高盛：2025年探讨中国餐饮业关键议题及全球投资者影响报告（英文版）

China has emerged as a linchpin of global fast food expansion, representing not only a significant market but a major unit growth engine for industry leaders like MCD, YUM, DPZ and SBUX. With 1.4 billion consumers and an expanding middle class, China’s QSR sector has become a fierce battleground with both global/local brands pushing aggressively to expand their presence in an important market that offers attractive unit economics and substantial white space in lower-tier cities. We forecast C