"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 Viewpoint - The article highlights the significant growth and expansion of the company, Mixue Group, showcasing its impressive financial performance and strategic initiatives in both domestic and international markets [2][5]. Financial Performance - For the first half of 2025, Mixue Group reported a revenue of 14.87 billion RMB, a year-on-year increase of 39.3%. Gross profit reached 4.71 billion RMB, up 38.3%, while net profit was 2.72 billion RMB, reflecting a 44.1% growth [2]. - The company's cash and cash equivalents increased to 17.6 billion RMB, a 58.5% rise compared to the end of 2024 [3]. Store Expansion - As of June 30, 2025, Mixue Group's global store count reached 53,014, with an addition of 9,796 stores over the past year [5]. - The company has focused on expanding its presence in lower-tier cities, with 27,804 stores located in third-tier cities and below, accounting for 57.6% of its domestic store base [5]. Global Strategy - Mixue Group is actively pursuing globalization, with a focus on Southeast Asia and recent market entries in Indonesia and Vietnam. The company opened its first store in Kazakhstan in April 2025 [5][6]. - The brand Lucky Coffee, under Mixue Group, is also preparing for global expansion, having opened its first overseas store in Malaysia in August 2025 [6]. Supply Chain and Production - The company's procurement network spans 38 countries across six continents, enhancing its scale purchasing advantage. A significant procurement deal worth 4 billion RMB was signed with Brazil [8]. - Mixue Group has established five production bases in China and over 70 smart production lines, achieving 100% self-production of core beverage ingredients [9]. Operational Efficiency - The company has improved its logistics network, with 29 warehouses in China and a distribution network covering 33 provincial-level regions and over 300 cities [9]. - Smart dispensing machines have been tested in over 5,600 stores, enhancing operational efficiency and product standardization [9]. Product Innovation - In the first half of 2025, Mixue Group expanded its product offerings, with top-selling items including fresh lemon water and new product lines like the True Fruit Coffee series, which achieved over 100 million RMB in sales in its first month [11][13]. - The company is also focusing on brand IP development, with flagship stores attracting significant customer traffic and sales [12][14].

Core Insights - In the first half of 2025, Mixue Group reported a revenue of 14.87 billion yuan, a year-on-year increase of 39.3%, with gross profit reaching 4.71 billion yuan, up 38.3%, and net profit at 2.72 billion yuan, reflecting a growth of 44.1% [1][2][3] Financial Performance - The company achieved high double-digit growth across key financial metrics, indicating strong operational performance [1] - The product matrix expansion contributed significantly to revenue growth, with top-selling items including ice lemon water, fresh ice cream, jasmine milk green tea, pearl milk tea, and fresh orange juice [1] Product Development - New product launches included a series of innovative beverages and ice creams, with the "Qing Ti Rou Duo Duo" selling over 7 million cups within three days of its launch [1] - The coffee brand "Lucky Coffee" introduced several new product lines, achieving over 100 million yuan in sales in the month following the launch of the "True Fruit Coffee" series [1] Store Expansion - As of June 30, 2025, the total number of global stores reached 53,014, with an increase of 9,796 stores compared to the previous year [1][2] - The company focused on deepening its presence in lower-tier cities, with 27,804 stores located in tier-three and below cities, accounting for 57.6% of its domestic store count [2] Market Strategy - Mixue Group is actively expanding its overseas market presence, with new store openings in Southeast Asia, including Malaysia and Kazakhstan [2] - The company has established a robust supply chain with a global procurement network covering 38 countries and five production bases [2] Brand Development - The company is enhancing its brand IP strategy, with the "Xue Wang" IP gaining popularity across various age groups, and the "蜜雪冰城" topic accumulating over 54.2 billion views on Douyin [2][3] - The core competitive advantage of the company lies in its "supply chain + brand IP + store operations" strategy, which is expected to be further strengthened in the future [3]

Core Viewpoint - The domestic coffee market is expected to welcome new members to the "10,000 store club," with Luckin Coffee aiming for rapid expansion and a target of 10,000 stores by 2025 [1][3]. Expansion Strategy - Luckin Coffee is set to open approximately 4,500 new stores in 2024, averaging about 357 new stores per month, indicating a significant acceleration in its expansion efforts [1][3]. - The brand's current store count is nearing 7,000, covering over 300 cities nationwide [1]. Pricing and Cost Control - Luckin Coffee follows a "high quality and affordable" strategy, with product prices primarily in the range of 6-8 yuan [3]. - The company benefits from the strong supply chain capabilities of its parent company, Mixue Group, which has 46,000 stores nationwide, allowing for superior cost control and operational efficiency [3][4]. - The cost of coffee beans supplied to franchisees is less than 70 yuan per kilogram, compared to the industry average of over 120 yuan per kilogram, resulting in a gross margin exceeding 50% for a 5.9 yuan Americano [3][4]. Product Development - Luckin Coffee has significantly increased its product launch speed, introducing 32 new products in the first half of the year, an 88% increase year-on-year [4]. - The "True Fruit Coffee" series launched in May achieved over 100 million yuan in sales within a month [4]. Market Potential - The Chinese coffee market is projected to grow, with the industry size expected to reach 313.3 billion yuan in 2024, a year-on-year increase of 18.1% [4]. - Current per capita annual coffee consumption in China is 22.24 cups, with significant room for growth compared to over 300 cups in mature markets like the U.S. and South Korea [4]. Impact of Delivery Wars - Recent delivery service competition has led to a 258% increase in daily order volume, with average store revenue reaching 5,732 yuan on July 12 [5][6]. - The competition has also increased franchise inquiries by 300%, positively influencing consumer price perceptions of coffee [6]. Focus on Urban Expansion - Luckin Coffee is shifting its focus to first and second-tier cities, previously having around 70% of its stores in lower-tier cities [8]. - The company has introduced a support policy for franchisees in major cities, waiving fees totaling 34,000 yuan for two years [8]. Challenges in Urban Markets - Despite the shift, Luckin Coffee faces challenges in penetrating first-tier cities, where its presence is still minimal and often located in suburban areas [9]. - High rental and labor costs in these cities pose a challenge to sustainable profitability, especially when compared to competitors like Luckin Coffee and Kudi Coffee, which have established larger networks [9].