Core Viewpoint - The company reported Q4 2025 operating performance with revenue of $2.823 billion, a year-on-year increase of 9%, and adjusted net profit of $140 million, up 24% year-on-year. Same-store sales rose by 3%, marking three consecutive quarters of growth. The net increase in stores reached a record high for the quarter at 587 stores [1][2]. Revenue and Profitability - In Q4 2025, the company's system sales increased by 7% year-on-year, with same-store sales up 3%. The same-store transaction volume grew by 4%, marking the 12th consecutive quarter of growth. The company opened 587 new stores, with 36% being franchise stores, indicating a strong growth model combining self-operated and franchise operations. Delivery sales increased by 34% year-on-year, accounting for approximately 53% of restaurant revenue, up about 11 percentage points year-on-year and 2 percentage points quarter-on-quarter [1][2]. Profit Margin Improvement - The overall profitability of the company remains strong, with an operating profit margin of 6.6% in Q4 2025, an increase of 80 basis points year-on-year. The restaurant profit margin was 13.0%, up 70 basis points, primarily due to improvements in raw material costs, property rents, and other operating expenses. For the full year 2025, total revenue was $11.8 billion, a 4% increase year-on-year, with a net profit of $929 million, up 2% year-on-year [2][3]. Brand Performance - In Q4 2025, KFC's total revenue increased by 9%, with same-store sales up 3%, driven mainly by transaction volume. The restaurant profit margin for KFC was 14.0%, with a 0.7 percentage point year-on-year increase. Pizza Hut's revenue grew by 6%, with same-store sales up 1%, and delivery sales accounting for over 54% of total revenue [2][3]. Strategic Development - The company plans to exceed 30,000 stores by 2030, focusing on systematic capabilities and supply chain improvements for steady expansion. The RGM3.0 strategy will continue to drive innovation and efficiency, with a focus on large products and the integration of AI to enhance operational efficiency. The franchise model is expected to significantly support future store openings, with plans for franchise stores to account for 40%-50% of new openings between 2026 and 2028 [3][4]. Future Outlook - For 2026-2027, the company expects to achieve a net profit of $1.033 billion and $1.119 billion, with current stock prices corresponding to PE ratios of 19X and 17X, respectively, maintaining a "buy" rating [4].

Group 1 - RBI and CPE Yuanfeng have successfully completed a joint venture transaction, with CPE injecting $350 million into Burger King China, acquiring approximately 83% of its shares, while RBI retains about 17% [1] - Starbucks reported a net income of $823.4 million in China for Q1 FY2026, a year-on-year increase of 11%, with same-store sales growing by 7% [1] - Starbucks has partnered with Boyu Capital to expand its business in more Chinese cities, focusing on long-term growth and enhancing coffee experiences [1] Group 2 - There are around 10 foreign restaurant companies either known or rumored to be collaborating with Chinese partners, driven by geopolitical concerns and market dynamics [2] - Starbucks announced a strategic partnership with Boyu Capital in November 2025, forming a joint venture to operate its retail business in China, with Boyu holding up to 60% of the joint venture [2] - In 2025, the total revenue of the Chinese restaurant industry reached 57.982 billion yuan, a year-on-year increase of 3.2%, accounting for 11.6% of total retail sales [5] Group 3 - The average per capita consumption in the restaurant industry in China has been declining, dropping to 39.8 yuan in 2024, a decrease of 6.6% year-on-year [3] - The competitive landscape in the restaurant market is intensifying, with nearly 8 million restaurant outlets in China, leading to a shift towards stock competition [6] - Many foreign brands are recognizing the need for local management to navigate the competitive environment in China, as local teams can respond more effectively to market changes [6][12] Group 4 - The introduction of local partners by foreign brands is seen as a strategic adjustment to stabilize and expand market share amid increasing competition [7] - CPE Yuanfeng's $350 million investment is aimed at supporting Burger King China's next phase of development, enhancing its long-term competitiveness [8] - The operational strategies of local teams differ significantly from those of foreign companies, particularly in cost control and decision-making flexibility [10][11]

[Table_Title] 【广发批零社服&海外】百胜中国 （09987.HK/YUMC.N） Q4 同店与利润率优化超预期，龙头韧性凸显 [Table_Summary] 核心观点： 盈利预测：（货币单位为美元，汇率采用 1 港元=0.13 美元） | [单位Table_Finance] :百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 11303 | 11797 | 12449 | 13142 | 13862 | | 增长率（ % ） | 3.0% | 4.4% | 5.5% | 5.6% | 5.5% | | EBITDA | 1638 | 1737 | 1859 | 1977 | 2099 | | 归母净利润 | 911 | 929 | 1002 | 1080 | 1157 | | 增长率（ ） % | 10.2% | 2.0% | 7.8% | 7.8% | 7.1% | | EPS（元/股） | 2.33 | 2.50 | 2.87 | 3.30 | 3.72 | ...

