以下文章来源于20社 ，作者贾阳 罗立璇 20社 . 关注年轻人的钱包、工作和生活。 商家联名卷出花，核心原因还是受众对简单的联名越来越不感冒了。 01 但瑞幸对鬼灭联名，可能有点期待过高了。相比去年与原神合作时诚意满满的设计，鬼灭的设计被认为过 于"行活"，用的全是旧柄图。 瑞幸"背刺"二次元？ 瑞幸刚在11月16日结束的《鬼灭之刃》联名，依然还在引发部分粉丝的不满。 由于邻近《疯狂动物城2》的联名活动上线时间，一些粉丝在小程序页面依然能下单《鬼灭之刃》的联名套 餐产品，下单后除了《鬼灭之刃》的联名徽章没变，但收到的联动杯子、联动纸袋，已经变成了《疯狂动 物城2》的包装。 "瑞幸你到底在卖什么？下单鬼灭变疯狂动物城？就算商品下线了，能不能备注一下包装非本主题？" 当然，下面也有热心人解释，联动包装不算配套周边，只是活动的一部分。而且，如果活动结束后，门店 依然使用之前的物料，被抓到是会罚钱的。 归根结底，其实是粉丝把包装也算成了周边的一部分。在之前瑞幸的多次IP联名，因为包装设计得非常用 心，会有很多粉丝都会把免费的杯子、杯套以及包装袋留下来，自己DIY"谷子"（比如冰箱贴、挂画等）， 可以说已经成为了瑞幸 ...

2023年，受价格战等因素影响，幸运咖一度门店数量增长速度放缓。2025年初，幸运咖立下要开1万家店的目标，并扩充市场端人员，降低了开店成本。根 据幸运咖的招商政策，不包括店面装修、租金、转让费等费用，开出一家店的费用是12.7万，其中包括1万元的加盟费、6.6万元的设备费用、3.4万元的首批 物料费等。 一位在县城开幸运咖的加盟商说，在当地开一家瑞幸咖啡门店的成本是幸运咖的两倍多，由于门槛低，所以吸引了很多人前来询问怎么开幸运咖。在他看 来，这些人多为餐饮小白，不懂得如何经营一家店。 11月24日，蜜雪集团（2097.HK）旗下咖啡品牌、被视为第二增长曲线的幸运咖宣布其全球门店数量突破1万家，这是中国第三家门店数量破万的咖啡品 牌，前两家是瑞幸咖啡和库迪咖啡。幸运咖主要产品定价在6元—8元，较前两者价位更低。 早在2017年，幸运咖被蜜雪集团入股孵化，成为独立品牌，由郑州一间精品咖啡店主理人负责运营。2020年，蜜雪集团全资收购幸运咖后，从招商部、市场 部、品牌部等部门各抽调一人，组成了幸运咖的早期团队，并立下了"五年再造一个蜜雪冰城"的目标。 上海啡越投资管理有限公司董事长王振东说，幸运咖是首个由茶饮品牌 ...

