50万开店，1年半回本，这个快餐巨头要和蜜雪、瑞幸抢加盟商

Core Viewpoint - Jollibee Foods Corporation, the parent company of "Yonghe Dawang," plans to spin off its international business into a new entity named Jollibee Foods International, aiming for a U.S. stock exchange listing by the end of 2027. This move is part of a strategy to enhance growth and operational efficiency in overseas markets, particularly in China [1][7]. Group 1: Business Performance and Strategy - Jollibee's international business has shown strong performance, with same-store sales growth of 6.2% in Q3 2025, outperforming competitors like McDonald's and Domino's Pizza [4]. - In China, same-store sales growth reached 8.0%, driven by the expansion of third-party delivery platforms and improved dine-in performance [4]. - The company adopted a "price for volume" strategy, resulting in a 26% increase in transaction volume, which offset an 11% decline in average transaction value [6]. Group 2: Expansion and Market Positioning - Jollibee's expansion strategy includes a focus on a light-asset model, primarily through franchising, with 77% of the 754 new stores opened in the first nine months of 2025 being franchise locations [8][11]. - The introduction of the "Super Value Model" has reduced the investment payback period from 2.5-3 years to approximately 1.5 years, lowering the investment cost per store significantly [11]. - The company is strategically selecting locations in second-tier cities, focusing on residential areas to reduce rental costs and extend operating hours [11][12]. Group 3: Brand Management and Future Outlook - Jollibee is cautious with its brand "Tian Haowang," pausing expansion due to intense competition in the casual dining sector, while focusing on profitability in existing markets [12]. - The company aims to leverage its international business's scale post-spin-off to enhance profitability, similar to trends seen in other multinational restaurant chains [13].