"中国经济过去40年走过了欧美国家近百年的发展历程，餐饮消费也随之完成了从'吃饱'到'吃好'再到'吃健康'的迭代，这正是外资品牌扎根中国的核心逻 辑。"12月12日，在每日经济新闻联合海南国际经济发展局举办的"2025第十四届上市公司发展年会·国际消费新机遇专场"上，赛百味中国CEO朱富强以一段 对中国消费市场的深度洞察开启主旨演讲。 在世界餐饮市场，赛百味占据重要地位，其全球门店超3.7万家。朱富强深耕餐饮行业20余年，他用两年时间，将赛百味中国内地市场的门店从500余家扩展 至1000余家。 活动现场，朱富强以赛百味的快速扩张为样本，深度剖析外资品牌在中国消费升级浪潮中的破局之道。从品牌定位的差异化突围，到本土化创新的深度实 践，朱富强不仅揭示了赛百味中国战略的核心逻辑，更折射出外资餐饮品牌在中国市场的新生存法则。 从"吃饱"到"吃健康"：60后、"Z世代"一起追餐饮消费新风口 "（上世纪）90年代，10块钱能请一家人吃顿好饭。如今，单人50元的消费已成常态。"演讲中，朱富强用一组人民币面值与消费场景的对照，勾勒出中国餐 饮消费30年的变迁曲线。 在他看来，这一变化背后，是中国经济快速发展背景下消费能力与 ...

法国贵族酸奶再易主。 12月1日，天图投资公告，拟以8.14亿元出售所持优诺中国45.22%股权，与其他股东同步退出，IDG资本通过昆山诺源睿源以18亿元总对价接盘100%股权。 简单说，交易结束后，IDG资本将获得优诺中国业务的运营权，也标志着优诺中国八年三易主的故事翻开新篇章。 独立乳业分析师宋亮评价，考虑到酸奶和鲜奶市场竞争激烈，优诺中国可以说是体面地易主了。 再次易主 2019年，天图投资以近3亿元收购优诺中国，成为其首个全球品牌中国业务控股型并购项目。 彼时，天图押注中国乳制品消费升级，将优诺定位"中高端酸奶标杆"，通过战略调整、渠道扩张和管理赋能，将其从亏损边缘拉回盈利轨道。 数据显示，2023年，优诺中国营收为4.54亿元，净利润839万元，次年，公司营收跃升至8.1亿元，净利润达9545万元，增速惊人。 优诺天猫旗舰店 然而，天图却选择在业绩巅峰期退出。 公告透露，此次出售预计仅亏损79.9万元，回笼资金将用于"其他投资机会"。业内人士分析，天图近年聚焦私募管理主业，剥离重资产运营或是战略收缩的 必然。 优诺的故事，始于1960年代的法国。那里诞生了世界第一杯水果酸奶，也诞生了那只倒扣杯，杯盖 ...

长江商报消息 编者按 汉堡王、星巴克……这些中国消费者熟悉的外资餐饮品牌，近期纷纷"换老板"，引发市场高度关注。 水土不服、市场竞争加剧，以及自身轻资产转型需求等，成为外资餐饮品牌密集易主的主要原因。此 外，中国本土品牌崛起也是一个重要因素。塔斯汀、华莱士等本土品牌快速崛起，打破了原本外资品 牌"一统天下"的市场格局。 而在外资餐饮品牌"本土化"的同时，中国本土品牌也在寻求向外扩展。比如，瑞幸咖啡正谋划重返美股 主板市场，加速全球化进程。 这些谋变的餐饮品牌能否借机突围，在接下来的竞争中重新赢得主动？让我们拭目以待。 星巴克、汉堡王，深耕中国市场均已超20年，为何在短短一周内宣布易主？ 在华外资品牌易主，并不在少数。早在2017年，麦当劳就易主给中信资本。 不只餐饮业，在零售行业，家乐福中国易主给苏宁，麦德龙中国易主给物美集团。 长江商报记者发现，外资品牌中国市场转让的主要模式为：控股权让渡、品牌保留、本土资本主导。 分析人士认为，在华外资品牌频频换"老板"，与自身因素相关，包括水土不服、市场竞争加剧，自身也 有轻资产转型需求。此外，中国本土品牌崛起也是一个重要因素。瑞幸咖啡、塔斯汀、华莱士等本土品 牌快速崛 ...

