「新消费观察」咖啡赛道大浪淘沙，Tims天好中国换帅融资抢“船票”Observation of New Consumption: The coffee track is in full swing, and Tims' Tianhao China changes its leadership to raise funds and compete for "tickets"
本报（chinatimes.net.cn）记者黄兴利 北京报道
当一杯咖啡的价格从30元被打到10元以内，中国咖啡市场的底层逻辑已然重塑。入局者持续涌入，一场围绕成本、效率与资金储备的淘汰赛愈演愈烈。正是在这样的竞争周期中，全球著名连锁咖啡品牌Tim Hortons中国业务（下称“Tims天好中国”；NASDAQ:THCH）同时宣布了换帅与再融资两个大动作。
6月9日，Tims天好中国宣布，为匹配公司中长期战略发展规划，进行管理层调整，原首席执行官卢永臣升任集团主席，张国华接任首席执行官一职。与此同时，公司拟发行最高本金总额5500万美元新增优先有担保可转换债券，旨在进一步拓展门店网络，以及满足公司及其子公司的营运资金及运营开支需求。资本补血与人事换防并举，Tims天好中国正试图在激烈的行业洗牌中争取留在牌桌上的机会。
快消老将接棒CEO
按照6月9日Tims天好中国发布的人事调整公告，资深消费行业操盘手张国华正式出任公司CEO，为品牌本土化发展赋能。
此次管理层调整形成“卢永臣掌舵战略、张国华操盘经营”的全新治理格局。《华夏时报》记者从Tims天好中国方面了解到，履新后，卢永臣将聚焦公司中长期战略规划和未来发展等工作，并与张国华保持密切合作，确保公司管理层顺利完成交接。
拥有超20年大型消费品公司操盘经验的张国华，是本次人事迭代的核心看点，其职业生涯横跨多家全球顶级快消与本土头部消费企业，履历覆盖宝洁、可口可乐、雀巢等国际巨头，曾出任雀巢大中华区董事长兼首席执行官、惠氏营养品全球总裁，以及曾担任飞鹤乳业执行董事、苏泊尔首席执行官等核心岗位。市场声音认为，新CEO走马上任，将为Tims天好中国的本土化升级、盈利提质注入全新动能。
Tims天好中国于2022年9月正式登陆美股，完成资本市场上市里程碑。自2019年在中国市场开设首家门店以来，截至2026年3月底，其全国门店网络已扩展至1026家，覆盖中国93座城市。
但伴随国内咖啡赛道竞争持续升级，行业逐步进入存量博弈阶段，Tims天好中国的规模化扩张节奏逐步承压，2024年至2025年公司营收连续下滑。为破解发展困境，Tims天好中国主动进行门店优化调整，在加码加盟业务同时，立足“咖啡+暖食”的差异化战略定位，持续推动全系统门店的现点现制化升级。
从财报数据看，自上市以来，公司加盟门店占比持续稳步攀升，2023年至2025年，其品牌加盟店占比分别达到31%、43%、46.3%，持续的结构调整有效稳住了整体门店基本盘。
值得关注的是，当前国内咖啡赛道分层加剧、内卷加剧，Tims天好中国所处的中端价格带正陷入多重夹击的竞争局面。
凌雁管理咨询首席咨询师、餐饮及食品行业分析师林岳对《华夏时报》记者分析指出，目前咖啡赛道在大众平价端有瑞幸、库迪、幸运咖，高端赛道有皮爷等，而Tims所处的是中端价格带，不仅有Manner、M Stand等，还面临星巴克下探、茶饮品牌跨界，竞争非常激烈。在林岳看来，对于Tims天好中国来说，当下应该继续巩固其“咖啡+暖食”的品牌定位，将单店运营做好。
融资铺路扩张
在发布管理层变更消息同时，Tims天好中国也披露了2026年第一季度财报及最新融资公告，在国内咖啡行业进入存量博弈与价格血战的混战周期下，公司试图通过资本补血开启新一轮突围。
最新财报数据显示，2026年第一季度，Tims天好中国总营收达到2.567亿元，系统销售额为3.229亿元。其中，公司自营门店收入为2.072亿元，其他收入4950万元，同比增长7.7%，其他收入利润同比增长14.0%。
门店结构层面，截至3月末，Tims天好中国旗下门店总数1026家，加盟门店达485家，占比47%。管理层就财报表现表示，2026年第一季度以来，公司继续推进战略调整，关闭表现不佳的门店，并预计将在2026年第二季度完成这一进程并实现净新增门店数量回升。
为支撑后续布局，Tims天好中国还抛出最高5500万美元优先有担保可转换债券融资计划。就此次募资，Tims天好中国明确表示，部分募集资金将用于线下门店渠道扩张，完善全国经营布局。随着本次融资落地，公司现金储备得到进一步充实，资本抗风险能力持续增强。
如果将Tims天好中国的调整置于咖啡全行业背景下观察，其所面临的压力远非个案。当前中国咖啡市场的竞争格局，正由低价策略深度重塑。机构数据显示，瑞幸与库迪门店数合计已占据国内咖啡赛道前十大品牌近六成份额，价格战持续压缩中小品牌的生存空间。更具攻击性的是蜜雪冰城旗下幸运咖，主力产品定价5—10元，在营门店已超8000家，进一步拉低了咖啡消费的价格门槛。
与此同时，星巴克坚守高端市场，依托“第三空间”构筑差异化护城河；古茗、茶百道等头部新茶饮品牌纷纷跨界入局，依托现有门店低成本增设咖啡产品线，分流咖啡赛道增量。以古茗为例，海通国际在调研古茗后指出，咖啡已成为古茗门店的重要增量品类，2026年第一季度咖啡出杯占比稳定在15%—20%。
林岳对本报记者表示，随着茶饮品牌的入局，咖啡与茶饮的边界正在消融，咖啡赛道已进入存量博弈的阶段，品牌分层分化是必然的趋势，随着Seesaw被申请破产清算，高端精品咖啡也在经历一轮洗牌，不同的定位、不同的价格带，消费者有自己的认知，只有占据了用户心智的品牌才有生存的空间。
“这几年咖啡赛道一直都在混战，头部品牌逐步站稳脚跟，而中腰部及以下的品牌活得艰难，咖啡消费仍然追求质价比，整个市场蛋糕不会快速变大，但是想分切的选手变多了，所以最终比拼的是“内功’，供应链效率、运营精细化、产品创新和营销，这些都决定了品牌的竞争力。”林岳指出。
业内普遍认为，2026年中国咖啡市场继续混战，短期行业价格难以回暖，但市场供给持续丰富、品类不断扩容。完成换帅迭代与资本补血的Tims天好中国，能否依托全新管理团队与战略调整，在多重夹击中撕开差异化缺口，实现规模与盈利的双重突破，后续发展备受市场关注。
责任编辑：卢晓 主编：寒丰
Reported by Huang Xingli from Beijing, China Times. net. cn
When the price of a cup of coffee is reduced from 30 yuan to less than 10 yuan, the underlying logic of the Chinese coffee market has been reshaped. The influx of entrants continues, and a knockout round centered around cost, efficiency, and capital reserves is becoming increasingly intense. It is during this competitive cycle that Tim Hortons, a globally renowned chain coffee brand, operates in China (referred to as "Tims Tianhao China"); THCH (NASDAQ: THCH) announced two major actions simultaneously: changing coaches and refinancing.
