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 - The parent company of Yonghe Dawang, Jollibee Foods Corporation, is planning to spin off its international business into a new entity named Jollibee Foods International, with plans to list on the U.S. stock exchange by the end of 2027 [1]. Group 1: Business Performance in China - Jollibee's international business has over 10,000 stores globally, with nearly 70% located outside the Philippines, including approximately 553 in China [2]. - Yonghe Dawang has around 500 stores in China, making it the primary brand for Jollibee in the region, while other brands like Hongzhuangyuan and Tianhaowang have about 30 stores each [2]. - Jollibee's same-store sales growth in China reached 8.0%, outperforming competitors like McDonald's and Domino's Pizza, which had growth rates of 4.7% and 1.7%, respectively [5]. Group 2: Strategic Initiatives - The company is implementing a "price for volume" strategy, resulting in a 26% increase in transaction volume, which offsets an 11% decline in average ticket price [7]. - Jollibee's expansion strategy in China focuses 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]. - The introduction of the "Super Value Model" has reduced the investment payback period from 2.5-3 years to approximately 1.5 years, with single-store investment costs dropping from around 800,000 RMB to below 500,000 RMB [11]. Group 3: Market Positioning and Future Plans - Jollibee is adjusting its store location strategy to focus on residential areas in second-tier cities, where rental costs are lower and operational hours can be extended [11]. - The company is taking a cautious approach with its brand Tianhaowang, pausing expansion while focusing on profitability in the Hong Kong market, where it has seen a fourfold increase in EBITDA cash contribution [12]. - The trend of multinational restaurant companies spinning off their international businesses for better market focus is becoming prevalent, as seen with Yum China and Haidilao [12].