近日，彭博社（Bloomberg）报道称，星巴克正在考虑出售中国业务股份。
🤔️小作业：
1. What is most likely the author's tone when discussing Starbucks' challenges in the Chinese and U.S. markets?
A) Optimistic about Starbucks' future growth.
B) Neutral, presenting facts without strong opinions.
C) Critical of Starbucks' management decisions.
D) Sympathetic towards Starbucks' struggles.
无注释原文：
Starbucks Might Sell Stake in China Operations. What It Means for the Stock.
From: Barron's
Starbucks stock jumped 1.8% on Thursday after a report that the coffee retailer is considering selling a stake in its Chinese operations to a local partner to help it better grow in the market.
This doesn't come as a surprise.
Bloomberg reported the deal under consideration, citing people with knowledge of the matter.
As Starbucks struggles with slumping sales in China, management has been exploring ways to rejuvenate growth and has noted on several occasions that they are considering a strategic partnership to help the company better compete in China.
“We are fully committed to our business and partners, and to growing in China,” said a Starbucks spokesperson in response to Barron's request for comment.
While it's unclear what a partnership looks like or entails, it's probably dilutive to profit margins, BTIG analyst Peter Saleh wrote in an October note.
China is Starbucks' largest market outside of the U.S., with over 7,500 stores generating roughly $3 billion of revenue in fiscal 2024—about 9% of the total sales. The company has invested heavily to strengthen its presence in China, but that has proven challenging in recent years.
Although Starbucks has been growing its store count in the country, a generally weaker consumer environment and fierce competition from local rivals such as Luckin Coffee are increasingly hurting its business.
In fiscal 2024, same-store sales for Starbucks' Chinese stores fell 8% from a year earlier, with the fourth quarter ending in September seeing a 14% slump—thanks to declines in both the number and average size of orders.
If Starbucks were to sell some of its stake in China, it wouldn't be the first. It isn't uncommon for western chains to tie up with operators or investors in overseas markets when they struggle to compete with local rivals or cater to local tastes.
In 2016, KFC parent Yum! Brands sold a stake in its Chinese operations to private equity firm Primavera Capital, which eventually led to a spinoff of the business as a separate listing on the New York Stock Exchange under the name Yum! China.
The following year, McDonald's sold a majority stake in its operators to a group of investors. But the company has bought back some those stakes in 2023.
Still, rebooting China might not be Starbucks' top priority right now. The company is facing bigger challenges in its domestic business in North America, which accounted for 75% of its total revenue in fiscal 2024.
The coffee chain is struggling to maintain growth at home as consumers complain about long lines, high prices for drinks, and a less cozy store environment. In the latest quarter, same-store sales in North America declined 6% from a year ago.
Since Brian Niccol became the new CEO of Starbucks in September, the company has been focused on turning around its U.S. business under its “Back to Starbucks” plan. Niccol has spent much of his time visiting stores and meeting with partners in U.S. markets.
He hasn't made a market visit to China yet. On the latest earnings call, Niccol said he needs to spend time in China to better understand the company's operations there.
“All indications show me the competitive environment is extreme, the macro environment is tough, and we need to figure out how we grow in the market now and into the future,” he told analysts.
- ◆ -
注：完整题目见本文开头；中文文本为机器翻译并非一一对应，仅供参考
含注释全文：
Starbucks Might Sell Stake in China Operations. What It Means for the Stock.
From: Barron's
Starbucks stock jumped 1.8% on Thursday after a report that the coffee retailer is considering selling a stake in its Chinese operations to a local partner to help it better grow in the market.
