去年我们写过《上海早晨的那杯咖啡，是刚需》，开在各大写字楼区域的咖啡馆，提供的是打工人的续命水。 那么，在上海的三甲医院里，咖啡馆承载了什么？ 01 6月9日，周一，入梅第三天。 早高峰的雨未有停歇，门诊大厅已聚起了人流。 早上9点半，位于华山医院门急诊大楼和哈佛楼之间的COSTA咖啡馆里，已经坐满了人，且一直有人进进出出，医院里的咖啡馆和医院一样忙碌。 早上9点半的华山医院 两名医护人员，买了咖啡打包带走。 店内大部分的人低头看手机、ipad或者电脑。 医院咖啡馆内 咖啡馆的桌上留着一张手写的健康启示，写着关于健康的"三个原则"，第一原则是：健康是自己的事。不知是谁留下的，这些话来自哪里，他又为什么没 有带走？ 咖啡桌上不知谁留下的字条，历经4、5个客人后"三个原则"还在原地 "我们48小时值班，很困，早上7点钟就第一杯了。" 她是刷医院饭卡买的。"一般大家都一天1～2杯，大部分人早上会买一杯。" 黄女士55岁，已退休。她背着一个女士小挎包，随身一个放着X光片的袋子，买了一杯39元的茶拿铁。"今朝天冷，我想喝点热的嘛，（茶拿铁价格）和 外面差不多的。" "辰光看错脱了，（约的）下午门诊，我看成上午，来早了， ...

《大钱：如何选择成长股》 （美）弗雷德里克·R.科布里克 著 卢 斌 张小敏 译 中国人民大学出版社 2025年4月出版 ◎潘楷昕 2015年深秋，明尼苏达州明尼阿波利斯，52岁的普通家庭主妇安妮·约翰逊正在整理父亲去世后留下的 遗物。书房的角落里，她在一个尘封的老式保险箱底部，发现了三张泛黄的股票证明书。当她拿起手机 查询这些股票现值时，眼前的数字让她惊讶得差点滑落手机。原来，父亲早在1970年、1981年和1986年 分别购入沃尔玛、家得宝和微软的股票，每只股票仅投资1000美元。如今，这些股票的总市值已超过 280万美元，增长近940倍。更让她惊奇的是，她的父亲罗伯特并不是华尔街精英，只是一位普通高中数 学教师。翻阅父亲留下的投资日记，安妮发现他的"致富秘诀"出奇简单：找到几家卓越公司，买入股 票，然后在接下来30多年里对市场的惊涛骇浪充耳不闻，只是静静持有。 这个令人惊叹的真实故事，充分诠释了弗雷德里克·R.科布里克的核心投资理念：长期持有卓越企业。 在长达34年的基金经理生涯中，科布里克管理的资产年均回报率达18.8%，几乎是同期标普500指数的 两倍。他执掌的"道富研究资本基金"被《今日美国》评为 ...

今年2月，市场消息称，KKR、方源资本、太盟投资集团（PAG）等多家私募基金有意收购星巴克中国业务的股权。同时，华润集团、美团等中资企业亦因 被视作潜在买家，曾与星巴克接洽。 中国商报（记者 贺阳）近日，有报道称，星巴克正考虑全盘出售中国业务。6月29日，星巴克中国对中国商报记者表示："星巴克坚信中国市场蕴藏的巨大 增长机遇。我们正在评估把握未来增长机遇的最佳方式。我们将继续专注于实现中国业务的重振增长，保持积极正向的发展趋势。" 近日，有报道称，星巴克正考虑全盘出售中国业务。（资料图，图片由CNSPHOTO提供） 去年11月，星巴克首次被传考虑出售中国业务股权的可能。据外媒报道，星巴克正在为中国业务探寻多种方案，其中包括出售该项业务部分股权的可能性， 并指公司已非正式评估了包括中国本土私募股权机构在内的多个中国潜在投资者的兴趣。 此外，高瓴资本也准备收购星巴克中国业务。据知情人士透露，该交易将由高盛担任独家财务顾问，估值约为50亿至60亿美元，折合人民币约为358.55亿至 430.26亿元，预计将持续到2026年。 据悉，6月下旬，高瓴资本参与星巴克中国区的反向管理层路演，表达了对收购星巴克中国业务的兴趣 ...

以下文章来源于i黑马 ，作者i黑马 i黑马 . 让创业者不再孤独@i黑马 常斌，启承资本创始人&管理合伙人，黑马加速导师。 曾负责京东集团的战略投资，于2016年创办启承资本，专注消费投资，助力新一代消费冠军。已经投资 了京东物流、万物新生、十月稻田、锅圈食汇、德尔玛、源氏木语、植护、零食很忙、钱大妈、薛记炒 货、海马体、M Stand等知名品牌。 今天大家又感到迷茫彷徨。但我相信，肯定还有一些生意是有结构性机会的。 我们的信心从哪里来？ 首先是9亿人的刚需升级机会。9亿人的下沉市场将成为接下来中国消费的主流市场。 在十年、二十年前，中国上一代消费冠军是以海外品牌为主的中高端品牌，包括麦当劳、星巴 克、ZARA、耐克等等。这些品牌主要面向的是二线以上城市的中产消费者，大概有三四亿 人。 我们具体分析一下 瑞幸和星巴克。 星巴克目前在中国有6000多家店，中国是其全球第二大市场。 瑞幸也是先在一二线城市启动的，在一二线城市变成了星巴克的平替。 但瑞幸真正狂飙突进是这两年，通过生椰拿铁等几款调配产品一路下 沉，甚至到乡镇市场。瑞 幸去年共有16000多家店，今天超过2万家店没有什么问题。 新的生意一定要基于中国新 ...

