长江商报消息 编者按 汉堡王、星巴克……这些中国消费者熟悉的外资餐饮品牌，近期纷纷"换老板"，引发市场高度关注。 水土不服、市场竞争加剧，以及自身轻资产转型需求等，成为外资餐饮品牌密集易主的主要原因。此 外，中国本土品牌崛起也是一个重要因素。塔斯汀、华莱士等本土品牌快速崛起，打破了原本外资品 牌"一统天下"的市场格局。 而在外资餐饮品牌"本土化"的同时，中国本土品牌也在寻求向外扩展。比如，瑞幸咖啡正谋划重返美股 主板市场，加速全球化进程。 这些谋变的餐饮品牌能否借机突围，在接下来的竞争中重新赢得主动？让我们拭目以待。 星巴克、汉堡王，深耕中国市场均已超20年，为何在短短一周内宣布易主？ 在华外资品牌易主，并不在少数。早在2017年，麦当劳就易主给中信资本。 不只餐饮业，在零售行业，家乐福中国易主给苏宁，麦德龙中国易主给物美集团。 长江商报记者发现，外资品牌中国市场转让的主要模式为：控股权让渡、品牌保留、本土资本主导。 分析人士认为，在华外资品牌频频换"老板"，与自身因素相关，包括水土不服、市场竞争加剧，自身也 有轻资产转型需求。此外，中国本土品牌崛起也是一个重要因素。瑞幸咖啡、塔斯汀、华莱士等本土品 牌快速崛 ...

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Group 1: Tariff Policy Changes - President Trump announced significant tariff cuts on various food items, including beef, coffee, and tropical fruit, to combat rising grocery prices and ease inflation concerns [2][3] - The removal of tariffs has been met with mixed reactions, with companies like Starbucks and Hormel Foods potentially benefiting from lower input costs [3][4] - The market's immediate response to the tariff rollbacks was characterized by volatility, with the Dow Jones Industrial Average dropping nearly 800 points (1.7%) on November 13, 2025, and continuing to decline the following day [4] Group 2: International Trade Agreements - The U.S. reached a significant trade deal with Switzerland, reducing tariffs on Swiss goods from 39% to 15%, with Swiss companies pledging to invest $200 billion in the U.S. by 2028 [5][6] - Uzbekistan committed to purchasing and investing $35 billion over the next three years, potentially exceeding $100 billion in the next decade, across various U.S. sectors [6][7] - These trade agreements are aimed at increasing economic engagement and countering the influences of Russia and China [7] Group 3: Market Reactions and Economic Impact - Analysts have noted that Trump's tariffs were labeled as the largest U.S. tax increase as a percentage of GDP since 1993, projecting a 0.6% reduction in U.S. GDP [9][10] - The market experienced significant turmoil in early 2025, with the Dow suffering losses exceeding 1,500 points following the announcement of new tariffs [10][11] - The "on-again, off-again" approach to trade policy has left analysts scrambling, with some suggesting that a cessation of certain tariffs could materially upgrade growth forecasts for the second half of 2025 [11][12]

Core Insights - The article discusses the trend of foreign companies in China shifting from direct operations to a model of leasing their brands and operations to local partners, indicating a strategic retreat from aggressive market engagement [5][15]. Group 1: Strategic Moves by Foreign Companies - Starbucks has entered into a joint venture with Boyu Capital to operate its retail business in China, valuing the deal at approximately $4 billion [5]. - Decathlon is also rumored to be evaluating the opening of part of its equity in the Chinese market, reflecting a broader trend among foreign firms [7]. - Historical examples include McDonald's selling its controlling stake in China for $2.08 billion in 2016 and Philips selling its home appliance business for €4.4 billion (approximately 34 billion RMB) in 2021 [7][9]. Group 2: Market Challenges - The Chinese market has become increasingly competitive, with Starbucks reporting an 11% drop in same-store sales in Q2 of fiscal year 2024, leading to a decline in both customer spending and transaction volume [9]. - Decathlon, while still growing, is experiencing a slowdown in growth rates due to competition from local brands and online retailers [9]. Group 3: Complexity of Local Operations - The article highlights that managing operations in China has become more complex, requiring local insights and rapid decision-making that foreign companies may struggle to provide [11]. - Yum China, after its spin-off, has successfully localized its product offerings, achieving record revenues and profits [11][12]. Group 4: Shift to Brand Leasing - Foreign companies are realizing that their most valuable asset in China is their brand, leading them to adopt a model where they lease their brand and provide technical services, which generates high margins with low operational risk [13]. - For instance, McDonald's has a brand licensing agreement that allows it to earn 2-5% of sales from its franchisee in China, translating to an estimated annual income of 2-3 billion RMB based on 2023 sales figures [13]. Group 5: Implications of the New Model - This shift to a leasing model benefits foreign companies by allowing them to maintain brand presence while securing cash flow without the operational burdens [14]. - Local teams face both opportunities and challenges as they take on the operational responsibilities of these international brands, which may lead to a shift in corporate culture and operational priorities [14][15].

