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]

Core Insights - Starbucks reported a 6% year-over-year growth in the Chinese market for Q4 of fiscal year 2025, reaching $831.6 million [1] - The total revenue for fiscal year 2025 was $3.105 billion, reflecting a 5% increase compared to the previous year [1] - Same-store sales in China experienced a positive growth of 2% for the second consecutive quarter, with a 9% increase in transaction volume year-over-year [1] Revenue and Growth - The growth momentum in China is attributed to innovations in non-coffee beverages, price adjustments, and the rising demand for the "Starbucks Delivery" service [1] - In Q4, Starbucks opened 183 new stores and entered 47 new county-level markets [1] - For the entire fiscal year 2025, the net increase in stores was 415, including unique concept stores in locations such as Hangzhou and Huangshan [1] Store Expansion - As of the end of fiscal year 2025, Starbucks operated 8,011 stores across 1,091 county-level cities in China [1]

Core Viewpoint - Royal Bank of Canada (RBC) has lowered its target price for Starbucks from $110 to $100 [1] Company Summary - The adjustment in target price reflects RBC's revised outlook on Starbucks' performance [1]

Core Insights - Starbucks China reported a 5% year-over-year revenue growth for the fiscal year 2025, reaching $3.105 billion [1] - The CEO emphasized the importance of agile product optimization and pricing strategies in response to market changes, alongside strong economic benefits from new store openings [1] Financial Performance - In Q4 of fiscal year 2025, Starbucks China achieved a 6% year-over-year revenue increase, totaling $830 million (approximately 5.9 billion RMB) [1] - Same-store sales grew by 2%, with a 9% increase in transaction volume, although the average ticket price decreased by 7% year-over-year [1] Store Expansion - Starbucks opened 183 new stores in Q4, entering 47 new county-level markets [1] - The total net new stores for fiscal year 2025 reached 415, with a total of 8,011 stores across 1,091 county-level cities by the end of the fiscal year [1] Growth Drivers - The growth momentum is attributed to innovations in non-coffee beverages, price adjustments, and the rapidly growing demand for the "Starbucks Delivery" service [2] - The company plans to strengthen its third space strategy and deepen connections with local cultures [2]