汉堡王“解约”土耳其团队，找蜜雪股东救场

Core Viewpoint - CPE Yuanfeng is investing $350 million into Burger King China to establish a joint venture, aiming to expand the brand's presence in the Chinese market significantly by increasing the number of stores from approximately 1,250 to over 4,000 by 2035 [4][5][16]. Group 1: Investment and Partnership - CPE Yuanfeng will hold about 83% of the joint venture, while Restaurant Brands International (RBI) will retain approximately 17% [5]. - The partnership includes a 20-year master development agreement granting exclusive rights to develop the Burger King brand in China [5]. - CPE Yuanfeng, established in 2008, has a total asset management scale exceeding 150 billion yuan and has previously invested in several successful consumer brands [8][10]. Group 2: Market Performance and Challenges - Burger King has been underperforming in China, with a system sales figure of $700 million (approximately 5 billion yuan) in 2024, ranking eighth among its top international markets [15]. - The average sales per store in China were only $400,000 (around 2.9 million yuan), the lowest among the top ten international markets [15]. - Compared to competitors like KFC and McDonald's, Burger King's market entry was delayed, and its expansion has been slower due to its mid-to-high-end positioning [15][16]. Group 3: Strategic Direction - The collaboration with CPE Yuanfeng reflects RBI's urgent need to revitalize Burger King's business in China [12][16]. - The management team of Burger King China has been localized, with new executives from major international food brands, indicating a shift towards more localized operations [16]. - Future strategies will focus on product development and brand marketing to find market breakthroughs [17].