Core Insights - Starbucks reported a 6% year-over-year revenue growth in China for Q4 FY2025, reaching $831.6 million (approximately RMB 5.913 billion) [1] - For the full fiscal year 2025, Starbucks China revenue increased by 5% to $3.105 billion (approximately RMB 22.077 billion) [1] - The company opened 183 new stores in Q4 FY2025, entering 47 new county-level markets, with a total of 415 new stores added throughout the fiscal year [1] Financial Performance - Q4 FY2025 revenue for Starbucks China was $831.6 million, marking a 6% increase year-over-year [1] - Full fiscal year 2025 revenue reached $3.105 billion, reflecting a 5% growth compared to the previous year [1] Market Expansion - Starbucks continues to focus on penetrating lower-tier markets in China, with a total of 8,011 stores across 1,091 county-level cities by the end of FY2025 [1] - New stores have maintained a high level of profitability, contributing above-average same-store sales growth [1] Strategic Partnerships - Starbucks CEO expressed confidence in retaining significant equity in its China operations while exploring partnerships to unlock future growth potential [2] - The company is focused on finding suitable partners to enhance its growth trajectory in China, emphasizing the value of future investments and royalty payments [2] Product Innovation - The company highlighted successful product innovations, particularly the tea latte series, and the rapid growth of its delivery service as key drivers of performance [2] - Continuous optimization of product offerings and pricing strategies is being implemented to adapt to the fast-changing market [2]

Core Insights - Starbucks China reported a revenue growth of 6% year-on-year to $831.6 million (approximately RMB 5.913 billion) for the fourth quarter of fiscal year 2025, and a total revenue of $3.105 billion (approximately RMB 22.077 billion) for the entire fiscal year, reflecting a 5% increase [1][2] - The operating profit margin for Starbucks China has remained in double digits, with both operating profit and margin showing sequential improvement for four consecutive quarters [1] - Starbucks China is currently in the process of selling equity, with significant interest from various capital entities recognizing its potential for localization and growth [8][10] Revenue and Sales Performance - The core driver of growth in Starbucks China is attributed to price adjustments, with a notable price reduction of around RMB 5 for several key products starting June 10 [3] - In Q2, same-store sales increased by 2% year-on-year, with transaction volume up by 9%, although the average transaction value decreased by 7% [4] - The company has opened 8,011 stores across 1,091 county-level cities, maintaining high profitability levels for new stores [5] Marketing and Promotions - Starbucks has implemented various promotional activities, including product innovations and leveraging social media trends, which have contributed to record sales [4] - The company has also benefited from the growth of its delivery service, "Zhuan Xing Song," achieving historical highs in sales across various time frames [4] Strategic Partnerships and Equity Sale - Starbucks is seeking a partner for its China business, with reports indicating that Boyu Capital is a preferred choice, potentially valuing the business at over $4 billion, and possibly exceeding $10 billion when including franchise fees [10][12] - The company aims to retain a significant stake in the Chinese market, indicating confidence in long-term growth potential [12] Competitive Landscape - Starbucks is facing increasing competition from domestic brands like Luckin Coffee, which reported a 47.1% year-on-year revenue growth in Q2, significantly outpacing Starbucks [13] - Other local brands, such as Kudi Coffee, are rapidly expanding, with Kudi surpassing 15,000 stores and achieving profitability [14] Cultural and Operational Considerations - The shift towards localization in Starbucks China involves granting more autonomy to local teams, which is a significant change for a company with a strong cultural identity [6][7] - The potential loss of Starbucks' cultural essence during this localization process raises questions about the impact on its operations in China [16][17]

