以下文章来源于氢消费 ，作者张宇 氢消费 . 新消费，新空间，新青年。冷静观察，理性热爱~ 撰文｜张宇 编辑｜杨勇 来源 | 氢消费出品 ID | HQingXiaoFei 在中国市场苦心经营数载，外资消费品牌最终选择抱紧中国资本的大腿，以适配本土竞争与 扩张需求。 11月10日，汉堡王中国与中国私募股权机构CPE源峰达成战略合作，双方将成立合资企业， 共同推动汉堡王品牌在中国市场迈入新增长周期。根据协议，CPE源峰豪掷3.5亿美元，用于 支持餐厅门店扩张、市场营销、菜单创新以及运营能力提升。交易完成后，CPE源峰将直接 拿下汉堡王中国约83%的股权，而汉堡王母公司RBI集团仅保留约17%的股权。同时，汉堡 王中国旗下全资关联企业将签署一份为期20年的主开发协议，授予CPE源峰在中国独家开发 汉堡王品牌的权利。 无独有偶， 11月4日，星巴克中国也与中国私募股权机构博裕投资达成战略合作，双方将成 立合资企业，共同运营星巴克在中国市场的零售业务。博裕投资以约40亿美元的交易对价拿 下星巴克中国至多60%的股权。 2025年下半年以来，外资消费品牌似乎同时迎来了"退潮"，美国通用磨坊公司拟出售中国内 地所有哈根达 ...

2025年，中国消费赛道骤然升温，迎来一轮由资本巨头主导的"扫货式"投资，资本用真金白银对中 国消费市场投下信心票。 密集落地的一系列重磅交易中，不少为"资本+产业"的深度结合案例，越来越多的全球消费品牌寻 求与中国本土资本战略合作。在消费结构转变的背景下，消费并购的运作逻辑发生深刻变化，催生了更 多"控股主导"型并购投资交易。 巨头纷纷下注 近日，"英格卡集团打包出让荟聚股权"的消息落地。国内知名不动产私募股权基金高和资本与英格 卡购物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分别位于北京、无锡和武 汉的三座荟聚购物中心。高和资本表示，合作将在获得相关主管部门的批准后正式生效，此次合作将助 力英格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石 投资者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 今年以来，众多知名国际消费品牌出售其中国业务，国际资本、国内股权机构纷纷出手。例如，11 月4日，星巴克与博裕资本共同宣布达成战略合作，这场历时9个月、吸引超过20家顶级机构参 ...

□本报记者 王昱炟 张舒琳 2025年，中国消费赛道骤然升温，迎来一轮由资本巨头主导的"扫货式"投资，资本用真金白银对中国消 费市场投下信心票。 密集落地的一系列重磅交易中，不少为"资本+产业"的深度结合案例，越来越多的全球消费品牌寻求与 中国本土资本战略合作。在消费结构转变的背景下，消费并购的运作逻辑发生深刻变化，催生了更 多"控股主导"型并购投资交易。 巨头纷纷下注 近日，"英格卡集团打包出让荟聚股权"的消息落地。国内知名不动产私募股权基金高和资本与英格卡购 物中心宣布战略合作，计划共同设立一只专项不动产基金，该基金将持有分别位于北京、无锡和武汉的 三座荟聚购物中心。高和资本表示，合作将在获得相关主管部门的批准后正式生效，此次合作将助力英 格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石投资 者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 "随着人口的迁移和消费主力的回归，下沉市场的消费力在提升，对产品质量和性价比的追求更胜以 往，我们看到了一些从下沉市场发展起来的消费品企业和品牌，具 ...

近期，消费赛道投资升温，由资本巨头主导的"扫货式"投资密集落地，被市场视为资本用真金白银对中 国消费市场投下的"信心票"。越来越多国际消费品牌寻求与中国本土资本的战略合作，"资本+产业"的 深度结合案例不断涌现。 国际巨头中国业务纷纷寻求战略合作 今年以来，众多知名国际消费品牌出售其中国业务，国际资本、国内股权机构纷纷出手，诞生了多起值 得关注的案例。 近日，"英格卡集团打包出让荟聚股权"消息落地，国内知名不动产私募股权基金高和资本与英格卡购物 中心宣布战略合作，计划共同设立一支专项不动产基金，该基金将持有分别位于北京、无锡和武汉的三 座荟聚购物中心。高和资本表示，合作将在获得中国相关主管部门的批准后正式生效，此次合作将助力 英格卡长期战略布局，同时为其开辟进入中国不动产证券化市场的通道。 根据协议，高和资本将担任该基金的基金管理人及执行合伙人；英格卡则将作为普通合伙人及基石投资 者，继续拥有荟聚品牌并经营这些购物中心，保持荟聚品牌和运营的品质。 资本的强势入场，正加速中国消费行业的整合与洗牌，预计"资本+产业"的深度结合案例将愈发常见。 《2025中国并购基金研究报告》显示，中国PE、VC参与的并购已从早期 ...