On June 9th, Tims Tianhao China announced that in order to align with the company's medium and long-term strategic development plan and make management adjustments, the former CEO Lu Yongchen was promoted to the position of Group Chairman, and Zhang Guohua took over as CEO. At the same time, the company plans to issue a new senior secured convertible bond with a maximum principal amount of $55 million, aimed at further expanding its store network and meeting the operating capital and expenses needs of the company and its subsidiaries. Tims Tianhao China is trying to seize the opportunity to stay on the table amidst the fierce industry reshuffle, combining capital replenishment with personnel turnover.
Fast moving consumer goods veteran takes over as CEO
According to the personnel adjustment announcement released by Tims China on June 9th, senior consumer industry operator Zhang Guohua has officially been appointed as the CEO of the company, empowering the localization development of the brand.
This management adjustment has formed a new governance pattern of "Lu Yongchen leading the strategy and Zhang Guohua operating the business". The reporter from Huaxia Times learned from Tims Tianhao China that after taking office, Lu Yongchen will focus on the company's medium and long-term strategic planning and future development, and maintain close cooperation with Zhang Guohua to ensure the smooth handover of the company's management.
Zhang Guohua, who has over 20 years of experience in operating large consumer goods companies, is the core focus of this personnel iteration. His career spans multiple top global fast-moving consumer goods and local top consumer enterprises, with resumes covering international giants such as Procter&Gamble, Coca Cola, and Nestle. He has served as Chairman and CEO of Nestle Greater China, Global President of Wyeth Nutrients, as well as Executive Director of Feihe Dairy and CEO of Supor. Market voices believe that the new CEO's inauguration will inject new momentum into Tims' localization upgrade and profit improvement in China.
Tims Tianhao China officially listed on the US stock market in September 2022, completing the milestone of going public on the capital market. Since opening its first store in the Chinese market in 2019, as of the end of March 2026, its nationwide store network has expanded to 1026, covering 93 cities in China.
But with the continuous upgrading of competition in the domestic coffee industry, the industry is gradually entering a stage of stock game, and Tims Tianhao China's scale expansion pace is gradually under pressure. The company's revenue will continue to decline from 2024 to 2025. In order to solve the development dilemma, Tims Tianhao China has taken the initiative to optimize and adjust its stores. While increasing its franchise business, it is also based on the differentiated strategic positioning of "coffee+warm food" and continues to promote the on-site production upgrade of all stores in the system.
