博裕投资斥资40亿美元拿下60%股权 【深圳商报讯】（记者 陈燕青）11月4日，星巴克公司宣布与另类资产管理公司博裕投资达成战略合 作，双方将成立合资企业，共同运营星巴克在中国市场的零售业务。 根据协议，博裕将持有合资企业至多60%股权，星巴克保留40%股权，并将继续作为星巴克品牌与知识 产权的所有者和授权方，向新成立的合资企业进行授权。基于约40亿美元（不计现金与债务）的企业价 值，博裕将获得其相应权益。 星巴克预计其中国零售业务的总价值将超过130亿美元，总价值由三部分构成：向博裕出让合资企业控 股权益所得、星巴克在合资企业中保留的权益价值，以及未来10年或更长时间内持续支付给星巴克的授 权经营收益。 星巴克中国表示，此次战略合作开启了星巴克深耕中国市场26年后的全新篇章。星巴克享誉全球的品牌 影响力、咖啡专业优势和以人为本的独特伙伴文化，与博裕对中国消费者的深度理解相结合，双方将携 手共同提升星巴克在中国市场的顾客体验，加速饮品及数字化创新，拓展新的城市和区域市场，并通过 更深入的本土化融合，加深与顾客的情感联结。新成立的合资企业将继续以上海为总部，管理并运营目 前遍布中国市场的8000家星巴克门店，双 ...

公开资料显示，博裕投资创立于2011年，是一家深耕中国市场、布局全球的另类资产管理公司，投资组 合超过200家企业，构建了涵盖私募股权、公开市场、基础设施及创业投资的多元化投资管理平台。 10月30日，星巴克公布了2025财年四季报和全财年的业绩报告。财报显示，星巴克中国2025财年第四季 度收入达到8.316亿美元，同比增长6%，实现了营收连续四个季度增长；2025全财年收入达到31.05亿美 元，同比增长5%。 据介绍，双方新成立的合资企业将继续以上海为总部，管理并运营目前遍布中国市场的8000家星巴克门 店。秉持共同的发展愿景，双方将致力于未来将星巴克在中国的门店规模逐步拓展至2万家。 截至2025财年末，星巴克中国门店数达8011家，共进入1091个县级市场。其中，2025财年第四季度新开 门店83家，新进入47个县级市场，2025财年全年新开门店415家。 星巴克中国业务的买家最终敲定。11月4日，星巴克咖啡公司宣布与中国另类资产管理公司博裕投资达 成战略合作，双方将成立合资企业，共同运营星巴克在中国市场的零售业务。 博裕投资合伙人黄宇铮表示："26年来，星巴克在中国成功塑造了标杆性的高端品牌形象， ...

同时，双方在进博会期间，携手呈现多场"巡礼原产地"风味品鉴会。来自世界各地的参展嘉宾，不仅品 尝到圆润柔和的星巴克单一产地云南咖啡，更通过生动的人文故事，深入了解星巴克深耕云南十余年， 在咖啡原产地持续助力咖农种出好咖啡，过上好生活的长期承诺。 今年7月份，星巴克与东航联合会员计划上线后，覆盖"会员绑定、消费积分、乘坐航班"飞行全链路的 专属体验备受青睐，已成功吸引近50万名顾客绑定联合会员。10月份，标志着"咖啡+航旅"创新举措 的"云南咖啡主题航班"顺利完成首航。 自2024年6月份星享俱乐部全面升级以来，星巴克始终秉持从顾客需求出发，持续打造充满价值感的"星 式生活"，截至2025财年末，星享俱乐部活跃会员数突破2550万，再创历史新高。 本届进博会上，双方宣布，从2026年第二季度起，东航的头等舱及商务舱旅客，将能在万米高空享用专 属的星巴克咖啡，将高品质的星巴克体验带到云端。此外，双方将对联合会员权益进行全面升级，引入 积分赠送等多项全新权益，让会员在享受星巴克咖啡与搭乘东航航班出行的每一刻，都能收获更多惊喜 与回报。 星巴克和东航还共同宣布，将聚焦中国云南，持续发掘当地丰富的非物质文化遗产，探索其 ...

Core Insights - Starbucks has officially announced a strategic partnership with Boyu Capital to jointly operate its retail business in China, aiming to increase the number of stores from 8,011 to 20,000 by the end of the fiscal year 2025 [1][4][17] Group 1: Partnership Details - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% and continues to own the brand and intellectual property [4][6] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt [4] - The partnership is seen as a strategic move to enhance Starbucks' growth in the competitive Chinese market, particularly in smaller cities and emerging regions [17][18] Group 2: Market Context - As of September 2025, Luckin Coffee, Starbucks' main competitor in China, has over 27,000 stores and is expected to reach 30,000 by the end of the year [3] - The Chinese coffee market is perceived to have significant growth potential, as indicated by the ambitious targets set by major players [4] Group 3: Boyu Capital Overview - Boyu Capital is defined as an "alternative asset management company," focusing on non-traditional assets such as private equity and venture capital [5][6] - Founded in 2011, Boyu Capital manages over $10 billion in assets and has a diverse investment portfolio, including significant stakes in various consumer and technology sectors [6][7] - The firm has made notable investments in high-profile projects, indicating a strong focus on the Chinese consumer market [7][8] Group 4: Strategic Rationale for Starbucks - Starbucks' CEO, Brian Niccol, emphasized the need for a fundamental strategic change to restore growth in China, leading to the exploration of local partnerships [9][11] - The partnership model is a common practice for global restaurant chains, allowing them to leverage local market knowledge and reduce operational risks [12][13] - Historically, Starbucks has successfully utilized partnerships to establish a presence in new markets, transitioning from joint ventures to wholly-owned operations as market conditions evolve [12][14]