Core Insights - The recent surge in mergers and acquisitions in the consumer sector contrasts with the sluggish growth of the consumption market, raising questions about the underlying investment logic of top-tier capital [1][4]. Group 1: Current Market Conditions - The retail sales of consumer goods in China reached 36.59 trillion yuan in the first three quarters, growing by 4.5% year-on-year, which is still below the 8% growth rate seen in 2019 [1]. - The performance of listed consumer companies shows significant divergence, with major players like Kweichow Moutai and Yum China experiencing slowed growth compared to previous years [2]. - Smaller food and beverage companies are facing considerable operational pressure, with many reporting declines in both revenue and net profit [2]. Group 2: Investment Logic Behind Mergers - The first logic is that target companies possess strong cash flow and a solid foundation, making them attractive despite slower growth rates [4]. - The second logic highlights the brand influence of the target companies, which have established networks and consumer loyalty, making them appealing for capital investment [5]. - The third logic suggests that the current market downturn presents a "buying opportunity" for capital, allowing for acquisitions at reasonable prices [5]. - The fourth logic emphasizes the ongoing opportunities in the consumer sector, as the majority of production activities ultimately cater to consumer needs [5]. Group 3: Future Trends in the Consumer Market - Companies face challenges in understanding new consumer demographics, adapting to new marketing methods, and embracing innovative organizational structures [6]. - Three key trends to watch include a focus on cost-effective innovation, the rise of niche products that provide immediate satisfaction, and growth in self-improvement sectors such as health investments and knowledge-based services [6]. - The exit strategies for capital in the consumer market are evolving, with a shift towards long-term investment approaches rather than relying solely on rapid growth and IPOs [7].

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Core Viewpoint - There is a noticeable trend of foreign restaurant brands selling their operations in China, indicating a shift in market dynamics and strategies for foreign companies in the Chinese market [3][15]. Group 1: Strategic Partnerships and Sales - Starbucks has entered a strategic partnership with Boyu Capital to form a joint venture for its retail operations in China, with Boyu holding up to 60% and Starbucks retaining 40% [3]. - CPE Yuanfeng has also formed a strategic partnership with Burger King, acquiring approximately 83% of the joint venture, while RBI retains about 17% [3]. - Earlier, CITIC Capital acquired a significant stake in McDonald's China, becoming its second-largest shareholder [4]. Group 2: Market Characteristics - The Chinese restaurant market is characterized by its large scale, with projected revenues exceeding 5.5 trillion yuan in 2024, reflecting a year-on-year growth of 5.3%, outpacing the retail sector's growth [7]. - The market's extensive supply chain allows local brands to have a cost advantage, as seen with Kudi's self-sourcing of most raw materials [8]. - Local brands are increasingly adopting differentiated strategies, with Luckin Coffee's innovative model contributing to its success [9]. Group 3: Competitive Landscape - Local brands like Luckin Coffee and Kudi are gaining market share due to their lower pricing strategies, with Luckin's average transaction value at 14.28 yuan compared to Starbucks' 35.86 yuan [11]. - In Q2, Luckin's revenue grew by 47.1% to 12.36 billion yuan, while Starbucks' revenue increased by only 8% to approximately 56.26 billion yuan [12]. - Starbucks has historically not viewed Luckin as a direct competitor due to its strong brand presence and customer experience [13]. Group 4: Operational Challenges - Starbucks faces challenges with declining average transaction values and rising rental costs, indicating a shift in its operational model may be necessary [14][15]. - The company has been granting more autonomy to its Chinese team, leading to a 6% revenue increase in its latest fiscal quarter [18]. - Starbucks anticipates its retail business in China to be valued at over $13 billion, with a significant portion of this value derived from the partnership with Boyu [20]. Group 5: Future Outlook - The future of foreign brands in China may involve partnerships with local entities to navigate the changing market landscape [20]. - Starbucks plans to expand its store count to 20,000, which poses challenges in terms of pricing and operational adjustments [20].