Group 1 - Hillhouse Capital has shown interest in acquiring Starbucks' China business, which is valued at approximately $5 to $6 billion, with the transaction expected to continue until 2026 [1] - Starbucks believes in the significant growth opportunities in the Chinese market and is evaluating the best ways to capture future growth, focusing on revitalizing its business in China [2][3] - Starbucks' global CEO, Brian Niccol, mentioned that there is considerable interest from potential investors regarding the sale of minority stakes in Starbucks China, highlighting the brand's value and the coffee market's growth [2][3] Group 2 - Starbucks China recently announced a price reduction for non-coffee products, which reflects a cautious approach to pricing while maintaining its premium coffee positioning [3][9] - The company aims to expand its store count from 8,000 to 20,000, with strategies to attract consumers in lower-tier markets [4][17] - The non-coffee product price adjustments are intended to enhance performance and broaden the brand's price range, thereby increasing transaction volumes [14][20] Group 3 - Starbucks China has experienced a decline in same-store sales for ten consecutive quarters, but recent data shows a 4% increase in transaction volume despite a 4% decrease in average ticket price [15][16] - The company is focusing on the lower-tier market, where membership sales are growing at twice the rate of higher-tier cities, indicating significant potential [17][18] - The dual product strategy of coffee and non-coffee beverages is becoming increasingly common in the industry, with competitors also expanding their offerings [18][19] Group 4 - The current market dynamics suggest that Starbucks must balance its high-end brand positioning with the need to appeal to a broader consumer base [21][22] - The coffee industry has seen a downward trend in pricing, prompting Starbucks to consider potential changes in its pricing strategy to remain competitive [23]

Core Insights - Starbucks is considering selling its stake in the Chinese market as local competitor Luckin Coffee expands into the U.S. market, opening a store in New York on June 30 [1] - The attractiveness of American brands like Starbucks and Haagen-Dazs in China is declining due to the rise of local brands offering more affordable options [2] - The shift in consumer behavior in China, driven by increased income and the influence of internet culture, has led to a significant market for beverage products, fostering innovation among local brands [2][3] Group 1: Market Dynamics - The average price for a Haagen-Dazs store in China is 58.36 yuan, while local brands like Mixue Ice Cream offer basic ice cream for only 2 yuan [2] - Starbucks' average price in China is 46.74 yuan, compared to 14.49 yuan for Luckin Coffee and 10.4 yuan for Kudi, with many local options available at promotional prices [2] - The competition from local brands has forced international brands to reconsider their pricing strategies, especially in the face of rising domestic brands in the mid-to-high-end market [1][2] Group 2: Consumer Behavior and Technology - The adoption of online ordering through apps has become a common practice among Chinese consumers, leading to a preference for digital sales channels [3] - Traditional brands like Starbucks and Haagen-Dazs, which rely on in-store experiences, are struggling to adapt to the digital consumption culture [3][4] - Starbucks' attempt to integrate digital sales has resulted in operational challenges, affecting the quality of in-store service and customer experience [3] Group 3: Strategic Implications - The inability of traditional international brands to effectively digitize their operations in China has led to a loss of market share [4] - The situation mirrors past challenges faced by fast-food chains like McDonald's and KFC, which adapted by localizing their offerings after transferring ownership to Chinese capital [3] - There is a growing trend of Chinese companies leveraging the "business + internet" model to expand globally, potentially reshaping competitive dynamics in various industries [4]

Core Viewpoint - The article discusses the ongoing bidding war for Starbucks' China operations, highlighting the interest from various investment firms and the strategic implications of the potential sale [3][4][7]. Group 1: Bidding Interest and Participants - Hillhouse Capital has joined the bidding for Starbucks' China business, participating in a reverse management roadshow to express interest in the acquisition [3][5]. - Other interested parties include Carlyle Group, Xincheng Capital, China Resources Holdings, KKR, Fangyuan Capital, PAG, and Meituan, indicating a competitive landscape for the acquisition [3][9]. - The estimated valuation for Starbucks' China operations is between $5 billion to $6 billion (approximately 36 billion to 43 billion RMB) [4]. Group 2: Reverse Management Roadshow - The reverse management roadshow aims to showcase the company's core advantages and development strategies to investors, reducing information asymmetry and building trust [5]. - Starbucks' management appears to be somewhat urgent in selling its China operations, as indicated by their ambiguous public statements regarding the sale [5][7]. Group 3: Negotiation Dynamics - The acquisition discussions are reportedly in the second or third round, with an increasing number of participants, suggesting dissatisfaction with initial negotiation terms [7]. - The presence of multiple bidders may indicate ongoing negotiations and potential adjustments in the sale conditions [7]. Group 4: Hillhouse Capital's Position - Hillhouse Capital manages over 600 billion RMB, providing it with significant bargaining power in the acquisition process [10]. - The firm has a history of successful investments in the food and beverage sector, including notable companies like Mixue Ice Cream and Haidilao, which enhances its credibility in this space [10][11]. - Hillhouse's experience in digital transformation and operational support could be advantageous in the acquisition of Starbucks' China business [11]. Group 5: Market Context and Strategic Moves - Starbucks has recently implemented price reductions on certain products, reflecting a strategic response to competitive pressures in the Chinese market [16]. - The company reported approximately $740 million (about 5.31 billion RMB) in revenue for Q2 of fiscal year 2025, with a year-on-year growth of 5% [17]. - The competitive landscape for foreign brands in China is shifting, with domestic capital increasingly taking over iconic foreign brands, signaling a change in consumer dynamics [18].

