另外，公司目标2026至2028年同店销售指数为100至102，即每年同店销售增长0%至2%，系统销售额年 均增长中至高单位数。在整合基础设施、灵活成本结构及精简门店管理的支持下，预期公司的经营利润 率及餐厅利润率将于2028年分别达到至少11.5%及16.7%。 智通财经APP获悉，大华继显发布研报称，首次覆盖百胜中国(09987)，予"买入"评级，目标价494.8港 元。该行认为，公司的RGM3.0战略聚焦"韧性、增长及护城河"，将引领公司在前端为广泛消费者群体 及消费场景开发新模式及新产品，同时在后端整合资源，于门店、区域及品牌之间创造协同效应，令公 司在快餐领域中脱颖而出。 ...

另外，公司目标2026至2028年同店销售指数为100至102，即每年同店销售增长0%至2%，系统销售额年 均增长中至高单位数。在整合基础设施、灵活成本结构及精简门店管理的支持下，预期公司的经营利润 率及餐厅利润率将于2028年分别达到至少11.5%及16.7%。 大华继显发布研报称，首次覆盖百胜中国(09987)，予"买入"评级，目标价494.8港元。该行认为，公司 的RGM3.0战略聚焦"韧性、增长及护城河"，将引领公司在前端为广泛消费者群体及消费场景开发新模 式及新产品，同时在后端整合资源，于门店、区域及品牌之间创造协同效应，令公司在快餐领域中脱颖 而出。 ...

智通财经APP讯，百胜中国(09987)发布公告，于2026年2月12日斥资约300万美元回购5.52万股;斥资 770.29万港元回购1.77万股;注销5.28万股已回购股份;公司采纳的长期激励计划项下的授予而发行11.29 万股股票。 该信息由智通财经网提供 ...

百胜中国(09987)发布公告，于2026年2月12日斥资约300万美元回购5.52万股;斥资770.29万港元回购1.77 万股;注销5.28万股已回购股份;公司采纳的长期激励计划项下的授予而发行11.29万股股票。 ...

格隆汇2月13日丨百胜中国(09987.HK)公告，2月12日耗资770.3万港元回购1.8万股。 ...

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13日 FF305 | 9). | 於2025年12月16日在香港購回之股份 | | 16,000 | 0 % | HKD | 370.94 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年12月16日 | | | | | | 10). | 於2025年12月17日在香港購回之股份 | | 16,700 | 0 % | HKD | 370.25 | | | 變動日期 | 2025年12月17日 | | | | | | 11). | 於2025年12月18日在香港購回之股份 | | 16,800 | 0 % | HKD | 372.04 | | | 變動日期 | 2025年12月18日 | | | | | | 12). | 於2025年12月19日在香港購回之股份 | | 15,950 | 0 % | HKD | 374.9 ...

Summary of China/Hong Kong Consumer Strategy Conference Call Industry Overview - The consumer sector in China/Hong Kong entered 2026 with a mixed setup after three years of underperformance, with no immediate catalysts for a broad-based turnaround [1][3] - Headline consumption is expected to remain soft, necessitating flexible strategies across different sub-categories [1][3] Core Insights - **Macro Environment**: The macroeconomic backdrop has not turned decisively, with policy expected to be reactive rather than proactive regarding property and consumption. A property shock is anticipated to moderate but not end in 2026 [3][22] - **Consumer Dynamics**: Wage and employment levels remain subdued, contributing to ongoing household deleveraging and a drag on labor income dynamics. High precautionary savings and low spending confidence are prevalent [3][22] - **Consumption Growth**: Consumption in 2026 is likely to stabilize at a low growth rate rather than re-accelerate significantly. Focus is on selective segment pricing improvements and better supply discipline [3][23] Market Expectations - **Sales Growth**: Overall consumer sales growth is expected to be around 6% in 2026, with a mixed margin profile due to rising costs in certain areas like hard commodities [4][31] - **Valuation**: Consumer stocks' average P/E ratio is stabilizing around 16x, reflecting a cautious market outlook for 2026 [4][31] Investment Opportunities - Four key investment areas identified: 1. Recovery in offline services consumption (restaurants and beer in Q2-Q3 2026) 2. Supply recalibration in upstream dairy and likely liquor in H2 2026 3. Pricing recovery in restaurants, beer in H1 2026, and sports/cosmetics/liquor in H2 2026 4. Overseas growth in OEM and IP products in H1 2026 [5][21] Key Stock Picks - Recommended stocks include: - **YUMC**: Positive same-store sales growth and traffic - **Haidilao**: Recovery in dine-in demand - **CRB**: Expected growth driven by Heineken's market share gains - **Mengniu and Yili**: Anticipated margin improvements due to reduced raw milk supply [9][13] Macro Indicators - **CPI Trends**: Headline CPI is expected to show low inflation, with selective segments starting to see mild upward pricing revisions [24][27] - **Wealth Effect**: The wealth effect is differentiated across income cohorts, with higher-income groups showing improved spending intentions due to healthier balance sheets [27][31] Risks and Challenges - **Consumer Confidence**: The overall consumer sentiment remains fragile, with market sensitivity to marginal changes [20][22] - **Policy Limitations**: Current consumption-related policies are focused on protecting downside rather than stimulating growth, with limited fiscal support expected [22][27] Conclusion - The consumer sector is navigating a challenging macro environment with cautious optimism for selective recovery in certain segments. Investment strategies should focus on identifying pockets of resilience and potential growth areas while being mindful of the broader economic constraints.

