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]

百胜中国(09987)公布，2026年2月11日耗资约300万美元回购约5.28万股股份，耗资约771.19万港元回购 1.74万股股份。 ...

智通财经APP讯，百胜中国(09987)公布，2026年2月11日耗资约300万美元回购约5.28万股股份，耗资约 771.19万港元回购1.74万股股份。 ...

同日耗资771万港元回购1.74万股，回购价格每股441.2-447.4港元。 格隆汇2月12日丨百胜中国(09987.HK)发布公告，2026年2月11日耗资300万美元回购5.28万股，回购价 格每股56.36-57.2美元。 ...

FF305 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 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09987 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | | | | | 於下列日期開始時的 ...

Investment Rating - The report maintains a "Buy" rating for Yum China (9987.HK) [5][15] Core Insights - The company reported a revenue of $2.823 billion for Q4 2025, a year-on-year increase of 9%, with operating profit rising by 25% to $187 million and net profit increasing by 24% to $140 million [5][6] - For the full year 2025, the company achieved a revenue of $11.797 billion, up 4% year-on-year, with operating profit of $1.29 billion, an 11% increase, and net profit of $929 million, a 2% increase [5][6] Summary by Sections Company Overview - Latest closing price: HKD 445.60 - Total shares: 354 million - Total market capitalization: HKD 1,578.99 billion - 52-week high/low: HKD 450.00 / HKD 363.80 - Debt-to-asset ratio: 42.21% - Price-to-earnings ratio: 22.05 [4] Financial Performance - Q4 2025 saw a same-store sales growth of 3%, marking the third consecutive quarter of growth, with same-store transaction volume increasing for twelve consecutive quarters [6][7] - The company added 587 new stores in Q4 2025, the highest for the quarter, with a 36% increase in franchise store ratio [7] - The restaurant profit margin for Q4 2025 was 13%, up 70 basis points year-on-year, while the operating profit margin was 6.6%, up 80 basis points [7][8] Growth Drivers - The company’s delivery sales grew by 34% year-on-year, accounting for 53% of restaurant revenue, up from 42% the previous year [8][11] - Membership numbers for KFC and Pizza Hut exceeded 590 million, with active members growing by 13% [8] Future Outlook - The company plans to add 1,900 new stores in 2026, aiming for over 20,000 total stores, with capital expenditures projected at $600-700 million [14] - Revenue growth is expected to be 6.3% in 2026, with net profit growth of 10.1% [15][17]

智通财经APP讯，百胜中国(09987)公布，2026年2月10日耗资约300万美元回购约5.25万股股份。 （原标题：百胜中国(09987)2月10日耗资约300万美元回购约5.25万股） ...

格隆汇2月11日丨百胜中国(09987.HK)发布公告，2026年2月10日耗资300万美元回购5.25万股，回购价 格每股56.7-57.84美元。 ...

Group 1 - Company Yum China (09987) announced a share repurchase plan, spending approximately $3 million to buy back about 52,500 shares on February 10, 2026 [1]