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KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"fabrinet","name":"Fabrinet","name_en":"Fabrinet","tier":3,"returns_yearly":{"2021":52.7,"2022":8.2,"2023":48.4,"2024":15.5,"2025":107.1,"2026":3.5}},{"slug":"blackrock","name":"BlackRock","name_en":"BlackRock","tier":3,"returns_yearly":{"2021":29.4,"2022":-20.4,"2023":17.9,"2024":29.3,"2025":6.6,"2026":-2.1}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"phison","name":"Phison","name_en":"Phison Electronics","tier":3,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"oklo","name":"Oklo","name_en":"Oklo","tier":3,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-31.9}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":3,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"세계 최대 커피 프랜차이즈, Deep Brew AI를 마이크로소프트 애저 위에서 운영 기업. 2026년 +27.9%다. 본주(+27.9%)가 수요단(평균 +4.9%)과 공급단(평균 -20.2%)을 모두 앞선다. 사슬보다 먼저 달린 만큼, 수요단 숫자가 따라오지 못하면 되돌림이 먼저 오는 자리다. 연결 노드 중 가장 앞선 곳은 네슬레(+17.6%), 가장 처진 곳은 마이크로소프트(-20.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. 미국·중국 중심(중국 8,011개, 총 40,990개 점포). 리워드 충성 고객이 재방문을 견인.","analysis_en":"Starbucks Corp is the world's largest coffee franchise, running Deep Brew AI on Microsoft Azure. It is +27.9% in 2026. The stock (+27.9%) is ahead of both its demand side (avg +4.9%) and supply side (avg -20.2%). Having run ahead of its chain, it is the first spot to give back if customer numbers fail to follow. Among connected nodes the furthest ahead is Nestlé S.A. (+17.6%) and the furthest behind is Microsoft (-20.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. On the cost side it runs its own AI platform, Deep Brew, on Microsoft Azure to automate personalized recommendations and inventory and store operations.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"소비자·직영점 (company-operated)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-09-28","basis":"직영점 매출(순매출의 82.7%)","value":30700000000,"period":"FY2025","basis_en":"Company-operated store revenue (82.7% of net revenue)"},"note":"직영점에서 소비자에게 파는 커피·음료가 매출의 82.7%($30.7B)로, 매출이 소비 지출과 중국 영업의 대리지표로 움직인다.","note_en":"Coffee and beverages sold to consumers at company-operated stores are 82.7% of revenue ($30.7B), so revenue tracks consumer spending and China operations as a proxy.","sources":[{"stance":"confirms","publisher":"스타벅스","publisher_en":"Starbucks","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://www.sec.gov/Archives/edgar/data/829224/000082922425000114/sbux-20250928.htm","title":"Starbucks Form 10-K (FY2025)","title_en":"Starbucks Form 10-K (FY2025)","excerpt":"FY2025 총 순매출은 약 372억 달러이며, 직영점(company-operated stores) 매출이 최대 비중을 차지한다.","excerpt_en":"FY2025 total net revenues were about $37.2 billion, with company-operated store revenue the largest component."},{"stance":"confirms","publisher":"스타벅스(IR)","publisher_en":"Starbucks (IR)","kind":"ir","lang":"en","published_at":"2025-10-29","url":"https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx","title":"Starbucks Reports Q4 and Full Fiscal Year 2025 Results","title_en":"Starbucks Reports Q4 and Full Fiscal Year 2025 Results","excerpt":"2025 회계연도 순매출은 $37.2B(+3%)이며 직영점 $30.7B(82.7%), 라이선스 $4.4B(11.7%), 기타 $2.1B이다. 점포는 40,990개, 중국은 8,011개다.","excerpt_en":"Fiscal 2025 net revenue was $37.2B (+3%), with company-operated stores $30.7B (82.7%), licensed $4.4B (11.7%) and other $2.1B; 40,990 stores including 8,011 in China."}]},{"direction":"revenue","counterparty":"이마트","counterparty_slug":"emart","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2021-07-27","basis":"이마트의 SCK 지분","value":67.5,"period":"2021~","basis_en":"E-Mart stake in SCK"},"note":"이마트는 스타벅스코리아(SCK) 지분 67.5%를 보유하고 SCK가 스타벅스에 라이선스 로열티를 지급한다. 