Financial Data and Key Metrics Changes - The company reported an 8% core operating profit growth over the last two years, maintaining this growth in Q1 [12][28] - The long-term growth algorithm aims for 5% unit growth annually, coupled with same-store sales growth translating to 7% system sales growth, targeting at least 8% core operating profit growth [31][32] Business Line Data and Key Metrics Changes - Taco Bell US significantly outperformed the US QSR industry in Q1, achieving a 9% same-store sales growth [62] - KFC International is the leading unit development engine, opening a new restaurant approximately every three hours [10][25] Market Data and Key Metrics Changes - The company operates in over 50 countries with a 98% franchise model, providing resilience in various macroeconomic environments [11][12] - Yum China continues to expand, serving only one-third of the Chinese population, indicating substantial growth potential [43][44] Company Strategy and Development Direction - The company is focused on transforming into a pure-play franchisor, emphasizing digital and technology capabilities through initiatives like Byte by Yum [12][21] - The strategic imperative includes leveraging scale across brands for procurement and supply chain efficiencies [58][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of KFC and Taco Bell, highlighting the resilience of the business model amid macroeconomic volatility [11][12] - The management acknowledged the challenges faced in international markets, particularly with Taco Bell in China, but remains optimistic about future growth [38][44] Other Important Information - The company has made significant investments in technology and digital capabilities, with over 40 AI projects underway [92][106] - The leadership team is seen as a critical factor in maintaining the brand's relevance and innovation [76][82] Q&A Session Summary Question: What is still underappreciated in the stock today? - Management believes the growth potential and the value of Byte technology are underappreciated by investors [24][27] Question: How sustainable is the 5% unit growth beyond 2025? - Management is confident in sustaining the 5% unit growth due to strong franchise capabilities and market opportunities [31][34] Question: How does the algorithm hinge on recovery in China? - While China has been a primary growth driver, there are still significant opportunities for unit growth globally [42][46] Question: How does the company view competition in the market? - The company is focused on outcompeting rivals and believes its franchising capabilities provide a competitive advantage [53][56] Question: What role does digital play in the company's strategy? - Digital initiatives, particularly Byte, are expected to enhance operational efficiency and improve franchisee economics [83][86] Question: How does the company balance investments in technology versus profitability? - Management aims to optimize resources while ensuring long-term growth through strategic investments in technology [96][97]

本文来源于界面新闻（ www.jiemian.com ），转载已获得授权。 记者：李烨 编辑：牙韩翔 中国的便利店行业冲出一匹黑马。 中国连锁经营协会（CCFA）于近日发布了最新的便利店TOP100榜单。从门店数量看，前六位基本没 有发生变化。单从门店数量来看，美宜佳以近4万家的规模已经领先3年。除去美宜佳，排行前六位中 其余品牌里，中石化易捷、中石油昆仑好客、天福、罗森、芙蓉兴盛的名次在3年内几乎维持不变。 图片来源：左邻右舍 就前十名的入围门槛来说，最新榜单中第十名红旗连锁门店数量为3447家，较上一年度的第十位2800 家（易站）门槛进一步提升。然而总体榜单第100名的入围门槛却从165家降至129家。这些均表明整 体便利店行业，排在头部的品牌地位相对稳定，但尾部品牌则更容易有大的变动。 但在前十名的排位中，首次出现了同为驰骋控股集团股份有限公司旗下的"左邻右舍"与"生活驿站"， 两个品牌的便利店数量合计共5310家，列第七位——而在前一年的榜单中，并未出现左邻右舍的名 字。 左邻右舍门店 图片来源：左邻右舍 左邻右舍母公司驰骋控股集团股份有限公司（以下简称"驰骋控股"）于2022年新三板挂牌，据其当时 ...