Core Insights - Starbucks reported a year-over-year revenue growth of 8% in Q3 of FY2025 for its China segment, reaching $790 million, marking three consecutive quarters of growth [1] - Same-store sales increased by 2%, with both transaction volume and average ticket size showing sequential improvement [1] - The growth was driven by product innovation, marketing activities, and the rapid growth of same-store sales from new openings over the past two years, alongside effectively capturing the rising online demand [1] Financial Performance - Operating profit margins continued to grow sequentially, maintaining a healthy double-digit level [1] - As of the end of Q3, the total number of stores in China reached 7,828, with 70 new stores opened and entry into 17 new county-level markets [1] - New stores have maintained efficient profitability, with new openings contributing above-average same-store sales over the past two years [1] Product Innovation and Customer Engagement - The "True Taste No Sugar" innovation system was launched, offering healthier and customizable options (over 500 flavor combinations), which increased customer purchase frequency [1] - The "Star Delivery" service experienced healthy growth, leveraging technological capabilities and a self-delivery fulfillment system to provide a stable online and offline experience, resulting in net growth in delivery business with healthy average ticket size and profit margins [1] Strategic Partnerships and Market Confidence - CEO Brian Niccol highlighted that recent adjustments in China are yielding results, with continuous revenue and same-store sales growth [2] - The company is seeking strategic partners with shared vision and values to capitalize on the significant growth potential in the Chinese market, evaluating over 20 interested institutions [2] - Starbucks remains confident and committed to the Chinese market, aiming to retain a substantial equity stake in its operations, reflecting strong trust in its team and brand [2]

Core Insights - Starbucks reported a revenue growth of 8% year-over-year in Q3 of FY2025 for its China segment, reaching $790 million, marking three consecutive quarters of growth [1] - Same-store sales increased by 2%, with both transaction volume and average ticket size showing sequential improvement [1] - The growth was driven by product innovation, marketing activities, and the rapid growth of same-store sales from new openings over the past two years, alongside effectively capturing the rising online demand [1] Financial Performance - Operating profit margins continued to grow sequentially, maintaining a healthy double-digit level [1] - As of the end of Q3, the total number of stores in China reached 7,828, with 70 new stores opened and entry into 17 new county-level markets [1] - New stores have maintained efficient profitability, with new openings contributing above-average same-store sales over the past two years [1] Product Innovation and Customer Engagement - The "True Taste No Sugar" innovation system was launched, offering healthier and customizable options (over 500 flavor combinations), which increased customer purchase frequency [1] - The "Star Delivery" service experienced healthy growth, leveraging technological capabilities and a self-delivery fulfillment system to provide a stable online and offline experience, resulting in net growth in delivery business with healthy average ticket size and profit margins [1] Strategic Partnerships and Market Confidence - CEO Brian Niccol highlighted that recent adjustments in China are yielding results, with continuous revenue and same-store sales growth [2] - The company is seeking strategic partners with shared vision and values to capitalize on the significant growth potential in the Chinese market, evaluating over 20 interested institutions [2] - Starbucks remains confident and committed to the Chinese market, aiming to retain a substantial equity stake in its operations, reflecting strong trust in its team, brand, and long-term growth opportunities [2]