以下文章来源于棱镜 ，作者温世君 ------------------------------ 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 作者：温世君 来源：棱镜 "说真的，我也好久没吃泡面了。"北京国贸写字楼里的陈宇（化名），端起办公桌上已经有点凉的 外卖奶茶，轻轻吸了一口。 十多年前他在宿舍赶论文时，康师傅红烧牛肉面是他的深夜战友。撕开调料包时指尖沾到的油渍、 开水注入后升腾的香气和热气，还有等待三分钟时的急迫感，似乎已经与青春的记忆一起，慢慢变 得模糊。 如今，外卖大战依然硝烟四起，国民茶饮品牌更是层出不穷。在骑手的敲门声与奶茶店叫号声的交 织中， 年逾六旬、执掌康师傅多年的CEO陈应让，正式官宣退休 。 所以魏宏丞目前最迫切的任务是： 康师傅这个承载着国民记忆的品牌，如何重拾增长？ 01 陈应让退休，带走了那个黄金时代 作为台商赴大陆创业的代表性企业，康师傅自1992年首款"好吃看得见"的红烧牛肉面在天津正式 投产至今，品牌发展历程已逾33年。虽然经历数轮的融资和扩张，但丝滑的代际交接背后，证明这 家企业仍旧牢牢地掌握在魏氏家族手中。 康师傅控股公告披露，魏氏家族"家庭成员及亲属实益拥 ...

三得利在中国市场正遭遇前所未有的挑战。这家曾凭借"国货"形象打开市场的日本饮料巨头，在2025年 前三季度营收达到12781亿日元，利润却同比下降9.2%。 更严峻的是，其在中国无糖茶市场的份额被持续蚕食。 市场监测数据显示，2024年第二季度至2025年第一季度，农夫山泉旗下"东方树叶"市场份额均值超过 70%，而三得利仅为8.7%，且呈现季度性下滑趋势。曾经的无糖茶市场开拓者，现在面临增长困境。 昔日开拓者遭遇利润增长瓶颈 三得利2025年第三季度财报揭示了一个严峻现实：公司前三季度营业利润1265亿日元，同比下降 9.2%；第三季度单季利润917亿日元，同比降幅达9.9%。 这不是孤立现象，而是一个持续趋势。 仔细观察三得利近期的区域市场表现，唯一实现营收与利润双增长的是欧洲市场。亚太地区和日本本土 市场均呈现利润双位数下滑。中国市场所在的亚太区域，三得利的瓶装水和茶饮料业务销售均出现下 滑，增长尚未恢复。 被84%中国消费者误认为是国货的日本饮料三得利，在2025年第三季度营业利润同比下降9.2%，中国 市场的战略短板正在全面暴露。 无糖茶市场增速整体放缓的行业背景加剧了三得利的困境。据马上赢品牌CT ...

时隔数月，记者再次回访发现，报道涉及的山寨产品已全部下架，涉事企业也被处以18万元罚款。有监 管部门提示，购买食品时，务必仔细核对商品名称、商标、生产厂家、包装细节等信息，注意观察字体 清晰度、图案印刷质量及包装密封情况，避免因外观相似而盲目选购。 "东方爽茶"全部下架 即饮茶通常指瓶装茶饮料，依据产品含糖或不含糖的不同属性，可分为有糖即饮茶与无糖即饮茶两类。 需要明确的是，仅添加代糖的产品，因符合国标中对于"无糖"宣称的要求，也被划分为无糖即饮茶产 品。 饮料行业的山寨现象一直存在。除了农夫山泉外，可口可乐、元气森林、三得利、果子熟了等品牌都曾 遭遇山寨问题。随着无糖茶饮日益走红，该品类也成为这些山寨品牌的重点"目标"。 根据消费者在社交平台发布的图片信息，该饮料瓶身下半部分采用了与东方树叶类似的方形包装设计。 瓶贴上半部分为弧形，"茉莉花茶"四个字位于瓶贴的右上角。整体瓶贴呈暗黄色，配有茶园、树木的图 案。与东方树叶的圆柱形瓶身上半部分不同，东方爽茶采用了上窄下宽的圆台造型。圆台部分的包装同 样采用了与东方树叶类似的墨绿色，但上面写的是"东方爽茶"。 有报道称，东方爽茶的生产公司工作人员表示，该产品与东方 ...

