出品/壹览商业 作者/蒙嘉怡 编辑/薛向 调整仍在持续。 国家统计局数据显示，今年1—6月份，社会消费品零售总额24.55万亿元，同比增长5.0%，对比去年同期的3.7%增速，略有提升。其中，全国网上零售额 7.43万亿元，同比增长8.5%。按此计算，全国线下零售额17.12万亿元，同比增长3.75%，略低于大盘增速。 增速放缓的压力也传导到一线的个体商家。据壹览商业不完全统计，2025年上半年，国内至少有1.71万家门店宣布闭店，涵盖超过100家企业，其中不乏沃 尔玛、永辉超市、华润万家等大型渠道门店，以及星巴克、必胜客、海底捞等头部连锁餐饮品牌。 从行业看，商超行业至少关闭720家门店，百货关闭17家，餐饮近万家，服饰行业闭店近5000家，书店、影院等其他业态超4000家。 商超淘汰赛加速 据壹览商业不完全统计，2025年上半年，全国至少有720家超市关门，既有卜蜂莲花、华润万家、永辉超市、大润发等全国乃至全球性品牌，也有地利生 鲜、悦活里超市等区域性品牌。 | 大类 | 行业 | 品牌 | 闭店原因 | 数量 | | --- | --- | --- | --- | --- | | 渠道 | 超市 | 地 ...

白砂糖回归，下一代有糖即饮茶重新洗牌 经历了前几年"无糖"浪潮后，如今的饮料市场上，"有糖"茶饮料正悄然拿回在社交媒体的话语权。 据千瓜数据显示，小红书上过去 90 天，仅"冰红茶"这一个话题词新增的相关笔记数量，就达到"无糖茶"的一倍多，话题曝光和互动量也远超后者。 翻看新上市的饮料瓶背面配料表，曾经令人躲避不及的白砂糖，最近也有一种"熹妃回宫"的阵势。 无论头部品牌，还是主打无糖的部分新锐势力，都默契十足地推出了一堆含糖（低糖）的新品。 冰茶成了" 0 糖"巨头元气森林新的明星单品，去年创造单月破亿的销售额后，据 #马上赢数据 显示，2024 年 7 月至 2025 年 6 月，其在有糖即饮茶中的市 场份额增速达到 150 %。 康师傅、娃哈哈一众头部品牌和新势力近来纷纷跟进，在配方、含糖量、工艺上升级创新，推出一堆有糖的"柠檬茶"新品；奶茶赛道，有水獭吨吨上新低 糖配方东方茉莉轻乳茶，统一阿萨姆奶茶推出低糖茉莉奶绿。 奶茶、糕点、坚果……中国消费者的胃已经满满当当，不缺这一口饮料。在无糖阵营千茶大战后，想喝得健康的消费者也没有完全抛弃东方树叶和三得利 们。那么，有糖即饮茶赛道为什么会掀起新一轮混战？ 先 ...

Core Insights - The iced tea market is experiencing intense competition in 2025, with major brands like Nongfu Spring, JDB, Wahaha, and Dongpeng Beverage increasing their investments, while established players like Master Kong and Uni-President are also preparing for battle [1][2]. Market Dynamics - Master Kong, as the market leader, is facing significant competition but is actively launching new low-sugar flavors and leveraging celebrity endorsements to maintain its market position [2][3]. - Despite Master Kong's strong brand presence, its market share has been declining, with figures showing a drop from 22.82% in July 2024 to 22.01% in August 2025 [3][4]. - The company's revenue from beverage sales decreased by 2.6% year-on-year in the first half of 2025, attributed to price increases that have pressured retailers and reduced profit margins [4][5]. Competitive Landscape - Uni-President has benefited from Master Kong's challenges, with its market share rising from 5.68% to 7.26% between January 2024 and August 2025, alongside a 7.6% increase in beverage revenue [10][11]. - New entrants like Nongfu Spring and Wahaha are employing differentiated strategies to capture market share, with Nongfu Spring launching a carbonated iced tea and investing 2 billion yuan in R&D [12][15]. - The competitive landscape is shifting, with brands like Wahaha and Dongpeng gaining traction, as evidenced by increased sales and market share [13][15]. Promotional Strategies - Brands are engaging in aggressive promotional activities, such as discounts and giveaways, to attract consumers, with Master Kong and Uni-President also participating in these marketing tactics [17][18]. - The "1 yuan enjoyment" campaign has proven effective in boosting sales for brands like Dongpeng, which reported a 36.37% increase in revenue in the first half of 2025 [18]. Future Outlook - The iced tea market is expected to continue evolving with ongoing competition among established and new brands, potentially leading to significant changes in market dynamics [18].

