Financial Data and Key Metrics Changes - System sales grew 4% year-over-year, outpacing the China restaurant industry, while same-store sales grew for the second consecutive quarter [4][12] - Restaurant margin expanded to 17.3%, contributing to an 8% year-over-year increase in operating profit to $400 million, a record for adjusted operating profit in quarter three [4][14] - Net income was $282 million, down 5% year-over-year, but grew 7% year-over-year when excluding the investment in Meituan [14][15] Business Line Data and Key Metrics Changes - KFC opened a record 402 net new stores, with system sales growing 5% and same-store sales growing 2% [10][12] - Pizza Hut surpassed the 4,000-store milestone, with system sales growth improving sequentially from 2% in Q1 to 4% in Q3, and same-store sales growth of 1% driven by 17% same-store transaction growth [12][18] - K-Coffee Café expanded to 1,800 locations, with daily cups sold per store increasing 30% year-over-year [10] Market Data and Key Metrics Changes - Delivery sales accounted for 51% of total sales, up from 40% in the same quarter last year, indicating a shift in consumer purchasing behavior [9] - Lower-tier cities performed slightly better due to greater domestic travel, reflecting a trend in consumer spending [32] Company Strategy and Development Direction - The company is focused on a multi-brand portfolio and operational efficiency, leveraging synergies across brands to drive growth [19][20] - The LGM strategy (Resilience, Growth, Moat) continues to guide the company's operations and expansion plans [21] - The company aims to reach 20,000 stores by the end of 2026, with a commitment to return approximately $1.5 billion to shareholders annually from 2024 to 2026 [5][16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the environment remains challenging, they are optimistic about maintaining mid-single-digit system sales growth and improving margins [17][18] - The company is committed to menu innovation and operational efficiency to navigate the competitive landscape and consumer price sensitivity [32][33] Other Important Information - The company plans to continue its focus on new growth drivers, including K-Pro and K-Coffee, which are designed to capture different customer segments [19][51] - The company is on track for 1,600-1,800 net new stores in 2025, with a capital expenditure target of $600 million-$700 million [16][17] Q&A Session Summary Question: Delivery platform subsidy impact and competitive landscape - Management observed a decrease in subsidies in coffee and tea but only a slight decrease in QSL, expecting limited impact on the company [26] - Long-term, management believes subsidies will normalize, emphasizing the importance of menu innovation and food quality [26] Question: Macro perspective on the restaurant industry in China - Management noted good performance in Q3, with lower-tier cities performing slightly better due to domestic travel, while consumers remain value-cautious [32][33] Question: Expansion strategy focusing on smaller formats and franchise stores - Management indicated that the ratio of system sales growth to store count growth may not remain constant due to strategic optimizations and timing of openings [35][36] Question: Delivery order mix and membership sales - Management clarified that the decrease in membership sales contribution is a mechanical result of increased aggregator orders, and they are working on improving delivery efficiency [42][43] Question: KFC business operating leverage - Management acknowledged that the increase in delivery mix has created headwinds for operating leverage but remains committed to maintaining stable restaurant margins [56] Question: Sustainability of KFC's same-store sales growth - Management expressed optimism about maintaining similar same-store sales growth levels, emphasizing the importance of transaction growth [60][61]

人民财讯11月4日电，11月4日，百胜中国公布截至2025年9月30日的第三季度财报。本季度，公司经营 利润同比增长8%至4亿美元。得益于餐厅利润率提高(达17.3%)等因素，公司经营利润率提升至12.5%， 同比增长0.4个百分点。此外，公司同店销售额同比增长1%。同店交易量同比增长4%，并实现了连续11 个季度的正增长。门店扩张方面，百胜中国本季度净新增门店536家，截至9月底，公司在中国的门店总 数达17514家。 ...

盘前市场动向 1. 11月4日(周二)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.63%，标普500指数期货跌0.99%，纳指期货跌 1.28%。 | = US 30 | 47,039.20 | 47,360.40 | 46,852.60 | -298.10 | -0.63% | | --- | --- | --- | --- | --- | --- | | = US 500 | 6,784.10 | 6,855.20 | 6,757.80 | -67.90 | -0.99% | | 트 US Tech 100 | 25,640.60 | 25,970.10 | 25,517.00 | -332.30 | -1.28% | 2. 截至发稿，德国DAX指数跌1.25%，英国富时100指数跌0.59%，法国CAC40指数跌1.19%，欧洲斯托克50指数跌1.07%。 | 德国DAX30 | 23,809.33 | 23,845.33 | 23,670.00 | -301.10 | -1.25% | | --- | --- | --- | --- | --- | --- | | 瑞 英国富时100 | ...

| Sales Growth | | Margin Gains | | Store Expansion | | | --- | --- | --- | --- | --- | --- | | System Sales | Same-store | OP | Restaurant | Net New | Total | | Growth1 | Sales Growth1 | Margin | Margin | Stores | Stores | | +4% | +1% | 12.5% | 17.3% | 536 | 17,514 | | Q3 YoY | | +40 bps | +30 bps | In Q3 | | | 11th Same-store transaction growth | consecutive quarter | Q3 YoY | | KFC: Fastest openings Q3 YTD | | | | | | | Pizza Hut: Total stores surpassed 4,000 | | | +4% YoY | | | | | | | Strong Growth in ...

