在星巴克10月30日发布的2025财年第四季度及全年业绩报告中，星巴克中国交出了一份远超市场预期的财报数据，其下沉市场的发展成绩十分亮眼，并在 全国1091个县级城市开出了8011家门店。有趣的是，蜜雪集团旗下咖啡品牌幸运咖作为10元以下平价咖啡的"黑马"，正高歌猛进驶入一线市场，相关门店 数超过千家，总门店数超过9000家，展现出迅猛的增长势头。 国内咖啡市场的竞争已进入白热化阶段，咖啡从"社交属性"逐渐转向"日常属性"，平价咖啡迎接发展新机遇。上海大学经济学院副教授巫景飞对上海证券 报记者表示，"咖啡品牌的竞争是一场'持久战'，其根基在于成本控制、供应链与品牌建设这三大核心能力，而赢得年轻消费者是赢得未来的关键。" 星巴克中国"猛攻"下沉市场 交出亮眼答卷 星巴克10月30日发布了2025财年第四季度及全年业绩报告，在营业收入方面，星巴克中国连续四个季度实现增长，达到8.316亿美元，同比增长6%。2025 全财年收入达到31.05亿美元，同比增长5%。星巴克特别强调了其在下沉市场的发展成绩，财报显示，截至2025财年末，星巴克在全国1091个县级城市开 出了8011家门店。 近年来，高价咖啡品牌遇冷成为 ...

"高质平价"成消费共识 新浪科技讯 10月31日下午消息，2025年的中国现磨咖啡市场，格局正在发生重构。其中，最为显著的 特征是一线城市中，人们对咖啡消费的理念正从"品牌溢价导向"转向"质价比导向"。这场变革中，曾经 在咖啡领域呼风唤雨的星巴克，正遭遇前所未有的"围剿"。而以幸运咖、瑞幸、库迪为代表的平价咖啡 品牌，则正在这片蓝海市场中展现出强大的统治力。 这种此消彼长的态势，不仅反映了消费需求的根本性转变，更标志着咖啡行业即将进入以"质价比"主导 的新时代。 "以前觉得一线城市得喝贵的才体面，现在身边同事都喝10块以内的，好喝不贵才是王道"，有长期喝咖 啡习惯的消费者表示肯定，这种需求跨越地域的共性，也证明"高质平价"并非局限于特定市场的过渡性 策略，而是具备长期发展潜力的核心路径。 消费者需求变化也在重塑市场格局。今年以来，幸运咖在一线城市的开拓速度明显加快。截至目前，幸 运咖在北京门店数逼近百家，北京、深圳等地多家门店单日营业额突破 5 万元。此外，幸运咖成都门店 数日前突破百家，持续打开一线市场增长空间。 平价咖啡崛起，从品牌溢价转向性价比 据艾媒咨询最新数据，中国咖啡市场规模预计到2030年将超过 ...

Core Insights - Starbucks China reported a revenue growth of 6% year-on-year to $831.6 million (approximately RMB 5.913 billion) for the fourth quarter of fiscal year 2025, and a total revenue of $3.105 billion (approximately RMB 22.077 billion) for the entire fiscal year, reflecting a 5% increase [1][2] - The operating profit margin for Starbucks China has remained in double digits, with both operating profit and margin showing sequential improvement for four consecutive quarters [1] - Starbucks China is currently in the process of selling equity, with significant interest from various capital entities recognizing its potential for localization and growth [8][10] Revenue and Sales Performance - The core driver of growth in Starbucks China is attributed to price adjustments, with a notable price reduction of around RMB 5 for several key products starting June 10 [3] - In Q2, same-store sales increased by 2% year-on-year, with transaction volume up by 9%, although the average transaction value decreased by 7% [4] - The company has opened 8,011 stores across 1,091 county-level cities, maintaining high profitability levels for new stores [5] Marketing and Promotions - Starbucks has implemented various promotional activities, including product innovations and leveraging social media trends, which have contributed to record sales [4] - The company has also benefited from the growth of its delivery service, "Zhuan Xing Song," achieving historical highs in sales across various time frames [4] Strategic Partnerships and Equity Sale - Starbucks is seeking a partner for its China business, with reports indicating that Boyu Capital is a preferred choice, potentially valuing the business at over $4 billion, and possibly exceeding $10 billion when including franchise fees [10][12] - The company aims to retain a significant stake in the Chinese market, indicating confidence in long-term growth potential [12] Competitive Landscape - Starbucks is facing increasing competition from domestic brands like Luckin Coffee, which reported a 47.1% year-on-year revenue growth in Q2, significantly outpacing Starbucks [13] - Other local brands, such as Kudi Coffee, are rapidly expanding, with Kudi surpassing 15,000 stores and achieving profitability [14] Cultural and Operational Considerations - The shift towards localization in Starbucks China involves granting more autonomy to local teams, which is a significant change for a company with a strong cultural identity [6][7] - The potential loss of Starbucks' cultural essence during this localization process raises questions about the impact on its operations in China [16][17]