Core Viewpoint - Recent trends indicate a significant shift in foreign investment strategies in China, particularly in the consumer goods sector, as companies like Starbucks and Burger King sell stakes to local investors, reflecting a broader trend of foreign brands adapting to the competitive landscape in China [5][12]. Group 1: Foreign Investment Changes - Starbucks announced the sale of 60% of its Chinese operations to local capital, while Burger King followed suit by selling a majority stake to a Chinese entity [4]. - The ongoing rumors about potential sales of other foreign brands, including Haagen-Dazs, Costa, and IKEA, highlight a growing concern regarding foreign brands' performance in the Chinese market [6][7]. - The trend of foreign brands divesting their Chinese operations is attributed to stagnant growth and declining profits amid fierce market competition [9][10]. Group 2: Market Performance and Strategy - Haagen-Dazs has experienced a double-digit decline in traffic in China, while Decathlon's growth has slowed significantly, prompting a shift towards higher-end products [10]. - IKEA's sales in China dropped from 12.07 billion yuan to 11.15 billion yuan, a nearly 10 billion yuan decrease year-on-year, indicating substantial pressure on its performance [10]. - Despite challenges, Starbucks reported a revenue increase of 5% in China for the 2025 fiscal year, with a strong single-store profitability, positioning it as one of the healthiest markets internationally [11]. Group 3: Local Adaptation and Future Outlook - The shift towards local ownership is seen as a necessary adaptation for foreign brands to thrive in the increasingly competitive Chinese market [12][14]. - The trend of localizing operations and management is becoming a common strategy among foreign brands, allowing them to reduce costs and better align with local consumer preferences [14]. - The partnership between CPE Yuanfeng and Burger King aims to expand the latter's store count from approximately 1,250 to over 4,000 by 2035, indicating a long-term commitment to growth in the Chinese market [15].

Core Insights - Recent trends indicate a shift in foreign brands' operational strategies in China, with companies like Starbucks and Burger King selling significant stakes to local investors, raising concerns about foreign brands' future in the Chinese market [1][2][6] Group 1: Foreign Brands' Strategic Adjustments - Starbucks announced the sale of 60% of its Chinese operations to local capital, while Burger King followed suit by selling a majority stake to a Chinese entity [1][2] - The ongoing rumors about potential sales of other foreign brands, including Haagen-Dazs and Decathlon, reflect a broader trend of foreign brands reassessing their positions in the Chinese market [2][3] - Industry experts suggest that these moves are part of a localization strategy, driven by increased competition and declining performance of some foreign brands in China [3][4] Group 2: Performance Challenges - Haagen-Dazs has experienced a double-digit decline in traffic in China, while Decathlon's growth has slowed significantly, prompting a shift towards higher-end products [4] - IKEA's sales in China dropped from 12.07 billion yuan to 11.15 billion yuan, a nearly 10 billion yuan decrease year-on-year, highlighting the pressures faced by foreign retailers [4] - Burger King's store count in China has been in decline, contrasting with competitors like McDonald's, which have adapted more effectively to the local market [4] Group 3: Market Dynamics and Consumer Preferences - A report by Accenture indicates that by 2025, domestic brands will surpass international brands in consumer preference across various sectors, including beauty and electronics [7] - The competitive landscape is shifting, with local brands gaining ground due to better pricing and product offerings, forcing foreign brands to adapt to changing consumer demands [7][8] - Experts emphasize that foreign brands are not exiting the Chinese market but are instead adjusting their operational models to better align with local market conditions [8] Group 4: Investment and Future Outlook - The recent transaction involving Burger King China includes a $350 million investment from CPE Yuanfeng to support expansion and operational improvements, indicating a commitment to growth in the local market [8] - Shanghai continues to attract foreign investment, with a notable increase in the number of foreign enterprises, particularly in high-tech and financial sectors, suggesting a robust environment for foreign brands [9]

Core Viewpoint - Starbucks Coffee Company has announced a strategic partnership with Boyu Capital to jointly operate its retail business in the Chinese market, indicating a trend of foreign consumer brands accelerating localization efforts in response to the rise of domestic brands and evolving consumer demands [1] Group 1: Strategic Partnerships - CPE Yuanfeng has formed a strategic partnership with Burger King to establish a joint venture, Burger King China, highlighting the trend of foreign brands collaborating with local partners [1] - The collaboration with local capital is seen as a key strategy for foreign brands to achieve good performance in China [1] Group 2: Market Expansion - After introducing local capital, both McDonald's China and Yum China have significantly increased their store opening rates in China [1] - McDonald's store count in China has grown from 2,500 in 2017 to over 7,000 currently, while Yum China's KFC has surpassed 12,000 stores [1] Group 3: Market Potential - The Chinese market is characterized by great potential, resilience, and vitality, serving as a stage for global companies to test their strength and sharpen their competitiveness [1] - Foreign brands are adjusting their strategies and accelerating localization to better respond to competition and grow alongside the dynamic Chinese economy [1] - China's commitment to high-level opening-up and continuous optimization of the business environment provides foreign enterprises with stable policy expectations and strong development confidence [1]

