Financial Performance - Total revenue grew by 1% to $3 billion, or 2% excluding foreign currency translation effects[8] - Operating profit margin increased by 80 basis points to 13.4%, with restaurant profit margin rising by 100 basis points[5] - Operating profit increased by 7% to $399 million, with core operating profit rising by 8%[9] - Net profit attributable to Yum China Holdings, Inc. was $292 million, up 2% from $287 million in the same quarter of 2024[27] - The company reported a basic earnings per share of $0.78, compared to $0.72 in the same quarter of 2024[27] - The operating profit margin improved to 13.4%, an increase of 0.8 percentage points from 12.6% in the previous year[27] - Net profit for the quarter ending March 31, 2025, was $313 million, compared to $307 million in the same quarter of 2024, reflecting a growth of 1.95%[35] - Cash generated from operating activities amounted to $452 million, an increase from $442 million year-over-year[35] - The adjusted operating profit remained stable at $399 million, indicating consistent operational performance[47] Revenue Breakdown - KFC's total revenue for Q1 2025 was $2,246 million, a 1% increase from $2,230 million in Q1 2024[12] - Pizza Hut's total revenue for Q1 2025 was $595 million, unchanged from Q1 2024, with an operating profit of $60 million, a 27% increase year-over-year[15] - Company restaurant revenue was $2,801 million, slightly up from $2,794 million in the same quarter of 2024[27] - KFC restaurant revenue was $2,208 million, while Pizza Hut restaurant revenue was $584 million for the quarter[47] Store Expansion - Net new store openings totaled 247, with 62 being franchise stores, accounting for 25% of the total[8] - The company aims to add 1,600 to 1,800 new stores in 2025, continuing to create long-term sustainable value for shareholders[7] - The company expects to add approximately 1,600 to 1,800 new stores in fiscal year 2025, with capital expenditures between $700 million and $800 million[21] - The proportion of franchise stores among new openings for KFC and Pizza Hut is expected to increase to 40%-50% and 20%-30%, respectively, in the coming years[21] Digital and Membership Growth - Digital order revenue reached $2.6 billion, representing approximately 93% of the company's restaurant revenue[8] - Membership numbers for KFC and Pizza Hut combined exceeded 540 million, a 12% increase from last year[8] Shareholder Returns - The company returned $262 million to shareholders, including $172 million in stock repurchases and $90 million in cash dividends[8] - The company plans to return $3 billion to shareholders between 2025 and 2026, following a $1.5 billion return in 2024[13] Cost Management - The cost of food and packaging was $874 million, a decrease of 2% from $896 million in the same quarter of 2024[27] - Total costs and expenses for the quarter were $2,582 million, compared to $2,584 million in the same quarter last year[48] Tax and Financial Position - The effective tax rate for the quarter was 27.8%, compared to 26.9% in the same quarter of 2024[27] - Cash and cash equivalents increased to $825 million from $723 million as of December 31, 2024[33] - Total assets decreased to $11,002 million from $11,121 million[33] - Total liabilities decreased to $4,563 million from $4,694 million[33] Operational Insights - System sales growth reflects the sales performance of all restaurants operating the brand, including both company-owned and franchised locations[36] - The company has revised the definition of same-store sales growth to focus on stable base restaurants, enhancing the accuracy of performance measurement[36] - The company continues to focus on enhancing comparability of financial performance by adjusting for special items and foreign currency effects[43]
百胜中国(09987) - 2025 Q1 - 季度业绩