记者丨贺泓源 韦怡琦 编辑丨高梦阳 比库迪更便宜的幸运咖门店数破万家了。 2025年11月24日，幸运咖宣布，其全球门店数量正式突破10000家。 从年初的4500余家到突 破万店，仅用了10个多月就实现了门店数翻倍。 另据幸运咖披露，截至目前，幸运咖门店已覆盖全国超300座城市，包括一线、二三线城市及 广大下沉市场。其中，一线市场的门店数已超千家，北京地区门店数达到100家。 需要注意的是，幸运咖的爆发，有着外卖大战推动。在今年二季度，幸运咖新签门店同比增长 164%。7月以来，加盟咨询量环比增长超过300%，且来自一线城市的加盟咨询电话激增。而 幸运咖方面认为，销售爆发也与其主动营销策略有关。 但是，外卖补贴正在退潮。 有正在扩张期的咖啡品牌高管告诉21世纪经济报道记者， 7月后，外卖补贴明显收缩。 幸运咖是蜜雪集团旗下现磨咖啡品牌，主要产品定价在6—8元。作为对比，库迪正在实施全场 9.9元。 瑞幸执行官郭谨一也在近期的业绩会上提到，随着外卖补贴退潮，瑞幸在第四季度乃至明年的 同店销售额增长指标将面临短期波动与压力。 从门店规模来看，截至三季度末，瑞幸门店数为29214家。库迪最新数据是1.8万家。 这 ...

有正在扩张期的咖啡品牌高管告诉21世纪经济报道记者，7月后，外卖补贴明显收缩。 21世纪经济报道记者贺泓源、实习生韦怡琦 比库迪更便宜的幸运咖门店数破万家了。 2025年11月24日，幸运咖宣布，其全球门店数量正式突破10000家。幸运咖是蜜雪集团旗下现磨咖啡品 牌，主要产品定价在6-8元。作为对比，库迪正在实施全场9.9元。 从门店规模来看，截至三季度末，瑞幸门店数为29214家。库迪最新数据是1.8万家。 另据幸运咖披露，截至目前，幸运咖门店已覆盖全国超300座城市，包括一线、二三线城市及广大下沉 市场。其中，一线市场的门店数已超千家，北京地区门店数达到100家。 需要注意的是，幸运咖的爆发，有着外卖大战推动。在今年二季度，幸运咖新签门店同比增长164%。7 月以来，加盟咨询量环比增长超过300%，且来自一线城市的加盟咨询电话激增。而幸运咖方面认为， 销售爆发也与其主动营销策略有关。 但是，外卖补贴正在退潮。 瑞幸执行官郭谨一也在近期的业绩会上提到，随着外卖补贴退潮，瑞幸在第四季度乃至明年的同店销售 额增长指标将面临短期波动与压力。 这或许会影响幸运咖的下一步增长。 亦要看到，随着外卖补贴退潮，咖啡价格战 ...

封面新闻记者 付文超 11 月 24 日，平价咖啡头部品牌幸运咖宣布，其全球门店数量正式突破 10,000 家。这一规模标志着，幸运咖成为少数迈入"万店俱乐部"的本土咖啡连锁品 牌之一，也反映出平价咖啡在中国市场的快速渗透。 据介绍，幸运咖创立于 2017 年，是蜜雪集团旗下现磨咖啡品牌，聚焦提供"高质平价"的咖啡产品，主要产品定价在 6-8 元。得益于单店模型的持续优 化，2025年以来，幸运咖加速开拓全国市场。仅用约10 个月时间，幸运咖门店数便实现翻倍增长，门店增速居于头部连锁品牌前列，是今年咖啡市场快 速跑出的一匹黑马。 值得一提的是，幸运咖还在今年正式启动全球化布局。今年 8 月份，幸运咖在马来西亚开设首家海外门店，将中国的"高质平价"咖啡带到全球市场。目 前，幸运咖海外业务保持良好发展势头。 记者了解到，幸运咖能快速达成万店规模，既得益于产品与运营能力的持续提升，也离不开蜜雪集团在供应链端的支持。据悉，幸运咖是行业里极少数兼 具原料直采、自有烘焙基地、自建物流体系的品牌，共享集团五大生产基地与29个仓储中心，12小时配送圈确保原料新鲜，实现咖啡豆直采、烘焙、物流 等环节的高效整合。 当下，中国现磨 ...

