Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK / YUMC.US) with a target price of HKD 476.9, indicating a potential upside of 36% from the current stock price of HKD 370.8 [1][5]. Core Insights - In Q2 2025, Yum China's total revenue increased by 4% year-on-year to USD 2.8 billion, with system sales also growing by 4%. Operating profit rose by 14% to USD 304 million, exceeding market expectations. Net profit attributable to shareholders grew by 1% to USD 215 million, primarily impacted by an investment loss of USD 18 million [1][2]. - The company experienced a positive same-store sales growth of 1% for the first time since last year, driven by improved efficiency and a reduction in expense ratios due to same-store growth. Additionally, the recent competition in the food delivery market contributed to a 22% increase in delivery revenue, which now accounts for 45% of total revenue [2][5]. - KFC's revenue grew by 4.1% to USD 2.09 billion, with same-store sales also increasing by 1%. The restaurant's profit margin improved to 16.9%, benefiting from favorable raw material prices and operational efficiencies [3]. - Pizza Hut's operating profit increased by 16% to USD 46 million, with a profit margin of 8.3%, marking a significant improvement. The company plans to maintain its store opening guidance for the year, targeting 1,600 to 1,800 new stores [4][5]. Financial Summary - For the first half of 2025, Yum China reported total revenue of USD 4.34 billion, a 2% increase year-on-year, and a net profit of USD 510 million, also up by 1% [2]. - The forecast for net profit attributable to shareholders is USD 944.6 million for 2025, USD 1.015 billion for 2026, and USD 1.05 billion for 2027, with corresponding EPS of HKD 20.07, HKD 21.57, and HKD 22.24 [5][9]. - The company’s financial metrics indicate a projected revenue growth rate of 2.89% for 2025 and 6.98% for 2026, with a net profit margin of 8.12% for 2025 [9][10]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, suggesting a target price of HKD 476.9 based on a 23x PE ratio for 2025, with an estimated EPS of HKD 20.07 [11][12]. - The DCF valuation estimates a reasonable market capitalization of HKD 181.9 billion, translating to a stock price of HKD 492.3 [11][14].

智通财经APP获悉，高盛发布研报称，百胜中国(09987)第二季盈利超预期，相信市场可能在等待第三季 同店销售前景在外送平台补贴增加下更正面的基调。该行指，了解百胜中国审慎的销售指引是基于2024 年第三季的各种成功促销活动、平台补贴政策、多变的宏观环境、管理层平衡商机与定价观点的策略， 相信过往的往绩记录仍能让公司有健康的增长前景。维持"买入"评级及目标价447港元。 ...

核心业绩全面领跑，规模与效率双提升 本季度，百胜中国在规模扩张与运营效率两大维度均取得了卓越成就。在门店网络方面，公司净新增 336家门店，截至6月30日，总门店数已攀升至16,978家，其中肯德基和必胜客门店数分别达到12,238家 和3,864家，持续扩大其市场覆盖面和品牌影响力。 更值得关注的是，公司的内生增长动力强劲。同店销售额实现1%的同比增长，而同店交易量更是连续 第十个季度实现同比增长。这一系列数据充分证明，百胜中国不仅通过外延式开店驱动增长，更在当前 消费趋于理性、竞争白热化的背景下，通过精细化运营，显著提升了现有门店的盈利能力和顾客吸引 力，实现了高质量的增长。 "我很高兴地宣布，我们在第二季度取得了稳健的业绩，这些成绩反映了我们以提效和创新为策略的双 轮驱动的有效性。"百胜中国首席执行官屈翠容（Joey Wat）表示，"展望未来，我们有信心持续提升品 牌影响力，不断开拓更广阔的市场。" 来源：环球网 【环球网消费综合报道】餐饮公司百胜中国控股有限公司（纽交所代码：YUMC，港交所代码：9987） 公布了其截至2025年6月30日的第二季度财务报告。财报显示，公司在复杂多变的市场环境中展现出 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Yum China’s Q2 performance met expectations, with significant improvements in profit margins [1] Financial Performance - Restaurant profit margin increased by 60 basis points, while operating profit margin rose by 100 basis points [1] - KFC and Pizza Hut's takeout sales grew by 25% and 15% year-on-year, respectively [1] - Same-store sales increased by 1% for KFC and 2% for Pizza Hut, attributed to Yum China's strategic restraint in promotional activities [1] Profitability Outlook - Credit Lyonnais views Yum China as the most disciplined company in profit protection within its coverage, suggesting that there is still room for profit margin improvement regardless of subsidy continuation [1] - The target price for Yum China is maintained at $56 with an "outperform" rating [1]

