以40亿美元出售中国业务60%股权、引入博裕资本作为战略合伙人的交易，不仅是一次股权结构的调 整，更是外资品牌在华发展模式的重要迭代。 在本土品牌围猎、市场格局重塑的背景下，这场联姻既是星巴克的求生之举，也折射出洋品牌在中国市 场寻求"有钱又有能力"合伙人的集体焦虑。 26年前将咖啡文化带入中国的星巴克，如今站在了本土化转型的关键十字路口。 星巴克中国的股权交易，本质是市场竞争倒逼下的战略选择。曾占据中国咖啡市场42%份额的星巴克， 如今市场占比已下滑至14%，而竞争对手瑞幸门店数已突破2.6万家，库迪也达到1.5万家，星巴克8000 家门店的规模已显著落后。 更严峻的是，2025年上半年其新开门店同比大幅下滑41.78%，曾经的商业地产"宠儿"正面临议价能力减 弱、甚至被商场清退的窘境。 此次交易中，星巴克中国业务展现出仍具潜力的价值。基于40亿美元的交易对价，叠加保留股权价值及 长期品牌授权收益，其中国零售业务整体估值超过130亿美元。 选择博裕资本作为合伙人，星巴克看中的不仅是资金支持，更是其在消费领域的深厚资源。 从高端商业体SKP到下沉市场王者蜜雪冰城，博裕手握的供应链与商业地产资源，正是星巴克实现 ...

Core Insights - Starbucks has formed a partnership with China's leading alternative asset management company, Boyu Capital, to establish a joint venture for retail operations in the Chinese market, marking a significant commitment to expanding in this rapidly growing core market [2] - Boyu will hold up to 60% of the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [2] - The collaboration highlights Starbucks' strong appeal in the capital market, especially in a cautious investment environment, and reflects its deep understanding of the industry [2] Industry and Company Analysis - Starbucks' core asset is its industry, which encompasses a robust supply chain system connecting coffee cultivation, production, and distribution, alongside a vast network of retail stores that cater to consumer needs [3][4] - The company has redefined the coffee shop experience as a "third space" for social interaction, which has driven its growth and market appeal [5][6] - Starbucks is actively pushing for industry transformation and upgrades, aligning with the principles of industrial internet by enhancing both its product offerings and customer experiences [5][6] - The integration of digital and physical elements is a hallmark of Starbucks' strategy, exemplified by its use of data analytics to innovate product offerings and improve operational efficiency through its Starbucks Innovation Technology Center (SITC) [7][8] - Starbucks serves as a practical example of how to implement industrial internet concepts, making it a benchmark for other companies in the consumer and industrial sectors [9]