精品咖啡没有“凉凉”Premium coffee doesn't have a "cool" taste
来源 | 伯虎财经（bohuFN）
作者 | 林恩
被称为中国精品咖啡鼻祖、“黄埔军校”的Seesaw，进入破产程序。
上海市第三中级人民法院已正式受理Seesaw的运营方上海西舍咖啡有限公司破产清算申请。公开信息显示，本次破产清算由上海琉璃工房琉璃艺术品有限公司、上海玛露实业有限公司两家企业申请，申请理由为西舍咖啡无法清偿到期债务、明显缺乏清偿能力。
律师称，法院受理破产清算案，并不意味着最后西舍咖啡会被破产清算，因为在司法破产程序过程中，企业可能发生重整，也可能与债权人达成和解，如果成功，企业可以盘活存续；只有企业没有重整价值，且双方无法达成全面和解，才会导致企业被清算。
Seesaw的估值曾一度达到10亿元，巅峰时候门店数达到135家。
这样一家精品咖啡品牌的“下坠”，是自身经营不当，还是行业发展使然？
Seesaw“下坠”
Seesaw成立于2012年，是国内较早布局标准化精品咖啡的连锁品牌，也被称为中国精品咖啡鼻祖。
在本土精品咖啡发展初期，Seesaw率先引入精品咖啡豆、手冲单品等品类概念。产品定价30元到40元之间，主打精品体验式消费。再加上设计化门店空间，Seesaw填补了当时本土精品连锁的市场空白。
资本的入局，加速了Seesaw的扩张。Seesaw分别在2017年、2021年、2022年获得机构投资，巅峰估值达到10亿元。
手上有了资金后，Seesaw的拓店速度也加快了。数据显示，Seesaw 2021年新开门店43家，2022年新开门店67家，到2022年8月门店总数突破100家。
Seesaw的扩张野心毫不含糊。不仅延续大店直营模式，主力门店面积集中在100至220平方米，而且门店普遍位于核心商圈、写字楼等高租金场景，采用“一店一设计”的定制化装修方案。
2023年开始，Seesaw的经营情况变得不对劲。Seesaw的扩张节奏放缓，全年仅新开12家门店。也是这一年起，Seesaw再未获得新的融资，而供应商开始遭遇货款延迟结算的问题。
直到今天，已演变为，多达几十家供应商对西舍咖啡提起诉讼，且大多数为买卖合同纠纷。
结合多位咖啡行业人士的观点，Seesaw的核心问题在于，其精品模式并未跑通高效化模型，且覆盖大众市场喜好。
盘古智库高级分析员江瀚提到，Seesaw前期依靠资本资金快速做大规模，但精细化运营、成本管控、供应链议价能力未能同步提升，门店固定成本长期居高不下。
资本不再输血后，经营问题加速暴露。事实上，这是一个无解的循环题。早期资本押注精品咖啡，本身也并非绝对的看好，而是两头一同下注，看谁胜率更高。随着平价咖啡加速扩张，跑出一套盈利模型，资本自然转移注意力。
而Seesaw在面临自身的经营烂摊子时，握着方向盘驶向了更危险的地方。
比如，为应对客流下滑，Seesaw曾在美团、抖音等平台推出团购优惠活动，单品价格最低降至6.9元，同时上线19.9元全场任选等促销活动。
艾媒咨询CEO张毅认为，低价促销并未有效改善经营状况，反而易造成品牌定位模糊，原有高端客群流失，新客认知不足的问题。
Seesaw内部员工透露，日常运营中的策略经常发生调整，比如直播卖券运行过一阵子，跟风联名也进行过一段时间，但都缺乏系统性、专业性的规划，没有引起太多水花。
Seesaw沦落到今天的处境，的确令人惊讶，但回望其过去的发展，倒也不足为奇。
小而美的生意内核
当然，调整的不仅仅是Seesaw，它也是精品咖啡行业发展的一处缩影。
这两年，精品咖啡的确在经历“重整期”，2024年起赛道明显降温。
有媒体数据显示，2021年到2023年，咖啡赛道的投资事件分别为11、15、18起，而2024年降至10起。Manner的最后一轮融资停留在2022年，M stand则停留在2023年。这一时间节点，与Seesaw完全契合。
前不久，瑞幸咖啡控股股东大钲资本与雀巢达成协议，收购蓝瓶咖啡Blue Bottle Coffee全球门店，价格低于4亿美元。再往前，皮爷咖啡母公司经历卖身重组。
精品咖啡的天花板肉眼可见，这是精品咖啡本身的性质决定的，而这也是劝退资本的核心原因。
精品咖啡，是指那些用精品咖啡豆制作的咖啡，更强调产地、工艺和风味，突出门店装修的格调和艺术性，走高质高价路线。
这就决定了，精品咖啡的消费群体相对小众，他们属于少数深度咖啡用户。精品咖啡，注定是小而美的生意。
这样一门小而美的生意，还面临着平价咖啡的冲击。
9.9元咖啡无情席卷行业，重塑消费者对咖啡价格的认知。瑞幸咖啡、库迪咖啡，用短短的几年时间，打造了一个又一个万店神话，成为大众喝咖啡的选择，也挑拨投资者的神经。