Core Viewpoint - The company, Yum China, has demonstrated strong growth and profitability amidst challenges in the restaurant industry, achieving record operating profit and profit margins in the second quarter [1] Group 1: Financial Performance - In Q2, Yum China's total revenue reached $2.8 billion, a year-on-year increase of 4% [1] - Operating profit margin improved by 100 basis points to 10.9% [1] - The company added 336 new stores in Q2, bringing the total to 16,978 [1] - Same-store sales and system sales both showed positive growth, with same-store sales achieving growth for ten consecutive quarters [1] Group 2: Innovation and Consumer Engagement - The company activated consumer demand through product and model innovation, leveraging emotional value and IP collaborations [2] - During Children's Day, KFC and Pizza Hut launched IP collaboration meals, selling over 4 million units [2] - KFC's mini-town model reduced investment thresholds to $500,000, allowing expansion into over 300 new towns [2] - The introduction of unique beverage products in KFC's coffee segment has significantly contributed to sales [2] Group 3: Operational Efficiency and Digital Transformation - Yum China is advancing its digital capabilities, entering the "AI + dining" era with human-machine collaboration [4] - The company has established end-to-end digital capabilities, ensuring visibility across the entire value chain [4] - The launch of the intelligent operational tool "Q Rui" aims to enhance store efficiency by covering over 20 key operational scenarios [4][5] Group 4: Strategic Partnerships and Shareholder Returns - The company prioritizes partnerships with large franchisees while maintaining high management standards to ensure brand stability [6] - Yum China plans to return $536 million to shareholders in the first half of 2025 and approximately $3 billion from 2025 to 2026, averaging 9% of market capitalization annually [6] - The company's ability to maintain steady growth, profitability, and high returns reflects its long-term value [6]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Views - The company reported strong same-store performance in Q2 2025, with operating profit exceeding expectations, showcasing resilience as a market leader [1][2]. - The company aims to open 1,600 to 1,800 new stores in 2025, with a focus on increasing the proportion of franchise stores [4][3]. - The target price is set at HKD 444.80 or USD 56.66, reflecting a slight adjustment in revenue and net profit forecasts for 2025-2027 [5][8]. Financial Performance - Q2 2025 revenue reached USD 2.787 billion, a year-over-year increase of 4%, while the first half of 2025 revenue was USD 5.768 billion, up 2% [1]. - Q2 operating profit was USD 304 million, a 14% increase year-over-year, with an operating margin of 10.9% [2][1]. - The company achieved a net profit of USD 215 million in Q2, with a net profit margin of 7.7% [1]. Store Expansion and Capital Expenditure - As of June 30, 2025, the company had 16,978 stores, with 336 new stores opened in the quarter, achieving the target for new franchise store openings [3][4]. - The capital expenditure per store has been optimized, with KFC and Pizza Hut's CAPEX reduced to USD 140,000 and USD 110,000-120,000 respectively [3][4]. Future Outlook - The company expects to maintain steady same-store sales growth in the second half of 2025, supported by cost structure optimization and ongoing store type iterations [1][4]. - The forecast for operating profit margin is a moderate increase for the full year, with expectations for improved free cash flow starting in 2025 due to reduced capital expenditures [4][5].

高盛发表报告指，百胜中国第二季盈利超预期，了解百胜中国审慎的销售指引是基于2024年第三季的各 种成功促销活动、平台补贴政策、多变的宏观环境、管理层平衡商机与定价观点的策略，相信过往的往 绩记录仍能让公司有健康的增长前景。该行维持对其"买入"评级及目标价447港元。 ...

