（左至右）厚芋泥波波奶茶、海盐芝士厚乳拿铁、咸酪厚抹｜图源：（左至右）沪上阿姨、瑞幸咖啡、喜茶 11月11日，北京，汉堡王。图源：视觉中国 消费需求转向意义认同。Z世代已成为主力消费群体，78%偏好融合本土文化元素的产品，65%将餐饮视为社交场景，62%高度关注健康成分。标准化的 全球菜单难以满足这种复合需求，而本地化改造后的品牌往往更具黏性。 2025年11月，汉堡王中国与私募机构CPE源峰成立合资公司，引发关注。这并非孤例——星巴克引入博裕资本、麦当劳携手中信资本、百胜中国联合春华 资本……一系列看似孤立的动作共同指向一个趋势，即 跨国企业在中国的战略重心正在从"复制全球模式"，转向"深耕本地创新"。这不仅是战术调整， 更是一场系统性范式跃迁。 为何转变？ 三重结构性动因 制度环境倒逼深度嵌入。中国监管体系持续完善，《反间谍法》实施细则等新规对数据合规、供应链透明提出了更高的要求。如某国际快餐品牌就曾因未 能及时响应食品安全标准而受罚，而具备本土运营能力的对手则快速调整、规避风险。 其中 最大的差异点在于本土资本扎根中国大地，对政策语境的理解更深，他们不仅带来资金，更带来了制度适配性。 市场竞争进入存量博 ...

Core Insights - The article highlights a trend of multinational companies, particularly in the food and beverage sector, increasingly opting for joint ventures and local partnerships in China to enhance growth and localization strategies [1][10][15]. Group 1: Joint Ventures and Partnerships - Starbucks announced a joint venture with Boyu Capital, selling up to 60% of its Chinese operations for an estimated valuation of $4 billion (approximately 284.84 billion RMB) [3][10]. - CPE Yuanfeng has formed a joint venture with Restaurant Brands International (RBI) to take over Burger King's operations in China, with CPE holding approximately 83% and RBI retaining about 17% [1][10]. - The trend of forming joint ventures is not new; McDonald's previously sold 80% of its China operations to a consortium led by CITIC and Carlyle in 2017, while Yum China was spun off from Yum Brands in 2016 [3][11][15]. Group 2: Growth and Localization Strategies - Starbucks aims to expand its store count in China from 8,000 to 20,000, leveraging Boyu's local expertise to penetrate smaller cities and emerging regions [3][10]. - Burger King plans to increase its store count from 1,250 to over 4,000 with the support of CPE Yuanfeng, focusing on product upgrades and digital transformation [3][10]. - McDonald's set a goal to grow its store count from 2,500 to 4,500 within five years after partnering with CITIC and Carlyle, emphasizing delivery and digital trends [3][10]. Group 3: Market Dynamics and Competition - The Chinese market is significant, with McDonald's identifying it as its second-largest and fastest-growing market globally, contributing about 8% to Starbucks' revenue [5][6]. - The competitive landscape is shifting, with local players like Luckin Coffee and Wallace rapidly gaining market share, prompting international brands to rethink their strategies [7][19]. - Starbucks' market share in China has declined from 42% in 2017 to an estimated 14% in 2024, indicating increasing competition from local brands [6][19]. Group 4: The Role of Local Partners - The introduction of local partners is seen as a crucial strategy for navigating the complexities of the Chinese market, as evidenced by the success of brands like Luckin Coffee and Heytea [9][29]. - The partnership model allows foreign brands to maintain brand ownership while leveraging local expertise for operational execution, enhancing their adaptability in a competitive environment [29][30]. - The article emphasizes that successful localization does not mean abandoning brand values but rather adapting to local consumer preferences and market dynamics [34][36].