China Restaurants Monthly Tracker

China's restaurant sector saw a temporary SSSG boost in April due to spring break, but momentum cooled during the Labor Day holiday. While leading brands remain disciplined in pricing, freshly made drink players face headwinds from high base comparisons and normalized subsidies.

Key Takeaways

• 1.April Same-Store Sales Growth (SSSG) saw sequential improvement across major restaurant brands (YUMC, Tai Er, Haidilao) driven by the spring break holiday.
• 2.The Labor Day holiday period showed a deceleration in demand, which analysts attribute to moderate travel interest and traffic distraction caused by the preceding April break.
• 3.Freshly made drink (FMD) brands are facing negative SSSG impacts due to a high base year effect and normalization of delivery subsidies.

Table of Contents

• Brand performance
• High frequency indicators
• Competitive environment
• Key announcements and reports
• Sector valuations
• Disclosure Appendix

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