Core Viewpoint - Burger King's China operations have been acquired by local investors, marking a trend of foreign brands seeking local partnerships to enhance their market presence in China [1] Group 1: Strategic Partnership - CPE Yuanfeng has reached a strategic cooperation agreement with Burger King, establishing a joint venture named Burger King China [1] - CPE Yuanfeng will inject an initial capital of $350 million into the joint venture, holding approximately 83% of the equity, while RBI retains about 17% [1] - The transaction is expected to be completed in the first quarter of 2026, with funds allocated for restaurant expansion, marketing, menu innovation, and operational improvements [1] Group 2: Market Expansion Plans - A 20-year master development agreement will be signed, granting exclusive rights to develop the Burger King brand in China [1] - Currently, Burger King operates around 1,250 stores in China, with plans to expand to over 4,000 stores by 2035 [1] Group 3: Industry Context - The acquisition reflects a common strategy among foreign consumer brands to sell partial equity and introduce local capital in response to a competitive market environment [1] - Recently, Starbucks also announced a joint venture with Boyu Capital to operate its retail business in China, indicating a broader trend of foreign brands deepening their localization efforts [1] - CPE Yuanfeng has significant experience in the chain consumer services sector, with cumulative investments of approximately 10 billion RMB in various companies [1]

Core Viewpoint - Starbucks has entered a strategic partnership with Chinese alternative asset management company Boyu Capital to establish a joint venture for its retail operations in China, marking the first time in 26 years that Starbucks has relinquished control of its Chinese business [6][8]. Summary by Sections Joint Venture Details - The joint venture will see Boyu Capital holding up to 60% of the equity, making it the controlling shareholder, while Starbucks retains 40% and continues to own the brand and intellectual property [6][8]. - The joint venture is valued at approximately $4 billion, with Boyu expected to invest $2.4 billion (about 173 billion RMB) [7]. Expansion Plans - The joint venture aims to expand Starbucks' presence in China from 8,000 stores to 20,000 stores [8]. - As of the end of fiscal year 2025, Starbucks had 8,011 stores in China, with 415 new stores opened during the year [9]. Financial Performance - Starbucks China reported a revenue of $831.6 million in the fourth quarter of fiscal year 2025, a 6% year-over-year increase, contributing to a total annual revenue of $3.105 billion, which is a 5% increase [15][16]. - The total value of Starbucks' retail business in China is projected to exceed $13 billion, comprising the value from the equity transfer to Boyu, retained equity, and ongoing licensing fees [11]. Strategic Context - The partnership is a strategic adjustment for Starbucks amid increasing competition from local brands like Luckin Coffee and others [17][18]. - Starbucks' global comparable store sales fell by 7% in the fourth quarter of fiscal year 2024, prompting a need for a fundamental strategy change [13][18]. Boyu Capital's Role - Boyu Capital's local market expertise is expected to accelerate Starbucks' expansion, particularly in lower-tier cities [20]. - Boyu has a diversified investment portfolio and a strong track record, with historical fund net internal rates of return exceeding 25% [21]. Market Competition - Despite the joint venture, Starbucks faces ongoing competitive pressures, including price wars and market fragmentation [22]. - Starbucks has already taken measures to address competition, such as reducing prices on certain products, which led to a 12% increase in transaction volume [23]. Future Outlook - The partnership signifies a new era for Starbucks in China, with plans to evolve beyond being just a "third space" provider to a multi-dimensional business model [24].

Core Viewpoint - Starbucks has sold 60% of its stake in its China operations to a local private equity firm, Boyu Capital, for 28.5 billion yuan, marking a significant shift in its business strategy in China [1][4] Group 1: Company Actions - Starbucks is transferring control of over 8,000 stores in China to local management, similar to the strategies employed by McDonald's and KFC [1] - Decathlon is also considering selling 30% of its stake in its China operations, while Häagen-Dazs is looking to sell its Chinese ice cream stores [3][5] - The trend of foreign brands divesting from their Chinese operations is becoming increasingly common, indicating a broader industry shift [3] Group 2: Market Challenges - The profitability of foreign brands in China has significantly declined, with Starbucks reporting an 85.4% drop in net profit, leaving it with less than 1 billion yuan, and its market share plummeting from 42% to 14% [4] - Decathlon's net profit fell by 15.5% last year, and Häagen-Dazs has seen its store count decrease from over 400 to around 200, reflecting a broader decline in customer traffic [4][7] - Foreign brands are struggling to adapt to the changing consumer environment in China, particularly in lower-tier cities, where local brands are gaining traction [8][10] Group 3: Local Brand Strategies - Local brands are effectively utilizing online marketing and competitive pricing to attract consumers, creating a closed-loop system of online engagement and offline experience [8][10] - The success of local brands is attributed to their deep understanding of the Chinese market and their ability to adapt to local consumer preferences [10] Group 4: Future Outlook - The sale of stakes by foreign brands is not necessarily a retreat but a strategic shift towards a lighter asset model, allowing for collaboration with local operators who better understand the market [11] - Historical examples, such as McDonald's and KFC, show that divesting to local management can lead to significant growth in store numbers and improved market performance [11]