Jin Rong Jie·2025-08-04 13:56Core Insights - Starbucks has experienced a decline in global same-store sales for the sixth consecutive quarter, prompting the company to implement a "green apron service" model to boost sales [1] - The company plans to roll out this new service model to U.S. company-operated stores by mid-August, alongside store renovations, system upgrades, and new product launches, which will significantly increase costs [1] - Same-store sales have decreased by 2% globally and in North America, remained flat internationally, while China saw a 2% increase [1] - Overall sales increased by 4% to $9.5 billion, but adjusted earnings per share fell by 46% [1] - The company is seeking strategic partners for its China business while retaining some equity [1] - Some institutions, such as Stifel and JPMorgan, have maintained or raised their ratings and target prices for Starbucks, although the stock appears expensive based on valuation [1] - William Blair reiterated a "neutral" rating, while Citigroup lowered its target price and also assigned a "neutral" rating due to transformation costs, slow recovery, and associated risks, advising investors to be cautious [1]