雀巢确认出售蓝瓶咖啡，瑞幸控股股东大钲资本接盘Nestle confirms sale of Blue Bottle coffee, Luckin Coffee's controlling shareholder Dazheng Capital takes over the deal

4月23日，雀巢集团在发布财报时透露，其已同意将蓝瓶咖啡（Blue Bottle Coffee）出售给大钲资本（Centurium Capital）。该交易尚需满足惯常前提条件，预计将于2026年上半年完成。

针对出售蓝瓶咖啡原因以及出售涵盖的业务，4月23日，南都湾财社记者向雀巢集团了解情况，其总部相关负责人回应称，没有更多的信息可以披露。记者亦向大钲资本方面了解收购原因和收购价格，大钲资本相关负责人仅确认收购一事属实，并未正面回应记者的采访。

雀巢集团确认出售蓝瓶咖啡

早在2025年12月，市场上就有消息传出，雀巢集团正与投资银行摩根士丹利合作，评估旗下蓝瓶咖啡的未来发展选项，包括可能出售该业务。当时，知情人士称，本次蓝瓶咖啡的出售估值预计将低于雀巢集团收购时的估值的7亿美元。不久之后，大钲资本就被曝在考虑竞购。而到了今年3月，自媒体晚点LatePost发布消息称，大钲资本从雀巢手中收购了蓝瓶咖啡品牌及其全球门店，而雀巢将保留蓝瓶咖啡的咖啡机和胶囊业务。

另据财新的报道，雀巢希望以7亿美元的价格出售蓝瓶咖啡全部股份，而大钲资本以不足4亿美元全资收购。

蓝瓶咖啡于2002年在美国加州创立，创始人为单簧管演奏家詹姆斯·弗里曼，品牌定位为精品咖啡，自称坚持使用新鲜的咖啡豆制作咖啡，门店通常采用极简主义的设计。2017年9月，雀巢集团收购了蓝瓶咖啡的多数股权。根据当时雀巢集团的公告，2016年时，蓝瓶咖啡仅在美国和日本有门店，门店数为29家。被收购之后，雀巢集团称蓝瓶咖啡将在运营上保持独立，现任管理层和员工将保留少数股权。

图源：小红书@BlueBottleCoffee蓝瓶咖啡

蓝瓶咖啡走出美国市场后，首个进驻的国家是日本，其于2015年2月在东京开下海外首店，之后又进入韩国、中国香港。2022年2月，蓝瓶咖啡中国内地首家门店在上海苏州河边开业，首店选址在原为裕通面粉厂高级职工宿舍的历史建筑。开业首日，蓝瓶咖啡门店大排长龙，有消费者称排队要3到6小时，原本均价40元一杯的咖啡，被黄牛将价格哄抬至上百元。

进入中国内地市场后，对比其他咖啡品牌，蓝瓶咖啡在开店上较为审慎。四年多时间，蓝瓶咖啡只在中国内地开了16家门店，其中上海门店13家。其价格策略也未受到近几年价格战的影响，多数咖啡售价在40元及以上。而在全球范围，蓝瓶咖啡在美国、日本、韩国、中国（内地及香港）、新加坡均有门店。根据雀巢官网，其全球门店超过100家。

瑞幸或借蓝瓶咖啡拓展高端板块

被指将要拿下蓝瓶咖啡的大钲资本创立于2017年，是一家产业投资机构，而其更知名的身份，则是瑞幸的控股股东。

大钲资本董事长兼CEO黎辉在2025年4月出任瑞幸董事长。2026年2月，大钲资本完成对瑞幸1.362亿B类普通股的内部收购，持股比例调整为23.28%，同时拥有53.6%的投票权。

与蓝瓶咖啡明显不同的是，瑞幸的定位是平价咖啡，其多数饮品定价在9.9元-16元之间。

在咖啡赛道，瑞幸的业绩居于行业第一，门店数也已经超过3万家。不过在其收入保持增长的同时，自去年下半年以来，其盈利能力承压。2025年第四季度，瑞幸收入同比增长32.9%至127.77亿元，净利润同比下降39.09%至8.51亿元。这也是瑞幸连续两个季度净利润下滑。对此，瑞幸解释称，这主要是受到季节性的影响，包括外卖平台补贴策略的变化以及杯量结构的综合影响，但是这一情况也基本符合瑞幸对整体业绩的预判。在第四季度，受到外卖订单量激增的影响，瑞幸送货费用同比增长了94.5%至16.31亿元。

在凌雁咨询管理分析师林岳看来，大钲资本此次收购蓝瓶咖啡，其目的是强化咖啡帝国的品牌矩阵，让蓝瓶与瑞幸形成“高端精品 + 大众性价比”的组合拳，同时，借助瑞幸强大的数字化体系，在选址、供应链和运营管理上整合资源、提升效益。

林岳曾向南都湾财社记者分析称，大钲资本有意愿和实力加速蓝瓶的门店扩张，但是，此次收购也将面临很多挑战。如其怎么平衡蓝瓶的“慢”与瑞幸的“快”，如何对两个定位、基因完全不同的品牌进行资源整合。尤其是，蓝瓶咖啡作为精品咖啡的代表，讲究“手冲”和“小众”，能否配合资本要的“快速扩张”会是一个问题，再加上，门店数多了，品牌的稀缺性会被稀释，如何让门店保持盈利和高水准的服务，将是大钲资本接手后的一个难点。

采写：南都·湾财社记者 詹丹晴

On April 23rd, Nestle Group revealed in its financial report that it had agreed to sell Blue Bottle Coffee to Centurium Capital. The transaction still needs to meet the usual prerequisites and is expected to be completed in the first half of 2026.