Core Viewpoint - Yum China (09987) announced a dividend of $0.24 per share for the third quarter of 2025, to be distributed on December 23, 2025 [1] Company Summary - The dividend payout reflects Yum China's ongoing commitment to returning value to its shareholders [1] - The specified dividend amount indicates a stable financial position and potential for future growth [1]

公司计划于2025年净新增约1,600至1,800家门店。计划在2024年已向股东回馈15亿美元的基础上，在 2025年至2026年间向股东回馈30亿美元。 百胜中国首席执行官屈翠容女士表示："我们在充满变化的市场环境中再次实现了稳健的季度业绩，加 快了开店步伐，取得了同店销售额的正增长，并扩大了利润率。在这三个维度上都取得成果并非易事， 这体现了我们秉持创新和提效双轮驱动策略的有效性。肯德基今年迄今的开店步伐已创历史新高，必胜 客也加快了扩张速度，本季度门店数量突破4,000家的里程碑。灵活的门店模式结合我们的加盟战略， 使我们能够以更低的投资实现更快速的扩张。" 屈女士继续道："们不断推动大单品的强劲增长，并持续拓展新的增长引擎。肯德基在经典新奥尔良烤 翅和香辣鸡翅的基础上，推出了薄脆金沙鸡翅，进一步巩固了鸡翅品类的核心地位。新品鸡翅在促销期 内销售激增，人气堪比经典烤翅。必胜客全新手作薄底披萨广受好评，复购表现亮眼，并迅速跃升为最 畅销的饼底。" 屈女士总结道："在前端，我们通过多品牌组合、丰富的门店模块和多元化产品线，覆盖了广泛的消费 场景与客群。在后端，我们通过跨门店、跨区域的资源共享与整合来提升效 ...

智通财经APP讯，百胜中国(09987)公布2025年第三季度业绩，系统销售额同比增长 4%，总收入为32.06 亿美元，同比增长4%;经营利润同比增长 8%至 4 亿美元;净利润约2.82亿美元，每股普通股基本盈利0.76 美元。 1-9月，总收入为89.74亿美元，同比增长3%;经营利润同比增长9%至11.03亿美元，净利润7.89亿美元， 每股普通股基本盈利2.12美元。 公司计划于 2025 年净新增约 1,600 至 1,800 家门店。计划在 2024 年已向股东回馈 15 亿美元的基础上， 在 2025 年至 2026 年间向股东回馈 30 亿美元。 百胜中国首席执行官屈翠容女士表示："我们在充满变化的市场环境中再次实现了稳健的季度业绩，加 快了开店步伐，取得了同店销售额的正增长，并扩大了利润率。在这三个维度上都取得成果并非易事， 这体现了我们秉持创新和提效双轮驱动策略的有效性。肯德基今年迄今的开店步伐已创历史新高，必胜 客也加快了扩张速度，本季度门店数量突破 4,000 家的里程碑。灵活的门店模式结合我们的加盟战略， 使我们能够以更低的投资实现更快速的扩张。" 屈女士继续道："们不断推动大单品 ...

智通财经APP讯，百胜中国(09987)发布公告，将于2025年12月23日派发2025年第三季度股息每股0.24美 元。 ...

Core Insights - Yum China reported a 4% year-over-year increase in system sales for Q3 FY2025, driven by a 4% net new store contribution and a 1% same-store sales growth [1] - The company achieved a total revenue of $3.2 billion, reflecting a 4% year-over-year growth [1] - The operating profit increased by 8% year-over-year to $400 million, with an operating profit margin of 12.5% [1] Financial Performance - Same-store sales grew by 1%, with same-store transaction volume increasing by 4%, marking the eleventh consecutive quarter of growth [1] - The company opened 536 new stores in Q3, totaling 1,119 new stores in the first nine months of the year, with franchise stores accounting for 32% and 29% respectively [1] - Earnings per share (EPS) decreased by 1% year-over-year to $0.76, but increased by 11% when excluding certain impacts [1] Shareholder Returns - Yum China returned $414 million to shareholders in Q3, including $326 million in stock buybacks and $88 million in cash dividends [2] - For the first nine months of 2025, the total return to shareholders amounted to $950 million [2] Sales Channels - Delivery sales increased by 32% year-over-year, accounting for approximately 51% of the company's restaurant revenue [3] - Digital order revenue reached $2.8 billion, representing about 95% of the company's restaurant revenue [4] - The combined membership for KFC and Pizza Hut reached approximately 575 million, a 13% year-over-year increase, with member sales accounting for 57% of total system sales [4]

EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | | | --- | --- | --- | --- | --- | | 股票發行人現金股息公告 | | | | | | 發行人名稱 | 百勝中國控股有限公司 | | | | | 股份代號 | 09987 | | | | | 多櫃檯股份代號及貨幣 | 不適用 | | | | | 相關股份代號及名稱 | 不適用 | | | | | 公告標題 | 2025年第三季度財務業績公告 | | | | | 公告日期 | 2025年11月4日 | | | | | 公告狀態 | 新公告 | | | | | 股息信息 | | | | | | 股息類型 | 其他 | | | | | 季度股息 | | | | | | 股息性質 | 普通股息 | | | | | 財政年末 | 2025年12月31日 | | | | | 宣派股息的報告期末 | 2025年9月30日 | | | | | 宣派股 ...