本报讯 （记者李静）6月24日晚间，连锁咖啡品牌Tim Hortons中国业务（以下简称"Tims天好中国"）公 布了2025年第一季度财报。财报显示，公司第一季度总营收达到3.007亿元人民币，系统销售额为3.763 亿元人民币。其中，第一季度公司自营门店贡献为1715万元人民币，自营门店贡献率为6.7%，同比增 长5.9%。 Tims天好中国CEO卢永臣表示："2025年第一季度以来，我们推出战略性新品——'轻体午餐盒'系列产 品，包括热烤贝果堡、充能午餐卷、有料能量碗等，持续巩固'咖啡+暖食'差异化优势，进一步推动系 统销售额增长和门店效益提升。本季度，公司持续推动加盟门店策略，巩固规模优势的同时实现盈利能 力的有机增长，自营门店贡献率同比提升5.9%，公司层面调整后Ebitda亏损大幅收窄接近一半。" 根据财报，截至2025年3月31日，Tims天好中国的加盟门店总数量增至455家，较去年一季度302家门店 增长153家，相当于每2天就有一家加盟门店开业。特别值得一提的是，今年1月份，江西省南昌市的第 一家加盟门店盛大开业。至此，Tims天好中国的业务版图扩展到中国34个省级地区中的27个。 今年以来 ...

Core Viewpoint - Tim Hortons China reported a strong performance in Q1 2025, with total revenue reaching 300.7 million RMB and system sales at 376.3 million RMB, indicating a solid growth trajectory in the Chinese market [1] Group 1: Financial Performance - The company's Q1 revenue was 300.7 million RMB, with system sales of 376.3 million RMB [1] - Self-operated stores contributed 17.15 million RMB, with a contribution rate of 6.7%, showing a year-on-year growth of 5.9% [1] - Other income for Q1 was 46 million RMB, a 28.6% increase from 35.8 million RMB in the same period last year, with profit from other income rising by 34.5% [2] Group 2: Store Expansion - The total number of stores reached 1,024, with 569 self-operated and 455 franchised stores, covering 84 cities across China [1] - The number of franchised stores increased by 153 from 302 in the previous year, averaging one new franchise opening every two days [1] - Seven new special channel franchise stores were opened in Q1, located in major transportation hubs such as airports [2] Group 3: Operational Efficiency - The company achieved a nearly 50% reduction in adjusted EBITDA losses, indicating improved profitability [3] - Self-operated store costs and expenses decreased by 19.0% compared to the previous year, with food and packaging costs down by 24.6% [2] - Marketing expenses at the headquarters level decreased by 11.8% as brand influence expanded [2] Group 4: Strategic Initiatives - The CEO emphasized the importance of innovation and execution to tailor products to changing consumer preferences in 2025 [3] - The company aims to leverage the recovery in national consumption and further advance its franchise strategy to achieve sustainable growth [3]

以下文章来源于投中网 ，作者张雪 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 本文来自微信公众号： 投中网 （ID：China-Venture） ，作者：张雪，题图来自：视觉中国 高瓴也加入星巴克中国的竞购大战了。 6月23日，据知情人士透露，高瓴资本近日参与了星巴克中国区的反向管理层路演，表达了对收购星 巴克中国业务的兴趣。 据悉，此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与，在此前的报道中我们看到，已经 有华润控股、KKR、方源资本、PAG以及美团等表达了收购兴趣。 也难怪本月早些时候，星巴克首席执行官在接受《金融时报》采访时曾表示，星巴克在出售其中国业 务时，收到了很多的"意向兴趣"。 弹药充足且经验丰富 业内预计星巴克中国业务估值约为50亿至60亿美元 （约合360亿-430亿元人民币） ，该交易预计将 持续到2026年，由于当前处在早期阶段，所以交易结构尚未敲定。 一个有意思的细节是，竞购星巴克中国区业务，是出自高瓴主动的、 ...

