i黑马 . 让创业者不再孤独@i黑马 常斌，启承资本创始人&管理合伙人，黑马加速导师。 以下文章来源于i黑马 ，作者i黑马 曾负责京东集团的战略投资，于2016年创办启承资本，专注消费投资，助力新一代消费冠军。已经投资 了京东物流、万物新生、十月稻田、锅圈食汇、德尔玛、源氏木语、植护、零食很忙、钱大妈、薛记炒 货、海马体、M Stand等知名品牌。 今天大家又感到迷茫彷徨。但我相信，肯定还有一些生意是有结构性机会的。 我们的信心从哪里来？ 首先是9亿人的刚需升级机会。9亿人的下沉市场将成为接下来中国消费的主流市场。 在十年、二十年前，中国上一代消费冠军是以海外品牌为主的中高端品牌，包括麦当劳、星巴 克、ZARA、耐克等等。这些品牌主要面向的是二线以上城市的中产消费者，大概有三四亿 人。 我们具体分析一下 瑞幸和星巴克。 星巴克目前在中国有6000多家店，中国是其全球第二大市场。 瑞幸也是先在一二线城市启动的，在一二线城市变成了星巴克的平替。 但瑞幸真正狂飙突进是这两年，通过生椰拿铁等几款调配产品一路下 沉，甚至到乡镇市场。瑞 幸去年共有16000多家店，今天超过2万家店没有什么问题。 也就是说，让一线城市和四 ...

最近几年，中国咖啡市场的赛道可以说是相当内卷，瑞幸、库迪、manner、幸运咖是你方唱罢我登场，就在最近瑞幸杀入美国市场的消息传来，杀入了世界 咖啡文化的大本营，瑞幸究竟是想干啥？ 一、瑞幸杀入美国市场？ 首先，这些年，伴随着咖啡文化的普及，中国咖啡市场已经经历了从无到有的迅速发展，并且进入了竞争白热化的状态。随着城市化进程的加快以及消费者 生活方式的改变，越来越多的人开始接受并喜爱上这种提神醒脑的饮品。特别是在年轻一代中，咖啡不仅是一种日常饮品，更成为了一种社交工具和生活态 度的象征。这导致了各大品牌纷纷进入中国市场，包括国际巨头星巴克、Costa等，也催生了像瑞幸、库迪、manner这样的本土新兴品牌。然而，随着市场 竞争的加剧，各品牌之间的价格战、营销战愈演愈烈，如何寻找新的增长点成为了摆在各家咖啡企业面前的普遍难题。 据21世纪经济报道的消息，近日，瑞幸咖啡在美国纽约曼哈顿百老汇大道755号、第六大道800号的首批两家门店正式开业。 据瑞幸美国APP公布的菜单显示，其饮品价格在3.45美元（约合人民币24.7元）至7.95美元（约合人民币57元）之间。其中美式咖啡4.45美元（约合人民币 31.9元） ...

在中国，茅台是门大学问。 近来茅台价格动荡，6月12日散瓶批发价首次跌破2000元（1980元/瓶），引发市场恐慌。随后价格继续下探，叠加电商平台618大促，美团、拼多多等以 1499元/瓶低价放量，进一步拉低终端成交价。 6月23日，"今日酒价"显示2025年散瓶飞天茅台批发参考价为1870元/瓶，2025年原箱飞天茅台批发参考价为 1935元/瓶。早前已有消息称，在广州的多家 餐饮门店，大家已经能喝到1499元的飞天茅台。 | 茅台飞天 | | | 2025年6月23日 (公众号: 今日酒价) | | --- | --- | --- | --- | | 品名 | 规格 | 昨日行情 | 今日行情 | | ② 25年で天(原) | 53度/500ml | 1935 | 1935 | | の 25年で天(散) | 53度/500ml | 1870 | 1870 | | 24年飞天(原) | 53度/500ml | 1950 | 1950 | | 24年飞天(散) | 53度/500ml | 1900 | 1900 | | 23年飞天(原) | 53度/500ml | 2100 | 2100 | | 23年飞天 ...

以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 常斌，启承资本创始人&管理合伙人，黑马加速导师。 曾负责京东集团的战略投资，于2016年创办启承资本，专注消费投资，助力新一代消费冠军。已经投资 了京东物流、万物新生、十月稻田、锅圈食汇、德尔玛、源氏木语、植护、零食很忙、钱大妈、薛记炒 货、海马体、M Stand等知名品牌。 今天大家又感到迷茫彷徨。但我相信，肯定还有一些生意是有结构性机会的。 我们的信心从哪里来？ 首先是9亿人的刚需升级机会。9亿人的下沉市场将成为接下来中国消费的主流市场。 在十年、二十年前，中国上一代消费冠军是以海外品牌为主的中高端品牌，包括麦当劳、星巴 克、ZARA、耐克等等。这些品牌主要面向的是二线以上城市的中产消费者，大概有三四亿 人。 我们具体分析一下 瑞幸和星巴克。 星巴克目前在中国有6000多家店，中国是其全球第二大市场。 瑞幸也是先在一二线城市启动的，在一二线城市变成了星巴克的平替。 但瑞幸真正狂飙突进是这两年，通过生椰拿铁等几款调配产品一路下 沉，甚至到乡镇市场。瑞 幸去年共有16000多家店，今天超过2万家店没有什么问题。 新的生意一定要基于中国新 ...

