经济观察网 星巴克与博裕投资的合资交易预计2026年春季完成，完成后中国业务将转为特许经营模 式，星巴克计划加速在中国市场的门店扩张。 交易完成后，星巴克在中国的8011家直营门店将全部转换为特许经营模式，标志着其在中国市场正式转 向轻资产扩张。星巴克将通过品牌授权费和供应链收入持续参与中国业务，而非直接运营。 公司项目推进 星巴克计划未来将中国门店数量从当前约8000家提升至15000-20000家，并可能实现每年新开超1000家 门店的目标。扩张重点聚焦下沉市场，2026财年一季度已新进入13个县级城市。同时，公司通过产品调 整（如降价、健康化选项）和场景创新（如早餐系列）增强竞争力。 业绩经营情况 近期事件 星巴克2026财年一季度（截至2025年12月28日）全球营收同比增长5%，中国区营收实现11%的双位数 增长，同店销售额连续三个季度正增长。公司正强化全球成本管控以应对咖啡豆价格和关税压力，预计 2026财年综合管理费用将低于2023财年水平。 星巴克与博裕投资成立合资公司运营中国零售业务的交易预计在2026年春季全部完成，目前正等待监管 审批。交易完成后，博裕将持有合资企业60%股权，星巴克保留 ...

Core Viewpoint - The "Liangjian Pujiang" initiative in Shanghai aims to enhance personal information protection through legal enforcement, addressing the challenges posed by digital technology in daily life [1][9]. Group 1: Initiative Overview - The "Liangjian Pujiang" personal information protection enforcement action was launched in June 2023, focusing on consumer scenarios that frequently collect personal data [2][4]. - The initiative has evolved over three years, with 2023 focusing on "small cuts" in daily life, 2024 targeting typical scenarios, and 2025 aiming for ecological construction in governance [1][19]. Group 2: Enforcement Actions - The initiative identified eight consumer scenarios with significant data collection issues, including QR code dining, parking payments, and children's education [2][4]. - Major coffee chains like Starbucks were targeted for frequent data collection practices, leading to compliance training and guidance from regulatory bodies [5][6]. Group 3: Legal Framework and Governance - The implementation of the Personal Information Protection Law in 2021 marked a new phase in legal governance, with Shanghai establishing a scene-based governance model [9][10]. - The initiative has created a governance framework that includes collaboration among various departments, breaking down silos for effective enforcement [11][12]. Group 4: Innovative Solutions - The introduction of the "Pure Code" for parking payments allows users to pay without providing personal information, demonstrating innovative governance thinking [13][14]. - The initiative emphasizes a balanced approach to sensitive data collection, advocating for minimal use and maximum transparency [15][16]. Group 5: Long-term Mechanisms - The "Liangjian Pujiang" initiative has transitioned from a special action to a sustainable governance model, establishing a closed-loop enforcement process [19][20]. - By 2025, the initiative aims to solidify its achievements through continuous legal guidance and compliance resources for businesses [20][21].

Core Viewpoint - Starbucks' dividend growth, which has seen a remarkable increase of 1,140% since its first dividend in 2010, is expected to come to an end, with signs indicating a halt in dividend hikes later this year [1][2]. Dividend Growth Trends - From 2010 to 2020, Starbucks averaged a 24.5% annual increase in dividends, but growth has significantly slowed since 2021 [4]. - The quarterly payouts and annual dividend increases from 2021 to 2025 are as follows: - 2021: $0.49 per share, 8.9% increase - 2022: $0.53 per share, 8.2% increase - 2023: $0.57 per share, 7.5% increase - 2024: $0.61 per share, 7% increase - 2025: $0.62 per share, 1.6% increase [5]. Financial Indicators - The payout ratio has surged above 200%, indicating that Starbucks is spending more than twice its net income on dividends, which raises concerns about sustainability [6][8]. - Cash flow from operations has decreased from approximately $5.6 billion a year ago to just under $4.3 billion currently, further complicating the dividend outlook [9]. - Starbucks has not repurchased shares since 2024, and the employee stock investment plan is increasing the number of shares outstanding, which dilutes the share price [11]. Market Context - The current market capitalization of Starbucks is $113 billion, with a current price of $97.54 and a dividend yield of 2.48% [13]. - The suspension of the buyback program in 2022 by the then-CEO Howard Schultz has contributed to a decline in share prices, as cash was redirected towards operational investments [13].