Investment Rating - The report maintains an "Accumulate" rating for Yum China (9987.HK) [1] Core Insights - In Q4 2025, the company achieved revenue of $2.823 billion, a 9% increase year-over-year, with operating profit rising by 25% to $187 million, and net profit attributable to shareholders increasing by 24% to $140 million. For the entire year, revenue reached $11.797 billion, up 4%, with operating profit at $1.290 billion (+11%) and net profit at $929 million (+2%) [2] - The company returned $539 million to shareholders in Q4 2025, totaling $1.5 billion for the year, with plans to maintain this level of shareholder return in 2026 [2] Summary by Sections Same-Store Sales and Store Expansion - The company reported same-store sales growth for three consecutive quarters, with system sales and same-store sales increasing by 7% and 3% year-over-year in Q4 2025, respectively. A total of 587 new stores were added in the quarter, bringing the annual total to 1,706 new stores, with 31% being franchise stores [3] - By brand, KFC saw system sales and same-store sales growth of 8% and 3% in Q4 2025, respectively, with 357 new stores opened. For the year, KFC's system sales and same-store sales grew by 5% and 1%, respectively, with 1,349 new stores [3] - Pizza Hut experienced system sales and same-store sales growth of 6% and 1% in Q4 2025, with 146 new stores opened. For the year, system sales and same-store sales grew by 4% and 1%, respectively, with 444 new stores [3] New Store Formats and Innovations - The company is expanding its product offerings and store formats to reach a broader customer base. K Coffee and KPRO have shown rapid growth, with K Coffee in 2,200 stores and KPRO expected to double to over 400 stores in 2026. Pizza Hut has successfully entered around 100 new towns with the WOW store model [4] - The company has introduced the "Twin Stars" model, placing KFC and Pizza Hut stores adjacent to each other to penetrate lower-tier markets at a lower cost, with approximately 40 pairs of "Twin Stars" stores opened and plans for accelerated expansion in 2026 [4] Cost Management and Profitability - In Q4 2025, the company's operating profit margin and restaurant profit margin improved to 6.6% and 13.0%, respectively, benefiting from operational efficiencies and favorable raw material prices. KFC's operating profit margin was 10.5%, while Pizza Hut's was 3.7% [5] - The company reported a decrease in the proportion of food and packaging costs by 0.3 percentage points year-over-year, while labor costs increased by 1.2 percentage points. Rental and other expenses decreased by 1.6 percentage points, with delivery sales accounting for 53% of total sales, an increase of 11 percentage points [5] Financial Forecast and Valuation - The report adjusts previous profit forecasts and introduces projections for 2028, estimating revenues of $12.522 billion, $13.264 billion, and $13.983 billion for 2026, 2027, and 2028, respectively. Net profits are projected at $1.015 billion, $1.127 billion, and $1.228 billion for the same years [6] - The latest stock price corresponds to a price-to-earnings ratio of 19, 17, and 16 times for 2026, 2027, and 2028, respectively, maintaining the "Accumulate" rating [6]

百胜中国(09987)发布公告，该公司于2026年2月5日斥资4.11万港元回购100股股份，每股回购价格为 410.6港元。 于同日，斥资300万美元回购5.43万股股份，每股回购价格为54.39-55.84美元;因公司采纳的长期激励计 划项下的授予而发行的股票2.16万股;及注销5.74万股已回购股份。 ...

格隆汇2月6日丨百胜中国(09987.HK)发布公告，2026年2月5日耗资4.1万港元回购100股，回购价格每股 410.6港元。 ...

于同日，斥资300万美元回购5.43万股股份，每股回购价格为54.39-55.84美元;因公司采纳的长期激励计 划项下的授予而发行的股票2.16万股;及注销5.74万股已回购股份。 智通财经APP讯，百胜中国(09987)发布公告，该公司于2026年2月5日斥资4.11万港元回购100股股份， 每股回购价格为410.6港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 百勝中國控股有限公司("本公司") 呈交日期： 2026年2月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | | 09987 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | ...

Group 1 - The core viewpoint of the article is that Yum China (09987) experienced an 11% stock price increase on February 5, driven by better-than-expected Q4 2025 performance and a shift in investor perception regarding the competitive and pricing environment in the Chinese restaurant industry [1] - Same-store sales for KFC in Q4 2025 exceeded expectations, and a price increase in delivery services in January indicates a recovery in consumer confidence and a more rational pricing trend in the industry [1] - Despite management's forecast of only a slight year-on-year increase in operating profit margin for 2026, the improving competitive landscape in the Chinese market suggests potential for profit margins to exceed market expectations [1] Group 2 - Daiwa reiterated a "Buy" rating for Yum China, raising the target price to HKD 520 [1]

Core Viewpoint - Daiwa's report indicates that Yum China (09987) stock price rose by 11% on February 5, driven by better-than-expected Q4 2025 performance and a shift in investor perception regarding competition and pricing in the Chinese restaurant industry [1] Group 1: Company Performance - Yum China's Q4 2025 same-store sales exceeded expectations, indicating a recovery in consumer confidence and a more rational pricing environment in the industry [1] - The management forecasts a slight year-on-year increase in operating profit margin for 2026, suggesting potential for margins to surpass market expectations as competition improves [1] Group 2: Market Outlook - The increase in stock price is attributed to a change in investor understanding of the competitive and pricing landscape in the Chinese dining sector [1] - Daiwa maintains a "Buy" rating for Yum China, raising the target price to HKD 520, reflecting positive sentiment towards the company's future performance [1]