业内人士指出，“投资人想要的是瑞幸、Manner这种的回报，但正儿八经精品咖啡店是给不到这样的回报的，实际回本周期还挺长的，所以很多投资人更谨慎了。”
更为致命的是，随着平价咖啡加速规模化，精品咖啡自身的设备、原料优势，也变得越来越不明显。平价咖啡品牌可以用更低的成本买到更好的豆子、设备，在这一点上与精品咖啡逐渐缩短距离，甚至没有距离。
FBIF 2026现场，多位咖啡业内人士告诉伯虎财经，咖啡本身并不具备明显壁垒，A品牌有的，B品牌也可以买到。
如今，精品咖啡与平价咖啡最大的差别，就在于门店体验。平价咖啡往往门店小，不提供落座的地方。而精品咖啡可以满足消费者一边品咖啡、一边坐下来享受慢时光的空间要求。
精品咖啡彻底输了吗？倒也未必。
精品咖啡何去何从？
并不是所有的精品咖啡都过得狼狈。
皮爷咖啡被誉为“星巴克祖师爷”。其母公司JDE Peet's 2025年业绩显示，在众多品牌中，皮爷咖啡表现突出，中国市场更是被单独列为增长区域。2025年，皮爷咖啡中国门店持续保持双位数的销售增长。
成立于2015年的Manner，以“小店模式+精品咖啡”的模式，开出了2563家门店。
此外，这两年中国本土还在跑出一批新的精品咖啡品牌。猿辅导旗下Grid Coffee创立三年，门店数已突破100家，选址多为高端商业综合体，产品价格位于24-36元区间；比星深耕15-20元价格带，门店数2025年接近翻倍，从160家到近300家；青松咖成立于2023年，主打美式，已开出45家直营门店。
可以看到，当下的精品咖啡赛道，呈现两极分化趋势。
2026年4月，Manner对部分产品进行涨价，原因是选用了更优质、更高品质的咖啡豆。
这一动作，其实也反映出一个市场信号：依然有不少消费者愿意为品质更好、价格更高的咖啡买单。而这也是精品咖啡的机会所在。
此外，随着咖啡市场规模越来越大，精品咖啡也在跟着“吃香”。
在FBIF 2026现场采访中，皮爷咖啡零售总经理提到，价格战之下，对于消费者而言，咖啡的价值被严重弱化、稀释。但作为品牌，很开心看到这样的变化，市场通过低价优质的产品快速培育部分消费者对咖啡的需求。
一个有意思的现象是，随着平价咖啡普遍告别9.9元，逐渐提高的定价，也在推动一些消费者转向选择精品咖啡。“与其买一杯十多元的普通咖啡，不如再加一点钱买一杯体验更好的精品咖啡。”不止一位受访者这样告诉伯虎财经。
我们在Seesaw等品牌的经营不佳中，看到精品咖啡遭遇的严峻挑战。但同时，也在Manner等品牌的稳健发展中，看到精品咖啡的诸多机会与可能。
未来，精品咖啡的机会依然在于，在相对平价咖啡更高的价格之上，让消费者看到更稳定的出品、更清晰的风味，或是更明确的价值感。
参考资料：
1、新品略财经：Seesaw的精品咖啡梦彻底碎了
2、联商网：瑞幸大股东，为何买下蓝瓶咖啡？
3、中国经营报：“资本宠儿”Seesaw被破产清算背后：精品咖啡赛道分化提速
4、斑马消费：精品咖啡，难服大众
5、餐饮老板内参：9.9元退潮后，一批精品咖啡开始反击
文章封面首图及配图，版权归版权所有人所有。
原标题：《精品咖啡没有“凉凉”》
Source | BohuFN
Author | Lynn
Seesaw, known as the pioneer of Chinese specialty coffee and the "Huangpu Military Academy," has entered bankruptcy proceedings.
The Shanghai Third Intermediate People's Court has officially accepted the bankruptcy liquidation application of Seesaw's operator, Shanghai Xishe Coffee Co., Ltd. Public information shows that this bankruptcy liquidation was applied for by two companies, Shanghai Liuli Workshop Liuli Art Co., Ltd. and Shanghai Malu Industrial Co., Ltd. The reason for the application is that Xishe Coffee is unable to repay its due debts and clearly lacks the ability to repay.
