出售中国区业务，星巴克布下“死局”

Core Viewpoint - Starbucks is evaluating over 20 institutions with a strong interest in its China business, aiming to retain a significant equity stake while potentially selling 70% to multiple buyers, each holding no more than 30% [1][2]. Group 1: Business Strategy - Starbucks has adopted a fully self-operated model in China, contrasting with its North American strategy of a 60:40 self-operated to franchised ratio, which has been stable for years [3][6]. - The company has been gradually transitioning from a franchise model to a self-operated model in China since 2003, with the number of self-operated stores increasing significantly [6][20]. - The self-operated model allows for better service quality and brand image, while the eventual goal is to replicate the North American model of 60% self-operated and 40% franchised stores in China [8][19]. Group 2: Financial Performance - As of the end of fiscal year 2024, Starbucks had 7,594 self-operated stores in China, significantly outpacing its second-largest market, Japan [6][20]. - The international division's self-operated revenue for fiscal year 2024 was $5.51 billion, but the operating loss rate reached 14.3%, highlighting the challenges faced in international markets [16][17]. - The North American division's operating profit for fiscal year 2024 was $2.6 billion, with a profit margin of 10.7%, but faced a 30.6% year-over-year decline in operating profit for the first three quarters of fiscal year 2025 [12][17]. Group 3: Market Dynamics - Starbucks' market share in China has declined to 14% by 2024, facing strong competition from local brands like Luckin Coffee [9][20]. - The company’s strategy to retain 30% equity in its China business while selling the majority stake raises concerns about potential conflicts and operational challenges, similar to the Uber and Didi case [21][22]. - The proposed sale structure may lead to a "deadlock" situation, where the retained stake complicates the integration and operational independence of the new buyers [22][23].