三得利在推广乌龙茶时，不仅将产品命名为具有中国传统韵味的"乌龙茶"，还在广告中融入孙悟空等中国传统文化符号，让消 费者在潜移默化中产生"亲切感"；养乐多则直接采用汉字标识，包装以中国红为主色调，配合"肠道健康"的功能性宣传，成功 打入中国家庭消费场景；味全每日C更是在包装上突出"每日鲜榨"的视觉元素，通过"当天生产、当天配送"的宣传话术，塑造 出"新鲜本土化"的品牌形象。 文｜食安时代 日系饮料凭借先进的生产技术、成熟的品牌运营和精准的渠道布局在中国市场掀起热潮，三得利乌龙茶、养乐多乳酸菌饮料、 味全每日C等产品在细分品类中占据主导地位。 近五年来，中国饮料市场进入"修罗场"模式，本土品牌凭借快速创新、渠道下沉和精准营销强势崛起，日系饮料却逐渐陷入增 长停滞，市场份额持续萎缩。 品牌"本土化"的边界何在？当"伪装"反噬信任 日系饮料在进入中国市场初期，深谙"本土化"对于消除文化隔阂的重要性，采取了一系列更具针对性的策略。 根据麦肯锡2020中国消费者调查报告显示，许多人会把很早以前进入中国市场的国际品牌误当成本土品牌，半数消费者认为七 喜（7-Up）是中国品牌，49%的消费者认为日本养乐多（Yakult）是中 ...

Core Insights - The article discusses the presence of Japanese brands in the Chinese market that disguise themselves as local products, highlighting the consumer perception of these brands as domestic goods despite their foreign origins [1][3][12]. Group 1: Market Presence and Performance - Suntory's revenue for 2024 is projected to reach 3,079.7 billion yen, approximately 149.6 billion RMB, with over half of its income derived from overseas markets, particularly China [3]. - Suntory has accumulated revenue exceeding 140 billion RMB in China, surpassing the annual revenue of Nongfu Spring for 2024 [3]. - Yakult, since its entry into China in 1996, achieved a market share of 60% in the low-temperature yogurt drink sector by 2018, indicating its strong market penetration [5]. Group 2: Marketing Strategies - Suntory's marketing strategy includes using Chinese packaging and cultural elements to create a perception of being a local brand, which has been effective since its market entry in 1997 [3][5]. - The success of these brands is attributed to their ability to localize their products and marketing, such as Sofy's packaging stating "designed for Chinese women" [5][8]. - Daikin has established itself in the commercial air conditioning market through high-end positioning and technical advantages, despite lower brand recognition among general consumers [7]. Group 3: Challenges and Market Dynamics - Japanese brands face increasing competition from local brands like Nongfu Spring and Yuanqi Forest, which are rapidly gaining market share and innovating more flexibly [12][14]. - Consumer awareness regarding brand authenticity is rising, leading to a backlash against these "disguised" foreign brands, with discussions about their true origins becoming more prevalent on social media [12][14]. - The shift in consumer perception has prompted some Japanese companies to emphasize their Japanese heritage and quality in marketing efforts [12][14]. Group 4: Consumer Perspective - The article suggests that consumers should approach these brands with a rational mindset, recognizing that while the marketing strategies may be perceived as deceptive, they are legally compliant [13]. - It emphasizes the importance of understanding the contributions of these companies to the Chinese economy, including local production and employment [13]. - Consumers are encouraged to make informed choices based on product quality and value rather than solely on brand origin [13][14].

