Core Insights - The article discusses the trend of foreign companies in China shifting from direct operations to a model of leasing their brands and operations to local partners, indicating a strategic retreat from aggressive market engagement [5][15]. Group 1: Strategic Moves by Foreign Companies - Starbucks has entered into a joint venture with Boyu Capital to operate its retail business in China, valuing the deal at approximately $4 billion [5]. - Decathlon is also rumored to be evaluating the opening of part of its equity in the Chinese market, reflecting a broader trend among foreign firms [7]. - Historical examples include McDonald's selling its controlling stake in China for $2.08 billion in 2016 and Philips selling its home appliance business for €4.4 billion (approximately 34 billion RMB) in 2021 [7][9]. Group 2: Market Challenges - The Chinese market has become increasingly competitive, with Starbucks reporting an 11% drop in same-store sales in Q2 of fiscal year 2024, leading to a decline in both customer spending and transaction volume [9]. - Decathlon, while still growing, is experiencing a slowdown in growth rates due to competition from local brands and online retailers [9]. Group 3: Complexity of Local Operations - The article highlights that managing operations in China has become more complex, requiring local insights and rapid decision-making that foreign companies may struggle to provide [11]. - Yum China, after its spin-off, has successfully localized its product offerings, achieving record revenues and profits [11][12]. Group 4: Shift to Brand Leasing - Foreign companies are realizing that their most valuable asset in China is their brand, leading them to adopt a model where they lease their brand and provide technical services, which generates high margins with low operational risk [13]. - For instance, McDonald's has a brand licensing agreement that allows it to earn 2-5% of sales from its franchisee in China, translating to an estimated annual income of 2-3 billion RMB based on 2023 sales figures [13]. Group 5: Implications of the New Model - This shift to a leasing model benefits foreign companies by allowing them to maintain brand presence while securing cash flow without the operational burdens [14]. - Local teams face both opportunities and challenges as they take on the operational responsibilities of these international brands, which may lead to a shift in corporate culture and operational priorities [14][15].

有个新闻，想必大家都看到了：星巴克正式宣布，与博裕资本达成协议，将在中国成立合资企业，共同 运营其在中国市场的零售业务。 根据协议，博裕资本持有合资企业至多60%的股权，星巴克保留40%股权，交易基于约40亿美元的无现 金、无债务企业估值。 简单地说，星巴克中国卖了。 01 2023年，全球最大的连锁健身房之一 Anytime Fitness（时时健身）的中国业务，被其大股东B.A.S.S.卖 给了中国本土的收购方。 从快餐、家电，再到如今落地的咖啡和运动零售等，这些曾经在中国市场叱咤风云、被奉为"教科书"的 跨国巨头们，似乎都在不约而同地对同一件事感兴趣：出让控股权，引入内地资本，把"亲儿子"变 成"干儿子"。 更直接一点说的话就是：很多外企，开始转向躺平收租模式了。 而这背后，藏着外企最精明，但也最无奈的意图。 02 卷不动：中国市场的钱，越来越难赚了 不知大家是否还记得前段时间，迪卡侬也在传言评估开放中国区的部分股权。 把这两个消息，和这几年的另外几件事联系起来看，你会发现一幅越来越清晰的图景： 2016年，麦当劳以20.8亿美元的价格，将中国内地和香港业务的控股权，卖给了中信和凯雷。 同年，百胜餐饮集 ...

Group 1 - The signing of the "Foreign Trade Quality Products to Domestic Sales" project cooperation agreement between Guolian Aquatic Products and Yum China aims to leverage the integration of domestic and foreign trade strategies to enhance the domestic market presence of high-quality tilapia products [1][2] - Guolian Aquatic Products will implement a strict quality control system in collaboration with Yum China to ensure the safety and quality of tilapia from farm to table, utilizing an electronic supervision model for traceability and efficiency [1][2] - The partnership is part of Yum China's "Yum and Harmony Development Plan," which focuses on building a mutually beneficial industry ecosystem and has previously led to successful product innovations like crayfish burgers and tacos [2][3] Group 2 - The collaboration between Guolian Aquatic Products and Yum China is expected to create a dual circulation model that mitigates risks associated with reliance on a single market, promoting the consumption of high-quality aquatic products domestically [3] - The partnership will enhance the scale of production and improve supply chain efficiency for Guolian Aquatic Products, thereby strengthening its profitability [2][3]