Group 1 - BGY Capital acquired 60% stake in Starbucks China for $4 billion, while Starbucks retains 40% and its intellectual property, allowing for additional revenue through licensing [1] - BGY Capital has a strong track record with an annualized return of over 25%, indicating a high likelihood of success for this investment [1] - Starbucks has seen a decline in business last year and the first half of this year, but there are signs of recovery in the latter half, highlighting its unique positioning in the coffee market [1] Group 2 - The ISM Manufacturing PMI for October in the U.S. was 48.7, below expectations and the lowest in eight months, which may support the expectation of a rate cut in December [1] - Goldman Sachs and other foreign banks maintain their forecast for a rate cut in December [1] Group 3 - The AI investment competition concluded with Alibaba's Qianwen and DeepSeek as the top two models, both of which were profitable, while others like GPT and Gemini incurred losses [2] - The recent volatility in the U.S. stock market may have contributed to the performance of domestic AI models, which are better at high-low trading strategies [2] Group 4 - The Hong Kong property market is showing signs of recovery, with mainland buyers' total purchases nearing 1,000 units in the first nine months [2] - The CLL index, reflecting Hong Kong property prices, has slightly increased, leading to positive performance in related stocks [2]

Core Viewpoint - Starbucks has entered a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, marking a significant shift in its business strategy in the Chinese coffee market [2][4][5]. Group 1: Business Transition - Starbucks will receive approximately $4 billion from Boyu Capital for a stake of no more than 60% in the joint venture [5]. - This partnership signifies a transition from Starbucks being a dominant player with a 42% market share to a more collaborative approach in a rapidly evolving market [7][16]. - The move reflects a broader trend of foreign brands adapting to local market dynamics, as evidenced by Starbucks' historical presence in China since 1999 [11][12]. Group 2: Market Dynamics - The Chinese coffee market is projected to exceed 240 billion yuan by 2025 and reach 500 billion yuan by 2030, indicating significant growth potential [81]. - The competitive landscape has shifted, with local brands like Luckin Coffee and Kudi Coffee gaining substantial market share, highlighting a change in consumer preferences towards more affordable options [23][37]. - Starbucks' market share has declined, with Luckin Coffee capturing 35% and Kudi Coffee at 18%, while Starbucks' share has diminished [23][24]. Group 3: Strategic Challenges - Starbucks has faced declining growth rates since 2017, exacerbated by aggressive pricing strategies from competitors [19][20]. - The company's operating profit margin has decreased from 26.6% to 19%, and same-store sales have dropped by 2% [21]. - Rising coffee bean costs and increased competition have pressured Starbucks' profitability, leading to a 50.6% decline in net profit [66]. Group 4: Future Outlook - The partnership with Boyu Capital aims to expand Starbucks' store count from 8,000 to 20,000, focusing on underdeveloped markets [79]. - Boyu Capital's expertise in supply chain management and local market knowledge is expected to enhance Starbucks' operational efficiency and cost control [60][63]. - The shift in Starbucks' strategy indicates a move towards a more localized approach, aligning with the evolving consumer mindset that views coffee as a daily necessity rather than a luxury [86][90].

Core Insights - Starbucks has formed a partnership with China's leading alternative asset management company, Boyu Capital, to establish a joint venture for retail operations in the Chinese market, marking a significant commitment to expanding in this rapidly growing core market [2] - Boyu will hold up to 60% of the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [2] - The collaboration highlights Starbucks' strong appeal in the capital market, especially in a cautious investment environment, and reflects its deep understanding of the industry [2] Industry and Company Analysis - Starbucks' core asset is its industry, which encompasses a robust supply chain system connecting coffee cultivation, production, and distribution, alongside a vast network of retail stores that cater to consumer needs [3][4] - The company has redefined the coffee shop experience as a "third space" for social interaction, which has driven its growth and market appeal [5][6] - Starbucks is actively pushing for industry transformation and upgrades, aligning with the principles of industrial internet by enhancing both its product offerings and customer experiences [5][6] - The integration of digital and physical elements is a hallmark of Starbucks' strategy, exemplified by its use of data analytics to innovate product offerings and improve operational efficiency through its Starbucks Innovation Technology Center (SITC) [7][8] - Starbucks serves as a practical example of how to implement industrial internet concepts, making it a benchmark for other companies in the consumer and industrial sectors [9]