近年来，瑞幸咖啡依托高效数字化运营管理体系，构建起超29000家的门店网络，咖啡消费已融入 普通人日常通勤、社交、办公室、下午茶等众多场景。随着与国航合作的达成，瑞幸咖啡成功将服务场 景从地面延伸至万米高空，精准触达更多高频次商旅人群，构建起真正意义上的"全场景咖啡消费生 态"。在消费升级与服务业加速融合的背景下，这种"多方共赢"的合作将会成为跨界合作的典范，为行 业的"咖啡+"模式提供新思路。 据悉，未来瑞幸和国航合作的产品还将投放更多航线，用航线网络链接中国云南、巴西等全球优质 咖啡产区，用瑞幸的"全球原产地"绘制"世界咖啡风味航线"，让万米高空成为传递咖啡文化与地域风味 的新窗口。此外，"咖啡+航旅"的消费场景拓展，也为瑞幸咖啡一直与全球各大原产地所秉承的"经贸 +文化"合作模式，创造了进一步的合作机遇。 原标题：万米高空也能"瑞一杯"，瑞幸携手国航打造云端咖啡新体验 万米高空，云海之上，一杯杯醇香的瑞幸咖啡，如今已成为中国国航部分航班上的"新标配"。近 日，咖啡品牌瑞幸与中国国际航空公司达成正式合作，联手打造"空中咖啡品鉴主题航班"。11月21日， 该主题航班于北京—厦门、成都—北京两条航线上顺利启航 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 王毓婵 Busy Money 中国本土护 肤品牌"LAN 兰"获得欧莱雅旗下基金投资 欧莱雅集团日前宣布对中国纯净护肤品牌"LAN兰"进行少数股权投资。此次投资由欧莱雅中国旗下上海美次方投资有限公司进行，得到欧莱雅集团战略 创新风险投资基金公司BOLD的支持。这也是美次方投资的首个中国本土护肤品牌。兰是一家纯净护肤品牌，秉持"精净、高能"的纯净护肤定位，并 从"以油养肤"的产品理念切入，以更透明、天然的产品标准，提供纯净系列护肤产品。旗下拥有多个国产品牌，包括"兰"、"susisu"等新锐品牌。 内蒙古仙饼嫂完成2000万元A轮融资 近日，仙饼嫂完成2000万元人民币A轮融资。本轮融资由深圳市天皓实业投资控股有限公司领投，多家机构跟投。据悉，融资将主要用于全国门店网络 拓展、供应链体系升级及数字化运营深化。仙饼嫂是一家蒙古族非遗美食品牌。 花伍完成数千万元A轮融资 花伍科技获本轮数千万元A轮投资。投资方为云南省农业基金、官渡区产业投资基金。花伍科技是一家一站式花农鲜花货源采购平台，致力于云南鲜花批 发行业互联网货源供应链 ...

Core Insights - Luckin Coffee has partnered with China International Airlines to launch "in-flight coffee tasting theme flights," enhancing the travel experience for passengers [1][2] - The collaboration aims to create a "coffee + travel" synergy, providing customized coffee products specifically designed for in-flight consumption [1] - This partnership allows Luckin Coffee to extend its service from ground to high altitude, targeting frequent business travelers and establishing a comprehensive "full-scenario coffee consumption ecosystem" [2] Group 1 - The partnership includes the launch of themed flights on routes such as Beijing-Xiamen and Chengdu-Beijing, starting from November 21 [1] - Passengers on economy class flights from Beijing to Chengdu, Xiamen, Guangzhou, and Shenzhen can enjoy exclusive coffee beverages during their journey [1] - Customized coffee products, including easy-to-brew coffee sticks, have been developed to meet the unique needs of in-flight service [1] Group 2 - Luckin Coffee operates over 29,000 stores, integrating coffee consumption into various daily scenarios such as commuting, socializing, and office breaks [2] - The collaboration is expected to expand to more flight routes, linking to premium coffee-producing regions globally, including Yunnan and Brazil [2] - This "coffee + travel" model is seen as a new opportunity for further cooperation in the context of cultural and economic exchanges [2]

