机构：华泰证券 研究员：樊俊豪/曾珺 百胜中国公布三季度业绩：3Q25 收入32 亿美元/yoy+4%，不计及外币换算yoy+4%；3Q25 经营利润 4.00 亿美元/yoy+8%，略高于彭博一致预期（3.98 亿美元）。对应经营利润率12.5%/yoy+0.4pct（不计 及外币换算yoy+0.4pct）；3Q25 归母净利润2.82 亿美元/yoy-5%，主要受Q3 美团股价回调影响，剔除美 团投资亏损后归母净利同比+7%。Q3 股东回馈合计4.14亿美元（前9 个月合计回馈9.50 亿美元），宣布 每股派息0.24 美元；预计全年回馈合计约15 亿美元。季内肯德基、必胜客Q3 同店延续稳健增长，新店 型及新品类落地进展顺利，成本费率端控制得当，同比基数抬升下经营利润增长表现靓丽，西式快餐龙 头兼具扩张势能与盈利韧性。维持买入评级。 同店延续稳健增长，经营利润率温和上涨 3Q25 公司整体系统销售额+4%，同店同比+1%，延续Q2 增势。分品牌看，肯德基3Q25 同店+2% （TA/TC 分别-1%/+3%，Q3 客单价38 元相对稳定），必胜客3Q25 同店+1%（TA/TC 分别-13%/+17%， ...

机构：国信证券 研究员：曾光/张鲁 2025Q3 门店净增536 家，加盟占比继续提升。2025Q3 门店净增536 家，前三季度门店净增1119 家，维 持全年1600-1800 家门店净增目标。期末门店总数达17514 家（肯德基/必胜客分别12640/4022 家）。与 此同时，2025Q3 肯德基/必胜客加盟占比分别达到41%/28%，加盟占比继续提升。 截至2025 三季度末，集团会员总数达到5.75 亿，会员销售占比57%。 经营效率持续提升。2025Q3，薪金及雇员福利占比26.2%/+1.1pct，外卖收入增长致外卖骑手成本上 升；食材成本占比为31.3%/-0.4pct；物业租金占比25.2%/-1.0pct；管理费率为4.7%/-0.3pct，效率持续改 善。 创新业态进展超预期，股东回报稳步推进。目前肯悦咖啡门店数已经突破1800 家，继续超出年初指 引，新推出轻食K pro 店中店业态已扩展至100 家门店。2025 年股东回报目标为15 亿美元，分红回购稳 步推进中。 风险提示：消费力下行、下沉效果不佳、品牌孵化慢于预期、行业竞争加剧。 2025Q3 经营利润同增7.8%。2025Q ...

Core Insights - Yum China reported Q3 2025 revenue of US$3.2 billion, representing a 4% year-over-year increase, and a core operating profit of US$399 million, up 8% year-over-year, aligning with expectations [1][5] - The company maintains net profit forecasts for shareholders at US$938 million, US$1.0 billion, and US$1.1 billion for 2025E to 2027E, with a target price of HK$450, indicating a 28% upside potential, and a Buy rating is upheld [1][5] Store Expansion - A record number of store openings occurred in Q3, with 536 net new stores added, bringing the total to 17,514, including 12,640 KFC and 4,022 Pizza Hut locations [2][6] - KFC and Pizza Hut expanded into over 310 and 170 new cities respectively in the past 12 months, reaching a total of over 2,500 and approximately 1,000 cities [2][6] - Franchise stores accounted for 41% of new KFC stores and 27% of new Pizza Hut stores in the first nine months of 2025 [2][6] New Store Formats - The number of KCoffee Café stores has reached approximately 1,800, and KPRO stores have exceeded 100 [3] - Pizza Hut WOW has entered more than 40 cities that previously had no Pizza Hut presence [3] Same-Store Sales Growth (SSSG) - KFC's same-store sales growth increased by 2% year-over-year, with transaction volume up 3% and average price down 1% to RMB 38, driven by strong growth in small orders [4][6] - Pizza Hut's same-store sales growth rose by 1% year-over-year, with transaction volume increasing by 17% and average price decreasing by 13% to RMB 70 [4][6] - The company targets similar SSSG levels in Q4 2025 as in Q3 2025, marking the 12th consecutive quarter of positive same-store transaction growth, with expectations for core operating profit margin to remain stable year-over-year [4][6] Investment Outlook - The company is viewed positively due to solid earnings growth and attractive capital returns, maintaining a target price of HK$450 and a Buy rating [5][6]

