"Who doesn't love this cup?" Since the beginning of this year, a blue coffee cup called Luckin Coffee has been appearing in the public eye. "Challenging" Starbucks, this typical representative of new retail coffee has opened 660 stores in more than half a year and has stated loudly that it will promote the popularization of coffee culture in China with high-quality consumer experience. On the other hand, doubts and even sharp criticisms continue to come from the media.

What kind of industry is coffee? Are there opportunities for new retail in the coffee field? What will the future of coffee companies look like? With these questions, we spent two months conducting in-depth interviews with practitioners in the upstream, midstream and downstream of the domestic coffee industry chain. In this report, we will answer the following questions:

1. What is the current status of the global and domestic development of the coffee industry?

2. The composition of the coffee industry chain and the value analysis of each link;

3. What is the investment and financing situation of the industry? What investment opportunities exist around the industrial chain?

4. What structural opportunities does the new retail of coffee represented by coffee machines and takeout bring?

5. What development trend will the coffee industry show in the future?

Author: Zhu Mingchi and Jin Jiali

Instructor: Tan Ying

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Editor: Chen Wenyang

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