当夏日的余温尚未散去，奶茶店已感受到一丝深秋的"寒意"。 七月，市场监管总局约谈主要外卖平台以来，平台间的内卷竞争逐步回归理性，补贴力度也随之减弱。消费者的感受最为直接："以前十几块就能点到一 杯奶茶，现在动辄二十多，配送费也涨了。""薅羊毛"的机会减少，不少用户选择回归理性消费，甚至暂别奶茶。 从年中"0元奶茶"、"1元新品"的补贴狂欢，到如今满减缩水、配送费回调，曾经人头攒动的茶饮店门前，也渐渐冷清起来。对茶饮行业而言，这个冬天不 仅是季节的变换，更意味着增长逻辑的改变。 据窄门餐饮数据显示，截至2025年7月15日，全国奶茶店总数约42.63万家，近一年净减少3.92万家。经历了上市潮、价格战、外卖补贴的轮番洗礼后，奶 茶品牌们不得不直面下个问题：补贴退去后，靠什么活下去？ 补贴退潮，流量渐失 今年夏天，茶饮行业经历了一轮补贴狂欢，外卖平台流量爆棚，骑手日入过千、门店连夜备料。然而不过数月，补贴悄然退潮。 从"跑马圈地"到"单店盈利" 市场端恢复冷静，资本市场认知也在发生转变。 过去几年，奶茶企业多以开店规模为导向，跑马圈地。进入2025年，市场的关注焦点已从"开了多少店"转向"一家店能赚多少钱"。换言 ...

整理 | 钟艺璇 #Big News# 始 祖鸟 大中华区总经理离职 始祖鸟大中华区总经理离 库克预身上海泡泡码特 雀巢计划裁员16000人 型Kr | 未来消费 深陷烟花秀风波之后，始祖鸟迎来重要人事变动。 根据母公司亚玛芬体育2025年10月17日公开宣布，始祖鸟大中华区总经理佘移峰（Ivan She）正式 离职，其职务将由亚玛芬大中华区总裁马磊暂代。在过渡期间，马磊将直接向始祖鸟全球首席执行官 Stuart Haselden汇报。 这一变动距离争议烟花秀仅过去不到一个月时间，此前9月19日，蔡国强工作室联合始祖鸟品牌，在 西藏江孜县海拔4670-5020米区域实施《升龙》烟花秀，活动视频迅速引发广泛环保质疑。 最新消息是，10月15日，西藏日喀则市调查核查组发布喜马拉雅山烟花秀活动调查结果，将根据生 态环境损害调查情况，依法追究北京蔡国强艺术工作室生态环境损害赔偿和生态修复责任。始祖鸟品 牌作为此次活动的赞助商，依法承担相应的生态环境损害赔偿和生态修复责任。 佘移峰的离职，也被业内认为，与烟花秀事件造成的负面影响有直接关系。 这已是亚玛芬体育大中华 区一年内的第二次重要人事调整。2025年7月，原亚玛芬 ...

世界中餐业联合会与黑峪投资联合发布的《中国咖啡产业报告2024》显示，现磨咖啡市场规模超过1200亿元，整体市场规模达到1500亿。报告指出，现磨 咖啡将快速成为消费主流，预计市场份额将从不足40%提升至超80%， "高质平价" 成为驱动行业增长的核心引擎。 当下，行业竞争从单纯价格战升级为价值战，头部品牌各显神通，已形成品牌之间的差异化竞争格局。瑞幸和库迪凭借数字化运营和规模效应持续引领； 星巴克坚守"第三空间"理念的同时加速下沉步伐。 值得关注的是，9月底，京东在2025年全球科技探索者大会上宣布推出"七鲜咖啡"，开启合伙人招募，并立下三年开出一万家店的目标。行业人士表示， 在线上流量成本居高不下的当下，通过咖啡这种日常消费品类切入线下场景，无疑是一条高效且可持续的获客路径。 有业内人士表示，出色的产品创新力，大单品打造能力以及高质平价的商业模式，也为幸运咖的规模扩张提供了强有力支撑。截至目前，幸运咖全国门店 数超 8700 家，且还在快速增长。可以预见的是，中国平价咖啡市场格局或将很快迎来重塑。 2025年中国现磨咖啡市场在规模扩张与品质升级的双重浪潮中实现新增长。10月17日，记者获悉，截至 10 月 ...

