其中，2025年第四季度，瑞幸咖啡自营门店收入为95.47亿元人民币，同比增长32.0%；联营门店收入为 28.47亿元人民币，同比增长39.2%；第四季度GAAP营业利润为8.21亿元人民币，营业利润率达6.4%。 2025年全年，自营门店收入为362.43亿元人民币，同比增长41.6%；联营门店收入为115.94亿元人民 币，同比增长49.7%。全年GAAP营业利润为50.73亿元人民币，营业利润率达10.3%。全年GMV达 566.49亿元，同比增长42.3%。 北京商报讯（记者 郭缤璐）2月26日，瑞幸咖啡公布2025年第四季度及全年财报。数据显示，2025年第 四季度，瑞幸咖啡总净收入达127.77亿元人民币，同比增长32.9%。2025年全年总净收入同比增长 43.0%，达492.88亿元人民币；截至四季度末，公司门店总数达31,048家，累计交易客户数突破4.5亿。 在门店方面，瑞幸咖啡第四季度净增门店1,834家，全年净增门店8,708家，截至2025年12月31日，公司 门店总数达到31048家。截至2025年12月31日，中国市场（含香港）门店总数达30888家，其中自营门店 20144家 ...

格隆汇2月26日｜瑞幸咖啡披露2025年第四季度及全年财报。数据显示，2025年第四季度，瑞幸咖啡总 净收入127.77亿元人民币，同比增长32.9%；自营门店收入95.47亿元人民币，同比增长32.0%；联营门 店收入28.47亿元人民币，同比增长39.2%。全年总净收入同比增长43.0%，达492.88亿元人民币；自营 门店收入362.43亿元人民币，同比增长41.6%；联营门店收入115.94亿元人民币，同比增长49.7%；GMV 达566.49亿元人民币，同比增长42.3%。全年净增门店8,708家，公司门店总数达到31,048家，累计交易 客户数突破4.5亿。 ...

Core Insights - Starbucks is advancing a joint venture with Boyu Capital in the Chinese market, transitioning its direct-operated stores to a franchise model, while reporting growth in its latest financial results [1][2]. Recent Events - Starbucks and Boyu Capital have established a joint venture for operating retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40%. The transaction is expected to be completed by spring 2026, after which Starbucks' 8,011 direct-operated stores will shift to a franchise model, no longer included in Starbucks' consolidated financial statements. This asset-light transformation aims to enhance profit margins and accelerate expansion in the Chinese market [2]. Performance Overview - In the financial report released on January 28, 2026, Starbucks reported a 5% year-over-year increase in global revenue for the fiscal quarter ending December 28, 2025. The China region achieved an 11% double-digit growth in revenue, with same-store sales showing positive growth for three consecutive quarters. The report also noted a reduction in monthly expenses by approximately $3.9 million due to assets held for sale starting December 2025 [3]. Company Project Progress - Starbucks plans to increase the number of stores in China from over 8,000 to between 15,000 and 20,000, focusing on expanding into lower-tier cities and special business districts. In the first quarter of fiscal year 2026, the company entered 13 new county-level cities, with new store sales performing above average [4]. Stock Performance - On February 4, 2026, Starbucks' stock price was $96.97, with a single-day increase of 4.22% and a trading volume of $874 million. From the beginning of 2026 to February 4, the cumulative increase in stock price reached 15.15%. Stock price fluctuations are influenced by financial reports and market expectations regarding the joint venture's progress [5]. Event Impact - In November 2025, Starbucks faced a shareholder lawsuit alleging the company concealed information regarding declining sales in the U.S. and China markets, leading to stock price volatility. This lawsuit is still ongoing and requires monitoring of future developments [6].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [50]. Core Insights - The upcoming Spring Festival holiday, lasting 9 days, is expected to significantly boost travel demand, leading to high market activity in the travel and tourism sector [4][43]. - The social service sector experienced a decline of 3.44% in the past two trading weeks, ranking 24th among 31 industries in the Shenwan classification [13][21]. - The travel market is anticipated to reach a historical peak with an estimated 9.5 billion people traveling during the Spring Festival, driven by various factors including extended holiday periods and increased domestic travel [33][38]. Summary by Sections Market Review & Industry Dynamics - The social service sector's performance was below the market average, with a 3.44% decline compared to a 1.71% drop in the Shanghai Composite Index [13][21]. - The hotel and catering sub-sector saw a slight increase of 0.64%, while other sub-sectors like education and professional services experienced declines of 6.26% and 5.25%, respectively [17][20]. Investment Recommendations - Companies with strong growth potential in the travel chain and related industries include Tongcheng Travel, Huangshan Tourism, and Lijiang Shares, among others [4][43]. - Hotel brands such as Jinjiang Hotels and ShouLai Hotels are expected to benefit from the recovery in business travel and increased market share [4][43]. - The recovery of cross-border travel is likely to boost airport duty-free sales, with recommendations to focus on China Duty Free Group and Wangfujing [4][43]. Company Dynamics & Announcements - Notable company announcements include China Travel Service forecasting a revenue of 11.339 billion yuan for 2025, reflecting a 13.88% year-on-year increase, while other companies like Zhongxin Tourism and Fengshang Culture are expecting significant declines in net profits [37][38]. - The duty-free shopping market in Hainan saw a 44.8% year-on-year increase in January 2026, indicating a strong recovery in consumer spending [30][31]. Travel Data Tracking - The domestic travel market shows positive trends, with a significant increase in hotel bookings and flight reservations during the Spring Festival period [30][31]. - The international flight volume has recovered to 85.59% of the 2019 levels, indicating a steady recovery in the travel sector [21][38].

