预计阅读时长 7 mins 二次元联名成咖啡营销新宠，吸引流量的同时， 营销成本攀升，消费者疲劳渐显。 不知道你有没有这种感觉——现在好像点一杯咖啡或奶茶，十有八九都会遇到某个品牌正在做联名？联名的形 式也越来越多样，从最早的贴个图案、换个杯套，到后来的联名新品、联名套餐、限定周边，甚至还有联名主 题门店。联名已经从偶尔的营销动作，几乎变成了今天现制饮品行业的日常操作。不过，这股联名热潮在茶饮 和咖啡身上，正在出现不同的走向。 根据 CBNdata 的报道，今年上半年，由于几家头部茶饮品牌的节奏放 缓，茶饮行业的联名事件从去年同期的 149 起，降到 72 起，热度有所下降。 而咖啡品牌的联名数量还在继续 增加。截至 7 月，主流咖啡品牌今年已经做了 大约 90 多次联名 ，其中瑞幸咖啡以几乎每月保持两次联名的节 奏，在咖啡品牌中领跑。 也因此被年轻人戏称为「古希腊掌管联名的神」。 再具体到联名 IP 的类型，按照行业媒体的粗略统计，从去年年初到现在，瑞幸五十多起 IP 联名活动中，至少 有四成都是动漫、游戏或卡通形象，其中就包括我们节目一开始所提到的《王者荣耀》、《崩坏：星穹铁道》 还有《黑神话：悟空》这些 ...

刚刚过去的一个季度里，瑞幸的门店总数达到29214 家，这个数字是 2020 年退市时的6倍。五年时间里，它从每卖一杯亏 掉5.6 元，到如今单杯稳定获利1.2 元[1]。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美元 的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 这是近十年来中国商业史上最具代表性的"困境反转"案例。它修正了资本市场对于"中概股退市必死"的刻板印象，演绎了 一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所有人以为的更有韧性。 2021年，生椰拿铁的上市宣布了瑞幸的"卷土重来"——单月销量突破 2000 万杯，相当于每秒钟卖出 7 杯，券后价格常年 9.9 元就能实现盈利。瑞幸又回到了最朴素的商业常识里：好产品是前面的1，其他能力是后面的0。规模只是产品的结果， 份额只是品牌的具象。 事实上，IDG资本从一开始就非常看好瑞幸，但一直没有找到合适的入局机会。公司投资团队判断瑞幸本身的品牌、门店 网络、数字化系统等都是良性健康的，只是在前期试图用大量补贴，在短期急速培养消费 ...

刚刚 过去的一个季度里，瑞幸的门店总数达到 2 921 4 家，这个数字是 2020 年退市时的 6 倍。五年时 间里，它从每卖一杯亏掉 5.6 元，到如今单杯稳定获利 1.2 元 [1 ] 。粉单市场上，它的股价从最低不到 1 美元一路反弹，不断逼近退市前 129 亿美 元的总市值峰点。 这些标志性的数字，构成了瑞幸重生的叙事。 如今中国最好的一批消费品牌，到底是怎么诞生的？ 重戴王冠 退市对于任何一家公司都是一次致命打击。但面对瑞幸，市场却表现得极为冷静和客观，即便流落粉单 市场，瑞幸也并没有离开机构们的视野中央。 先有雪湖资本把瑞幸的目标价大幅上调，估值直逼星巴克，其创始人马自铭高调宣布在粉单买了点瑞幸 股份以表支持 [2] ；后有大钲资本携手 IDG 资本、 Ares SSG ，斥资超 4 亿美元完成了对瑞幸咖啡大部 分股权的收购，保下了瑞幸的品牌。 这是近十年来中国商业史上最具代表性的 " 困境反转 " 案例。它修正了资本市场对于 " 中概股退市必死 " 的刻板印象，演绎了一段投资机构逆势支持企业的佳话，更用一场起死回生告诉人们： 中国消费市场是一个庞大的存在，只要持续做好自己的产品，就可以活得比所 ...