Summary of Conference Call on Coffee and Tea Beverage Industry Company and Industry Overview - The conference call primarily discusses the performance and outlook of **Pop Mart** and **Luckin Coffee**, as well as the **tea beverage industry** represented by **Guming** [1][13][15]. Key Points on Pop Mart - **Performance Concerns**: Pop Mart's performance is influenced by the popularity of its IP, Labubu. There are concerns about its ability to continuously create popular IPs, with expectations of a peak and potential decline in 2025 [1][2]. - **Market Sentiment**: Bulls view Pop Mart as a successful IP operation platform with significant overseas market potential, while bears question its IP incubation capabilities and express concerns over reliance on single IPs and weak high-frequency data [1][3][4]. - **Sales Growth**: Fourth-quarter sales are expected to show limited growth compared to the third quarter, attributed to a focus on regular products rather than new hits [5]. - **US Market Dynamics**: High-frequency data fluctuations in the US market are linked to supply issues and operational strategy adjustments, with Halloween sales impacted by capacity constraints [6]. - **IP Lifecycle**: Despite concerns about Labubu's lifecycle, strong operational strategies can extend its viability, as demonstrated by the success of other IPs like Molly [7][8]. - **Future Developments**: Pop Mart plans to launch a new version of Labubu and engage in proactive operations, such as a 10th-anniversary exhibition, to maintain brand vitality [9][10]. - **Sales Structure**: Labubu accounted for approximately 30% of total sales in the first half of the year, with other established IPs like Molly contributing significantly. Emerging IPs like Cry Baby and Star People are also growing rapidly, indicating a diversified IP matrix [11]. - **Category Growth Potential**: The plush category is expected to become the largest, with projected sales reaching 10 billion. The global market potential for plush products could reach 30 billion, with other categories also showing growth potential [12]. Key Points on Guming - **Market Position**: Guming is viewed as a mid-priced tea brand with potential, but bears express concerns about its lack of uniqueness and potential performance decline post-subsidy [13][14][17]. - **Operational Strengths**: Bulls highlight Guming's operational capabilities, supply chain advantages, and digital membership operations, which are expected to mitigate impacts from subsidy reductions [14]. - **Expansion Plans**: Guming plans to expand into new markets, including Shandong and Shanghai, which are expected to contribute significantly to growth [16]. Key Points on Luckin Coffee - **Recent Performance**: Luckin Coffee reported a 14.4% quarter-over-quarter same-store sales growth in Q3 2025, driven by subsidies and seasonal demand [18]. - **Profitability Challenges**: Despite a 2.5 percentage point increase in gross margin, rising delivery costs are pressuring profitability. The company faces potential negative same-store sales growth starting in 2026 due to high base effects [18]. - **Long-term Outlook**: The Chinese ready-to-drink coffee market is still expanding, and Luckin's efficient supply chain and strong digital operations are expected to support continued growth [18].

Core Insights - Luckin Coffee's revenue increased by 50.2% year-on-year to RMB 15.287 billion in Q3 2025, but net profit decreased by 2.7% to RMB 1.278 billion, primarily due to the impact of the delivery battle [1][5]. Financial Performance - Total net revenues reached RMB 15.3 billion, with a year-on-year increase of 50.2% [2]. - Gross Merchandise Volume (GMV) grew by 48.1% year-on-year to RMB 17.3 billion [2]. - Average monthly transacting customers increased by 40.6% year-on-year to 112.3 million [2]. - Store-level operating profit rose by 10.2% year-on-year to RMB 1.941 billion, with an operating margin of 17.5% [2]. - GAAP operating income increased by 12.9% year-on-year to RMB 1.777 billion [2]. Store Expansion - The company added 3,008 new stores in Q3, reaching a total of 29,214 stores, marking an 11.5% quarter-on-quarter growth [3]. - Self-operated stores accounted for 18,882, while franchise stores numbered 10,332 [3]. Customer Engagement - Monthly average transacting users hit a record high of 112 million, with 42 million new users added in the quarter [3]. - Same-store sales increased by 14.4% year-on-year, recovering from previous declines [3]. Cost Structure - Raw material costs as a percentage of total net revenue decreased from 39% to 36% year-on-year, despite a 41% increase in absolute value to RMB 5.5 billion [3]. - Rent and other operating costs as a percentage of total net revenue fell from 22% to 20%, with a 36% increase in absolute value to RMB 3.1 billion [4]. - Sales and marketing expenses decreased from 6% to 5% of total net revenue, with a 28% increase in absolute value to RMB 751 million [4]. Delivery Costs - Delivery expenses surged by 211.4% year-on-year to RMB 2.89 billion, accounting for 18.9% of total revenue, which negatively impacted operating profit margins [5]. - The company’s net profit decline was attributed to the rising delivery costs associated with the competitive landscape [5]. Competitive Landscape - The delivery battle has intensified, with competitors like KFC and Pizza Hut showing more stable profit margins [6]. - Luckin Coffee is compelled to engage in price competition to maintain market share in the high-frequency coffee consumption sector [7]. Strategic Direction - The company is exploring structural solutions, including a shift towards in-store pickup as a primary consumption method [9]. - The CEO emphasized that delivery costs are too high relative to the pricing sensitivity of coffee, and the focus will return to in-store consumption over time [10]. - The company anticipates short-term fluctuations in same-store sales growth due to the tapering of delivery subsidies [11].

