<p>目前，中國正在進行一場關於哪家公司將主導全球人們喜愛的產品——咖啡市場的戰爭。成功進入中國市場是西方公司幾十年來一直渴望的事情。中國擁有超過 14 億人口，佔世界人口的 17%。許多公司將其視為巨大的增長機會。</p>
<p>在這裏，我們將探討這場咖啡戰中的兩家領先參與者：一家全球知名的西方公司和一家近年來在中國國內打響名聲的本土公司。我們將看看這兩家公司在消費者自由選擇領域的歷史以及他們之間競爭的現狀，並考慮接下來可能發生的事情。</p>
<h2><strong>星巴克在中國的主導地位正在減弱</strong></h2>
<p>星巴克（NASDAQ: SBUX）是咖啡界的全球巨頭，總部位於華盛頓州西雅圖。該公司早在 1999 年就進入了中國市場。中國是該公司在美國以外最重要的市場，目前在中國已經擁有超過 7300 家門店。</p>
<p>儘管門店數量龐大，但近幾個季度銷售額一直在下滑。在財政第二季度，中國可比銷售額下降了 11%，這既受到平均訂單額減少又受到交易減少的影響。可比銷售額不包括新店的銷售額。開設新店可以增加收入，但並不意味着現有店鋪經營良好。</p>
<p>在財政第三季度，下降幅度擴大，可比銷售額下降了 14%。與在美國市場一樣，星巴克在中國定位為高端咖啡品牌，售價遠高於競爭對手。這很可能影響了最近的銷售下滑，因為中國消費者對經濟的信心在 7 月份接近歷史最低點。在經濟信心不足的情況下，消費者可能會轉向價格更低的選項以節省開支。</p>
<h2><strong>瑞幸咖啡現在是中國的奪冠熱門</strong></h2>
<p>瑞幸咖啡（OTCMKTS: LKNCY）於 2017 年進入中國市場。該公司在 2019 年上市後遭遇了一場欺詐醜聞，隨後被納斯達克摘牌。但現在，該公司已經完全恢復，並且正在給星巴克製造麻煩。</p>
<p>過去一年間，該公司的門店數量大幅增長，從 2023 年 6 月的約 11,000 家增加到 2024 年 6 月的近 20,000 家。幾乎所有門店都在中國，還有一些在新加坡。該公司運營約三分之二的門店，而其餘門店則採用類似特許經營的模式。</p>
<p>該公司的營收現在比星巴克在中國的業務還要高，而僅僅不到十年的時間。然而，由於公司門店迅速增長，最近的業績很難解讀。在公司的第一季度業績中，總收入較去年同期增長了 42%。在第二季度，收入增長了 36%。</p>
<p>當我們看公司經營門店的可比銷售額時，我們可以看到在過去的兩個季度裏分別下降了 20% 和 21%。考慮到瑞幸的價格要低得多，這種較大的下降很有趣。一家 16 盎司拿鐵的價格是星巴克的三分之一。</p>
<p>這可能表明，在經濟信心不足的時期，星巴克擁有更富裕的顧客，受影響比瑞幸的顧客更少，導致下降幅度較小。也可能是由於門店數量迅速增長導致了自相殘殺，新店從現有店鋪中奪走了銷售額。</p>
<p>然而，與星巴克相比，由於整體營收迅速增長，這可能並不重要。管理層表示其目標是增加市場份額，而且他們確實做到了。自 2023 年 3 月以來，公司的平均月客户數量增加了 136%。</p>
<h2><strong>瑞幸需要警惕這個競爭激烈的領域中的挑戰者</strong></h2>
<p>目前看來，瑞幸正在中國贏得咖啡戰，尤其是在公司利潤在第二季度得到很好恢復之後。在第一季度，快速擴張成本和價格戰導致 1200 萬美元的虧損；然而，第二季度利潤達到了 1.2 億美元。</p>
<p>瑞幸似乎有望繼續取得勝利，基於其已經強勁的地位和承諾即使導致一個糟糕的季度也要快速增長。瑞幸必須繼續抵禦像 Cotti 這樣的低成本國內競爭對手，並且不應忽視星巴克。星巴克的新 CEO 本月接任，可能會在這場激烈的戰鬥中引入一項重大變革。</p>
<p>→ 解決快餐工資上漲危機的方案（來自交易達人）（廣告）</p>
<p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/TriggeredCampaignPixel.ashx/query-UGxhY2VtZW50PU5hdGl2ZURpc3BsYXkmU291cmNlPU5hdGl2ZURpc3BsYXkmVHJpZ2dlcmVkQ2FtcGFpZ25JRD05NDYw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/TriggeredCampaignPixel.ashx/query-UGxhY2VtZW50PU5hdGl2ZURpc3BsYXkmU291cmNlPU5hdGl2ZURpc3BsYXkmVHJpZ2dlcmVkQ2FtcGFpZ25JRD05NDYw"/></p>
<h2>現在是否值得投資 1000 美元購買星巴克？</h2>
<p>在考慮投資星巴克之前，您可能想聽聽這個。</p>
<p>MarketBeat 追蹤華爾街評級最高且表現最佳的研究分析師以及他們每天向客户推薦的股票。MarketBeat 已經確定了五家頂級分析師悄悄告訴他們的客户現在購買的股票... 而星巴克不在這份名單上。</p>
<p>儘管星巴克目前在分析師中有 “中等買入” 評級，但頂級分析師認為這五隻股票更值得購買。</p>
<p>查看這五隻股票</p>

星巴克

<p>中國咖啡市場競爭激烈，星巴克正在失去對瑞幸咖啡的市場份額。儘管在中國擁有超過 7,300 家門店，但隨着消費者信心下降，星巴克的銷售額出現下滑。成立於 2017 年的瑞幸咖啡迅速從 11,000 家擴張至近 20,000 家門店，超過星巴克的總收入，並擴大了客户羣。然而，兩家公司在低經濟信心和激烈競爭的環境下都面臨着保持銷售的挑戰。瑞幸必須保持警惕，防範國內競爭對手的崛起以及星巴克新 CEO 可能帶來的戰略轉變</p>

