21世纪经济报道记者贺泓源、实习生李晴 新西兰乳企a2准备加大在华投资。 8月18日，该公司宣布，以总对价约2.82亿新西兰元（约合人民币12亿元）收购雅士利在新西兰 POKENO的工厂，出售方为蒙牛旗下子公司雅士利国际。 该工厂是中国企业在新西兰第一家从零开始建设的奶粉工厂，最高可年产婴幼儿配方奶粉5.2万吨。a2 牛奶表示，通过收购雅士利新西兰乳品有限公司全部股份，其将获得位于新西兰北岛Pokeno的一座一体 化营养品制造工厂，以及两款中文标签婴配粉产品配方注册证。 收购完成后，a2牛奶公司计划在新的Pokeno工厂推出一个为期多年的投资计划，拟投资约1亿新西兰 元，以提升产能。 另据a2披露，该项交易已获新西兰海外投资办公室（OIO）批准，预计9月1日完成交割。 a2将启动现有 两款中文标签注册产品的变更申请，预计耗时最长12个月；第三款中文标签产品注册预计需数年。 a2加注中国市场背后是，外资婴配粉在华狂奔。 在截至6月30日的2025财年，a2牛奶在中国及其他亚洲地区收入同比增长13.9%至13.02亿新西兰元，其 在华总体市场份额由2024财年的7.1%提升至8.0%。此外，依托美素佳儿在华的良好 ...

Core Viewpoint - Starbucks is experiencing mixed results in its "Back to Starbucks" plan, with North America facing challenges while the Chinese market shows signs of recovery [4][5][26]. Financial Performance - In Q3 of FY2025, Starbucks reported a total net revenue increase of 4% to $9.5 billion, up from $9.1 billion in the same period last year, primarily driven by new store openings [6]. - Global comparable store sales declined by 2%, exceeding market expectations of a 1.3% drop, marking the sixth consecutive quarter of decline [7]. - North America, Starbucks' largest market, saw a net revenue of $6.927 billion, a 2% year-over-year increase, but operating margin shrank by 770 basis points to 13.3%, the lowest in recent years [8]. - Internationally, Starbucks achieved quarterly net revenue exceeding $2 billion for the first time, reaching $2.01 billion, a 9% year-over-year increase [9]. Market Dynamics - In China, comparable store sales grew by 2%, driven by a 6% increase in transaction volume, marking the first growth in same-store sales in 1.5 years [9][10]. - Starbucks' market share in China has declined from a peak of 42% in 2017 to 14% in 2024, indicating a significant loss of market presence [17]. Strategic Initiatives - The "Back to Starbucks" plan includes comprehensive reforms in U.S. stores, focusing on enhancing customer experience and operational efficiency [18][19]. - In China, Starbucks has engaged in aggressive pricing strategies and promotional activities, including significant discounts on popular products [21]. - The company is exploring partnerships with over 20 potential collaborators to strengthen its position in the Chinese market, emphasizing strategic alignment over financial investment [22]. Future Outlook - Starbucks anticipates ongoing macroeconomic challenges, including new tariffs and coffee price fluctuations, but remains optimistic about the early results of its reform initiatives [23]. - The company plans to launch a wave of innovations in 2026 aimed at driving business growth and enhancing customer service experiences [25].

失去定义权之后。 文 ｜ 沈嵩男 以下文章来源于天下网商 ，作者天下网商 天下网商 . 记录互联网商业的人物和故事。 7月29日，星巴克发布了其2025财年第三季度（截至2025年6月29日）的财报。其中，三季度的咖啡门 店业务，营收89.18亿美元（未计入非咖啡门店的"其它业务收入"约5.38亿美元），略超市场预期。 增长主要由在过去的12个月里，企业在全球累计新开的1151家自营门店所带来的9.27亿美元增量收入所 驱动。其中，企业的基本盘北美市场收入69.27亿美元，同比微增1.6%，占企业咖啡门店营收比重约 73%。 聚焦中国市场，营收7.90亿美元，同比增长8%——这一营收规模，可以排在企业自2023财年以来的 TOP3。增长的背景，是同比上个财季，中国市场门店数量新增522家，同时借助外卖平台的权益让利、 官方菜单的结构性调价，用更多的门店、更低的实付价，以价换量。得益于此，星巴克止住了连续四个 季度同比下滑的同店销售额（环比修复），同比增长约2%，同店销量也略微回暖，增长6%。 截至6月份季度，星巴克在中国开有7828家门店。这是自1999年在北京开出首店以来，星巴克在中国耕 耘逾25年的成果。 ...

