凤凰网科技讯 北京时间8月4日，据《金融时报》报道，星巴克正在以实际行动回应瑞幸咖啡在美国曼 哈顿开设门店，在街对面一家空置店铺的橱窗上张贴广告，凸显它对这家中国竞争对手所构成威胁的高 度重视。 这家空置店铺位于百老汇757号，正面和侧面都覆盖着星巴克的标志、模特和饮品的精美照片，以 及"Hello Summer"(享受夏日)的宣传语。在瑞幸咖啡门店外侧的砖墙旁，地铁出口上方的大屏幕上也不 断播放着星巴克广告。 星巴克的这场营销活动非常显眼，任何走进位于百老汇755号的瑞幸门店的顾客都会看到这些广告。这 家门店是瑞幸咖啡在今年6月进军美国市场时开设的两家曼哈顿门店之一。一位店员告诉《金融时 报》，瑞幸还将在8月开设更多门店。 两年前，瑞幸咖啡的门店数量和营收双双超过星巴克，成为中国最大的咖啡连锁品牌，这得益于消费者 转向更低价的咖啡选择。瑞幸拥有超过2.6万家门店，绝大多数在中国大陆。相比之下，星巴克全球门 店总数超过4.1万家，其中约有7800家位于中国。 瑞幸欲在美复制成功 现在，瑞幸咖啡正试图在星巴克的美国大本营复制成功，但采用的是截然不同的运营模式。瑞幸要求顾 客通过其手机应用下单，这不仅能够收集大量 ...

Core Viewpoint - Luckin Coffee has shown remarkable recovery and growth amidst the ongoing price war in the coffee and tea industry, achieving significant revenue and profit increases in the second quarter of 2024 [1][3]. Financial Performance - In Q2 2024, Luckin Coffee's total net revenue reached 12.359 billion yuan, a year-on-year increase of 47.1%, marking the highest growth rate in the past four quarters [1]. - Operating profit surged by 61.8% year-on-year to 1.7 billion yuan [1]. - The company's stock price has doubled over the past year and increased 30 times from its lowest point in 2020 [1]. Market Dynamics - The second quarter of 2024 saw a significant price war initiated by three major delivery platforms, leading to historically low beverage prices [3]. - Despite the price war, Luckin Coffee has emerged as a strong competitor, with a gross merchandise volume (GMV) growth of 46% to 14.2 billion yuan [5]. - Self-operated store revenue accounted for 74% of total net revenue, reaching 9.14 billion yuan, a 45.6% year-on-year increase [5]. Store Expansion - Luckin Coffee opened 2,109 new stores in Q2 2024, bringing the total number of stores to 26,206 [9]. - The company has opened nearly 4,000 new stores in the first half of 2024, compared to just over 2,000 in the second half of the previous year [9]. Competitive Landscape - Compared to Starbucks, which reported a net income of 5.68 billion yuan for the same period, Luckin's performance is notably superior [10]. - The coffee market in China has seen significant changes, with Luckin Coffee surpassing Starbucks in annual revenue for the first time in 2023 [19]. Industry Trends - The boundaries between coffee and tea markets are blurring, with brands like Luckin actively introducing tea-based products to attract a broader customer base [20]. - The industry is shifting from aggressive expansion to a focus on operational efficiency and brand differentiation, as evidenced by recent changes in branding among leading tea brands [29]. Cost Challenges - Operating costs, particularly rent, have surged, with a 65% year-on-year increase in 2024, reaching 8.541 billion yuan, which poses challenges to the sustainability of the low-price strategy [23]. - The company has faced pressures to control costs while maintaining competitive pricing amidst rising operational expenses [30].

