1月28日晚间，星巴克发布2026财年第一季度业绩报告，中国市场延续强劲增长势头，营收连续五个季度增长，本财季实现11% 的双位数增长，达到8.234亿美元；同店销售额连续第三个季度实现正增长，同店销售额实现7% 的高单位数增长。值得注意的 是，这是星巴克出售中国业务60%股权后的首秀，目前看来，星巴克中国与博裕的"新搭档"表现良好。 本季度，星巴克中国在产品创新、品牌体验、会员体系及门店拓展等方面持续发力。为响应日益增长的健康化消费趋势，星巴 克在经典的太妃榛果系列中首次推出无糖与甜度可选配方，受到顾客广泛欢迎。据统计，无糖及少甜版本贡献了该系列50%的 销售杯数，其中无糖配方吸引超过170万顾客尝新，创下新品试饮记录。 在品牌体验方面，星巴克与《哈利·波特》的跨界合作引发消费热潮。全国38家主题门店化身"霍格沃兹星巴克分校"，相关限定 饮品与衍生商品一周内售出魔法杖19.4万根。此外，跨年夜期间，全国超过1.3万名顾客走进门店参与倒计时活动，创下跨年夜 销售新纪录。 会员运营持续深化。星巴克在"星享俱乐部"基础上，与亚朵集团达成合作，进一步扩展会员生态。自2025年12月起，每月17日 被设立为会员"一起 ...

Core Insights - Starbucks has reported a positive turnaround in sales for the second consecutive quarter, reversing an 18-month downward trend since Brian Niccol took over as CEO [2] - Niccol's strategy focuses on revitalizing the Starbucks experience, encouraging customers to enjoy the ambiance rather than just using the app for quick orders [2] Company Strategy - The company has implemented several changes, including streamlining the drink menu, enhancing efficiency, and refurbishing locations to create a more inviting atmosphere for customers [3] - New store designs feature comfortable seating and aesthetic improvements, aiming to attract customers back to the "third space" concept of coffee shops [6][7] Customer Experience - The updated menu now emphasizes "Coffeehouse Classics," simplifying choices for customers and moving away from overly complex drink options [10] - Despite efforts to enhance the in-store experience, some customers still exhibit behaviors that detract from the desired coffee shop atmosphere, indicating a need for cultural adjustment among patrons [9]

Group 1 - Starbucks reported strong growth in the Chinese market for Q1 of fiscal year 2026, with double-digit revenue growth and same-store sales increasing for three consecutive quarters [1] - The company opened 8011 stores in 1103 county-level cities, marking a 4% year-on-year increase, with over half of the new stores located in lower-tier cities or special business districts [1] - The introduction of the sugar-free and customizable options for the winter signature drink, Toffee Nut series, was well-received, with 1.7 million customers trying the sugar-free version, contributing to 50% of the sales for this popular drink [1] Group 2 - Starbucks has partnered with Atour Group to enhance member benefits following collaborations with Hilton Group and China Eastern Airlines [2] - Starting December 17, 2025, Starbucks will designate the 17th of each month as "Starbucks Together Day," featuring interactive mechanisms to enhance member experiences across various services [2]

Core Viewpoint - Starbucks has reported a strong performance in the Chinese market, achieving a revenue growth of 11% year-on-year, reaching $823.4 million for the first quarter of fiscal year 2026, indicating a solid double-digit growth trend [1] Revenue Performance - The revenue in China has shown continuous growth for five consecutive quarters, with the latest quarter achieving a revenue of $823.4 million, reflecting an 11% year-on-year increase [1] - Same-store sales have also demonstrated positive growth for three consecutive quarters, with a high single-digit growth of 7% in the latest quarter [1] Same-Store Sales Analysis - The growth in same-store sales is attributed to the strong performance of business district stores, breakfast hours, and robust results in lower-tier cities [1] - The increase in transaction volume was 5%, while the average transaction value rose by 2%, driven by strong market performance in product and food categories [1] Profitability - Starbucks China has seen a quarter-on-quarter improvement in store operating profit margins, supported by strong same-store growth and ongoing efforts to enhance operational efficiency [1] - The store operating profit margin remains at a healthy double-digit level, indicating robust profitability [1]