Core Viewpoint - Yum Brands has initiated a strategic review of the Pizza Hut brand, including a potential sale, but this will not affect Pizza Hut's operations in China, which continues to show strong growth [1] Group 1: Company Performance - Yum China reported a total revenue of $3.2 billion for Q3 2025, representing a year-on-year increase of 4% [1] - The net profit attributable to the parent company for Q3 2025 was $282 million, a decrease of 5% year-on-year [1] - The company added a record 536 new stores in Q3 2025, with 32% of these being franchise stores [1] - As of September 30, 2025, Yum China operates a total of 17,514 stores, including 12,640 KFC locations and 4,022 Pizza Hut locations [1] Group 2: Market Position - Yum China operates KFC, Pizza Hut, and Taco Bell exclusively in mainland China, along with other brands such as Little Sheep hot pot and Huang Ji Huang stewed pot [2]

Core Viewpoint - Yum Brands has initiated a strategic review of the Pizza Hut brand, including the potential for sale, while Yum China maintains that this will not affect its operations in China, where Pizza Hut continues to experience strong growth [3][4]. Group 1: Company Performance - Yum China's Q3 2025 total revenue reached $3.2 billion, representing a year-on-year growth of 4% [3]. - The net profit attributable to the parent company for Q3 was $282 million, showing a decline of 5% year-on-year [3]. - In Q3, Yum China added a record 536 new stores, with franchise stores accounting for 32% of the total [3]. Group 2: Store Expansion - As of September 30, 2025, Yum China operated a total of 17,514 stores, including 12,640 KFC locations and 4,022 Pizza Hut locations [3].

Core Insights - Yum! Brands has initiated a strategic evaluation of its brand Pizza Hut, attracting significant market attention [1] - Despite revenue and operating profit growth, Yum! China's net profit has declined [2] Financial Performance - In Q3 2025, Yum! China's total revenue reached $3.2 billion, a 4% year-on-year increase [1] - System sales also grew by 4% year-on-year, while operating profit increased by 8% to $400 million [1] - Same-store sales rose by 1%, marking the eleventh consecutive quarter of same-store transaction growth [1] - Net profit for the first three quarters of the year was $789 million, down 1% year-on-year, with Q3 net profit at $282 million, down 5% [2] Customer Metrics - The overall average transaction value decreased by 1% in Q3, with Pizza Hut's average transaction value dropping by 13% to 70 yuan [2] - Takeout sales increased by 32%, accounting for 51% of the company's restaurant revenue, with Pizza Hut's takeout sales growing by 27%, representing 48% of its restaurant revenue [2] Store Expansion - Yum! China added a record 536 new stores in Q3, with franchises making up 32% of this expansion [1] - As of September 30, 2025, the total number of stores reached 17,514, including 12,640 KFC and 4,022 Pizza Hut locations [1] Company Overview - Yum! China operates KFC, Pizza Hut, and Taco Bell in mainland China, having been established as an independent publicly listed company after the spin-off from Yum! Brands in 2016 [2] - The company has a diverse brand matrix, including exclusive operations of various brands and multiple sub-brands across different food segments [2]

Core Insights - Yum China operates KFC, Pizza Hut, and Taco Bell exclusively in mainland China and is currently experiencing strong growth in the Pizza Hut brand despite Yum Brands' strategic evaluation of the brand, which may include a potential sale [1][2] Financial Performance - In Q3 2025, Yum China's total revenue reached $3.2 billion, representing a year-on-year growth of 4% [1] - The net profit attributable to the parent company for Q3 was $282 million, showing a decline of 5% year-on-year [1] Store Expansion - Yum China added a record 536 new stores in Q3 2025, with 32% of these being franchise stores [1] - As of September 30, 2025, the total number of stores reached 17,514, including 12,640 KFC locations and 4,022 Pizza Hut locations [1]

致：香港交易及結算所有限公司 公司名稱: 百勝中國控股有限公司 呈交日期: 2025年11月6日 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09987 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.01 | USD | | 10,000,000 | | 2. 股 ...

百胜中国(09987)发布公告，于2025年11月5日斥资320万美元回购7.35万股;斥资625.68万港元回购1.81万 股。 ...

智通财经APP讯，百胜中国(09987)发布公告，于2025年11月5日斥资320万美元回购7.35万股;斥资625.68 万港元回购1.81万股。 ...