7月31日，茶咖日报的主要内容有： 星巴克三季度中国同店销售额增长，回应中国股权出售传闻 据第一财经，日前，星巴克(Nasdaq：SBUX)公布了截至2025年第三财季财务业绩。2025财年第三财 季，公司总收入为94.56亿美元，同比增长3.8%；归母净利润为5.58亿美元，同比下滑47.1%。 在中国市场，星巴克本财季收入同比增长8%至7.9亿美元，同店销售额同比增长2%，同店交易量和同店 客单价均取得环比提升。星巴克方面表示，增长主要得益于过去两年新开门店同店销售的高速增长，以 及及时捕捉并满足快速增长的线上需求。 另外，截至2025年第三财季末，星巴克全国门店数量达到7828家，新开70家门店，新进入17个县级市 场。 值得一提的是，面对中国市场激烈的竞争，今年星巴克对"非咖产品"进行了降价，也提升了午间和晚间 场景消费。 早在去年11月，就有媒体报道星巴克正在考虑出售其中国业务的股权。今年6月，据知情人士透露，高 瓴资本参与了星巴克中国区的反向管理层路演，目前交易结构尚未敲定。星巴克中国业务估值约为50- 60亿美元，该交易预计将持续到2026年。 彼时，星巴克中国表示，坚信中国市场蕴藏的巨大增长机 ...

Financial Performance - Starbucks reported Q3 FY2025 net revenue of $9.456 billion, up from $9.11 billion in the same period last year, exceeding analyst expectations of $9.29 billion [1] - Adjusted earnings per share were $0.49, below the forecast of $0.65 [1] - Same-store sales in China grew by 2%, surpassing the expected growth of 1.44% [1] Strategic Initiatives - CEO Howard Schultz stated that recent adjustments in China are yielding results, with three consecutive quarters of revenue growth and year-over-year same-store sales increases [3] - Innovations such as "Sugar-Free True Flavor" beverages and new customization options have increased customer purchase frequency, while price adjustments on non-coffee products have broadened the customer base and enhanced consumption during lunch and evening hours [3] Equity Sale and Market Position - Starbucks is exploring the sale of a portion of its equity in China, seeking strategic partners that share its vision and values, while maintaining a significant stake in the business [4] - The company is evaluating over 20 interested institutional investors, emphasizing its confidence and commitment to the Chinese market [4] - Reports indicate that potential equity sale offers have reached a valuation of $10 billion, with nearly 30 private equity firms, including Centurium Capital and Hillhouse Capital, submitting non-binding bids [5] - As of Q3 FY2025, Starbucks operates 7,828 stores in China, covering over 1,000 cities, with new stores continuing to achieve high profitability [5]

Core Viewpoint - Starbucks is actively seeking strategic partners that share its vision and values, while evaluating over 20 interested institutions, with the intention of retaining a significant equity stake in its China operations [1][3] Financial Performance - For the third fiscal quarter of 2025, Starbucks reported total revenue of $9.456 billion, representing a year-over-year increase of 3.8%, while net profit attributable to shareholders was $558 million, down 47.1% year-over-year [1] - In the Chinese market, Starbucks' revenue for the quarter grew by 8% to $790 million, with same-store sales increasing by 2%, and both same-store transaction volume and average ticket size showing sequential improvement [1] Market Expansion - As of the end of the third quarter, Starbucks had a total of 7,828 stores, having opened 70 new locations and entered 17 new county-level markets [3] - In response to intense competition in the Chinese market, Starbucks has reduced prices on "non-coffee products" and enhanced consumption during lunch and evening periods [3] Strategic Considerations - Reports from last November indicated that Starbucks was considering selling equity in its China business, with a valuation estimated between $5 billion to $6 billion, and the transaction expected to continue until 2026 [3] - Starbucks remains confident in the significant growth opportunities within the Chinese market and is focused on revitalizing growth in its China operations while maintaining a positive development trend [3]

【#星巴克中国收入已连续三季度同比增长#，中国门店数量达到7828家】 据财经杂志报道，7月30日，星巴克发布2025财年第三季度财报。财报显示，星巴克中国收入已连续三 季度同比增长，第三季度同比增长8%至7.9亿美元，利润率也环比持续增长，继续保持两位数的水平。 据悉，面对中国咖啡市场竞争白热化，星巴克中国近段时间将业务核心瞄准了中国年轻人，推出了无糖 咖啡、非咖下午茶、跨界联名等一系列策略。截至第三季度末，全国门店数量达到7828家，新开70家门 店，新进入17个县级市场。#星巴克中国Q3营收增8%至7.9亿美元# 据智通财经，7月30日，星巴克首席执行官尼科尔（Brian Niccol）在今日财报电话会议上谈及星巴克中 国股权出售一事时表示，已有超过20家收购方对该项资产表现出兴趣，公司希望保留"有分量的"股份。 ...

