瑞幸卖茶卖了 200 亿 ! 咖啡巨头的“第二曲线”正在吃掉谁的蛋糕 ?Luckin sold tea for 20 billion! Whose cake is the coffee giant's' second curve 'eating?

作者 | 餐饮见闻

" 上午咖啡提神，下午奶茶续命。"

这句年轻人的口头禅，如今正在被瑞幸写进财报里。这家靠卖咖啡起家的万店巨头，悄无声息地卖茶卖了 200 亿元。当一杯轻乳茶的销量能媲美经典拿铁，当非咖饮品杯量占比突破五分之一，我们不禁要问：消费者走进瑞幸，到底是为了咖啡因，还是为了那口甜？答案，正藏在这份成绩单的背后。

200 亿，一份迟到的成绩单

2026 年 6 月，瑞幸咖啡首次公开了非咖啡类饮品的成绩单：截至 5 月 31 日，现制茶饮及非咖啡品类累计总销售额突破 200 亿元，累计打造 22 款销量破亿杯的单品。

这个数字意味着什么？2025 年瑞幸全年总净收入为 492.88 亿元，200 亿相当于其全年营收的四成左右。对于一个以咖啡立身的品牌而言，卖茶卖出了接近一半主业的体量，这已经不是副业可以概括的了。

从产品端看，爆款矩阵已初具规模。" 生椰拿铁 " 虽带 " 拿铁 " 二字，却属于非咖啡体系的经典产品，累计销量已突破 21 亿杯；" 轻茉莉牛乳茶 " 销量超 4 亿杯；" 苹果羽衣甘蓝茶 " 也逼近 1 亿杯。瑞幸官方数据显示，目前非咖啡饮品杯量占比已突破 20%，相当于每卖出 5 杯饮品，就有 1 杯是果茶或轻乳茶。

瑞幸并非一开始就坚定走上卖茶之路，转折点出现在 2024 年。

2023 年，瑞幸还处于高速增长期，全年总净收入 249.03 亿元，同比增长 87.3%，自营门店同店销售增长率超 21%。彼时，茶饮产品更多是产品线的点缀，而非战略重心。

到了 2024 年，行业价格战持续升级，瑞幸自营门店同店销售增长率转为下滑 16.7%。与此同时，门店总数已突破 3 万家，单靠咖啡拉新的边际效应正在递减。在这一背景下，瑞幸于 2024 年 6 月推出柠檬茶、椰子水等产品，8 月高调上线轻乳茶系列，发放 9.9 元优惠券推广，并请来刘亦菲担任茶饮产品代言人，喊出 " 上午咖啡下午茶 " 的口号。

这一策略背后的逻辑不难理解：咖啡消费在中国虽然日益普及，但受众基础和饮用时段仍有局限，尤其在冬季或下沉市场，咖啡的功能性往往让位于嗜好性。通过拓展轻乳茶、果茶等非咖品类，瑞幸切入了更广阔的泛饮品市场，覆盖了更广泛的消费者群体和更多元的消费场景。

截至 2026 年 5 月 31 日，瑞幸全球门店总数已超 35,000 家。如此庞大的门店网络，需要足够丰富的产品线来支撑单店效率的提升。卖茶，本质上是在存量门店基础上做增量生意。

行业镜像，茶咖的边界正在加速消失

瑞幸 200 亿的成绩，并非孤例，整个现制饮品行业正在经历一场去边界化的变革。

星巴克中国去年 6 月开始发力非咖市场，对星冰乐、冰摇茶、茶拿铁等数十款产品实施全线降价，并联动迪士尼疯狂动物城 IP 推出联名冰摇茶，持续丰富非咖产品线。

库迪咖啡常年售卖果茶、奶茶、冰沙，爆款产品几乎全面复刻新茶饮的产品结构和命名逻辑。

肯悦咖啡近期上架黑糖珍珠奶茶、柠檬茶、苹果冰茶等多款非咖新品。

反过来看，新茶饮品牌也在向咖啡市场进攻。古茗自 2024 年下半年起规模化铺开咖啡品类，截至 2025 年底已有超 1.2 万家门店完成咖啡品类落地。消费者的选择逻辑正在发生根本转变，决策重心从 " 这是咖啡店还是茶饮店 " 转向 " 这杯饮品好不好喝 "。品类标签正在让位于产品体验本身。

光环之下：茶咖行业的存量竞争

亿的成绩固然亮眼，但放在整个行业大盘中审视，茶咖消费正在步入存量博弈与精细化运营的新周期。

据《2026 中国茶饮咖啡数据洞察报告》，茶饮门店总规模虽突破 30 万家，但扩张速度已明显放缓，近 11 个月新开 17.4 万家、关闭 13.7 万家，行业进入高流动性、高洗牌率的存量竞争阶段。咖啡赛道虽仍在扩容，门店从 17.3 万家增至 22.6 万家，但增速同样趋缓。

