档案库 · 消费应用 · 战略决策 · 2022–2025
库迪咖啡：两年万店
陆正耀的新创业：9.9元咖啡，不加盟费联营模式，两年开万家店。
Cotti Coffee (库迪咖啡)
做的是什么生意
Cotti Coffee (库迪咖啡) is an affordable freshly ground coffee chain founded in October 2022, rapidly expanding through 9.9-yuan promotions and joint operation (no franchise fee, service-fee commission), with stores across China's county-level cities and 28 overseas countries; from 2025 it has extended into the convenience-store format.
起因
In October 2022, Lu Zhengyao (陆正耀), who had been expelled from Luckin Coffee's (瑞幸) board of directors due to financial fraud, officially announced the new project 'Cotti Coffee (库迪咖啡)' on WeChat Moments; former Luckin Coffee CEO Qian Zhiya (钱治亚) served as chairman and CEO, and the first store opened in Fuzhou (福州) on October 22. One month after opening, 9.9-yuan coffee ignited a price war; Cotti Coffee (库迪咖啡) positioned itself as affordable freshly ground coffee, and Lu Zhengyao had said China's coffee market can accommodate a third player, with a target of opening 10,000 stores in three years.
经过
Cotti Coffee (库迪咖啡) opened about 6,000 stores in 10 months, setting the fastest expansion record in the industry; the 9.9-yuan promotion continued for a long time, and in May 2024 Chief Strategy Officer Li Yingbo (李颖波) announced that the subsidy policy would be extended until the end of 2026. On October 22, 2024, the first store's second anniversary, the world's 10,000th store opened in Doha, Qatar (卡塔尔多哈)—according to Zhumen Canyan (窄门餐眼) metrics, 7,412 stores were in China and more than 2,000 were overseas; the store count ranked fourth in the world, with business in 28 countries; the company said that in the past 5 months the positive cash-flow rate of stores had been stable at more than 97%, the cumulative two-year closure rate was 3.6%, and in May 2024 it announced full profitability. In February 2025, domestic stores exceeded 10,000 (10,045 according to Zhumen Canyan (窄门餐眼) metrics); in March it released a convenience-store format, adding ice cream and hot food, while maintaining the target of 50,000 store terminals by the end of 2025; as of November 13, 2025, Jihai (极海) brand monitoring data showed 15,791 stores nationwide.
还没有结局，它还在跑。
背景
库迪是陆正耀离开瑞幸后的第二次创业。2022年10月启动，重演瑞幸的低价、资本驱动打法。10个月开了6000家店，多数在下沉市场。
扩张采用联营模式：不收加盟费、分层佣金、低押金，还有店中店。到2024年10月，全球门店破万，97%现金流转正、闭店率3.6%。
2025年起模式转向便利店和店中店。但到2025年11月仅15791家店，未达成5万家目标。成本上升和加盟商纠纷给盈利蒙上阴影。
这件事要成立，得有什么
- 9.9元咖啡和不收加盟费的联营模式降低了入场门槛，得以快速扩张。
- 轻资产模式把现金流和加盟商的进入与生存挂钩。
- 下沉市场未被充分开发，61.6%门店在二线及以下城市。
- 5万家店目标失败，供应链和加盟商问题暴露了模式局限。
可借鉴之处
同一套剧本能复制增长，但复制不了盈利：扩张靠加盟商资金，5万家店的豪言止步于1.6万家。
后续进展
截至2025年11月，库迪共有15791家店，远低于5万家。已转向便利店业态，在安徽建供应链基地，推出新品类。争议仍有：加盟商投诉、成本担忧、9.9元战役持续。上市仍不确定。
资料来源
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