奶茶们在悄悄消解"喝奶茶的代价"。 文 ｜ 贾小乐 编辑 ｜ 卢力麟 来源｜ Vista氢商业（ID： Qingshangye666 ） 封面来源 ｜ 小红书@CHAGEE霸王茶姬 霸王茶姬或许没有预料到，自己有一天会被与毒品联系起来。 以下文章来源于Vista氢商业 ，作者贾小乐 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 虽然如今"耸人听闻"的消息已经司空见惯，但"耸人听闻到闻所未闻"的结论，还是在庞大的奶茶消费群里引起了恐慌。关于"奶茶咖啡因"的猜测逐渐变得离 奇， 连上海禁毒办都不得不站出来辟谣，茶叶里天然含有咖啡因，和提纯后的"毒品"完全是两回事，霸王茶姬的咖啡因含量也完全在合格范围内。 总结起来，"奶茶不是健康饮品，但罪不至此"。 不过，有关霸王茶姬高咖啡因的争议近两年一直没停，"下午三点万里木兰，凌晨三点替父从军"。不仅是霸王茶姬，"喝完睡不着"的问题在喜茶、一点点等 连锁奶茶里也变得越来越普遍。 "比起担忧奶茶里的咖啡因高，打工人更担忧的大概是：明知道高，还戒不掉。" 一杯等于2.5罐红牛， 打工人开始'紧张地"喝快乐水 原先能够"一句话引发恐慌"的消息，常常出现在鸡 ...

以下文章来源于Vista氢商业 ，作者贾小乐 Vista氢商业 . 关心都市白领的消费生活 提供易懂有趣的品牌报道 本文来自微信公众号： Vista氢商业 ，作者：贾小乐，编辑：卢力麟，原文标题：《霸王茶姬"擦边 毒品"是暴论，但把茶越泡越浓的奶茶确实正在让更多打工人心悸失眠？》，题图来自：AI生成 霸王茶姬或许没有预料到，自己有一天会被与毒品联系起来。 上个月，知乎上一位20万粉丝的博主"睡前消息"发文质疑霸王茶姬新品奶茶的咖啡因含量过高，并 指控"高浓度咖啡因蹭准毒品擦边球"、"奶茶里添加高咖啡因是为了让人上瘾"。 虽然如今"耸人听闻"的消息已经司空见惯，但"耸人听闻到闻所未闻"的结论，还是在庞大的奶茶消费 群里引起了恐慌。关于"奶茶咖啡因"的猜测逐渐变得离奇，连上海禁毒办都不得不站出来辟谣， 茶 叶里天然含有咖啡因，和提纯后的"毒品"完全是两回事，霸王茶姬的咖啡因含量也完全在合格范围 内。 总结起来，"奶茶不是健康饮品，但罪不至此"。 不过，有关霸王茶姬高咖啡因的争议近两年一直没停，"下午三点万里木兰，凌晨三点替父从军"。不 仅是霸王茶姬，"喝完睡不着"的问题在喜茶、一点点等连锁奶茶里也变得越来越普遍。 ...

霸王茶姬或许没有预料到，自己有一天会被与毒品联系起来。 上个月，知乎上一位20万粉丝的博主"睡前消息"发文质疑霸王茶姬新品奶茶的咖啡因含量过高，并指控"高浓度咖啡因蹭准毒品擦边球"、"奶茶里添加高 咖啡因是为了让人上瘾"。 | | 睡前消息 「睡前消息」是马前卒工作室制作一档的时评节目。每周二、周五更新。 | 浏览量 9.5 亿 | 讨论量 88.1 万 | | --- | --- | --- | --- | | | 查看全部内容 | | | | | | 父话题 | | | 关注话题 | = #分享 ··· | 观视频工作室 | | | | | 查看全部话题结构 | | | Jet- A VIT | 17 11 大大ノキー 1-4 | | | "一句话能引起如此大的反响，也能看出知乎上的用户真不怎么喝奶茶。" 在咖啡因争议导致股价大跌的当天，霸王茶姬发布长文回应，解释奶茶里没有所谓的故意添加咖啡因，咖啡因是天然存在于茶树中的生物碱。从数值上来 说，一杯采用原叶现泡的茶饮与一杯拿铁大致相当，"显著低于一杯美式咖啡。" 虽然如今"耸人听闻"的消息已经司空见惯，但"耸人听闻到闻所未闻"的结论，还是在庞大的奶茶消费群 ...

