Group 1: Core Business Performance - Starbucks reported Q3 FY2025 revenue of $790 million (approximately RMB 5.673 billion), a year-on-year increase of 8%, with same-store sales up by 2% and same-store transaction volume increasing by 6% [1] - For FY2024, Starbucks China revenue was $2.958 billion (approximately RMB 21.055 billion), a year-on-year decline of 1.4%, with same-store sales down by 8% and average transaction price decreasing by 8% [6] Group 2: Strategic Moves and Partnerships - Over 20 potential partners have expressed interest in acquiring a stake in Starbucks China, with the company evaluating various proposals [1] - Notable interested parties include KKR, Hillhouse Capital, and Luckin Coffee's major shareholder, among others, indicating a competitive landscape for potential partnerships [2][3] Group 3: Market Challenges and Competition - The rise of local competitors like Luckin Coffee, Manner, and others has intensified competition, with aggressive pricing strategies impacting Starbucks' market share [6] - The local coffee market has matured, leading to increased price competition, particularly highlighted by the ongoing price wars initiated by Luckin Coffee [6] Group 4: Operational Adjustments - Starbucks has implemented the "Multi-Store Community" model to enhance operational efficiency, allowing a single manager to oversee two stores [8] - The company has also launched various promotional strategies, including partnerships with popular IPs and price reductions on non-coffee products to attract a broader customer base [8][10] Group 5: Future Outlook - Starbucks aims to maintain a significant ownership stake in its China operations while seeking partners that align with its mission and can enhance operational efficiency [1] - The company continues to focus on innovation in beverage offerings and pricing adjustments to improve customer frequency and sales, particularly in the afternoon and evening [10]

Group 1 - Starbucks China has launched its "Star Delivery" service on JD.com, becoming the first restaurant brand to integrate its membership system with the platform [1] - The company is facing growth pressure, with Q4 2024 revenue at $744 million, a 1% year-on-year increase, despite a decline in same-store sales by 6% and a 2% drop in transaction volume [2] - Amid performance pressures, there have been ongoing rumors about the potential sale of Starbucks China [3] Group 2 - Starbucks China is undergoing a self-rescue initiative, appointing Molly Liu as CEO to lead the efforts [4] - The company is introducing new products, including a Spring Festival coffee series developed by the local team, and is adjusting its operational model with the "Community Store" initiative [4][5] - The flexible approach in operations indicates Starbucks is adapting to market pressures without taking sides in the competitive landscape [6][7]