--- title: "YUM China: The takeaway war has no significant impact on the group, and consumer sentiment in the mainland shows initial signs of improvement" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/266142748.md" description: "YUM China CEO Joey Wat stated that consumer sentiment in mainland China is showing initial signs of improvement, and the food delivery battle has had little impact on the group. The group has avoided sales pullback caused by subsidies through long-term cooperation with platforms. KFC Coffee maintains profitability through a low-cost strategy. CFO Ding Xiao believes that the group's valuation has room for growth, with future earnings per share growth and dividend yield expected to reach double digits, making it attractive for investment" datetime: "2025-11-17T08:21:37.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/266142748.md) - [en](https://longbridge.com/en/news/266142748.md) - [zh-HK](https://longbridge.com/zh-HK/news/266142748.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/266142748.md) | [English](https://longbridge.com/en/news/266142748.md) # YUM China: The takeaway war has no significant impact on the group, and consumer sentiment in the mainland shows initial signs of improvement YUM China (09987.HK) CEO Joey Wat stated that there are early signs of improvement in consumer sentiment in mainland China, and the promotional activities in October and November have met internal expectations. She believes that the key to the mainland consumer market lies in demographic economics, and if the macro environment improves, the group's growth will have greater upside potential. When asked about the impact of the food delivery war on the group, Joey Wat pointed out that this is not the first time a food delivery war has occurred, as it also happened in 2017. At that time, Pizza Hut participated in subsidies, and as a result, sales declined when the subsidies ended. Therefore, the group learned from this experience and remained relatively "calm" during this year's food delivery war, with the food business not participating in subsidies. For beverage categories like KFC's coffee, a small amount of subsidy was provided to promote the emerging brand. At the same time, the group has reached long-term cooperation with platforms due to the situation, so overall, the food delivery war has not had a negative impact on the group. The group's KFC coffee has a ticket system, with a cup of coffee priced as low as 6 RMB (same below). When asked if there is profit, Joey Wat explained that KFC coffee mainly operates on a "shoulder-to-shoulder store" model, located within KFC outlets, which incurs lower rental costs. Additionally, the group has lower R&D costs for product categories, such as using sparkling water instead of more expensive milk to launch sparkling coffee, which has a higher acceptance rate among consumers, thus maintaining profitability. She also mentioned that the vast majority of the company's stores are leased rather than owned. Currently, 70% of new store leases are not fixed rent but adopt a revenue-sharing model, which bears less risk, making the group's performance more resilient. In recent years, technology stocks have seen significant price increases. When asked about the company's valuation performance, YUM China's CFO Ding Xiao stated that the group's trading valuation has not yet reached the historical median, and he believes there is room for growth. He also mentioned that the group's future earnings per share growth guidance, along with the dividend yield, corresponds to a double-digit annual compound growth rate, and with the certainty of the business, he believes it is a good investment choice ### 相關股票 - [YUM China (YUMC.US)](https://longbridge.com/zh-HK/quote/YUMC.US.md) - [YUM CHINA (09987.HK)](https://longbridge.com/zh-HK/quote/09987.HK.md) ## 相關資訊與研究 - [Zhongtai Securities Sticks to Its Buy Rating for Wasion Holdings Limited (3393)](https://longbridge.com/zh-HK/news/281141455.md) - [NHS clears Wegovy to reduce risk of heart attack and stroke](https://longbridge.com/zh-HK/news/281323250.md) - [Rio Silver Books First Niñobamba Royalty, Secures More Magma Shares](https://longbridge.com/zh-HK/news/281389275.md) - [10:21 ETClean Simple Eats Hits Shelves at Walmart®](https://longbridge.com/zh-HK/news/281386091.md) - ["The New Era of Tokens": Ten Questions and Answers about China's AI Industry](https://longbridge.com/zh-HK/news/281014143.md)