Investment Rating - The report maintains an "Accumulate" rating for Yum China (9987.HK) [1] Core Insights - In Q4 2025, the company achieved revenue of $2.823 billion, a 9% increase year-over-year, with operating profit rising by 25% to $187 million, and net profit attributable to shareholders increasing by 24% to $140 million. For the entire year, revenue reached $11.797 billion, up 4%, with operating profit at $1.290 billion (+11%) and net profit at $929 million (+2%) [2] - The company returned $539 million to shareholders in Q4 2025, totaling $1.5 billion for the year, with plans to maintain this level of shareholder return in 2026 [2] Summary by Sections Same-Store Sales and Store Expansion - The company reported same-store sales growth for three consecutive quarters, with system sales and same-store sales increasing by 7% and 3% year-over-year in Q4 2025, respectively. A total of 587 new stores were added in the quarter, bringing the annual total to 1,706 new stores, with 31% being franchise stores [3] - By brand, KFC saw system sales and same-store sales growth of 8% and 3% in Q4 2025, respectively, with 357 new stores opened. For the year, KFC's system sales and same-store sales grew by 5% and 1%, respectively, with 1,349 new stores [3] - Pizza Hut experienced system sales and same-store sales growth of 6% and 1% in Q4 2025, with 146 new stores opened. For the year, system sales and same-store sales grew by 4% and 1%, respectively, with 444 new stores [3] New Store Formats and Innovations - The company is expanding its product offerings and store formats to reach a broader customer base. K Coffee and KPRO have shown rapid growth, with K Coffee in 2,200 stores and KPRO expected to double to over 400 stores in 2026. Pizza Hut has successfully entered around 100 new towns with the WOW store model [4] - The company has introduced the "Twin Stars" model, placing KFC and Pizza Hut stores adjacent to each other to penetrate lower-tier markets at a lower cost, with approximately 40 pairs of "Twin Stars" stores opened and plans for accelerated expansion in 2026 [4] Cost Management and Profitability - In Q4 2025, the company's operating profit margin and restaurant profit margin improved to 6.6% and 13.0%, respectively, benefiting from operational efficiencies and favorable raw material prices. KFC's operating profit margin was 10.5%, while Pizza Hut's was 3.7% [5] - The company reported a decrease in the proportion of food and packaging costs by 0.3 percentage points year-over-year, while labor costs increased by 1.2 percentage points. Rental and other expenses decreased by 1.6 percentage points, with delivery sales accounting for 53% of total sales, an increase of 11 percentage points [5] Financial Forecast and Valuation - The report adjusts previous profit forecasts and introduces projections for 2028, estimating revenues of $12.522 billion, $13.264 billion, and $13.983 billion for 2026, 2027, and 2028, respectively. Net profits are projected at $1.015 billion, $1.127 billion, and $1.228 billion for the same years [6] - The latest stock price corresponds to a price-to-earnings ratio of 19, 17, and 16 times for 2026, 2027, and 2028, respectively, maintaining the "Accumulate" rating [6]

百胜中国(09987)发布公告，该公司于2026年2月5日斥资4.11万港元回购100股股份，每股回购价格为 410.6港元。 于同日，斥资300万美元回购5.43万股股份，每股回购价格为54.39-55.84美元;因公司采纳的长期激励计 划项下的授予而发行的股票2.16万股;及注销5.74万股已回购股份。 ...

格隆汇2月6日丨百胜中国(09987.HK)发布公告，2026年2月5日耗资4.1万港元回购100股，回购价格每股 410.6港元。 ...

于同日，斥资300万美元回购5.43万股股份，每股回购价格为54.39-55.84美元;因公司采纳的长期激励计 划项下的授予而发行的股票2.16万股;及注销5.74万股已回购股份。 智通财经APP讯，百胜中国(09987)发布公告，该公司于2026年2月5日斥资4.11万港元回购100股股份， 每股回购价格为410.6港元。 ...

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6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 。 | 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 | ...

Group 1 - The core viewpoint of the article is that Yum China (09987) experienced an 11% stock price increase on February 5, driven by better-than-expected Q4 2025 performance and a shift in investor perception regarding the competitive and pricing environment in the Chinese restaurant industry [1] - Same-store sales for KFC in Q4 2025 exceeded expectations, and a price increase in delivery services in January indicates a recovery in consumer confidence and a more rational pricing trend in the industry [1] - Despite management's forecast of only a slight year-on-year increase in operating profit margin for 2026, the improving competitive landscape in the Chinese market suggests potential for profit margins to exceed market expectations [1] Group 2 - Daiwa reiterated a "Buy" rating for Yum China, raising the target price to HKD 520 [1]