来源：伯虎财经 过去几年，"9.9元"几乎成了中国咖啡市场的代名词，对于广大的咖啡用户来说，这不再是一个促销折扣，而是已经被广泛接受的 消费心智。 在这个价格带以内的咖啡，通常意味着高性价比，才能成为消费者的日常必需品；相反，高于9.9元的咖啡，则往往需要更强的品 牌溢价和服务体验，才能打动消费者。 不过，这个由库迪率先建立起来的价格锚点，如今正在逐渐松动。近日，库迪宣布正式结束"全场9.9不限量"活动，仅在特价专区 保留3-7款9.9元产品，其余产品则恢复11.9-16.9元的常规售价，平均涨幅在40%左右。 消息一出，引发了网友的激烈讨论。有网友表示，如果库迪没有9.9元咖啡，自己就去别家买；但网友一对账，才发现自去年外卖 大战以来，低至8.8元，甚至5元以下的低价咖啡，早已悄悄退场，如今想轻松买到一杯9.9元咖啡已越来越难了。 不过，对于咖啡行业而言，这或许并非坏事。只是，没有了库迪，以后还会不会有其他咖啡品牌再次踏入同一条河流，不打价格 战，咖啡品牌还能卷什么？ 咖啡战场上的进退两难 2017年，瑞幸咖啡正式成立，主打"互联网+咖啡"的新鲜概念，通过邀新免费、买2送1等一系列优惠活动，实现门店快速扩张 ...

Monty Rakusen/DigitalVision via Getty Images Listen below or on the go via Apple Podcasts and Spotify Biggest stock movers Monday: SOFI, HIMS, and more. (00:15) Samsung (SSNLF) shares jump on report of imminent HBM4 mass production. (01:03) China's Luckin Coffee (LKNCY) targets Starbucks’ (SBUX) premium market with first flagship store. (01:38) This is an abridged transcript. Hims & Hers Health (HIMS) is on our biggest movers list ahead of market opening. HIMS -15% in premarket action. We told you S ...

Group 1: Hims & Hers Health (HIMS) - Hims & Hers Health announced it will stop offering a compounded version of Novo Nordisk's Wegovy pill due to pressure from Novo and increased FDA scrutiny [3][4] - Following this announcement, HIMS shares fell by 15% in premarket trading [2] Group 2: Samsung Electronics (SSNLF) - Samsung Electronics' shares rose by 6.4% after reports of imminent mass production of HBM4 memory chips, which are essential for AI infrastructure [4] - The company plans to ship these semiconductors to Nvidia as early as the third week of February [5] Group 3: Luckin Coffee (LKNCY) - Luckin Coffee inaugurated its 30,000th store, marking a shift towards targeting Starbucks' premium market with its first flagship store in Shenzhen [5][6] - The flagship store features higher-priced offerings compared to typical Luckin products, with a focus on pour-over and cold brew coffee drinks [7] - This store also represents Luckin's first use of high-end semi-automatic coffee machines [7]