Core Viewpoint - Starbucks has shown a recovery in its China operations, with a 8% year-on-year revenue growth to $790 million in Q3 of FY2025, marking three consecutive quarters of growth. Same-store sales increased by 2%, the first growth in six quarters, indicating a positive trend in customer engagement and spending [1][3]. Group 1: Financial Performance - In Q3 FY2025, Starbucks reported a revenue of $790 million in China, reflecting an 8% year-on-year increase [1]. - Same-store sales saw a 2% increase, marking the first growth in six quarters [1]. - The total number of Starbucks stores in China reached 7,828, with 70 new stores opened and entry into 17 new county-level markets [3]. Group 2: Strategic Initiatives - Starbucks has implemented significant operational adjustments, including product innovation and a focus on non-coffee offerings to cater to a broader consumer base [4][6]. - The introduction of the "True Flavor Sugar-Free" series and collaboration with Disney for themed beverages are part of the product innovation strategy [4]. - A systematic price adjustment was made for non-coffee beverages, with an average price reduction of 5 yuan for large products, while core coffee products remain above 30 yuan [5]. Group 3: Business Development and Partnerships - Starbucks is evaluating over 20 interested institutional partners for a potential sale of a stake in its China business, aiming to retain a significant portion of ownership [3][8]. - The CEO emphasized the importance of finding partners that share Starbucks' vision and values, indicating a strategic approach to future collaborations [8]. - The company is leveraging its strong brand and operational capabilities to attract potential partners, enhancing its market position in China [11]. Group 4: Leadership and Management Changes - The management team at Starbucks has undergone significant changes, with the appointment of Brian Niccol as CEO, who has a track record of crisis management and operational reform [10]. - Niccol's strategy focuses on fundamentally changing the company's approach, including simplifying the menu and restructuring pricing [10]. - The recent operational adjustments in China align with Niccol's vision for revitalizing the brand and enhancing customer experience [10].

Core Viewpoint - Starbucks China reported a notable improvement in its financial performance, with same-store sales increasing for the first time in six quarters, indicating a recovery in the market despite competition from local brands [1][3]. Financial Performance - For the third quarter ending June 29, 2025, Starbucks China achieved revenue of $790 million, representing an 8% year-over-year growth, marking three consecutive quarters of revenue increase [1]. - Same-store sales grew by 2% year-over-year, the first positive growth in six quarters, primarily driven by an increase in transaction volume [3]. - However, the average transaction value decreased by 4% year-over-year, suggesting a consumer shift towards lower-priced products [4]. Market Strategy and Innovations - The improvement in performance is attributed to recent strategic adjustments, including the introduction of the "True Taste No Sugar" innovation system, which offers healthier and customizable options, enhancing customer purchase frequency [5]. - Starbucks China has also focused on expanding its product offerings beyond coffee, promoting a dual strategy of "morning coffee, afternoon non-coffee" to drive growth [5]. - Collaborations with popular brands, such as the partnership with the band Mayday, have increased brand engagement and sales, particularly among younger consumers [5]. Acquisition Interest - Starbucks has received interest from over 20 potential buyers for its China operations, with ongoing evaluations of these offers [2][6]. - Reports indicate that investment firms like KKR, Hillhouse Capital, and others have shown interest in acquiring a stake in Starbucks China, with estimated valuations ranging from $5 billion to $6 billion [8].

Group 1 - Starbucks China reported a revenue increase of 8% year-on-year to $790 million for Q3 of FY2025, marking three consecutive quarters of growth [1] - Same-store sales grew by 2%, with both transaction volume and average ticket size showing quarter-on-quarter increases [1] - The growth in same-store sales was attributed to continuous product innovation, precise marketing, and strong performance from newly opened stores [1] Group 2 - As of the end of Q3, Starbucks China had a total of 7,828 stores, with 70 new stores opened during the quarter, entering 17 new county-level markets [1] - New stores maintained high profitability levels, contributing above-average same-store sales, which supports long-term growth [1] - Starbucks emphasizes its stores as a "third space," integrating deeply with local culture, and has opened stores in scenic areas to enhance brand differentiation [1] Group 3 - Starbucks has focused on core business and continuous innovation, providing added value through a third space, emotional value, and immersive experiences to meet consumer demands [2] - The introduction of the "True Taste No Sugar" innovation system has led to healthier choices and increased customer purchase frequency [2] - Starbucks has expanded its non-coffee offerings, creating a dual-scenario layout to cover consumer needs throughout the day [2] Group 4 - Collaborations with well-known brands have been a highlight for Starbucks, enhancing its market presence and creating emotional connections with consumers [2] - The partnership with the band Mayday and Disney's Zootopia has generated significant social media buzz and consumer engagement [2] - The company aims to evaluate over 20 strategic partnerships in China to leverage market opportunities while retaining a significant equity stake in its operations [3]

