星巴克中国易主，博裕投资40亿美元拿下至多60%股权

Core Viewpoint - Starbucks has finalized a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1][3]. Group 1: Transaction Details - The joint venture is based on an enterprise value of approximately $4 billion, excluding cash and debt, with Boyu acquiring corresponding equity [1]. - Starbucks anticipates that the total value of its retail business in China will exceed $13 billion, comprising the equity transferred to Boyu, the retained equity value, and ongoing licensing revenue over the next decade [1]. - The new joint venture will be headquartered in Shanghai and manage around 8,000 Starbucks stores in China, with plans to expand to 20,000 stores [1]. Group 2: Company Performance - For Q4 FY2025, Starbucks reported total net revenue of $9.569 billion, a year-on-year increase of 5.5%, surpassing market expectations [3]. - The operating profit for the same quarter was $278 million, down 78.7% year-on-year, while the net profit attributable to shareholders was $133 million, down 85.4% [3]. - Starbucks China achieved revenue of $831.6 million in Q4 FY2025, a 6% year-on-year increase, marking four consecutive quarters of growth [3][4]. Group 3: Market Expansion - As of the end of FY2025, Starbucks China had 8,011 stores across 1,091 county-level markets, with 83 new stores opened in Q4 FY2025 and a total of 415 new stores for the fiscal year [4]. - Same-store sales in China grew by 2% year-on-year, with same-store transaction volume increasing by 9%, and store operating profit margins remained in double digits [3]. Group 4: Background and Interest - Reports of Starbucks considering the sale of its China business began circulating in the second half of last year, with various investment firms expressing interest [5]. - By September, Boyu Capital, along with other firms, was identified as a final candidate for the acquisition of Starbucks' China operations, with negotiations concluding by the end of October [5].