周四，星巴克（Starbucks）股价上涨1.8%。此前有报道称，咖啡零售巨头星巴克正在考虑将部分中国业务出售给本地合作伙伴，以助其在中国市场更好地发展。
stock
作动词，stock /stɒk/ 1）表示“（商店或工厂）储备，贮存”，英文解释为“If a shop or factory stocks something, it keeps a supply of it.”举个🌰：Most supermarkets stock a wide range of wines. 大多数超级市场备有许多种类的葡萄酒。
2）表示“为…备货；把…填满”，英文解释为“to fill something such as a cupboard or shelves with food or goods”举个🌰：He has a part-time job stocking shelves in the local supermarket. 他有一份兼职工作，在当地超市摆货架。
作名词，1）表示“（商店的）库存，存货”，英文解释为“the total amount of goods or the amount of a particular type of goods available in a shop”
2）表示“股份；股票”，英文解释为“part of the ownership of a company that can be bought by members of the public”举个🌰：Stock prices fell yesterday in heavy trading. 股价昨日放量下跌。
类似的：
📍share作名词，表示“股份，股票”，英文解释为“any of the units of equal value into which a company is divided and sold to raise money. People who own shares receive part of the company's profits.”
stake
stake /steɪk/ 1）表示“股本，股份”，英文解释为“a share or a financial involvement in something such as a business”举个🌰：He holds (= owns) a 55 percent stake in/of the company. 他拥有公司55%的股份。
2）表示“赌注，赌金”，英文解释为“the amount of money that you risk on the result of something such as a game or competition”
3）stakes 复数，表示“（活动或比赛的）奖金，奖品，回报”，英文解释为“In an activity or competition, the stakes are the reward for the person who wins or succeeds in it.”举个🌰：The team is playing for enormous stakes - the chance to play in the final. 这支球队正在为无上的回报，即进入决赛，而拼命一搏。
补充：
📍have a stake in sth表示“对…有强烈的兴趣；与…有利害关系；重大利益”，英文解释为“If you have a stake in something, it is important to you because you have a personal interest or involvement in it.”举个🌰：Employers have a stake in the training of their staff. 雇主很重视员工培训。
This doesn't come as a surprise.
这一消息并不令人意外。
Bloomberg reported the deal under consideration, citing people with knowledge of the matter.
彭博社（Bloomberg）援引知情人士的消息，报道了这一正在考虑中的交易。
As Starbucks struggles with slumping sales in China, management has been exploring ways to rejuvenate growth and has noted on several occasions that they are considering a strategic partnership to help the company better compete in China.
由于星巴克在中国的销售额下滑，公司管理层一直在探索恢复增长的方法，并多次指出正在考虑建立战略合作伙伴关系，来提升在中国市场的竞争力。
slumping
作动词，slump /slʌmp/ 1）表示“沉重地坐下（或倒下）”，英文解释为“to sit or fall heavily and suddenly”举个🌰：She slumped into the chair, exhausted. 她颓然跌坐在椅子上，筋疲力尽。
2）表示“（价格、价值或销售额）猛跌，突然下降”，英文解释为“(of prices, values, or sales) to fall suddenly”
作名词，1）表示“（价格、价值、销售额等的）猛跌，暴跌”，英文解释为“a fall in the price, value, sales, etc. of something”举个🌰：There's been a slump in the demand for new cars. 新车的需求量猛跌。
2）表示“萧条（期），衰落”，英文解释为“a period when an industry or the economy is in a bad state and there is a lot of unemployment”举个🌰：The airline industry is currently in a slump. 当前航空业正处于萧条期。
rejuvenate
rejuvenate /rɪˈdʒuː.vən.eɪt/ 1）表示“使年轻；使恢复活力；使青春焕发”，英文解释为“to make someone look or feel young and energetic again”，举个🌰 She felt rejuvenated by her fortnight there. 在那度了两周假，她觉得自己变年轻了。
2）表示“使（组织或体制）恢复活力”，英文解释为“to make an organization or system more effective by introducing new methods, ideas, or people”，举个🌰：He has decided to rejuvenate the team by bringing in a lot of new, young players. 他决定大批引进年轻的新队员，使球队恢复活力。
“We are fully committed to our business and partners, and to growing in China,” said a Starbucks spokesperson in response to Barron's request for comment.
星巴克发言人在回应《巴伦周刊》（Barron's）的置评请求时表示：“我们将全力支持我们的业务和合作伙伴，同时致力于在中国市场继续发展。”
While it's unclear what a partnership looks like or entails, it's probably dilutive to profit margins, BTIG analyst Peter Saleh wrote in an October note.