Core Insights - The Chinese coffee market has experienced rapid growth since the 1980s, with various coffee formats emerging, including instant, ready-to-drink, capsule, and freshly brewed coffee [1][2] - Intense competition has characterized the market, particularly in 2023, with significant price reductions and the expansion of coffee shops into lower-tier cities [1][4] - Nestlé's Nespresso views China as a high-priority market with substantial growth potential, although consumption levels still lag behind mature markets [1][4] Market Dynamics - The coffee market in China has seen a shift in brand rankings due to increased competition, with major players like Starbucks adjusting their strategies, including the sale of a majority stake in its Chinese operations [1][4] - Nespresso's sales in 2022 reached 6.378 billion Swiss francs, highlighting its significant contribution to Nestlé's overall performance [2] Consumer Trends - There is a growing preference for larger coffee servings in China, with over 60% of consumers favoring milk-based coffee, contrasting with European habits of consuming smaller espresso shots [6][7] - The trend of "specialty" coffee and innovative ingredients is becoming popular among younger consumers, indicating a shift towards more personalized coffee experiences [6][7] Product Development - Nespresso aims to differentiate itself by emphasizing its unique brand story and product offerings, particularly in the context of the growing capsule coffee segment, which has seen a 226.8% year-on-year growth, albeit from a low sales base [5][6] - The company recognizes the need to adapt its marketing strategies to resonate with local cultural preferences and consumer behaviors, moving away from a one-size-fits-all approach [6][9] Emotional Connection - Chinese consumers are increasingly seeking emotional value from their coffee experiences, desiring not just product innovation but also meaningful connections through promotions and collaborations [7][9] - Nespresso's partnership with table tennis athlete Wang Chuqin as a brand ambassador reflects the company's strategy to localize its brand presence and appeal to younger demographics [9]

Core Viewpoint - The report from Huachuang Securities indicates that Guming (01364) is a leading player in the domestic mid-range tea beverage market, with potential for stable performance growth driven by new product categories, store expansion, and cost reduction in raw materials [1] Group 1: Company Performance and Projections - The company is expected to achieve revenue of 111.59 billion, 134.19 billion, and 158.18 billion yuan for the years 2025-2027, with year-on-year growth rates of 26.9%, 20.3%, and 17.9% respectively [1] - The projected net profit attributable to shareholders is 24.87 billion, 26.25 billion, and 31.55 billion yuan for the same period, with year-on-year growth rates of 68.2%, 5.5%, and 20.2% respectively [1] - The target price for the stock is set at 27.84 HKD, with a "recommended" rating reflecting confidence in its growth potential as a leader in the fresh tea beverage industry [1] Group 2: Market Position and Strategy - As of the end of 2023, the company ranks second in the national ready-to-drink tea market and first in the mid-range segment, having expanded to 11,179 stores through franchising [2] - The company offers a diverse range of fresh tea products priced between 10-18 yuan, successfully penetrating lower-tier markets with a strategy of "fresh and accessible" offerings [2] - Key competitive advantages include a robust supply chain that supports rapid store expansion and a strong cold chain logistics system, enabling the company to deliver fresh fruits and milk to stores within two days [2] Group 3: Industry Trends and Insights - The ready-to-drink beverage industry is characterized by price differentiation, operational efficiency, and the integration of tea and coffee products [3] - The market size for ready-to-drink tea is projected to exceed 600 billion yuan by 2035, driven by expanding consumer demographics and increasing frequency of consumption [3] - The competitive landscape is shifting, with weaker brands exiting the market, creating structural expansion opportunities for leading brands like Guming [3] Group 4: Growth Drivers - The coffee business is expected to become a new growth engine, with over 8,000 stores covered by mid-2025 and significant potential in lower-tier cities [4] - Store expansion is anticipated to continue, with many domestic provinces and overseas markets still underdeveloped, allowing for replicable success based on supply chain advantages [4] - There is considerable room for cost reduction in key agricultural raw materials, which will enhance profit margins as scale effects and supply chain efficiencies improve [4]

报告中称，现制饮品行业格局呈现价格带分化、运营能力为王、茶咖融合等特征：1)市场规模与结构： 规模上，公司招股书显示2023年现制茶饮市场规模2115亿元，其中10-20元大众价格带占比51.3%，为最 大且增速最快的细分市场;受消费人群边界扩张、产品健康新鲜化替代升级，及全渠道高频触达下的频 次提升驱动，现制茶饮市场预计2035年将突破6000亿元，外卖大战亦验证茶饮高频消费潜力。2)竞争格 局：现制茶饮门店正面临存量重构，中腰部及以下弱势品牌加速出清，为古茗等头部品牌创造结构性扩 张机会。高端品牌喜茶、奈雪的茶仍在尝试溢价，平价市场由蜜雪依靠规模垄断，大众价格带因毛利 高、市场空间广阔成为竞争主战场。现饮产品品类高频创新迭代，短期内品类红利创造结构性机会，长 期来看供应链效率与规模效应是关键壁垒。3)品类趋势：鲜果茶、轻乳茶将步入成熟期，茶咖融合加 速，中国人均咖啡消费量大约为日韩的1/15，低线市场潜力巨大。 增长前瞻：1)咖啡业务：截至2025年6月30日已覆盖超8000家门店，低线城市咖啡渗透率仍低，古茗有 望凭门店网络与供应链优势，将咖啡培育为新增长引擎。2)门店扩张：一方面存量市场有望持续加密， ...

