中國咖啡產業策略：以瑞幸咖啡為例

Abstract

瑞幸咖啡作為中國互聯網咖啡的代表，2019年曾赴美國納斯達克掛牌上市，成為備受矚目的獨角獸；然而，次年渾水研究指控瑞幸財報造假，導致股價暴跌並黯然退市。經歷財務造假醜聞後，瑞幸企業內部進行積極重組並挺過疫情封城的艱困，成長為中國現磨咖啡產業中市占率最高的業者，如今在全中國擁有超過1萬8千間門市。瑞幸2023年與貴州茅台推出醬香拿鐵系列，引發社群媒體熱議，成功重獲消費者青睞，持續影響中國現磨咖啡市場賽局。

為瞭解瑞幸在不同發展階段經營策略的轉變、其關鍵成功因素以及近年之品牌轉型策略，本研究將以個案研究法探討瑞幸。首先，分析中國現磨咖啡產業及整體現製飲品市場的外部因素，盤點瑞幸的核心資源與能力，並將其發展分為兩個階段。隨後，分別分析瑞幸在不同階段的經營策略與商業模式轉變，採用商業模式的四大關鍵要素進行分析，輔以瑞幸歷年的財務指標分析作為佐證。最後，基於其將面臨的未來挑戰，給予經營的建議。

在經過研究分析後，本研究歸納瑞幸在市場滲透期利用低價破壞策略建立獨特定位，並且透過快速擴展門市形成規模優勢。憑藉互聯網建設與大數據基礎，使瑞幸在財務造假事件和疫情衝擊後迅速恢復，實現品牌重建。然而，近期的發展過程中，瑞幸面臨過度依賴低價補貼和盲目擴展門市的挑戰，這對其經營績效和市場地位產生了不利影響。展望未來，因市場版圖變動、現製飲品產業兩大市場的業態界線日趨模糊。

本研究建議瑞幸應維持其數據優勢並加強產品創新研發，推出受消費者高度認可的新產品，提升均價水準。隨著規模擴大，需強化加盟店管理，以防止財務問題和食品安全事件影響品牌聲譽。最後，在進行國際拓展時慎選地點，做出差異化，制定在地化運營策略，以降低拓展風險。

Luckin Coffee, an innovative Chinese internet coffee company, made its prominent debut on the Nasdaq in 2019. However, it faced significant setbacks in 2020 when it was accused of financial fraud. Despite grappling with the scandal's aftermath and the challenges brought about by the global pandemic, Luckin managed to not only survive but also thrive. Today, it stands as the largest player in China's ground coffee industry, boasting a network of over 16,000 stores. In a strategic move in 2023, Luckin collaborated with Kweichow Moutai to introduce sauce-flavored latte series, which significantly helped regain consumer favor.

This comprehensive study provides an in-depth analysis of Luckin's strategic shifts, the key factors contributing to its success, and its recent transformation strategies, employing a case study approach. It provides a detailed evaluation of the freshly ground coffee industry in China, scrutinizing Luckin's resources and its business strategies at different stages of growth. Furthermore, it offers operational recommendations based on the potential challenges that the company may face in the future.

This study concludes that Luckin used a low-cost disruption strategy and rapid store expansion to establish a unique market position. By leveraging its internet infrastructure and big data, Luckin recovered from financial fraud and pandemic impacts. However, challenges include over-reliance on subsidies and excessive store expansion, hurting performance. Recommendations include maintaining data advantages, enhancing product innovation, and strengthening franchise management. For international expansion, Luckin should carefully select locations and develop localized strategies to mitigate risks.