Starbucks Coffee Co announced on Tuesday that it has sold a majority stake in its China business to Boyu Capital, a leading Chinese investment firm, forming a joint venture that will operate Starbucks' retail operations in the country. The move marks a major step in the coffee chain's next phase of growth in its fastest-expanding market. 周二，星巴克咖啡公司宣布，已将其中国业务的大部分股权出售给中国领先投资机构博裕资本，双方将成立一家合资企业，运营星巴克在中国的零售业务。此举标志着这家咖啡连锁企业在其增长最快的市场中，迈出了下一阶段发展的重要一步。 Under the agreement, Boyu Capital will acquire up to a 60 percent stake in Starbucks' China retail operations based on a cash-free, debt-free enterprise value of about $4 billion, while the US coffee chain will retain a 40 percent stake. Starbucks will continue to own and license its brand and intellectual property to the new entity.Starbucks estimates the total value of its China retail business will exceed $13 billion, reflecting proceeds from the stake sale, the retained equity interest and the net present value of ongoing licensing payments over the next decade or longer. 根据协议，以约40亿美元的无现金、无债务企业估值计算，博裕资本将收购星巴克中国零售业务高达60%的股权，而这家美国咖啡连锁企业将保留40%的股权。星巴克将继续拥有其品牌及知识产权，并将其授权给新成立的实体使用。星巴克估计，其中国零售业务的总价值将超过130亿美元，这一估值涵盖了股权出售所得、持有的股权价值，以及未来十年或更长时间内持续授权费用的净现值。 The JV, headquartered in Shanghai, underscores Starbucks' long-term confidence in the Chinese market, where it has operated for more than 26 years and currently runs about 8,000 stores. 这家总部位于上海的合资企业，凸显了星巴克对中国市场的长期信心。星巴克已在中国运营超过26年，目前在中国拥有约8000家门店。 The company said the partnership aims to expand that footprint to as many as 20,000 locations over time, tapping into demand from smaller cities and emerging regions. 星巴克表示，该合作旨在逐步将其在中国的门店数量扩大至2万家，以挖掘三四线城市及新兴地区的市场需求。 "Boyu's deep local knowledge and expertise will help accelerate our growth in China, especially as we expand into smaller cities and new regions," said Brian Niccol, chairman and CEO of Starbucks Coffee Co. 星巴克董事长兼首席执行官布莱恩・尼科尔表示：“博裕资本深厚的本土经验与专业知识，将助力我们加快在中国的增长步伐，尤其是在我们向中小城市及新区域扩张的过程中。” According to consultancy Euromonitor International, China's specialty coffee and tea shop market reached 132.5 billion yuan ($18.6 billion) in 2024 and is forecast to rise to 273.9 billion yuan by 2029, representing a compound annual growth rate of 13.5 percent. 根据欧睿国际咨询公司的数据，2024年中国特色咖啡及茶饮店市场规模达到1325亿元人民币（约合186亿美元），预计到2029年将增至2739亿元人民币，复合年增长率达13.5%。 Despite this, Starbucks' market share has slipped in recent years, ranking second behind Luckin Coffee in 2025. Luckin's second-quarter revenue surged 47.1 percent year-on-year to 12.36 billion yuan, while its net profit grew 43.6 percent to 1.25 billion yuan. By the end of June, Luckin's total store count reached 26,206, including nearly 9,300 franchised locations. 尽管市场整体增长态势良好，但近年来星巴克的市场份额有所下滑。2025年，其市场排名已落后于瑞幸咖啡，位居第二。瑞幸咖啡第二季度营收同比增长47.1%，达123.6亿元人民币，净利润同比增长43.6%，至12.5亿元人民币。截至6月底，瑞幸咖啡门店总数已达26206家，其中包括近9300家特许经营门店。 Starbucks' performance, however, has shown signs of improvement this year. For the quarter ended Sept 28, Starbucks China reported revenue of about $831.6 million, up 5 percent year-on-year, with both the operating profit and profit margin rising for four consecutive quarters. 不过，今年星巴克的业绩已显现出改善迹象。在截至9月28日的季度中，星巴克中国营收约为8.316亿美元，同比增长5%，营业利润及利润率已连续四个季度实现增长。 Reports of Starbucks' plan to sell a stake in its China business surfaced earlier this year. In July, CNBC reported that more than 30 investors, including Hillhouse Capital, Carlyle, KKR and Centurium Capital — Luckin Coffee's largest shareholder — had expressed interest. By October, the Financial Times reported that five private equity firms had submitted binding bids: Sequoia Capital, Primavera Capital, FountainVest Partners, Carlyle and Boyu Capital. Among them, Carlyle and Boyu were regarded as the frontrunners. 有关星巴克计划出售中国业务部分股权的消息于今年早些时候浮出水面。7月，美国消费者新闻与商业频道报道称，包括高瓴资本、凯雷集团、KKR集团以及瑞幸咖啡最大股东大钲资本在内的30多家投资方均表达了兴趣。到10月，英国《金融时报》报道称，已有五家私募股权公司提交了具有约束力的报价，分别是红杉资本、春华资本、方源资本、凯雷集团和博裕资本。其中，凯雷集团与博裕资本被视为热门候选方。 Boyu Capital, known for investments in technology, consumer and healthcare sectors, has backed more than 200 companies, including SKP luxury shopping centers, Mixue Group and iQiyi. 博裕资本以投资科技、消费及医疗健康领域闻名，已投资超过200家企业，包括SKP奢侈品购物中心、蜜雪冰城集团及爱奇艺等。 "This partnership reflects our shared belief in the enduring strength of that brand and the opportunity to bring even greater innovation and local relevance to customers across China," said Alex Wong, partner at Boyu Capital. 博裕资本合伙人黄宇铮表示：“此次合作体现了我们对星巴克品牌持久实力的共同信心，也彰显了我们为中国各地消费者带来更多创新产品及本土化服务的机遇。” Industry observers say the deal mirrors McDonald's 2017 sale of its China business to CITIC Capital, which helped the fast-food giant double its restaurant count in eight years through localized decision-making, supply chain development and digital innovation. 行业观察人士指出，这笔交易与2017年麦当劳将中国业务出售给中信资本的模式相似。当时，通过本土化决策、供应链建设及数字化创新，麦当劳中国的门店数量在八年内实现了翻倍。 Jason Yu, general manager of CTR Market Research, said Boyu's involvement will help Starbucks "optimize store locations, introduce localized products and enhance brand competitiveness in lower-tier markets". 央视市场研究总经理虞坚表示，博裕资本的参与将帮助星巴克“优化门店选址、推出本土化产品，并提升其在下沉市场的品牌竞争力”。 The transaction is expected to close in the second quarter of Starbucks' fiscal year 2026, subject to regulatory approvals. 该交易预计将在星巴克2026财年第二季度完成，具体取决于监管部门的审批情况。 stake /steɪk/ n.股权；股份 joint venture /ˌdʒɔɪnt ˈventʃə(r)/ n.合资企业；合资经营