Core Viewpoint - Starbucks China is increasingly seen as an attractive investment target, with significant growth potential and ongoing operational improvements [1][6]. Financial Performance - In Q4 of FY2025, Starbucks China reported a revenue increase of 6% year-on-year to $831.6 million (approximately RMB 5.913 billion) [1]. - For the entire FY2025, revenue grew by 5% to $3.105 billion (approximately RMB 22.077 billion) [1]. - The operating profit margin for Starbucks China has remained in double digits, with profits and margins improving for four consecutive quarters [1]. Growth Drivers - The primary driver of growth in Starbucks China is attributed to price adjustments, with significant price reductions on key products starting June 10 [3]. - The company has seen a doubling in sales of iced tea and continuous growth in its tea latte offerings [3]. - Starbucks has also benefited from promotional activities and innovations, such as the launch of seasonal products that achieved record daily sales [3][4]. Store Expansion and Performance - As of the end of FY2025, Starbucks China operated 8,011 stores across 1,091 county-level cities, maintaining high profitability levels for new stores [4]. - Same-store sales increased by 2% year-on-year, with transaction volume up by 9%, although the average transaction value decreased by 7% [4]. Strategic Changes - Starbucks is decentralizing decision-making to empower local teams, allowing for more localized operations [5]. - The company is exploring partnerships for its Chinese operations, with potential valuations exceeding $4 billion, and possibly over $10 billion when including franchise fees [7][8]. Competitive Landscape - The competitive environment is intensifying, with local brands like Luckin Coffee showing significant growth, reporting a 47.1% year-on-year revenue increase [9]. - Luckin Coffee has expanded its store count to 26,206, significantly outpacing Starbucks in terms of growth and market presence [9][11]. Cultural Considerations - Starbucks' operational culture, which emphasizes customer care and employee engagement, is a critical aspect of its brand identity [12]. - The challenge lies in maintaining this culture while adapting to the local market dynamics and potential changes in ownership structure [13].

Core Insights - Starbucks reported a strong performance in Q4 of fiscal year 2025, with revenue from the Chinese market reaching $831.6 million, a 6% year-over-year increase [1] - The company achieved a 2% growth in same-store sales for the second consecutive quarter, driven by demand from innovative non-coffee beverages and the rapidly growing delivery service [1][2] - The total revenue for the Chinese market in fiscal year 2025 was $3.105 billion, reflecting a 5% year-over-year growth [1] Revenue and Sales Performance - Q4 revenue in the Chinese market was $831.6 million, marking a 6% increase compared to the previous year [1] - Same-store sales grew by 2%, with transaction volume increasing by 9% year-over-year [1] - The total revenue for the full fiscal year 2025 was $3.105 billion, up 5% from the previous year [1] Store Expansion - In Q4, Starbucks opened 183 new stores, entering 47 new county-level markets [1] - A total of 415 new stores were added throughout fiscal year 2025 [1] - By the end of fiscal year 2025, Starbucks operated 8,011 stores across 1,091 county-level cities in China [1] Product Innovation - The introduction of the tea latte series significantly enhanced the non-coffee product lineup and boosted afternoon tea sales [1] - New menu items, including various pastries and sandwiches, contributed to increased sales during breakfast and lunch periods [1] Management Commentary - The CEO of Starbucks China expressed confidence in the company's growth trajectory and highlighted the importance of product innovation and the successful performance of new stores [2] - The company remains committed to sustainable high-quality development in the Chinese market [2]

