21世纪经济报道记者贺泓源、实习生徐鸿儒 百胜中国对其运营的肯德基涨价有了进一步解释。 在2月4日晚举行的业绩会上，百胜中国首席执行官屈翠容（Joey Wat）表示，本次肯德基调价是一次温 和的调整，仅影响外卖菜单，对堂食价格没有任何变动。"我们也没有对标志性促销活动做出任何调 整，例如 '疯狂星期四'等活动。这次价格调整，有助于部分抵消因外卖占比提升所带来的骑手成本上 涨。"她说。 此前，肯德基对部分外送产品价格做出小幅上调，平均调整金额为0.8元，堂食价格保持不变。 分品牌来看，2025年全年，肯德基系统销售额同比增长5%；同店销售额同比增长1%；经营利润同比增 长8%至13亿美元；餐厅利润率为17.4%，同比增长50个基点。门店方面，截至2025年末，肯德基门店总 数12997家，其中加盟店占比15%；2025年肯德基净新增门店1349家，其中加盟店净新增504家，占比 37%。 还需看到，在2024年四季度，肯德基客单价与去年同期持平，这是由于小额订单的增长被外卖占比的增 加所抵销，而外卖订单客单价更高。 2025年，必胜客系统销售额同比增长4%；同店销售额同比增长1%；经营利润同比增长19%至1.8 ...

Group 1 - Yum China provided further explanation for the price increase at KFC, stating it is a mild adjustment affecting only delivery menu prices, with no changes to dine-in prices [1] - The average price adjustment for KFC's delivery products was 0.8 yuan, while dine-in prices remained unchanged [2] - In 2025, Yum China's delivery sales are expected to grow by 25%, accounting for 48% of restaurant revenue, up from 39% the previous year [2] Group 2 - KFC's system sales are projected to increase by 5% in 2025, with same-store sales growing by 1% and operating profit rising by 8% to 1.3 billion USD [3] - As of the end of 2025, KFC plans to have a total of 12,997 stores, with 1,349 new stores added during the year [3] - Pizza Hut's system sales are expected to grow by 4% in 2025, with same-store sales also increasing by 1% and operating profit rising by 19% to 183 million USD [4] Group 3 - Yum China's total revenue is projected to grow by 4% to 11.8 billion USD in 2025, with operating profit increasing by 11% to 1.3 billion USD [3] - The CFO mentioned that the current subsidy competition in the delivery platform is beneficial for larger businesses, allowing them to collaborate with multiple platforms [3]

百胜中国如此业绩，与外卖大战下疯狂增长的补贴有着直接联系。 眼下，外卖已经成为肯德基的最大销售来源。二季度，外卖销售约占百胜中国餐厅收入的45%，同比提 升7%。其中，外卖为肯德基最大销售来源，占比45%，同比提升7%；外卖在必胜客的销售占比43%， 同比提升5%。必胜客最大销售来源依旧是堂食，占比48%。 需要注意的是，前述外卖占比，包含了美团等平台，也包括百胜中国自有渠道。该公司提到，目前有 70%业务来自非第三方外卖平台。 在补贴等因素推动下，二季度，肯德基同店销售同比增长1%，其中交易量连续10个季度实现正增长， 客单价同比增长1%，主要受高单价的外卖占比提升；必胜客同店销售同比增长2%，客单价同比继续走 低，交易量同比增长17%。 肯德基在外卖大战中实现客单价增长。 8月5日，肯德基和必胜客的在华运营商百胜中国发布业绩。财报显示，在二季度，百胜中国营收同比增 长4%至27.87亿美元；归母净利润同比增长1.4%至2.15亿美元。归母净利润增速低于经营利润增速， 主 要受到该公司期内投资亏损约1800万美元影响（预计主要是美团股价波动影响）。 分品牌来看，在二季度，肯德基收入同比增长4.1%至20.9 ...

Core Viewpoint - The article discusses the evolving dining experience on high-speed trains in China, highlighting the variety and affordability of meals available, as well as the emergence of a delivery service catering to passengers' food preferences [4][10][28]. Summary by Sections Dining Experience on High-Speed Trains - Passengers are increasingly opting for affordable meal options, such as a 15 yuan boxed meal, which offers good value compared to typical lunch prices in urban areas [6][7]. - The article features various passengers who share their experiences with high-speed train meals, emphasizing the balance between cost and quality [10][11][19]. Meal Options and Preferences - Different railway bureaus provide a range of meal options, with some focusing on local flavors and others offering more generic choices [13][37]. - Passengers have developed preferences for specific meal types, with some opting for higher-priced, more elaborate meals while others prioritize cost-effectiveness [11][13][22]. Emergence of Delivery Services - A new trend has emerged where delivery services cater to high-speed train passengers, allowing them to order popular local foods directly to their seats [28][31]. - The article highlights the story of a delivery service that has adapted to the needs of travelers, showcasing the potential for growth in this niche market [29][32]. Cultural Shift in Dining Habits - The dining culture on high-speed trains reflects a broader shift in consumer behavior, where passengers are willing to spend more for quality meals that enhance their travel experience [39][41]. - The article notes that the variety of food options available has transformed train travel into a culinary adventure, with passengers actively seeking out regional specialties [37][39].

Core Viewpoint - The article highlights the evolving dining experience on high-speed trains in China, showcasing how passengers are increasingly enjoying diverse and affordable meal options while traveling, transforming the journey into a culinary adventure [1][26]. Group 1: Dining Experience on High-Speed Trains - Passengers can enjoy a variety of meal options, including a 15 yuan boxed meal that has become popular among travelers for its affordability and taste [4][27]. - The article mentions specific meal options available on the Beijing-Shanghai high-speed train, such as the "豆豉鸡丁蛋炒饭" (black bean chicken fried rice) and various other dishes offered by different railway bureaus [6][9]. - The dining experience is enhanced by the availability of local specialties and the convenience of pre-ordering meals through mobile applications [25][26]. Group 2: Consumer Behavior and Preferences - Many passengers prioritize cost-effectiveness when choosing meals, with some opting for cheaper options while others indulge in more expensive, gourmet meals [4][7]. - The article notes that frequent travelers have developed a set of preferences and strategies for selecting meals, often sharing their experiences on social media [9][19]. - The trend of high-speed train dining reflects a broader cultural shift where food quality and variety are becoming essential aspects of travel, with passengers seeking unique culinary experiences [24][26]. Group 3: Impact of Technology and Services - The introduction of online meal ordering through platforms like 12306 has significantly changed how passengers access food on trains, with over 80 stations now supporting this service [25]. - The rise of delivery services catering to high-speed train passengers has created a new market, allowing travelers to enjoy their favorite local foods during their journey [20][21]. - The article emphasizes the importance of maintaining food quality and variety, as railway kitchens continuously innovate their menus based on passenger feedback and demand [19][26].