Core Insights - Starbucks China has reached a strategic partnership with Boyu Capital to form a joint venture for its retail operations in China, marking a significant shift in its business strategy [1][2] - The deal values Starbucks China's operations at approximately $4 billion, with Boyu acquiring up to 60% of the joint venture for $2.4 billion, while Starbucks retains 40% and continues to own the brand and intellectual property [2][4] - The total value of Starbucks' retail business in China is projected to exceed $13 billion, indicating a substantial difference between the joint venture's valuation and the overall business value [2][4] Financial Overview - Boyu Capital will hold a 60% stake in the joint venture, allowing it to share in 60% of the operating profits, while Starbucks expects to receive ongoing royalty payments for brand licensing [2][4] - Starbucks China's revenue for fiscal year 2025 is estimated at $3.105 billion, with an EBITDA forecast of $400 million to $500 million, suggesting a potential return on investment for Boyu over a longer period [7][8] - The valuation of Starbucks China is relatively low compared to its global operations, which are valued at 20.6 times the past 12 months' EBITDA, while Starbucks China's valuation is closer to 10 times its projected EBITDA [3][4] Market Context - The coffee market in China has become increasingly competitive, with local players like Luckin Coffee gaining significant market share, prompting Starbucks to adapt its strategy [9][11] - Starbucks has faced challenges in maintaining its market share, which has declined from a peak of 42% in 2017 to an estimated 14% by 2024, highlighting the need for a more localized approach [10][11] - The introduction of Boyu Capital as a partner is seen as a strategic move to leverage local expertise and resources to enhance Starbucks' growth potential in China, particularly in lower-tier cities [19][20] Strategic Implications - The partnership with Boyu Capital is viewed as a "strategic reduction of burden" for Starbucks, allowing it to maintain a stake in the business while reducing operational risks and investment pressures [8][19] - Starbucks aims to transform its operational model from direct ownership to a joint venture, which may provide more predictable cash flows and reduce volatility [4][8] - The collaboration is expected to facilitate Starbucks' expansion into new markets and improve operational efficiency, aligning with the evolving consumer landscape in China [19][20]

Group 1: Starbucks and Strategic Partnerships - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][20] - The joint venture is based on an enterprise value of approximately $4 billion, and Starbucks expects its retail business in China to exceed $13 billion [1][20] - The new joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 [1][20] Group 2: Market Trends and Performance - The trend of international restaurant brands, including Starbucks and Pizza Hut, focusing on lower-tier cities is becoming increasingly significant due to better revenue prospects in these markets [3] - Starbucks has reported that new stores opened in the last two years have contributed to same-store sales growth above average, with many of these new locations in lower-tier markets [3] - Yum China reported a 4% year-over-year revenue growth to $3.2 billion in Q3 2025, with KFC and Pizza Hut also showing positive revenue trends [3] Group 3: Consumer Behavior and Pricing - There is a noted decline in average transaction value for Starbucks, Pizza Hut, and KFC, which may benefit their expansion into lower-tier markets [5] - The overall dining market in major cities like Beijing and Shanghai is contracting, prompting brands to seek growth in less saturated markets [4]

Core Insights - Starbucks has officially announced the sale of its controlling stake in the Chinese market to the alternative asset management firm Boyu Capital, marking a significant shift in its operational strategy in China [2][4][5] - Boyu Capital will hold 60% of the joint venture, while Starbucks retains 40%, allowing the company to recover $4 billion from this transaction [2][4][5] - The decision to divest comes amid declining market share and increasing competition in the Chinese coffee market, where Starbucks' share has dropped from a peak of 42% in 2017 to 14% in 2024 [3][11] Company Background - Starbucks entered the Chinese market in 1999 through a joint venture model, gradually shifting to a wholly-owned model by 2017 [6] - The company has faced challenges in recent years, with a reported revenue of $2.958 billion in fiscal year 2024, a decline of 1.4% year-on-year, and a continuous drop in same-store sales [11][12] Market Dynamics - The competitive landscape in China has intensified, with local players like Luckin Coffee capturing significant market share through aggressive pricing strategies [11][12] - As of 2024, Luckin Coffee holds a market share of 35%, while Starbucks has around 14%, with Luckin operating over 24,000 stores compared to Starbucks' 8,000 [11][12] Strategic Adjustments - In response to market pressures, Starbucks has implemented localized strategies, including rare price reductions and a focus on expanding into lower-tier markets [12][13] - The company has entered 166 new county-level markets in fiscal year 2025, nearly doubling its previous efforts, and has adjusted its store model to smaller formats to better cater to these markets [12] Future Outlook - The partnership with Boyu Capital is seen as a move towards further localization and a potential pathway for Starbucks to regain lost market share and stabilize growth in China [13]