Core Viewpoint - The tea beverage industry has shifted from a brand-centric model to a fast-moving consumer goods (FMCG) approach, emphasizing scale and efficiency over brand loyalty and innovation [1][9][26] Group 1: Industry Trends - The competition in the tea beverage market has intensified, with brands focusing on price and convenience rather than unique offerings [1][9] - The trend of fast consumerization in tea beverages continues, with brands like Gu Ming and Mi Xue Bing Cheng engaging in aggressive pricing strategies [1][4] - The number of stores and operational efficiency have become the core competitive advantages for leading companies in the industry [1][3] Group 2: Franchise and Store Operations - Most major tea brands operate primarily through franchise models, with Luckin Coffee being an exception with a significant number of direct stores [3][4] - Mi Xue Bing Cheng has opened over 6,500 stores in six months, indicating a rapid expansion that could exceed 10,000 stores for the year [7][8] - The average number of stores per franchisee for Mi Xue Bing Cheng is 2.4, compared to less than two for other brands, highlighting its appeal to franchisees [8] Group 3: Financial Performance and Efficiency - The financial performance of leading brands varies significantly, with Ba Wang Cha Ji showing a sharp decline in revenue and profit despite having the highest average revenue per store [15][16] - Mi Xue Bing Cheng and Gu Ming have maintained stable revenue while expanding, while other brands have seen declines [16] - The cost structure for franchisees is heavily influenced by the operational efficiency of the brand, with Mi Xue Bing Cheng having the lowest employee-to-store ratio [19] Group 4: Marketing and Brand Strategy - Marketing expenditures vary widely among brands, with Ba Wang Cha Ji historically spending more on marketing per unit of revenue compared to others [19][22] - The proliferation of stores serves as a form of advertising, with brands like Mi Xue Bing Cheng leveraging their extensive network for promotional activities [22][23] - The boundaries between tea and coffee brands are blurring, as companies diversify their product offerings to capture more market share [26]

Core Insights - The trend of offering free refills in restaurants has expanded beyond fast food to mid-range and high-end dining establishments, enhancing customer satisfaction and perceived value [1][2] - Free refills serve as a marketing strategy that reduces consumer decision fatigue and encourages higher spending by shifting focus from individual item prices to the overall dining experience [2][3] Group 1: Consumer Perspective - Free refills eliminate the hesitation around small additional costs, allowing customers to enjoy their meals without worrying about portion sizes or extra charges [1][2] - The psychological effect of free refills transforms standard menu items into perceived value opportunities, leading to increased customer satisfaction and loyalty [1][2] Group 2: Business Perspective - From a cost perspective, the marginal cost of providing free refills is low, allowing restaurants to enhance their reputation without significant financial burden [2][3] - Free refills can lead to an increase in average transaction value as customers feel more inclined to order additional high-margin items when they perceive they are getting more for their money [2][3] Group 3: Market Dynamics - The effectiveness of free refills as a marketing strategy is contingent on the overall dining experience, including food quality, service, and ambiance, which remain critical factors for customer retention [3] - As health consciousness rises, the appeal of free refills may be limited, with many consumers opting for moderation rather than unlimited consumption [3]

Core Insights - The dessert market in China is experiencing significant growth, with projections indicating that the market size will exceed 190 billion yuan by 2025 [1][4] - The emergence of dessert-focused establishments, such as the "super dessert station" by Haidilao in Shanghai, reflects a shift in consumer preferences towards multi-functional spaces that cater to various needs [3][4] Industry Overview - The dessert market in China is expected to reach 171.5 billion yuan in 2024, marking a year-on-year growth of 13.2%, and is projected to grow to 192.8 billion yuan by 2025 [4] - The market is segmented into tea-based desserts (34.6%), traditional desserts (34.9%), and Western desserts (20.5%) [4] - The Z generation (ages 18-25) accounts for 62% of the dessert consumption, with women aged 18-35 contributing 70% of the total consumer base [4] Consumer Behavior - Young consumers are increasingly drawn to dessert shops, as evidenced by the high density of dessert and bakery stores in locations like Nanjing's Jinling Tiandi [2][3] - Promotions such as buy-three-get-one-free and buy-one-get-one-free offers are attracting young shoppers to dessert establishments [2] - The trend of integrating dessert options into dining experiences, as seen with Haidilao's dessert station, caters to the fragmented lifestyle of younger consumers who seek convenience [3]

