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更小的肯德基，更便宜的必胜客，更多的加盟店。 文丨朱丽琨 制图丨黄帧昕 编辑丨钱杨 黄俊杰 百胜中国收获了历史最高总收入的季度。据其昨日发布的季报，其 2024 年三季度核心运营利润同比增长 18%。总收入达到 30.7 亿美元。 在消费低迷、行业残酷竞争的背景下，这是少见的增长。2024 年上半年，北京年主营业务收入大于等于 200 万元的餐饮企业利润同比下跌 88.8%，每卖 100 元只能得到 3 毛 7 的利润。相对稳定的快餐服务利润 同比也跌去近一半；上海年主营业务收入大于等于 200 万元以上住宿和餐饮业企业营业利润为 -7.7 亿元。 就在两年前，咖啡靠补贴烧钱卖到九块九是大新闻。而如今，九块九的选择越来越多，越来越普遍，不止 咖啡。进入中国 37 年、拥有约 40 万员工的餐饮巨人在转身，适应一个九块九可以买到汉堡、炸鸡、咖啡 的竞争生态。这家公司越来越多谈论 "质价比"、提速加盟、开出更多小店。旗下的肯德基开始卖九块九的 汉堡，开出 500 家咖啡专门店（肯悦咖啡），提供多款九块九的咖啡饮料；通过营销，它将每个星期四变 成节日；开放加盟，用更低成本开出更多的店，推出的小店型最低加盟成本在 5 ...

Investment Rating - The report maintains a rating of "Buy" for Yum China [3]. Core Views - The report expresses confidence in the company's operational management capabilities and its ability to provide high returns to shareholders through dividends and buybacks [2]. Summary by Sections Performance Overview - In Q3 2024, the company reported revenue of $3.071 billion, a year-on-year increase of 5% (4% excluding currency effects). Operating profit reached $371 million, up 15% year-on-year, with an operating margin of 12.1%, an increase of 1.0 percentage points. Net profit was $297 million, reflecting a 22% year-on-year growth (21% excluding currency effects), and EPS increased by 33% year-on-year (32% excluding currency effects) [3]. Store Expansion and Sales - As of Q3 2024, the total number of stores reached 15,861, a 12% increase year-on-year, with KFC at 11,283 stores (14% increase) and Pizza Hut at 3,606 stores (13% increase). The company is accelerating the expansion of franchise stores, expecting the proportion of franchise stores in new KFC openings to rise to 40%-50% and for Pizza Hut to increase to 20%-30% in the coming years [3]. Same-Store Sales - Same-store sales decreased by 3% in Q3, an improvement from a 4% decline in Q2, recovering to 88.2% of 2019 levels (Q2 was 86.7%). KFC's same-store sales fell by 2% (Q2 was -3%), recovering to 88.1% of 2019 levels (Q2 was 87.7%), while Pizza Hut's same-store sales declined by 6% (Q2 was -8%), recovering to 86.4% of 2019 levels (Q2 was 86.3%) [3]. Profitability - The restaurant profit margin in Q3 was 17.0%, unchanged year-on-year (comparable basis +0.5 percentage points). KFC's restaurant profit margin was 18.3%, down 0.3 percentage points year-on-year (comparable basis +0.3 percentage points), while Pizza Hut's margin was 12.8%, up 0.1 percentage points year-on-year (comparable basis +0.6 percentage points). Factors contributing to margin improvement include enhanced operational efficiency, favorable raw material prices, and reduced management expenses [3]. Shareholder Returns - The company plans to increase shareholder returns from $3 billion to $4.5 billion between 2024 and 2026, a 50% increase from the original target. The buyback and dividend target for 2024 remains at $1.5 billion, with $1.24 billion already returned in the first three quarters [3].

Yum China Holdings, Inc. (YUMC) reported third-quarter 2024 results, with earnings beating the Zacks Consensus Estimate and revenues missing the same.  The top and bottom lines increased on a year-over-year basis.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Following the results, shares of the company gained 7.2% during trading hours on Nov. 4. Positive investor sentiments were witnessed as the company emphasized its commitment to returning capital to its shareholders while susta ...

