星巴克中国卖了

近日，星巴克宣布，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。

今天你练听力了吗？

🤔️小作业：

1. Based on the article, which conclusion is most supported by the financial data provided?

A. Starbucks' profits in China remain strong despite global losses

B. Global revenue increased, but profitability significantly weakened

C. Starbucks' U.S. market is now smaller than the China market

D. Selling 60% of China business will immediately double Starbucks' income

无注释原文：

Starbucks to Sell 60% of Its China Business to a Private Equity Firm

From: The New York Times

Starbucks 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.

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.

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.

“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.

Mr. Niccol added that the joint venture agreement would be finalized in early 2026. Boyu has offices in Singapore, Shanghai, Hong Kong and Beijing.

China has been a big bet for Starbucks going back decades.

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.

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.

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.

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.

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.

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.

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.

- ◆ -

注：完整题目见本文开头；中文文本为纽约时报官方译文，仅供参考

含注释全文：

Starbucks to Sell 60% of Its China Business to a Private Equity Firm

From: The New York Times

Starbucks 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。

equity /ˈek.wɪ.ti/  1）表示“（公司的）股本，股票值；股票”，英文解释为“the value of a company, divided into many equal parts owned by the shareholders, or one of the equal parts into which the value of a company is divided”举个🌰：He sold his equity in the company last year. 他去年卖掉了这家公司的股票。

2）表示“公平；公正”，英文解释为“the situation in which everyone is treated fairly and equally”如：a society based on equity and social justice 建立在公平公正和社会正义基础之上的社会。

📍private equity (PE) 私募股权；私人股本。据百度百科介绍，PE也就是私募股权投资，从投资方式角度看，是指通过私募形式对私有企业，即非上市企业进行的权益性投资，在交易实施过程中附带考虑了将来的退出机制，即通过上市、并购或管理层回购等方式，出售持股获利。

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。

joint venture /ˌdʒɔɪnt ˈven.tʃər/ 表示“联合企业，合资公司；联合商业活动”，英文解释为“a business or business activity that two or more people or companies work on together”举个🌰：The website was a joint venture between him and his partner. 这个网站是他和合伙人的合资公司。

license /ˈlaɪ.səns/ 作名词，表示“许可证，执照，牌照”，英文解释为“an official document that gives you permission to own, do, or use something, usually after you have paid money and/or taken a test”如：a dog licence 养狗牌照。

作动词，表示“许可，授权，特许”，英文解释为“to give someone official permission to do or have something”举个🌰：Several companies have been licensed to sell these products. 一些公司获得了这些产品的销售许可。

intellectual property /ɪn.təlˌek.tju.əl ˈprɒp.ə.ti/ 表示“知识产权”，英文解释为“someone's idea, invention, creation, etc., that can be protected by law from being copied by someone else”

IP即为intellectual property的缩写，原意表示知识产权。据百度百科，互联网界的“IP”可以理解为所有成名文创（文学、影视、动漫、游戏等）作品的统称。也就是说此时的IP更多的只是代表智力创造的比如发明、文学和艺术作品这些著作的版权。

📍进一步引申来说，能够仅凭自身的吸引力，挣脱单一平台的束缚，在多个平台上获得流量，进行分发的内容，就是一个IP，它是能带来效应的“梗“或者“现象”，这个“梗”可以在各种平台发挥效应，因此IP也可以说是一款产品，能带来效应的产品。

entity /ˈen.tɪ.ti/ 表示“实体；独立存在体”，英文解释为“something that exists apart from other things, having its own independent existence”举个🌰：The museums work closely together, but are separate legal entities. 这些博物馆密切合作，但它们都是独立的法人实体。

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。

exceed /ɪkˈsiːd/ 表示“超过，超出（数量）；超越（规定的范围）”，英文解释为“to be greater than a number or amount, or to go past an allowed limit”举个🌰：The final cost should not exceed ￥100. 最终的花费不应超出100元。

📍词根“-ceed”表示“走，去”，前缀“ex-”表示“出，超出”。近义词：surpass（超过），同根词：proceed（进行），succeed（成功）

proceeds /ˈprəʊ.siːdz/ 复数形式，表示“（从事某种活动或变卖财物的）收入，收益，进款”，英文解释为“the amount of money received from a particular event or activity or when something is sold”举个🌰：She sold her car and bought a piano with the proceeds. 她卖掉了汽车，然后用这笔收入买了一架钢琴。

🎬电影《神偷艳贼》（Gambit）中的台词提到：I bag the coins and donate the proceeds to charity. 我要把这些硬币封装好捐给慈善机构。

