Core Viewpoint - Company is positioned as a leading local fast-food brand in China with strong shareholder returns and a robust growth strategy targeting lower-tier markets, aiming to open 20,000 stores by 2025 [1][2] Financial Performance - In Q3 2025, the company reported total revenue of $3.21 billion, with a 4% increase after excluding currency effects, aligning with market expectations [1] - Adjusted operating profit reached $400 million, exceeding market expectations of $398 million, with an 8% increase after excluding currency effects [1] - Adjusted net profit for Q3 was $282 million, resulting in an adjusted net profit margin of 8.8% [1] Sales and Store Expansion - The company achieved a system sales growth of 4% in Q3, with KFC and Pizza Hut growing by 5% and 4% respectively [1] - Same-store sales growth was 1%, with KFC showing a 2% increase in same-store sales and a 3% increase in order volume, while Pizza Hut had a 1% increase in same-store sales with a 17% increase in order volume [1] - As of Q3 2025, the company operated 17,514 stores, with KFC, Pizza Hut, and other brands accounting for 12,640, 4,022, and 852 stores respectively [2] - The company opened a net of 536 stores in Q3, with KFC and Pizza Hut contributing 402 and 158 new stores respectively [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 average 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]