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Ethan Wang

Research Analyst at CLSA Limited

Hong Kong

Ethan Wang is an Equity Research Analyst at CLSA Limited, specializing in coverage of major consumer and restaurant groups including Yum China Holdings and international players such as Haidilao International. Since joining CLSA, Wang has covered 19 stocks, producing a 29–34% success rate on his recommendations and an average return per transaction in the -13% to -52% range, reflecting a challenging performance record in recent market conditions. His coverage and analysis are regularly cited on earnings calls and investment platforms, and his ratings are tracked by platforms like TipRanks, where he currently holds a 0.26-star ranking. Specific credentials such as FINRA registration or securities licenses have not been publicly disclosed.

Ethan Wang's questions to Yum China Holdings (YUMC) leadership

Question · Q2 2025

Ethan Wang of CLSA Limited asked about Yum China's competitive stance amidst the aggressive delivery subsidy battle, questioning if the overall competitive environment had worsened in Q2.

Answer

CEO Joey Wat stated that the market is always competitive and that Yum China learned from the 2017 subsidy war not to 'buy sales.' She explained the company adopted a balanced approach in Q2, participating selectively in promotions for smaller orders like drinks while protecting the price integrity of core products. This strategy allowed for balanced sales growth, margin protection, and strong operating profit growth.

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Question · Q2 2025

Ethan Wang from CLSA Limited asked about Yum China's competitive stance amid the aggressive delivery subsidy battle, why it isn't participating as heavily, and if the competitive environment worsened in Q2.

Answer

CEO Joey Wat stated that the key lesson from 2017 is 'we don't buy sales.' She described a disciplined and balanced approach, testing the market dynamics and focusing on protecting price integrity and margins. The company realized the hyper-competition was mainly on smaller drink orders and chose a path that balanced incremental sales with long-term brand health and profitability.

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Ethan Wang's questions to Luckin Coffee (LKNCY) leadership

Question · Q1 2025

The analyst inquired about the reasons for the strong Q1 net profit, the sustainability of these drivers, and the full-year profit outlook.

Answer

Management attributed the Q1 profit improvement to a favorable product mix (more high-margin refreshed drinks) and operating leverage from increased sales volume. For the full year, they plan to maintain competitive pricing to grow market share but cautioned that rising coffee bean costs and increased competition could pressure margins in the second half of the year. They will leverage their scale to mitigate these impacts.

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