更值得关注的是增收不增利困境：报告显示，71.8% 的企业营收增长，但净利润增长的企业仅占 43.6%。价格带高度重叠，72% 的茶饮门店集中在 10-20 元区间，45% 的咖啡门店也扎堆于此，激烈厮杀挤压了所有人的利润空间。

这恰恰是瑞幸 200 亿成绩单的深层背景：在行业整体承压之下，头部品牌通过品类扩展来提升单店效率，争夺消费者有限的饮品预算，是一种必然的战略选择。

瑞幸 200 亿非咖销售额揭示的核心趋势是：茶咖消费正从 " 品类驱动 " 走向 " 场景驱动 "。消费者不再在乎一杯饮品来自咖啡品牌还是茶饮品牌，而是更关注它能否满足特定场景，早上的提神功能、下午的情绪消费、夏季的解暑需求、冬季的暖身需求。

从市场大盘看，2025 年中国现制饮品市场规模已突破 5000 亿元，其中现制茶饮约 3020 亿元，现制咖啡约 1987 亿元，咖啡赛道的复合年增长率（10.7%）略高于茶饮（8.6%）。两大赛道仍在增长，但增速均已从狂飙进入慢跑阶段。

不过，这种跨界融合并非没有风险。品类扩容意味着更复杂的产品线管理和供应链复用能力，门店操作流程增加也对标准化运营提出更高要求。此外，当所有人都开始什么都卖，差异化反而变得更加困难。

瑞幸率先交出的这份 200 亿成绩单，既是茶咖融合趋势的有力验证，也是新一轮竞争的起跑线。当品类边界消失，谁能通过全时段、全场景、全品类的经营能力占领用户心智，谁才能在存量竞争时代赢得下一局。

200 亿不仅仅是一个销售数字，它更像一纸宣告：在现制饮品行业，" 咖啡 " 与 " 茶饮 " 的品类界限已经在悄然瓦解，消费者的选择正回归产品本身。瑞幸凭借其庞大的门店网络和供应链能力，率先完成了从 " 咖啡品牌 " 到 " 饮品平台 " 的转身。然而，跨界的红利终会消退，当所有品牌都开始做全品类时，竞争的终极壁垒将重新回归产品创新力与运营效率。这场茶咖融合的盛宴才刚刚拉开帷幕，谁能持续推出让消费者愿意重复下单的好产品，谁才能笑到最后。

Author | Food and Beverage Experience

Morning coffee refreshes the mind, afternoon milk tea prolongs life

This young man's catchphrase is now being written into Luckin's financial report. This multi store giant, which started by selling coffee, quietly sold tea for 20 billion yuan. When the sales of a cup of light milk tea can rival that of a classic latte, and when the proportion of non coffee beverage cups exceeds one-fifth, we cannot help but ask: are consumers walking into Luckin Coffee for caffeine or for the sweetness? The answer is hidden behind this transcript.

20 billion, a delayed report card

In June 2026, Luckin Coffee released its first report on non coffee beverages: as of May 31, the cumulative total sales of freshly made tea drinks and non coffee categories exceeded 20 billion yuan, and 22 products with sales exceeding 100 million cups were created.

What does this number mean? In 2025, Luckin Coffee's total net income for the year will be 49.288 billion yuan, with 20 billion yuan equivalent to about 40% of its annual revenue. For a brand that relies on coffee, selling tea accounts for nearly half of its main business volume, which cannot be summarized as a side business.

From the product perspective, the popular product matrix has begun to take shape. Although the "raw coconut latte" carries the word "latte", it is a classic product outside of the coffee system, with cumulative sales exceeding 2.1 billion cups; The sales volume of 'Light Jasmine Milk Tea' exceeded 400 million cups; Apple Kale Tea is also approaching 100 million cups. According to official data from Luckin Coffee, the proportion of non coffee beverage cups has exceeded 20%, which means that for every 5 cups sold, 1 cup is fruit tea or light milk tea.

Luckin Coffee did not firmly embark on the path of selling tea from the beginning, and the turning point came in 2024.

In 2023, Luckin Coffee is still in a period of rapid growth, with a total net income of 24.903 billion yuan for the year, a year-on-year increase of 87.3%, and a sales growth rate of over 21% for self operated stores. At that time, tea beverage products were more of an embellishment to the product line rather than a strategic focus.

By 2024, the industry's price war will continue to escalate, and the same store sales growth rate of Luckin's self operated stores will decline by 16.7%. At the same time, the total number of stores has exceeded 30000, and the marginal effect of relying solely on coffee to attract new customers is decreasing. In this context, Luckin Coffee launched lemon tea, coconut water and other products in June 2024, launched a high-profile light milk tea series in August, issued a 9.9 yuan coupon promotion, and invited Liu Yifei to serve as the spokesperson for tea drink products, shouting the slogan of "morning coffee and afternoon tea".