Core Viewpoint - Starbucks is experiencing a recovery in its performance in China, with a notable increase in store count and revenue, but it faces challenges in maintaining market share and adapting to a competitive landscape dominated by local brands like Luckin Coffee [3][10][31]. Financial Performance - For Q3 of fiscal year 2025, Starbucks reported net revenues of $790 million, an 8% increase from $733.8 million in the same quarter of the previous year [2]. - The number of stores in China reached 7,828, up by 522 stores compared to the same period last year, marking a 7% increase [2]. - Comparable store sales grew by 2%, with transaction volume increasing by 6%, although the average ticket price decreased by 4% [2][9]. Market Challenges - Starbucks' market share in China has significantly declined from 42% in 2017 to 14% in 2024, indicating a loss of competitive edge [10][31]. - Despite an increase in store count, revenue has not kept pace, with analysts noting that Starbucks stores contribute only 9% of total global revenue despite accounting for about 20% of total stores [3][10]. Strategic Considerations - There are ongoing discussions about potential buyers for Starbucks' China business, with various investment firms showing interest, although Starbucks has stated it is not considering a complete sale [3][13][16]. - The company is exploring strategic partnerships to enhance its operational efficiency in the local market, indicating a shift towards collaboration rather than solely relying on capital investment [16][29]. Competitive Landscape - The competitive environment has intensified, with local brands like Luckin Coffee and others rapidly expanding and innovating, leading to a price war that has affected Starbucks' pricing strategy [20][29]. - Starbucks has begun to lower prices on select products in response to competitive pressures, marking its first large-scale price reduction in over two decades [20][22]. Innovation and Product Development - Starbucks is focusing on product innovation and digital transformation to better align with consumer preferences, including faster product launch cycles and leveraging data analytics for consumer insights [27][29]. - The company has introduced new product lines and upgraded existing offerings to attract a broader customer base, although it still faces challenges in creating standout products compared to competitors [25][26].

Core Viewpoint - Starbucks is adapting its strategy in response to increasing competition from local brands by introducing new concepts like "study rooms" and lowering prices on non-coffee products to attract more customers and enhance the "third space" experience [1][3]. Group 1: New Initiatives - Starbucks has launched "Starry Study Rooms" in select stores in Guangdong, Guangxi, and Hainan, providing free study space, power outlets, and other amenities without mandatory purchases [1][2]. - The study rooms are designed to create a summer learning environment and will be expanded to more locations in the future [1]. Group 2: Pricing Strategy - In June 2025, Starbucks will reduce prices on several non-coffee products, with average price cuts of around 5 yuan for large sizes, moving many items from the 30-40 yuan range to the 20 yuan range [3]. - This price reduction does not apply to core coffee products, indicating a targeted approach to attract a broader customer base [3]. Group 3: Market Expansion - Starbucks is accelerating its expansion into lower-tier markets, with 40% of new stores located in townships, bringing the total number of stores in China to 7,758 by March 2025 [3]. - The company has closed nearly 20 flagship stores in 2024, primarily in competitive regions like Jiangsu, Zhejiang, and Guangdong, reflecting a strategy of "closing in first-tier cities while opening in county-level markets" [3]. Group 4: Ownership Changes - Starbucks is actively pursuing a plan to sell its stake in the China business, having received multiple acquisition proposals from various investors, including Hillhouse Capital and KKR [4].

Core Viewpoint - Starbucks is introducing "Starry Study Rooms" in select locations in Guangdong, Guangxi, and Hainan, aiming to provide free study spaces for consumers and enhance the "third space" experience [1] Group 1: New Initiatives - The "Starry Study Rooms" feature a shared long table model, offering free seating, power outlets, hot water, and stationery without requiring reservations [1] - Despite the initiative, there has not been a significant increase in foot traffic, with many study seats remaining unoccupied [1] Group 2: Market Strategy - Starbucks has recently lowered prices on non-coffee products, with an average price reduction of around 5 yuan for items like Frappuccinos and iced teas, bringing many products from the 30-40 yuan range down to the 20 yuan range [2] - The company is accelerating its expansion into lower-tier markets, with a total of 7,758 stores in China by March 2025, 40% of which are located in townships [2] - In contrast, Starbucks has closed nearly 20 flagship stores in 2024, primarily in densely branded regions like Jiangsu, Zhejiang, Shanghai, and Guangdong, indicating a strategy of "closing in first-tier cities while opening in county towns" [2] Group 3: Ownership and Acquisition - Starbucks is actively pursuing a plan to sell its stake in the Chinese market, having received multiple acquisition proposals from various investors, including Hillhouse Capital, Carlyle, KKR, and major shareholder of Luckin Coffee, Dazhong Capital [2]

Group 1 - Starbucks has launched "self-study rooms" in several stores in Guangzhou and Shenzhen, allowing customers to study without fees, time limits, or reservations, and providing free power outlets and water [1][2] - The company is granting more autonomy to its Chinese team, as evidenced by recent price reductions on key products and collaborations with popular brands, indicating a shift towards more flexible operations [2][4] - Starbucks China reported a revenue of $739.7 million (approximately 5.317 billion RMB) for the latest fiscal quarter, with a year-on-year growth of 5%, while same-store sales remained flat [4][5] Group 2 - The increase in customers using the self-study rooms may impact the overall customer experience at Starbucks, which is a consideration for the company [3] - Comparatively, Luckin Coffee reported a revenue growth of 41.2% to 8.87 billion RMB in the first quarter, highlighting competitive pressures on Starbucks [5] - There are ongoing rumors regarding the potential sale of Starbucks' stake in China, with speculation that the company may retain 30% of its shares while distributing the rest among multiple buyers [5][6]