汉堡王中国业务，易主

Core Insights - Another international restaurant brand, Burger King, is selling its China operations, following Starbucks' lead [1][3] - CPE Yuanfeng and RBI have announced a strategic partnership to establish a joint venture, Burger King China, aimed at driving growth in the Chinese market [1][3] Group 1: Business Performance - Burger King China has shown signs of fatigue in recent years, with only 257 new stores opened in 2023, 109 in 2024, and just 26 since 2025 [3] - The average annual sales per store for Burger King China in 2024 is projected to be $400,000, significantly lower than over $1 million in other international markets [3] Group 2: Future Plans - RBI plans to build 3,000 new stores in Asia over the next five years, with half of these expected to be in China [3][5] - The joint venture aims to expand the number of Burger King locations in China from approximately 1,250 to over 4,000 by 2035, while achieving sustainable same-store growth [5] Group 3: Investment and Strategy - CPE Yuanfeng will inject $350 million into Burger King China to support restaurant expansion, marketing, menu innovation, and operational improvements [3][4] - The joint venture will sign a 20-year master development agreement granting exclusive rights to develop the Burger King brand in China, with CPE Yuanfeng holding about 83% and RBI retaining 17% of the equity [4]