繼星巴克中國易主之後，又一國際快餐品牌迎來重大變革——漢堡王中國股權被CPE源峰收購。2025年11月10日，漢堡王母公司RBI（Restaurant Brands International）與CPE源峰正式達成戰略合作，成立合資公司「漢堡王中國」。根據協議，CPE源峰將注資3.5億美元，取得合資公司83%的股權，RBI保留17%股權，並簽署為期20年的主開發協議，持續獨家運營漢堡王中國業務。交易預計於2026年第一季度完成，尚需經過中國相關監管機構的審批。

此次合作的背景與原因主要源於漢堡王中國近年的發展表現不佳。據統計，2025年漢堡王中國僅新開設26家門店，單店年銷售額約40萬美元，遠低於其他國際市場的表現。早在2025年2月，RBI便收回漢堡王中國全部股權，並於10月將其列為待售資產，積極接觸潛在合作夥伴以尋求轉型與擴張機會。

此次交易不僅涉及股權轉讓，更涵蓋對中國市場的長期戰略規劃。CPE源峰計劃將漢堡王中國門店數量從目前約1300家擴展至2035年的4000家以上，平均每年新增約275家門店。此擴張計劃將同步推進產品升級、數字化建設及本土化運營策略。CPE源峰在消費領域的投資經驗——包括蜜雪冰城、泡泡瑪特等案例——將被用於提升漢堡王在中國市場的競爭力與品牌影響力。

分析人士認為，此次合作標誌著漢堡王中國的新一輪戰略轉型，不僅體現國際品牌對中國市場長期發展潛力的認可，也展示本土投資者在國際快餐品牌運營與本土化策略中的重要作用。未來，漢堡王中國能否在CPE源峰的帶領下實現快速擴張與盈利提升，將成為業界和市場關注的焦點。

Following the recent ownership change of Starbucks in China, another major international fast-food brand has undergone a significant transformation: Burger King China has been acquired by CPE Yuanfeng. On November 10, 2025, Burger King’s parent company, Restaurant Brands International (RBI), and CPE Yuanfeng announced a strategic partnership to establish a joint venture named Burger King China. Under the agreement, CPE Yuanfeng will invest $350 million to acquire 83% of the joint venture, while RBI will retain 17% equity and sign a 20-year master development agreement, maintaining exclusive operation rights for Burger King’s China business. The transaction is expected to close in the first quarter of 2026, pending regulatory approval in China.

The deal comes against the backdrop of sluggish performance in the Chinese market. In 2025, Burger King China opened only 26 new stores, with an average annual sales per store of approximately $400,000, significantly lower than its performance in other international markets. Earlier in 2025, RBI had reclaimed full ownership of Burger King China and, by October, designated the business as a “for-sale asset”, actively seeking potential partners for transformation and expansion.

Beyond the equity transfer, the partnership outlines an ambitious long-term growth plan for the Chinese market. CPE Yuanfeng aims to expand Burger King China from around 1,300 stores to over 4,000 stores by 2035, adding an average of 275 stores per year. This expansion will be accompanied by product upgrades, digitalization initiatives, and localized operational strategies. CPE Yuanfeng intends to leverage its extensive experience in the consumer sector—such as investments in Mixue Ice Cream & Tea and POP MART—to enhance Burger King’s competitiveness and brand influence in China.

Industry analysts view the deal as a new phase of strategic transformation for Burger King China, reflecting international brands’ recognition of the long-term growth potential in the Chinese market and highlighting the key role of local investors in driving localization and operational efficiency. The coming years will be critical in determining whether Burger King China, under CPE Yuanfeng’s leadership, can achieve rapid expansion and improved profitability.