COSTA咖啡深圳门店仅剩一家 深圳商报·读创客户端记者 李佳佳 近日，瑞幸咖啡大股东大钲资本考虑竞购COSTA咖啡的消息引发关注，彭博消息称，其持有者可口可 乐正考虑出售，目前讨论处初步阶段。 在COSTA咖啡收购传闻之前，另一咖啡头部品牌星巴克已完成中国业务的架构调整。11月4日，星巴克 宣布与博裕资本达成战略合作，以40亿美元估值成立合资企业。 快餐领域的并购整合同样活跃。11月10日，CPE源峰宣布向汉堡王中国注资3.5亿美元（约合人民币25.2 亿元），交易完成后将持有其约83%股权，原股东RBI保留约17%。 餐饮圈的"热闹"从来不在灶台，当下，一场围绕品牌、渠道与资源的并购大战正席卷咖啡、洋快餐、中 式餐饮全赛道。 餐饮行业并购呈现三个显著特征 上海证券交易所副总经理王泊近日指出，并购市场是"投资中国未来的黄金通道"。这一判断在餐饮行业 的整合浪潮中得到深刻印证。 除了咖啡赛道，快餐领域的并购同样令人关注。其中，CPE源峰宣布向汉堡王中国注资3.5亿美元。据 悉，该交易预计于2026年第一季度完成，双方计划到2035年将汉堡王中国门店从1250家扩张至4000家以 上，实现可持续的年度增长。 不 ...

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].

Group 1 - CPE Yuanfeng will acquire a majority stake in Burger King China, holding approximately 83% of the shares, while RBI will retain about 17% [1][3] - The transaction includes a 20-year master development agreement granting exclusive rights to develop the Burger King brand in China [3] - Burger King China's system sales for Q3 reached $172 million, with a same-store sales growth of 10.5%, despite a reduction of 196 restaurants in the past six months [4] Group 2 - The deal is expected to be completed by Q1 2026, with CPE Yuanfeng injecting $350 million (approximately 2.5 billion RMB) to support expansion and operational improvements [1][3] - Currently, Burger King China ranks eighth in international market revenue for RBI, with system sales of approximately $700 million and average annual sales per store of $400,000 [3] - The plan aims to expand the number of Burger King locations in China from around 1,250 to over 4,000 by 2035, focusing on sustainable same-store growth [4]

Core Viewpoint - Burger King's China operations have been acquired by local investors, marking a trend of foreign brands seeking local partnerships to enhance their market presence in China [1] Group 1: Strategic Partnership - CPE Yuanfeng has reached a strategic cooperation agreement with Burger King, establishing a joint venture named Burger King China [1] - CPE Yuanfeng will inject an initial capital of $350 million into the joint venture, holding approximately 83% of the equity, while RBI retains about 17% [1] - The transaction is expected to be completed in the first quarter of 2026, with funds allocated for restaurant expansion, marketing, menu innovation, and operational improvements [1] Group 2: Market Expansion Plans - A 20-year master development agreement will be signed, granting exclusive rights to develop the Burger King brand in China [1] - Currently, Burger King operates around 1,250 stores in China, with plans to expand to over 4,000 stores by 2035 [1] Group 3: Industry Context - The acquisition reflects a common strategy among foreign consumer brands to sell partial equity and introduce local capital in response to a competitive market environment [1] - Recently, Starbucks also announced a joint venture with Boyu Capital to operate its retail business in China, indicating a broader trend of foreign brands deepening their localization efforts [1] - CPE Yuanfeng has significant experience in the chain consumer services sector, with cumulative investments of approximately 10 billion RMB in various companies [1]

Core Insights - CPE Yuanfeng announced a strategic partnership with Burger King to establish a joint venture named "Burger King China" with an initial investment of $350 million to support expansion and operations [1][4] - CPE Yuanfeng will hold approximately 83% of the joint venture, while Restaurant Brands International (RBI) will retain about 17% [3] - The plan aims to increase the number of Burger King outlets in China from around 1,250 to over 4,000 by 2035, with a focus on sustainable same-store growth [4] Company Overview - The transaction is expected to be completed in Q1 2026, pending regulatory approvals [5] - RBI is one of the largest fast-food service groups globally, with over $45 billion in annual system sales and more than 32,000 restaurants in over 120 countries [5] - Burger King, founded in 1954, has over 19,000 locations worldwide and entered the Chinese market in 2005 [5] Financial Performance - RBI reported Q3 2025 revenue of $2.449 billion, a 6.9% year-over-year increase, and a net profit of $315 million, up 25% [5] - Burger King's sales for the same period reached $2.96 billion, reflecting a 2.3% year-over-year growth [5] Market Context - Since RBI took full control of Burger King China in February 2025, it has invested over $100 million to accelerate localization efforts, including appointing experienced executives from the Chinese food and beverage industry [5][6] - As of now, Burger King China operates approximately 1,300 stores, serving nearly 150 million customers annually, although it has closed over 170 locations since the end of 2024 [6] Competitive Landscape - CPE Yuanfeng, established in 2008, manages over 100 billion yuan in assets and has invested in various well-known companies in the consumer services sector [6] - The recent sale of a majority stake in Starbucks' China operations to Boyu Capital highlights ongoing shifts in the competitive landscape of the restaurant industry in China [7]

Group 1 - Burger King China has been sold to Chinese investors, with CPE Yuanfeng acquiring approximately 83% of the shares after injecting $350 million for expansion and innovation [2] - CPE Yuanfeng has previously invested around 10 billion RMB in various consumer service companies, indicating a strong commitment to the sector [2] Group 2 - The Ministry of Industry and Information Technology has reported 39 apps, including Changba, for illegal collection of personal information, requiring them to rectify issues within a specified timeframe [4][5] - The reported issues include forced user consent for data collection and excessive permissions requests, highlighting ongoing regulatory scrutiny in the app industry [4][5] Group 3 - The banking app sector is experiencing a wave of shutdowns, with several banks consolidating their credit card apps into main banking apps, reflecting a trend towards streamlining digital services [15][16] - At least 21 direct banking apps have ceased operations since the beginning of 2023, indicating a significant shift in the banking digital landscape [17] Group 4 - A major cheating scandal has emerged at Yonsei University in South Korea, involving hundreds of students using AI tools during exams, raising concerns about academic integrity in higher education [23][24] - The incident reflects a broader trend of AI usage among students, with 91.7% of university students admitting to using AI for assignments, yet many institutions lack policies on generative AI [24] Group 5 - The BBC has faced backlash over a controversial documentary about former President Trump, leading to potential legal action and highlighting the challenges media organizations face in maintaining credibility [14] - Trump's demand for a retraction and compensation underscores the intersection of media, politics, and legal accountability in contemporary discourse [14]