<p>Right now, a war is raging in China over which company will lead the market in a product that humans around the world love: coffee. Successful entry into the Chinese market is something Western companies have been coveting for decades. With over 1.4 billion people, China has 17% of the world's population. Many firms see it as a huge growth opportunity.</p>
<div class="lb-trans"><p>目前，中國正在進行一場關於哪家公司將主導全球人們喜愛的產品——咖啡市場的戰爭。成功進入中國市場是西方公司幾十年來一直渴望的事情。中國擁有超過 14 億人口，佔世界人口的 17%。許多公司將其視為巨大的增長機會。</p>
</div><p>Here, we'll explore the two leading players in this coffee battle: a Western firm known worldwide and a domestic Chinese company that has made a name for itself over the past few years. We’ll look at the history of the two firms in the consumer discretionary sector and the current state of their competition and consider what could happen next.</p>
<div class="lb-trans"><p>在這裏，我們將探討這場咖啡戰中的兩家領先參與者：一家全球知名的西方公司和一家近年來在中國國內打響名聲的本土公司。我們將看看這兩家公司在消費者自由選擇領域的歷史以及他們之間競爭的現狀，並考慮接下來可能發生的事情。</p>
</div><h2><strong>Starbucks Is Seeing Its Dominance in China Fade</strong></h2>
<div class="lb-trans"><h2><strong>星巴克在中國的主導地位正在減弱</strong></h2>
</div><p>Starbucks NASDAQ: SBUX is the worldwide powerhouse in coffee, founded in Seattle, Washington. The company entered the Chinese market early, all the way back in 1999. The country is by far the firm’s most important outside the United States, having now amassed over 7,300 stores in China.</p>
<div class="lb-trans"><p>星巴克（NASDAQ: SBUX）是咖啡界的全球巨頭，總部位於華盛頓州西雅圖。該公司早在 1999 年就進入了中國市場。中國是該公司在美國以外最重要的市場，目前在中國已經擁有超過 7300 家門店。</p>
</div><p>Despite this massive number of locations, sales have been floundering in recent quarters. In fiscal Q2, comparable sales in China declined 11%, driven both by smaller average order sizes and fewer transactions. Comparable sales exclude sales from new stores. Opening new stores boosts revenue but doesn't mean existing stores are doing well.</p>
<div class="lb-trans"><p>儘管門店數量龐大，但近幾個季度銷售額一直在下滑。在財政第二季度，中國可比銷售額下降了 11%，這既受到平均訂單額減少又受到交易減少的影響。可比銷售額不包括新店的銷售額。開設新店可以增加收入，但並不意味着現有店鋪經營良好。</p>
</div><p>In fiscal Q3, the decline increased, with comparable sales dropping 14%. As it does in the U.S., Starbucks positions itself as a premium coffee brand in China, selling at a significantly higher price point than the competition. This has likely influenced the recent sales decline, as Chinese consumer confidence neared its all-time low in July. With low confidence in the economy, consumers may be switching to lower-priced options to save.</p>
<div class="lb-trans"><p>在財政第三季度，下降幅度擴大，可比銷售額下降了 14%。與在美國市場一樣，星巴克在中國定位為高端咖啡品牌，售價遠高於競爭對手。這很可能影響了最近的銷售下滑，因為中國消費者對經濟的信心在 7 月份接近歷史最低點。在經濟信心不足的情況下，消費者可能會轉向價格更低的選項以節省開支。</p>