与此同时，星巴克中国门店经营利润率在这一财季环比持续提升，主要得益于强劲的同店增长和提升营 运效率的不断努力，并继续保持两位数的门店经营利润率。 伴随着业绩的稳步攀升，星巴克的门店网络也在持续扩张。第一财季，星巴克累计新进入13个县级城 市，截至第一财季末，星巴克在全国1103个县级市开出了8011家门店，同比增长4%。新开门店销售表 现持续高于均值，超半数新开门店位于低线城市或特殊商圈。 广东省食品安全保障促进会副会长朱丹蓬对《证券日报》记者表示，当前中国现制咖啡的竞争正从一线 城市快速延伸至二三线及县域市场，节奏不断加快、渠道日益细化、打法也更贴近本土。在此背景下， 星巴克通过跨界联名、融入新生代、拓展新客群、结合文化元素等一系列举措，实现了创新升级与迭代 的高速度与高质量。加之其向低线市场的有效下沉，共同构成了驱动业绩增长的关键动力。 除了渠道与产品的双向发力，星巴克始终将其"第三空间"体验置于中国市场战略的核心。无论是与《哈 利.波特》联名创造"魔法"惊喜，或是在门店跨年倒数迎新，星巴克在"第三空间"里正在不断探索和创 造与顾客联结的全新可能。 1月28日晚间，星巴克发布2026财年第一财季(2025 ...

Core Viewpoint - Starbucks reported strong growth in its first quarter of fiscal year 2026, with double-digit revenue growth in the Chinese market and positive same-store sales for three consecutive quarters [1][3]. Financial Performance - In the first quarter, Starbucks China achieved a revenue of $823.4 million, marking an 11% year-over-year increase, and continued a five-quarter streak of revenue growth [3]. - Same-store sales increased by 7%, driven by a 5% rise in transaction volume and a 2% increase in average ticket size [3]. Growth Drivers - The growth in same-store transaction volume was supported by strong performance in business district stores, breakfast consumption, and robust demand in lower-tier cities [5]. - The increase in average ticket size was attributed to the strong market performance of product and food categories [5]. Store Expansion - Starbucks China continued its high-quality expansion strategy, entering 13 new county-level cities in the first quarter, bringing the total number of stores to 8,011 across 1,103 county-level cities, a 4% year-over-year increase [5][6]. - New stores consistently outperformed industry averages, with over half located in lower-tier cities or special business districts, enhancing brand penetration and market coverage [6]. Product Innovation - The introduction of the "True Taste No Sugar" product line, including the winter signature Toffee Hazelnut series, has resonated well with health-conscious consumers, attracting 1.7 million customers and setting a record for new product trials [6]. - Other new offerings, such as the Cheese Latte series and Vanilla Mocha Layer Cake, also received positive market feedback [6]. Brand Experience - Starbucks explored diverse possibilities for creating a "third space," highlighted by a collaboration with the "Harry Potter" franchise, transforming 38 themed stores into "Hogwarts Starbucks" and selling 194,000 magic wands within a week [6]. - A New Year's Eve countdown party attracted 13,000 customers, setting a record for sales on that night and strengthening emotional connections with consumers [6]. Membership and Customer Engagement - The company enhanced user engagement through partnerships with Hilton Group and China Eastern Airlines, expanding membership benefits to hotel stays [8]. - The launch of "Star Day" on the 17th of each month aims to engage members through various interactive mechanisms, with over 45,000 members participating on the first event [8]. Employee Investment - Continuous investment in partners is crucial for Starbucks' stable development, with the company receiving multiple employer brand awards, reflecting the efforts of over 70,000 partners nationwide [8]. Leadership Statement - The CEO emphasized the commitment to exceeding customer and partner expectations as a driving force for growth, highlighting the dual high growth in revenue and same-store sales for the first quarter of fiscal year 2026 [10][11].

市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 1月28日晚间，星巴克发布2026财年第一季度业绩报告，中国市场营收连续五个季度实现增长，本财季 同比增长11%至8.234亿美元。 该季度星巴克中国同店销售额实现7%的增长，其中交易量同比提升5%，客单价同比上涨2%。星巴克方 面表示，同店交易量增长主要得益于商务区门店、早餐时段以及低线城市的良好表现；客单价提升则源 于商品及食品品类的出色的市场反馈。同时，门店经营利润率季度环比持续提升，保持两位数的健康水 平，主要得益于强劲的同店增长以及营运效率优化。 门店拓展方面，该季度星巴克新进入13个县级城市。截至季度末，星巴克在全国1103个县级市布局了 8011家门店，门店总数同比增长4%。超半数新开门店位于低线城市或特殊商圈，且新开门店销售表现 持续高于均值。 针对中国业务调整，星巴克在财报中披露，2025年11月已与博裕资本达成合作协议，双方将成立合资企 业运营中国零售业务，博裕资本将收购至多60%的权益，星巴克保留40%股权并继续拥有及授权品牌与 知识产权。星巴克方面透露，交易预计2026年初完成，完成后折旧和摊销以及门 ...

