报告导读： 咖啡树属于茜草科，3 年挂果，4-5 年进入盛果期，商业种植农场一般 20-30 年更新种植。咖啡豆主 要分为三种，阿拉比卡、罗布斯塔和利比里卡。阿拉比卡产量占比 70-75%，罗布斯塔产量占比 20-25%， 利比里卡产量占比 2-3%。 全球咖啡生产高度集中。USDA 预计 25/26 年全球咖啡产量为 1072 万吨，TOP5 产量占比 73.49%，前 5 大生产国是巴西、越南、哥伦比亚、印度尼西亚和埃塞俄比亚。80%以上的咖啡产量用于出口，TOP5 出 口占比 65.18%，前 5 大出口国与生产国重叠。全球咖啡消费相对产量略微分散。USDA 预计 25/26 年全球 咖啡消费量为 1016 万吨，TOP5 消费占比 59.92%，前 5 大消费国家/区域分别是欧盟、美国、巴西、菲律 宾和日本，中国排名第 6。全球咖啡期末库存消费比仍较低，USDA 预计 25/26 年全球期末库存 137 万 吨，期末库存消费比仍处于较低水平。 二 〇 二 五 年 度 2025 年 09 月 24 日 全球咖啡现货市场扫描 ---"君研咖啡"系列报告之一 周小球 投资咨询从业资格号：Z0001891 z ...

为了让这份秋日福利更贴近消费者，双方同步推出了颇具吸引力的优惠活动，加油满额享咖啡折扣，消费满额得加油优惠。这份实惠与便捷，让车主在完成加油需求的同时，还能轻松收获一份秋 这场咖啡与加油的秋日邂逅，正是分公司多年来努力于为广大客户提供全方位、一站式便捷服务的生动实践，让能源服务更好地融入千家万户的日常生活，也让更多车主切实感受中国石油"人・ (来源：中国石油内蒙古呼伦贝尔销售分公司 李艳欣) 转自：内蒙古晨网 在金风送爽的秋日里，中国石油内蒙古呼伦贝尔销售分公司新城区加油站多了一丝不寻常的香气——现磨咖啡的醇厚与烘焙甜品的甜香。9月17日，分公司与本地知名咖啡烘焙品牌开展的跨界合作 ...

栖巢以"商务休闲-就到栖巢"为品牌核心主张，打破传统餐饮单一经营边界，成功构建集中西美食、咖 啡茶饮、商务社交与轻办公于一体的复合业态。顾客不仅可品尝专业团队打造的中西轻食套餐、现磨咖 啡与特调茶饮，还可在舒适优雅的环境中实现办公、会议、休闲聚会等多元需求，真正实现"一空间多 场景"，重塑现代都市人的餐饮与休闲方式。 体系化运营+供应链支持，保障跨区域稳健拓展 栖巢凭借集团成熟的四大支持中心——新店发展中心、门店运营中心、供应链运营中心和综合服务中 心，构建高效标准化管理体系。供应链运营中心通过集中采购、统一品控及标准化配送，确保产品品质 的稳定性与安全性。该体系不仅支撑快速复制扩张，更能灵活响应南京本地餐饮偏好，实现"选材全球 性，风味本地化"，助力品牌高效融入区域市场。 十九载深耕铸就卓越，栖巢荣获多项行业殊荣品牌影响力持续提升 近日，备受消费者喜爱的餐饮连锁品牌栖巢迎来创立十九周年。自2006年成立以来，栖巢始终以"品质 为先，服务至上"为宗旨，持续推动产品创新与服务升级，不仅在消费市场中建立起优质口碑，更屡获 业内权威认可，展现出雄厚的品牌实力与良好的发展态势。 近日，国内知名复合式休闲餐饮品牌"栖巢 ...

Group 1: Starbucks China Sale - Starbucks China is in the final stages of a sale, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, expected to finalize by the end of October [1] - The sale attracted over 20 interested institutions, with Starbucks potentially retaining 30% of the equity, ensuring it remains the major shareholder in Starbucks China [1] - As of the third fiscal quarter of 2025, Starbucks reported total revenue of $9.456 billion, a year-on-year increase of 3.8%, while net profit dropped by 47.1% to $558 million [1] Group 2: Performance in China - Starbucks China experienced a revenue increase of 8% year-on-year, reaching $790 million, with same-store sales up by 2% [2] - The number of Starbucks stores in China reached 7,828, with 70 new stores opened and expansion into 17 new county-level markets [2] - The company faces challenges from domestic premium coffee brands and has reduced prices on non-coffee products to enhance overall sales performance [2] Group 3: Tea Baidao's Coffee Initiative - Tea Baidao has launched a trial of freshly brewed coffee products in select stores in Guangdong and Sichuan, featuring a menu with 10 coffee options priced between 6.9 yuan and 12.9 yuan [3] - Daily sales of coffee products in trial stores average 40-50 cups, with peak times requiring a wait of about 15 minutes [3] - This is not Tea Baidao's first venture into coffee, as it previously introduced a coffee sub-brand "Kafei" in 2023 [3] Group 4: Alipay and Luckin Coffee Collaboration - Alipay has launched the first AI payment system in mainland China in collaboration with Luckin Coffee, allowing users to place orders and make payments through an AI assistant [4][5] - This initiative represents a significant advancement in the commercialization of AI applications in consumer transactions [5] Group 5: Shanghai Heitun COFE+ Coffee Robot Financing - Shanghai Heitun COFE+ has announced the global launch of its sixth-generation coffee robot and is initiating Series B financing, with the first round led by Da Pu Asset Management [7] - The company, established in 2018, has developed coffee robots that are now operational in 15 provinces in China and exported to over 50 countries across five continents [7]