Core Insights - The sales of "Coconut Latte" by Luckin Coffee have exceeded 300 million yuan, with over 30 million cups sold as of early October 2023 [1] - Luckin Coffee has launched several new product lines this year, including strawberry, lychee, and real fruit coffee series, contributing to its revenue growth [1] - The company has updated its autumn menu with ten new products under the "Lucky Latte Season" series, including Lemon Cheese and Red Bean Paste [1] - Luckin Coffee has over 8,700 stores nationwide and continues to expand rapidly [1]

Group 1: Autonomous Driving Initiatives - Baidu is launching its autonomous driving business in Europe, starting with an office in Zurich and plans to operate in Switzerland and Europe by next year, initially with safety drivers in vehicles [1] - Pony.ai is planning to deploy a fleet of autonomous taxis in Hong Kong after overcoming regulatory hurdles, while downplaying competition from Tesla [2] Group 2: Automotive Industry Developments - ZhiMi Technology has officially announced its entry into the automotive sector, aiming to produce a luxury electric vehicle comparable to Bugatti, with a team of nearly 1,000 people and a patent portfolio of 6,379 applications [4] - BYD's vehicle registrations in the EU doubled in July, surpassing Tesla's registrations, with 13,503 units sold across the EU and additional countries [9] - BYD has launched the Atto 1 in Indonesia, with two models priced at 2.09 billion and 2.49 billion Indonesian Rupiah [10] - BYD announced plans to build an assembly plant in Malaysia, expected to start production in 2026 [12] - BYD's Thailand factory has produced and exported over 900 Dolphin electric vehicles to Europe, marking a significant milestone for the company [14] Group 3: Consumer Brands Expansion - Mixue Group reported a revenue of 14.87 billion yuan in the first half of 2025, with a net profit of 2.72 billion yuan and a global store count of 53,014 [5] - Lucky Coffee has opened its first overseas store in Malaysia, offering a localized menu alongside classic products [7] - Xiaomi has established around 200 stores overseas, with a target of over 100 stores in Southeast Asia by 2025 [8] Group 4: Investment and Financing Activities - JD.com is planning to establish a real estate investment trust (REIT) in Singapore, with assets potentially exceeding $1 billion [18] - Chery Automobile has made significant progress towards its IPO in Hong Kong, with plans to issue up to 699 million shares [19]

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first half of 2025, driven by strong performance in merchandise sales and store expansion [1][2]. Financial Performance - The company achieved a revenue of 14.87 billion yuan, representing a year-on-year growth of 39.3% [1] - The net profit attributable to shareholders reached 2.69 billion yuan, with a growth of 42.9% [1] - Gross margin stood at 31.6%, slightly down by 0.2 percentage points [2] - The net profit margin improved to 18.1%, up by 0.5 percentage points [2] Business Segmentation - Merchandise sales accounted for 93.1% of total revenue, with a growth of 39.5% to 13.84 billion yuan [1] - Equipment sales contributed 4.4% of revenue, growing by 42.3% to 650 million yuan [1] - Franchise service revenue was 3.8 billion yuan, with a growth of 29.8%, making up 2.6% of total revenue [1] Store Expansion - The total number of stores reached 53,014, with 52,996 being franchise stores and 18 direct-operated stores [1] - The company added 7,721 franchise stores and closed 1,187, resulting in a net increase of 6,534 franchise stores [1] - The company is focusing on improving operational quality in Southeast Asia while continuing to expand in domestic markets [1] Geographic Distribution - The number of stores in mainland China and outside mainland China was 48,281 and 4,733, respectively, with net increases of 6,697 and a closure of 162 stores [1] - The company is exploring entry into Central Asia and the Americas while maintaining steady growth in Malaysia and Thailand [1] Market Dynamics - The company anticipates double-digit growth in same-store GMV, with new store openings contributing approximately 23.2% to revenue growth [2] - The company has launched 32 new products under the sub-brand Lucky Coffee, which has seen significant sales growth [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Insights - The company achieved a 43% year-on-year increase in net profit attributable to shareholders for the first half of 2025, with total revenue reaching 148.7 billion yuan, a 39.3% increase [1][8]. - The company is focusing on improving operational quality in Southeast Asia while continuing to expand its store presence in domestic markets, with a total of 53,014 stores by mid-2025 [1][10]. - The subsidiary brand, Lucky Coffee, is entering a growth phase, with over 7,800 stores and significant new product launches contributing to revenue growth [3][16]. Financial Performance - For the first half of 2025, the company reported a gross margin of 31.6%, with a net profit margin of 18.1%, reflecting effective cost control and a decrease in the tax rate [3][12]. - The company plans to increase its adjusted net profit forecasts for 2025-2027 to 60.3 billion, 74.5 billion, and 92.2 billion yuan, respectively, indicating a positive outlook for future earnings [3][16]. - The projected earnings per share for 2025 is 15.88 yuan, with a price-to-earnings ratio of 26.5 [4][17]. Store Expansion and Market Strategy - The company added 7,721 franchise stores in the first half of 2025, with a net increase of 6,534 stores, demonstrating strong franchise growth [1][10]. - The geographical distribution of stores shows a focus on mainland China, with 48,281 stores, while also exploring opportunities in Central Asia and the Americas [2][10]. - The company is seeing a faster growth rate in lower-tier cities, with 57.6% of its stores located in tier-three and below cities [2][10].