以下文章来源于氢消费 ，作者文林 氢消费 . 新消费，新空间，新青年。冷静观察，理性热爱~ 撰文｜文林 红海咖啡战场外，非咖饮品成破局关键 过去十年间，中国咖啡市场呈现爆发式增长，从最初以国际品牌为主导的市场格局，逐渐演 变为本土品牌与国际品牌并存的多元化竞争态势。 编辑｜杨勇 来源 | 氢消费出品 ID | HQingXiaoFei 自 6 月 10 日起，消费者走进任何一家星巴克中国门店，或许会注意到菜单板上悄然变化的 价格：星冰乐、冰摇茶、茶拿铁 共计数十款非咖啡饮品 集体下调售价， 价格降幅为 2-6 元 ；多款产品价格降至 20 元区间，最低价为 23 元。 （图源：星巴克） 这并非简单的促销活动，而是星巴克入华 26 年来首次对核心产品实施大范围直接降价，一 改过去仅通过优惠券间接让利的策略。 更值得玩味的是，此次降价精准锁定非咖啡品类，与 "上午咖啡，下午非咖"的全天候消费场 景战略同步推出，其以价格杠杆撬动下午茶市场的意图不言而喻。 从固守高端咖啡市场，到主动进军非咖增量阵地，在愈发严峻的竞争现实面前，这位传统咖 啡巨头终究还是 "学乖"了。 然而，市场虽然规模庞大且增速较快，但竞争也达到了白 ...

Core Viewpoint - Starbucks China is facing significant operational challenges and is exploring potential strategic changes, including the possibility of selling a minority stake in its business, amid interest from major investment firms [2][3][4]. Group 1: Potential Acquisition Interest - Major investment firms, including Hillhouse Capital, Carlyle Group, and CITIC Capital's Xincheng Capital, have shown interest in acquiring Starbucks China's business, with an initial valuation estimated between $5 billion to $6 billion (approximately RMB 35.9 billion to RMB 43 billion) [2][3]. - Goldman Sachs is acting as the exclusive financial advisor for this potential transaction, which is expected to continue until 2026 [3]. Group 2: Performance Challenges - Starbucks China's market share has significantly declined from 34% in 2019 to 14% in 2024, indicating a loss of competitive position in the Chinese coffee market [7][8]. - Despite expanding its store network, Starbucks' revenue in China has decreased from a peak of $3.7 billion in fiscal year 2021 to $3 billion in fiscal year 2024, with signs of stabilization in fiscal year 2025 but ongoing pressure [8]. Group 3: Strategic Responses - In response to competitive pressures from local brands like Luckin Coffee and Koolearn Coffee, Starbucks has reduced prices on over 20 beverage items by an average of RMB 5, aiming to capture the growing non-coffee beverage market in China [9]. - The company is also considering operational adjustments, such as optimizing store structures and potentially closing underperforming locations, while exploring a smaller store model and relaxing franchise policies [10].

Group 1: Starbucks and Tims China - Starbucks has initiated the process of selling a portion of its stake in its China business, with over 20 institutions responding to the inquiry, including several private equity firms [1] - Tims China reported a total revenue of 300.7 million RMB for Q1 2025, with system sales reaching 376.3 million RMB, and the number of stores has grown to 1,024, covering 84 cities [2] Group 2: Strategic Partnerships and Industry Developments - Ningji has formed a strategic partnership with Thailand's CP Group, focusing on market expansion in Thailand and Southeast Asia, with plans to sign over 3,000 stores by August 2024 [3] - Luckin Coffee has commenced construction of an innovation industrial park in Xiamen, with a total investment of 3 billion RMB, aiming to create China's largest single coffee roasting factory with an annual roasting capacity of 55,000 tons [4][5] Group 3: Industry Trends and Insights - CITIC Securities predicts that the differentiation among top players in the ready-to-drink tea industry will continue to intensify, with the market share increasingly concentrated among leading brands [6][7] - The ready-to-drink tea industry is characterized by growth potential and high certainty, with a significant increase in the CR5 market share from 46.9% in 2023 to 51.2% in 2024, indicating a stable growth phase [6][7]