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    Sijie Lin

    Research Analyst at China International Capital Corporation

    Sijie Lin is an Analyst at China International Capital Corporation (CICC), specializing in China consumer equities with notable coverage including Yum China Holdings. Lin has provided sector-focused insights that address performance trends such as RevPAR and pipeline growth in China's mid-scale hospitality segment. Lin began their career with internship experience at Hony Capital before joining CICC, where they have been active in earnings calls and sector analysis. Lin's professional training includes prior roles in investment research but there are no public records of industry credentials or FINRA registrations.

    Sijie Lin's questions to Atour Lifestyle Holdings (ATAT) leadership

    Sijie Lin's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2025

    Question

    Sijie Lin of CICC questioned the retail business's strong performance, asking for the updated full-year revenue guidance, future development plans, the rollout pace for new sleep products, and any potential challenges.

    Answer

    Management raised the full-year revenue growth guidance for the retail business to 60% year-over-year, citing strong performance and positive market feedback for new products. Future plans include launching upgraded versions of the Deep Sleep pillow and comforter series. To address intensifying competition, the company will focus on strengthening its supply chain, enhancing R&D innovation, and maintaining strict quality control, mirroring the high-quality growth strategy of its hotel business.

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    Sijie Lin's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2025

    Question

    Sijie Lin of CICC noted the strong performance of the retail business and asked for the updated full-year revenue guidance for the segment. He also requested details on future development, including new product rollouts and potential challenges.

    Answer

    CEO Wang Haijun (via moderator) announced that due to strong momentum, the full-year revenue growth guidance for the retail business has been raised to 60% year-over-year. He mentioned upcoming product launches, including upgraded pillows and comforters. To counter intensifying competition, the company will focus on strengthening its supply chain, R&D, and quality control, extending the high-quality growth philosophy from its hotel business to retail.

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    Sijie Lin's questions to Atour Lifestyle Holdings (ATAT) leadership • Q4 2024

    Question

    Sijie Lin from CICC inquired about the strategic plan for Atour's retail business in 2025, including any plans for new products and specific revenue targets.

    Answer

    CEO Haijun Wang outlined a strategy focused on enhancing product R&D, consolidating leadership in the sleep category, and expanding the product matrix to create more 'blockbuster' items. He added that the retail business, which contributed 30% of group revenue in 2024, is expected to grow by no less than 35% year-over-year in 2025, outpacing the hotel business's growth.

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    Sijie Lin's questions to Atour Lifestyle Holdings (ATAT) leadership • Q2 2024

    Question

    Sijie Lin from CICC asked for the opening guidance for the new Atour 4.0 hotels in the current year, their potential contribution to RevPAR, and the latest progress on the company's planned upscale brand upgrades.

    Answer

    Founder, Chairman and CEO Haijun Wang stated that 8 to 10 Atour 4.0 hotels are expected to open in 2024 from a pipeline of 50 signed projects. He highlighted the first 4.0 hotel's strong initial performance, with a RevPAR exceeding RMB 710, and confirmed that the company plans to officially launch its next-generation upscale brand within the year.

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    Sijie Lin's questions to H World Group (HTHT) leadership

    Sijie Lin's questions to H World Group (HTHT) leadership • Q2 2025

    Question

    Sijie Lin of CICC asked for specific details on how H World is strengthening its supply chain capabilities and the extent to which this will reduce future operating costs. A second question focused on the expected pace of the shift to an asset-light model for the legacy DH (Deutsche Hospitality) business.

    Answer

    Jason Chen, Head of IR, and Jihong He, CSO, responded. Jason Chen detailed supply chain upgrades, including partnering with top-tier suppliers and increasing modularization, which has already led to 10-20% cost declines in materials and a 30-day reduction in construction time for HanTing 4.0. Jihong He explained that the asset-light shift for DH is complex due to German legal requirements around lease contracts. While the company is actively negotiating with landlords of underperforming hotels and is cautious about signing new leases, the process is ongoing.

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    Sijie Lin's questions to H World Group (HTHT) leadership • Q1 2025

    Question

    Sijie Lin from CICC asked why the upper mid-scale segment is outperforming the economy segment in RevPAR and pipeline growth, despite overall pressure on business demand. She also asked about H World's strategy to enhance its competitiveness in this specific segment.