Core Viewpoint - Starbucks is receiving strong interest from multiple high-quality partners regarding the potential sale of its stake in the China business, while the company plans to retain significant ownership and remains confident in the long-term growth potential of the region [1][2]. Group 1: Business Developments - Starbucks is focused on finding suitable partners to unlock future growth potential in China, emphasizing the value of future investments, retained equity, and royalty payments in any potential deal [1]. - Reports indicate that several investment firms, including Hillhouse Capital and Carlyle Group, have shown interest in acquiring Starbucks' China operations, with the sale process in the final negotiation stage [2]. Group 2: Financial Performance - For Q4 of fiscal year 2025, Starbucks reported total net revenue of $9.569 billion, a year-over-year increase of 5.5%, surpassing market expectations; however, operating profit fell by 78.7% to $278 million, and net profit dropped by 85.4% to $133 million [4]. - In the Chinese market, Starbucks achieved Q4 revenue of $831.6 million, a 6% year-over-year increase, marking four consecutive quarters of growth; the full fiscal year revenue reached $3.105 billion, up 5% [4]. - Same-store sales in China grew by 2% year-over-year in Q4, with transaction volume increasing by 9%, and the store operating profit margin remained in double digits [4]. Group 3: Market Strategy - Starbucks China introduced a new summer pricing strategy for various beverages, reducing average prices by approximately 5 yuan, with the lowest price dropping to 23 yuan, aimed at expanding its non-coffee beverage market rather than engaging in a price war [5]. - Management highlighted that regions including China, Japan, the UK, and Mexico contributed to strong sales performance in Q4, with China continuing to grow and enhance profitability [6].

2025.10.30 作者 | 第一财经 揭书宜 10月30日，星巴克发布截至九月底的2025财年第四季度财报，第四季度公司实现营业收入96亿美元，较 上年同期增长5%，全球同店销售额增长1%，七个季度以来首次录得正增长。 截至2025年9月28日，星巴克的全财年综合营收增长3%至372亿美元。至于门店数量，星巴克在第四财 季净关店107家，报告期末门店为40990家。 再来看中国业务。2025财年第四季度，星巴克中国实现营业收入8.316亿美元，同比增长6%，连续四个 季度保持增长。星巴克中国2025财年全年营收达31.05亿美元，同比增长5%。 在潜力巨大的中国市场，星巴克仍在推进下沉市场的计划。第四季度星巴克新开出183家门店，新进入 47个县级市场，2025财年全年累计净新增门店达415家。截至2025财年末，星巴克在全国1091个县级城 市开出了8011家门店。新店保持了高效的盈利水平，两年内的新开门店持续贡献高于均值的同店销售。 在财报发布后的电话会上，对于外界关注的星巴克出售中国业务股权进展，星巴克董事长及CEO倪睿安 称，"我们收到了来自多个高质量合作伙伴的浓厚兴趣，他们都看到了星巴克品牌和团 ...

Core Insights - Starbucks is considering selling its business in China, with ongoing rumors about potential transactions [1][2] - The company reported a 5% year-over-year increase in Q4 revenue, reaching $9.6 billion, marking the first positive same-store sales growth in seven quarters [1] - Starbucks China achieved $831.6 million in revenue for Q4, a 6% increase year-over-year, contributing to an annual revenue of $3.105 billion, up 5% [1] Financial Performance - For the fiscal year ending September 2025, Starbucks reported total revenue of $37.2 billion, a 3% increase from the previous year [1] - The company closed 107 stores in Q4, bringing the total number of stores to 40,990 [1] China Market Strategy - Starbucks continues to expand in the Chinese market, opening 183 new stores in Q4 and entering 47 new county-level markets [1] - The total number of stores in county-level cities reached 8,011 by the end of the fiscal year, with a net addition of 415 stores for the year [1] - New stores are performing well, contributing above-average same-store sales growth [1] Potential Transaction Insights - Starbucks' Chairman and CEO expressed confidence in retaining significant equity in Starbucks China while exploring partnerships to unlock future growth potential [2] - The estimated valuation for Starbucks' China business is between $5 billion and $6 billion, with potential deals expected to extend into 2026 [2] - High-quality partners have shown interest in the brand, indicating a strong perceived value in Starbucks' operations in China [2]