On April 23, in response to the reasons for selling Blue Bottle Coffee and the businesses covered by the sale, a reporter from Nanduwan Financial News Agency inquired about the situation with Nestle Group. The relevant person in charge of its headquarters responded that there was no more information to disclose. The reporter also inquired about the reasons for the acquisition and the acquisition price from Dazheng Capital. The relevant person in charge of Dazheng Capital only confirmed the authenticity of the acquisition and did not directly respond to the reporter's interview.

Nestle Group confirms sale of blue bottle coffee

As early as December 2025, there were rumors in the market that Nestle Group was collaborating with investment bank Morgan Stanley to evaluate future development options for its Blue Bottle coffee business, including the possibility of selling the business. At the time, insiders said that the estimated valuation for the sale of Blue Bottle Coffee was expected to be lower than the valuation of $700 million at the time of Nestle's acquisition. Shortly thereafter, it was revealed that Dazheng Capital was considering bidding. In March of this year, LatePost, a self media outlet, announced that Dazheng Capital had acquired the Blue Bottle Coffee brand and its global stores from Nestle, while Nestle would retain the coffee machine and capsule business of Blue Bottle Coffee.

According to Caixin's report, Nestle hopes to sell all shares of Blue Bottle Coffee for $700 million, while Dazheng Capital will fully acquire it for less than $400 million.

Blue Bottle Coffee was founded in California, USA in 2002 by clarinetist James Freeman. The brand is positioned as a premium coffee and claims to insist on using fresh coffee beans to make coffee. The store usually adopts a minimalist design. In September 2017, Nestle Group acquired a majority stake in Blue Bottle Coffee. According to Nestle Group's announcement at the time, in 2016, Blue Bottle Coffee had only 29 stores in the United States and Japan. After the acquisition, Nestle Group stated that Blue Bottle Coffee will maintain operational independence, and the current management and employees will retain minority stakes.

Image source: Xiaohongshu @ BlueBottleCoffee Blue Bottle Coffee

After Blue Bottle Coffee left the US market, its first country of entry was Japan, where it opened its first overseas store in Tokyo in February 2015, and later entered South Korea and Hong Kong, China. In February 2022, Blue Bottle Coffee's first store in mainland China opened by the Suzhou River in Shanghai. The first store was located in a historic building that was originally the senior staff dormitory of Yutong Flour Mill. On the first day of opening, there was a long queue at the Blue Bottle Coffee store. Some consumers claimed that the queue would take 3 to 6 hours. The coffee, which originally cost an average of 40 yuan per cup, was inflated by scalpers to hundreds of yuan.

After entering the mainland Chinese market, compared to other coffee brands, Blue Bottle Coffee is more cautious in opening stores. In just over four years, Blue Bottle Coffee has only opened 16 stores in mainland China, including 13 stores in Shanghai. Its pricing strategy has not been affected by the price wars in recent years, with most coffee being priced at 40 yuan or more. On a global scale, Blue Bottle Coffee has stores in the United States, Japan, South Korea, China (mainland and Hong Kong), and Singapore. According to Nestle's official website, it has over 100 stores worldwide.

Luckin Coffee may expand its high-end segment with Blue Bottle Coffee

Dazheng Capital, which was accused of taking over Blue Bottle Coffee, was founded in 2017 as an industrial investment institution, and its more well-known identity is the controlling shareholder of Luckin Coffee.

Li Hui, Chairman and CEO of Dazheng Capital, will assume the position of Chairman of Luckin Coffee in April 2025. In February 2026, Dazheng Capital completed an internal acquisition of 136.2 million B-class common shares of Luckin, adjusting its shareholding to 23.28% and holding 53.6% of the voting rights.

Unlike Blue Bottle Coffee, Luckin Coffee's positioning is affordable coffee, with most of its drinks priced between 9.9 yuan and 16 yuan.

In the coffee industry, Luckin Coffee's performance ranks first, and the number of stores has exceeded 30000. However, while its revenue continues to grow, its profitability has been under pressure since the second half of last year. In the fourth quarter of 2025, Luckin Coffee's revenue increased by 32.9% year-on-year to 12.777 billion yuan, while its net profit decreased by 39.09% year-on-year to 851 million yuan. This is also the second consecutive quarter of net profit decline for Luckin Coffee. Regarding this, Luckin explained that it is mainly affected by seasonality, including changes in the subsidy strategy of food delivery platforms and the comprehensive impact of cup volume structure. However, this situation is also in line with Luckin's overall performance prediction. In the fourth quarter, due to the surge in takeaway orders, Luckin's delivery expenses increased by 94.5% year-on-year to 1.631 billion yuan.

In the view of Lin Yue, a management analyst at Lingyan Consulting, the acquisition of Blue Bottle Coffee by Dazheng Capital aims to strengthen the brand matrix of the coffee empire, forming a combination of "high-end boutique+mass cost-effectiveness" between Blue Bottle and Luckin Coffee. At the same time, with Luckin Coffee's powerful digital system, resources can be integrated and efficiency can be improved in site selection, supply chain, and operation management.

Lin Yue once analyzed to reporters from Nanduwan Financial News Agency that Dazheng Capital has the willingness and strength to accelerate the expansion of Blue Bottle stores, but this acquisition will also face many challenges. How to balance the "slow" of Blue Bottle and the "fast" of Luckin, and how to integrate resources between two brands with completely different positioning and genes. Especially, as a representative of premium coffee, Blue Bottle Coffee emphasizes "hand brewing" and "niche", and whether it can cooperate with the "rapid expansion" required by capital will be a problem. In addition, with too many stores, the scarcity of the brand will be diluted. How to maintain profitability and high-level service for the stores will be a difficult point for Dazheng Capital after taking over.

Reported by: Zhan Danqing, reporter from Nandu Wancai Society