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]

"在星巴克一直用黄牛券点单，会不会被吐槽？"这个看似日常的小疑问，却在网络上掀起了一场关于消费省钱与门店运营矛盾的热烈讨论。饮 品行业的从业者们，不妨一同深入探究这场风波背后的逻辑与启示。 01、消费者"薅羊毛"：一杯咖啡省十几块的诱惑 在如今的消费市场中，省钱似乎成为了一种潮流，尤其是在饮品消费领域。各类APP、小程序以及二手平台上，星巴克的黄牛券悄然兴起，成 为众多消费者眼中的"节约小技巧"。只需十几元购买一张抵用券，配合线上自提，就能以原价一半不到的价格品尝到一杯星巴克咖啡，如此巨 大的价格优势，让不少消费者趋之若鹜。 从这些消费者的反馈中不难看出，黄牛券为他们带来了实实在在的优惠。 从消费心理的角度分析，在当今经济环境下，消费者更加注重性价比，希望用更少的钱获得同等品质的商品或服务。星巴克作为知名饮品品 牌，其产品价格相对较高，而黄牛券的出现，正好满足了消费者省钱的需求。 有网友分享自己的点单流程，在官方小程序先买券："我一直买7折券，每月18张单杯券、4张双杯券，40几块还能正常积星。"还有消费者表 示："我15一杯买的"。 正如一位网友评论："钱是你自己的，自己不省难道多花钱会有人夸你吗？"这种观 ...

Core Insights - Starbucks reported third-quarter revenue of $9.5 billion, with same-store sales declining by 2%, a drop greater than expected [1] - Net profit fell significantly to $558.3 million year-over-year, with adjusted earnings per share at $0.50, below analysts' expectations of $0.65 [1] - The company experienced a 2% increase in same-store sales in the Chinese market, marking the first growth in 18 months [1] Company Strategy - The CEO stated that the revitalization plan is "ahead of schedule" and new products will be launched in 2026 [1] - To boost business in the U.S. market, Starbucks is implementing store reforms, including reducing wait times, updating menus, and renovating locations [1] - The company has reduced store construction costs by 30% and plans to invest an additional $500 million in human resources for U.S. company-operated stores over the next year [1]

Core Insights - Starbucks reported revenue growth and same-store sales increase in its China segment for Q3 of fiscal year 2025, with profit margins continuing to rise quarter-over-quarter [1] - The CEO highlighted that recent adjustments in China are yielding positive results, with three consecutive quarters of revenue and same-store sales growth [1] - Innovations in sugar-free beverages and new customization options have increased customer purchase frequency, while price adjustments in non-coffee products have broadened the customer base and enhanced consumption during lunch and evening periods [1] Strategic Developments - The company is exploring the sale of a portion of its equity in China, seeking strategic partners that share similar visions and values to capitalize on the significant growth potential in the Chinese market [1] - Starbucks is evaluating over 20 institutions that have shown strong interest in partnership, reaffirming its confidence and commitment to the Chinese market while aiming to retain a substantial equity stake in its operations [1] - The strong interest from potential partners reflects the company's robust team, strong brand presence, and long-term growth opportunities in China, with any transaction needing to align with Starbucks' interests [1]

Core Viewpoint - Starbucks is experiencing a recovery in its performance in China, with a notable increase in store count and revenue, but it faces challenges in maintaining market share and adapting to a competitive landscape dominated by local brands like Luckin Coffee [3][10][31]. Financial Performance - For Q3 of fiscal year 2025, Starbucks reported net revenues of $790 million, an 8% increase from $733.8 million in the same quarter of the previous year [2]. - The number of stores in China reached 7,828, up by 522 stores compared to the same period last year, marking a 7% increase [2]. - Comparable store sales grew by 2%, with transaction volume increasing by 6%, although the average ticket price decreased by 4% [2][9]. Market Challenges - Starbucks' market share in China has significantly declined from 42% in 2017 to 14% in 2024, indicating a loss of competitive edge [10][31]. - Despite an increase in store count, revenue has not kept pace, with analysts noting that Starbucks stores contribute only 9% of total global revenue despite accounting for about 20% of total stores [3][10]. Strategic Considerations - There are ongoing discussions about potential buyers for Starbucks' China business, with various investment firms showing interest, although Starbucks has stated it is not considering a complete sale [3][13][16]. - The company is exploring strategic partnerships to enhance its operational efficiency in the local market, indicating a shift towards collaboration rather than solely relying on capital investment [16][29]. Competitive Landscape - The competitive environment has intensified, with local brands like Luckin Coffee and others rapidly expanding and innovating, leading to a price war that has affected Starbucks' pricing strategy [20][29]. - Starbucks has begun to lower prices on select products in response to competitive pressures, marking its first large-scale price reduction in over two decades [20][22]. Innovation and Product Development - Starbucks is focusing on product innovation and digital transformation to better align with consumer preferences, including faster product launch cycles and leveraging data analytics for consumer insights [27][29]. - The company has introduced new product lines and upgraded existing offerings to attract a broader customer base, although it still faces challenges in creating standout products compared to competitors [25][26].

Core Insights - Starbucks reported third-quarter revenue of $9.5 billion, with same-store sales declining by 2%, which was worse than expected [1] - Net profit fell significantly to $558.3 million year-over-year [1] - Adjusted earnings per share were $0.50, below analysts' expectations of $0.65 [1] Performance in China - Same-store sales in the Chinese market grew by 2%, marking the first increase in 18 months [1] Strategic Initiatives - The CEO stated that the revitalization plan is "ahead of schedule" and new products will be launched in 2026 [1] - To boost business in the U.S. market, the company is reforming stores, which includes reducing wait times, updating menus, and renovating locations [1] - Starbucks has reduced store construction costs by 30% [1] - The company plans to invest an additional $500 million in human resources for U.S. company-operated stores over the next year [1]