Core Insights - Starbucks reported strong performance in Q4 and full fiscal year 2025, with continuous revenue growth and improved profit margins in the Chinese market [1][2] - The growth in same-store sales is attributed to product innovation, expansion of the delivery channel, and enhanced membership benefits [1][2] Financial Performance - Revenue for Q4 reached $831.6 million, a 6% year-over-year increase, while total revenue for fiscal year 2025 was $3.105 billion, up 5% [2] - Operating profit margins remained in double digits, with both operating profit and profit margins showing sequential improvement over four consecutive quarters [2] Store Expansion - In Q4, Starbucks opened 183 new stores, entering 47 new county-level markets, with a total of 415 net new stores added in fiscal year 2025 [2] - The company has established 8,011 stores across 1,091 county-level cities in China, enhancing its third space strategy and local cultural connections [2] Product Innovation and Delivery Growth - The launch of the tea latte series and new breakfast sandwich options has effectively driven afternoon consumption and increased food sales [1][2] - The "Star Delivery" service continues to grow strongly, supported by new platform traffic and user subsidy policies [1]

Core Insights - Starbucks reported Q4 FY2025 net revenue of $9.6 billion, exceeding market expectations of $9.34 billion [1] - In the Chinese market, Starbucks achieved a Q4 revenue of $831.6 million, a year-on-year increase of 6%, contributing to an annual revenue of $3.105 billion, up 5% [1] Group 1: Financial Performance - Q4 FY2025 net revenue reached $9.6 billion, surpassing market estimates [1] - Starbucks China experienced continuous growth for four consecutive quarters, with Q4 revenue at $831.6 million, a 6% increase year-on-year [1] - Total revenue for Starbucks China in FY2025 was $3.105 billion, reflecting a 5% year-on-year growth [1] Group 2: Store Expansion and Operations - In Q4 FY2025, Starbucks China opened 183 new stores and entered 47 new county-level markets [1] - A total of 415 new stores were added throughout FY2025, including unique concept stores [1] - By the end of FY2025, Starbucks operated 8,011 stores in China, with new stores maintaining above-average same-store sales contributions [1] Group 3: Strategic Initiatives - The CFO indicated that Starbucks is focused on finding suitable partners to unlock future growth potential in China [2] - Starbucks China launched a digital innovation center and expanded sustainable strategic cooperation with Envision Technology Group [2] - The CEO highlighted strong economic benefits from new stores, driving continued market expansion and development opportunities [2]

Core Insights - Starbucks reported a continuous revenue growth in the Chinese market for the fourth consecutive quarter, reaching $831.6 million, a year-on-year increase of 6% [1] - The company achieved a same-store sales growth of 2% and a transaction volume increase of 9% in the fourth quarter, driven by innovative non-coffee beverages and the demand for its delivery service [1] - For the entire fiscal year 2025, Starbucks China generated $3.105 billion in revenue, reflecting a 5% year-on-year growth, with record sales across various time frames due to digital capabilities and delivery subsidies [1] Revenue and Profitability - The operating profit and profit margin have shown sequential improvement for four consecutive quarters, indicating a sustained enhancement in the business fundamentals [1] - The company opened 183 new stores in the fourth quarter, entering 47 new county-level markets, with a total of 415 net new stores for the fiscal year 2025 [1][2] Product Innovation and Marketing - Starbucks launched seasonal products such as the Perfumed Coconut Latte and the Osmanthus series, which enriched the non-coffee beverage options and boosted afternoon sales [2] - The marketing strategy included leveraging social media trends, such as the "First Cup of Autumn," which led to record daily sales, and collaborating with Xiaohongshu to create themed community spaces in over 1,800 stores [2] Market Position and Strategy - As of the end of fiscal year 2025, Starbucks has opened 8,011 stores across 1,091 county-level cities in China, maintaining high profitability levels for new stores [2][3] - The company emphasizes understanding consumer needs and adapting to market changes as key strategies for sustainable growth in a competitive landscape [3] Digitalization and Sustainability - Starbucks China has established an innovation technology center to enhance personalized experiences and is collaborating with Envision Technology on a supply chain carbon management platform to promote sustainability [3] - The focus on integrating technology with human elements aims to create a unique experience across its stores [3] Leadership Perspective - The CEO of Starbucks China expressed confidence in the market and commitment to sustainable high-quality development, highlighting the strong economic benefits of new store openings as a driving force for growth [4]