The lawyer stated that the court's acceptance of the bankruptcy liquidation case does not mean that Xishe Coffee will eventually be liquidated, because in the process of judicial bankruptcy proceedings, the enterprise may undergo restructuring or reach a settlement with creditors. If successful, the enterprise can be revitalized and continue to exist; Only when the enterprise has no restructuring value and both parties cannot reach a comprehensive settlement, will the enterprise be liquidated.
Seesaw's valuation once reached 1 billion yuan, with a peak of 135 stores.
Is the decline of such a boutique coffee brand due to improper management or industry development?
Seesaw 'Falling'
Seesaw was founded in 2012 and is one of the earliest chain brands in China to establish standardized specialty coffee. It is also known as the pioneer of Chinese specialty coffee.
In the early stages of the development of local specialty coffee, Seesaw was the first to introduce concepts such as specialty coffee beans and hand brewed single products. The product is priced between 30 yuan and 40 yuan, with a focus on boutique experiential consumption. In addition, with the design of store space, Seesaw filled the market gap of local boutique chains at that time.
The influx of capital has accelerated Seesaw's expansion. Seesaw received institutional investments in 2017, 2021, and 2022, with a peak valuation of 1 billion yuan.
With the funds in hand, Seesaw's store expansion speed has also accelerated. Data shows that Seesaw opened 43 new stores in 2021, 67 new stores in 2022, and the total number of stores exceeded 100 by August 2022.
Seesaw's expansion ambitions are unwavering. Not only does it continue the direct sales model of large stores, but the main store areas are concentrated in 100 to 220 square meters, and the stores are generally located in high rent scenarios such as core business districts and office buildings, adopting a customized decoration plan of "one store, one design".
Starting from 2023, Seesaw's business situation has become abnormal. Seesaw's expansion pace has slowed down, with only 12 new stores opening throughout the year. Since that year, Seesaw has not received any new financing, and suppliers have begun to experience delayed settlement of payments.
Until today, it has evolved into dozens of suppliers filing lawsuits against Xishe Coffee, most of which are disputes over sales contracts.
Based on the views of multiple coffee industry professionals, the core issue with Seesaw is that its premium model has not yet achieved high efficiency and covers the preferences of the mass market.
Jiang Han, a senior analyst at Pangu Think Tank, mentioned that Seesaw relied on capital funds to quickly expand its scale in the early stages, but its refined operations, cost control, and supply chain bargaining power failed to improve synchronously, resulting in long-term high fixed costs for its stores.
After capital no longer translocates, operational problems are rapidly exposed. In fact, this is an unsolvable loop problem. Early capital bets on premium coffee are not necessarily optimistic, but rather both sides are betting together to see who has a higher winning rate. As the expansion of affordable coffee accelerates and a profit model emerges, capital naturally shifts its focus.
And when Seesaw faced its own business mess, it held the steering wheel and headed towards a more dangerous place.
For example, in order to cope with the decline of passenger flow, Seesaw has launched group purchase promotional activities on Meituan, Tiktok and other platforms, with the lowest price of single product falling to 6.9 yuan, and launched promotional activities such as 19.9 yuan for all the people.
According to Zhang Yi, CEO of iMedia Consulting, low price promotions have not effectively improved business conditions, but instead can easily lead to brand positioning ambiguity, loss of existing high-end customer groups, and insufficient recognition of new customers.
An internal employee of Seesaw revealed that strategies in daily operations often undergo adjustments, such as live streaming coupon sales running for a while and following the trend for joint ventures for a period of time, but they lack systematic and professional planning and have not caused too much controversy.
It is indeed surprising that Seesaw has fallen into its current situation, but looking back at its past development, it is not surprising.
Small and beautiful business core
Of course, the adjustment is not only about Seesaw, but also a microcosm of the development of the specialty coffee industry.
In the past two years, specialty coffee has indeed gone through a "restructuring period", and the track will significantly cool down from 2024.
According to media data, from 2021 to 2023, there were 11, 15, and 18 investment events in the coffee industry, respectively, and this number decreased to 10 in 2024. Manner's final round of financing is scheduled for 2022, while M stand is scheduled for 2023. This time point perfectly aligns with Seesaw.
Not long ago, Luckin Coffee's controlling shareholder Dazheng Capital reached an agreement with Nestle to acquire Blue Bottle Coffee's global stores for less than $400 million. Going forward, the parent company of Piye Coffee underwent a spin off restructuring.