스타벅스에게 이마트(SCK)는 로열티 매출처다.","note_en":"E-mart holds 67.5% of Starbucks Korea (SCK), which pays license royalties to Starbucks. For Starbucks, E-mart (via SCK) is a royalty revenue source.","sources":[{"stance":"confirms","publisher":"GIC","publisher_en":"GIC","kind":"ir","lang":"en","published_at":"2021-07-27","url":"https://www.gic.com.sg/newsroom/all/starbucks-transitions-retail-business-in-south-korea-to-e-mart-and-gic/","title":"Starbucks Transitions Retail Business in South Korea to E-Mart and GIC","title_en":"Starbucks Transitions Retail Business in South Korea to E-Mart and GIC","excerpt":"이마트가 스타벅스코리아(SCK) 지분을 67.5%로 늘리고 GIC가 32.5%를 취득했으며, 이마트가 국내 약 1,500개 스타벅스 매장 운영을 이어간다.","excerpt_en":"E-Mart increased its stake in Starbucks Coffee Korea to 67.5% and GIC took 32.5%, with E-Mart continuing to operate about 1,500 Starbucks stores in Korea."}]},{"direction":"revenue","counterparty":"Nestlé","counterparty_slug":"nestle","confidence":"high","metric":{"type":"amount","unit":"USD10억","as_of":"2018-05-07","basis":"스타벅스 CPG 판권 인수(영구 라이선스)","value":7.15,"period":"2018 선급","basis_en":"Starbucks CPG rights acquisition (perpetual license)"},"note":"네슬레는 2018년 글로벌 커피동맹으로 스타벅스 CPG 제품의 영구 판권을 인수하고 로열티를 지급한다. 스타벅스에게 네슬레는 그 로열티 매출처다.","note_en":"Under the 2018 Global Coffee Alliance, Nestlé acquired perpetual rights to Starbucks CPG products and pays royalties. For Starbucks, Nestlé is that royalty revenue source.","sources":[{"stance":"confirms","publisher":"스타벅스","publisher_en":"Starbucks","kind":"ir","lang":"en","published_at":"2018-05-07","url":"https://investor.starbucks.com/news/financial-releases/news-details/2018/Starbucks-and-Nestl-Form-Global-Coffee-Alliance-to-Elevate-and-Expand-Consumer-Packaged-Goods-and-Foodservice-Categories-Around-the-World/default.aspx","title":"Starbucks and Nestle Form Global Coffee Alliance","title_en":"Starbucks and Nestle Form Global Coffee Alliance","excerpt":"네슬레가 스타벅스에 $71.5억을 지급하고 스타벅스 포장 커피·차 제품을 매장 밖 전 세계 가정·비가정 채널에서 마케팅·판매·유통할 영구 라이선스를 확보했다.","excerpt_en":"Nestle paid Starbucks $7.15 billion in closing consideration for a perpetual license to market, sell and distribute Starbucks packaged coffee and tea in global at-home and away-from-home channels outside Starbucks stores."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2018-05-07","url":"https://www.cnbc.com/2018/05/07/nestle-to-pay-7-point-15-billion-to-starbucks-in-coffee-tie-up.html","title":"Nestle to pay $7.15 billion to Starbucks to jump-start coffee business","title_en":"Nestle to pay $7.15 billion to Starbucks to jump-start coffee business","excerpt":"네슬레가 스타벅스 소비재 사업의 판권을 $71.5억에 인수했고, 스타벅스는 라이선서이자 원두 공급사로 남는다.","excerpt_en":"Nestle is paying $7.15 billion for the rights to Starbucks' consumer business, with Starbucks remaining licensor and supplier of the coffee."}]},{"direction":"cost","counterparty":"원두·커피 원자재 (비공개)","counterparty_slug":null,"confidence":"high","metric":null,"note":"핵심 원가인 생두(아라비카) 등 커피 원자재. 원두 가격 변동이 원가와 마진에 직접 영향을 준다. 개별 공급사·단가는 비공개.","note_en":"Green coffee (arabica) and related raw materials are a core cost; bean-price swings feed directly into cost and margin. Individual suppliers and prices undisclosed.","sources":[{"stance":"mentions","publisher":"스타벅스(SEC 10-K)","publisher_en":"Starbucks (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://s203.q4cdn.com/326826266/files/doc_financials/2025/q4/SBUX-9-28-2025-10-K-FINAL.pdf","title":"Starbucks Corp Form 10-K (FY2025)","title_en":"Starbucks Corp Form 10-K (FY2025)","excerpt":"10-K는 생두(커피) 등 원자재 가격 변동이 원가와 실적에 영향을 준다는 점을 위험요인으로 다룬다.","excerpt_en":"The 10-K treats price volatility in green coffee and other commodities as a risk factor affecting cost and results."}]},{"direction":"cost","counterparty":"인건비·임대 (비공개)","counterparty_slug":null,"confidence":"high","metric":null,"note":"매장 인건비와 임대료가 큰 고정성 원가다. 미국 임금 인상과 중국 경쟁 심화가 마진 변수다. 세부는 비공개.","note_en":"Store labor and rent are large, largely fixed costs; US wage increases and intensifying China competition are margin swing factors. Details undisclosed.","sources":[{"stance":"mentions","publisher":"스타벅스(SEC 10-K)","publisher_en":"Starbucks (SEC 10-K)","kind":"filing","lang":"en","published_at":"2025-11-14","url":"https://s203.q4cdn.com/326826266/files/doc_financials/2025/q4/SBUX-9-28-2025-10-K-FINAL.pdf","title":"Starbucks Corp Form 10-K (FY2025)","title_en":"Starbucks Corp Form 10-K (FY2025)","excerpt":"10-K는 매장 인건비·임대료와 노동시장·경쟁 환경을 원가 및 위험요인으로 기술한다.","excerpt_en":"The 10-K describes store labor and rent and the labor-market and competitive environment as costs and risk factors."