星巴克已同意将其中国业务60%的股份出售给博裕资本，该交易对该业务的估值为40亿美元;同时，CPE 源峰正投资3.5亿美元收购汉堡王中国83%的股份。这两项交易均待监管部门批准，预计将于明年完 成。其他跨国公司也纷纷效仿，IDG资本近期收购了优诺酸奶的中国业务，另有报道称通用磨坊 (GIS.US)和Oatly(OTLY.US)也在考虑出售部分业务。 随着本土竞争加剧，传统运营模式逐渐失效，西方食品饮料巨头正越来越多地转向中国私募股权公司寻 求投资。星巴克(SBUX.US)和汉堡王(QSR.US)等品牌选择出售其中国业务的多数股权，让本土合作伙伴 掌控运营，而国际品牌所有者则保留品牌和特许经营权带来的经济利益。 除了资金之外，中国私募股权公司还拥有深厚的运营经验、强大的本地网络以及改革管理和战略的意 愿。许多合作模式都允许外资公司保留少数股权和知识产权，从而获得长期特许权使用费收入，同时将 日常运营交给本地投资者。 在交易活动放缓的背景下，这些子公司已成为寻求稳定、现金流充裕资产的私募股权公司的理想目标。 强大的品牌价值、可预测的现金流以及清晰的退出路径(无论是通过转售还是IPO)都使它们成为极具吸 引力的投资 ...

Core Viewpoint - Lululemon is undergoing significant adjustments, highlighted by the resignation of CEO Calvin McDonald amid criticism from founder Chip Wilson regarding poor decision-making and a substantial decline in brand value and stock price [1][2]. Financial Performance - In the latest fiscal quarter ending November 2, 2025, Lululemon's net revenue in the Americas decreased by 2% to $1.7 billion, accounting for 68% of total revenue, with comparable sales down by 5% [2]. - Conversely, Lululemon's revenue in the Chinese market grew by 46% to $465.4 million, representing 18% of total revenue, with comparable sales increasing by 24% [3]. - Other international markets also saw a revenue increase of 19% to $367.2 million, making up 14% of total revenue, with comparable sales up by 9% [3]. Market Challenges - The competitive landscape in the Chinese market is intensifying, as evidenced by Li Ning's retail revenue experiencing a mid-single-digit decline, and Nike's revenue in Greater China dropping by 10% to approximately $1.512 billion [4]. - The struggles in Lululemon's core Americas market raise concerns about potential brand perception issues in China [5]. Management and Strategic Direction - Chip Wilson emphasizes the need for Lululemon to accelerate its adjustments to address the challenges it faces [6].

21世纪经济报道记者贺泓源、实习生李音桦 lululemon（露露乐蒙）步入激烈调整期。 12月11日，lululemon宣布，Calvin McDonald 将卸任首席执行官及公司董事会董事职务，于2026年1月31 日正式生效。 随后，lululemon创始人Chip Wilson在一封公开信中，再次表达了对Calvin McDonald 的不满。 "在目睹多年来的糟糕决策不断侵蚀品牌价值、损害股东利益后，我清楚地认识到，正是在我不断加大 的压力下，lululemon 董事会才终于开始倾听意见。董事会对 Calvin McDonald 的赞扬，是对股东的公然 漠视。这位首席执行官在过去两年间见证了公司价值的大幅缩水，LULU 股价跌幅高达62.8%。在我看 来，董事会未能切实要求管理层承担产品创新的责任，反而陷入自满状态。公司核心市场的高端品牌价 值持续流失，这表明董事会已不再了解其目标客户，也不清楚什么能为 lululemon 带来长期股东价 值。"Calvin McDonald 在公开信中称。 12月14日，妙可蓝多（600882）发布公告，称董事张平因届退休年龄申请辞去公司董事等职务，辞职将 在公司 ...