The ceiling of premium coffee is visible to the naked eye, which is determined by the nature of premium coffee itself, and this is also the core reason for discouraging capital.
Premium coffee refers to coffee made from premium coffee beans, emphasizing the origin, craftsmanship, and flavor, highlighting the style and artistry of store decoration, and pursuing a high quality and high price route.
This determines that the consumer group of premium coffee is relatively niche, and they belong to a small number of deep coffee users. Premium coffee is destined to be a small yet beautiful business.
This small and beautiful business is also facing the impact of affordable coffee.
9.9 yuan coffee mercilessly sweeps the industry, reshaping consumers' perception of coffee prices. Luckin Coffee and Kudi Coffee have created one myth after another in just a few years, becoming the popular choice for coffee drinkers and stirring up investors' nerves.
Industry insiders point out that "investors want returns like Luckin Coffee and Manner, but legitimate boutique coffee shops cannot provide such returns. The actual payback period is quite long, so many investors are more cautious. ”
Even more deadly is that as affordable coffee accelerates its scale, the equipment and raw material advantages of premium coffee itself are becoming increasingly less apparent. Affordable coffee brands can buy better beans and equipment at lower costs, gradually narrowing the gap with boutique coffee in this regard, or even no distance at all.
At the FBIF 2026 site, several coffee industry insiders told Bohu Finance that coffee itself does not have obvious barriers. A brand has it, and B brand can also be purchased.
Nowadays, the biggest difference between premium coffee and affordable coffee lies in the store experience. Affordable coffee shops are often small and do not provide seating spaces. And premium coffee can meet the spatial requirements of consumers to enjoy slow time while sipping coffee.
Has boutique coffee completely lost? Not necessarily.
Where does boutique coffee go?
Not all boutique coffees live in a miserable state.
Piye Coffee is known as the "ancestor of Starbucks". According to the performance of its parent company JDE Peet's in 2025, among many brands, Piye Coffee has performed outstandingly, and the Chinese market has been separately listed as a growth region. In 2025, Piye Coffee's Chinese stores will continue to maintain double-digit sales growth.
Manner, founded in 2015, has opened 2563 stores through a "small shop model+boutique coffee" model.
In addition, a new batch of premium coffee brands have emerged in China in the past two years. Grid Coffee, a subsidiary of Yuanfudao, has been established for three years and has exceeded 100 stores. Its locations are mostly in high-end commercial complexes, with product prices ranging from 24-36 yuan; Bi Xing is deeply cultivating the price range of 15-20 yuan, and the number of stores is expected to nearly double by 2025, from 160 to nearly 300; Qingsong Cafe was established in 2023, specializing in American style products, and has opened 45 directly operated stores.
It can be seen that the current boutique coffee market is showing a polarized trend.
In April 2026, Manner raised prices for some products due to the use of higher quality coffee beans.
This action actually reflects a market signal: there are still many consumers willing to pay for better quality and higher priced coffee. And this is also the opportunity for boutique coffee.
In addition, with the increasing size of the coffee market, specialty coffee is also becoming popular.
In an on-site interview at FBIF 2026, the General Manager of Piye Coffee Retail mentioned that under the price war, the value of coffee has been severely weakened and diluted for consumers. But as a brand, I am happy to see such a change, as the market quickly cultivates some consumers' demand for coffee through low-priced and high-quality products.
An interesting phenomenon is that as affordable coffee generally bids farewell to 9.9 yuan and gradually increases its pricing, it is also driving some consumers to turn to premium coffee. More than one interviewee told Bohu Finance, 'Instead of buying a regular coffee for over ten yuan, it's better to add a little more money to buy a premium coffee with a better experience.'.
We see the severe challenges faced by specialty coffee in the poor management of brands such as Seesaw. But at the same time, we also see many opportunities and possibilities for boutique coffee in the steady development of brands such as Manner.
In the future, the opportunity for premium coffee still lies in allowing consumers to see more stable products, clearer flavors, or a clearer sense of value above the relatively affordable price of coffee.
reference material:
1. New Product Strategy Finance: Seesaw's dream of premium coffee is completely shattered
2. Lianshang.com: Why did Luckin Coffee, the major shareholder, buy Blue Bottle Coffee?
3. China Business News: Behind the bankruptcy liquidation of "capital darling" Seesaw: the differentiation and acceleration of the boutique coffee track
4. Zebra consumption: premium coffee, difficult to win over the public
5. Restaurant owner internal reference: After the 9.9 yuan ebb tide, a batch of boutique coffee began to counterattack
The first image and accompanying images on the cover of the article are copyrighted by the copyright owner.
Original title: "Fine coffee is not 'cool'"