}]},{"direction":"cost","counterparty":"Microsoft","counterparty_slug":"microsoft","confidence":"high","metric":null,"note":"자체 AI 플랫폼 Deep Brew를 마이크로소프트 애저 위에서 운영한다. 애저의 머신러닝·강화학습으로 개인화 추천을 하고, 재고·마스트레나 커피머신 관리·매장 운영을 자동화한다. AI는 매출원이 아니라 원가성 역량이다.","note_en":"Runs its own AI platform, Deep Brew, on Microsoft Azure, using Azure machine learning and reinforcement learning for personalized recommendations and to automate inventory, Mastrena machine upkeep and store operations. The AI is a cost-side capability, not a revenue line.","sources":[{"stance":"confirms","publisher":"AI타임스","publisher_en":"AI Times","kind":"news","lang":"ko","published_at":"2020-12-21","url":"http://www.aitimes.com/news/articleView.html?idxno=135037","title":"스타벅스, AI '딥브루' 도입해 새로운 혁신 꿈꾼다","title_en":"Starbucks adopts AI 'Deep Brew' for new innovation","excerpt":"딥브루는 마스트레나 커피머신 유지·트러블 예방과 재고 관리 등 시간이 많이 걸리는 매장 업무를 자동화하고, 날씨·시간·유동인구 데이터로 메뉴 결정을 지원한다.","excerpt_en":"Deep Brew automates time-consuming store tasks such as Mastrena machine upkeep and inventory management, and supports menu decisions using weather, time and foot-traffic data."},{"stance":"confirms","publisher":"마이크로소프트(뉴스)","publisher_en":"Microsoft (Source)","kind":"news","lang":"en","published_at":"2020-01-06","url":"https://news.microsoft.com/source/features/digital-transformation/starbucks-turns-to-technology-to-brew-up-a-more-personal-connection-with-its-customers/","title":"Starbucks turns to technology to brew up a more personal connection with its customers","title_en":"Starbucks turns to technology to brew up a more personal connection with its customers","excerpt":"스타벅스 앱의 맞춤 주문 추천은 마이크로소프트 애저에 구축·호스팅된 강화학습 플랫폼에서 생성된다.","excerpt_en":"In-app tailor-made order suggestions are generated via a reinforcement learning platform built and hosted in Microsoft Azure."}]},{"direction":"revenue","counterparty":"라이선스 파트너·채널 (licensed·CPG)","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-09-28","basis":"라이선스 매장 매출(순매출의 11.7%)","value":4400000000,"period":"FY2025","basis_en":"Licensed-store revenue (11.7% of net revenue)"},"note":"라이선스 매장 매출 $4.4B(11.7%)과 채널개발·CPG $2.1B로, 자본을 덜 쓰면서 매장망을 넓히는 축이다.","note_en":"Licensed-store revenue of $4.4B (11.7%) and channel development/CPG of $2.1B, the capital-light way to extend the store network.","sources":[{"stance":"confirms","publisher":"스타벅스(IR)","publisher_en":"Starbucks (IR)","kind":"ir","lang":"en","published_at":"2025-10-29","url":"https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx","title":"Starbucks Reports Q4 and Full Fiscal Year 2025 Results","title_en":"Starbucks Reports Q4 and Full Fiscal Year 2025 Results","excerpt":"라이선스 매장 매출은 $4.4B(11.7%), 기타 채널 매출은 $2.1B이다.","excerpt_en":"Licensed-store revenue was $4.4B (11.7%) and other channel revenue $2.1B."}]},{"direction":"revenue","counterparty":"리워드 멤버십 (충성 고객)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"스타벅스 리워드 로열티 프로그램이 재방문과 선불 충전을 유도해 소비를 반복시키는 축이다. 미국 활성 회원은 약 3,460만 명 수준이다.","note_en":"The Starbucks Rewards loyalty program drives repeat visits and prepaid loading, recycling consumer spend; US active members are around 34.6 million.","sources":[{"stance":"mentions","publisher":"스타벅스(IR)","publisher_en":"Starbucks (IR)","kind":"ir","lang":"en","published_at":"2025-10-29","url":"https://investor.starbucks.com/news/financial-releases/news-details/2025/Starbucks-Reports-Q4-and-Full-Fiscal-Year-2025-Results/default.aspx","title":"Starbucks Reports Q4 and Full Fiscal Year 2025 Results","title_en":"Starbucks Reports Q4 and Full Fiscal Year 2025 Results","excerpt":"스타벅스 리워드 로열티 프로그램은 재방문과 디지털 매출의 핵심 동력으로 설명된다.","excerpt_en":"The Starbucks Rewards loyalty program is described as a key driver of repeat visits and digital revenue."}]}]}