2025母基金研究中心专项榜单评选正式开启 2025 40U40优秀青年投资人榜单揭晓 2024中国母基金全景报告 6月23日，据知情人士透露， 高瓴资本近日参与了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 。此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与 。 据悉，目前交易结构尚未敲定。 星巴克中国业务估值约为50至60亿美元 ，由高盛担任独家财 务顾问。 该交易预计将持续到2026年。 星巴克2024年在中国实现净收入30亿美元，拥有 7685家门店，正面临瑞幸咖啡、蜜雪冰城等本土品牌的激烈竞争。 来 源 / 财 联 社 记 者 / 李哲 ...

Group 1 - The potential acquisition of Starbucks' China business by Hillhouse Capital has garnered significant attention in the market, indicating a shift in the competitive landscape of the consumer sector [1] - Hillhouse Capital has expressed its acquisition intentions through participation in a "reverse management roadshow," alongside other institutions like Carlyle and Xincheng Capital, highlighting a competitive environment [2] - The estimated valuation of Starbucks' China business is between $5 billion and $6 billion, which is notably higher compared to recent large-scale acquisitions in the consumer sector, suggesting a premium for the Starbucks brand and future growth expectations [2] Group 2 - Starbucks, as its second-largest market globally, has over 6,500 stores in China as of Q2 2023, but faces intense competition from local brands, leading to a slowdown in growth [3] - The introduction of capital could facilitate local innovation and share risks, similar to its previous strategy of selling a controlling stake in its South Korean business [3] - Hillhouse Capital has a strong presence in the consumer sector, having invested in well-known brands, and a successful acquisition could enhance its position in the high-end chain restaurant market [5] Group 3 - The nature of the transaction remains uncertain, whether it will be a financial investment for minority stakes or a controlling stake acquisition, given Starbucks' emphasis on the importance of the Chinese market [5] - The valuation of Starbucks China compared to Luckin Coffee's market value raises questions about whether it accurately reflects its brand strength and growth potential [5] - The change in foreign ownership of a restaurant brand may trigger antitrust scrutiny in China, which is a regulatory consideration [5] Group 4 - The potential acquisition is seen as significant for both companies and the overall consumer market, with the possibility of reshaping the high-end chain restaurant landscape in China if the deal is finalized [6]

2025.06. 23 本文字数：539，阅读时长大约1分钟 作者 | 第一财经 揭书宜 6月23日，据知情人士透露，高瓴资本近日参与了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。此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与。 目前交易结构尚未敲定。星巴克中国业务估值约为50至60亿美元，由高盛担任独家财务顾问。该交 易预计将持续到2026年。 对于上述消息，星巴克（Nasdaq：SBUX）方面表示："我们了解一下。" 早在2024年，业内就传出了星巴克中国股份可能被收购的消息，彼时，星巴克发言人曾回应称，公 司致力于中国区业务的发展和合作伙伴关系的维护，正在努力寻找最佳的发展道路，包括对战略合作 伙伴关系的探索。 星巴克2024年在中国实现净收入30亿美元，拥有7685家门店。星巴克正面临瑞幸咖啡、蜜雪冰城等 本土品牌的激烈竞争。这些本土咖啡店有着明显的价格优势，在一定程度上对星巴克造成了不小的经 营压力。 财报显示，星巴克2025年上半年净利润同比减少35%，营收同比增长0.95%。 推荐阅读 而星巴克在中国市场的下沉计划还在推进。2024财年，公司一半的新增门店位于低线城市 ...

高瓴资本拟收购星巴克中国业务 据知情人士透露，高瓴资本近日参与了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。此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与。据了解，目前交易结构 尚未敲定。星巴克中国业务估值约为50至60亿美元，由高盛担任独家财务顾问。该交易预计将持 续到2026年。 ■ 资料图。本文来源：第一财经 ...

据知情人士透露，高瓴资本近日参与了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。此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与。据了解，目前交易结构尚未 敲定。星巴克中国业务估值约为50至60亿美元，由高盛担任独家财务顾问。该交易预计将持续到 2026年。 ...

星巴克2024年在中国实现净收入30亿美元，拥有7685家门店，正面临瑞幸咖啡、蜜雪冰城等本 土品牌的激烈竞争。 据知情人士透露， 高瓴资本近日参与了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。 此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与。据悉，目 前交易结构尚未敲定。星巴克中国业务估值约为50至60亿美元，由高盛担任独家财务顾问。该 交易预计将持续到2026年。 ...

高瓴资本参与竞购星巴克中国业务 星巴克2024年在中国实现净收入30亿美元，拥有7685家门店，正面临瑞幸咖啡、蜜雪冰城等本土品牌的 激烈竞争。(智通财经记者 李哲) 智通财经6月23日电，据知情人士透露，高瓴资本近日参与了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。此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与。据悉，目 前交易结构尚未敲定。星巴克中国业务估值约为50至60亿美元，由高盛担任独家财务顾问。该交易预计 将持续到2026年。 ...