在上海的一家咖啡馆，最新推出的本土化咖啡新品吸引了很多年轻人前来消费。 咖啡馆负责人介绍，目前咖啡的口味逐渐从传统的奶咖，扩展到果咖、茶咖等多样化的选择，"酱香拿铁""麻酱咖啡"乃至"啤酒咖啡"等创意口味不断打破传 统界限，打动广大消费者的味蕾。 （央视财经《正点财经》）近年来，我国咖啡消费规模不断扩大，咖啡产品受到中国文化、国人口味等因素的影响也在不断加深，很多商家采用本土化创新 来激活市场，增强产品的溢价能力。 上海市民 宋辰：每天都会喝，买了半自动咖啡机，也有手冲的设备，手磨的咖啡机相对会便宜一些，差不多是1000元到2000元。 上海某咖啡公司设计总监 于悦：这个市场在很健康地扩大，从2020年到现在，这几年间我们手冲咖啡器具的销售增长量应该在5倍以上。 江苏某智能科技公司联合创始人 蔡花兰：从家用咖啡机市场来分析，2023年的数据是进口咖啡机占到68%，国产咖啡机是32%，我们预测到2028年，数据可 以反过来，国产占68%。 转载请注明央视财经 上海某咖啡馆负责人 王铝：我手里是羽衣甘蓝轻咖，很多健身人群、年轻人都很喜欢这款，日常一天能卖四五百杯，这些新品销售能占当日整体销售杯量 的一半以上。 不 ...

Core Insights - The article discusses the recent trend of dairy companies, including Ningxia Saishang Dairy Co., Ltd., entering the ready-to-drink beverage market by opening physical stores, with a focus on fresh milk and yogurt products [1][7][13] Group 1: Company Initiatives - Ningxia Saishang Dairy's subsidiary, Jinhai Technology, launched its first store "Shanxia You Niu," selling fresh milk, yogurt, and other dairy products at an average price of under 20 yuan [1][4] - Other dairy companies like San Yuan Foods and Wandashan Dairy have also expanded into the downstream beverage market, indicating a broader industry trend [1][13] - The store emphasizes the use of local Ningxia milk, branding itself around regional identity to attract customers [1][3] Group 2: Product Offerings - "Shanxia You Niu" offers a variety of products, including fresh milk, yogurt, and smoothies, with prices ranging from 10 to 30 yuan, positioning itself in the mid-range market [4][6] - The fresh milk is priced competitively, with small and large bottles costing 5.9 yuan and 9.9 yuan respectively, aligning with market standards [6][9] - The product lineup combines the strengths of Jinhai Technology's yogurt and Saishang Dairy's thick milk products, creating a diverse product matrix [9][10] Group 3: Market Context - The dairy industry has faced challenges such as declining consumer demand and falling prices, prompting companies to seek new growth avenues [9][10] - The average price of fresh milk in major producing provinces has dropped by 11.3% year-on-year, indicating a need for innovation and adaptation within the industry [9][10] - The establishment of direct-to-consumer stores allows dairy companies to create product experience centers, enhancing their supply chain visibility to potential B2B clients [10][12] Group 4: Industry Trends - Many dairy companies are exploring the opening of physical stores, with examples including San Yuan Foods and Tianrun Dairy, which have launched their own beverage brands [13][15] - Collaborations with established beverage brands, such as the partnership between Junlebao and Mixue Ice City, are also common strategies to strengthen market presence [15] - The competitive landscape of the ready-to-drink beverage sector is intense, making it challenging for new entrants to secure a significant market share [15][16]

Core Insights - The article discusses the rising trend of collaboration between beverage brands and popular IPs, particularly focusing on Luckin Coffee's recent partnership with the drama "Chang'an's Lychee" and its impact on sales and marketing strategies [1][5][9] Group 1: Collaboration Trends - Luckin Coffee has seen significant success with its IP collaborations, with the "Chang'an's Lychee" series selling out quickly upon release, indicating strong consumer demand [1][3] - The beverage industry has experienced a surge in collaborations, with Luckin Coffee participating in 25 collaborations in 2024, up from 15 in 2023, and other brands like Nayuki Tea and Heytea also engaging in numerous partnerships [3][4] - The overall tea and coffee industry has conducted over 200 collaborations in 2024, reflecting a trend where new product launches are often accompanied by partnerships with popular IPs [3][6] Group 2: Financial Implications - The costs associated with IP collaborations can be substantial, with IP licensing fees alone reaching tens of millions, contributing to increased marketing expenses for brands like Luckin Coffee, which reported a 63.4% year-on-year increase in sales and marketing costs in Q1 2024 [5][6] - Despite the high costs, successful collaborations can lead to significant revenue boosts, as seen with Luckin's "Sauce Fragrance Latte," which generated over 100 million in sales on its launch day [5][6] Group 3: Market Dynamics - The article highlights a potential shift in strategy from high-frequency collaborations ("volume") to more selective and quality-driven partnerships ("quality"), as brands seek to ensure sustainable engagement and customer loyalty [7][8] - There is a growing concern about the diminishing returns of frequent collaborations, with some consumers expressing indifference towards the partnerships, indicating a need for brands to enhance the overall purchasing experience [6][8]