“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。”

expertise /ˌek.spɜːˈtiːz/ 表示“专门技能（知识）;专长”，英文解释为“a high level of knowledge or skill”举个🌰：We admired the expertise with which he prepared the meal. 我们很羡慕他那一手烹调绝活。

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。

dominate /ˈdɒm.ɪ.neɪt/ 表示“占支配地位；占主导地位；拥有优势；最明显的”，英文解释为“To dominate a situation means to be the most powerful or important person or thing in it.”举个🌰：The book is expected to dominate the best-seller lists. 这本书预期将居畅销书榜首。

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。

conscious /ˈkɒn.ʃəs/ 表示“有意识的；神志清醒的；有知觉的”，英文解释为“awake, thinking, and knowing what is happening around you”举个🌰：He's still conscious but he's very badly injured. 他神志还清醒，但伤得很重。

📍be conscious of sth/sb表示“意识到；察觉到；感觉到”，英文解释为“to notice that a particular thing or person exists or is present”举个🌰：My tooth doesn't exactly hurt, but I'm conscious of it (= I can feel it) all the time. 牙齿并不疼，可是我总觉得不舒服。

📍“con-”表示“一起”，“sci-”源自拉丁语“scire”，意为“知道”。整个词表示有共同的知识或意识。近义词：aware（意识到的），同根词：consciousness（意识），常用短语：socially conscious（社会意识）

rival /ˈraɪ.vəl/ 作名词，表示“竞争对手；敌手”，英文解释为“a person, group, etc. competing with others for the same thing or in the same area”

作动词，表示“可与…相媲美，比得上”，英文解释为“to be as good, clever, beautiful, etc. as someone or something else”举个🌰：No computer can rival a human brain for/in complexity. 没有任何计算机比得上人脑复杂。

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。

chain /tʃeɪn/ 1）表示“链条，链子；锁链；项链”，英文解释为“(a length of) rings usually made of metal that are connected together and used for fastening, pulling, supporting, or limiting freedom, or as jewellery”举个🌰：The gates were locked with a padlock and a heavy steel chain. 大门被一把挂锁和一根沉重的钢链锁着。

2）表示“一连串，一系列（的事物）”，英文解释为“a set of connected or related things”

3）表示“（尤指跨城市、跨国家）连锁商店（或酒店）”，英文解释为“a group of shops/stores or hotels owned by the same company or person, especially in different places.”

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。

resist /rɪˈzɪst/ 1）表示“抵制；阻挡；抗拒”，英文解释为“to refuse to accept or be changed by something”举个🌰：She resisted demands for her resignation. 她拒不答应她辞职的要求。

2）表示“按捺；忍住；拒受…的影响”，英文解释为“to stop yourself from doing something that you want to do”举个🌰：I can never resist temptation/chocolate/the urge to laugh. 我向来无法抗拒诱惑/我永远不可能抵挡巧克力的诱惑/我要是想笑，怎么也忍不住。

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。

bolster /ˈbəʊl.stər/ 表示“支撑；加固；提高；改善；加强”，英文解释为“to improve sth or make it stronger”如：to bolster sb's confidence / courage / morale 增加某人的信心 / 勇气 / 士气，举个🌰：Hopes of an early cut in interest rates bolstered confidence. 提前降低利率的希望增强了信心。

🎬电影《塞尔拉·伯格斯是废柴》（Sierra Burgess Is a Loser）中的台词提到：I was wondering if you had any suggestions on how to bolster my resume. 想问问 对提升我的简历你有没有什么意见？

turnaround /ˈtɜːn.ə.raʊnd/ 1）表示“（突然）好转，改观，改善”，英文解释为“an occasion when a business, plan, or system suddenly becomes successful”举个🌰：The CEO was responsible for the turnaround in the company's fortunes. 公司命运的转变归功于首席执行官。

2）表示“（车辆的）终点装卸时间；周转时间；处理时间”，英文解释为“the amount of time taken for something to happen after a vehicle, an instruction, or an order for goods arrives at a place”举个🌰：We'll have to improve the turnaround - three days is too long. 我们必须缩短周转时间——３天时间太长。

1）shutter作名词，通常复数，原意表示“活动护窗；百叶窗”，英文解释为“one of a pair of wooden or metal covers that can be closed over the outside of a window to keep out light or protect the windows from damage”，如：to open/close the shutters 打开/关上护窗。

2）作动词，可以指关上百叶窗，也有“（暂时或永久地）停业”的含义（to close down a business or activity）。

📍《经济学人》（The Economist）一篇讲述疫情影响的文章中提到：As covid-19 shutters businesses and leaves supermarket shelves bare, ...随着新冠肺炎导致众多企业关闭，超市货架空空如也，

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。

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