BTIG分析师彼得·萨利赫（Peter Saleh）在10月份的一份报告中写道，虽然目前还不清楚合作形式和内容，这可能会对利润率产生一定影响。
entail
entail /ɪnˈteɪl/ 表示“使必要；牵涉”，英文解释为“to make something necessary, or to involve something”举个🌰：Such a large investment inevitably entails some risk. 这样的巨额投资必然会有一定的风险。
dilutive
dilutive （公司股票）冲减每股收益，财务术语，用来描述某种行为或事件对每股收益 (EPS) 或公司利润率的负面影响。具体来说，当“dilutive” 用在商业合作或投资中时，意味着该行为可能会导致公司的利润率下降，或使现有股东的每股收益被稀释。这通常是因为引入了新的投资或合作伙伴，或者发行了更多的股票，从而分散了原有利润或股东权益。
profit margin
profit margin /ˈprɒf.ɪt ˌmɑː.dʒɪn/ 表示“利润率，利润幅度”，英文解释为“the difference between the total cost of making and selling something and the price it is sold for”举个🌰：Many small companies operate on very narrow profit margins. 许多小公司靠非常微薄的利润率维持经营。
China is Starbucks' largest market outside of the U.S., with over 7,500 stores generating roughly $3 billion of revenue in fiscal 2024—about 9% of the total sales. The company has invested heavily to strengthen its presence in China, but that has proven challenging in recent years.
中国是星巴克在美国以外的最大市场。目前在中国拥有超过7500家门店，预计在2024财年将带来约30亿美元的收入，占总销售额的9%。尽管星巴克已投入巨资加强在中国的业务，但近年来面临不少挑战。
fiscal
fiscal /ˈfɪs.kəl/ 表示“财政的；国库的”，英文解释为“Fiscal is used to describe something that relates to government money or public money, especially taxes.”
Although Starbucks has been growing its store count in the country, a generally weaker consumer environment and fierce competition from local rivals such as Luckin Coffee are increasingly hurting its business.
虽然星巴克在中国的门店数量一直在增加，但消费环境总体疲软以及来自当地竞争对手（如瑞幸咖啡）的激烈竞争，正日益冲击其业务。
fierce
fierce /fɪəs/ 表示“猛烈的；激烈的；骇人的”，英文解释为“physically violent and frightening”如：a fierce attack/battle 猛烈的进攻/激烈的战斗。
rival
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。
In fiscal 2024, same-store sales for Starbucks' Chinese stores fell 8% from a year earlier, with the fourth quarter ending in September seeing a 14% slump—thanks to declines in both the number and average size of orders.
2024财年，星巴克中国门店的同店销售额比去年同期下降了8%，特别是截至9月的第四季度降幅更大，达到14%。这主要归因于订单数量减少，单笔消费额也有所下降。
If Starbucks were to sell some of its stake in China, it wouldn't be the first. It isn't uncommon for western chains to tie up with operators or investors in overseas markets when they struggle to compete with local rivals or cater to local tastes.
如果星巴克出售其在中国的部分股份，这将不是首例。西方连锁品牌在与当地竞争对手竞争或迎合当地口味时，与海外市场的运营商或投资者合作的情况并不少见。
chain
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”举个🌰：She has built up a chain of 180 bookshops across the country. 她在全国各地开了180家连锁书店。
cater to
英式 cater for sb/sth 美式 cater to 表示“迎合；满足；满足或提供（个人或团体的）愿望或需求”，英文解释为“to provide what is wanted or needed by someone or something”举个🌰：The club caters for children between the ages of four and twelve. 该俱乐部适合4至12岁的儿童。
In 2016, KFC parent Yum! Brands sold a stake in its Chinese operations to private equity firm Primavera Capital, which eventually led to a spinoff of the business as a separate listing on the New York Stock Exchange under the name Yum! China.
