来源：市场资讯 （来源：锐艺商业品牌观察） 瑞幸真的很猛！不管是规模还是营收，都直接碾压一众竞争对手！不仅是星巴克，就连库迪的价格战也 打不动了！ 瑞幸咖啡在2025年全年营收492.88亿元，同比增长43.0%，门店总数突破31048家，同比增长39.0%，净 增8708家门店。 但第四季度的财报却揭示了繁华背后的隐忧：当季净利润同比暴跌39.1%，净利润率从8.8%骤降至 4.1%。这意味着，瑞幸每创造100元收入，只能赚到4.1元。 同一时期，被指"掉队"的星巴克中国呈现出另一种面貌。 2025财年，星巴克中国营收约220亿元，仅为瑞幸的44.6%；门店总数8011家，不到瑞幸的四分之一。 但星巴克中国的门店经营利润率持续保持在两位数，经营利润连续四个季度环比提升。 当瑞幸忙于追求规模的绝对值时，星巴克似乎更懂得如何让每一家店都赚钱。 01. 拆解瑞幸的利润暴跌，成本失控是关键。 2025年第四季度，其总运营费用达119.55亿元，同比增长38.9%，增速比营收增速高出整整6个百分点。 其中几个数据值得警惕： "外卖依赖症"成为吞噬利润的黑洞。 财报明确承认，配送费用激增"主要源于第三方外卖平台配送量大 ...

春运期间，高铁站与机场往往成为密度最高的商业空间之一。有限的空间承载着巨量的人流，消费行为被压缩在短暂停留之中，交易效率与渠道话语权被 极大放大。在这样的场景里，价格上浮几乎成为一种默认规则。从矿泉水到简餐，从便利商品到服务收费，消费者对此并不会感到意外。 原因也很直接，交通枢纽属于典型强势渠道，租金远高于普通商场，许多场地还叠加营业额抽成、运营规范成本与物流限制。这些成本终究要被转移到终 端价格之中。对大多数品牌而言，进入这样的渠道，本身就意味着接受一套新的定价逻辑。 价格策略的第一约束，来自成本结构。交通枢纽环境并不会改变品牌定位，却会显著放大成本压力。当渠道成本上升时，企业能否吸收这部分压力，取决 于产品本身的利润厚度与商业模型。 肯德基是标准化大众快餐。在它的成本模型里，生鲜食材、庞大且复杂的冷链物流，以及后厨高强度的标准化人工操作，占据了极高的硬性成本。 这种重资产、重供应链的模式，决定了它在常规市区的核心盈利法宝是薄利多销，必须依靠极高的客流周转率来摊薄固定支出。 但真正耐人寻味的差异在于，即便处在同一空间，不同品牌的反应却并不一致。肯德基的产品价格往往明显高于市区门店，而星巴克却大体维持全国统一 ...

Core Viewpoint - Starbucks is regaining morning customers but must capture the afternoon market to win back investor favor [2][12] Revenue Structure - Over half of the sales (approximately $12 billion annually) at U.S. company-operated stores occur before 11 AM [2][12] - After the morning caffeine peak, customer traffic significantly declines, leading to a low-traffic period [2][12] CEO's Strategy - CEO Brian Niccol aims to improve afternoon efficiency to match the peak morning hours from 7 AM to 9:30 AM, which could enhance store profitability and revive stagnant stock [2][12] Investor Sentiment - Investors are currently optimistic, with the stock rising 14% this year due to strong early performance signals [5][14] - Starbucks reported its strongest same-store sales growth in two years, indicating improved operational efficiency and transaction volume [5][14] - The company projects revenue growth of 5% or higher by fiscal year 2028 [5][14] Valuation Concerns - The stock's expected price-to-earnings ratio is around 37, significantly higher than competitors like McDonald's [5][14] - To justify this high valuation, Starbucks must not only recover morning traffic but also drive internal growth [5][14] Afternoon Market Opportunity - The afternoon period presents a significant opportunity, but it is challenging to develop [6][14] - Starbucks has been attempting to create a true consumption peak in the afternoon, investing in staff, faster equipment, and redesigned seating to enhance store appeal [6][14] Industry Comparisons - Successful turnarounds in the restaurant industry often come from expanding consumption into new time slots, as seen with McDonald's breakfast offerings [6][15] Brand Strategy - Starbucks is attempting to transform into a true all-day snack and beverage brand, which presents strategic contradictions [7][16] - The company is reviving its core brand identity and promoting a cozy café atmosphere while also offering a range of afternoon products [7][16] Consumer Trends - As the day progresses, consumers tend to shift towards sparkling drinks, iced teas, or cold brew energy drinks, indicating a need for Starbucks to adapt [7][16] - Starbucks must balance restoring its classic café vibe while promoting a full suite of afternoon offerings [8][16] Product Innovations - The company is implementing electronic menu boards to highlight afternoon products like matcha drinks and protein energy balls [8][17] - New beverage platforms are being introduced, allowing customers to customize sweetness and caffeine levels, which aligns with health trends [9][17] Afternoon Business Growth - Starbucks' afternoon business is already substantial, but filling the gap between morning lattes and afternoon energy boosts is essential for growth [9][18]

