Sou Hu Cai Jing·2026-01-30 09:39Group 1 - The CEO of Starbucks, Kevin Johnson, saw his annual salary drop from $96 million to $31 million, resulting in a loss of approximately 450 million RMB, as the company's stock price fell by 7.7% in 2025, leading to the forfeiture of his performance bonus [2] - In contrast, Starbucks China reported impressive results with revenue growth for five consecutive quarters, achieving $823.4 million in revenue for the latest quarter, a year-on-year increase of 11%, and same-store sales growth of 7% driven by increased transaction volume [4][6] - The growth in same-store sales in China is primarily attributed to strong performance in business district stores, breakfast hours, and lower-tier cities, indicating a successful expansion strategy [4][6] Group 2 - Starbucks opened 13 new stores in county-level cities this quarter, bringing the total to 8,011 stores across 1,103 county-level cities, with new store sales consistently outperforming the average, particularly in lower-tier cities [6] - The company has partnered with Boyu Capital to jointly operate its retail business in China, with Boyu holding up to 60% equity in the joint venture, focusing on efficiency and cost control [6] - Starbucks is shifting towards hiring more part-time baristas instead of full-time employees, with part-time positions making up 61.7% of new hires, which raises concerns about maintaining service quality in the context of its "third place" experience [6][7] Group 3 - There has been an increase in consumer complaints on social media regarding the quality of latte art, indicating potential issues with service consistency as the company transitions to a more part-time workforce [7][8] - Looking ahead, Starbucks faces challenges from local competitors, fluctuations in coffee bean prices, and the ambitious goal of expanding to 20,000 stores in China, necessitating a balance between expansion efficiency and quality of experience to maintain its competitive edge [11]