Core Insights - Starbucks reported Q3 FY2025 earnings with revenue of $8.918 billion from coffee shop operations, slightly exceeding market expectations, driven by the opening of 1,151 new stores globally, contributing $0.927 billion in incremental revenue [2] - In North America, revenue was $6.927 billion, a year-on-year increase of 1.6%, accounting for approximately 73% of total coffee shop revenue [2] - In China, revenue reached $0.790 billion, a year-on-year growth of 8%, marking one of the top three revenue performances since FY2023, supported by the opening of 522 new stores and strategic pricing adjustments [2] Group 1: Market Position and Competition - Starbucks' market share in China has declined from a peak of 42% in 2017 to 14% in 2024, despite the overall coffee market growing significantly [4][5] - Luckin Coffee's revenue for the same period was approximately $1.2359 billion, a year-on-year increase of 47.1%, indicating that its revenue is now roughly equivalent to 2.5 times that of Starbucks in China [4][5] - The shift in consumer preferences has led to a redefinition of coffee consumption, with Luckin positioning coffee as a daily beverage rather than a luxury item, challenging Starbucks' traditional "third space" concept [5][10] Group 2: Strategic Adjustments - Starbucks has introduced a "study room" concept in select locations to enhance its brand's spatial advantage, aiming to attract students and freelancers while avoiding direct price competition with lower-cost alternatives [12][13] - The company has also implemented price adjustments on key products, with average price reductions of 5 yuan, to remain competitive in a market increasingly defined by lower price points [8][9] - Starbucks is exploring strategic partnerships and potential equity sales to leverage local expertise and improve its competitive position in the Chinese market [15][17] Group 3: Financial and Operational Insights - As of June 2025, Starbucks operated 7,828 stores in China, representing nearly 20% of its total global store count of 41,097, but contributing only about 8% of total revenue [2] - The average annual revenue per store for Starbucks in China is approximately 730,000 yuan, compared to Luckin's 540,000 yuan, highlighting the disparity in operational efficiency [8] - The valuation of Starbucks' Chinese operations is estimated at $5 billion to $6 billion, significantly lower than its global market valuation, indicating a shift in perception from a key growth market to a discounted asset [18]

Group 1 - Starbucks plans to set up self-service kiosks in airport locations to alleviate long queue issues [1]

凤凰网科技讯 北京时间8月1日，据彭博社报道，据知情人士透露，星巴克已对中国业务投资者进行了 筛选，大约12家公司入围第二轮，其中包括私募股权公司和科技公司。 知情人士称，相关讨论仍在进行中，未必会达成交易。随着谈判的推进，其他行业和财务投资者也可能 在后期加入。 中国是星巴克的第二大市场。然而，星巴克在中国已落后于瑞幸咖啡等本土竞争对手，后者凭借价格更 低廉的产品和频繁更新的产品实现了快速增长。 截至发稿，星巴克、方源资本、KKR、高瓴投资和春华资本不予置评。腾讯、京东、博裕资本、凯雷 集团尚未回应置评请求。(作者/箫雨) 知情人士称，第二轮名单中包括受邀参与投资的私募股权公司博裕资本、凯雷集团、殷拓集团、方源资 本、KKR、高瓴投资和春华资本，以及科技巨头京东和腾讯控股。 知情人士表示，入围的公司将获准查阅星巴克中国业务的财务报表，以便在未来几个月内进行评估并准 备报价。新的资本注入和本土化运营经验将助力星巴克在中国市场扩张门店规模、完善供应链体系，并 优化面向中国消费者的移动端平台与品牌战略。 星巴克CEO倪睿安(Brian Niccol)在7月29日的财报电话会议上对分析师表示，为中国业务寻找合作伙 ...

Group 1 - The core point of the article is the change in leadership at Shanghai Starbucks Coffee Operating Co., Ltd., with TAN BUAY BENG stepping down as the legal representative and chairman, and being succeeded by SHEN CAN [1] - The company was established in March 2000 with a registered capital of 10.13 million USD [1] - The business scope of the company includes the sale of arts and crafts, ceremonial supplies, related catering services, and catering enterprise management [1] Group 2 - The shareholder information indicates that the company is wholly owned by Starbucks Coffee (Cayman) Holdings Ltd. [1]

Group 1 - Starbucks is evaluating options for selling its stake in the China business, with over 20 interested parties expressing significant interest [2] - The estimated valuation of Starbucks' China business is around $10 billion, attracting nearly 30 private equity firms [2] - Starbucks may retain a 30% stake in the China business, with the remaining shares distributed among multiple buyers, each holding no more than 30% [2] Group 2 - In the latest fiscal quarter ending June 29, Starbucks China reported an 8% year-on-year revenue growth to $790 million [3] - As of the end of June, Starbucks China had 7,828 stores, with 70 new openings, and same-store sales increased by 2% [3] - In comparison, Luckin Coffee reported a revenue of 12.36 billion yuan, a 47.1% year-on-year increase, with a net profit of 1.25 billion yuan [3] Group 3 - Starbucks is looking for partners who share its mission and values, emphasizing the importance of effective local market operations over capital [3] - The selection process for potential partners is ongoing, with a focus on ensuring the future positioning of the Starbucks brand in China [3]