奶茶配货，一年前被吐槽"离谱"的外卖怪象，如今成了一门人人都需要掌握的学问。 外卖大战偃旗息鼓，享受过一天三杯8元奶茶的打工人意识到了什么叫"由奢入俭难"。但大额券发完了，你发现再打开外卖App，"免起送门槛"的奶茶几乎 见不到了，20起送甚至25起送的奶茶却多了起来。这意味着如果你想喝一杯17块中杯奶茶，远达不到商家配送标准。 "独居打工人不配喝外卖奶茶"成了一个荒诞却棘手的问题。毕竟这个被奶茶起送门槛卡在门外的，可能是奶茶最大的消费群体。 在"奶茶必配货"这个新的无奈之下，一个"过气网红"又被发掘了出来：在"前外卖大战"时代最先因为"凑不够20元起送费"引发争议，如今回过头，发现竟 然已是奶茶配货界最善良的商家。 一点点又有了"善良"的新证据：奶茶的配货单品是手帕纸。 01 一点点纸巾， "最善良奶茶配货单品" "喝了一点点，这辈子不用买纸了"。 "点门人"展示自己的一点点纸巾库存堪比军备竞赛：5包打底，有人攒了一抽屉，摞了三层。攒得足够多了，四种花色齐全，还能在上班摸鱼间隙拿来打 麻将。 如此丰富的纸巾储备，看似是点门人对一点点周边的收集癖，其实是"真没招了"。一点点的奶茶单品大多在13-18元，20元 ...

青砖黛瓦间流淌着千年岁月，市井烟火中升腾着现代活力。忻州古城，这座承载1800年建城史的文化地标，正从沉睡的历史遗存蜕变为昼夜不息的消费热 土。数据显示，古城年接待游客超1200万人次，夜间消费占比达52.83%，成为忻州文旅融合的"金字招牌"。 非遗"破圈"：老手艺接住新流量 "以前守着老手艺发愁，现在年轻人追着买！"在古城北巷的草木染工坊里，传承人正指导游客体验蓝染T恤制作，货架上印着大热IP的方巾、茶席被抢购 一空。这个曾濒临失传的老手艺，如今通过"体验式传承+潮流化创新"逐渐受到年轻消费群体的热捧。 这种商业生态，源于忻州古城的精准定位。划定非遗文创区、特色餐饮区、潮流体验区，既保留了河捞面、碗托、定襄蒸肉等本地老字号，又引进星巴 克、名创优品等连锁品牌，形成"老字号守根、新品牌赋能"的商业格局。 "没想到古城里能喝到喜茶，更没想到本地猪蹄能这么火！"来自北京的游客李女士拿着打卡清单，连续品尝了3家特色小吃。数据显示，古城内商户营收 持续攀升，据山西日报等媒体报道，网红猪蹄店在旅游旺季的日销量最高可达上千只，成为名副其实的"引流神器"，喜茶、星巴克等新业态同样一座难 求。这种"买杯奶茶，再去啃只猪蹄" ...

