针对此消息，星巴克方面在发稿前，暂无回复。 9月11日，《每日经济新闻》记者从知情人士处获悉，星巴克将红杉中国、博裕资本、凯雷集团和殷拓 集团列入其中国业务出售的最终竞标候选名单。据知情人士透露，这4家机构已于上周收到确认函，此 次交易由高盛担任独家财务顾问，结果或于10月底公布。 星巴克中国此次的出售计划最初吸引了数十家竞标者，高瓴、贝恩、KKR、腾讯、华润、美团等都被 传为潜在买家。最终候选名单是在8月27日结束的一轮竞标后选出的。7月9日，据外媒报道，星巴克中 国股权出售已吸引到潜在的股权出售要约，估值高达100亿美元。 封面图片来源：每经原创 ...

据湖北经视，近鈤有网友发帖称，作为星巴克兼职员工，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。 近日，多名自称星巴克的员工发帖称，因中秋月饼销售任务未完成，被迫自掏腰包购买产品，兼职员工 垫付近3000元，全职员工面临更高销售压力及惩罚措施，引发关注。 智通财经查阅二手平台，在闲鱼的个人闲置归类中，可见多个星巴克的月饼或月饼券转售，原价358/盒 （六块装）的售价139到175元不等。 9月11日，智通财经就上述情况致电星巴克客服热线；工作人员回应不知晓此事，但将记录下相关情况 并向公司内部反应，工作人员本人否认有相关销售任务。 同一天，星巴克内部人士回复智通财经称："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。此外，星巴克的月饼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，保障自己的权益。" 星巴克正在考虑出售中国地区业务。在7月底召开的2025年第三季度财报电话会上，星巴克董事长兼 CEO倪睿安（Brian Niccol）对此表示："超20家机构感兴趣，我们对中国市场的信心与承诺不变，并希 望保留中国业务相当比 ...

Core Insights - Brian Niccol took over as CEO of Starbucks on September 9, 2024, during a challenging period for the company, and initiated a comprehensive reform plan called "Back to Starbucks" aimed at revitalizing the brand and operations [1] - Despite improvements in customer experience and employee morale, Starbucks' stock price has declined nearly 9% over the past year, significantly underperforming the S&P 500's 19% increase during the same period [1][2] - The company faces intense competition in the Chinese market, where local competitors like Luckin Coffee are rapidly expanding, putting pressure on Starbucks' traditional high-quality brand image [7][9] Global Strategy Effectiveness and Challenges - Upon taking office, Niccol identified numerous operational and brand image issues, including long wait times and insufficient staffing, and implemented a detailed revitalization plan [2] - One year later, management reports improvements in customer and employee experiences, but the stock price has not reflected this progress, with a nearly 9% decline since Niccol's appointment [2][6] - Specific operational measures include adjustments to the digital ordering system and a focus on reducing wait times for customers [2][4] Internal Management Adjustments - Niccol has introduced new employee dress codes and mandated more in-office work for corporate staff, which has faced some employee pushback [5] - Labor unions have raised concerns about staffing shortages, with a survey indicating that 91% of baristas reported understaffing issues [6] - In response, Starbucks announced a $500 million investment to increase staffing and operational spending, aiming to enhance employee engagement and management effectiveness [6] Strategy Adjustments in the Chinese Market - Starbucks' revenue in China reached $790 million in the latest fiscal quarter, accounting for about 8% of global quarterly revenue [7] - The company has faced fierce competition from local players, prompting Niccol to prioritize strategic adjustments in the Chinese market [9] - Starbucks has launched discount promotions and plans to introduce new store concepts to attract cost-conscious consumers and enhance the in-store experience [9][10] Overall Market Position and Future Outlook - Despite price reductions, Starbucks has not gained a competitive edge in the value segment, as many young consumers prioritize affordability over brand loyalty [12] - The company is exploring partnerships with local firms to accelerate its recovery in China, which could provide financial and operational support [10] - The path forward for Starbucks in China remains challenging, as the brand's café culture faces disruption from changing consumer behaviors in the digital age [12]

