Core Insights - Starbucks reported a year-on-year increase in revenue and same-store sales in its China operations for Q3 of fiscal year 2025, with a total of 7,828 stores by the end of the quarter, including 70 new openings and entry into 17 new county-level markets [1] Group 1: Financial Performance - The company achieved revenue growth for three consecutive quarters and a year-on-year increase in same-store sales [1] - Profit margins continued to grow quarter-on-quarter [1] Group 2: Strategic Initiatives - Innovations in "sugar-free" beverages and new customization options have increased customer purchase frequency [1] - Price adjustments for non-coffee products have broadened the customer base and enhanced consumption during lunch and evening periods [1] Group 3: Market Confidence and Partnerships - The company is evaluating over 20 potential strategic partners with a strong willingness to collaborate, indicating confidence in the future growth potential of the Chinese market [1] - Starbucks aims to retain a significant equity stake in its China operations, reflecting its commitment to the market [1] - The strong interest from potential partners demonstrates trust in Starbucks' capable team, strong brand, and long-term growth opportunities in China [1]

Group 1 - Starbucks China reported a revenue increase of 8% year-on-year to $790 million for Q3 of FY2025, marking three consecutive quarters of growth [1] - Same-store sales grew by 2%, with both transaction volume and average ticket size showing quarter-on-quarter increases [1] - The growth in same-store sales was attributed to continuous product innovation, precise marketing, and strong performance from newly opened stores [1] Group 2 - As of the end of Q3, Starbucks China had a total of 7,828 stores, with 70 new stores opened during the quarter, entering 17 new county-level markets [1] - New stores maintained high profitability levels, contributing above-average same-store sales, which supports long-term growth [1] - Starbucks emphasizes its stores as a "third space," integrating deeply with local culture, and has opened stores in scenic areas to enhance brand differentiation [1] Group 3 - Starbucks has focused on core business and continuous innovation, providing added value through a third space, emotional value, and immersive experiences to meet consumer demands [2] - The introduction of the "True Taste No Sugar" innovation system has led to healthier choices and increased customer purchase frequency [2] - Starbucks has expanded its non-coffee offerings, creating a dual-scenario layout to cover consumer needs throughout the day [2] Group 4 - Collaborations with well-known brands have been a highlight for Starbucks, enhancing its market presence and creating emotional connections with consumers [2] - The partnership with the band Mayday and Disney's Zootopia has generated significant social media buzz and consumer engagement [2] - The company aims to evaluate over 20 strategic partnerships in China to leverage market opportunities while retaining a significant equity stake in its operations [3]

Core Insights - Starbucks China has reported a continuous year-on-year revenue growth for three consecutive quarters, with a third-quarter increase of 8% to $790 million [1] - The company is focusing on the younger demographic in China, introducing strategies such as sugar-free coffee, non-coffee afternoon tea, and cross-brand collaborations to enhance its market position [1] - As of the end of the third quarter, Starbucks has expanded its store count to 7,828, opening 70 new stores and entering 17 new county-level markets [1] - CEO Brian Niccol mentioned that over 20 potential buyers have shown interest in acquiring a stake in Starbucks China, with the company aiming to retain a "meaningful" share [1]

摩根大通：将星巴克(SBUX.US)目标价从100美元上调至105美元。 ...

Core Insights - Starbucks reported a year-over-year revenue growth of 8% in Q3 of FY2025 for its China segment, reaching $790 million, marking three consecutive quarters of growth [1] - Same-store sales increased by 2%, with both transaction volume and average ticket size showing sequential improvement [1] - The growth was driven by product innovation, marketing activities, and the rapid growth of same-store sales from new openings over the past two years, alongside effectively capturing the rising online demand [1] Financial Performance - Operating profit margins continued to grow sequentially, maintaining a healthy double-digit level [1] - As of the end of Q3, the total number of stores in China reached 7,828, with 70 new stores opened and entry into 17 new county-level markets [1] - New stores have maintained efficient profitability, with new openings contributing above-average same-store sales over the past two years [1] Product Innovation and Customer Engagement - The "True Taste No Sugar" innovation system was launched, offering healthier and customizable options (over 500 flavor combinations), which increased customer purchase frequency [1] - The "Star Delivery" service experienced healthy growth, leveraging technological capabilities and a self-delivery fulfillment system to provide a stable online and offline experience, resulting in net growth in delivery business with healthy average ticket size and profit margins [1] Strategic Partnerships and Market Confidence - CEO Brian Niccol highlighted that recent adjustments in China are yielding results, with continuous revenue and same-store sales growth [2] - The company is seeking strategic partners with shared vision and values to capitalize on the significant growth potential in the Chinese market, evaluating over 20 interested institutions [2] - Starbucks remains confident and committed to the Chinese market, aiming to retain a substantial equity stake in its operations, reflecting strong trust in its team and brand [2]

