本文聚焦中国两大餐饮集团——瑞幸咖啡和百胜中国——在第二季度财报发布后的表现。瑞幸咖啡作为一家以科技驱动的咖啡连锁店，披露了电商风格的交易指标，而拥有肯德基、必胜客等品牌的百胜中国则是一家历史悠久的餐饮巨头。文章深入探讨了两家公司在数字化和配送主导的中国市场中如何调整策略。财报不仅反映了激烈的配送平台竞争，也折射出消费者信心。尽管面临挑战，两家公司都在积极扩张门店，但瑞幸咖啡营收增长强劲，而百胜中国则更侧重于保护利润和品牌价值，强调为客户提供可持续的价值，而非单纯追求销量增长。

☕️ 瑞幸咖啡与百胜中国在市场定位和运营模式上存在显著差异。瑞幸咖啡更像一家科技公司，其财报披露了GMV、月活跃用户数等电商指标，显示其数字化和线上化程度高；而百胜中国作为传统餐饮巨头，拥有悠久的品牌历史和深厚的市场根基，其运营更侧重于线下门店网络的建设和品牌价值的维护。

🚀 两家公司在市场拓展策略上均表现出强劲的增长势头。瑞幸咖啡在第二季度新增了2,085家门店，总数达到26,117家。百胜中国在上半年新增了583家门店，总数达到16,978家，并重申了其2025年新增1,600-1,800家门店的目标。这表明双方都致力于扩大市场份额，以满足不断增长的市场需求。

📊 在激烈的市场竞争中，两家公司对增长与盈利的侧重点有所不同。瑞幸咖啡实现了47.1%的营收增长，显示出强劲的扩张势头。相比之下，百胜中国营收增长率为4%，其CEO表示公司在第二季度专注于“保护利润率”和“维护品牌价格的完整性”，而非一味追求增长。这反映了百胜中国在面对市场动荡时的审慎态度和对品牌价值的坚持。

📱 数字化和配送已成为中国餐饮市场的重要驱动力。文章指出，百胜中国的肯德基和必胜客门店中，配送销售占比分别达到45%和43%，数字化订单占比更是高达94%和93%。这表明，线上渠道和配送服务对于餐饮企业的运营至关重要，是赢得消费者的关键环节。

💡 面对数字化平台的颠覆性影响，企业应注重创造可持续的价值。百胜中国的经验表明，在激烈的市场竞争中，提供“引人注目的客户价值”比“购买销量”更为重要。这为其他在数字化浪潮中寻求发展的品牌提供了宝贵的启示，即应将重心放在建立长期客户关系和提供实质性价值上，以实现可持续增长。

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.