越全球，越本土

Core Insights - The partnership between Burger King China and private equity firm CPE Yuanfeng marks a shift in multinational companies' strategies in China, moving from replicating global models to focusing on local innovation [1] - This trend is reflected in similar collaborations among other major brands like Starbucks and McDonald's, indicating a systemic paradigm shift in the industry [1] Structural Motivations for Change - Regulatory environment pressures companies to deeply embed themselves in local markets, with new regulations demanding higher standards for data compliance and supply chain transparency [3] - Local capital's understanding of policy contexts provides a competitive edge, as they not only bring funding but also adaptability to local regulations [4] - The market competition is shifting towards a stock game, with local brands gaining significant market share, leading to a decline in pure foreign brand presence [4] Changing Consumer Demands - The Z generation has become the primary consumer group, with 78% preferring products that incorporate local cultural elements, and 65% viewing dining as a social experience [7] - Standardized global menus are increasingly unable to meet the complex demands of consumers, making localized adaptations more appealing [7] Localization Strategies - Product innovation is key, as seen with McDonald's "McNight Market" series, which tailored offerings to local tastes, resulting in a significant increase in nighttime sales [9] - Supply chain restructuring is also crucial, with Yum China establishing local sourcing to reduce costs and improve delivery times, leading to substantial growth in their coffee business [10] - Cultural integration is essential, exemplified by Starbucks' incorporation of traditional Chinese cultural elements into store designs, enhancing local cultural resonance and customer loyalty [10] Impact of Localization - The localization transformation is reshaping competitive dynamics, with foreign brands seeing an average market share increase of 12% through local capital involvement, while pure foreign brands decline by 8% [14] - Private equity firms are evolving from mere financial investors to entities that provide policy understanding and management expertise, creating a "capital + capability" empowerment model [14] - The trend is redefining globalization, shifting from a simplistic "Western model export" to a more nuanced "multi-center customization and global collaboration" approach [14] Future Directions - By the end of the year, it is expected that 70% of foreign dining brands will establish R&D centers in China, leveraging local technological advancements to enhance their offerings [15] - ESG practices are anticipated to become more localized, with a focus on sustainable packaging and energy-efficient equipment [15] - Cultural resonance will be a competitive battleground, with many foreign brands expected to launch product lines specifically designed for the Chinese market [15] - The success of multinational companies in China will increasingly depend on their ability to root themselves locally, moving from being "foreigners" to "co-builders" and "co-creators" [16]