9月9日，星巴克中国正式宣布与小红书APP达成深度合作，共同开启"兴趣社区空间"独家全面合作计 划。 据悉， 首批1800家"兴趣社区空间"，将围绕宠物、手工、骑行和跑步这四类兴趣，带来为这四类人群 度身定制的个性化体验。小红书将为优质的线下活动与兴趣内容提供更多流量和曝光，也让不同的兴趣 爱好者们找到自己喜爱的聚会。活动后可以在小红书分享，加入#星巴克兴趣社区空间#话题互动。通过 小红书的"地图"功能，顾客也能轻松发掘身边的星巴克"兴趣社区空间"。 当下，兴趣爱好已成为年轻一代充实自我、联结彼此、深度交流、获得认同的重要锚点。各种基于热爱 而形成的兴趣社区也由此应运而生。作为"第三空间"，星巴克是许多顾客自发举行兴趣聚会的场所。网 友的热情，给了星巴克探索如何将"咖啡馆体验"与"兴趣社交"结合的灵感，也引发了这场合作。 此次的1800余家"兴趣社区空间"，均是星巴克结合地理位置、周边社区、门店环境等多重因素挑选而 来。 编辑：侯隽 星巴克的"咖啡馆体验"与小红书的"兴趣友好计划"将深度融合，以服务日益活跃的兴趣社区群体。双方 共同向全国的兴趣爱好人群发出邀请——"有兴趣，来星巴克碰头"，来这里找到同好、找到 ...

Core Insights - Starbucks China has officially announced a deep collaboration with Xiaohongshu APP to launch an exclusive comprehensive cooperation plan called "Interest Community Space" aimed at engaging the increasingly active interest community groups [1] Group 1: Partnership Details - The collaboration involves Starbucks selecting over 1,800 stores nationwide to be upgraded into themed "Interest Community Spaces" focusing on pets, handicrafts, cycling, and running [1] - Xiaohongshu will provide increased traffic and exposure for quality offline activities and interest content, allowing different hobbyists to find their preferred gathering spots [1] Group 2: Strategic Vision - Starbucks China's Chief Growth Officer, Yang Zhen, emphasized that serving the "community" is part of Starbucks' brand DNA, expanding the definition of community from geographical locations to online communities formed by shared interests [1] - The "Interest Community Space" is a new initiative under this concept, aiming to offer customized services and experiences for interest community groups, encouraging young people with hobbies to connect at Starbucks [1]

Core Insights - Starbucks China has announced a deep collaboration with Xiaohongshu (Little Red Book) to launch an exclusive "Interest Community Space" initiative, integrating Starbucks' café experience with Xiaohongshu's interest-friendly program [3][4] - Over 1,800 Starbucks locations across China will be transformed into themed "Interest Community Spaces" focusing on pets, crafts, cycling, and running, providing tailored experiences for these interest groups [3] - The initiative aims to enhance community engagement by offering personalized services and activities, such as pet parties, craft workshops, and cycling rest stops, thereby attracting young people with shared interests [4] Company Strategy - Starbucks' Chief Growth Officer, Yang Zhen, emphasized that serving the "community" is part of the brand's DNA, expanding the definition of community from geographical locations to online communities formed by shared interests [4] - The "Interest Community Space" is a new attempt to provide customized services and experiences for interest-based community groups, encouraging young individuals to connect with like-minded peers at Starbucks [4]

小红书社区市场负责人白板则表示："星巴克与小红书，同样拥有浓厚的'社区'氛围，滋养社交的'联 结'属性，以及更好服务兴趣社区人群的愿景。这些共同点，促成了小红书'兴趣友好计划'与品牌间的首 次深度合作。我们期待着'兴趣社区空间'的活动体验，将为参与者带去更多创作灵感，激发更多优质兴 趣内容的诞生，反哺线上兴趣社区。" 去年小红书推出的"兴趣友好计划"旨在为兴趣爱好者们在追寻兴趣的路上搭把手、做补给。目前共开放 10个兴趣友好领域门店合作，在全国共覆盖多个品牌的近万家门店，通过日常兴趣友好服务和举办兴趣 友好活动，创造属于兴趣人群的小天地。 据悉，首批1800家"兴趣社区空间"，将围绕宠物、手工、骑行和跑步这四类兴趣，带来为这四类人群量 身定制的个性化体验。小红书将为优质的线下活动与兴趣内容提供更多流量和曝光，也让不同的兴趣爱 好者们找到自己喜爱的聚会。活动后可以在小红书分享，加入#星巴克兴趣社区空间#话题互动。通过小 红书的"地图"功能，顾客也能轻松发掘身边的星巴克"兴趣社区空间"。 星巴克中国首席增长官杨振表示："服务'社区'，始终是星巴克的品牌DNA。我们对于'社区'的定义，已 经从地理意义上、门店所处的 ...