[微风]2025年的中国商业版图上，上演着极其魔幻的"冰火两重天"。随着新任日本首相高市早苗抛出"台海有事即介 入"的狂言，舆论场瞬间被点燃。这股情绪不仅是网上的声讨，更直接传导到了股市，单是日本高端百货代表三越 伊勢丹的股价应声暴跌，美妆巨头资生堂也惨遭重挫。 热销商品外衣下的"隐藏色" 中国文旅部发出谨慎赴日提醒的当口，三菱汽车无奈退场，曾经随处可见的日产和本田，在华销量也连番下滑，甚 至要靠降价续命。 在日系品牌要全面"败走麦城"的时候，走进任意一家热闹的商场或超市，出现了另一番截然不同的景象。 货架上，孩子们最爱的"小红瓶"养乐多依旧是销售冠军。收银台前，手里拿着三得利乌龙茶和格力高饼干的年轻人 排着长队。平价西餐厅萨莉亚门口，甚至因为排号的人太多造成了拥堵。 这一冷一热的背后，是曾经占据中国市场30%份额的日系车如今跌到10.8%的历史低点，日本家电被美的、海尔挤 压到市场份额不足8%时，真正的"猎手"其实早已换了身份，在市场里完成了完美转变。 这种"隐身术"的第一层，叫作"深度本土化"。 很多人至今都觉得三得利是某个福建的茶企，毕竟它的瓶身上醒目地标着"原料产自福建"，甚至还贴心推出了桂 花、橘皮 ...

Investment Rating - The report indicates a positive investment outlook for the sugar-free tea industry, highlighting its potential for growth and market opportunities. Core Insights - The sugar-free tea market in China is experiencing a transition from rapid growth to structural optimization and brand differentiation, driven by health consumption trends and increasing consumer awareness of sugar intake [1][4][11]. Summary by Sections Industry Investment Rating - The sugar-free tea sector is rated positively due to its significant market potential and alignment with health trends [1]. Current Industry Status - The market for sugar-free tea is expanding, with a notable increase in market share from 16% to 32% between 2022 and 2023, reflecting a growing consumer preference for healthier beverage options [51]. - The overall market size for sugar-free beverages is projected to grow from 22.6 billion yuan in 2015 to 570.5 billion yuan by 2024, with a compound annual growth rate (CAGR) of 43.2% [14][11]. Competitive Landscape - The competitive landscape is dominated by a few key players, with Farmer Spring's "Oriental Leaf" leading the market with a 75% share, followed by Suntory and Master Kong [68][66]. - The market is characterized by a "one strong, many strong" competition model, where major brands are vying for market share through innovation and targeted marketing strategies [68]. Product Definition and Classification - Sugar-free tea is defined as ready-to-drink tea with sugar content not exceeding 0.5 grams per 100 grams or milliliters, and it includes various types such as green tea, black tea, oolong tea, and others [9][10]. Market Growth and Trends - The sugar-free tea market has seen explosive growth, particularly in 2023, but is projected to face challenges in 2025 with the first anticipated decline in sales [15][18]. - The market is shifting towards premiumization, with consumers showing a willingness to pay higher prices for quality products, as evidenced by the rising average prices of popular tea types [24][21]. Consumer Demographics and Preferences - Young consumers under 30 years old represent 70.8% of the sugar-free tea market, driven by health consciousness and lifestyle trends [30][31]. - The primary motivations for purchasing sugar-free tea include health benefits, convenience, and taste, with a strong emphasis on the absence of sugar and low-calorie content [33][34]. Sales Channels - The sales distribution is predominantly offline, with 81.5% of purchases occurring in physical stores, particularly convenience stores, while online sales are rapidly growing [29][27]. - The report highlights the importance of multi-channel strategies for brands to maintain market presence and consumer engagement [29]. Technological and Policy Support - Advances in technology, such as low-temperature extraction and cold filling, have improved the taste and shelf life of sugar-free tea products, enhancing consumer acceptance [39][40]. - Government policies promoting low-sugar and sugar-free products are creating a favorable environment for the growth of the sugar-free tea industry [40][41].