Core Insights - The company achieved a total revenue of $11.8 billion for the year 2025, with a year-on-year growth of 4%, and $2.8 billion for Q4, reflecting a 9% increase [1] - Adjusted net profit reached $929 million for the year, up 2% year-on-year, and $140 million for Q4, showing a 22% increase [1] - Same-store sales increased by 1% for the year, with Q4 system sales up 7% and same-store sales up 3%, marking three consecutive quarters of positive same-store growth [1] Financial Performance - KFC and Pizza Hut's profit margins were 17.4% and 12.8% respectively, with year-on-year increases of 0.5 and 0.8 percentage points [2] - The company benefited from a decrease in food costs and rental expenses, which fell by 0.5 and 1.0 percentage points respectively, successfully offsetting the rise in labor costs due to increased delivery service [2] - The company slightly raised prices on some delivery products without affecting customer traffic, leading to improved profit quality [2] Store Expansion and Strategy - The total number of stores exceeded 18,000 by the end of 2025, with a net addition of over 1,700 stores during the year [2] - KFC opened 1,349 new stores (totaling nearly 13,000), while Pizza Hut added 444 stores (totaling 4,168) [2] - New store formats, such as K Coffee and KPro, performed well, with 2,200 and 200 locations respectively, and Lavazza stores numbering 146, enhancing multi-format coverage [2] Shareholder Returns - The company continues to fulfill its commitment to high shareholder returns, with a planned total return of $4.5 billion from 2024 to 2026, averaging $1.5 billion annually [2] - In 2026, the quarterly dividend was raised by 21% to $0.29, with an expected total dividend of approximately $400 million for the year [3] - A share buyback of $460 million was initiated for the first half of the year, with expected annual returns of $900 million to $1 billion from 2027 to 2028 [3] Investment Outlook - The long-tail clearance in the Western fast-food industry solidifies the advantages of leading brands [3] - There remains room for store expansion, supporting stable free cash flow and profitability, which underpins high shareholder returns [3] - The company forecasts a net profit of $1 billion and $1.1 billion for 2026 and 2027 respectively, with current stock prices reflecting a PE ratio of 20 and 18 times [3]

机构：中邮证券 Q4 拆分来看： 1）门店：净新增门店创四季度最高，加盟占比提升。25Q4 净新增门店587 家，创四季度新高，其中净 新增加盟店占比为36%，较前期1/4 的比例大幅提升。25 年全年净新增门店1706 家，其中净新增加盟店 占比31%，截至25 年底公司门店总数达18101 家。 2) 同店：销售额增长3%，大幅提速。同店销售额同比增长3%，24 以来各个季度同店销售额增 速-3%、-4%、-3%、-1%、0%、1%、1%、3%，同店销售额连续第三个季度实现增长。同店交易量同比 增长4%，连续第十二个季度实现增长。在交易量增长的情况下，销售额增速低于销量增速，客单价仍 旧处于下降通道。 3）经营利润：延续同比提升趋势。25Q4 餐厅利润率13%，同比+70bp，经营利润率6.6%，同比 +80bp，延续今年以来同比提升的趋势，一方面得益于原材料成本（食品及包装物）、物业租金的下 降，另一方面与公司运营效率提升有关。25 年全年餐厅净利率16.3%，同比+60bp，经营净利率10.9%， 同比+60bp。 4）外卖及会员：继续双位数增长。公司外卖销售同比增长34%，外卖销售约占公司餐厅收入的 ...

Core Insights - Yum China reported a total revenue of $11.8 billion for the full year 2025, representing a 4% year-over-year increase, with operating profit reaching $1.3 billion, up 11% [1] - The fourth quarter revenue grew by 9% to $2.823 billion, and operating profit surged by 25% to $187 million, driven by a 34% increase in delivery sales, which accounted for 53% of restaurant revenue [1] - The company continued its store expansion with a net addition of 1,706 stores, bringing the total to over 18,101 locations across more than 2,500 towns [1] Financial Performance - The operating profit margin improved to 10.9% due to a decrease in raw material costs and optimization of store models, although the average transaction value slightly declined, reflecting a value-for-money strategy [1] - Yum China plans to return $1.5 billion to shareholders in 2025 through share buybacks and dividends, maintaining a stable payout ratio [2] Store Expansion and Strategy - The company aims to add 1,900 new stores in 2026, targeting a total of over 20,000 stores, with capital expenditures projected between $600 million and $700 million [2] - Innovative formats such as KFC Coffee and KPRO are accelerating expansion, contributing to new growth points [2][4] Recent Events - The financial report was released on February 6, 2026, highlighting robust growth in key metrics [3] - On February 8, 2026, the company repurchased 52,300 shares of its Hong Kong stock for $3 million, indicating management's confidence [3] Stock Performance - As of February 12, 2026, Yum China's Hong Kong stock price closed at HKD 434.40, down 2.51% for the day but up 17.85% year-to-date [5] - The stock has shown a positive MACD histogram and a bullish short-term moving average, although the KDJ indicator is at a high level, suggesting potential short-term volatility [5]