According to the financial report data, since going public, the proportion of franchise stores of the company has continued to steadily increase. From 2023 to 2025, the proportion of brand franchise stores reached 31%, 43%, and 46.3% respectively. The continuous structural adjustment effectively stabilized the overall store base.
It is worth noting that the current domestic coffee market is experiencing intensified stratification and internal competition, and Tims Tianhao China's mid-range price band is facing multiple pincers of competition.
Lin Yue, Chief Consultant of Lingyan Management Consulting and an analyst in the catering and food industry, analyzed to reporters from Huaxia Times that currently, in the coffee market, there are Luckin Coffee, Kudi Coffee, and Lucky Coffee at the affordable end for the general public, and Piye Coffee at the high-end end. However, Tims is located in the mid-range price band, not only with Manner, M Stand, etc., but also facing fierce competition from Starbucks and cross-border tea beverage brands. In Lin Yue's opinion, for Tims Tianhao China, it should continue to consolidate its brand positioning of "coffee+warm food" and do a good job in single store operation.
Financing paves the way for expansion
At the same time as announcing the management change, Tims Tianhao China also disclosed its first quarter financial report and latest financing announcement for 2026. In the midst of a chaotic cycle of stock game and price war in the domestic coffee industry, the company is attempting to start a new round of breakthrough through capital replenishment.
The latest financial report data shows that in the first quarter of 2026, Tims Tianhao China's total revenue reached 256.7 million yuan, with system sales of 322.9 million yuan. Among them, the company's self operated store revenue was 207.2 million yuan, other revenue was 49.5 million yuan, a year-on-year increase of 7.7%, and other revenue profit increased by 14.0%.
At the store structure level, as of the end of March, Tims Tianhao China had a total of 1026 stores and 485 franchise stores, accounting for 47%. The management stated in the financial report that since the first quarter of 2026, the company has continued to advance strategic adjustments, closing underperforming stores, and expects to complete this process and achieve a net increase in the number of new stores by the second quarter of 2026.
To support its future layout, Tims Tianhao China has also launched a priority secured convertible bond financing plan of up to $55 million. Regarding this fundraising, Tims China has made it clear that some of the funds raised will be used to expand offline store channels and improve the national business layout. With the implementation of this financing, the company's cash reserves have been further enriched, and its capital risk resistance ability continues to strengthen.
If we observe Tims' adjustment in China in the context of the entire coffee industry, the pressure it faces is far from isolated. The current competitive landscape in the Chinese coffee market is being deeply reshaped by a low price strategy. According to institutional data, Luckin Coffee and Kudi Coffee together account for nearly 60% of the top ten coffee brands in China, and the price war continues to compress the survival space of small and medium-sized brands. More aggressive is the Lucky Coffee under the umbrella of Meixue Ice City, with its main product priced at 5-10 yuan and over 8000 stores in operation, further lowering the price threshold for coffee consumption.
At the same time, Starbucks adheres to the high-end market and relies on the "third space" to build a differentiated moat; Leading new tea beverage brands such as Guming and Chabadao have crossed over and entered the market, relying on existing stores to low-cost add coffee product lines and divert the growth of the coffee track. Taking Guming as an example, Haitong International pointed out after researching Guming that coffee has become an important incremental category for Guming stores, and the proportion of coffee cups will remain stable at 15% -20% in the first quarter of 2026.
Lin Yue told our reporter that with the entry of tea drink brands, the boundary between coffee and tea drinks is melting, and the coffee track has entered a stage of stock game. Brand stratification and differentiation are inevitable trends. With Seesaw being filed for bankruptcy liquidation, high-end boutique coffee is also undergoing a round of reshuffle, with different positioning and price bands. Consumers have their own cognition, and only brands that occupy the user's mind have survival space.
In recent years, the coffee industry has been in a state of chaos, with top brands gradually gaining a foothold, while brands in the middle and lower tiers are struggling. Coffee consumption still pursues quality price ratio, and the entire market cake will not grow rapidly. However, there are more players who want to divide it, so the ultimate competition is' internal strength ', supply chain efficiency, operational refinement, product innovation, and marketing, all of which determine the competitiveness of brands, "Lin Yue pointed out.
It is widely believed in the industry that the Chinese coffee market will continue to struggle in 2026, and short-term industry prices will be difficult to recover. However, the market supply will continue to be abundant and the categories will continue to expand. Whether Tims Tianhao China, which has completed the iteration of changing coaches and capital replenishment, can rely on a new management team and strategic adjustments to tear apart differentiation gaps in multiple pincers, achieve dual breakthroughs in scale and profitability, and attract market attention for its future development.
Responsible Editor: Lu Xiao Editor in Chief: Han Feng