星巴克一季度中国市场营收增长11%，年初将完成与博裕资本的交易

Core Viewpoint - Starbucks reported a revenue of $9.9 billion for Q1 of fiscal year 2026, marking a 6% year-over-year increase, but net profit decreased to $293 million from $781 million in the same period last year [3][4]. Group 1: Financial Performance - The global same-store sales increased by 4%, with North America and the U.S. markets also seeing a 4% growth [3]. - In the Chinese market, revenue grew by 11% to $823.4 million, with same-store sales increasing by 7% driven by a 5% increase in transaction volume and a 2% increase in average ticket size [5]. - Starbucks anticipates that certain macroeconomic pressures, including tariffs and rising coffee bean costs, will ease in the second half of the fiscal year [4]. Group 2: Market Expansion and Strategy - Starbucks is actively expanding into lower-tier cities, having entered 13 new county-level cities, bringing the total to 8,011 stores across 1,103 county-level cities, a 4% year-over-year increase [5]. - A significant adjustment in the Chinese business was announced, with a joint venture established with Boyu Capital, which will acquire up to 60% of the retail business, while Starbucks retains 40% ownership and continues to hold brand and intellectual property rights [5][6]. - The partnership with Boyu Capital is expected to lead to reduced depreciation and amortization, as well as lower store operating costs, with completion anticipated in early 2026 [6]. Group 3: Competitive Landscape - Despite the partnership, Starbucks faces intense competition in the Chinese market, particularly from Luckin Coffee, which has surpassed Starbucks in store count and revenue [6]. - Analysts express optimism regarding the joint venture, predicting accelerated store openings, more precise local operations, and improved supply chain integrity as key benefits [6].