Core Viewpoint - The retail landscape is shifting, with traditional beauty brands being replaced by new categories such as trendy toys, outdoor sports, and tea beverage brands, which are now dominating the first floor of shopping malls [4][5][7]. Group 1: Changing Retail Dynamics - The flagship store of Innisfree, a Korean beauty brand, was replaced by Pop Mart, a trendy toy company, highlighting a significant shift in consumer preferences [4]. - The emergence of the "Four Kings" (trendy toys, outdoor sports, new energy vehicles, and tea beverages) reflects a broader trend where traditional beauty counters are losing prominence in shopping malls [5][6]. - The vacancy rate in shopping malls, even in major cities, has approached 14%, providing an opportunity for the "Four Kings" to establish a presence [7]. Group 2: Impact on Beauty Brands - The number of beauty counters in China has decreased from 15,415 in 2020 to 11,365 in 2022, with low-end beauty counters experiencing the most significant decline [7]. - High-end beauty brands like Chanel and Lancôme continue to maintain their presence in malls despite overall declines in sales, as they contribute to the mall's image and customer traffic [8][9]. - The first floor of shopping malls serves as a "face" for the mall, influencing consumer perceptions and foot traffic [8]. Group 3: The Rise of New Categories - New energy vehicle brands have become a significant presence in shopping malls, with Tesla being a pioneer in this space [11][12]. - The tea beverage sector is rapidly evolving, with brands like Nayuki and Heytea adjusting their pricing strategies to adapt to changing consumer behaviors [15][16]. - The number of tea beverage brands is increasing, with some brands like Bawang Tea Ji opening nearly 3,000 new stores in 2024, indicating a strong expansion trend [16]. Group 4: Strategic Brand Positioning - Brands like Lululemon and Pop Mart are focusing on prime locations in high-end shopping malls, which enhances their brand visibility and consumer engagement [20][22]. - The "Bird Nest Plan" by brands like Arc'teryx emphasizes opening flagship stores in key urban areas, reflecting a strategic shift towards high-value locations [22][23]. - The competition for prime retail space is intensifying, with many mid-tier malls struggling to attract high-end brands, leading to a concentration of successful brands in top-tier malls [23]. Group 5: Future Outlook - The retail environment remains unpredictable, with some brands thriving while others struggle to maintain their presence [24]. - Emerging brands like Mao Geping are successfully expanding in the offline market, demonstrating that opportunities still exist for brands that offer unique customer experiences [24]. - The future of the "Four Kings" and their potential replacements remains uncertain, as consumer preferences continue to evolve [24].

Core Insights - The article highlights the emergence of a youth-driven consumption trend in Jiangsu, particularly in Nanjing, where new retail brands are proliferating to meet the demands of young consumers [4][5] - The concentration of new consumption brands in core urban areas is driven by market potential, resource aggregation, and efficient operations, enhancing competitive advantages [5][6] - As the market saturates, brands are shifting focus to less developed urban and county markets, tapping into a large, youthful consumer base that craves diverse fashion options [7][9] Group 1: Market Dynamics - New consumption brands are clustering in core urban areas due to high population density and strong purchasing power, which provide a rich pool of potential customers [5][6] - Data from a report indicates that Nanjing has the highest number of new retail brand stores, with eight districts ranking in the top 15 in Jiangsu [5] - The shift towards county markets is seen as a response to the saturation in major cities, with brands finding new opportunities in previously overlooked areas [7][11] Group 2: Consumer Experience - The influx of new brands has significantly improved the shopping experience for young consumers, offering a wider range of products from high-end to niche brands [9][10] - Specific examples include the successful opening of popular brands like Heytea in smaller cities, which has created a buzz among local youth [7][10] - The introduction of diverse retail options has transformed county areas into fashionable destinations, enhancing their urban image and cultural atmosphere [11] Group 3: Employment and Entrepreneurship - The growth of new consumption brands has generated numerous job opportunities for local youth, from retail staff to management positions [10] - Young entrepreneurs are also emerging, inspired by the new market dynamics, leading to the establishment of unique local businesses [10] - The article cites a local coffee shop founded by a young entrepreneur as an example of how new consumption trends are fostering creativity and cultural engagement in the community [10]

Core Viewpoint - The article discusses the transformation of shopping malls in China, highlighting the shift from traditional cosmetics brands to new categories such as trendy toys, outdoor sports, and tea beverage brands, referred to as the "Four Kings" of modern retail [6][11][12]. Group 1: Transformation of Retail Landscape - The flagship store of Innisfree, a Korean beauty brand, has been replaced by Pop Mart, a trendy toy company, symbolizing a broader trend in retail [6][8]. - The "Four Kings" now dominating mall spaces include trendy toys, outdoor sports, new energy vehicles, and diverse tea brands, reflecting changing consumer preferences [8][11]. - The vacancy rate in shopping malls has approached 14% in major cities, providing an opportunity for the "Four Kings" to establish a presence [11]. Group 2: Decline of Traditional Brands - The number of cosmetic counters in China has decreased from 15,415 in 2020 to 11,365 in 2022, with low-end cosmetics experiencing the most significant decline [11][12]. - High-end cosmetic brands like Chanel and Lancôme continue to maintain their presence in malls despite overall declines in sales [12][14]. Group 3: New Entrants and Market Dynamics - New energy vehicle brands have become prominent in malls, with Tesla being a pioneer in this space, shifting the focus from traditional car dealerships to experiential retail [18][19]. - The tea beverage market has seen rapid changes, with brands like Nayuki and Heytea adapting to consumer preferences, while others like Tiger Sugar have exited the market [22][24]. Group 4: Future Trends and Opportunities - The article notes that while the "Four Kings" dominate, there are still opportunities for emerging brands like Mao Geping, which has expanded rapidly in the offline market [32][35]. - The future of retail remains uncertain, with the potential for new categories to emerge and replace existing ones, indicating a dynamic and evolving market landscape [36].