    Answer

    CEO Jin Hui attributed the outperformance to a strategic effort to 'reform' the traditional upper mid-scale market with superior products, services, and targeted marketing. He emphasized that H World is leveraging its strong membership program and innovative product design to increase customer loyalty and brand recognition, which has been key to its successful breakthrough in the segment.

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    Sijie Lin's questions to H World Group (HTHT) leadership • Q1 2025

    Question

    Sijie Lin from CICC asked why the upper-midscale segment appeared to perform better in terms of RevPAR and pipeline growth, despite broader pressure on business demand. She sought to understand the market conditions and H World's competitive strategy in this segment.

    Answer

    CEO Hui Jin attributed the outperformance to a focused strategy to 'reform' the traditional upper-midscale segment. He highlighted the company's efforts in enhancing product and service offerings, executing targeted marketing campaigns, and leveraging its powerful membership program to build a loyal customer base. He also noted ongoing optimizations to the loyalty program specifically for this segment.

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    Sijie Lin's questions to Yum China Holdings (YUMC) leadership

    Sijie Lin's questions to Yum China Holdings (YUMC) leadership • Q2 2025

    Question

    Sijie Lin of CICC asked about the strategy behind the increasing franchise mix for new stores, questioning if it's a reaction to macro uncertainty or a strategic choice based on location, and how this is balanced with profit maximization.

    Answer

    CEO Joey Wat clarified that franchise stores are considered incremental to the company's profitable equity store openings. The strategy focuses on two areas: lower-tier cities where local franchisees can operate more effectively, and strategic channels like high-speed rail stations where franchisees have site access that the company does not.

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    Sijie Lin's questions to Yum China Holdings (YUMC) leadership • Q2 2025

    Question

    Sijie Lin from CICC inquired about the strategy behind the increasing franchise mix for new stores, asking if it was a defensive move or a strategic choice to balance growth and profitability.

    Answer

    CEO Joey Wat clarified that franchise growth is considered incremental to the company's profitable equity store openings. The strategy is focused on two key areas: penetrating lower-tier cities where franchisees can be more effective, and securing locations in strategic channels like transit hubs or tourist sites where franchisees have better access.

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    Sijie Lin's questions to Yum China Holdings (YUMC) leadership • Q1 2025

    Question

    Sijie Lin asked about Yum China's evolving brand marketing plans, particularly in response to market trends like health-consciousness and the demand for emotional value through IP collaborations.

    Answer

    CEO Joey Wat highlighted the company's success in marketing its brands through relevant IP collaborations to provide emotional value. To address the health trend, she introduced the 'K-Pro' concept, a module within KFC stores focused on lighter fare like energy bowls and smoothies. This model leverages existing infrastructure for a light-investment expansion into a new category, with more details to be shared at the upcoming Investor Day.

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    Sijie Lin's questions to Yum China Holdings (YUMC) leadership • Q4 2024

    Question

    Sijie Lin from CICC asked about Pizza Hut's pricing strategy, inquiring about the impact of recent promotions on sales and margins, and whether the Q4 ticket average of RMB 78 has reached the company's target level.

    Answer

    CEO Joey Wat responded that the company's goal is to continue driving Pizza Hut's ticket average (TA) down further from the RMB 78 level to strengthen its mass-market positioning. She highlighted the success of the December new menu, where prices on 30 iconic products were lowered. Crucially, she noted that margins on these items were kept neutral through product and operational innovation. This strategy of offering straightforward value resonated with customers, driving strong transaction growth, and is a model the company will continue to pursue.

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    Sijie Lin's questions to Yum China Holdings (YUMC) leadership • Q3 2024

    Question

    Sijie Lin of CICC asked how Yum China balances cost control initiatives with maintaining high product and service quality, particularly in light of recent food safety incidents that occurred overseas.

    Answer

    CEO Joey Wat asserted that food safety is the company's highest priority and is never compromised for cost. She noted the specific overseas issue was not relevant as Yum China uses cooked, not raw, onions. Wat detailed the company's robust safeguards, including a comprehensive QA system, a dedicated food safety committee reporting to the board, significant investment in a digital supply chain, and over 300 QA employees.

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