星巴克中国，易主

Core Viewpoint - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, aiming to expand its market presence significantly. Group 1: Joint Venture Details - The joint venture will see Boyu holding up to 60% equity, while Starbucks retains 40% and continues to own the brand and intellectual property [1] - The enterprise value of the joint venture is approximately $4 billion, excluding cash and debt, with Starbucks expecting the total value of its retail business in China to exceed $13 billion [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 in the future [1] Group 2: Financial Performance - For the fiscal quarter ending September 28, 2025, Starbucks China reported a revenue increase of 6% to $831.6 million (approximately 5.913 billion RMB) [1] - For the full fiscal year 2025, revenue is expected to grow by 5% to $3.105 billion (approximately 22.077 billion RMB) [1] - Starbucks China has maintained a double-digit operating profit margin, with profits and margins improving for four consecutive quarters [1] Group 3: Competitive Landscape - The domestic coffee market is highly competitive, with Luckin Coffee reporting a second-quarter revenue of 12.4 billion RMB, a 47% year-on-year increase [2] - Luckin Coffee's adjusted net profit for the same period was 1.4 billion RMB, up 44% year-on-year, and it has accelerated its store expansion, reaching a total of 26,206 stores by the end of the second quarter [2]