Core Viewpoint - The sale of Yoplait China by Tiantu Investment to Kunshan Nuoyuan Ruiyuan Management Consulting represents a significant transaction in the dairy industry, valued at approximately 1.8 billion RMB, despite the expected loss of 847,000 RMB from the sale [1][2]. Group 1: Transaction Details - Tiantu Investment announced the sale of its stake in Yoplait China to Kunshan Nuoyuan Ruiyuan for about 1.8 billion RMB, marking one of the few large transactions in the dairy sector in recent years [1]. - The sale is part of Tiantu Investment's strategy to realize investment returns and fulfill exit obligations for its managed funds [1]. - The expected loss of 847,000 RMB from the sale is based on the audited profit and loss of the project, not the actual investment cost [2]. Group 2: Market Context - Yoplait China, the business entity for the global second-largest yogurt brand in mainland China, has faced challenges since its acquisition by Tiantu Investment in 2019, including impacts from the pandemic and industry adjustments [2]. - The domestic low-temperature yogurt segment has experienced a continuous decline from 2020 to 2024, affecting Yoplait China's performance [2]. - Despite recent improvements in performance, with revenues of 450 million RMB in 2023 and 810 million RMB in 2024, the overall market for high-end yogurt remains under pressure due to increased competition from domestic dairy companies and various trendy yogurt brands [3]. Group 3: Future Outlook - The acquisition by Kunshan Nuoyuan Ruiyuan, backed by IDG Capital, indicates a shift in ownership to a Chinese investment firm, which may bring different strategic perspectives to Yoplait China's operations [3]. - The rapid rise of domestic consumer brands poses significant challenges to traditional international brands like Yoplait, and the future management of Yoplait China under IDG Capital will be closely observed [3].

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 ...

Core Insights - Yoplait China, a representative brand of high-end yogurt, is changing ownership again, with TianTu Investment selling its stake to Kunshan Noyuan Ruiyuan Management Consulting Co., Ltd for approximately 1.8 billion RMB [1] - The sale is notable as it represents one of the few significant transactions in the dairy industry in recent years, despite TianTu Investment expecting a loss of 847,000 RMB from the sale [1] - Yoplait China operates as the business entity for Yoplait, the world's second-largest yogurt brand, which was founded in France in 1965 and entered the Chinese market in 2013 [1] Company Overview - Yoplait China was once synonymous with high-end yogurt in the Chinese market [1] - TianTu Investment acquired Yoplait China in 2019, although the specific transaction price was not disclosed at that time [1]

Core Viewpoint - The article discusses the sale of Yuno China, a high-end yogurt brand, by Tiantu Investment to Kunshan Noyuan Ruiyuan Management Consulting Co., with a transaction value of approximately 1.8 billion RMB, highlighting the challenges faced by the yogurt industry in China and the strategic reasons behind the sale [3][5]. Group 1: Transaction Details - Tiantu Investment announced the sale of its stake in Yuno China for about 1.8 billion RMB, marking it as one of the significant transactions in the dairy industry in recent years [3][5]. - The sale is expected to result in a loss of 847,000 RMB for Tiantu Investment, despite the brand's recent recovery in performance [3][6]. - Yuno China, the Chinese entity of the global yogurt brand Yoplait, was acquired by Tiantu Investment in 2019, but the specific acquisition price was not disclosed [3][4]. Group 2: Performance and Market Challenges - Yuno China faced significant challenges post-acquisition, including the impact of the pandemic and industry adjustments, leading to losses of 96.3 million RMB, 57.7 million RMB, and 39.7 million RMB in 2020, 2021, and 2022, respectively [5][6]. - The company's revenue showed improvement in 2023 and 2024, reaching 450 million RMB and 810 million RMB, with net profits recovering to 8.394 million RMB and 95.454 million RMB [5][6]. - The high-end yogurt market in China has been under pressure, with increased competition from domestic dairy companies and various trendy yogurt brands, contributing to the decision to sell [6][7]. Group 3: Future Outlook - The new owner, Kunshan Noyuan Ruiyuan, is backed by IDG Capital, which has a history of investing in consumer technology and health sectors [6][7]. - Analysts suggest that the rapid rise of domestic consumer brands poses significant challenges to traditional international brands like Yuno, and the future management of Yuno China under IDG Capital remains to be seen [6][7].

