其中三位知情人士表示，星巴克方面已要求他们在10月上旬提交具约束力的报价。其中一人补充表示， 最迟可能将在下个月底达成协议。 智通财经APP获悉，五位知情人士称，业务覆盖全球的大型投资巨头凯雷集团(Carlyle Group)和EQT， 以及区域性的重要参与者HongShan Capital Group(HSG)与博裕资本(Boyu Capital)，正准备就星巴克中国 业务的控制权提交最终报价。这些知情人士表示，关于星巴克中国的最终报价预计将于10月初公布，星 巴克将出售对中国业务的控制权。 有媒体在上月报道称，星巴克(SBUX.US)曾邀请约10家潜在买家于9月上旬提交不具约束力的报价，多 数报价对星巴克的中国市场业务的估值最高达50亿美元。 有两位知情人士称，星巴克近日已决定向最终买家出售其中国市场业务的控制权，但是所售股权规模尚 未披露。 两位知情人士称，最后一轮竞购方还包括中国私募股权公司Primavera Capital，且其可能与四家主要竞 购方之一结成收购联盟。 知情人士表示，这家总部位于西雅图的全球咖啡饮品巨头正寻求保留其在这个全球第二大经济体内的咖 啡豆烘焙设施的控制权，其中一人补充表示， ...

Core Viewpoint - Recent reports from self-identified Starbucks employees on social media indicate significant pressure related to the sale of mooncakes, with some employees reportedly purchasing mooncakes out of pocket due to sales targets [1] Group 1: Employee Experiences - Multiple employees from regions such as Hunan, Zhejiang, and Jiangsu have shared experiences of being pressured to meet sales targets, with one claiming to have purchased 15 boxes of mooncakes, totaling nearly 3000 yuan, which strained their living expenses [1] - Another employee, who recently joined the company, reported being required to sell 20 sets of mooncakes and faced criticism for not meeting the target, leading to personal financial losses [1] Group 2: Company Response - Starbucks China has stated that they are verifying the claims made by the employees and emphasized that the company does not permit employees to purchase products out of pocket as it is a matter of principle [1] - The company urged customers to purchase mooncakes through official channels to protect their rights, highlighting the popularity of their mooncakes each year [1]

Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese business, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [2][10]. Group 1: Stake Sale Details - The key issue in the stake sale is the percentage of ownership that Starbucks will retain, with reports suggesting that Starbucks may keep around 30% of the equity while distributing the remaining shares among several buyers [4]. - Starbucks CEO, Brian Niccol, emphasized the company's commitment to maintaining a significant stake in the Chinese market, stating that any transaction must align with Starbucks' interests [2][4]. Group 2: Operational Flexibility - Starbucks China has gained more operational flexibility, as evidenced by its recent partnership with Xiaohongshu (Little Red Book) to enhance community engagement in over 1,800 stores [7]. - The company has also adjusted prices for key products, leading to significant sales growth, with Q2 revenue in China increasing by 8% to $790 million (approximately 5.625 billion RMB) [7]. Group 3: Competitive Landscape - The competitive environment in China's coffee market is intensifying, with Luckin Coffee reporting a 47.1% year-on-year revenue increase to 12.36 billion RMB in Q2, significantly outpacing Starbucks [9]. - As of the end of Q2, Luckin Coffee had 26,206 stores, highlighting a growing gap in store count compared to Starbucks, which opened 70 new stores in the same period, bringing its total to 7,828 [9]. Group 4: Strategic Importance of Local Partnerships - Finding a partner that understands the Chinese market is crucial for Starbucks' expansion strategy, as local insights can enhance operational efficiency and decision-making [10].

Core Viewpoint - Reports indicate that several employees claiming to be from Starbucks have stated they were forced to purchase products out of pocket due to unmet sales targets for mooncakes, with part-time employees reportedly spending nearly 3000 yuan and full-time employees facing higher sales pressure and penalties [1] Group 1 - Starbucks is currently verifying the claims made by employees regarding the out-of-pocket purchases [1] - The company emphasizes that it does not permit employees to make such purchases as it is a matter of principle [1] - The unique flavors and designs of Starbucks' mooncakes have garnered significant customer interest each year upon release [1]

Core Viewpoint - Recent reports indicate that Starbucks employees are facing pressure to meet sales targets for mooncakes, leading to financial strain and complaints about forced purchases [1][2][3] Group 1: Employee Experiences - A part-time employee from Hunan reported being forced to purchase 15 boxes of mooncakes, totaling nearly 3000 yuan, causing financial difficulties [1] - Full-time employees also shared similar experiences, with one from Zhejiang stating they had to buy 5 boxes, costing over 1000 yuan, and faced penalties for not meeting sales targets [2] - Many employees described the mooncake sales period as a "nightmare," with assigned sales quotas leading to significant stress and financial burden [3] Group 2: Market Dynamics - Mooncakes are being resold on second-hand platforms, with many sellers claiming to be Starbucks employees, indicating a potential oversupply and difficulty in selling the product at retail prices [3][10] - The original retail price for mooncakes is significantly higher than the resale prices, suggesting that employees are subsidizing sales to meet targets [10] Group 3: Company Response - Starbucks has stated that it does not allow employees to purchase products to meet sales targets and is investigating the claims made by employees [10] - A legal expert noted that requiring employees to purchase products to meet sales goals could expose the company to legal risks, as it violates principles of voluntary and equitable labor relations [10] Group 4: Public Perception - Media commentary suggests that if a large company like Starbucks resorts to pressure tactics on employees, it raises concerns about corporate practices and employee treatment [10]

Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [1] Group 1: Stake Sale Details - The sale involves discussions about the proportion of equity Starbucks will retain, with reports suggesting that Starbucks may keep around 30% of the stake while distributing the remaining shares among several buyers [2] - CEO Brian Niccol emphasized the importance of retaining a significant portion of equity to maintain operational control in China [3] Group 2: Operational Flexibility - Starbucks has demonstrated increased operational flexibility in China, including a partnership with Xiaohongshu to enhance community engagement in over 1,800 stores [7] - The company has also adjusted pricing strategies, reducing prices on key products, resulting in significant sales growth, particularly for iced tea and frappuccinos [8][10] Group 3: Competitive Landscape - The competitive environment in the Chinese coffee market is intensifying, with Luckin Coffee reporting a 47.1% year-on-year revenue increase, significantly outpacing Starbucks [11] - Other domestic brands, such as Kudi Coffee, are rapidly expanding, with Kudi surpassing 15,000 stores and achieving profitability [12] - Starbucks reported a 2% year-on-year same-store sales growth, with a decline in average transaction value, highlighting the challenges faced in maintaining market share [12] Group 4: Strategic Importance of Local Partnerships - Finding a partner that understands the Chinese market is crucial for Starbucks' expansion strategy, as indicated by CEO Brian Niccol [13] - The outcome of the stake sale will determine the future operational dynamics of Starbucks in China [14]

Core Viewpoint - Starbucks is in the final stages of selling its stake in the Chinese market, with potential buyers including Boyu Capital, Carlyle Group, EQT, and Sequoia China, aiming to finalize the deal by the end of October [3][12] Group 1: Stake Sale Details - The sale involves negotiations on the percentage of equity Starbucks will retain, with reports suggesting that Starbucks may keep around 30% of the stake while distributing the remaining shares among multiple buyers [4][5] - Starbucks CEO Brian Niccol emphasized the importance of retaining a significant portion of equity to maintain operational control in China, stating that any deal must align with Starbucks' interests [3][5] Group 2: Operational Flexibility - Starbucks China has gained more operational flexibility, as evidenced by a recent partnership with Xiaohongshu (Little Red Book) to enhance community engagement in over 1,800 stores [6] - The company has also adjusted pricing strategies, reducing prices on key products, which led to significant sales growth in the second quarter [7][8] Group 3: Competitive Landscape - The competitive environment in China's coffee market is intensifying, with Luckin Coffee reporting a 47.1% revenue increase in the second quarter, significantly outpacing Starbucks [9][10] - Other domestic brands, such as Kudi Coffee, are rapidly expanding, with Kudi surpassing 15,000 stores and achieving profitability [10] Group 4: Strategic Importance of Local Partnerships - Finding a partner that understands the Chinese market is crucial for Starbucks' expansion strategy, as highlighted by CEO Brian Niccol [11]

责任编辑：梁斌 SF055 同时，还有IP属地为浙江的网友回应称，身为全职员工，"目标25盒已经垫了5盒，已经一千多元了"。 对于上述消息，星巴克回应新浪财经表示，"第一，对于网友所说的情况，我们正在核实。星巴克不允 许垫款自购这种行为，这是原则问题；第二，星巴克的月饼因为独特的口味和设计受到顾客喜欢，每年 上市后都会受到很多关注，也请广大顾客到正规渠道购买我们的月饼，保障自己的消费者权益。" 9月11日，近日有属地为湖南的网友发帖称，自己是星巴克大学生兼职员工，因门店中秋月饼销售任 务，"被逼着垫了15盒"，金额近3000元，导致生活费紧张。 ...

Core Insights - Recent reports indicate that Starbucks employees are facing pressure to purchase mooncakes due to unmet sales targets, with some part-time employees reportedly spending nearly 3000 yuan out of pocket [2][3] - The company is considering selling its China operations, with over 20 institutions expressing interest, and plans to retain a significant equity stake [4] - Starbucks' Q3 2025 financial results show a 4% increase in consolidated net revenue to $9.5 billion, despite a 2% decline in same-store sales globally [4][5] Group 1: Employee Sales Pressure - Multiple employees claim they are being forced to buy mooncakes to meet sales quotas, with one part-time employee stating they had to purchase 15 boxes, costing nearly 3000 yuan [2][3] - Full-time employees also report high sales pressure, with one stating they had to buy 5 boxes at a cost exceeding 1000 yuan, facing penalties for not meeting targets [3] - The company has denied knowledge of such practices, emphasizing that employees should not be required to purchase products themselves [3] Group 2: Business Operations and Financial Performance - Starbucks is exploring the sale of its China business, with potential buyers including Hillhouse Capital, Carlyle Group, EQT, and Sequoia China, and negotiations are in the final stages [4] - The estimated valuation for Starbucks' China operations ranges from $5 billion to $6 billion [4] - In Q3 2025, Starbucks reported a revenue of $7.9 billion in China, an 8% year-over-year increase, with a 2% rise in same-store sales [5]

责任编辑：江钰涵 9月11日，新浪财经从知情人士获悉，星巴克已将博裕资本、凯雷集团、EQT与红杉中国列为中国业务 出售的最终候选方。这项收购案已在最后一轮谈判阶段，将在10月底前敲定结果。 ...