星巴克中国业务被竞购，估值或达百亿美元，公司称不全卖

Core Viewpoint - Starbucks is exploring strategic partnerships for its China business, with reports indicating nearly 30 private equity firms have submitted non-binding bids, valuing the business between $5 billion and $10 billion, potentially nearing the upper limit of $10 billion [1][3] Group 1: Strategic Partnership and Ownership Structure - Starbucks aims to retain approximately 30% ownership of its China operations, contrary to earlier rumors of a complete exit from the market [3] - The bidding private equity firms include major players such as Luckin Coffee's shareholder Dazhong Capital, Hillhouse Capital, Carlyle Group, and KKR & Co [3] - Starbucks has not yet finalized decisions regarding transaction structure, valuation, or potential bidders, indicating that the evaluation process is still in its early stages [3][4] Group 2: Performance and Market Challenges - Starbucks has faced global performance pressures, with Q2 global net revenue at $8.8 billion, a 2% year-over-year increase, but same-store sales declined by 1% [5] - In China, Q2 revenue reached $740 million, a 5% year-over-year increase, with same-store transaction volume up by 4%, although average ticket prices fell by 4% [5][6] - For fiscal year 2024, Starbucks China reported revenue of $2.958 billion, a 1.4% year-over-year decline, with same-store sales down 8% [5] Group 3: Store Expansion and Competitive Landscape - Starbucks China opened 790 new stores in fiscal year 2024, a 12% increase, bringing the total to 7,758 stores, with half of the new locations in lower-tier cities [6] - Despite increased store openings, the revenue impact has been limited, indicating diminishing marginal returns on new store investments [6] - Local competitors like Luckin Coffee have intensified market competition, prompting Starbucks to reduce prices and adapt its offerings to better meet local consumer demands [6][7] Group 4: Leadership and Strategic Adjustments - The new CEO, Laxman Narasimhan, has initiated a "Return to Starbucks" strategy aimed at revitalizing performance, which includes menu simplification and restructuring efforts [7] - There are speculations that while the China business has growth potential, the CEO may prefer to redirect some funds back to the North American market to boost its recovery [7]