咱别以为这是外资要跑路，说白了，这是中国消费市场早就换了玩法，洋牌子不跟着变，就得被淘汰！ 大家好，我是老陈瞰世界。 最近刷到星巴克、汉堡王这些洋牌子的操作，是不是觉得有点懵？星巴克豪掷 40 亿，把中国区 60% 的股份卖给了博裕资本。 汉堡王更干脆，直接甩卖 83% 股权，换来了 25 亿投资。其实这事儿早有先例，2016 年百胜就把肯德基、必胜客的中国业务转给了春华资本。 说真的，洋牌子早年在中国那可是躺着赚钱的主儿。1987 年肯德基在北京前门开店，那场面热闹得吓人，400 多人排着 2 小时的长队等位，7.3 元一个的汉 堡。 放在当时相当于普通家庭 3 天的伙食费，吃完剩下的纸盒，孩子们都当宝贝似的珍藏起来。 1999 年星巴克进驻北京国贸，墨绿色的门店、原木桌椅，再配上爵士乐，直接成了都市白领的 "装逼圣地"，说句实在的，它卖的哪儿是咖啡啊，分明是那 份 "高人一等" 的逼格。 外资 "卖身" 不是撤退是自救 那时候洋牌子能躺赢，全靠三个硬条件：一是大家想要的多、能买到的少，市场红利一抓一个准。 二是政策给劲儿，外资企业所得税才 15%，还能享受 "两免三减半"，比本土企业 33% 的税率划算太 ...

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 - The article discusses the recent trend of foreign brands, particularly in the food and beverage sector, divesting their stakes in the Chinese market, signaling a potential end to the golden era of foreign brands in China and highlighting the profound changes in consumer behavior and market dynamics [2][3][26]. Group 1: Foreign Brand Divestment - Starbucks sold 60% of its shares in China to Boyu Capital for $4 billion, while Burger King transferred 83% of its shares to CPE Yuanfeng, receiving an investment of 2.5 billion yuan [2]. - The trend of foreign brands retreating from the Chinese market has been ongoing, with Yum Brands selling KFC and Pizza Hut's operations to Primavera Capital in 2016, indicating a shift in market control [3]. Group 2: Historical Context of Foreign Brands - The entry of foreign brands like KFC in the late 1980s was marked by a significant consumer demand and low supply, creating a profitable environment for foreign investments [6]. - Tax incentives and a large labor force with low wages provided foreign companies with a competitive edge in the Chinese market during the early years of reform [6][7]. Group 3: Changing Consumer Behavior - The demographic shift in China has led to a change in consumption patterns, with younger generations prioritizing practicality and value over brand prestige [11][15]. - The rise of the "refined poor" mentality among consumers reflects a move away from conspicuous consumption towards essential and durable goods [11]. Group 4: Market Dynamics and Competition - The coffee market in China is experiencing intense competition, with local brands like Luckin Coffee innovating rapidly and capturing market share through effective marketing and product offerings [20][21]. - Luckin Coffee's success is attributed to its ability to adapt to consumer preferences and its efficient, digital-first operational model, contrasting with Starbucks' traditional approach [22][23]. Group 5: Future Outlook for Foreign Brands - The challenges faced by foreign brands like Starbucks are not indicative of an end but rather a transition to a more competitive and diversified market landscape in China [26]. - The new joint venture formed by Starbucks aims to expand its store count from 8,000 to 20,000, indicating a strategic shift towards capturing the underdeveloped lower-tier markets [27][28].

京东方面表示，希望通过咖啡这一高频消费品类，将品质生活理念延伸至用户的日常场景。 值得关注的是，刘强东今日通过京东旅行直播间，在"京东品酒会"现场亲自下厨，制作家乡宿迁名 菜"卷饼尖椒小鱼"与"酱豆炒鸡蛋"。 据报道，京东此前宣布将投入百亿资金，开启"三年内开设1万家七鲜咖啡门店"合伙人招募计划。 凤凰网科技讯 11月17日，京东正式推出自有咖啡品牌"七鲜咖啡"，主打"只用鲜奶"的健康理念，进一步 拓展其在日常消费领域的品质布局。凤凰网科技发现，该品牌已在京东平台上线，产品线覆盖生椰拿 铁、醇香美式、秋梨鲜奶拿铁等多款现制饮品。并推出"百亿补贴"优惠活动，部分现制咖啡价格打至10 元以下，其中"醇香美式"券后价低至6.18元。 京东官方表示，七鲜咖啡强调"严选标准"与"安心健康"，平台数据显示，部分单品已实现数千笔销量， 并获回头客推荐。 ...

