HONG KONG (MarketWatch) — The allure of China’s massive population and rising living standards continues to pull in companies from around the world, not least from the U.S.

For some such enterprises, China is a cornerstone of their success, offering growth that’s just not available in some of the more developed markets. Yet for others, China is a money-trap which draws in investment dollars that yield little in the way of profit.

Here’s a quick look at which of the largest U.S. corporations are winning in China, which are losing, and which are too close to call.

Of course, this is just a snapshot. The fortunes of a “loser” can always turn up, while some past “winners” have since seen the wind leave their sails.

(Pictured: A McDonald’s restaurant in Xiangyang, China)

Shutterstock/ skyme

Winning: Apple

Bolstered by China’s strong demand for iPhones — which hit an all-time high at the end of February, according to a survey by Kantar Worldpanel ComTech — Apple Inc. AAPL, -3.17% saw its revenue for the Greater China region soar 71% in the first quarter.

And there may be more glad tidings to come after Apple snagged the top spot in Chinese smartphone market share, beating out such popular domestic brands such as Xiaomi.

Likewise, hopes are high for the widely anticipated Apple Watch, which hit store shelves in China on April 24. Even before the Apple Watch launch, locally made imitations were already doing great business online.

(Pictured: The opening of a new Apple Store in Shenzhen, China, in 2012)

Shutterstock/lendy16

Winning: GM and Ford

China’s slowing economy and ongoing anti-corruption drive have taken a toll on auto makers, both foreign and domestic. But some brands have been weathering the rough times better than others.

General Motors Co. GM, -1.31% has long been one of the most popular foreign car brands in China, with its Buick having enjoyed the status of a high-prestige car for decades. And while some of its competitors’ Chinese sales have flagged recently, GM and its Chinese joint venture managed to post an 8% gain in March sales from a year earlier.

GM’s fellow American, Ford Motor Co. F, -0.68% , also saw its March sales increase, though by a more modest 1%. Ford’s China business is even doing well enough to have prompted the auto maker to unveil a plan in early April to spend about $1 billion buying a factory from struggling Chinese car company Hafei.

The relatively positive fortunes that Ford and GM are enjoying contrast with some of their other foreign rivals. Volkswagen AG VOW, -2.75% VOW, -3.20% , for instance, reported a 0.6% fall in its March sales for China, even as it managed to grow overall first-quarter revenue in the country by 2%.

(Pictured: A two-tone Buick Regal at an auto exhibition in Guangzhou in 2011.)

Bloomberg News

Losing: Yum Brands and McDonald’s

Yum Brands Inc. YUM, -1.70% , which owns the popular KFC and Taco Bell restaurant brands, and McDonald’s Corp. MCD, -1.03% — a pioneer in selling Western fast food to China — have clearly taken a hit from a Chinese food-safety scandal last year.

Specifically, Chinese media reported last July that a meat supplier had intentionally provided expired chicken and beef to both Yum and McDonald’s.

Months later, the effects are still being felt, with Yum posting a 6% drop in first-quarter China sales and a 12% fall in same-store sales (covering locations open for more than a year).

McDonald’s, meanwhile, saw an almost 5% fall in same-store sales for the same quarter and plans to close some of its locations in China, along with a number of underperforming restaurants in the U.S. and Japan.

(Pictured: A KFC restaurant in Beijing)

Shutterstock/Nattee Chalermtiragool

Losing: Wynn Resorts and Las Vegas Sands

Among the biggest business victims of China’s crackdown on corruption have been the Macau casinos, allegedly a longtime favorite spot for crooked officials.

Wynn Resorts Ltd. WYNN, -2.01% and Las Vegas Sands Corp. LVS, -0.16% have both seen their overall fiscal picture marred by poor performances at their respective Hong Kong-listed Macau subsidiaries, Wynn Macau Ltd. 1128, -0.44% WYNMF, -1.12% and Sands China Ltd. 1928, -0.30% .

Wynn Macau reported a 38% drop in revenue for the first quarter, which in turn proved to be a factor in its Las Vegas-based parent swinging to a loss for the same period.

Similarly, Sands China’s net revenue slid 35% for the first three months of the year, helping to shrink the net profit for Las Vegas Sands by 34% from a year earlier.

(Pictured: A neon billboard advertises a Wynn resort in Macau)

Reuters

Could go either way: Wal-Mart

Wal-Mart Stores Inc. WMT, -1.02% isn’t due to release its first-quarter results until May 15, and the signs for its China segment paint a mixed picture.

On the one hand, Wal-Mart did report a slight fall in fourth-quarter net sales in China, but on the other hand, the global retailer seems bullish on the country and is continuing to make new investments here.

Wal-Mart currently plans to open 115 new stores across China by 2017, creating over 30,000 jobs in the process, it said in a statement last week, as well as investing in the remodelling of existing outlets.

Still, the pace of its Chinese expansion may slow, Wal-Mart said, as it seeks to focus on quality over quantity and to avoid mistakes from growing too fast. And as with many other markets around the world, China’s retail arena is increasingly migrating online, posing challenges for the bricks-and-mortar side of Wal-Mart’s business.

(Pictured: Employees gather at a Wal-Mart Supercenter in Chongqing, China.)

Getty Images

Could go either way: Tesla

Electric-car maker Tesla Motors Inc. TSLA, +4.42% hit a few bumps on its drive further into China earlier this year, with several China executives leaving the company amid “unexpectedly weak” sale figures.

However, Tesla founder and Chief Executive Elon Musk has recently begun trumpeting a turnaround in the company’s China prospects.

Speaking with the state-run Xinhua News Agency in March, Musk said Tesla’s Chinese sales were set to jump by between 130% and 150% from the previous month, thanks to a set of measures launched by the new slate of executives at his China offices.

(Pictured: A Chinese customer poses with a charger at a Tesla dealership in Shanghai.)