</div><h2><strong>Luckin Coffee Is Now the Team to Beat in China</strong></h2>
<div class="lb-trans"><h2><strong>瑞幸咖啡現在是中國的奪冠熱門</strong></h2>
</div><p>Luckin Coffee OTCMKTS: LKNCY entered the Chinese market in 2017. After the company went public in 2019, it faced a fraud scandal, and NASDAQ delisted it. But now, the firm is fully back on its feet and is taking Starbucks to task.</p>
<div class="lb-trans"><p>瑞幸咖啡（OTCMKTS: LKNCY）於 2017 年進入中國市場。該公司在 2019 年上市後遭遇了一場欺詐醜聞，隨後被納斯達克摘牌。但現在，該公司已經完全恢復，並且正在給星巴克製造麻煩。</p>
</div><p>The company has seen massive growth in its store count over the past year, increasing from around 11,000 locations in Jun. 2023 to nearly 20,000 in Jun. 2024. Almost all of these are in China, with some in Singapore. The company operates around two-thirds of the stores, while it uses a franchise-like model to operate the rest.</p>
<div class="lb-trans"><p>過去一年間，該公司的門店數量大幅增長，從 2023 年 6 月的約 11,000 家增加到 2024 年 6 月的近 20,000 家。幾乎所有門店都在中國，還有一些在新加坡。該公司運營約三分之二的門店，而其餘門店則採用類似特許經營的模式。</p>
</div><p>The company now has higher revenues than Starbuck’s Chinese business after less than a decade of operation. However, more recent results are difficult to parse out due to the company’s rapid store growth. In the company’s Q1 results, its total revenue grew 42% from the previous year. In Q2, revenues increased 36%.</p>
<div class="lb-trans"><p>該公司的營收現在比星巴克在中國的業務還要高，而僅僅不到十年的時間。然而，由於公司門店迅速增長，最近的業績很難解讀。在公司的第一季度業績中，總收入較去年同期增長了 42%。在第二季度，收入增長了 36%。</p>
</div><p>When we look at the comparable store sales from company-operated stores, we see that they fell 20% and 21% in the last two quarters, respectively. This larger drop compared to Starbucks is interesting, considering Luckin’s much lower price point. The price of a Luckin 16 oz latte is one-third that of Starbucks.</p>
<div class="lb-trans"><p>當我們看公司經營門店的可比銷售額時，我們可以看到在過去的兩個季度裏分別下降了 20% 和 21%。考慮到瑞幸的價格要低得多，這種較大的下降很有趣。一家 16 盎司拿鐵的價格是星巴克的三分之一。</p>
</div><p>It could signal that through a period of low economic confidence, Starbucks has wealthier customers who are actually less affected than Luckin’s, causing a smaller drop. It could also be that the rapid store count growth is causing cannibalization, with new stores taking sales from existing ones.</p>
<div class="lb-trans"><p>這可能表明，在經濟信心不足的時期，星巴克擁有更富裕的顧客，受影響比瑞幸的顧客更少，導致下降幅度較小。也可能是由於門店數量迅速增長導致了自相殘殺，新店從現有店鋪中奪走了銷售額。</p>
</div><p>However, with such rapidly growing overall revenues compared to Starbucks, it might not matter. Management has stated its goal is to increase market share, and it is certainly doing that. It has increased its average monthly number of customers by 136% since Mar. 2023.</p>