Core Viewpoint - The company plans to sell its wholly-owned subsidiary, De Rui Mining Co., Ltd., for a total transaction price of 135 million yuan to optimize resource allocation and improve cash flow for its main business [1][2]. Summary by Sections Basic Situation Overview - The company will transfer 100% equity of De Rui Mining for 135 million yuan, after which it will no longer hold any shares in De Rui Mining, and the latter will be excluded from the company's consolidated financial statements [1]. External Guarantee Basic Situation - The company previously provided a loan guarantee for De Rui Mining's associate company, Zhongdu Ruihua Mining Development Co., Ltd., with a maximum guarantee amount of 240 million yuan based on a 30% equity stake [2]. - As of the announcement date, the company has a guarantee balance of 143.13 million yuan for De Rui Mining [3]. Transaction Target Basic Situation - As of April 30, 2025, De Rui Mining's total assets were approximately 168.15 million yuan, total liabilities were 111.75 million yuan, and net profit was approximately 1.45 million yuan [5]. Impact of External Guarantee and Follow-up Arrangements - The external guarantee is a passive result of the equity sale and will be managed through a counter-guarantee agreement with the buyer, Fengyang Mining Investment Holding Co., Ltd. [7][8]. - The company will not provide new guarantees for De Rui Mining and its associate during the approved guarantee period [7]. Board of Directors' Opinion - The board believes that the external guarantee is manageable and will not significantly impact the company's daily operations, and they will ensure the buyer fulfills the obligation to release the guarantee [10].

Core Viewpoint - The company has approved the signing of a supplementary agreement regarding the sale of a 49% stake in Credit Suisse Securities, indicating a strategic move to finalize the ownership transition and related financial arrangements [2][6]. Group 1: Meeting Overview - The fifth board meeting of the company was held on July 21, 2025, with all nine directors present, confirming compliance with legal and procedural requirements [1][3]. - The board unanimously approved the proposal to sign the supplementary agreement related to the sale of the stake [3]. Group 2: Share Transfer Details - The company agreed to sell a 49% stake in Credit Suisse Securities (China) Limited to Beijing State-owned Assets Management Co., Ltd. for a consideration of 885.09 million yuan [7]. - The approval from the China Securities Regulatory Commission for the change of major shareholders and actual controllers was received on March 12, 2025 [8]. Group 3: Supplementary Agreement Key Points - The supplementary agreement outlines arrangements for delivery and payment, requiring all parties to assist in the submission of business change applications within five working days after signing [9]. - Seller responsibilities include a general claim period of five years post-delivery, with a liability cap of 75% of the actual consideration received [10]. - Special claims have a limitation period of three years from the date of delivery [12].

Summary of Key Points Core Viewpoint - The announcement details the signing of a supplementary agreement regarding the sale of 85.01% equity in Credit Suisse Securities (China) Limited to Beijing State-owned Assets Management Co., Ltd. The transaction involves a transfer price of 885.0919 million yuan for the 49% stake held by the company [1][2]. Group 1: Equity Transfer Overview - The company has signed an equity sale and purchase agreement to sell its 49% stake in Credit Suisse Securities to Beijing State-owned Assets Management Co., Ltd. for a total consideration of 885.0919 million yuan [1]. - The approval from regulatory authorities has been obtained, allowing Beijing State-owned Assets Management Co., Ltd. to become the major shareholder and actual controller of Credit Suisse Securities [2]. Group 2: Supplementary Agreement Details - The supplementary agreement outlines the arrangements for the delivery and payment, including the requirement for all parties to assist in submitting the business change application for Credit Suisse Securities within five working days after the signing of the agreement [2][3]. - Payment arrangements stipulate that the relevant regulatory accounts can be released to the company's designated bank account following the completion of the change registration and notification to the regulatory bank within three business days [3]. - General claims have a time limit of five years from the date of delivery, with a liability cap not exceeding 75% of the actual consideration received by the company [3].