Core Viewpoint - The rapid rise and fall of Hu Shang A Yi's stock price post-IPO reflects a significant shift in the new tea beverage industry from aggressive expansion to a more rational approach, highlighting the challenges faced by the company and the sector as a whole [1][2]. Group 1: IPO and Market Reaction - Hu Shang A Yi's IPO was highly successful, with an oversubscription rate of 3616.83 times and over 940 billion HKD in frozen funds, marking it as the highest new stock subscription in Hong Kong after regulatory changes [2]. - On its first trading day, the stock price surged by 74.68% to 197.6 HKD, but subsequently dropped by 8.78% the following day, leading to a cumulative decline of over 20% within a week [1][2]. - By early June, the stock price had fallen to around 125 HKD, representing a nearly 37% decrease from its peak [1]. Group 2: Financial Performance and Challenges - In 2024, Hu Shang A Yi reported a revenue of 3.285 billion HKD, a year-on-year decline of 1.9%, and a net profit of 329 million HKD, down 15.2% [4]. - The company's business model heavily relies on a franchise system, with 99.7% of stores operated by franchisees, leading to a significant drop in single-store GMV from 1.559 million HKD in 2023 to 1.37 million HKD in 2024, a decrease of 12.12% [4][5]. - The closure rate of franchise stores increased to 12.7% in 2024, with over 1,000 stores shutting down, significantly higher than the industry average of 4% [4]. Group 3: Competitive Landscape and Market Dynamics - The new tea beverage industry is experiencing a slowdown, with a projected growth rate of only 8.2% in 2024 and further decline to 7.5% in 2025, leading to intense price wars among leading brands [6]. - Hu Shang A Yi faces challenges in both low-price and mid-to-high-end markets, struggling against competitors like Mi Xue Bing Cheng and Xi Tea, which have established stronger market positions [6]. - The company's reliance on third-party suppliers and inadequate cold chain coverage hinder its ability to reduce costs, making it difficult to compete on price with rivals [5][6]. Group 4: Future Outlook and Strategic Considerations - The company must focus on optimizing its supply chain and digital commitments, potentially allocating 60% of its IPO proceeds to these areas to regain growth momentum [6]. - Reducing food waste to levels comparable to competitors and leveraging scale procurement could help Hu Shang A Yi improve its cost structure and competitive positioning in the market [6].

Core Viewpoint - Luckin Coffee has initiated a significant price reduction on several beverages, dropping prices to 6.9 yuan, previously 9.9 yuan, in response to competitive pressure from Kudi, which has been aggressively pricing its products at 3.9 to 4.9 yuan [1][3]. Group 1: Price Reduction Strategy - The price cut by Luckin Coffee is primarily targeted at the takeaway market, where Kudi has seen a nearly tenfold increase in order volume, positioning itself as a leader in the coffee category [3]. - This price reduction is not merely a discount but a strategic "defensive battle" to retain customers who might switch to Kudi for lower prices [3]. - Luckin Coffee's supply chain has improved, allowing it to manage costs better, and the price cuts are focused on high-margin products like fruit teas and light milk teas, which can drive sales of other high-margin items [3][4]. Group 2: Industry Dynamics - The coffee and tea market is highly competitive, with Kudi expanding rapidly through a franchise model and low pricing, while other brands like Heytea and Nayuki are also entering the coffee space [4]. - The ongoing price war emphasizes the importance of cash flow and supply chain efficiency in the short term, while brand strength and product repeat purchase rates will be crucial in the long term [4]. - Investors should monitor key financial metrics post-price reduction, such as the increase in takeaway order volume, the sales proportion of high-margin products, and the potential impact on net profit margins [4][5]. Group 3: Long-term Considerations - The current market dynamics resemble a roller coaster, with frequent promotions and new product launches, but long-term investment should focus on the company's competitive advantages, such as store density and supply chain efficiency [5]. - As long as these foundational elements remain intact, the price war may only result in minor setbacks for Luckin Coffee [5].