Core Viewpoint - Daiwa's report indicates that Yum China (09987) stock price rose by 11% on February 5, driven by better-than-expected Q4 2025 performance and a shift in investor perception regarding competition and pricing in the Chinese restaurant industry [1] Group 1: Company Performance - Yum China's Q4 2025 same-store sales exceeded expectations, indicating a recovery in consumer confidence and a more rational pricing environment in the industry [1] - The management forecasts a slight year-on-year increase in operating profit margin for 2026, suggesting potential for margins to surpass market expectations as competition improves [1] Group 2: Market Outlook - The increase in stock price is attributed to a change in investor understanding of the competitive and pricing landscape in the Chinese dining sector [1] - Daiwa maintains a "Buy" rating for Yum China, raising the target price to HKD 520, reflecting positive sentiment towards the company's future performance [1]

2月4日，在消费市场迭代加速、竞争格局深度调整的行业背景下，百胜中国凭借 "提效与创新"战略， 于 2025 年交出了一份兼具增长力度与质量的成绩单，实现了系统销售额与同店销售额双增长，经营利 润率创下美国上市以来同期新高。 市场分析指出，随着 2026 年 20000 家门店目标的推进，这家餐饮巨头将进一步巩固行业领先地位，在 消费变革与市场竞争的浪潮中，持续以创新驱动增长，以品质赢得消费者，续写品牌发展的新篇章。 规模利润双增长 2025 年，百胜中国的增长战略成效显著，核心经营指标全面向好：全年业绩稳健增长，总收入同比增 长4%至118亿美元，经营利润为13亿美元，同比增长11%。 在营收端，同店销售额连续第三个季度实现正增长，增长势头稳健；系统销售额持续攀升，第四季度同 比增幅高达 7%，彰显出品牌对消费者的强大吸引力。在利润端，创新与提效双轮驱动战略持续发力， 2025 年各季度经营利润率均实现同比扩张，全年经营利润率达到 10.9%，剔除特殊项目后，创下公司 美国上市以来的最高水平。 对于 2026 年的发展，百胜中国制定了清晰的规划。百胜中国计划全年净新增门店超过 1900 家，冲击 20000 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 百胜中国（09987.HK） 百胜中国 2025Q4 及全年业绩公告点评：质 地稳健的高股息龙头，维持推荐 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万美元） | 11,303 | 11,797 | 12,686 | 13,426 | 14,262 | | 同比(%) | 2.96 | 4.37 | 7.54 | 5.83 | 6.23 | | 归母净利润（百万美元） | 911.00 | 929.00 | 1,042.71 | 1,143.75 | 1,262.86 | | 同比(%) | 10.16 | 1.98 | 12.24 | 9.69 | 10.41 | | EPS-最新摊薄（美元/股） | 2.57 | 2.62 | 2.94 | 3.23 | 3.56 | | P/E（现价&最新摊薄） | 22.10 | 21.67 | 19.31 | 17.61 | ...

Core Insights - Yum China reported Q4 2025 revenue of $2.82 billion, a year-over-year increase of 9% (7% excluding foreign currency effects) [1] - The company achieved an operating profit of $187 million in Q4 2025, up 25% year-over-year, with a corresponding operating profit margin of 6.6%, an increase of 0.8 percentage points [1] - For the full year 2025, revenue reached $11.8 billion, a 4% increase year-over-year, exceeding Bloomberg consensus expectations [1] Financial Performance - Q4 2025 same-store sales growth was 3%, surpassing Bloomberg's consensus estimate of 1.6%, with transaction volume increasing by 4% [1] - KFC's Q4 2025 system sales grew by 8%, with same-store sales up 3% and transaction volume also increasing by 3% [1] - The restaurant profit margin for Q4 2025 was 13.0%, benefiting from optimized sales costs and improved rental and other expense ratios [1] Store Expansion and Business Model - In 2025, the company added 1,706 new stores, bringing the total to 18,101, with franchise stores accounting for 36% of the total [2] - KFC added 1,349 new stores, while Pizza Hut added a record 444 stores [2] - The company plans to add over 1,900 new stores in 2026, with a target of increasing the franchise ratio to 40%-50% [2] Shareholder Returns - Yum China achieved its shareholder return target of $1.5 billion for 2025, with $350 million in dividends and $1.14 billion in share buybacks [2] - The company plans to maintain a similar return of $1.5 billion in 2026, with a 21% increase in quarterly cash dividends [2] - As of the end of 2025, the company had $2 billion in net cash and $840 million in free cash flow, indicating strong liquidity [2] Profit Forecast and Valuation - The company has raised its net profit forecasts for 2026 and 2027 to $1.015 billion and $1.079 billion, respectively, with an introduction of a forecast for 2028 at $1.163 billion [2] - The target price for the stock has been adjusted to HKD 498.81 and USD 63.42, reflecting a slight increase in the premium rate due to expected profit improvements and strong shareholder returns [2]