1800余家"兴趣社区空间"等你碰头 （2025年9月9日，上海）今天，星巴克中国正式宣布与小红书APP达成深度合作，共同开启"兴趣社区空间"独家全面合作计划。星巴克的"咖啡馆体验"与小 红书的"兴趣友好计划"将深度融合，以服务日益活跃的兴趣社区群体。双方共同向全国的兴趣爱好人群发出邀请——"有兴趣，来星巴克碰头"，来这里找到 同好、找到空间，一起分享、一起共创。为此，星巴克在全国范围内精心挑选出1800余家门店，焕新升级为宠物、手工、骑行、跑步四大主题的"兴趣社区 空间"，交由抱有相同兴趣的伙伴们来运营。 星巴克中国首席增长官杨振表示："服务'社区'，始终是星巴克的品牌DNA。我们对于'社区'的定义，已经从地理意义上、门店所处的周边社区，拓展到了因 共同兴趣而形成的线上社区。'兴趣社区空间'正是这种理念下的全新尝试。凭借丰富多元的第三空间，充满热情的伙伴， 我们将为兴趣社区群体提供定制化 的服务与体验，希望鼓励更多拥有兴趣爱好的年轻人，在'兴趣社区空间'找到自己的同好，去星巴克碰头。" 小红书社区市场负责人白板则表示："星巴克与小红书，同样拥有浓厚的'社区'氛围，滋养社交的'联结'属性，以及更好服务兴趣社区 ...

9月9日，智通财经获悉，星巴克中国宣布与小红书达成深度合作。该合作包括共同开启"兴趣社区空 间"计划， 星巴克在全国范围内选出1800余家门店设置为"兴趣社区空间"，围绕宠物、手工、骑行和跑 步这四类兴趣展开，并由具有相同兴趣的星巴克伙伴运营。小红书将为相关线下活动与兴趣内容提供更 多流量和曝光，通过小红书的"地图"功能，用户也能找到身边的星巴克"兴趣社区空间"。此外，星巴克 和小红书还将联合运营多档活动。（智通财经记者 牙韩翔） ...

Company Overview - Black Rock Coffee Bar, founded in 2008 in Beaverton, Oregon, is headquartered in Scottsdale, Arizona, and operates 158 self-owned stores across 7 states as of June 30, 2025, ensuring higher brand control and operational consistency compared to franchise models [1][2] - The company is set to go public on NASDAQ under the ticker BRCB, with an IPO offering approximately 14.7 million shares priced between $16 and $18, potentially raising up to $265 million and achieving a valuation of up to $860 million [26][29] Business Model and Growth Strategy - Black Rock's business model focuses on drive-thru and takeout formats, with about 75% of locations featuring indoor lobbies to cater to customer needs, emphasizing efficiency and high-frequency engagement rather than high-cost "third space" concepts [6] - The company aims to replicate the growth trajectory of Dutch Bros, with a focus on regional expansion and high-density store openings, while maintaining a stable single-store model to dilute overhead costs [11][25] - The management's goal is to achieve a "healthy level" of performance for new stores within approximately 18 months, targeting a 40% cash return rate for investors [12] Financial Performance - Black Rock's total revenue for 2024 is projected at $160.9 million, a year-on-year increase of 20.8%, with 2025's first half revenue at $95.2 million, reflecting a 24.2% growth [13] - Same-store sales growth for the first half of 2025 is 10.1%, with an average unit volume (AUV) of $1.226 million and a store-level profit margin of 29.0%, up from 28.2% in 2024 [13][14] - Operating profit for 2024 is expected to be $6.033 million, with a margin of 3.7%, increasing to $5.518 million and 5.8% in the first half of 2025 [13] Cost Structure and Efficiency - The sales and management expenses for the first half of 2025 are $14.74 million, a 17.3% increase, but the expense ratio has decreased from 16.4% to 15.5% [18] - Labor costs as a percentage of revenue have decreased from 21.5% to 20.8%, and rent costs have also declined, indicating ongoing optimization of the cost structure [18] Competitive Landscape - The U.S. coffee market is maturing, with drive-thru and takeout formats continuing to expand, particularly in the southern and western regions [24] - Black Rock faces competition from national leaders like Starbucks and Dutch Bros, as well as regional chains, but has established a localized efficiency advantage through its high-density store strategy and competitive pricing [25] IPO and Governance Structure - The company employs an Up-C structure, where the public entity is a C corporation for financing, while the operating entity remains an LLC, allowing original shareholders to maintain control despite dilution of economic interests [27][28] - Post-IPO, public shareholders will hold only 32.3% of economic interests and 7.4% of voting rights, categorizing Black Rock as a "controlled company" [28] Future Outlook - The capital raised from the IPO will primarily be used to repay approximately $113 million in revolving loans, reduce interest expenses, and support daily operations, rather than solely for new store openings [29] - Key performance indicators for investors include maintaining double-digit same-store sales growth, sustaining store-level profit margins around 29%, and achieving a 20% annual store opening rate over the next two to three years [26]