Core Insights - Luckin Coffee's major shareholder, Dazhong Capital, is considering acquiring Costa Coffee, which is currently under Coca-Cola's ownership and is in preliminary discussions for sale [1][5] - Starbucks has recently completed a restructuring of its China operations, forming a joint venture with Boyu Capital valued at $4 billion [1] - The restaurant industry is experiencing a wave of mergers and acquisitions across various segments, including coffee and fast food [3] Company Developments - Luckin Coffee reported a total net revenue of 15.287 billion yuan in Q3, a year-on-year increase of 50.2%, with a GAAP operating profit of 1.777 billion yuan and an operating margin of 11.6% [5] - Costa Coffee currently has approximately 341 stores in China, ranking 12th in terms of store count, with only one store remaining in Shenzhen [5][6] - Dazhong Capital, which played a key role in Luckin's restructuring after its scandal, is not the only interested buyer for Costa, as multiple private equity firms and strategic investors are also looking into the acquisition [5] Industry Trends - The fast-food sector is also seeing significant mergers, with CPE Yuanfeng investing $350 million in Burger King China, aiming to increase its store count from 1,250 to over 4,000 by 2035 [7] - The restaurant industry is characterized by three notable trends: controlling acquisitions becoming mainstream, increasingly complex transaction structures, and a diverse range of acquisition entities including private equity and industry capital [7] - Companies in the restaurant sector are leveraging mergers as a strategic approach to growth, especially in a fragmented market [8]

Core Viewpoint - The trend of foreign brands seeking "Chinese partners" is becoming popular, with companies like Starbucks and Burger King exemplifying different motivations behind such partnerships [6][7][8]. Group 1: Starbucks and Burger King - Starbucks announced a strategic partnership with Boyu Capital to sell 60% of its Chinese business for a total of $4 billion, forming a new joint venture, despite achieving a 6% year-on-year revenue growth in Q4 [7]. - In contrast, Burger King is seen as "selling out" by partnering with CPE Yuanfeng, which will inject $350 million into Burger King China, resulting in an 83% ownership stake [8][10]. - Burger King's performance in China is significantly lagging, with only about 1,300 stores compared to competitors like McDonald's and KFC, and an average annual sales per store of approximately $40,000, which is among the lowest in the industry [8][12][16]. Group 2: Häagen-Dazs - Häagen-Dazs is rumored to be selling its Chinese stores, having closed nearly 20% of its locations and experiencing a double-digit decline in customer traffic [20][22]. - The brand's previous high-end positioning has been challenged by increased competition and price discrepancies, with Häagen-Dazs products being 30% cheaper in the U.S. compared to China [22][23]. - The emergence of local brands offering competitive pricing and appealing flavors has further eroded Häagen-Dazs' market share, necessitating a search for new selling points [25][27]. Group 3: Ingka Group and IKEA - Ingka Group is reportedly planning to sell 10 of its shopping centers in China, with the first three expected to fetch around 16 billion yuan, despite the popularity of its shopping centers [28][29]. - IKEA's declining performance in China, with a nearly 30% revenue drop compared to 2019, has prompted the need for Ingka to focus on core business areas [33][34][36]. - The high maintenance costs of the shopping centers and the need for cash flow improvements are driving the decision to seek partners [36][37]. Group 4: Decathlon - Decathlon is considering selling 30% of its shares in China for an estimated €1-1.5 billion due to a 15.5% decline in net profit, marking its lowest in four years [39][40]. - The brand's shift towards higher-end products has alienated its traditional customer base, leading to criticism for becoming unaffordable [44][46]. - Decathlon's need for a "Chinese partner" is seen as a way to upgrade its offerings and better align with the evolving market demands [47].

Core Viewpoint - The recent trend of foreign brands selling their businesses in China reflects a significant shift in the market dynamics, where local brands are gaining ground and changing consumer preferences are impacting the competitive landscape [6][9][26] Group 1: Foreign Brands Selling - CPE Yuanfeng has entered a strategic partnership with Burger King, investing $350 million to acquire approximately 83% of the joint venture "Burger King China" [1] - Starbucks has also formed a partnership with Boyu Capital, with an investment of around $4 billion for up to 60% stake in Starbucks China [2] - Yum! Brands is reviewing its strategy for Pizza Hut, considering the sale of its business [4] Group 2: Market Dynamics - The Chinese market has shifted from a foreign brand-dominated "blue ocean" to a competitive "red ocean," with local brands like Luckin Coffee and Li Ning gaining market share [9][14] - Starbucks' market share has dropped from 34% in 1999 to less than 15% currently, indicating a significant decline in its competitive position [9] - The rise of domestic brands has led to a decrease in the perceived value of foreign brands, as consumers now prioritize quality and price over brand origin [11][12] Group 3: Changing Consumer Behavior - Consumers are increasingly aware of the value of domestic products, often finding similar quality at lower prices [11] - The rapid evolution of consumer preferences and marketing strategies has made it difficult for foreign brands to keep up [17][19] - The success of local brands in penetrating lower-tier cities highlights the challenges faced by foreign brands in adapting to the new market environment [21] Group 4: Strategic Shift of Foreign Brands - Foreign brands are transitioning from a "heavy asset direct operation" model to a "light asset cooperation" model, focusing on brand licensing and partnerships rather than direct management [24] - This shift allows foreign brands to minimize risks while still benefiting from the growing Chinese market through royalties and dividends [24][26] - The changing landscape indicates that local players are now leading the market, with foreign brands taking a backseat [26]