The logic behind this strategy is not difficult to understand: although coffee consumption is becoming increasingly popular in China, the audience base and drinking time are still limited, especially in winter or lower tier markets, where the functionality of coffee often gives way to indulgence. By expanding non coffee categories such as light milk tea and fruit tea, Luckin Coffee has entered a broader pan beverage market, covering a wider range of consumer groups and more diverse consumption scenarios.

As of May 31, 2026, the total number of Luckin stores worldwide has exceeded 35000. Such a large network of stores requires a sufficiently diverse product line to support the improvement of single store efficiency. Selling tea is essentially doing incremental business on the basis of existing stores.

Industry mirroring, the boundaries of tea cafes are accelerating to disappear

Luckin Coffee's achievement of 20 billion yuan is not an isolated case, as the entire freshly made beverage industry is undergoing a process of de boundary transformation.

Starbucks China began to focus on the non coffee market in June last year, implementing full price reductions for dozens of products such as Xingbingle, Ice Shake Tea, and Tea Latte. It also collaborated with Disney's Zootopia IP to launch a joint ice shake tea, continuously enriching its non coffee product line.

Kudi Coffee sells fruit tea, milk tea, and smoothies year-round, and its popular products almost completely replicate the product structure and naming logic of new tea drinks.

Kenyue Coffee has recently launched multiple non coffee products such as black sugar pearl milk tea, lemon tea, and apple iced tea.

On the other hand, new tea beverage brands are also attacking the coffee market. Since the second half of 2024, Guming has expanded its coffee category on a large scale, and by the end of 2025, more than 12000 stores have completed the landing of coffee categories. The consumer's choice logic is undergoing a fundamental shift, with the focus of decision-making shifting from 'is this a coffee shop or a tea shop' to 'is this drink tasty or not'. Category labels are giving way to the product experience itself.

Under the halo: stock competition in the tea and coffee industry

Although the achievement of billions is impressive, when viewed in the overall industry, tea and coffee consumption is entering a new cycle of stock game and refined operation.

According to the "2026 China Tea and Coffee Data Insight Report", although the total scale of tea and coffee stores has exceeded 300000, the expansion speed has significantly slowed down. In the past 11 months, 174000 new stores have opened and 137000 have closed, and the industry has entered a high liquidity and high reshuffle rate stage of stock competition. Although the coffee track is still expanding, with stores increasing from 173000 to 226000, the growth rate is also slowing down.

More noteworthy is the dilemma of increasing revenue without increasing profits: the report shows that 71.8% of companies have seen revenue growth, but only 43.6% have seen net profit growth. The price bands are highly overlapping, with 72% of tea shops concentrated in the 10-20 yuan range, and 45% of coffee shops also clustered here, fiercely squeezing everyone's profit margins.

This is precisely the underlying background of Luckin Coffee's 20 billion yuan performance report: under the overall pressure of the industry, top brands are expanding their product categories to improve single store efficiency and compete for consumers' limited beverage budgets, which is an inevitable strategic choice.

The core trend revealed by Luckin Coffee's 20 billion non coffee sales revenue is that tea and coffee consumption is shifting from "category driven" to "scenario driven". Consumers no longer care whether a drink comes from a coffee brand or a tea brand, but are more concerned about whether it can meet specific scenarios, such as the morning refreshing function, afternoon emotional consumption, summer cooling needs, and winter warming needs.

From the perspective of the overall market, the scale of China's freshly made beverage market has exceeded 500 billion yuan by 2025, including about 302 billion yuan for freshly made tea drinks and about 198.7 billion yuan for freshly made coffee. The compound annual growth rate of the coffee industry (10.7%) is slightly higher than that of tea drinks (8.6%). The two major tracks are still growing, but the growth rate has entered the slow running stage from a frenzy.

However, this cross-border integration is not without risks. Category expansion means more complex product line management and supply chain reuse capabilities, and the increase in store operation processes also puts higher demands on standardized operations. Moreover, when everyone starts selling everything, differentiation becomes even more difficult.

The 20 billion yuan report card submitted by Luckin Coffee is not only a powerful verification of the trend of tea and coffee integration, but also the starting line for a new round of competition. When the category boundary disappears, who can occupy the user's mind through the full time, full scenario, and full category management capabilities, and who can win the next round in the era of stock competition.

20 billion is not just a sales figure, it is more like a declaration: in the freshly made beverage industry, the category boundary between "coffee" and "tea drinks" is quietly breaking down, and consumers' choices are returning to the product itself. Luckin Coffee, with its vast network of stores and supply chain capabilities, has taken the lead in completing the transformation from a "coffee brand" to a "beverage platform". However, the dividends of cross-border competition will eventually fade, and when all brands start to cover the entire category, the ultimate barrier to competition will return to product innovation and operational efficiency. The feast of tea and coffee fusion has just begun. Whoever can continue to launch good products that make consumers willing to place repeat orders will have the last laugh.