<div class="lb-trans"><p>然而，與星巴克相比，由於整體營收迅速增長，這可能並不重要。管理層表示其目標是增加市場份額，而且他們確實做到了。自 2023 年 3 月以來，公司的平均月客户數量增加了 136%。</p>
</div><h2><strong>Luckin Needs to Stay Aware of Challengers in This Ever-Competitive Space</strong></h2>
<div class="lb-trans"><h2><strong>瑞幸需要警惕這個競爭激烈的領域中的挑戰者</strong></h2>
</div><p>Right now, it seems Luckin is winning the coffee war in China, especially after the company’s profits recovered nicely in Q2. Rapid expansion costs and a pricing battle in Q1 contributed to a $12 million loss; however, profit reached $120 million in Q2.</p>
<div class="lb-trans"><p>目前看來，瑞幸正在中國贏得咖啡戰，尤其是在公司利潤在第二季度得到很好恢復之後。在第一季度，快速擴張成本和價格戰導致 1200 萬美元的虧損；然而，第二季度利潤達到了 1.2 億美元。</p>
</div><p>Luckin feels poised to continue winning, based on its already strong position and commitment to grow rapidly even if it results in a bad quarter. Luckin has to continue fighting off low-cost domestic competitors like Cotti and not dismiss Starbucks. It’s possible that Starbucks's new CEO, who takes over this month, could introduce a big change in Chinese strategy that could shake things up in this intense battle.</p>
<div class="lb-trans"><p>瑞幸似乎有望繼續取得勝利，基於其已經強勁的地位和承諾即使導致一個糟糕的季度也要快速增長。瑞幸必須繼續抵禦像 Cotti 這樣的低成本國內競爭對手，並且不應忽視星巴克。星巴克的新 CEO 本月接任，可能會在這場激烈的戰鬥中引入一項重大變革。</p>
</div><p>→ The solution to fast food’s wage hike crisis (From Deal Maker)(Ad)</p>
<div class="lb-trans"><p>→ 解決快餐工資上漲危機的方案（來自交易達人）（廣告）</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.marketbeat.com/scripts/TriggeredCampaignPixel.ashx/query-UGxhY2VtZW50PU5hdGl2ZURpc3BsYXkmU291cmNlPU5hdGl2ZURpc3BsYXkmVHJpZ2dlcmVkQ2FtcGFpZ25JRD05NDYw" alt="" original-src="https://www.marketbeat.com/scripts/TriggeredCampaignPixel.ashx?TriggeredCampaignID=9460&amp;Placement=NativeDisplay&amp;Source=NativeDisplay"/></p>
<h2>Should you invest $1,000 in Starbucks right now?</h2>
<div class="lb-trans"><h2>現在是否值得投資 1000 美元購買星巴克？</h2>
</div><p>Before you consider Starbucks, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮投資星巴克之前，您可能想聽聽這個。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Starbucks wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 追蹤華爾街評級最高且表現最佳的研究分析師以及他們每天向客户推薦的股票。MarketBeat 已經確定了五家頂級分析師悄悄告訴他們的客户現在購買的股票... 而星巴克不在這份名單上。</p>
</div><p>While Starbucks currently has a &#34;Moderate Buy&#34; rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>儘管星巴克目前在分析師中有 “中等買入” 評級，但頂級分析師認為這五隻股票更值得購買。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看這五隻股票</p>
</div>

誰將在中國咖啡市場的競爭中脱穎而出？