（文章来源：每日经济新闻） 每经AI快讯，2月9日，瑞幸咖啡宣布全国店突破30000家，第30000家店在深圳落地。 ...

库迪咖啡将收缩全场9块9补贴。 详见:门店价格策略和活动调整通知 (OM-NT-CN-20260129-358) 1. 门店价格策略调整 2. 新店首月8.8元活动调整 | | 活动规则 | | --- | --- | | 调整前 | 用户扫码可得券包：6.9元饮品券（全场饮品可用）*3张 | | 调整后 | 用户扫码可得券包: 8.8元饮品券（全场饮品可用）*3张 | 近日，有消息称，库迪咖啡发布门店价格策略和活动调整通知。通知指出，"全场9.9元不限量"活动将于2026年1月31日24时正式结束， 2026年2月1日0时起，将开启特价专区，部分产品仍然延续9.9元不限量。2026年2月1日0时起，库迪自有平台内非特价活动产品，均按 零售价售卖。此外，新店首月8.8元活动自2月1日0时起调整，用户扫码可得券包由原先的3张6.9元饮品券（全场饮品可用）调整为3张8.8 元饮品券（全场饮品可用）。邀新有礼活动也有所调整，新用户奖品由原先的3张8.8元全场任饮券调整为3张9.9元全场任饮券。 门店价格策略和活动 调整通知 STERNER 「好咖啡, 全场9.9元不限量」活动将于2026年1月31日 . 晚24:0 ...

此外，相较于之前新店用户扫码可得券包:6.9元饮品券(全场饮品可用)*3张，自2026年2月1日起，新政 策改为用户扫码可得券包:8.8元饮品券(全场饮品可用)*3张。邀请有礼活动此前的政策为新用户奖品:8.8 元全场任饮券*3。新政策改为新用户奖品:9.9元全场任饮券*3。 对此，库迪咖啡方面回应表示，部分产品延续特价9.9元不限量，全线产品持续参与外卖平台各类补贴 活动，欢迎大家多多体验。 近日，市场传出一张关于库迪咖啡的门店价格策略和活动调整的通知。 当中显示，"好咖啡，全场9.9元不限量"活动将于2026年1月31日晚24:00正式结束。2026年2月1日0:00 起，将开启特价专区，部分产品仍然延续9.9元不限量。2026年2月1日0:00起，库迪自有平台内非特价 活动产品，均按零售价售卖。 ...