Core Viewpoint - Starbucks is exploring strategic partnerships for its China business, with reports indicating nearly 30 private equity firms have submitted non-binding bids, valuing the business between $5 billion and $10 billion, potentially nearing the upper limit of $10 billion [1][3] Group 1: Strategic Partnership and Ownership Structure - Starbucks aims to retain approximately 30% ownership of its China operations, contrary to earlier rumors of a complete exit from the market [3] - The bidding private equity firms include major players such as Luckin Coffee's shareholder Dazhong Capital, Hillhouse Capital, Carlyle Group, and KKR & Co [3] - Starbucks has not yet finalized decisions regarding transaction structure, valuation, or potential bidders, indicating that the evaluation process is still in its early stages [3][4] Group 2: Performance and Market Challenges - Starbucks has faced global performance pressures, with Q2 global net revenue at $8.8 billion, a 2% year-over-year increase, but same-store sales declined by 1% [5] - In China, Q2 revenue reached $740 million, a 5% year-over-year increase, with same-store transaction volume up by 4%, although average ticket prices fell by 4% [5][6] - For fiscal year 2024, Starbucks China reported revenue of $2.958 billion, a 1.4% year-over-year decline, with same-store sales down 8% [5] Group 3: Store Expansion and Competitive Landscape - Starbucks China opened 790 new stores in fiscal year 2024, a 12% increase, bringing the total to 7,758 stores, with half of the new locations in lower-tier cities [6] - Despite increased store openings, the revenue impact has been limited, indicating diminishing marginal returns on new store investments [6] - Local competitors like Luckin Coffee have intensified market competition, prompting Starbucks to reduce prices and adapt its offerings to better meet local consumer demands [6][7] Group 4: Leadership and Strategic Adjustments - The new CEO, Laxman Narasimhan, has initiated a "Return to Starbucks" strategy aimed at revitalizing performance, which includes menu simplification and restructuring efforts [7] - There are speculations that while the China business has growth potential, the CEO may prefer to redirect some funds back to the North American market to boost its recovery [7]

Group 1 - Starbucks China is attracting multiple bids for a potential equity sale, with a valuation reaching up to $10 billion [1] - Nearly 30 private equity firms, both domestic and international, have submitted non-binding offers, with proposals valuing the business between $5 billion and $10 billion [1] - The final bid is expected to approach the upper end of this valuation range, with a reasonable estimate around $9 billion based on Starbucks' market capitalization of approximately $108 billion and its contribution of over 8% to global revenue [1] Group 2 - Starbucks is currently evaluating bidders' offers, transaction structure proposals, and post-sale value creation plans, with a potential buyer selection process expected to be completed within two months [1] - The entire transaction is unlikely to be finalized before the end of this year [1] - There is a possibility that Starbucks may retain a 30% equity stake, with the remaining shares distributed among several buyers, each holding no more than 30% [1]

Core Viewpoint - China National Foreign Trade Transportation Group (China Foreign Trade) announced the sale of a 25% stake in LuKai International for approximately 3.38 billion yuan, expecting an investment gain of about 1.793 billion yuan from the transaction [1] Group 1 - The transaction involves the sale of 25% equity held by China Foreign Trade's wholly-owned subsidiary, China Merchants Shipbuilding, along with smaller stakes from CITIC Capital Maneuver and FV Pallet [1] - The total consideration for the sale is approximately 47.216 million USD, equivalent to about 3.38 billion yuan [1] - Post-transaction, China Merchants Shipbuilding will hold a 20% stake in LuKai International, while MIC will hold 30%, and CITIC Capital Maneuver and FV Pallet will hold 30% and 20% respectively [1] Group 2 - The expected investment gain from this transaction, after deducting related transaction costs, is approximately 1.793 billion yuan, excluding tax implications [1] - The transaction is subject to approval from the State-owned Assets Supervision and Administration Commission (SASAC) and other regulatory bodies, including antitrust reviews [1]