2016年，肯德基（KFC）母公司百胜餐饮集团（Yum！Brands）向私募股权公司春华资本（Primavera Capital）出售了其中国业务的股份，最终导致该业务分拆，以百胜中国的名义在纽约证券交易所独立上市。
equity
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。
spinoff
1）表示“意外收获；意外效应”，英文解释为“A spinoff is an unexpected but useful or valuable result of an activity that was designed to achieve something else.”举个🌰：The company put out a report on commercial spinoffs from its research. 该公司发布了一份关于来自其研究的商业效应的报告。
2）表示“（书、电影或电视连续剧的）衍生物；派生产品，副产品；衍生物”，英文解释为“A spinoff is a book, film, or television series that comes after and is related to a successful book, film, or television series. A product that develops from another more important product”
listing
list作动词，表示“使（公司）上市；（公司）上市”（If a company is listed, or if it lists, on a stock exchange, it obtains an official quotation for its shares so that people can buy and sell them.）举个🌰：Last month, thirty new companies were listed. 上个月有30家公司上市。
📍relist 重新上市。
📍listing作名词，除了表示“（表册上的）位置，项目”，也有“上市”的含义，英文解释为“a position or an item on a list”举个🌰：The company is seeking a stock exchange listing (= for trading shares). 这家公司正在争取上市。
The following year, McDonald's sold a majority stake in its operators to a group of investors. But the company has bought back some those stakes in 2023.
次年，麦当劳（McDonald's）将其中国主要业务股份出售给一批投资者。不过，2023年时，麦当劳又买回了部分股份。
Still, rebooting China might not be Starbucks' top priority right now. The company is facing bigger challenges in its domestic business in North America, which accounted for 75% of its total revenue in fiscal 2024.
不过，重振中国市场可能并不是星巴克目前的首要任务。该公司在北美的国内业务正面临着更大的挑战，2024财年，该业务占星巴克总营收的75%。
reboot
reboot /ˌriːˈbuːt/ 1）表示“（使）重新启动（计算机）”，英文解释为“(of a computer) to switch off and then start again immediately, or to make a computer do this”举个🌰：If this doesn't work, close the application and reboot the system. 如果这不解决问题，那么关闭程序，重启系统。
2）表示“以新鲜有趣的方式重做”，英文解释为“to start something again or do something again, in a way that is new and interesting”举个🌰：With his new movie he reboots the classic Western. 他新拍的电影重新启动了经典的西部片。
The coffee chain is struggling to maintain growth at home as consumers complain about long lines, high prices for drinks, and a less cozy store environment. In the latest quarter, same-store sales in North America declined 6% from a year ago.
由于消费者抱怨排队时间长、饮品价格高以及店内环境不够舒适，星巴克正在努力维持其美国国内业务的增长。最近一个季度，北美地区的同店销售额同比下降了6%。
cozy
英式 cosy 美式 cozy /ˈkəʊ.zi/ 表示“（尤指建筑物因为小及温暖而）温馨的，温暖舒适的，惬意的，安逸的”，英文解释为“comfortable and pleasant, especially (of a building) because of being small and warm”举个🌰：This room is nice and cosy in the winter. 这房间冬天十分温暖舒适。
作名词，表示“保暖罩”，英文解释为“a cover that you put on a teapot or a boiled egg to keep it warm”
Since Brian Niccol became the new CEO of Starbucks in September, the company has been focused on turning around its U.S. business under its “Back to Starbucks” plan. Niccol has spent much of his time visiting stores and meeting with partners in U.S. markets.
自布莱恩·尼科尔（Brian Niccol）于今年9月出任星巴克新任首席执行官以来，该公司一直专注于通过“重返星巴克”计划扭转美国业务。尼科尔把大部分时间都花在了走访门店和会见美国市场的合作伙伴上。
He hasn't made a market visit to China yet. On the latest earnings call, Niccol said he needs to spend time in China to better understand the company's operations there.
目前，他还未前往中国市场进行调研。在最近的财报会议上，尼科尔表示，他需要在中国多花点时间，以便全面了解当地的运营情况。
“All indications show me the competitive environment is extreme, the macro environment is tough, and we need to figure out how we grow in the market now and into the future,” he told analysts.
他对分析师表示：“所有迹象都表明，中国的竞争环境非常激烈，宏观环境也较为复杂，我们需要弄清楚如何在现在和未来的市场中实现增长。”
macro
macro /ˈmæk.rəʊ/ 表示“大的；宏观的”，英文解释为“large; relating to the whole of something, rather than its parts”如：macroscopic (= large enough to be seen by the human eye) 肉眼可见的。
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