Core Viewpoint - Yum China is employing a "balancing act" strategy to navigate the intense competition in the food delivery market while maintaining sales growth and profit improvement [1][3]. Financial Performance - In Q2, Yum China's total revenue increased by 4% year-on-year, reaching $2.8 billion, while operating profit grew by 14% to $304 million, marking a new high for the second quarter [18]. - Same-store sales rose by 1%, driven by a 2% increase in same-store transaction volume, achieving positive growth for the first time since Q1 2024 [1][21]. - For the first half of the year, total revenue was $5.768 billion, a 2% increase, and operating profit rose by 10% to $703 million [18]. Delivery Business Growth - Yum China's delivery sales grew significantly, with a 17% year-on-year increase in the first half of the year, including an 18% increase for KFC and a 14% increase for Pizza Hut [4]. - Delivery accounted for approximately 45% of the company's restaurant revenue in Q2, up 7 percentage points year-on-year [4]. - The company has a strategy to balance delivery growth with profit margins, focusing on maintaining pricing integrity while expanding sales [7][12]. Cost Management - Rising delivery sales have led to increased rider costs, which the company is managing by optimizing operations and controlling non-rider costs [9][11]. - In Q2, salaries and employee benefits accounted for 27.2% of sales, up 0.9 percentage points year-on-year, primarily due to increased rider costs [9]. - Despite the challenges, both KFC and Pizza Hut maintained profit margins through streamlined operations and favorable raw material prices [9][18]. Store Expansion Strategy - Yum China added 583 new stores in the first half of the year, bringing the total to 16,978, with KFC contributing 590 new stores and Pizza Hut adding 140 [19]. - The company plans to maintain its target of adding 1,600 to 1,800 new stores in 2025, with a focus on increasing the proportion of franchise stores [24][26]. Future Outlook - The company expects to achieve mid-single-digit growth in system sales for the year, despite a complex macro environment [23]. - Yum China is confident in its ability to meet its annual targets for new store openings and sales growth, supported by a series of new initiatives [28].

摩根士丹利重申对百胜中国的"增持"评级，目标价维持57美元。报告指出，公司中期业绩显示其正聚焦 于平衡系统销售增长与利润率。为应对外卖平台补贴竞争，百胜中国管理层计划下半年加快门店扩张步 伐，预计将带动利润率轻微扩张。第三季及第四季系统销售预计将分别增长6%和8%，全年增幅预计为 5%，该行预计百胜中国下半年经营利润率可扩张30基点，经营利润料增长9%，并将2025至2027年每股 盈测上调1%。 （文章来源：证券时报网） ...

百胜中国（09987.HK） 优于大市 同店销售增速重新转正，运营效率持续提升 2025Q2 经营利润同增 14.3%。2025Q2，公司收入 27.87 亿美元/+4.0%；经 营利润 3.04 亿美元/+14.3%，经营利润率 10.9%/+1.0pct；归母净利润 2.15 亿美元/+1.4%，其中归母净利润增速低于经营利润增速，主要系公 司期内投资亏损约 1800 万美元影响（预计主要是美团股价波动影响）， 而去年同期为盈利 800 万美元。EPS 为 0.58 美元，同比+5.5%。 分品牌看，2025Q2 肯德基收入 20.96 亿美元/+4.1%；经营利润 2.92 亿 美元/+10.6%，经营利润率 14.0%/+0.9pct；必胜客收入 5.54 亿美元 /+2.6%；经营利润 4600 万美元/+15.0%，经营利润率 8.3%/+0.9pct。分 渠道看，外卖收入同比高增 22%，环比大幅提速，占比达 45%/+7.0pct。 同店收入同比增速自 2024 年首度回正。2025Q2，系统销售额同增 4%，其 中肯德基/必胜客分别同比 5%/3%；同店销售同比+1%，自 2024 年以来首 ...