新华财经北京11月11日电四大证券报内容精华摘要如下： 中国证券报 ·大消费板块助力沪指重新站上4000点 数据显示，截至11月10日晚，A股共有9家上市公司对外披露2025年全年业绩预告，涉及多家行业龙头 公司。从业绩预告情况看，续亏2家，略增2家，略减1家，不确定4家。随着全年业绩预告发布，上市公 司频获机构调研。机构普遍对上市公司新产品的上市进展、研发投入、未来几年的发展规划等内容较为 关注。 上海证券报 ·国办出台13项政策举措进一步激发民间投资活力 为进一步激发民间投资活力、促进民间投资发展，国务院办公厅日前印发《关于进一步促进民间投资发 展的若干措施》（以下简称《若干措施》），提出13项针对性政策举措。国家发展改革委经济体制与管 理研究所副所长、研究员祁玉清在接受上海证券报记者采访时表示，《若干措施》提出的13项具有创新 性、针对性和可操作性的措施，从扩大市场准入、促进公平竞争、促进数实融合、优化投资融资支持等 多个维度，进一步促进民间投资高质量发展，其颁布实施正逢其时。 ·促进新能源消纳和调控增强新型电力系统适配能力成关键 11月10日，国家发展改革委、国家能源局联合发布《关于促进新能源消纳和调 ...

Core Insights - Starbucks is undergoing a significant adjustment in its equity structure following several months of large-scale price reductions in the Chinese market, indicating a strategic response to increasing competition from local brands like Luckin Coffee and Kudi Coffee [1] - The coffee consumption trend in China is shifting from a "social attribute" to a "daily attribute," with high-quality affordable coffee becoming the mainstream consumer preference, contrasting with the high-end market [1] - The intensifying competition in the freshly brewed coffee sector presents challenges such as high costs and product homogenization, making supply chain capability and stability crucial for the competitiveness of affordable brands [1]

Core Insights - The eighth China International Import Expo was held in Shanghai, where Mixue Group launched a limited edition "Brazilian Berry Ice Cream" in collaboration with the Brazilian Export and Investment Promotion Agency, becoming a popular attraction at the event [1] - Mixue Group aims to deepen its coffee industry cooperation with Brazil and localize its operations in the Brazilian market [1][2] Group 1: Product Development and Market Expansion - The "Brazilian Berry Ice Cream" is a new product developed by Mixue Group using Brazilian fruits, with plans for future launches in the Brazilian and South American markets [2] - Mixue Group is preparing to localize its operations in Brazil, including store openings and supply chain development, with a commitment to providing high-quality and affordable products [2] - A memorandum of understanding was signed in May 2023, with plans to invest at least 4 billion yuan in Brazilian agricultural products over the next 3-5 years, creating approximately 25,000 jobs [2] Group 2: Coffee Industry Collaboration - Brazil is the world's largest coffee producer and exporter, accounting for one-third of global coffee production, and is a key supplier of Arabica coffee beans [3] - Mixue Group has established deep cooperation in the coffee industry with Brazil, sourcing coffee beans for its brands "Mixue Ice City" and "Lucky Coffee" from Brazil and other key regions [3] - The company operates an intelligent supply chain factory in Hainan with an annual production capacity of 22,000 tons, ensuring high-quality coffee through a rigorous selection and roasting process [3] Group 3: Global Presence and Cultural Exchange - Mixue Group has over 53,000 stores globally, covering 12 countries, and its procurement network spans six continents and 38 countries [4] - The company integrates Chinese industry practices into overseas markets, promoting cultural exchange between China and Brazil through its products [4] - China has been Brazil's largest trading partner for 15 consecutive years, with Mixue Group facilitating the introduction of Brazilian agricultural products to China while sharing Chinese tea culture in Brazil [4]

Core Insights - The coffee market in China is experiencing a significant price drop, with prices for freshly brewed coffee falling to as low as 2.9 yuan per cup, challenging the previous price point of 9.9 yuan set by brands like Luckin Coffee and Kudi [1][4] - The trend indicates that coffee is becoming a daily staple for consumers, moving away from its previous status as a premium product [2][3] Price Dynamics - The recent promotional campaign by the tea brand Guming offered coffee at 2.9 yuan per cup, leading to a surge in consumer interest and social media buzz [2] - TAIJUAN COFFEE has also entered the market with competitive pricing, offering American coffee at 3.9 yuan and espresso at 2.9 yuan [2] - The price of coffee has been driven down by intense competition and promotional strategies, with some consumers reporting prices as low as 0.99 yuan per cup through group buying [3] Market Competition - The competitive landscape is shifting, with brands like Guming and TAIJUAN COFFEE challenging established players like Luckin and Kudi, which previously dominated the 9.9 yuan price point [4][5] - Industry experts suggest that the 9.9 yuan price point is now seen as a low-margin strategy, with costs for coffee beans and other inputs rising, making it difficult for brands to sustain profitability at this level [4][6] Consumer Behavior - Consumers are increasingly prioritizing price over brand prestige, with many expressing surprise at the affordability of freshly brewed coffee compared to traditional breakfast items [2][3] - The perception of coffee as a daily necessity is growing, particularly among working-class individuals who consume multiple cups per day [3] Sustainability of Low Prices - Analysts warn that the current low pricing strategy may not be sustainable without ongoing platform subsidies, as rising costs for coffee beans and other materials are putting pressure on profit margins [6][7] - The future of low-priced coffee may depend on efficient supply chains and the ability to leverage low-cost domestic coffee production [7]