Core Insights - Burger King's Chinese operations have been sold to a private equity firm, CPE Yuanfeng, which will hold approximately 83% of the new joint venture, with RBI retaining about 17% [1][9][12] - The transaction is expected to be completed by the first quarter of 2026 [1] Financial Performance - In Q3 2025, Burger King China reported a same-store sales growth of 10.5%, with system sales reaching approximately $1.72 billion (around 12.25 billion RMB) [2] - The company has been closing underperforming stores, reducing its total from 1,467 to 1,271 over the past six months [2][6] - System sales have declined from $804 million in 2023 to $668 million in 2024, and further down to $481 million in the first three quarters of 2025 [6] Competitive Landscape - Burger King's store count in China is significantly lower than its competitors, with KFC having over 12,000 stores and McDonald's nearing 8,000 [6] - The average annual sales per store for Burger King China were approximately $400,000, ranking it last among its top ten global markets [6] Strategic Changes - RBI Group has taken back operational control of Burger King China from TFI Group, which had been managing the brand since 2012 [7][12] - CPE Yuanfeng plans to invest the initial $350 million to support store expansion, marketing, menu innovation, and operational improvements [9][12] - The goal is to expand Burger King's store count in China to over 4,000 within the next ten years [12] Industry Trends - There is a growing trend of international restaurant brands selling their Chinese operations to local partners to better compete with domestic brands [13][14] - The shift from direct management to joint ventures or franchising is seen as a way to adapt to the fast-changing Chinese market [14][15]

Core Insights - The recent establishment of a joint venture "Burger King China" between CPE Yuanfeng and RBI Group marks a significant shift in the ownership structure of Burger King's operations in China, with CPE Yuanfeng acquiring approximately 83% control [1][2] - CPE Yuanfeng will inject $350 million (approximately 2.5 billion RMB) into the joint venture to support expansion, marketing, menu innovation, and operational improvements [1] - The joint venture aims to increase the number of Burger King outlets in China from around 1,250 to over 4,000 by 2035, representing more than a twofold increase [3] Company Background - Burger King entered the Chinese market in 2005 and has undergone several ownership changes, with RBI acquiring full control in 2025 before this latest transaction [2] - CPE Yuanfeng has extensive investment experience in the consumer services sector, with a total investment of approximately 10 billion RMB in various well-known brands [2] Market Context - The expansion plan for Burger King China comes amid challenges, as the brand currently lags behind competitors like KFC and McDonald's, which have over 12,000 and nearly 8,000 outlets in China, respectively [3][4] - The trend of foreign restaurant brands in China shifting to local capital partnerships is evident, as seen with Starbucks recently selling 60% of its Chinese operations to a local investor [3]

Core Insights - The restructuring of Burger King's operations in China has been finalized, with CPE Yuanfeng acquiring approximately 83% of Burger King China, while RBI retains about 17% [1][2]. Group 1: Strategic Partnership and Investment - CPE Yuanfeng will inject an initial capital of $350 million (approximately 2.5 billion RMB) into Burger King China to support expansion, marketing, menu innovation, and operational improvements [2]. - A 20-year master development agreement will be signed, granting exclusive rights for Burger King brand development in China [2]. - The plan aims to expand the number of Burger King stores in China from around 1,250 to over 4,000 by 2035, with a focus on sustainable same-store sales growth [2]. Group 2: Performance and Market Position - In 2024, Burger King China ranked eighth in RBI's international market revenue, with system sales of approximately $700 million and an average annual sales per store of about $400,000, significantly lower than markets like France and South Korea [4]. - Following the acquisition of full ownership of Burger King China, RBI has been actively seeking a new partner to better align with local market needs [4][5]. Group 3: Market Trends and Future Outlook - The transaction reflects a broader trend of foreign restaurant brands accelerating localization in response to increasing competition in the Chinese market [6]. - The success of this partnership will be evaluated based on store expansion rates and same-store sales growth from 2026 to 2028, with a focus on balancing brand value and local innovation [7].