Group 1 - The core point of the article is that Cha Bai Dao has launched a trial of freshly brewed coffee products in select stores in Guangdong and Sichuan, which has led to a 10% increase in average cup sales at these locations [1][2] - The coffee offerings include 10 products primarily focused on fruit coffee, with prices ranging from 6.9 yuan to 12.9 yuan, and the average daily sales at trial stores are approximately 40-50 cups [1] - This is not the first time Cha Bai Dao has entered the coffee market, as it previously launched a coffee sub-brand "Ka Hui" in 2023, indicating a strategic move to diversify its product offerings [2] Group 2 - The beverage industry is shifting from a "single category" approach to "all-day" competition, with coffee brands penetrating afternoon tea scenes and tea brands capturing morning markets [2] - Data from CBN Data shows that beverage consumption between 2 PM and 5 PM is now second only to morning consumption, highlighting the growing popularity of fruit coffee and tea lattes among office workers [2]

Core Insights - The article highlights the dominance of Mixue Ice Cream and Tea in the Chinese beverage market, showcasing its impressive financial performance and market expansion [1][2][3] - Despite its success, the company faces challenges such as declining single-store profitability, food safety concerns, and market saturation [1][10][11] Financial Performance - In the first half of 2025, Mixue reported revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, with a gross profit of 4.71 billion yuan and a net profit of 2.72 billion yuan, reflecting a growth of 38.3% and 44.1% respectively [2][4] - The company operates 53,014 stores globally, having opened 9,796 new stores in the past year, averaging 27 new stores per day [2][3] Business Model - Mixue's revenue primarily comes from selling ingredients, packaging, and equipment to franchisees, accounting for approximately 97% of total revenue [4][5] - The franchise model allows for significant scale effects, with the company leveraging its purchasing power to control costs and enhance profitability [6] Market Strategy - The company has a strong presence in lower-tier cities, with 57.6% of its stores located in third-tier and below cities, while only 4.9% are in first-tier cities [7] - As competition intensifies in lower-tier markets, the company faces challenges in maintaining growth and profitability [7][10] Marketing and Brand Positioning - Mixue employs innovative marketing strategies, including viral songs and social media campaigns, to enhance brand visibility and consumer engagement [8][9] - However, the company must continue to evolve its marketing approach to sustain consumer loyalty beyond initial trends [9] Challenges Ahead - The increasing density of stores has led to a decline in single-store revenue, with franchisees reporting significant pressure on profitability [10] - Food safety issues pose a risk to the brand's reputation, as incidents can quickly escalate through social media [11]

Core Insights - The Thai coffee industry is experiencing continuous growth, aligning with the global coffee market trend, which is valued at approximately $269 billion and is expected to reach $369 billion by 2030 [1] - Thai coffee consumption has significantly increased, with per capita annual consumption rising from 180 cups to over 340 cups, leading to a domestic market value projected to soar to 65 billion THB in 2025, reflecting an 8.3% growth compared to 2024 [1] - There is a shift in consumer preference from instant coffee to freshly brewed coffee, indicating a new generation's higher demand for quality, taste, and experience [1] Industry Performance - In the first half of 2025 (January to June), 415 new coffee enterprises were established, marking an 8.9% year-on-year increase, predominantly small businesses, with over 33% located in Bangkok, showcasing strong market momentum [1] - Despite stable total revenue over the past three years, the industry's net profit has declined, particularly in the production segment, which faces cost fluctuations and intense competition [1] - The total revenue for the coffee industry in 2024 is projected to be 206.75 billion THB, with the production segment contributing 37.22 billion THB and the wholesale/retail segment 169.53 billion THB, reflecting a 1.7% year-on-year growth, approximately 3.45 billion THB [1]

