公司三季度新增交易客户超4200万，月均交易客户数达1.12亿，同比增长40.6%，均创历史 新高。截至三季度末，累计交易客户数突破4.2亿。 三季度，瑞幸咖啡再次取得亮眼"成绩单"，但其面临的市场挑战依然严峻。一方面，传统竞争对手持续 以低价策略争夺市场；另一方面，京东、跨界巨头相继入局咖啡市场。例如，京东"七鲜咖啡"凭借其供 应链与资金优势宣布"三年万店"计划，为行业格局增添变数。 转自：北京日报客户端 11月17日晚，瑞幸咖啡公布2025年第三季度财报。数据显示，公司三季度总净收入152.87亿元，同比增 长50.2%，通用会计准则标准下营业利润17.77亿元，营业利润率达11.6%；门店总数增加至29214家，商 品交易总额约为173.20亿元。 记者注意到，三季度财报中，公司门店数量取得新突破。数据显示，截至三季度末，瑞幸全球门店总数 达29214家，单季度净增超过3000家。在中国市场，第三季度净增门店2979家，门店总数达29096家，其 中，联营门店数量首次破万，达到10287家。 "自营+联营"的双轮驱动模式，带动联营门店收入大幅增长。财报数据显示，三季度联营门店收入37.99 亿 ...

Investment Rating - The report maintains a positive outlook on cloud vendors and internet healthcare platforms, suggesting they are key areas for investment focus [3][5]. Core Insights - The report highlights ongoing discussions about the AI bubble, with short-term volatility expected. However, leading tech companies like Microsoft, Google, and Meta continue to show strong free cash flow, indicating no immediate pressure on static valuations and cash flows [3]. - The report emphasizes the growth potential in the internet healthcare sector due to low penetration rates and favorable market dynamics [3]. - The report remains bullish on trading platforms and cryptocurrency assets, noting that while short-term price increases may be challenging due to global liquidity pressures, there are significant long-term support factors [3]. Industry Situation Tracking Education - The education index fell by 2.90%, underperforming compared to major indices. Notable declines were observed in companies like Gaotu and NetEase Youdao, which dropped 8.49% and 11.12% respectively [11][21]. Luxury Goods & Gambling - The luxury goods index rose by 0.52%, with significant gains in companies like Galaxy Entertainment, which increased by 6.24%. The report notes a recovery in the Chinese market, contributing positively to luxury brand performance [23][29]. Coffee & Tea - The coffee sector remains robust, with over 250,000 related enterprises in China and a significant increase in registrations this year. The tea sector, however, is facing challenges due to reduced subsidies from delivery platforms [31][33]. E-commerce - The e-commerce sector showed slight pressure, with a 6.3% increase in online retail sales for the first ten months of the year. The report notes a subdued performance during the recent Double Eleven shopping festival [34][39]. Streaming Platforms - The streaming sector experienced a decline, with Tencent Music's stock dropping significantly despite a 20.6% year-on-year revenue increase [38][43]. Virtual Assets & Trading Platforms - The global cryptocurrency market capitalization decreased by 0.75%, with Bitcoin and Ethereum prices falling by 8.6% and 9.5% respectively. The report highlights ongoing challenges in the crypto market but notes potential long-term opportunities [44][48]. Automotive Services - The automotive service sector is expanding, with JD Auto surpassing 100 operational stores in Shenzhen. The report emphasizes the growth potential in the automotive aftermarket [51][55].

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].