Core Viewpoint - Starbucks is expanding its presence in India despite increasing losses, focusing on new store openings and product launches to enhance its influence in the world's most populous country [1] Group 1: Company Performance - Tata Starbucks, a joint venture between Starbucks and Tata Group, reported a nearly doubled loss of 1.5 billion rupees (approximately 16.5 million USD) in the year ending March, while revenue grew by 4.8% [1] - The company has achieved positive cash flow but has not provided a timeline for profitability [1] Group 2: Market Strategy - Starbucks is prioritizing expansion over profitability in India, which is considered a key market, ranking among the top five globally for the company [1] - The company is localizing its menu by offering regional flavors, such as Malabar egg rolls and Vada Pao-style buns, to cater to local tastes [2] - The company is also responding to the demand from younger consumers for cold brew coffee and lighter beverages, including plant-based milk options [2] Group 3: Competitive Landscape - Tata Starbucks faces competition from local brands that attract coffee drinkers with basic offerings and specialty coffee [1] - The company has maintained same-store sales growth at 3% for two consecutive quarters, recovering from previous declines [2] - Tata Starbucks has expanded its footprint by adding 12 new stores, bringing the total to 504 across 81 cities in India [2]

Core Viewpoint - Kins Services, once valued at over 55 billion HKD, has officially delisted from the Hong Kong stock market after five years of listing, marking a significant shift in its operational strategy and ownership structure [1][4]. Group 1: Company Overview - Kins Services was initially part of Kins Holdings and was listed on the Hong Kong Stock Exchange in October 2020, with an initial share price of 44.8 HKD, reaching a market cap of over 280 billion HKD on its first trading day [2][3]. - The company experienced a peak market valuation exceeding 550 billion HKD during its early years, positioning itself alongside other major property management firms [2]. Group 2: Ownership Changes - The ownership of Kins Services transitioned significantly when its parent company, Kins Holdings, faced a liquidity crisis, leading to the sale of a 22% stake to Boyu Capital for 37.34 billion HKD in December 2021 [3]. - Boyu Capital gradually increased its stake, becoming the largest shareholder by acquiring additional shares through a series of strategic moves, including a partial tender offer in November 2022 and a court-ordered auction in March 2025 [3][4]. Group 3: Delisting and Privatization - The delisting was initiated by Boyu Capital as part of a voluntary privatization process, with a tender offer made at 8.69 HKD per share, resulting in a 95.56% acceptance rate from shareholders [4][5]. - Following the privatization, Kins Services' market cap was approximately 52 billion HKD, reflecting a decline of over 90% from its historical peak [4]. Group 4: Financial Performance - Kins Services reported a total revenue of 2.335 billion CNY for the first half of 2025, a slight decrease of 3.1% year-on-year, while maintaining cash and liquid assets of 2.65 billion CNY [5]. - The company has faced cumulative losses of around 3.4 billion CNY over the past three years, leading to a significant reduction in its market valuation and operational capabilities [5]. Group 5: Industry Context - The delisting of Kins Services reflects broader trends in the real estate and property management sectors, where companies are increasingly opting for privatization due to low public market valuations and financial pressures [9]. - Similar cases of privatization and mergers have been observed in the industry, indicating a shift towards a focus on asset consolidation and operational efficiency in a challenging market environment [9].

Group 1 - The core issue revolves around a labor relations regression that has prompted a group of Starbucks investors to prepare for a confrontation with the board of directors [1] Group 2 - The investor group is focused on addressing concerns related to labor practices and employee relations within the company [1] - This development indicates potential challenges for Starbucks in maintaining positive labor relations amidst investor scrutiny [1] - The situation may impact the company's reputation and operational dynamics if not addressed effectively [1]

经济观察网基于最新公开信息，星巴克股票在2026年可能涉及以下值得关注的事件。 诉讼进展：美国西雅图地区法院于2025年11月裁定，星巴克需面对股东诉讼，指控其在2024年隐瞒销售 额下降信息；后续司法程序可能对公司声誉和股价产生影响。 以上事件基于公开报道总结，具体进展需以官方公告为准。 以上内容基于公开资料整理，不构成投资建议。 业绩经营情况 财务业绩与成本优化：根据2026财年第一财季(截至2025年12月28日)业绩，管理层预计下半财年利润率 将改善，主要受益于成本削减计划(如未来两年削减约20亿美元成本)和供应链优化。公司指引显示， 2026财年全球同店销售额预计增长3%或以上。 近期事件 业务进展情况 中国业务合资交易完成：星巴克与博裕资本成立的合资企业预计在2026年春季完成交易，届时星巴克中 国零售业务(涉及8011家直营门店)将转为特许经营模式，不再纳入合并财务报表。 门店扩张与战略调整：公司计划在2026财年全球净增600-650家门店，其中中国市场占比近半数，并可 能逐步实现年增超1000家门店的目标，重点拓展低线城市。同时，门店升级计划持续推进，预计到2026 财年末完成超1000家门 ...