星巴克市场份额下降至14%，咖啡生意被谁抢走了？ 近日，星巴克交出季度财报，中国市场数据继续上扬。 在星巴克全球市场归母净利润同比下滑47.1%的大背景下，星巴克中国却表现亮眼：上季度门店数量达到7828家，相较于去年同期的7306家，同比增长 7%；同店销售额增长2%，同店交易量更是增长6%。 尽管星巴克中国的同店数据已经"由跌转增"，但是其市场份额却早已被"瓜分"。 据《金融时报》报道，星巴克在中国市场的份额，已从2017年42%的峰值，跌至2024年的14%。星巴克中国的收入前三年就停滞在30亿美元左右，此后几 乎没怎么增长。 据幸运咖人士透露，幸运咖已经定下了2025年内品牌万店的目标，一线城市的门店模型也在不断打磨中。但一二线城市的高房租仍是巨大的考验。 规模之争，下沉之战，正"暗夜浅行" 过去2年的"咖啡大战"硝烟四起，本以为就快落下帷幕。 从今年上半年的大盘数据来看，这场战争并未结束。咖啡门店数量仍在猛涨。企查查数据显示，截至7月21日，今年已注册近3万家，其中上半年注册量达 2.64万家，同比增长19.54%。 对比之下，昨天瑞幸咖啡发布的财报显示，增长显著。上个季度，总净收入为123.59亿 ...

Financial Performance - Luckin Coffee reported total net revenue of 12.359 billion yuan for Q2 2025, a year-on-year increase of 47.1%, marking the first time quarterly revenue exceeded 10 billion yuan, setting a historical record [1] - The net profit reached 1.251 billion yuan, up 43.6% year-on-year, with a net profit margin of 10.1% [1] - In comparison, Starbucks China reported revenue of 719 million USD (approximately 5.68 billion yuan) for the same period, indicating that Luckin's revenue is more than double that of Starbucks [1] Store Expansion - As of the end of Q2, Luckin Coffee operated 26,200 stores, with approximately 65% being self-operated and 35% franchised [3] - The company added over 3,800 stores in the first half of the year, exceeding initial expansion plans [3] Customer Engagement - The average monthly transaction customer count reached a record high of 91.7 million, a year-on-year increase of 31.6% [6] - The operating profit margin for self-operated stores slightly decreased to 21% from 21.5% in the same period last year [6] Market Competition - The competitive landscape in the tea and coffee market is intensifying, with major platforms like JD, Taobao, and Meituan launching significant subsidy campaigns [6][9] - Luckin Coffee, along with other brands, benefited from these subsidies, which have created a favorable external environment for growth [6] International Expansion - Luckin Coffee accelerated its international expansion, with a total of 89 overseas stores, adding 24 in Q2, the fastest growth since its international operations began [10] - The company opened two stores in the U.S., which is considered a highly competitive market for coffee [11] - Despite the expansion, the overseas business is currently operating at a loss, and the company plans to expand steadily and adapt to local markets [12] Product Development - The company has struggled to launch standout products in recent years, with no significant new hits reported in the first half of the year [12] - Recent product launches include light jasmine tea and a collaboration with Duolingo, but these have not demonstrated strong competitive advantages [12]

Core Viewpoint - Luckin Coffee reported a record high total net revenue of 12.359 billion yuan for Q2 2025, marking a year-on-year growth of 47.1% and achieving a net profit of 1.251 billion yuan, up 43.6% year-on-year, with a net profit margin of 10.1% [1] Financial Performance - The total net revenue for Q2 2025 reached 12.359 billion yuan, a significant increase of 47.1% year-on-year, and the first time quarterly revenue exceeded 10 billion yuan [1] - Net profit for the same period was 1.251 billion yuan, reflecting a year-on-year growth of 43.6%, with a net profit margin of 10.1% [1] - Compared to Starbucks China, which reported revenue of approximately 5.68 billion yuan for the same period, Luckin's revenue was more than double [2] Market Position and Expansion - As of the end of Q2 2025, Luckin Coffee operated 26,206 stores, with approximately 65% being self-operated and 35% franchised [3] - The company added over 3,800 stores in the first half of the year, exceeding initial expansion plans [4] - Monthly average transaction customers reached a record high of 91.7 million, a year-on-year increase of 31.6% [6] Competitive Landscape - The competitive environment in the tea and coffee market is intensifying, with major platforms like JD, Taobao, and Meituan launching significant subsidy campaigns [6][8] - Luckin Coffee's gross merchandise volume (GMV) for the quarter was 14.179 billion yuan, surpassing the total revenue of a competitor for the previous year [2] International Expansion - Luckin Coffee has accelerated its international expansion, with a total of 89 overseas stores, including 24 new stores in Q2 2025, marking the fastest growth since its international operations began [9] - The company opened two stores in the U.S. in June 2025, which attracted market attention due to the competitive nature of the U.S. coffee market [10] Product Development - Despite the introduction of over 100 new products annually, the company has struggled to create standout products in the current market, with recent launches lacking competitive strength [12][13] - Notable new products include light jasmine tea and a collaboration with Duolingo, but they have not achieved the same level of market impact as previous successful offerings [13]