EMMETT LINDNER, JULIE CRESWELL2025年11月4日 Adek Berry/Agence France-Presse — Getty ImagesStarbucks said on Monday that it had agreed to sell up to 60 percent of its retail operations in China to Boyu Capital, a private equity firm, in a deal valued at $4 billion.星巴克于周一宣布，已同意将其中国零售业务至多60%的股权出售给私募股权公司博裕资本，这笔交易估值为40亿美元。The agreement states that Boyu and Starbucks would operate its nearly 8,000 stores there under a joint venture. Starbucks will own and license its brand and intellectual property to the new entity, according to a statement.协议显示，博裕资本与星巴克将通过一家合资企业运营其在华近8000家门店。星巴克在声明中表示，星巴克将拥有品牌及知识产权，并向新实体授予使用许可。Starbucks said it expected the value of its retail business in China to exceed $13 billion, which includes the proceeds from the sale, the company’s remaining 40 percent stake, as well as the expected value of licensing fees over the next decade.星巴克表示，其中国零售业务估值预计将超过130亿美元，这一估值包括交易所得款项、公司剩余的40%股权，以及未来十年授权费的预期价值。“This approach allows us to combine the strength of the Starbucks brand, our coffee expertise, the third place, and our unique partner culture with Boyu’s deep knowledge of the China market and local expertise,” Brian Niccol, Starbucks’s chief executive, said in a statement.星巴克首席执行官布莱恩·尼科尔在声明中称：“这种合作模式能让我们将星巴克品牌的优势、咖啡专业能力、第三空间理念，以及独特的伙伴文化，与博裕对中国市场的深刻理解及本土运营经验相结合。”Mr. Niccol added that the joint venture agreement would be finalized in early 2026. Boyu has offices in Singapore, Shanghai, Hong Kong and Beijing.尼科尔还说，这份合资协议预计将于2026年初敲定。博裕资本在新加坡、上海、香港及北京均设有办公室。China has been a big bet for Starbucks going back decades.数十年以来，中国一直是星巴克的重要战略市场。Starbucks opened its first shop in China in 1999, at a time when tea dominated and a coffee culture was practically nonexistent. But as China’s middle-class grew and aspired for iPhones, Louis Vuitton handbags and other international brands to signal its newfound wealth, Starbucks’s flourished.1999年，星巴克在中国大陆开设了首家门店。当时，中国市场以茶饮为主导，咖啡文化几乎不存在。但随着中国中产阶级规模扩大，他们渴望通过iPhone、路易威登手袋及其他国际品牌彰显新获得的财富，星巴克也随之蓬勃发展。Today, China is Starbucks’s second-largest market, accounting for about 8 percent of revenue. At the end of June, there were 7,828 stores in China compared with 17,230 in the United States.如今，中国已成为星巴克的第二大市场，贡献了约8%的营收。截至6月底，星巴克在中国的门店数量为7828家，而美国门店数量为17230家。But in recent years, consumers in China have increasingly turned away from foreign brands as they have become more cost conscious and curious about local rivals.但近年来，随着中国消费者日益注重成本效益并对本土品牌产生兴趣，他们正逐渐疏远外国品牌。A number of Chinese chains like Luckin Coffee, ChaGee and HeyTea flooded the region, offering coconut milk lattes, boba milk teas with cheese cream and sugary jasmine tea frappés, often with significant promotions.瑞幸咖啡、霸王茶姬、喜茶等众多本土连锁品牌迅速扩张，推出椰乳拿铁、芝士奶盖珍珠奶茶、茉莉冰沙等创新产品，且常伴有大幅促销活动。For Starbucks, which has resisted entering a price war on lattes and cold brew coffees, same-store sales over the last couple of years have weakened, as has its share of the overall Chinese market.星巴克一直拒绝参与拿铁和冷萃咖啡的价格战，因此过去几年其同店销售额持续下滑，在中国整体市场的份额也出现萎缩。Mr. Niccol has spent much of his first year as chief executive of Starbucks trying to bolster the chain’s business in the United States. While he has said the turnaround is happening, the company’s stock has fallen 17 percent in the past year. In late September, the company abruptly said it was laying off 900 corporate staff and shuttering more than 600 stores that it said was underperforming.尼科尔担任星巴克首席执行官的第一年，将大量精力投入提振美国本土业务。尽管他表示业务正在好转，但过去一年星巴克股价仍下跌了17%。9月下旬，该公司突然宣布将裁员900名总部员工，并关闭600多家公司声称业绩不佳的门店。Last month, Starbucks reported its quarterly global revenue rose 5.5 percent from a year earlier, to $9.6 billion. But its net income dropped 85 percent to $133 million.上个月，星巴克公布其全球季度营收同比增长5.5%，达到96亿美元，但净利润下降85%，降至1.33亿美元。But Starbucks’s struggles in China are another significant test for Mr. Niccol. Last year, he told Wall Street analysts that the company needed to ”figure out how we grow in the market now and into the future” in China. That growth could come with the help of a strategic partner, he added.然而，星巴克在中国市场的困境，成为尼科尔面临的又一重大考验。去年，他曾对华尔街分析师表示，公司“需要明确当前及未来在中国市场的增长路径”。他还称，战略合作伙伴的加入或将助力实现这一增长目标。Emmett Lindner是《纽约时报》商业记者。Julie Creswell是一名商业记者，为时报报道食品行业，他撰写有关食物的各个方面，包括农业、食品通胀、供应链中断和气候变化。翻译：纽约时报中文网点击查看本文英文版。