【今日焦点】 百胜中国(09987.HK)第二季度经营利润增长14%至3.04亿美元 经营利润率创下第二季度新高 百胜中国(09987.HK)公告，2025年第二季度，总收入同比增长4%至28亿美元，同样增长4%，不计及外 币换算影响。经营利润同比增长14%至3.04亿美元，创第二季度新高。核心经营利润同比增长14%。经 营利润率为10.9%，同比增长100个基点，同样创下第二季度新高，这得益于餐厅利润率的增长和管理 费用的减少。餐厅利润率为16.1%，同比增长60个基点，主要得益于食品及包装物、物业租金及其他经 营开支的减少。 每股摊薄盈利同比增长5%至0.58美元，创下第二季度的又一新高，同样同比增长5%，不计及外币换算 影响。剔除0.04美元公司于2025年和2024年第二季度按市值计价的股权投资以及外币换算带来的不利影 响后，每股摊薄盈利同比增长15%。 期间系统销售额同比增长4%，不计及外币换算影响。该增长较第一季度环比提升，主要得益于4%的净 新增门店贡献以及1%的同店销售额增长。同店销售额实现1%的正增长。同店交易量同比增长2%，连续 第十个季度实现增长。净新增门店336家，其中加盟店净新增89 ...

Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

Core Insights - Yum China Holdings reported revenue of $2.79 billion for the quarter ended June 2025, reflecting a 4% increase year-over-year and surpassing the Zacks Consensus Estimate of $2.78 billion by 0.15% [1] - The company's EPS for the quarter was $0.58, up from $0.55 in the same quarter last year, exceeding the consensus EPS estimate of $0.57 by 1.75% [1] Financial Performance Metrics - Total number of restaurants was 16,978, slightly below the average estimate of 17,076 [4] - KFC restaurants totaled 12,238, compared to the average estimate of 12,279 [4] - Other restaurant categories included 876 locations versus an estimated 932, and Pizza Hut had 3,864 locations, close to the estimated 3,865 [4] - Company sales revenue was $2.61 billion, matching the average estimate and showing a 3.4% year-over-year increase [4] - Revenue from transactions with franchisees was $115 million, exceeding the estimated $106.13 million, marking a significant 19.8% increase year-over-year [4] - Franchise fees and income reached $24 million, below the average estimate of $26.62 million, but still reflecting a 9.1% year-over-year increase [4] - Pizza Hut revenue was $554 million, slightly below the estimated $556.99 million, with a year-over-year increase of 2.6% [4] - KFC revenue was reported at $2.1 billion, surpassing the estimated $2.09 billion, indicating a 4.1% year-over-year growth [4] - Other revenues from Pizza Hut were $6 million, below the estimated $6.38 million, showing a decline of 14.3% year-over-year [4] - Revenue from Pizza Hut franchisee transactions was $1 million, below the estimated $1.57 million, with no year-over-year change [4] Stock Performance - Yum China's shares have returned -2.3% over the past month, contrasting with the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

经济观察网百胜中国发布公告，不计及外币换算影响，2025年第二季度总收入同比增长4%至28亿美 元，每股摊薄盈利同比增长5%至0.58美元。此外，净新增门店336家，其中加盟店净新增89家，占比 26%。 ...

每经AI快讯，8月5日，美股绩优股盘初集体高开，辉瑞制药涨4.33%，英国石油涨1.3%，百胜中国涨 1.55%。 ...

Core Insights - Yum China Holdings, Inc. reported a 14% year-over-year increase in operating profit for Q2, with an operating margin of 10.9%, setting a new record for the second quarter [1] - Total revenue grew by 4% year-over-year to $2.8 billion [1] Store Expansion - The company added a net of 336 new stores in the quarter, bringing the total store count to 16,978, including 12,238 KFC and 3,864 Pizza Hut locations [3] - Same-store sales increased by 1% year-over-year, with same-store transaction volume growing for the tenth consecutive quarter, indicating improved operational efficiency and customer appeal [3] Business Innovation - KFC maintained steady growth, with the KFC Coffee brand expanding to over 1,300 locations, and the store target for 2025 raised from 1,500 to 1,700 [3] - Pizza Hut achieved a 2% increase in same-store sales and a 17% increase in same-store transaction volume, with the introduction of the Pizza Hut WOW membership store model to penetrate lower-tier cities [5] Consumer Engagement - The company leveraged emotional value through collaborations with popular IPs like Hello Kitty and Pokémon, achieving the highest single-day sales of 2025 on Children's Day with 4 million toy meal sets sold [5] Digital Transformation - Delivery sales accounted for approximately 45% of restaurant revenue, up from 38% in the previous year, with all brands on major third-party delivery platforms [7] - The company has integrated AI into operations since 2019 and introduced generative AI in 2023, enhancing customer-facing areas and operational functions [7] Future Outlook - The CFO expressed cautious optimism for the second half of 2025, emphasizing the commitment to achieving new store openings, system sales growth, and profit margin targets despite a changing market environment [8]