When Brian Niccol took the helm of Starbucks in September 2024, becoming its fourth CEO of the 2020s, the former Chipotle boss had a tall (grande, really) order to fill: reverse a worrying sales slump that shareholders hated with an Iced Passion Tango. On Wednesday, the world’s largest coffee chain reported the first major breakthrough of his tenure. In the fourth quarter, Starbucks ground out its first increase in US same-store sales in two years. A tasseography reading of the coffee grinds on the balanc ...

Group 1 - Lee & Man Paper Manufacturing (02314) rose nearly 6% after Nine Dragons Paper announced a profit forecast of approximately 2.15 billion to 2.25 billion yuan for the six months ending December 31, 2025, representing a year-on-year increase of 216.0% to 230.7% [1] - New Oriental Education (09901) increased nearly 4% following the release of its financial results for the second quarter of fiscal year 2026, showing a 14.7% year-on-year increase in net revenue and a 244.4% rise in operating profit [1] - Jolywood (06680) surged nearly 7% as rare earth prices continued to rise, with neodymium and praseodymium oxide prices increasing by over 120,000 yuan per ton [1] Group 2 - Chinese property management stocks saw a significant rise, with Sunac Services (01516) up 5.67% and Greentown Services (02869) up 5.81%, as a report predicted an average revenue growth of 6% for property management companies by 2025 [2] - Valiant Pharmaceuticals (09887) gained nearly 4% after receiving FDA fast track designation for its dual-specific antibody LBL-034 for treating relapsed/refractory multiple myeloma [2] - The commercial aerospace sector showed signs of recovery, with Junda Co. (02865) rising 12.1% as the China Aerospace Science and Technology Corporation emphasized the importance of the next decade for developing a strong aerospace industry [2] Group 3 - Aigo Group (00328) experienced a dramatic drop, falling over 88% at one point, with a total market value dropping below 35 million HKD [3] - China Overseas Development (00688) rose over 4.2% as Citigroup's report indicated that the Chinese real estate sector would face significant impairment and margin decline challenges in fiscal year 2025 [3] - Yuegangwan Holdings (01396) increased by 8% after announcing a share placement to raise 108 million yuan, with about 70% allocated for AI computing power cloud service projects [3] Group 4 - Junda Co. (02865) saw a rise of 11.99% as the China Aerospace Science and Technology Corporation held a meeting emphasizing the need to overcome challenges in commercial rocket launches and reusable technology [4] Group 5 - In the US market, New Oriental (EDU.US) rose 5.32% after reporting a net revenue of 1.191 billion USD for the second quarter of fiscal year 2026, a 14.7% year-on-year increase [5][6] - Semiconductor equipment and materials sector saw gains, with Texas Instruments (TXN.US) up 9.94% as it projected first-quarter revenue between 4.32 billion and 4.68 billion USD, slightly above analyst expectations [5] - Storage sector stocks surged, with Seagate Technology (STX.US) up 19.14% as it projected third-quarter revenue of 2.9 billion USD, significantly higher than analyst estimates [5]