Core Viewpoint - There is a noticeable trend of foreign dining brands selling their stakes in the Chinese market, indicating a shift in market dynamics and strategies [1][10]. Group 1: Foreign Brand Partnerships - Starbucks has formed a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% and Starbucks retaining 40% [1]. - CPE Yuanfeng has partnered with Burger King to create a joint venture, with CPE holding approximately 83% of the new entity [1]. - CITIC Capital has acquired a significant stake in McDonald's China, indicating a trend of foreign brands seeking local partnerships [1]. Group 2: Unique Characteristics of the Chinese Market - The Chinese restaurant market is vast, with projected revenues exceeding 5.5 trillion yuan in 2024, growing at 5.3%, outpacing the retail sector's growth [3]. - The complete supply chain in China provides local brands with cost advantages, as seen with Kudi Coffee's self-sourcing of materials, significantly reducing costs [3]. - Local brands like Mixue are expanding their production capabilities, indicating a strong domestic supply chain [3]. Group 3: Competitive Landscape - Local brands are gaining a competitive edge through innovative pricing strategies, with Luckin Coffee's average transaction price at 14.28 yuan compared to Starbucks' 35.86 yuan [5][6]. - Luckin Coffee reported a 47.1% year-on-year revenue increase to 123.6 billion yuan, while Starbucks China saw an 8% increase to approximately 56.26 billion yuan [6]. - The rapid expansion of local brands, with Luckin exceeding 26,000 stores and Kudi over 18,000, contrasts with Starbucks' 8,000 stores [6]. Group 4: Challenges for Foreign Brands - Starbucks is experiencing a decline in average transaction value and facing rising rental costs, indicating challenges in maintaining its previous business model in China [7]. - The operational costs for Starbucks flagship stores are substantial, with some costing nearly 100 million yuan annually [9]. - Starbucks is adapting by granting more autonomy to its Chinese team, leading to a 6% revenue increase in the latest fiscal year [9][11]. Group 5: Future Outlook - Starbucks anticipates its retail business in China to be valued over 13 billion USD, with a significant portion of this value derived from its partnership with Boyu [11]. - The company plans to expand its store count to 20,000, which poses challenges in terms of pricing and operational adjustments [11]. - The overall trend suggests that foreign giants are recognizing the need to adapt to the evolving Chinese market, with partnerships likely becoming a common strategy [11].

Core Insights - The article discusses a significant shift in the Chinese fast food and coffee market, where Chinese capital is increasingly taking over the operations of Western brands like McDonald's, Starbucks, and Burger King [1][3] Group 1: Case Studies of Ownership Changes - Starbucks has announced the sale of up to 60% of its Chinese retail business to Chinese fund Boyu Capital for a valuation of $4 billion, transitioning to a mixed model of "Chinese-led + foreign authorization" [4] - Burger King has formed a joint venture with CPE Yuanfeng, where Chinese investors hold 83% of the shares, marking the beginning of a "Chinese full control era" for Burger King in China [5][6] - McDonald's has been primarily operated by Chinese capital since 2017, with Citic Group and Carlyle acquiring significant stakes, further solidifying its status as a "Chinese-operated, foreign-authorized brand" [7] Group 2: Reasons for Foreign Brands to Hand Over Control - The intense competition in the fast food and coffee market necessitates deep localization, prompting international brands to leverage local capital and teams for growth [8] - Economic slowdown and rising operational costs make it more challenging for foreign brands to expand in China, leading them to sell stakes to Chinese investors as a more stable strategy [9] - Selling parts of their Chinese operations allows multinational companies to generate cash flow and focus on core markets or digital transformation [10] - Chinese capital is actively seeking quality assets, with the restaurant chain model fitting well into their long-term investment strategies [12] Group 3: Implications of Chinese Takeover - The pace of store expansion is expected to increase, particularly in lower-tier cities, as Chinese investors are more willing to invest and understand these markets better [13] - There will be stronger localization in menus and operations, with Chinese teams innovating to enhance the local appeal of these foreign brands [14] - The integration of local suppliers into the supply chain will be enhanced, promoting the growth and standardization of local supply chains [15] - The brand identity may experience subtle changes as foreign brands balance their global image with the aggressive expansion strategies of local capital [16] Group 4: Emerging New Landscape - The shift from foreign brands operating independently to a model of "foreign authorization + Chinese ownership + local operational drive" reflects a new dynamic in the market [17] - This transition allows multinational brands to reduce risks and stabilize profits while increasing the influence of Chinese capital in the global brand landscape [18] Group 5: Underlying Logic of Capital Flow - The movement of capital, whether from foreign brands seeking to reduce burdens or Chinese firms looking to expand, indicates a long-term optimism about the Chinese consumer market [19] - Despite short-term fluctuations, the logic of urbanization, lifestyle changes, and consumption upgrades positions China as one of the largest and most complex fast food markets globally [20] - The trend of "Chinese capital intensively taking over foreign fast food" signifies a natural progression from an "foreign era" to a "joint venture era" and potentially a "Chinese era" in the market [21]

Core Points - New York City's Mayor-elect Zohran Mamdani is advocating for a boycott of Starbucks as union workers strike nationwide, highlighting his pro-union stance and political influence [1][2] - The strike coincides with "Red Cup Day," a significant sales event for Starbucks, with workers in over 25 cities participating [3][11] - Starbucks Workers United, representing around 9,000 baristas, accuses the company of refusing to negotiate fairly, while Starbucks claims to offer competitive wages and benefits [4][10] Company Actions - Starbucks reported that approximately 99.9% of its stores remained operational during the strike [3] - The company has faced accusations of anti-union tactics, including store closures and employee firings related to union activities, which it denies [10][14] - The current strike marks the fourth organized action by the union since 2023, indicating ongoing tensions in labor relations [5][12] Union Position - Workers United has filed over 1,000 charges against Starbucks for alleged unfair labor practices, reflecting deepening conflicts between the union and the company [7] - The union warns that strikes may escalate if negotiations do not progress, emphasizing the urgency of reaching a fair contract [4][10]