Core Insights - Starbucks China has implemented a price reduction on several non-coffee beverages, marking the first official price adjustment in its 25-year history in China, with reductions ranging from 2 to 6 yuan [2][3] - The price cuts are seen as a strategic response to increasing competition from local brands like Luckin Coffee and Heytea, which have been expanding rapidly and offering lower prices [2][4] Pricing Strategy - The price reduction focuses on non-coffee drinks, reflecting a deep market consideration as consumer preferences evolve towards a more diverse beverage market [3][4] - Starbucks aims to capture market share in the non-coffee segment during peak tea consumption seasons, leveraging psychological pricing to enhance perceived value [4][8] Market Performance - In the 2024 fiscal year, Starbucks China reported revenues of $2.958 billion, a 1.4% year-over-year decline, with the fourth quarter showing a 7% year-over-year drop [8][9] - The company has experienced a continuous decline in average transaction value for ten consecutive quarters, with a notable drop of 9% to 4% in recent quarters [9][10] Competitive Landscape - Local competitors like Luckin Coffee have shown significant growth, with a 41.2% year-over-year increase in total net revenue for the first quarter of 2025, widening the performance gap with Starbucks [9][10] - Starbucks is facing challenges not only in China but also globally, with a 1% decline in same-store sales in North America, which contributes nearly 70% of its revenue [9][10] Strategic Adjustments - Starbucks has made several strategic moves, including appointing a Chief Growth Officer to enhance product innovation and marketing strategies in response to slowing growth [12][13] - The company is also exploring potential partnerships and investments to optimize its operations and enhance its market position in China [10][11] Digital Transformation - Starbucks is collaborating with Microsoft Azure to launch an AI assistant aimed at improving operational efficiency in stores, which is part of a broader digital transformation strategy [18][19] - The company has received positive market reactions, with RBC Capital raising its target price for Starbucks shares, reflecting confidence in its digital initiatives [19][20]

Group 1 - The report highlights that the food and beverage industry is experiencing a shift from inventory reduction to capacity reduction, particularly in the liquor sector, with a focus on new products and channels for mass-market products [1][12][26] - The overall effective demand remains insufficient, with consumption structure adjustments driven by "emotional premium" and "new channel transformation" [2][3] - The report emphasizes the importance of new retail channels, such as instant retail, which are reshaping the value chain for brand owners, distributors, and retailers, with efficiency being a key factor [2][31] Group 2 - In the liquor sector, the report notes a significant decline in government consumption, which has dropped from 30-40% to around 5% since the introduction of the "three public consumption ban" in 2012, impacting business and mass consumption indirectly [18][21] - The report outlines the 2025 operational goals for various liquor companies, indicating a rational approach to growth targets amid industry consensus on deceleration [23][24] - The report forecasts that the market size for instant retail in the liquor sector will exceed 100 billion yuan by 2025, with significant growth observed in online sales during promotional events [32][36] Group 3 - The report indicates that the white liquor sector is undergoing a deep adjustment period, with macroeconomic cycles, supply-demand imbalances, and a lack of consumption scenarios affecting stock performance [40][41] - It highlights that the white liquor index has underperformed compared to the broader market, with a year-to-date decline of 12.1% as of June 12, 2025 [40][39] - The report suggests that the social attributes of white liquor are evolving, with younger generations favoring different social consumption patterns, such as casual gatherings and emotional consumption [26][29]

六月安好！感谢关注~ | 今日茅台行情 | | --- | 自5月中旬以来，飞天茅台的市场交易价一路下滑，原箱报价仅为2020元/瓶，散瓶报价为1970元/瓶，甚至有观点认为其价格即将跌破1900元。 更有消费者断言，年内能喝上1499的平价茅台。 一直以来，茅台在中国人心中的地位都是无可撼动的。 从社交场合中的高端礼品，到投资理财的热门选择，茅台早已超越了普通酒类消费品的范畴，成为一种身份的象征和财富的代表。 然而，最近茅台却遭遇了价格下跌的困境，引发了市场对其"神话"破灭的广泛讨论，也让人不禁思考，这是否意味着一个时代的终结。曾经，茅台被视作 理财界的"香饽饽"，其年收益率高达10%～12%，远超许多理财产品，吸引了大量投资者。 然而，随着市场环境的变化，台的价格开始走下坡路。 在各大电商平台，茅台的价格战愈演愈烈，拼多多百亿补贴等活动更是将茅台价格进一步拉低至1840元/瓶。 这一系列的价格波动，似乎都在宣告茅台昔日的辉煌正在逐渐消退。 导致茅台价格下跌的原因是多方面的。 一方面，经济下行压力导致消费市场整体收缩，企业缩减开支，商务宴请与礼品市场受到冲击，普通消费者的购买力也有所下降。 另一方面，政策层 ...