Core Insights - The Chinese fresh coffee market is experiencing significant growth, with Nowwa Coffee achieving a daily sales peak of over 1,000 cups per store by 2025, marking a remarkable performance [1] - Partnering convenience stores have also seen explosive growth, with revenue increasing tenfold, foot traffic up by 20%, and new store franchise conversion rates soaring by 50%, making coffee a core revenue driver for these stores [1] Group 1: Product Innovation and Marketing - Nowwa Coffee is breaking through traditional flavors with its "fruit and vegetable coffee" and leveraging high-frequency co-branding marketing to effectively reach Generation Z [3] - Collaborations with popular games, such as the limited edition product with "War of the Dual Worlds," resulted in a 460% sales increase on the first day in Guangzhou and a 220% increase in Shanghai [3] - The combination of "game IP + coffee + merchandise" has made Nowwa a hot topic on social media, with over ten million views on platforms like Xiaohongshu and Douyin, directly driving foot traffic to partner convenience stores [3] Group 2: Sales Performance and Impact - Data shows that a certain chain convenience store in Guangdong saw its average daily coffee sales increase from fewer than 10 cups to 470 cups after partnering with Nowwa [5] - In Shandong, a convenience store that introduced the Nowwa co-branded store project experienced an average revenue increase of 25% [5] - A store in Fujian reported that coffee sales contributed to nearly a 50% increase in daily revenue, with Nowwa accounting for 20%-25% of gross profit, second only to tobacco products [5] Group 3: Digital Empowerment and Efficiency - Nowwa Coffee has integrated online and offline traffic, helping convenience stores achieve significant sales on delivery platforms, with average daily coffee sales reaching 700-1,000 cups [6] - The top-performing stores have seen weekly revenue growth exceeding 50% [6] - Nowwa's digital management system provides real-time sales analysis, inventory alerts, and consumer profiling, enhancing competitive differentiation [7] Group 4: Supply Chain and Long-term Strategy - Facing potential fluctuations in global coffee bean prices by 2025, Nowwa maintains a "no price increase" strategy, ensuring high-quality raw materials for partners through its supply chain advantages [9] - The "direct sourcing + regional warehousing" system is a key support for convenience stores, alleviating their concerns [9] - Nowwa Coffee is redefining the value boundaries of convenience stores, positioning them not just as sales channels but as gathering places for young consumers, with a focus on product innovation, digitalization, and supply chain as its three pillars for future growth [9]

Group 1 - The 2025 New Wealth 500 list shows a total market value of 13.7 trillion yuan for the 500 entrepreneurs, an 11% increase year-on-year, with 341 individuals having a market value exceeding 10 billion yuan [1] - The number of entrepreneurs with assets exceeding 100 billion yuan increased from 15 to 22, a 50% rise, primarily benefiting from the recovery in valuations of leading private enterprises in AI, consumer electronics, and new energy vehicles [1] - In Shenzhen, 58 entrepreneurs made the list, with a total market value of 1.9 trillion yuan, reflecting a nearly 20% increase year-on-year [1][4] Group 2 - AI emerged as a dominant theme in the top ten of the wealth list, with ByteDance's founder Zhang Yiming becoming the richest for the first time with a holding valuation of 481.57 billion yuan [2] - The TMT sector saw a significant expansion, with 110 individuals listed, an increase of 22 from the previous year, and their total wealth reaching 3.34 trillion yuan, accounting for a quarter of the total wealth on the list [2] - The chip industry had 36 entrepreneurs listed, making up 7% of the total, driven by the rise of AI, which has revitalized sectors like smart driving and high-speed communication [3] Group 3 - The automotive sector, particularly new energy vehicles, showed remarkable performance, with at least six industry leaders linked to this growth [5] - BYD's founder Wang Chuanfu ranked second in Shenzhen with a holding value of 1.14514 trillion yuan, while the family of Wang Mingwang from Xinwangda saw a significant rise in ranking due to their energy storage and battery business [5] - The consumer sector is evolving, with traditional products being overshadowed by coffee, tea, and energy drinks, as seen with Dongpeng Beverage's Lin Muqin family ranking in the top ten in Shenzhen [5]

中新社昆明6月24日电题：从南博会到原产地多国客商"上山寻咖"下单忙 作者罗婕 记者走访发现，咖啡产业馆近一半面积展出咖啡包装、烘豆等机械设备，来自广东、浙江、福建等地的 多家企业有设备出海经验，有意向的客户或在展会后实地考察，或现场下单。由此可见，南博会等展会 已成咖啡设备商连接海外客户的重要窗口，"中国制造+中国咖啡"越来越受外国客商关注。 与此同时，非洲、巴拿马等世界知名产区的咖啡为南博会"咖味"添香，海外参展商亦借此平台拓展市场 与合作链条。非洲布隆迪ALARME组织中国区代表周丹表示，作为新品牌，此次参展希望将布隆迪咖 啡豆带入中国市场，目前已达成近40吨咖啡豆采购意向。"我们还在南博会找到挂耳咖啡包装供应商， 买与卖皆有收获。" 不仅"引客入馆"，南博会还"送客上山"。参会期间，12国采购商走进云南保山，实地参观咖啡种植与加 工情况，体验咖啡文化，开展商贸对接。活动现场达成咖啡采购意向20宗，涉及约700吨咖啡豆，预计 交易额达4000万元人民币。 "云南咖啡味道独特，咖啡豆品质很好，是我从没尝过的味道。"近日，巴基斯坦采购商阿米尔(Aamir Mustafa Abro)"三顾"第9届中国—南亚博 ...