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： 2024年11月5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 。 FF305 | 9). | 於2024年8月22日在香港購回之股份 | 17,500 | 0 % | HKD | 267.06 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2024年8月22日 | | | | | | 10). | 於2024年8月23日在香港購回之股份 | 17,600 | 0 % | HKD | 265.91 | | | 變動日期 2024年8月23日 | | | | | | 11). | 於2024年8月26日在香港購回之股份 | 17,800 | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6]. Core Insights - The company reported Q3 total revenue of $3.07 billion, a 5% increase year-over-year, with core operating profit rising by 18% to $369 million [2]. - The company plans to increase the proportion of franchise stores, aiming for 40-50% for KFC and 20-30% for Pizza Hut in the coming years [2]. - KFC's same-store sales decline has narrowed, with a 6% increase in system sales at constant exchange rates [2]. - Pizza Hut's same-store sales also showed improvement, with a 2% increase in system sales at constant exchange rates [2]. - The company plans to enhance shareholder returns to $4.5 billion from 2024 to 2026, a 50% increase from previous plans [2]. Financial Performance Summary - Q3 revenue was $3.07 billion, with a 5% increase year-over-year, and core operating profit reached $369 million, an 18% increase [2]. - KFC's same-store sales decreased by 2%, while system sales increased by 6% at constant exchange rates [2]. - Pizza Hut's same-store sales decreased by 6%, with system sales increasing by 2% at constant exchange rates [2]. - The company reported a net increase of 438 stores in Q3, with 145 of those being franchise stores, representing 33% of the total [2]. - The company has a strong cash flow with $3.15 billion in net cash as of the end of Q3 [2]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders is $920 million, $1.01 billion, and $1.09 billion for 2024E, 2025E, and 2026E respectively, representing year-over-year growth rates of 10.8%, 10.4%, and 7.5% [2]. - The expected P/E ratios for 2024E, 2025E, and 2026E are 18.9, 17.5, and 16.2 respectively [2].

Summary of Yum! China 3rd Quarter 2024 Earnings Conference Call Company Overview - **Company**: Yum! China - **Quarter**: 3rd Quarter 2024 Key Industry Insights - **Industry**: Fast Food and Restaurant Sector in China - **Market Dynamics**: The restaurant industry continues to grow, with global players investing aggressively in the Chinese market. There is a trend of rationalizing promotional intensity among competitors, and some aggressive players are slowing down store openings [16][19]. Core Financial Performance - **System Sales Growth**: Grew by 4% year-over-year [2][8]. - **Same-Store Sales Index**: Improved to 97% of the prior year's level [1][8]. - **Delivery Sales**: Achieved double-digit growth for 10 consecutive years, with delivery sales reaching around 40% of the sales mix in Q3 [2][4]. - **Operating Profit**: Grew by 18% year-over-year, with diluted EPS increasing by 32% [2][8]. - **Revenue**: $8.7 billion in the first nine months, with over $1 billion in operating profit [2][5]. - **Net Income**: $297 million, growing 21% year-over-year [10]. Strategic Initiatives - **RGM 2.0 Strategy**: Focus on operational efficiency and innovation, leading to improved margins and customer satisfaction [2][3]. - **Project FreshEye and Project RedEye**: Aimed at enhancing operational efficiency through process evaluation and innovative technology [3][4]. - **Store Expansion**: Opened 438 net new stores in Q3, totaling over 1,200 new stores year-to-date, on track to meet the target of 1,500 to 1,700 new stores for the year [6][12]. Brand Performance KFC - **System Sales Growth**: Increased by 6% year-over-year [8]. - **Same-Store Sales**: Reached 98% of prior year levels with a 1% same-store transaction growth [8]. - **New Product Innovations**: Successful introduction of new items like the original recipe chicken burger and curry gravy chicken [4][5]. - **Franchise Development**: Currently, franchisees represent 12% of KFC's store portfolio, with plans to increase this to 40-50% over the next few years [7][17]. Pizza Hut - **System Sales Growth**: Increased by 2% year-over-year [8]. - **Same-Store Sales**: At 94% of prior year levels, with a 4% same-store transaction growth [8]. - **New Store Formats**: Introduction of the Pizza Hut WOW model, which has shown promising initial results [6][20]. - **Durian Pizza Success**: Durian pizza has become the number one best-selling pizza, with nearly 30 million sold year-to-date [5][6]. Capital Return Strategy - **Shareholder Returns**: Over $1.2 billion returned to shareholders in the first nine months, including $1 billion in share repurchases [10][11]. - **Future Plans**: Aiming to increase capital returns to $4.5 billion from 2024 to 2026, up from the previous target of $3 billion [11][12]. Operational Efficiency and Cost Management - **Cost of Sales**: Remained stable at 31.7%, with favorable commodity prices contributing to cost management [9][10]. - **Labor Costs**: Decreased to 25.1%, with improved operational efficiency offsetting wage increases [9][10]. - **Marketing and Advertising Expenses**: Decreased by 19% year-over-year, reflecting operational efficiency gains [10]. Consumer Trends and Market Outlook - **Consumer Behavior**: Consumers are becoming more rational and value-conscious, seeking good quality and emotional value [3][4]. - **Market Conditions**: Despite recent stimulus policies, no significant changes in market conditions or consumer sentiment have been observed entering Q4 [11][19]. - **Q4 Expectations**: Traditionally a low season, with expectations of smaller sales and profits, but confidence remains in capturing consumer needs through strategic initiatives [11][19]. Conclusion - **Key Messages**: 1. Resiliency and growth strategy highlighted by strong Q3 results. 2. Continued optimism for long-term growth opportunities in China. 3. Commitment to sustainable growth and increased capital returns to shareholders [12].

