中国最大的两家餐饮集团瑞幸咖啡和百胜中国公布了第二季度财报。瑞幸咖啡以科技公司模式运营，披露了GMV和月活跃用户等电商指标，而百胜中国作为拥有肯德基、必胜客等品牌的巨头，则拥有深厚的市场根基。在数字平台主导的中国市场，这两家公司如何调整策略应对外卖和即时零售的激烈竞争备受关注。财报也反映了消费者信心和整体零售销售的增长，尽管线上零售渗透率有所波动。两家公司都在积极扩张门店，同时深度拥抱数字化。瑞幸咖啡所有订单均通过线上渠道完成，百胜中国旗下肯德基和必胜客的销售中，外卖占比超过40%，数字化订单占比高达90%以上。在增长与盈利方面，瑞幸咖啡营收增长强劲，而百胜中国则选择在竞争激烈的环境中优先保护利润率和品牌价格完整性，强调提供有价值的客户体验而非单纯追求销量。

☕️ **数字原生与传统巨头的策略差异**：瑞幸咖啡作为数字原生企业，其运营模式更接近科技公司，披露电商指标如GMV和月活跃用户数（MTUs）。与之相对，百胜中国（肯德基、必胜客母公司）拥有悠久的中国市场历史和深厚根基。两者在数字平台主导的市场环境下，如何调整策略以应对激烈的配送和即时零售竞争，成为市场关注焦点。

📈 **市场指标与消费者信心**：财报不仅揭示了两家公司的业绩，也为分析师提供了观察中国消费者情绪的窗口。尽管线上零售渗透率有所波动，但整体零售销售和餐饮服务业均呈现增长态势，上海综指的创新高也反映出投资者信心的提升。

🚀 **门店扩张与数字化深度渗透**：两家公司均展现出强劲的增长导向。瑞幸咖啡在第二季度新增2,085家门店，总数达到26,117家；百胜中国在上半年新增583家门店，总数达到16,978家，并对实现2025年的开店目标充满信心。数字化方面，瑞幸咖啡所有订单均来自线上渠道，而百胜中国旗下肯德基和必胜客的销售中，外卖和数字化订单的占比均超过90%，显示出其对数字渠道的高度依赖和整合。

💰 **增长与盈利的权衡**：在营收增长方面，瑞幸咖啡录得47.1%的同比增长，而百胜中国则实现了4%的温和增长。百胜中国CEO Joey Wat指出，尽管面临激烈的配送平台竞争，公司更侧重于“保护利润率”和“维护品牌价格的完整性”，强调“提供有价值的客户体验”比单纯购买销量更为重要，这体现了公司在追求规模增长与维护长期健康发展之间的战略选择。

It’s earnings season again, with companies reporting their Q2 financials. Among those attracting particular attention this time are China’s leading F&B groups.

Luckin Coffee and Yum China have already released their Q2 results. Luckin is the largest coffee chain in China by store count and revenue, while Yum China – which operates KFC, Pizza Hut, and other brands – remains the country’s largest restaurant group.

Different DNAs

Luckin Coffee often resembles a tech company more than a traditional retail chain: it discloses ecommerce-style metrics such as GMV and monthly transacting users (MTUs). (For a deeper dive, see our Inside Luckin Coffee report.)

Yum China, by contrast, carries a big legacy. Since opening the first KFC in China in 1987, it has built a deep-rooted presence in the market.

How do these two companies, with very different DNAs, adapt their strategies in a China where delivery and digital platforms dominate?

Indicators beyond earnings

Investors and analysts expect their results to provide clues about the ongoing food delivery and quick-commerce battle — a fight sparked by JD.com, but now contested fiercely by Meituan and Alibaba.

The earnings also offer a glimpse into consumer sentiment. Investor confidence seems to be on the rise, with the Shanghai Composite Index hitting a record high on Monday (18 Aug 2025).

Official data shows that total retail sales in China grew 5.1% to RMB 21.8 trillion (US$3.03 trillion) in Q2. Online retail penetration, however, slipped to 24.9%, down from 27.2% a few quarters ago. Meanwhile, the food service sector grossed RMB 2.75 trillion (US$345 billion), up 4.3%.

Store expansion & deep digital penetration

Both Luckin and Yum China remain firmly growth-oriented. Luckin opened 2,085 new outlets during Q2, bringing its store count to 26,117. Yum China added 583 new stores in H1 2025, raising its total to 16,978. Management reiterated confidence in achieving their 2025 target of 1,600 – 1,800 new stores.

We know that Luckin Coffee is digital native with all the orders through online channels. Meanwhile, Yum China’s earnings presentation revealed telling numbers: delivery accounted for 45% of KFC sales and 43% of Pizza Hut sales, while digital orders made up 94% and 93% of sales, respectively.

Growth vs. Profitability

Revenues told a contrasting story. Luckin grew by 47.1%, while Yum China posted a modest 4% increase.

Joey Wat, CEO of Yum China, acknowledged that “intense delivery platform competition” was the defining dynamic of Q2. Yet, instead of chasing topline growth, Yum China prioritized “protecting margins” and “preserving the price integrity of our brands”.

Wat went on to explain that such a dynamic or disruption was not new to Yum China – they saw the same intense competition amongst platforms in 2017. The learning is that “providing compelling value to a customer is still the most important thing instead of buying sales”. 

Lessons for the industry

The message is clear: for brands navigating disruption from digital platforms, sustainable value creation matters more than volume-driven growth.

We now look forward to Mixue’s earnings later this month.

The post How KFC navigates China’s food delivery wars first appeared on The Low Down - Momentum Works.