8月5日百胜中国（纽交所代码：YUMC，港交所代码：9987）公布截至2025年6月30日的二季度财报。 本季度，百胜中国经营利润同比增长14%，创下第二季度历史新高，经营利润率也提升至10.9%，同样 刷新了第二季度的历史纪录，总收入同比增长4%至28亿美元。 在门店扩张方面，百胜中国本季度净新增336家门店，截至2025年6月30日，总门店数已达16978家，其 中包括肯德基门店12238家，必胜客门店3864家，持续巩固行业领先地位。 值得关注的是，百胜中国同店销售额实现了1%的同比增长，同店交易量更是连续第十个季度实现了同 比增长。这些积极的趋势表明，公司不仅通过开设新店扩大规模，更重要的是，在当前中国消费市场趋 于理性、竞争激烈的背景下，其现有门店的运营效率和对顾客的吸引力持续提升。 必胜客通过产品升级和创新营销活动，成功吸引了更广泛的大众消费群体。本季度，必胜客的同店销售 额同比增长达到2%，同店交易量更是显著同比增长了17%。 本季度，百胜中国外卖销售占公司餐厅收入的约45%，较去年第二季度的约38%有所增长，这一增长主 要得益于自有渠道的优惠活动以及外卖平台上促销力度的加大。 百胜中国表示，其 ...

Core Insights - Yum China reported total revenue of $2.8 billion for Q2 2025, a year-on-year increase of 4% [1] - Operating profit reached $304 million, reflecting a 14% increase compared to the previous year [1] - Net profit was $215 million, showing a 1% year-on-year growth [1] Store Expansion - As of June 30, 2025, the total number of stores reached 16,978, with KFC stores numbering 12,238 and Pizza Hut stores totaling 3,864 [1] - In Q2, 336 new stores were added, with 89 being franchise stores, accounting for 26% of the total new openings [1] - The company expects to add 1,600 to 1,800 new stores throughout the year [1] Performance and Future Outlook - The CEO highlighted the company's robust performance in Q2, achieving positive same-store sales growth and expanding the total store count to nearly 17,000 [1] - Operating profit saw double-digit growth, with a significant increase in profit margins [1] - KFC demonstrated business resilience, while Pizza Hut continued its positive growth trend [1] - The company plans to return $3 billion to shareholders between 2025 and 2026, building on the $1.5 billion returned in 2024 [1]

2025年8月5日，中国领先的餐饮公司百胜中国控股有限公司（"百胜中国"或"公司"，纽交所代码：YUMC，港交所代码：9987）公布了截至2025年6月30日 第二季度财报，以多项核心指标创二季度历史新高的亮眼表现，展现其在复杂市场环境中的战略韧性。 "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，不断开拓至更广阔的市场。" 肯德基：韧性增长与多元化拓展 本季度，百胜中国经营利润同比强劲增长14%，创下第二季度历史新高，经营利润率也提升至10.9%，同样刷新了第二季度的历史纪录，总收入同比增长4% 至28亿美元。 在门店扩张方面，公司本季度净新增336家门店，截至2025年6月30日，总门店数已达16,978家，其中包括肯德基门店12,238家，必胜客门店3,864家 ，持续巩 固行业领先地位。 值得关注的是，百胜中国同店销售额实现了1%的同比增长，同店交易量更是连续第十个季度实现了同比增长。这些积极的趋势表明，公司不仅通过开设新 店扩大规模，更重要的是，在当 ...

Core Insights - Yum China reported a 4% year-over-year increase in total revenue for Q2, reaching $2.8 billion, excluding foreign exchange impacts [1] - The company added 336 new stores in Q2, bringing the total store count to 16,978 by the end of June [1] - Operating profit grew by 14% year-over-year to $304 million, marking a historical high for Q2 [1] - The restaurant profit margin increased by 60 basis points to 16.1% [1] Group 1: KFC Performance - KFC added 295 new stores in Q2, with a total of 12,238 stores at the end of the quarter [2] - System sales for KFC increased by 5% year-over-year, while same-store sales grew by 1% [2] - Operating profit for KFC reached $292 million, up 11% year-over-year, achieving a new high for Q2 [2] - The restaurant profit margin for KFC was 16.9%, an increase of 70 basis points, driven by favorable raw material prices and operational efficiencies [2] Group 2: Pizza Hut Performance - Pizza Hut added 95 new stores in Q2, totaling 3,864 stores by the end of the quarter [3] - Same-store sales for Pizza Hut grew by 2%, while system sales increased by 3% year-over-year [3] - Operating profit for Pizza Hut rose by 16% year-over-year to $46 million, also a historical high for Q2 [3] - The restaurant profit margin for Pizza Hut was 13.3%, up 10 basis points, supported by favorable raw material prices and operational streamlining [3] Group 3: Strategic Initiatives and Future Outlook - The company aims to add 1,600 to 1,800 new stores in total for the year 2025 [3] - Yum China plans to return $3 billion to shareholders from 2025 to 2026, with an average annual return amounting to approximately 9% of the company's market value as of August 4, 2025 [3]