Core Viewpoint - The Shanghai-based new tea drink brand, Lemon Right, is entering the light coffee market with a new product matrix centered around "lemon + coffee" as it celebrates its fourth anniversary [1] Company Strategy - Lemon Right's founder, Xu Baihe, emphasizes a clear positioning strategy focusing on lemon as the core ingredient while eliminating unrelated products [1] - The company aims to extend operating hours and enrich consumption scenarios by introducing coffee and breakfast products [4] Market Context - The coffee market is experiencing significant growth, with competitors like Mixue Group's Lucky Coffee seeing a 164% year-on-year increase in new store openings in Q2, reaching over 7,000 stores by July 31 [3] - Xu Baihe notes that many existing brands attempting to launch lemon coffee often rely on yellow lemons or lemon syrup, lacking the complex craftsmanship of using multiple types of lemons [3] Product Development - Lemon Right plans to introduce breakfast items to complement coffee sales, particularly in locations like airports and train stations where coffee sales have been strong [4] - The company believes that coffee can better meet the demand for energy-boosting beverages compared to lemon tea, which primarily addresses the need for refreshing drinks [3] Competitive Landscape - Xu Baihe asserts that Lemon Right operates in a different segment compared to other tea brands that have introduced coffee, such as Gu Ming and Mixue Ice City, as their store formats and target markets differ [5] - The company positions itself as the first tea brand focusing specifically on the niche of lemon coffee [5] Expansion Plans - Currently, Lemon Right is refining its business model before accelerating store expansion, aiming for high efficiency with a target of three staff members per store and a strict area limit of 15 to 20 square meters [6] - The company has signed partnerships in multiple Southeast Asian markets and aims for profitability in its overseas expansion rather than merely increasing brand awareness [6]

Core Insights - The restaurant industry is increasingly focusing on extending operating hours and diversifying product offerings to enhance resilience and competitiveness in response to fragmented consumer demand [1][2] - Haidilao has launched its first "Super Dessert Station" in Shanghai, offering over 30 types of beverages and desserts, with more than 90% priced under 15 yuan, marking a strategic move to tap into non-meal consumption periods [1][2] Industry Trends - The trend of diversified consumption scenarios is evident, with afternoon tea accounting for 45% of dessert consumption, social gatherings at 30%, and breakfast replacements at 15% [2] - Young female consumers aged 18-35 represent 70% of the customer base, with Generation Z (ages 18-25) contributing 62% of the spending, indicating a strong demand for high-quality and diverse dining options [2] Strategic Implications - Extending operating hours allows restaurants to maximize coverage of dining periods, thereby improving single-store operational efficiency without increasing fixed costs [2] - The shift towards all-day consumption scenarios is not only a strategy for leading brands but is also becoming essential for small and medium-sized restaurants to differentiate themselves and seek new growth opportunities [2] Future Outlook - Future competition in the restaurant industry will focus on comprehensive operational capabilities across all time slots and scenarios, rather than being limited to single categories or periods [2] - Companies that can accurately grasp consumer rhythms, quickly respond to demand changes, and continuously optimize product structures and service experiences will gain a competitive edge in the upcoming industry consolidation [2]

Core Insights - Haidilao has launched its first "Super Dessert Station" in Shanghai, offering over 30 products including beverages and desserts, with more than 90% priced under 15 yuan [1] - This launch is part of Haidilao's modular strategy of combining hot pot with various personalized modules, transitioning from a single-category focus to an ecological matrix [1] - The introduction of the dessert station reflects the brand's deep understanding of consumer trends and innovation in dining experiences, aiming to provide a more convenient and diverse culinary experience [1] Company Strategy - The dessert station is a new addition to Haidilao's existing combinations such as "Hot Pot + Dessert Station" and "Hot Pot + Beef Workshop," showcasing a flexible model [1] - Haidilao is focusing on "demand segmentation + multi-scenario coverage" to achieve a "thousand stores, thousand faces" approach [1] - The company plans to continue optimizing its "Hot Pot +" modular combinations based on consumer needs, enhancing product diversity and dining scenarios [1]

Core Insights - Haidilao has launched its first "Super Dessert Station" at the Shanghai Zhonggeng Mall location, offering over 30 products including coffee, milk tea, lemon tea, snow ice, Gelato, bagels, sandwiches, cakes, and mousse, with over 90% of the products priced under 15 yuan [1][3] - The introduction of the dessert station aligns with the emerging consumer trend of fulfilling multiple needs in the same space, catering to customers who wish to purchase desserts and drinks after their meal without additional effort [3][4] - Haidilao is transitioning from a "single category" model to an "ecological matrix" by combining hot pot with dessert stations and other offerings, indicating a deep understanding of consumer trends and an innovative approach to dining experiences [4]