那么到底是谁，以效率与增长之名，带着餐饮老板们互相卷，把行业推入了一场"不死不休"的无序内卷的竞赛？ 01 谁培养了只认价格， 以前做餐饮时，店里没什么客人，生意冷淡，所以不赚钱，亏损了。 现在，客流满满，外卖订单接不完，都要忙死了。但还是不赚钱。 看到「中国餐饮创新大会」上的一组数据：中国餐饮的堂食客单价，已然跌回了十年前的水平。 不看价值的顾客？ 小到一家社区店，大到一个连锁品牌。餐饮业的竞争从未停止，但竞争的维度早被彻底改写。 在平台和某些品牌的低价影响 下价格越来越魔幻，2023年底瑞幸咖啡开启了"全场9.9元"活动，到2025年美团的拼好饭瑞幸只要6.9一杯！ 这已经不是简单降价促销，而是一个决定性的信号。 瑞幸凭借其超过两万家门店的体量和在资本市场重建的信用，瑞幸有能力将一杯现制咖啡的价格长期锚定在十元上下的水平。 瑞幸这是不只是便宜，这是重新定义消费者对价格的感知。 这一行动产生了连锁反应，消费者的价格预期被永久性改变：一杯像样的咖啡就不该超过10元。 紧接着，压力沿着供应链向上传导，咖啡豆商利润更低，加盟商的回本周期被拉长，门店员工收入变低。 甚至关联的茶饮、快餐乃至人均30元左右的简餐赛道被 ...

Core Viewpoint - Recent news indicates that Luckin Coffee's major shareholder, Dazhong Capital, is considering a bid for Costa Coffee, which is reportedly up for sale by Coca-Cola, with discussions still in preliminary stages [1][2] Group 1: Company Developments - Luckin Coffee has successfully turned around its business, surpassing Starbucks to become the largest coffee company in China in 2023, following a period of losses and significant compensation [1] - In Q3 2023, Luckin Coffee reported total net revenue of 15.287 billion yuan, a year-on-year increase of 50.2%, with a GAAP operating profit of 1.777 billion yuan and an operating profit margin of 11.6% [1] - The CEO of Luckin Coffee, Guo Jinyi, stated there is no clear timetable for the company's return to the main board for listing [2] Group 2: Industry Trends - The coffee and fast-food sectors are experiencing a wave of mergers and acquisitions, with significant investments such as CPE Yuanfeng's $350 million injection into Burger King China, aiming to expand its stores from 1,250 to over 4,000 by 2035 [1][2] - Costa Coffee currently has 341 stores in China, but its expansion has been slow due to a conservative strategy, leading to a perception of high prices among consumers [2] - The current M&A landscape in the restaurant industry shows three notable trends: controlling acquisitions becoming mainstream, increasingly complex transaction structures, and a diverse range of acquisition entities including private equity and industry capital [3]

$\left(\frac{\mathrm{U}_{\mathrm{max}}}{\mathrm{U}_{\mathrm{max}}\mathrm{U}_{\mathrm{min}}}\right)$ |  | 行业研究·行业快评 |  | 社会服务·酒店餐饮 | 投资评级：优于大市（维持）  | | --- | --- | --- | --- | --- | | 证券分析师： | 曾光 | 0755-82150809 | zengguang@guosen.com.cn | 执证编码：S0980511040003 | | 证券分析师： | 张鲁 | 010-88005377 | zhanglu5@guosen.com.cn | 执证编码：S0980521120002 | | 联系人： | 周瑛皓 | | zhouyinghao@guosen.com.cn | | 事项： 证券研究报告 | 2025年11月19日 餐饮行业动态点评 从瑞幸和百胜中国看外卖补贴大战的得与失 2025 年 11 月 17 日，瑞幸咖啡披露 2025Q3 经营业绩数据；百胜中国举办线下投资者交流日。 国信社服观点： 1）外卖大战下 ...