Core Insights - Yuno China, a representative brand of high-end yogurt, is being sold by Tiantu Investment to Kunshan Nuoyuan Ruiyuan Management Consulting for approximately 1.8 billion RMB, marking a significant transaction in the dairy industry [1] - Despite the sale, Tiantu Investment is expected to incur a loss of 847,000 RMB from the transaction [1][2] - Yuno China has seen a recovery in performance after facing challenges due to the pandemic and industry adjustments, with revenues of 450 million RMB in 2023 and projected revenues of 810 million RMB in 2024 [2] Company Performance - Tiantu Investment acquired Yuno China in 2019, but the company faced losses of 96.3 million RMB, 57.7 million RMB, and 39.7 million RMB in 2020, 2021, and 2022 respectively due to market challenges [2] - The recovery in 2023 and 2024 is attributed to the warming of the low-temperature yogurt category and an expansion of Yuno's product line, leading to a net profit of 8.394 million RMB in 2023 and 95.454 million RMB in 2024 [2] Market Dynamics - The domestic yogurt market, particularly the high-end segment, has been under pressure, with increased competition from local brands and various trendy yogurt products [3][4] - The acquisition by Kunshan Nuoyuan Ruiyuan, backed by IDG Capital, indicates a shift in investment focus, with different institutions having varying assessments of the value of the same asset [3]

Core Insights - Yuno China is set to change ownership for the second time in six years, with Tian Tu Investment planning to sell its 45.22% stake to Kunshan Noyuan Ruiyuan Management Consulting for approximately 814 million yuan, while other sellers will sell their 41.74% stake for about 751 million yuan, totaling around 1.8 billion yuan for the entire transaction [2][3] Group 1: Company Overview - Yuno China operates as the Chinese entity for the well-known French yogurt brand "Yuno," which has a 60-year history and is the second-largest yogurt brand globally [3] - The brand entered the Chinese market in 2013 and has gained popularity with its signature inverted cup packaging and fruit yogurt [3] Group 2: Financial Performance - In the fiscal years 2023 and 2024, Yuno China reported revenues of approximately 454 million yuan and 810 million yuan, respectively, with net profits after tax of about 8.39 million yuan and 95.45 million yuan [5] - As of December 31, 2024, the audited net asset value of Yuno China and its subsidiaries was approximately 92.93 million yuan, and as of June 30, 2025, the unaudited net asset value was about 152 million yuan [5] Group 3: Strategic Implications - The acquisition by IDG Capital is expected to create synergies with its existing investments in the consumer sector, potentially enhancing Yuno's market presence in southern and northern China [5] - IDG Capital aims to leverage its operational experience and decision-making efficiency to support Yuno China's regional expansion and product innovation while retaining the original management team to maintain brand competitiveness [6] Group 4: Market Context - The transaction reflects a broader trend where international brands in China are facing growth challenges, leading to divestitures and restructuring efforts [6] - Analysts note that since 2017, local brands have rapidly risen, causing foreign brands to struggle in the competitive landscape, which has intensified since 2020 due to the emergence of new business models and market fragmentation [6]

Core Viewpoint - Yuno China is set to change ownership again after six years, with Tian Tu Investment planning to sell its 45.22% stake to Kunshan Noyuan Ruiyuan Management Consulting for approximately 814 million yuan, with total transaction value potentially reaching 1.8 billion yuan [2][3][4]. Group 1: Company Overview - Yuno China operates as the Chinese entity for the well-known French yogurt brand "Yuno," which has a 60-year history and is the second-largest yogurt brand globally [3]. - The brand entered the Chinese market in 2013 and has gained popularity with its signature inverted cup packaging and fruit yogurt [3]. - Tian Tu Investment acquired Yuno China from General Mills in 2019 and is now looking to divest to enhance liquidity for other investment opportunities [3][4]. Group 2: Financial Performance - Yuno China reported revenues of approximately 454 million yuan and 810 million yuan for the fiscal years 2023 and 2024, respectively, with net profits of about 8.39 million yuan and 95.45 million yuan [5]. - As of December 31, 2024, the audited net asset value of Yuno China and its subsidiaries was approximately 929.35 million yuan [5]. Group 3: Market Challenges and Strategic Moves - Yuno faces significant competition from rapidly rising domestic yogurt brands, prompting IDG Capital's acquisition to leverage resources for expansion in southern and northern China [5][6]. - The acquisition is expected to create synergies with IDG Capital's existing investments in the food and beverage sector, enhancing brand visibility and supply chain efficiency [5][6]. - The management team of Yuno China will be retained post-acquisition to maintain brand competitiveness and support regional expansion and product innovation [6]. Group 4: Industry Context - The trend of international brands struggling in the Chinese market has been noted, with several companies, including Starbucks and Unilever, engaging in divestitures or restructuring [6]. - Since 2017, foreign brands have faced increasing competition from local brands, leading to market saturation and challenges in adapting to changing consumer preferences [6].