中国青年报客户端讯（安徽师范大学 尹思琪 中青报·中青网记者 范雪）在安徽省六安市裕安区独山镇南 焦湾村，西淠河蜿蜒穿行，与两岸山峦共同勾勒出一幅灵动的田园画卷。得益于得天独厚的山水资源， 2025年，南焦湾露营基地与"有虎"悬崖洞穴咖啡馆落成开放，迅速成为备受游客青睐的"网红打卡地"。 游客夏日 南焦湾露 营基地内的儿童娱乐设施。阜阳师范大学 程子航/摄 南焦湾露营基地自开放以来，不仅吸引了众多本地游客前来"打卡"，也吸引了来自合肥、阜阳等周边城 市的游客专程前来度假，从合肥方向自驾前来仅需约1小时20分钟车程。基地周边两公里范围内设有多 家农家乐，提供地道特色的餐饮服务，可随时满足游客的味蕾享受。此外，基地还邻近独山革命旧址 群、龙井沟等景点，为游客提供了丰富的旅行体验。 移步约一公里外的虎头潭，"有虎"悬崖洞穴咖啡馆依托天然洞穴而建，洞穴顶部是天然岩石，脚下是石 板路，穿过长长的洞穴，出洞抬头，西淠河景色尽收眼底。游客可以在河边喝咖啡观景，也可以顺着小 路继续往上走，抵达面包窑，亲身体验在窑内烤制美食的快乐。 南焦湾露 营基地。阜阳师范大学 程子航/摄 南焦湾露营基地依西淠河而建，占地23.6公顷，林木 ...

Core Viewpoint - Starbucks reported a strong performance in Q1 of FY2026, with net revenue of $9.9 billion, exceeding expectations and showing a year-over-year growth of 6% [1] Financial Performance - Adjusted earnings per share were $0.56, a 19% decline year-over-year, below the expected $0.59 [1] - Adjusted operating margin was 10.1% [1] Same-Store Sales Growth - Global same-store sales increased by 4%, marking the second consecutive quarter of positive growth and surpassing Wall Street's most optimistic forecasts [1] - North America was the standout market, with same-store sales growth of 4%, including a 3% increase in comparable transactions, the first positive growth in eight quarters [1] - The U.S. market saw its first positive customer traffic in eight quarters, indicating the effectiveness of CEO Brian Niccol's "Back to Starbucks" transformation strategy [1] Performance in China - China exhibited remarkable performance with same-store sales growth of 7%, driven by a 5% increase in transaction volume and a 2% rise in average ticket size [1] - This growth rate significantly outpaced the global average, highlighting Starbucks' competitive recovery in this key market [1] - The number of stores in China reached 8,011, a 4% increase year-over-year, accounting for nearly 20% of the total global store count [1]

中国门店经营利润率季度环比持续提升，主要得益于强劲的同店增长和提升营运效率的不断努力，与此 同时，依然保持了健康的两位数门店经营利润率。 星巴克中国第一季度新进入13个县级城市，截至季度末，星巴克在全国1103个县级市开出了8011家门 店，同比增长4%。新开门店销售表现持续高于均值，超半数新开门店位于低线城市或特殊商圈。 （企业公告） 1月28日晚间，星巴克发布2026财年Q1财报。当中披露，公司全球同店销售额增长4%，主要得益于同 店交易量增长3%及平均客单价提升1%。合并净收入增长6%，达到99亿美元。按固定汇率计算，合并净 收入增长5%。 第一季度末，公司在美国和中国的门店数量占全球门店总数的 61%。其中美国有 16911 家门店，中国 有 8011 家门店。 分区域看，中国市场营收连续五个季度增长，本财季实现11%的双位数增长，达到8.234亿美元。同店 销售额实现7% 的高单位数增长（交易量增长5%，客单价增长2%）。同店交易量的增长获益于门店组 合中占比最高的商务区门店、营业时段中的早餐时段、和城市分布中低线城市的强劲表现；客单价的增 长主要得益于商品及食品品类的突出表现。 (编辑：林辰) ...