Placeholder Image

字幕列表 影片播放

由 AI 自動生成
  • - Betting against Starbucks has been a mistake

    - 與星巴克對賭是個錯誤

  • for a long, long time.

    很久很久。

  • But finally, the concerns are crystallizing.

    但是,人們的擔憂終於有了具體表現。

  • This past quarter, Starbucks sales fell off of a cliff.

    上一季度,星巴克的銷售額出現了斷崖式下跌。

  • This is "Heard on the Street,"

    這是 "街談巷議"

  • and today we're talking about Starbucks.

    今天我們就來談談星巴克。

  • (bouncy piano music)

    (跳躍的鋼琴曲)

  • The suspicion is people are finally hitting a pain point

    疑點是人們終於找到了痛點

  • with the expensive beverages at Starbucks.

    星巴克的昂貴飲料。

  • This is the change in US foot traffic.

    這就是美國人流量的變化。

  • You can see that Dunkin' grew quite a bit faster,

    可以看出,鄧肯公司的發展速度要快得多、

  • and Dutch Bros, which is a fast expanding chain,

    以及快速擴張的連鎖店 Dutch Bros、

  • grew far more quickly.

    增長速度要快得多。

  • The overall growth in Starbucks

    星巴克的整體增長

  • in the United States has slowed dramatically,

    美國的經濟增長大幅放緩、

  • because they've reached a saturation point.

    因為他們已經達到了飽和點。

  • It's growing, but it's not growing like it used to grow.

    它在成長,但成長的方式已今非昔比。

  • They need China to succeed.

    他們需要中國取得成功。

  • So Starbucks' long-term strategy in China

    是以,星巴克在中國的長期戰略是

  • is to grow very quickly,

    就是迅速成長、

  • because they know that the country's becoming more wealthy,

    因為他們知道,國家正變得越來越富裕、

  • and that people like coffee culture.

    人們喜歡咖啡文化。

  • Starbucks said in 2022, it wanted over the next three years

    星巴克在 2022 年表示,希望在未來三年內

  • to open a cafe in China every nine hours,

    每九個小時在中國開一家咖啡館、

  • which sounds bonkers, and it is,

    這聽起來很瘋狂,確實如此、

  • except if you consider the fact that in China last year,

    除非你考慮到去年在中國、

  • a brand new coffee shop opened,

    一家全新的咖啡店開張了、

  • on average, every 20 to 30 minutes.

    平均每 20 到 30 分鐘一次。

  • The problem is, Starbucks has a lot of competitors in China,

    問題是,星巴克在中國有很多競爭對手、

  • all of a sudden, led by Luckin Coffee,

    突然之間,在 Luckin Coffee 的帶領下、

  • which is the local champion.

    是當地的冠軍。

  • How quickly is Luckin growing?

    Luckin 的發展速度如何?

  • Well, here's a chart where you see Luckin in blue,

    這裡有一張圖表,你可以看到藍色的 Luckin、

  • and Starbucks in green,

    和綠色的星巴克、

  • and you can see they were pretty neck and neck,

    可以看出,他們的實力不相上下、

  • which is problem enough for Starbucks.

    這對星巴克來說已經夠麻煩了。

  • And then in 2023, Luckin went into total turbo overdrive

    然後在 2023 年,Luckin 完全進入了渦輪超速狀態

  • in terms of new store expansion.

    在新店擴張方面。

  • China is not over for Starbucks,

    對星巴克而言,中國市場尚未結束、

  • but the growth story might be significantly diminished.

    但增長前景可能會大打折扣。

  • For a stock like this,

    對於這樣的股票

  • growth is really the most important thing.

    增長才是最重要的。

  • In order for investors to pay growth stock prices for it,

    為了讓投資者為其支付增長股價、

  • they need to expect it to continue growing quickly.

    他們需要期待它繼續快速增長。

  • May was a wake up call for them where they saw

    五月份給他們敲響了警鐘,他們看到

  • that the two primary growth engines,

    這兩個主要增長引擎、

  • the willingness of Americans to pay more

    美國人願意支付更多費用

  • and more for coffee, and the willingness of Chinese people

    中國人願意喝咖啡,而且喝得越來越多。

  • to keep sampling this beverage,

    繼續品嚐這種飲料、

  • and for them to dominate this new market,

    並讓它們主導這個新市場、

  • have both disappointed.

    都令人失望。

  • And if they don't fix one, and preferably both,

    如果不能解決其中一個問題,最好兩個都解決、

  • it won't be the growth stock that it once was.

    它將不再是曾經的成長股。

  • Just treading water, muddling along

    躑躅不前,得過且過

  • is not going to be enough for investors in the stock.

    這對股票投資者來說是不夠的。

  • (bouncy piano music)

    (跳躍的鋼琴曲)

- Betting against Starbucks has been a mistake

- 與星巴克對賭是個錯誤

字幕與單字
由 AI 自動生成

單字即點即查 點擊單字可以查詢單字解釋