Core Insights - The health trend is shifting from middle-aged consumers to younger demographics, leading to an expansion of the market for health-oriented products [1] - The beverage industry is responding to consumer preferences by developing sugar-free drinks and plant-based waters as alternatives to traditional bottled water [1][2] - The emergence of plant water products, such as "养生水" (health water), is creating a new category that appeals to younger consumers seeking unique and flavorful options [2][4] Market Dynamics - The introduction of a plant water product, "一整根参," priced at 19.9 yuan for 480ml, has demonstrated that premium pricing can be successful in the market [2] - Young consumers are more interested in the novelty and experience of health drinks rather than traditional health benefits, leading to a focus on marketing and presentation [4][6] - The market for sugar-free tea and plant-based waters is growing, but there is a risk of consumer fatigue and negative perceptions regarding taste [7][9] Competitive Landscape - The success of brands like 康师傅冰红茶 (Kangshifu Ice Tea) shows that effective marketing and product innovation can lead to significant sales growth, with sales surpassing 100 billion yuan [10] - The current state of sugar-free tea and health waters mirrors the past challenges faced by ice tea brands, indicating a potential for consolidation in the market [10][11] - Companies must navigate consumer perceptions and preferences, balancing the appeal of sugar-free products with the need for enjoyable flavors [12]

Core Insights - Suntory Oolong Tea has successfully integrated into the daily lives of consumers by combining product quality with diverse consumption scenarios, making it a popular choice among young people [1][4][8] Group 1: Brand History and Development - Suntory's brand story dates back to 1899 when founder Shinjiro Torii established a small family-run shop in Osaka, evolving into the well-known brand it is today [1] - The brand has maintained a commitment to quality and innovation throughout its over a century-long development, which is reflected in its tea products [1] Group 2: Product Quality and Consistency - Suntory Oolong Tea emphasizes consistent quality through careful selection of raw materials and modern production techniques, ensuring stable performance across different batches and channels [4] - The introduction of Suntory Oolong Tea in China in 1997 not only showcased the appeal of sugar-free Oolong tea but also expanded the tea beverage market [4] Group 3: Cultural Connection and Consumer Acceptance - The brand's deep connection with tea culture enhances its recognition among consumers, as both Japanese and Chinese consumers share a long-standing tea-drinking tradition [6][8] - Suntory Oolong Tea's ability to resonate culturally allows it to be accepted across various age groups and social settings, reinforcing its presence in everyday life [6][8] Group 4: Market Positioning and Lifestyle Integration - The brand's insights into consumer habits have led to the expansion of usage scenarios, transforming Oolong tea from a mere beverage into a lifestyle symbol [8] - Suntory Oolong Tea has evolved from a small shop over a century ago to a well-known brand across Japan and China, continuously reshaping young people's perceptions of tea beverages [8]

Core Insights - The consumption of sugar-free beverages in China has transitioned from a niche interest to a mainstream choice, with labels like "0 sugar, 0 fat, 0 calories" dominating convenience store shelves [1] - Suntory, a pioneer in introducing sugar-free tea to China, faces significant challenges in redefining its brand position in a well-educated market [1] Group 1: Consumer Trends - Today's Chinese consumers are not only seeking health but also understanding it, with over 70% of them carefully examining ingredients and nutritional benefits when purchasing beverages [2] - The shift from "sugar-free" to "knowledgeable consumption" indicates a growing demand for transparency in product ingredients and health claims [2][4] Group 2: Market Dynamics - Sugar-free beverages are increasingly viewed as substitutes for water, leading to heightened price sensitivity among consumers as they expect more value [5] - Suntory is responding to this trend by launching larger bottle sizes to cater to family consumption and frequent drinking scenarios [5][7] Group 3: Brand Trust and Consumer Perception - The label "0 sugar" has become a double-edged sword, as consumers are increasingly questioning whether sugar-free equates to healthy, especially after controversies surrounding alternative sweeteners [8][10] - Young consumers are now more inclined to read ingredient labels and seek scientific backing for health claims, shifting the competitive focus from marketing slogans to clear explanations [10] Group 4: Social and Emotional Factors - Sugar-free beverages serve as social symbols, representing a lifestyle choice among health-conscious consumers, which influences brand marketing strategies [11] - Suntory's recent collaborations and marketing efforts aim to resonate with younger audiences, positioning the brand as a modern companion in their lifestyle [13] Group 5: Future Outlook - The sugar-free beverage market is entering a phase of "mind share" competition, where brands must excel in ingredient transparency, price competitiveness, and emotional resonance [15] - By 2030, the market may see three distinct paths: functional beverages with clear health benefits, affordable sugar-free options as water substitutes, and emotionally-driven branding through collaborations and digital engagement [18][21]