来源：每经 7月30日，星巴克发布2025财年第三季度财报。星巴克中国区第三季度营业收入、同店销售额取得同比 增长，利润率环比持续增长。在财报说明会上，星巴克董事长兼CEO倪睿安主动回应了星巴克中国区将 出售部分股权的市场传闻："正如大家所看到的，我们正在寻找拥有共同愿景和价值观的战略合作伙 伴，把握中国市场未来巨大的发展潜力和机遇。""我们正在对超过20个有强烈意愿的机构进行评估。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例的股权。各方对与我们合作的强烈意 愿，证明了星巴克在中国拥有优秀的团队，强大的品牌和长期发展的机遇，表现了对我们的高度信任。 任何交易必须符合星巴克的利益。"倪睿安表示。 ...

门店规模方面，截至第三季度末，星巴克中国全国门店数量达到7828家，新开70家门店，新进入17个县 级市场。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。 星巴克公司董事长及首席执行官倪睿安（Brian Niccol）表示，"在中国，我们近期所做的调整正在取得 成效。截至第三季度末，我们实现了连续三个季度的收入增长以及同店销售的同比增长。正如大家所看 到的，我们正在寻找拥有共同愿景和价值观的战略合作伙伴，把握中国市场未来巨大的发展潜力和机 遇，我们正在对超过20个有强烈意愿的机构进行评估。我们对中国市场的信心与承诺不变，并希望保留 中国业务相当比例的股权。各方对与我们合作的强烈意愿，证明了星巴克在中国拥有优秀的团队，强大 的品牌和长期发展的机遇，表现了对我们的高度信任。任何交易必须符合星巴克的利益。" 北京商报讯（记者 张天元）7月30日，星巴克发布2025财年第三季度财报，其中中国区第三季度营业收 入、同店销售额取得同比增长，利润率环比持续增长。数据显示，星巴克中国第三季度营业收入同比增 长 8% 至7.9亿美元，利润率环比持续增长，继续保持两位数的健康水平。 同时，星巴克中国同店销 ...

Core Insights - Starbucks reported a revenue growth of 8% year-over-year in Q3 of FY2025 for its China segment, reaching $790 million, marking three consecutive quarters of growth [1] - Same-store sales increased by 2%, with both transaction volume and average ticket size showing sequential improvement [1] - The growth was driven by product innovation, marketing activities, and the rapid growth of same-store sales from new openings over the past two years, alongside effectively capturing the rising online demand [1] Financial Performance - Operating profit margins continued to grow sequentially, maintaining a healthy double-digit level [1] - As of the end of Q3, the total number of stores in China reached 7,828, with 70 new stores opened and entry into 17 new county-level markets [1] - New stores have maintained efficient profitability, with new openings contributing above-average same-store sales over the past two years [1] Product Innovation and Customer Engagement - The "True Taste No Sugar" innovation system was launched, offering healthier and customizable options (over 500 flavor combinations), which increased customer purchase frequency [1] - The "Star Delivery" service experienced healthy growth, leveraging technological capabilities and a self-delivery fulfillment system to provide a stable online and offline experience, resulting in net growth in delivery business with healthy average ticket size and profit margins [1] Strategic Partnerships and Market Confidence - CEO Brian Niccol highlighted that recent adjustments in China are yielding results, with continuous revenue and same-store sales growth [2] - The company is seeking strategic partners with shared vision and values to capitalize on the significant growth potential in the Chinese market, evaluating over 20 interested institutions [2] - Starbucks remains confident and committed to the Chinese market, aiming to retain a substantial equity stake in its operations, reflecting strong trust in its team, brand, and long-term growth opportunities [2]

星巴克首席执行官尼科尔（Brian Niccol）在今日财报电话会议上谈及星巴克中国股权出售一事时表 示，已有超过20家收购方对该项 资产表现出兴趣，公司希望保留"有分量的"股份。 ...

Group 1 - Starbucks reported a revenue increase of 8% year-on-year to $790 million in Q3 of fiscal year 2025, marking three consecutive quarters of growth [1] - Same-store sales grew by 2% year-on-year, with both transaction volume and average ticket size showing sequential improvement [1] - The number of Starbucks stores in China reached 7,828, with 70 new stores opened and entry into 17 new county-level markets [1] Group 2 - The company introduced the "True Taste No Sugar" innovation system, offering healthier options and over 500 flavor combinations to enhance customer purchase frequency [1] - Non-coffee products, particularly iced tea, saw a doubling in performance, while tea lattes continued to grow, and Starbucks Frappuccino ranked first in non-coffee category searches on Xiaohongshu [1] - The CEO expressed confidence in the Chinese market, stating that recent adjustments are yielding results and that the company is evaluating over 20 potential strategic partners to leverage future growth opportunities [2]