从绵延不绝的外卖大战，到戛然而止的价格战，瑞幸2025年财报，清晰展现了中国咖啡行业龙头在竞争压力之下的成长逻辑——一方面，3万余家门店、4.5亿用户的规模优势，构建了难以逾越的行业壁垒，供应链效率与数字化运营能力的提升，为长期发展奠定坚实基础；另一方面，外卖大战带来的成本压力，将推动瑞幸加速从“规模优先”向“规模与盈利并重”转型。
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Welcome to Edition 8.31 of the Rocket Report! We have some late-breaking news this week with an update Thursday afternoon from Rocket Lab on the timing of its much-anticipated Neutron rocket. Following the failure of a first stage tank during testing, the company is pushing the medium-lift rocket's debut into the fourth quarter of this year. Effectively that probably means 2027 for the booster, which is disappointing because we all very much want to see another reusable rocket take flight.
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