Core Viewpoint - Luckin Coffee is actively pursuing a return to the U.S. capital market after five years since its delisting due to a financial fraud scandal, with a focus on rebuilding credibility and expanding globally [1][3][6]. Group 1: Company Background and History - Luckin Coffee was founded in 2017 and went public on NASDAQ in May 2019 [3]. - The company faced a major financial scandal in 2020, admitting to fraudulent transactions amounting to 2.2 billion yuan, leading to an 80% drop in stock price and subsequent delisting from the U.S. stock market [4][10]. - After the scandal, a new management team led by Guo Jinyi took over, and the company underwent significant restructuring and debt resolution [4][7]. Group 2: Financial Performance - In 2020, Luckin Coffee reported a revenue of 4.033 billion yuan with a net loss of 5.589 billion yuan [10]. - From 2021 to 2024, the company’s revenues increased from 7.965 billion yuan to 34.475 billion yuan, with net profits rising from 686 million yuan to 2.932 billion yuan [10]. - In the first half of 2025, the company achieved revenues of 21.224 billion yuan and a net profit of 1.776 billion yuan, marking a year-on-year growth of 44.57% and 125.35% respectively [10][11]. Group 3: Market Position and Expansion - As of June 2025, Luckin Coffee operated approximately 26,200 stores globally, with a net increase of 2,109 stores in the second quarter alone [11]. - The company has become a leading player in the Chinese coffee market, with more stores than Starbucks, which has about half the revenue of Luckin Coffee in China [11][12]. - Luckin Coffee aims to leverage its return to the U.S. market to enhance its global expansion efforts, currently having 89 overseas stores, primarily in Singapore and Malaysia [6][11]. Group 4: Strategic Considerations for U.S. Market Return - Analysts suggest three main reasons for Luckin Coffee's desire to return to the U.S. market: capital needs due to low liquidity and valuation in the OTC market, the need to rebuild credibility, and the necessity for global expansion [6][13]. - The company is currently focused on executing its business strategy and development, with no specific timeline for its return to the main board of the U.S. market [3][6].

Core Viewpoint - Luckin Coffee, which faced delisting due to financial fraud five years ago, is now preparing to relist in the U.S. with over 26,000 stores and aims to rebuild trust in the capital market through operational strength [2][4]. Expansion and Store Growth - As of June 2023, Luckin Coffee has surpassed 26,000 stores and has served over 380 million customers [3]. - The company plans to add 6,092 new stores in 2024, averaging about 16.7 new stores per day, reaching a total of 26,206 stores by the second quarter of 2025 [6]. - The rapid expansion is significantly driven by a "zero franchise fee" model initiated in 2021, allowing for easier entry into lower-tier markets [7]. Financial Performance - In the first half of 2025, Luckin reported revenue of 21.224 billion yuan, a year-on-year increase of 44.57%, with a net profit of 1.789 billion yuan, up approximately 125.35% from the previous year [14]. - The second quarter of 2025 saw a same-store sales growth rate of 13.4%, a significant recovery from a previous decline [15]. International Expansion - Luckin has begun its international expansion, opening its first overseas store in Singapore and entering the Malaysian market, with plans to establish a presence in the U.S. [9][10]. - The U.S. stores are designed to cater to local preferences, featuring popular products from the Chinese market and integrating local payment systems [10]. Strategic Moves and Future Plans - The company is under the control of major investor Dazhong Capital, which has been pivotal in its recovery and expansion efforts [15]. - Dazhong Capital is also considering a bid for Costa Coffee, indicating ambitions for further consolidation in the global coffee market [16][17]. - The path to relisting in the U.S. involves overcoming stringent regulatory hurdles due to its past financial misconduct, necessitating robust compliance and trust-building measures [19].

瑞幸2020年在纳斯达克停牌 2017年10月，瑞幸全国首家门店在北京开业，总部则设在福建厦门，瑞幸原创始人陆正耀是神州租车的创始人，他将互联网烧钱的打法搬到了咖啡赛道， 通过不断烧钱补贴用户，拉低了现磨咖啡的购入门槛，同时其不断开店，刷新了咖啡赛道的开店纪录，而在营销方式，其在宣传上多次声称对标星巴克， 还签约了张震、汤唯等多个明星作为代言人。 仅仅创立18个月时间，瑞幸就在美股上市，但在美股上市之后不到一年，2020年2月，瑞幸就被曝出财务造假的丑闻，随后，瑞幸承认确实存在虚假交易 22.46亿元，舆论哗然。在丑闻爆发后，2020年5月，时任瑞幸CEO的钱治亚被停职，次月，瑞幸在纳斯达克正式停牌，同年7月，陆正耀被罢免了董事长 的职务，之后郭谨一接任CEO和董事长。 11月初，根据厦门市工商联发布的视频，在2025年厦门企业家日大会上，瑞幸咖啡CEO郭谨一表示，瑞幸在厦门市委市政府的指导下，正积极推动重回美 国主板上市进程。同时，郭谨一透露，瑞幸预计2025年营业收入超500亿元。 图源：厦门市工商联 对此，11月12日，瑞幸相关负责人告诉南都湾财社记者，瑞幸咖啡会持续关注美国资本市场，但公司目前对于重返 ...