智通财经记者 | 王婷婷 "复星系"成员企业上海豫园旅游商城（集团）股份有限公司（简称"豫园股份"）出现首亏。 近日，豫园股份（600655.SH）发布2025年度业绩预告，预计全年归母净利润亏损约48亿元，归母扣非 净利润亏损47亿元左右。而2024年豫园股份盈利1.25亿元，同比由盈转亏。 除此之外，豫园股份近日还因2025年12月出售宁波星健资产管理有限公司相关事项引来上交所发监管 函，要求其说明关于出售资产的必要性与合理性。 据智通财经了解，豫园股份前身为豫园商城，主营珠宝首饰、百货、工艺品等相关消费业务。2018年， 豫园股份完成重大资产重组，整合了复星系地产业务。 如今，豫园股份是一家涵盖珠宝时尚、文化饮食、美丽健康、国潮腕表、商业管理及复合功能地产等多 领域的综合性商业集团。公司旗下拥有老庙黄金、豫园商城、南翔小笼、上海老饭店、舍得酒等众多知 名老字号品牌，同时也是郭广昌旗下核心上市平台之一。 从长期盈利到上市34年首亏，这家"老八股"企业经历了怎样的业绩转折？ 上市34年首亏 这是这家A股老牌上市企业自1992年上市以来首次年度亏损。根据最新业绩预告，豫园股份预计2025年 将由盈转亏，全年归 ...

Core Viewpoint - Starbucks has decided to sell its controlling stake in its China retail business to Boyu Capital, forming a joint venture where Boyu will hold up to 60% and Starbucks will retain 40% [1][2][3]. Group 1: Transaction Details - The deal values Starbucks' China business at approximately $4 billion, excluding cash and debt [2]. - Starbucks estimates that the total value from this transaction will exceed $13 billion, which includes cash proceeds from the sale, the value of the retained 40% stake, and future brand licensing fees [5][6]. - Boyu Capital's acquisition is seen as a significant investment in the consumer retail sector, with plans to expand the number of Starbucks stores in China from 8,000 to 20,000 in the coming years [12][21]. Group 2: Strategic Implications - This move marks a strategic shift for Starbucks, which has transitioned from a fully owned model to a joint venture, reflecting the complexities and costs of managing operations in China [14][25]. - The partnership with Boyu is expected to leverage local expertise to accelerate Starbucks' expansion in smaller cities and enhance localization efforts [17][23]. - The transaction is part of a broader strategy for Starbucks to optimize cash flow and manage risks associated with its international operations, particularly in light of declining profits in North America [24][25]. Group 3: Market Context - The Chinese coffee market is increasingly competitive, with local brands like Luckin Coffee outpacing Starbucks in store count and market share [16][23]. - The collaboration with Boyu may lead to more aggressive pricing strategies and operational adjustments to better compete with local brands [21][23]. - The deal signifies a shift in power dynamics within the coffee market in China, as foreign brands adapt to local market conditions and consumer preferences [23][28].