Core Viewpoint - The article discusses the expansion strategy of Mixue Ice City and its coffee brand, Lucky Coffee, focusing on their growth in both domestic and international markets, particularly in Southeast Asia [2][5][6]. Group 1: Expansion Plans - Lucky Coffee is preparing to open five stores in Malaysia, marking its first international expansion [2]. - The brand aims to reach over 10,000 stores by the end of this year, with current store numbers exceeding 7,000 [5]. - Mixue Ice City plans to have over 46,000 global stores by early 2025, with nearly 5,000 located outside mainland China, primarily in Southeast Asia [2][5]. Group 2: Market Position and Competition - As of the end of 2023, Lucky Coffee has become the fourth largest fresh coffee brand in China with nearly 3,000 stores [4]. - The coffee market in China has been highly competitive, and Lucky Coffee has faced challenges, including store closures and stagnation in growth [4]. - Lucky Coffee will compete with other Chinese brands like Luckin Coffee and Kudi in Southeast Asia, with Kudi having a rapid expansion plan aiming for 50,000 stores globally by the end of 2025 [8]. Group 3: Supply Chain and Operational Efficiency - Mixue Ice City has established a robust supply chain system that supports both its brand and Lucky Coffee, allowing for cost-effective operations [6]. - The company operates 27 self-managed warehouses in China and 7 in Southeast Asia, totaling approximately 69,000 square meters [6]. - The recent IPO on the Hong Kong Stock Exchange is expected to enhance Mixue Ice City's global expansion and supply chain capabilities [6]. Group 4: Financial Performance and Market Challenges - Following a downgrade by UBS, Mixue Ice City's stock price has declined from nearly 620 HKD to below 500 HKD due to high valuations and challenges in overseas markets [7]. - The company aims to utilize 66% of the proceeds from its global offering to upgrade its supply chain [6].

Group 1 - The number of coffee shops in China reached 49,691 in 2023, surpassing the United States to become the largest globally [1][4][6] - Per capita coffee consumption in China increased to 22.24 cups in 2022, more than doubling from 9 cups in 2020, with some first-tier cities exceeding 300 cups [2][4] - The market for freshly brewed coffee in China has grown significantly, with its market share rising from 18.5% in 2020 to 40.2% in 2023, and is projected to exceed 220 billion yuan by 2025 [6][9] Group 2 - The commercial coffee machine market in China is expected to grow from 5 billion yuan in 2023 to over 8 billion yuan by 2025, with a compound annual growth rate (CAGR) of 15% [11][12] - The overall coffee machine market in China is projected to expand from 1.11 billion yuan in 2018 to 2.95 billion yuan by 2024, with a CAGR of 22.7%, significantly outpacing the global growth rate of 2.5% [11][12] - Imported coffee machines dominate the high-end market, with foreign brands holding over 80% market share in the ultra-high-end segment [13][15] Group 3 - Domestic coffee machine brands are focusing on affordability and portability, targeting household users with compact designs and competitive pricing [26][30] - The sales of household coffee machines in China reached 2.46 billion yuan in 2023, with a year-on-year growth of 12.7% [30] - China's coffee machine exports reached 17.46 billion yuan in 2024, with a surplus of 16.6 billion yuan, indicating a strong manufacturing base [30][32]

Core Viewpoint - The intensifying competition in the takeaway market has unexpectedly benefited the ready-to-drink tea and coffee sector, particularly Luckin Coffee, which reported strong financial performance in Q2 2025, exceeding expectations in revenue and operating profit [1][2]. Financial Performance - In Q2 2025, Luckin Coffee achieved a revenue of 12.359 billion yuan, a year-on-year increase of 47.08%, and an operating profit of 1.7 billion yuan, up over 60% [3][4]. - Same-store revenue growth returned to a positive trajectory, with Q1 2025 showing an 8.1% increase and Q2 2025 accelerating to 13.4% [2][3]. Store Expansion - The pace of store expansion has significantly increased, with over 1,700 new stores opened in Q1 2025 and over 2,100 in Q2 2025, totaling 17,000 self-operated stores and 9,200 franchise stores by the end of Q2 2025 [3][4]. Profitability Metrics - The operating profit margin improved from 12.5% in Q2 2024 to 13.8% in Q2 2025, driven by an increase in gross margin from 59.9% to 62.8% and a reduction in rental and operational costs as a percentage of revenue [4][5]. Impact of Takeaway Competition - The ongoing takeaway price war has activated demand among price-sensitive consumers, leading to a significant increase in transaction volume, with the average monthly active customers reaching 91.7 million, a 32% year-on-year growth [5][6]. - The sales expenses, including platform commissions, grew by 36.7% year-on-year, indicating a controlled impact from the price war on overall profitability [6][7]. Cost Pressures - Delivery costs surged to 1.67 billion yuan in Q2 2025, a dramatic increase of 175% year-on-year, raising concerns about profit margins due to the higher costs associated with increased takeaway orders [7][8]. Future Outlook - The ongoing subsidy war among platforms is expected to provide a favorable environment for Luckin's growth, with potential for further customer acquisition and market penetration in the ready-to-drink coffee sector [8][9]. - Long-term growth prospects remain strong, with the ready-to-drink coffee market projected to grow from 151.5 billion yuan in 2023 to 331.4 billion yuan by 2027, reflecting a compound annual growth rate of 21.6% [10][11]. Valuation Perspective - Luckin Coffee's current market valuation of approximately 10.4 billion USD corresponds to a price-to-earnings ratio of about 19 times, which is significantly lower compared to peers in the ready-to-drink tea sector [11][12].