Core Insights - Starbucks is advancing a joint venture with Boyu Capital in the Chinese market, transitioning its direct-operated stores to a franchise model, while reporting growth in its latest financial results [1][2]. Recent Events - Starbucks and Boyu Capital have established a joint venture for operating retail business in China, with Boyu holding up to 60% equity and Starbucks retaining 40%. The transaction is expected to be completed by spring 2026, after which Starbucks' 8,011 direct-operated stores will shift to a franchise model, no longer included in Starbucks' consolidated financial statements. This asset-light transformation aims to enhance profit margins and accelerate expansion in the Chinese market [2]. Performance Overview - In the financial report released on January 28, 2026, Starbucks reported a 5% year-over-year increase in global revenue for the fiscal quarter ending December 28, 2025. The China region achieved an 11% double-digit growth in revenue, with same-store sales showing positive growth for three consecutive quarters. The report also noted a reduction in monthly expenses by approximately $3.9 million due to assets held for sale starting December 2025 [3]. Company Project Progress - Starbucks plans to increase the number of stores in China from over 8,000 to between 15,000 and 20,000, focusing on expanding into lower-tier cities and special business districts. In the first quarter of fiscal year 2026, the company entered 13 new county-level cities, with new store sales performing above average [4]. Stock Performance - On February 4, 2026, Starbucks' stock price was $96.97, with a single-day increase of 4.22% and a trading volume of $874 million. From the beginning of 2026 to February 4, the cumulative increase in stock price reached 15.15%. Stock price fluctuations are influenced by financial reports and market expectations regarding the joint venture's progress [5]. Event Impact - In November 2025, Starbucks faced a shareholder lawsuit alleging the company concealed information regarding declining sales in the U.S. and China markets, leading to stock price volatility. This lawsuit is still ongoing and requires monitoring of future developments [6].

Core Viewpoint - Starbucks is transitioning its China operations to a franchise model through a joint venture with Boyu Capital, expected to be completed by spring 2026, aiming to accelerate store expansion in the Chinese market [1][2]. Recent Events - The joint venture will see Boyu holding 60% of the equity while Starbucks retains 40%, with the Chinese operations no longer included in Starbucks' consolidated financial statements. This shift aims to enhance profit margins through a light-asset model, with expected international operating profit margins increasing from 13% to a range of 16%-19% [2]. Business Progress - Following the transaction, all 8,011 of Starbucks' directly operated stores in China will convert to a franchise model, marking a significant shift towards light-asset expansion. Starbucks will continue to engage in the Chinese market through brand licensing fees and supply chain revenues rather than direct operations [3]. Company Project Advancement - Starbucks plans to increase its store count in China from approximately 8,000 to between 15,000 and 20,000, with a target of opening over 1,000 new stores annually. The expansion will focus on lower-tier markets, having already entered 13 county-level cities in the first quarter of fiscal year 2026. The company is also enhancing competitiveness through product adjustments (such as price reductions and healthier options) and innovative scenarios (like breakfast offerings) [4]. Performance and Operations - In the first quarter of fiscal year 2026 (ending December 28, 2025), Starbucks reported a 5% year-over-year increase in global revenue, with China experiencing an 11% double-digit growth in revenue and positive same-store sales for three consecutive quarters. The company is strengthening global cost controls to address pressures from coffee bean prices and tariffs, with expectations that total management expenses for fiscal year 2026 will be lower than those in fiscal year 2023 [5]. Future Development - Starbucks is facing a shareholder lawsuit due to allegations of concealing declines in sales in the U.S. and China markets, with future developments dependent on updates from judicial proceedings [6].

Group 1 - FountainVest Partners is considering the sale of its Chinese franchise operator CFB Group, which operates Papa John's and Dairy Queen brands in Greater China, marking a trend of international restaurant brands reassessing their operations in China [1][2] - The potential valuation for CFB Group is approximately $500 million, with discussions still in preliminary stages and a formal sale process expected to start later this year [1][2] - CFB Group operates over 1,800 stores in Greater China and employs nearly 10,000 full-time and part-time staff, with Dairy Queen being owned by Berkshire Hathaway [2] Group 2 - FountainVest, established in 2008, focuses on investments in consumer, industrial, business services, and healthcare sectors, having supported various companies including Amer Sports Inc. and Ziwi [3] - The company acquired a majority stake in CFB Group from EQT AB in 2022, although the transaction amount was not disclosed [2][3] - Other global brands, such as Starbucks and Restaurant Brands International, are also reevaluating their Chinese operations, with Starbucks forming a joint venture with Boyu Capital and Restaurant Brands selling control of Burger King China [2]