Core Viewpoint - Company is positioned as a leading local fast-food brand in China with strong shareholder returns and a focus on expanding into lower-tier markets through a small-town model [1][2] Financial Performance - In Q3 2025, the company reported total revenue of $3.21 billion, with a currency-adjusted growth of 4%, aligning with market expectations [1] - Adjusted operating profit reached $400 million, exceeding market expectations of $398 million, with a currency-adjusted growth of 8% [1] - Adjusted net profit for Q3 was $282 million, resulting in an adjusted net profit margin of 8.8% [1] Sales and Store Expansion - As of Q3 2025, the company operated 17,514 stores, including 12,640 KFC, 4,022 Pizza Hut, and 852 other brand locations [2] - In Q3, the company opened a net of 536 new stores, with KFC and Pizza Hut contributing 402 and 158 new openings, respectively [2] - The company aims to complete 1,600-1,800 new store openings for the year, having achieved nearly 70% of this target by Q3 [2] Shareholder Returns - In Q1-Q3 2025, the company returned $950 million to shareholders, including $268 million in dividends and $682 million in share buybacks [2] - The company plans to return $3 billion to shareholders from 2025 to 2026, with a target of $1.5 billion for the current year, resulting in an annual return rate of approximately 9% based on the latest market capitalization [2] Digital and Operational Efficiency - The company benefits from raw material price advantages, digital empowerment in delivery services, and operational streamlining, which are expected to drive marginal improvements in the single-store model [1]