Core Viewpoint - The company, Jiahe Foods (605300), has announced a free giveaway of its Jinmao coffee products to all shareholders as a gesture of appreciation for their support and to promote brand awareness [1] Group 1 - The giveaway is targeted at shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of June 3, 2025 [1] - Each shareholder is entitled to claim one box of Jinmao Gold Award freeze-dried coffee, two boxes of Jinmao freshly brewed 20x concentrated coffee liquid, and one box of Jinmao coffee concentrate [1] - The claim period for the coffee products is from June 26, 2025, at 8:00 AM to July 25, 2025, at 12:00 AM [1]

Core Viewpoint - Starbucks has confirmed that it is not considering a complete sale of its China business, emphasizing the growth opportunities in the Chinese market and its focus on revitalizing growth in this region [1][3]. Group 1: Acquisition Rumors - Recent reports indicated that Hillhouse Capital expressed interest in acquiring Starbucks' China operations, but Starbucks has denied any plans for a complete sale [3]. - Previous rumors suggested that Starbucks was exploring various options for its China business, including potential equity sales and partnerships, but the company has not made definitive statements regarding these options [3][8]. Group 2: Financial Performance - Starbucks' global net revenue for Q2 reached $8.8 billion, a 2% year-over-year increase, but same-store sales declined by 1%, indicating ongoing performance pressures [4]. - In China, Q2 revenue was $740 million, up 5% year-over-year, with a 4% increase in same-store transactions, contrasting with a 4% decline in the previous year [4]. - For the fiscal year 2024, Starbucks China is projected to generate $2.958 billion in revenue, a 1.4% decrease year-over-year, while same-store sales are expected to drop by 8% [5]. Group 3: Market Competition - Starbucks faces significant competition from local brands like Luckin Coffee and Kudi Coffee, which are engaging in aggressive pricing strategies [6]. - Luckin Coffee reported Q1 2025 revenue of 8.865 billion yuan, surpassing Starbucks China's latest quarterly revenue, with a year-over-year growth rate of 41.2% [6]. - Kudi Coffee has also been successful with its pricing strategy, achieving profitability since May 2024 [6]. Group 4: Strategic Adjustments - Starbucks management has expressed a commitment to maintaining stable pricing despite competitive pressures, although recent price reductions for non-coffee beverages suggest a shift towards local consumer preferences [7]. - The new CEO, Brian Niccol, has initiated a "Return to Starbucks" strategy aimed at revitalizing performance, which includes menu simplification and potential reallocation of resources away from China to North America [8]. - There are ongoing discussions with over 20 institutions regarding potential partnerships or equity sales in Starbucks' China operations, although no decisions have been made [8].

Core Viewpoint - Starbucks China is exploring options for its business, including a potential sale, with an estimated valuation of $5 billion to $6 billion, while emphasizing its commitment to growth in the Chinese market [2][3]. Group 1: Business Sale Exploration - Starbucks China held a meeting with nearly 20 investment institutions, including Hillhouse Capital and Carlyle Group, to discuss the potential sale of its business [2]. - The company is currently evaluating the best ways to capture future growth opportunities and has confirmed that it is not considering a complete sale of its Chinese operations [2]. - Previous reports indicated that Starbucks has been exploring various options for its Chinese business since last year, including the possibility of selling a stake and seeking local partners [3]. Group 2: Financial Performance - For the fiscal year 2024, Starbucks China reported revenues of $2.968 billion, approximately 21.544 billion RMB, a decrease of 6.13% compared to the previous year [4]. - In the first quarter of fiscal year 2025, revenues increased by 1.22% to $744 million, while same-store sales declined by 6% [4]. - The second quarter of fiscal year 2025 saw a revenue increase of 4.80% to $740 million, with same-store sales remaining flat despite a 4% increase in transaction volume [4]. Group 3: Pricing Strategy and Market Position - In June, Starbucks China announced a focus on non-coffee beverages and initiated a price reduction across several drink categories, marking the first official price cut in 25 years [5]. - The average price reduction for drinks is approximately 5 RMB, with the lowest price for a single drink set at 23 RMB [5]. - Since 2023, Starbucks China has experienced continuous price reductions for 10 consecutive fiscal quarters, with average customer spending decreasing by 9%, 8%, 7%, and 8% in the first to fourth quarters of fiscal year 2024 [5].

作者丨 张雪 来源丨 投中网 高瓴也加入星巴克中国的竞购大战了。 6 月 23 日，据知情人士透露，高瓴资本近日参与了星巴克中国区的反向管理层路演，表达了对收购星巴克中国业务的兴趣。 据悉，此次路演还吸引了凯雷投资、信宸资本等多家投资机构参与，在此前的报道中我们看到，已经有华润控股、 KKR 、方源资本、 PAG 以及美团 等表达了收购兴趣。 将投中网设为"星标⭐"，第一时间收获最新推送 谈谈表层逻辑的最底层。 "把握未来增长机遇的最佳方式"，太暧昧了。 也难怪本月早些时候，星巴克首席执行官在接受《金融时报》采访时曾表示，星巴克在出售其中国业务时，收到了很多的 " 意向兴趣 " 。 业内预计星巴克中国业务估值约为 50 至 60 亿美元（约合 360 亿 -430 亿元人民币），该交易预计将持续到 2026 年，由于当前处在早期阶段，所 以交易结构尚未敲定。 一个有意思的细节是，竞购星巴克中国区业务，是出自高瓴主动的、明确的信号。 而消息中提到的 " 反向管理层路演 " 一词也值得玩味。 " 反向管理层路演 " 是将投资者请到公司管理或生产现场参观或者业绩推介，相对于 " 走出 去 " 的上市路演，这一 " ...