Profits are flying higher and flowing back to shareholders.Shares of restaurant company Yum China (YUMC 7.88%), comprised mostly of Pizza Hut and KFC restaurants, jumped on Monday morning after the company reported financial results for the third quarter of 2024. Yum China stock had recently dropped about 15% from 52-week highs but it's bouncing back today, with investors enjoying a 9% gain as of 10:30 a.m. ET.Business is slow, but profits are soaringIn Q3, Yum China opened up more than 400 net new location ...

Financial Data and Key Metrics Changes - System sales grew 4% year-over-year, with same-store sales index improving to 97% of the prior year's level [6][28] - Core operating profit increased by 18%, and diluted EPS rose by 32% [7][36] - Restaurant margin improved by 50 basis points year-over-year, while core OP margin expanded by 140 basis points [11][28] Business Line Data and Key Metrics Changes - KFC system sales increased by 6% year-over-year, with same-store sales at 98% of prior year levels [31] - Pizza Hut system sales rose by 2% year-over-year, with same-store sales at 94% of prior year levels [32] - Delivery sales for the company grew 18%, accounting for around 40% of the sales mix [13] Market Data and Key Metrics Changes - The company opened 438 net new stores in Q3, totaling over 1,200 net new stores year-to-date [23] - The franchise mix for net new stores increased from 15% in 2023 to 27% year-to-date, with expectations to reach 40% to 50% in the coming years [25] Company Strategy and Development Direction - The company is focusing on operational efficiency and innovation through initiatives like Project Fresh Eye and Project Red Eye [9][10] - The RGM 2.0 strategy emphasizes both system sales and same-store sales growth [12][42] - The company is expanding its franchise model to unlock opportunities in strategic locations and lower-tier cities [24][25] Management's Comments on Operating Environment and Future Outlook - Management remains confident in China's midterm and long-term growth opportunities despite current market challenges [40] - The company expects to maintain focus on operational efficiency and innovation to drive sales and profit growth [41] - Management anticipates that the fourth quarter will be traditionally low season, with cautious consumer spending expected [40][64] Other Important Information - The company plans to return $4.5 billion to shareholders from 2024 to 2026, increasing its capital return plan by 50% [39][88] - The company has a healthy cash position with net cash of $3.1 billion as of the end of the quarter [38] Q&A Session Summary Question: Long-term focus on same-store sales vs. system sales - Management emphasized the importance of both same-store sales and system sales, with a focus on transaction growth as a key driver for the business [46][49] Question: KFC pricing strategy and competition - Management noted that KFC's pricing strategy aims for stability, with slight increases compared to previous quarters, while Pizza Hut continues to lower prices to attract mass market consumers [54][55] Question: Franchising model and CapEx spending - Management explained that the increase in franchising is due to readiness and improved franchisee quality, which may lead to lower CapEx spending in the future [58][59] Question: Fourth quarter trends and pricing stabilization - Management indicated that while there are no significant changes in consumer sentiment, they expect to maintain positive same-store transaction growth in Q4 [64][66] Question: Food safety and cost control - Management reassured that food safety is a top priority, with compliance and quality assurance processes in place [72][73] Question: KCOFFEE performance and profitability - Management reported a single-digit sales uplift from KCOFFEE cafes, with significant growth in cups sold and plans for further expansion [77][78] Question: Pizza WOW store performance and growth potential - Management acknowledged that Pizza WOW is still in the early stages, with ongoing efforts to improve operational efficiency and product availability [81][82]

Yum China Holdings (YUMC) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.68 per share. This compares to earnings of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 13.24%. A quarter ago, it was expected that this restaurant operator in China would post earnings of $0.47 per share when it actually produced earnings of $0.55, delivering a surprise of 17.02%.Over the last fou ...