Based on data from FDM | CCS Insight from 2023 to mid-2025, comparing average trade-in price of working-condition smartphones from major brands in key markets.
展望2026年，随着咖啡行业“万店俱乐部”竞争日趋激烈，外卖渠道的竞争将从价格补贴转向服务与体验的比拼。对于瑞幸而言，如何进一步释放规模效应、优化外卖渠道成本结构，同时通过产品创新与精细化运营提升用户价值，将成为破解盈利困局、巩固龙头地位的关键。（作者 | 谢璇，编辑 | 房煜）
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