1. Report's Investment Rating for the Industry - There is no information about the industry investment rating in the provided report. 2. Core Views - The report presents a wide - ranging overview of overnight market trends across various asset classes including commodities, stocks, bonds, and foreign exchange, along with important macro, industry - specific, and geopolitical news that could potentially impact these markets [5][34][41] 3. Summary by Relevant Catalogs Overnight Night - market Trends - International precious metal futures generally rose, with COMEX gold up 6.46% at $5411.00/oz and COMEX silver up 10.06% at $116.62/oz due to Fed's signals and market speculation on the chairperson [5] - Crude oil prices increased, with WTI up 1.78% at $63.5/barrel and Brent up 1.56% at $67.63/barrel, driven by supply - related concerns [5] - London base metals mostly rose, with LME tin up 3.52%, LME aluminum up 1.59%, LME nickel up 1.12% [5] - Domestic futures contracts mostly rose, with fuel oil, asphalt etc. up over 1%, while ethylene glycol, corn etc. slightly down [7] Important Information Macro - information - By the end of 2025, China's total installed power generation capacity was 3.89 billion kilowatts, up 16.1% year - on - year [9] - Yichun lifted the heavy pollution weather yellow alert on January 28, 2026 [10] - As of December 2025, there were 150 futures companies in China, with a trading volume of 992 million lots and an operating income of 4.918 billion yuan in December [10] - The offshore RMB/USD exchange rate broke through 7 at the end of 2025, and it is expected to remain stable in 2026 [10] - Trump warned Iran, and the US may face another partial government shutdown [10][11] - The Bank of Canada kept the benchmark rate at 2.25% [13] - The US Treasury Secretary expressed views on Fed's policy and the exchange - rate policy [13] - The Fed kept the interest rate unchanged at 3.50% - 3.75% [14] Energy and Chemical Futures - The 2026 potash market is expected to see increased supply and stable prices [16] - As of January 28, 2026, China's methanol port inventory was 1.4721 million tons, up 14,600 tons [16] - UAE's Fujairah port's refined oil inventory increased by 2.012 million barrels to 23.369 million barrels in the week ending January 26, 2026 [18] - US strategic petroleum reserve increased by 515,000 barrels to 415 million barrels in the week ending January 23 [18] Metal Futures - Guinea's bauxite exports in 2025 increased 25% year - on - year to 182.8 million tons [20] - Thailand's central bank restricted gold trading to manage the Thai baht exchange rate [20] - CME adjusted margin parameters for some silver, platinum, and palladium futures contracts [20] - China's polysilicon production is expected to decline significantly in January and February [20] - Russian Norilsk Nickel's 2025 and 2026 production forecasts for nickel and palladium were released [21] - Multiple exchanges adjusted margin and price - limit ratios for precious and base metal futures contracts [23][24] - A large smelting enterprise in Henan reduced production by 30% due to fog warnings [25] - Two zinc mines in Southwest China plan to reduce production in February [25] Black - series Futures - Two iron ore units of Vale were suspended, with an annual output of about 8 million tons [28] - As of January 28, national building materials production decreased, while inventories increased [28] - Some steel mills in Tangshan and Xingtai plan to raise coke prices on January 30 [29] Agricultural Product Futures - Argentina's drought may reduce 2025/26 crop yields [31] - Malaysia's palm oil production from January 1 - 25, 2026 decreased 14.81% compared to the same period last month [31] - CBOT soybean deliverable inventory decreased 12.08% in the week ending January 23 [31] Financial Market Financial - A - shares fluctuated, with resource stocks rising and the photovoltaic industry chain adjusting [34] - The Hang Seng Index rose to a new high since August 2021 [34] - In 2025, Chinese public security cracked down on major securities crimes [35] - By the end of December 2025, China's public funds reached a new high of 37.7 trillion yuan [35] - The first CSI A500ETF was listed on the Hong Kong Stock Exchange [35] Industry - The withdrawal of "zombie" Chinese patent medicine approvals will not impact the market [37] - China's installed power generation capacity increased by 16.1% by the end of 2025 [37] - Some real - estate enterprises are no longer required to report "three red lines" indicators [37] - China approved two medical device industry standards [37] - Three ministries issued 18 policies to support the elderly - care service industry [37] - A football "match - fixing" news conference will be held [38] - A Shenzhen gold platform faced a payment crisis [38] - The demand for solid - state batteries in humanoid robots is expected to exceed 74GWh by 2035 [40] Overseas - Trump threatened Iran, and Iran is on high alert [41] - India reported two Nipah virus cases with low spread risk [41] - Germany lowered its 2026 economic growth forecast to 1% [41] - The Bank of Japan may continue to raise interest rates if the outlook is as expected [42] - The Bank of Canada kept the benchmark rate at 2.25% [42] - South Korea's former first - lady was sentenced to 1 year and 8 months [43] International Stock Markets - US stocks closed mixed, with the Dow up 0.02%, the S&P 500 down 0.01%, and the Nasdaq up 0.17% [44] - European stocks fell due to Trump's threat to Iran [44] - Most Asian - Pacific stocks rose, except for the Indonesian index which tumbled [45] - SpaceX may launch an IPO in mid - June with a target valuation of $1.5 trillion [45] - Microsoft, Meta, and other companies reported strong earnings [45][46] Commodities - Exchanges tightened risk - control measures for futures contracts [49] - International precious metals and crude oil prices rose, while base metals mostly increased [49][50][51] Bonds - Chinese treasury bond futures rose on Wednesday, and the Ministry of Finance completed a treasury cash management deposit auction [52][53] - The National Development Bank issued RMB 5.5 billion of bonds in Macau [54] - Japan's 40 - year treasury bond auction had a high bid - to - cover ratio [54] - US treasury bond yields showed mixed performance [54] Foreign Exchange - The on - shore RMB/USD exchange rate rose, and China signed a RMB clearing agreement with Sri Lanka [56] - The yen depreciated against the dollar, and Thailand's central bank restricted gold trading [56] - The US dollar index rose 0.63% [57] Upcoming Events - There are multiple central bank interest - rate decisions, news conferences, and corporate earnings announcements scheduled for the day [59]