2025年6月10日，星巴克中国25年来首次降价，非咖饮品最高直降6元，抹茶星冰乐跌入20元区间。这不 是简单的价格妥协，而是一场精密计算：保住咖啡产品39元的尊严，用星冰乐和茶拿铁争夺下午茶场 景，在下沉市场用26元冰摇茶与蜜雪冰城短兵相接。财报显示，降价首日非咖销量激增，二季度营收同 比增长5%，但代价是运营费用攀升12.1%，净利润率压缩至4.4%。 星巴克也很焦虑：既要维持"高端社交货币"的人设，又要在价格敏感市场争夺生存空间。因为底层逻辑 变了，2025年中国咖啡消费者中，60%优先选择20元以下产品，瑞幸们用数字化和闪电迭代教育了新一 代消费者：咖啡不必是奢侈品，也可以是日常快消品。 星巴克走下神坛，也恰恰印证中国市场的成熟：当"第三空间"溢价被性价比革命瓦解，没有品牌能躺赢 在功劳簿上。这场洗牌中，消费者成了最大赢家：26元能买星巴克的环境，9.9元能买瑞幸的效率，5元 能买蜜雪冰城的快乐。咖啡，终究还是个饮品。 你有多久没喝星巴克了？自从1999年，星巴克带着第三空间理念进入中国市场，25年间用7596家门店织 就一张咖啡文化网，覆盖近千个县级市场，1.4亿会员构筑的品牌护城河曾让对手望尘莫及 ...

【星巴克推"非咖"战略应对竞争，业绩承压下市场前景待察】前不久，星巴克中国在战略发布会上提 出"非咖"概念，指咖啡以外的现制饮品，包括星冰乐、冰摇茶、茶拿铁。其战略定位高，被视为向"全 时段饮品服务商"转变的尝试，但在国内咖啡行业冲击有限。 中国茶饮与咖啡赛道竞争激烈，边界渐 消。茶百道等茶饮品牌布局咖啡，瑞幸等咖啡连锁拓展副业。星巴克"非咖"是对产品线的重新归类，瑞 幸此前已采取双线策略并推动"咖啡茶饮化"。 从生意角度看，覆盖全时段可提升单店坪效，渗透更多 场景优化客单。同时，瑞幸价格战压缩利润，促使品牌寻找高溢价新品类，茶饮产品有优势。 今年星 巴克全球高频调整，推出"回到星巴克"转型计划，挖角数字营销专家。中国市场人事更迭，王静瑛退 休，还出现"关店潮"与"降价"现象。 星巴克多款产品降价，是首次主动直接下调价格。今年上半年累 计净利润同比减少35%，最新季度净收入微增1%，净利润缩水一半，中国区同店交易量增长4%，客单 价下滑。 本土咖啡品牌瑞幸发展迅猛，新品推出快、联名营销强，"每周9.9元"活动拉低价格锚点。其 门店数多、单店日均销量高，挤压星巴克，倒逼其下沉。 星巴克推出"非咖"是业务下沉表现 ...

Core Viewpoint - Starbucks has initiated a price reduction on several non-coffee beverages, which has led to mixed sales performance across its stores, indicating a strategic move to penetrate lower-tier markets while facing challenges in boosting overall sales without reducing coffee prices [1][5]. Group 1: Sales Performance - Some Starbucks locations have reported a significant increase in sales following the price cuts, with certain non-coffee drinks like the Ice Shaken Red Plum Blackcurrant and Tea Latte experiencing high demand, leading to stock shortages [2][3]. - In contrast, other stores have not observed a notable change in sales, with coffee products remaining the primary revenue source for these locations [2][3]. Group 2: Pricing Strategy - The price reduction, which is the first in 25 years, affects dozens of non-coffee beverages with price cuts ranging from 2 to 6 yuan, and the actual discount can be more substantial when combined with promotional offers [2][5]. - For example, the price of a large Red Tea Latte has decreased from 35 yuan to 29 yuan, and with additional discounts, customers can pay as little as 20.3 yuan [2]. Group 3: Market Challenges - Analysts suggest that without a corresponding price reduction on coffee products, the overall impact on Starbucks' sales will be limited, as non-coffee beverages are not the company's strong suit [5]. - The competitive landscape is intensifying, with brands like Bawang Chaji offering similar "third space" experiences and appealing to consumers who may not prefer coffee, posing a challenge to Starbucks [5]. Group 4: Financial Performance - Starbucks China is at a critical stage of performance improvement, reporting approximately $740 million in revenue for Q2 of fiscal year 2025, a 5% year-over-year increase, with comparable store transactions up by 4% [6]. - In contrast, the first quarter of fiscal year 2025 showed a slight revenue increase of 1% but a 6% decline in same-store sales, highlighting the volatility in performance [6].