两大现制咖啡代表品牌的近期动作，成为观察行业2026年走向的关键信号。 1月，挪瓦咖啡宣布完成数亿元C轮融资，吸引了包括君联资本、昇望基金、华映资本、挑战者创投、金沙江创投等多家明星机构集体投资，这也是过去 一年中国餐饮业最大规模的一笔融资。 图片来源：挪瓦咖啡官网 2月1日起，库迪咖啡正式结束"全场9.9元不限量"活动，只有部分产品仍延续9.9元不限量。此举被视为价格战阶段性退潮的标志，但其影响远未消散。长 期低价厮杀已深刻重塑消费者心理预期，形成的"低价惯性"将持续对全行业的定价策略构成战略约束。 回望2025年，在外卖大战的催化下，中国咖啡行业完成了一场深刻的范式转移。驱动增长的核心要素，已从早期的"第三空间"体验、品牌溢价，彻底转向 极致性价比、触达便利性，扩张速度直接定义了品牌的梯队座次。 瑞幸公开表示正推进二次上市，挪瓦咖啡、幸运咖从行业边缘跻身头部阵营，星巴克卖身中国资本的靴子终于落下。 瑞幸公开表示正推进二次上市，挪瓦咖啡、幸运咖从行业边缘跻身头部阵营，星巴克卖身中国资本的靴子终于落下。 行业格局仍在持续重构中，新一轮竞争不仅是份额之争，更是商业模式可持续性的验证。 用不同的方式，走进万店俱乐 ...

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investment opportunities, particularly in sectors like banks, hotels, and logistics [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of using platforms like Seeking Alpha for analysis indicates a growing reliance on data-driven insights for investment decisions in both the ASEAN and US markets [1]

近日，汉堡王品牌母公司RBI与CPE源峰共同宣布，此前公告的合资交易已顺利完成。CPE源峰向汉堡 王中国注入了3.5亿美元的初始资金，并持有汉堡王中国约83%的股份，RBI保留约17%的少数股权及董 事会席位。 更早1月28日晚间，星巴克公司公布了2026财年第一季度（截至2025年12月28日）业绩。值得关注的 是，中国市场的净收入为8.234亿美元，同比增长11%；同店销售额增长7%。 并在随后的业绩会上，星巴克也谈到了其在中国的重磅交易。星巴克董事长兼首席执行官倪睿安表示， 在中国市场，星巴克正更加聚焦于长期未来。"我们已选定博裕作为合作伙伴，帮助我们在更多中国城 市拓展业务，提供更卓越的咖啡体验，为伙伴（员工）创造新的职业发展机会，并进一步巩固星巴克作 为全球品牌的长期增长地位。" 有关于星巴克中国出售的消息在此前犹如"狼来了"的故事，一再在市场激起回荡。2025年末，两个重磅 合作的宣布在中国市场引起喧哗，星巴克与中资合作终于在2025年底"靴子落地"，紧随其后的是汉堡 王。 "市场上有10家左右的外资餐饮企业，要么已知的，要么有传闻称要和中资合作。"艾睿铂大中华区消费 品与零售业务负责人胡玲在接受 ...

记者丨易佳颖 编辑丨高梦阳 近日，汉堡王品牌母公司RBI与CPE源峰共同宣布，此前公告的合资交易已顺利完成。 CPE源 峰向汉堡王中国注入了3.5亿美元的初始资金 ，并持有汉堡王中国约83%的股份 ，RBI保留约 17%的少数股权及董事会席位。 并不特殊 2025年11月，星巴克宣布与博裕投资战略合作，双方成立合资企业，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。"我们预计交易将在今 年春季完成，具体取决于监管审批。"星巴克首席财务官Cathy Smith补充了最新的时间表。 更早一些，英格卡购物中心宣布与高和资本达成战略合作，双方将携手成立一支专项不动产基 金，共同持有无锡荟聚、北京荟聚、武汉荟聚三座聚会体验中心。值得一提的是，2025年8 月，英格卡投资宣布入股塑料循环再生企业睿莫环保，完成了英格卡集团在华首笔循环经济投 资。 "回顾过去一年的交易案例，除了餐饮，鞋服、综合零售等多个消费领域都有不少交易落地， 像大润发、SKP 相关的案例都在其中。"胡玲表示，"餐饮行业的情况并 ...